# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001398344-26-004826
**Filing Date:** 2026-3
**Character Count:** 1595803
**Document Hash:** c50db40d69685c906591cb9c9421fd58
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-004826.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001398344-26-004826

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 119

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX VARIABLE TRUST
- **CENTRAL INDEX KEY:** 0001064046

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08821
- **FILM NUMBER:** 26732423

**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

## Series and Classes Contracts Data

### U.S. Government Money Market Fund (Series ID: S000003710)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010379 | Variable Annuity |  |

### Biotechnology Fund (Series ID: S000003711)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010380 | Variable Annuity |  |

### Consumer Products Fund (Series ID: S000003712)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010381 | Variable Annuity |  |

### Electronics Fund (Series ID: S000003713)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010382 | Variable Annuity |  |

### Energy Fund (Series ID: S000003714)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010383 | Variable Annuity |  |

### Energy Services Fund (Series ID: S000003715)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010384 | Variable Annuity |  |

### Financial Services Fund (Series ID: S000003716)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010385 | Variable Annuity |  |

### Health Care Fund (Series ID: S000003717)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010386 | Variable Annuity |  |

### Internet Fund (Series ID: S000003718)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010387 | Variable Annuity |  |

### Leisure Fund (Series ID: S000003719)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010388 | Variable Annuity |  |

### Retailing Fund (Series ID: S000003720)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010389 | Variable Annuity |  |

### Government Long Bond 1.2x Strategy Fund (Series ID: S000003721)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010390 | Variable Annuity |  |

### Technology Fund (Series ID: S000003722)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010391 | Variable Annuity |  |

### Telecommunications Fund (Series ID: S000003723)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010392 | Variable Annuity |  |

### Transportation Fund (Series ID: S000003724)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010393 | Variable Annuity |  |

### Utilities Fund (Series ID: S000003725)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010394 | Variable Annuity |  |

### Real Estate Fund (Series ID: S000003726)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010395 | Variable Annuity |  |

### Mid-Cap 1.5x Strategy Fund (Series ID: S000003727)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010396 | Variable Annuity |  |

### Russell 2000(R) 1.5x Strategy Fund (Series ID: S000003728)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010397 | Variable Annuity |  |

### Weakening Dollar 2x Strategy Fund (Series ID: S000003731)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010400 | Variable Annuity |  |

### Nova Fund (Series ID: S000003732)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010401 | Variable Annuity |  |

### Strengthening Dollar 2x Strategy Fund (Series ID: S000003733)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010402 | Variable Annuity |  |

### Commodities Strategy Fund (Series ID: S000003734)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010403 | Variable Annuity |  |

### Inverse Government Long Bond Strategy Fund (Series ID: S000003735)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010404 | Variable Annuity |  |

### S&P 500 Pure Value Fund (Series ID: S000003738)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010407 | Variable Annuity |  |

### S&P 500 Pure Growth Fund (Series ID: S000003739)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010408 | Variable Annuity |  |

### S&P SmallCap 600 Pure Value Fund (Series ID: S000003740)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010409 | Variable Annuity |  |

### S&P SmallCap 600 Pure Growth Fund (Series ID: S000003741)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010410 | Variable Annuity |  |

### S&P MidCap 400 Pure Value Fund (Series ID: S000003742)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010411 | Variable Annuity |  |

### Precious Metals Fund (Series ID: S000003743)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010412 | Variable Annuity |  |

### S&P MidCap 400 Pure Growth Fund (Series ID: S000003744)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010413 | Variable Annuity |  |

### Inverse Mid-Cap Strategy Fund (Series ID: S000003745)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010414 | Variable Annuity |  |

### Inverse Russell 2000(R) Strategy Fund (Series ID: S000003746)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010415 | Variable Annuity |  |

### Multi-Hedge Strategies Fund (Series ID: S000003747)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010416 | Variable Annuity |  |

### Europe 1.25x Strategy Fund (Series ID: S000003749)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010418 | Variable Annuity |  |

### Japan 2x Strategy Fund (Series ID: S000003750)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010419 | Variable Annuity |  |

### S&P 500 2x Strategy Fund (Series ID: S000003751)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010420 | Variable Annuity |  |

### NASDAQ-100(R) 2x Strategy Fund (Series ID: S000003752)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010421 | Variable Annuity |  |

### Dow 2x Strategy Fund (Series ID: S000003753)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010422 | Variable Annuity |  |

### Inverse S&P 500 Strategy Fund (Series ID: S000003754)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010423 | Variable Annuity |  |

### Inverse Dow 2x Strategy Fund (Series ID: S000003755)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010424 | Variable Annuity |  |

### NASDAQ-100(R) Fund (Series ID: S000003756)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010425 | Variable Annuity |  |

### Inverse NASDAQ-100(R) Strategy Fund (Series ID: S000003757)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010426 | Variable Annuity |  |

### Banking Fund (Series ID: S000003758)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010427 | Variable Annuity |  |

### Basic Materials (Series ID: S000003759)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000010428 | Variable Annuity |  |

### Russell 2000(R) 2x Strategy Fund (Series ID: S000011813)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000032290 | Variable Annuity |  |

### High Yield Strategy Fund (Series ID: S000016688)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000046626 | Variable Annuity |  |

### Global Managed Futures Strategy Fund (Series ID: S000023531)

| Class ID   | Class Name       | Ticker Symbol   |
|:---|:---|:---|
| C000069235 | Variable Annuity |  |

?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- 08821</u>

 <u>Rydex Variable Trust</u> 

(Exact name of registrant as specified in charter)

702 King Farm Boulevard, Suite 200

 <u>Rockville, Maryland 20850</u> 

(Address of principal executive offices) (Zip code)

Amy J. Lee

Rydex Variable Trust

702 King Farm Boulevard, Suite 200

 <u>Rockville, Maryland 20850</u> 

(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>December 31</u>

Date of reporting period: <u>January 1, 2025 – December 31, 2025</u>

**Item 1.** **Reports to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Banking Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $199 | 1.78% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 23.74%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Financials Index, which returned 15.02% 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, regional banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Citigroup, Inc., Nu Holdings Limited/Cayman Islands--Class A, and JP Morgan Chase & Co. Those that detracted the most were Pinnacle Financial Partners, Inc., First Financial Bankshares, Inc., and Commerce Bancshares, Inc.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-1_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Banking Fund | 23.74% | 11.69% | 8.98% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Financials Index | 15.02% | 15.27% | 13.18% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $7169488 |
| Total Number of Portfolio Holdings | 81 |
| Portfolio Turnover Rate | 78% |
| Total Advisory Fees Paid | $44497 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Banking Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-1_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Citigroup, Inc. | 4.2% |
| JPMorgan Chase & Co. | 4.1% |
| Capital One Financial Corp. | 4.1% |
| Bank of America Corp. | 4.1% |
| Wells Fargo & Co. | 4.0% |
| U.S. Bancorp | 3.1% |
| PNC Financial Services Group, Inc. | 3.1% |
| Bank of New York Mellon Corp. | 3.0% |
| Truist Financial Corp. | 2.7% |
| NU Holdings Limited/Cayman Islands — Class A | 2.7% |
| Top 10 Total | 35.1% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010427-123125

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

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

### Basic Materials

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Basic Materials Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $207 | 1.78% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 32.89%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 10.54% 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, steel, and silver. Those that detracted the most were commodity chemicals, paper & plastic packaging products, and specialty chemicals. The holdings that contributed the most to performance were Newmont Corp., Barrick Mining Corp., and Anglogold Ahanti plc. Those that detracted the most were Dow, Inc., LyondellBasell Industries N.V. - Class A, and FMC Corp.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-2_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Basic Materials Fund | 32.89% | 9.42% | 11.58% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Materials Index | 10.54% | 6.79% | 9.92% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $7790917 |
| Total Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 103% |
| Total Advisory Fees Paid | $51972 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Basic Materials \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-2_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Linde plc | 4.1% |
| Newmont Corp. | 2.9% |
| Freeport-McMoRan, Inc. | 2.5% |
| Sherwin-Williams Co. | 2.5% |
| Ecolab, Inc. | 2.3% |
| Air Products and Chemicals, Inc. | 2.1% |
| Corteva, Inc. | 1.9% |
| Martin Marietta Materials, Inc. | 1.7% |
| Vulcan Materials Co. | 1.7% |
| Nucor Corp. | 1.7% |
| Top 10 Total | 23.4% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010428-123125

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

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

### Biotechnology Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Biotechnology Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $206 | 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 January 1, 2025 to December 31, 2025, the fund returned 30.12%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 14.60% 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 biotechnology, pharmaceuticals, and health care services. No industry detracted from performance. The holdings that contributed the most to performance were Insmed, Inc., AbbVie, Inc., and Alnylam Pharmaceuticals, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Vaxcyte, Inc., and Iovance Biotherapeutics, Inc.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-3_ar111.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Biotechnology Fund | 30.12% | 3.55% | 5.42% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Health Care Index | 14.60% | 8.21% | 9.91% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $11662346 |
| Total Number of Portfolio Holdings | 75 |
| Portfolio Turnover Rate | 553% |
| Total Advisory Fees Paid | $83746 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Biotechnology Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-3_ar112.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| AbbVie, Inc. | 7.6% |
| Amgen, Inc. | 5.0% |
| Gilead Sciences, Inc. | 4.5% |
| Vertex Pharmaceuticals, Inc. | 4.4% |
| Regeneron Pharmaceuticals, Inc. | 3.7% |
| Alnylam Pharmaceuticals, Inc. | 2.9% |
| Insmed, Inc. | 2.3% |
| Natera, Inc. | 2.3% |
| AstraZeneca plc ADR | 2.2% |
| Biogen, Inc. | 2.1% |
| Top 10 Total | 37.0% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010380-123125

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

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

### Consumer Products Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Consumer Products Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $176 | 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 January 1, 2025 to December 31, 2025, the fund returned -3.52%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 3.90% 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, soft drinks & non-alcoholic beverages, and agricultural products & services. Those that detracted the most were packaged foods & meats, household products, and distillers & vintners. The holdings that contributed the most to performance were Phillip Morris International, Inc., Monster Beverage Corp., and Coca-Cola Co. Those that detracted the most were Procter & Gamble Co., BellRing Brands, Inc., and Constellation Brands, Inc.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-4_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Consumer Products Fund | -3.52% | 1.32% | 3.80% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Consumer Staples Index | 3.90% | 7.18% | 8.16% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $5029999 |
| Total Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 49% |
| Total Advisory Fees Paid | $44964 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Consumer Products Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-4_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Procter & Gamble Co. | 6.0% |
| Philip Morris International, Inc. | 5.3% |
| Coca-Cola Co. | 5.2% |
| PepsiCo, Inc. | 4.5% |
| Altria Group, Inc. | 3.5% |
| Mondelez International, Inc. — Class A | 3.0% |
| Colgate-Palmolive Co. | 2.9% |
| Monster Beverage Corp. | 2.7% |
| Kroger Co. | 2.2% |
| Hershey Co. | 2.2% |
| Top 10 Total | 37.5% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010381-123125

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

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

### Electronics Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Electronics Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $215 | 1.78% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 41.49%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 24.04% 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 semiconductors and semiconductor materials & equipment. No industry detracted from performance. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and Micron Technology, Inc. Those that detracted the most were Marvell Technology, Enphase Energy, Inc., and Wolfspeed, Inc.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-5_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Electronics Fund | 41.49% | 18.80% | 23.66% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Information Technology Index | 24.04% | 20.91% | 24.30% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $19859258 |
| Total Number of Portfolio Holdings | 66 |
| Portfolio Turnover Rate | 84% |
| Total Advisory Fees Paid | $141084 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Electronics Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-5_ar102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| NVIDIA Corp. | 17.0% |
| Broadcom, Inc. | 9.4% |
| Micron Technology, Inc. | 4.8% |
| Advanced Micro Devices, Inc. | 4.6% |
| Lam Research Corp. | 3.8% |
| Applied Materials, Inc. | 3.6% |
| QUALCOMM, Inc. | 3.4% |
| KLA Corp. | 3.2% |
| Texas Instruments, Inc. | 3.1% |
| Intel Corp. | 3.0% |
| Top 10 Total | 55.9% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010382-123125

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

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

### Energy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Energy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $186 | 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 January 1, 2025 to December 31, 2025, the fund returned 7.51%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 8.67% 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 coal & consumable fuels, integrated oil and gas, and oil & gas refining and marketing. Those that detracted the most were oil & gas exploration & production, automotive retail, and oil & gas drilling. The holdings that contributed the most to performance were Cameco Corp., Equities Corp., and SolarEdge Technologies, Inc. Those that detracted the most were ONEOK, Inc., New Fortress Energy, Inc., and Enphase Energy, Inc.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-6_ar111.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Energy Fund | 7.51% | 19.52% | 4.64% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Energy Index | 8.67% | 23.78% | 8.32% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $8068391 |
| Total Number of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 519% |
| Total Advisory Fees Paid | $78387 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Energy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-6_ar112.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Exxon Mobil Corp. | 6.9% |
| Chevron Corp. | 5.3% |
| ConocoPhillips | 3.3% |
| Williams Companies, Inc. | 2.6% |
| EOG Resources, Inc. | 2.3% |
| Kinder Morgan, Inc. | 2.3% |
| SLB Ltd. | 2.2% |
| Valero Energy Corp. | 2.1% |
| Phillips 66 | 2.1% |
| ONEOK, Inc. | 2.1% |
| Top 10 Total | 31.2% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010383-123125

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

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

### Energy Services Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Energy Services Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $181 | 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 January 1, 2025 to December 31, 2025, the fund returned 1.74%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 8.67% 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 oil & gas equipment & services, oil & gas drilling, and oil & gas storage & transportation. The industry that detracted the most was environmental & facilities services. The holdings that contributed the most to performance were Solaris Energy Infrastructure, Inc. - Class A, TechnipFMC plc, and Baker Hughes Co. Those that detracted the most were Atlas Energy Solutions, Inc., Patterson-UTI Energy, Inc., and Cactus, 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-7_ar141.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Energy Services Fund | 1.74% | 10.39% | -5.65% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Energy Index | 8.67% | 23.78% | 8.32% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $2730695 |
| Total Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 2,071% |
| Total Advisory Fees Paid | $28235 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Energy Services Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-7_ar142.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| SLB Ltd. | 12.4% |
| Baker Hughes Co. | 11.3% |
| Halliburton Co. | 7.7% |
| TechnipFMC plc | 4.4% |
| Weatherford International plc | 3.9% |
| NOV, Inc. | 3.9% |
| Archrock, Inc. | 3.6% |
| Transocean Ltd. | 3.5% |
| Tenaris S.A. ADR | 3.2% |
| Cactus, Inc. — Class A | 3.2% |
| Top 10 Total | 57.1% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010384-123125

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

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

### Financial Services Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Financial Services Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $189 | 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 January 1, 2025 to December 31, 2025, the fund returned 10.76%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 15.02% 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 consumer finance. Those that detracted the most were transaction & payment processing services, insurance brokers, and multi-family residential REITs. The holdings that contributed the most to performance were Robinhood Markets, Inc. – Class A, JPMorgan Chase & Co., and Citigroup, Inc. Those that detracted the most were FiServ, Inc., PayPal Holdings, Inc., and Alexandria Real Estate Equities, Inc.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-8_ar111.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Financial Services Fund | 10.76% | 11.31% | 9.88% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Financials Index | 15.02% | 15.27% | 13.18% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $11122704 |
| Total Number of Portfolio Holdings | 161 |
| Portfolio Turnover Rate | 97% |
| Total Advisory Fees Paid | $90112 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Financial Services Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-8_ar112.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Berkshire Hathaway, Inc. — Class B | 3.2% |
| JPMorgan Chase & Co. | 2.9% |
| Visa, Inc. — Class A | 2.5% |
| Mastercard, Inc. — Class A | 2.1% |
| Bank of America Corp. | 1.9% |
| Wells Fargo & Co. | 1.7% |
| Goldman Sachs Group, Inc. | 1.6% |
| Citigroup, Inc. | 1.4% |
| Morgan Stanley | 1.4% |
| Blackstone, Inc. — Class A | 1.4% |
| Top 10 Total | 20.1% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010385-123125

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

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

### Health Care Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Health Care Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $192 | 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 January 1, 2025 to December 31, 2025, the fund returned 14.07%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 14.60% 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 biotechnology, pharmaceuticals, and health care services. Those that detracted the most were managed health care and health care supplies. The holdings that contributed the most to performance were Eli Lilly and Co., Johnson & Johnson and CVS Health Corp. Those that detracted the most were UnitedHealth Group, Inc., Sarepta Therapeutics, Inc., and Novo Nordisk A/S ADR.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-9_ar131.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Health Care Fund | 14.07% | 4.64% | 7.44% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Health Care Index | 14.60% | 8.21% | 9.91% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $10538629 |
| Total Number of Portfolio Holdings | 136 |
| Portfolio Turnover Rate | 90% |
| Total Advisory Fees Paid | $87116 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Health Care Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-9_ar132.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Eli Lilly & Co. | 4.3% |
| Johnson & Johnson | 3.1% |
| AbbVie, Inc. | 2.9% |
| UnitedHealth Group, Inc. | 2.4% |
| Merck & Company, Inc. | 2.3% |
| Thermo Fisher Scientific, Inc. | 2.1% |
| Abbott Laboratories | 2.1% |
| Intuitive Surgical, Inc. | 2.0% |
| Amgen, Inc. | 1.9% |
| Gilead Sciences, Inc. | 1.7% |
| Top 10 Total | 24.8% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010386-123125

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

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

### Internet Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Internet Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $196 | 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 January 1, 2025 to December 31, 2025, the fund returned 18.50%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 24.04% 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 media & services, and internet services & infrastructure. Those that detracted the most were application software, transaction & payment processing, and human resource & employment services. The holdings that contributed the most to performance were Alphabet, Inc.—Class A, Lumentum Holdings, Inc., and Cloudflare, Inc.—Class A. Those that detracted the most were Salesforce, Inc., Adobe, Inc., and PayPal 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-10_ar111.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Internet Fund | 18.50% | 2.54% | 11.93% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Information Technology Index | 24.04% | 20.91% | 24.30% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $5189555 |
| Total Number of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $45634 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Internet Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-10_ar112.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Alphabet, Inc. — Class A | 8.6% |
| Amazon.com, Inc. | 6.6% |
| Meta Platforms, Inc. — Class A | 5.7% |
| Netflix, Inc. | 3.4% |
| Cisco Systems, Inc. | 3.2% |
| Salesforce, Inc. | 3.1% |
| Booking Holdings, Inc. | 2.7% |
| Uber Technologies, Inc. | 2.5% |
| Adobe, Inc. | 2.3% |
| Arista Networks, Inc. | 2.3% |
| Top 10 Total | 40.4% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010387-123125

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

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

### Leisure Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Leisure Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $187 | 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 January 1, 2025 to December 31, 2025, the fund returned 8.47%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.04% 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 movies & entertainment, interactive home entertainment, and tobacco. Those that detracted the most were restaurants, distillers & vintners, and leisure facilities. The holdings that contributed the most to performance were EchoStar Corp.—Class A, Warner Bros Discovery, Inc., and Phillip Morris International, Inc. Those that detracted the most were Chipotle Mexican Grill, Inc.—Class A, Charter Communications, Inc—Class A, and Comcast Corp. — 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-11_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Leisure Fund | 8.47% | 2.50% | 7.27% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Consumer Discretionary Index | 6.04% | 9.02% | 13.19% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $5097671 |
| Total Number of Portfolio Holdings | 94 |
| Portfolio Turnover Rate | 288% |
| Total Advisory Fees Paid | $42504 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Leisure Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-11_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Netflix, Inc. | 4.9% |
| Philip Morris International, Inc. | 3.9% |
| McDonald's Corp. | 3.5% |
| Walt Disney Co. | 3.5% |
| Booking Holdings, Inc. | 3.2% |
| Comcast Corp. — Class A | 2.6% |
| Starbucks Corp. | 2.4% |
| Altria Group, Inc. | 2.3% |
| DoorDash, Inc. — Class A | 2.2% |
| Airbnb, Inc. — Class A | 2.1% |
| 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 investments.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010388-123125

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

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

### Precious Metals Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Precious Metals Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $292 | 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 January 1, 2025 to December 31, 2025, the fund returned 147.37%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 10.54% 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. No industry detracted from performance. The holdings that contributed the most to performance were Newmont Corp., Agnico Eagle Mines Ltd., and Barrick Mining Corp. The holdings that detracted the most was Triple Flag Precious Metals Corp.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-12_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Precious Metals Fund | 147.37% | 17.52% | 21.08% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Materials Index | 10.54% | 6.79% | 9.92% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $41226276 |
| Total Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 178% |
| Total Advisory Fees Paid | $199938 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Precious Metals Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-12_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Newmont Corp. | 8.0% |
| Agnico Eagle Mines Ltd. | 7.1% |
| Freeport-McMoRan, Inc. | 6.8% |
| Barrick Mining Corp. | 6.6% |
| Wheaton Precious Metals Corp. | 5.6% |
| Anglogold Ashanti plc | 4.4% |
| Gold Fields Ltd. ADR | 4.1% |
| Kinross Gold Corp. | 4.0% |
| Pan American Silver Corp. | 3.6% |
| Franco-Nevada Corp. | 3.5% |
| Top 10 Total | 53.7% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010412-123125

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

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

### Real Estate Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Real Estate Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $181 | 1.78% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 2.88%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the MSCI U.S. REIT Index, which returned 2.95% 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 real estate services, health care REITs, and industrial REITs. Those that detracted the most were office REITs, multi-family residential REITs, and self-storage REITs. The holdings that contributed the most to performance were Opendoor Technologies, Inc., Welltower, Inc., and Prologis, Inc. Those that detracted the most were Alexandria Real Estate Equities Inc., Equinix, Inc., and Americold Realty Trust, Inc.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-13_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Real Estate Fund | 2.88% | 3.02% | 4.00% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| MSCI U.S. REIT Index | 2.95% | 6.58% | 5.71% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $3766976 |
| Total Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 269% |
| Total Advisory Fees Paid | $30856 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Real Estate Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-13_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Welltower, Inc. | 3.8% |
| Prologis, Inc. | 3.6% |
| American Tower Corp. — Class A | 2.9% |
| Equinix, Inc. | 2.9% |
| Simon Property Group, Inc. | 2.5% |
| Digital Realty Trust, Inc. | 2.4% |
| Realty Income Corp. | 2.4% |
| CBRE Group, Inc. — Class A | 2.3% |
| Public Storage | 2.0% |
| Crown Castle, Inc. | 2.0% |
| Top 10 Total | 26.8% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010395-123125

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

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

### Retailing Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Retailing Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $187 | 1.78% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 10.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 6.04% 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 apparel retail. Those that detracted the most were home improvement retail, computer & electronics retail and interactive home entertainment. The holdings that contributed the most to performance were Carvana Co., Alibaba Group Holding Ltd. ADR, and TJX Companies, Inc. Those that detracted the most were CarMax, Inc., Target Corp., and Sea 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-14_ar141.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Retailing Fund | 10.18% | 4.22% | 9.18% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Consumer Discretionary Index | 6.04% | 9.02% | 13.19% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $3109101 |
| Total Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 292% |
| Total Advisory Fees Paid | $21605 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Retailing Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-14_ar142.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Amazon.com, Inc. | 10.6% |
| Walmart, Inc. | 4.8% |
| Costco Wholesale Corp. | 4.3% |
| TJX Companies, Inc. | 4.2% |
| Home Depot, Inc. | 4.0% |
| Lowe's Companies, Inc. | 3.9% |
| Carvana Co. | 3.0% |
| O'Reilly Automotive, Inc. | 3.0% |
| PDD Holdings, Inc. ADR | 2.6% |
| Ross Stores, Inc. | 2.6% |
| Top 10 Total | 43.0% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010389-123125

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

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

### Technology Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Technology Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $201 | 1.78% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 25.70%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 24.04% 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 semiconductors, interactive media & services, and semiconductor materials & equipment. The industry that detracted the most was technology distributors. The holdings that contributed the most to performance were Alphabet, Inc.—Class A, NVIDIA Corp., and Palantir Technologies, Inc.—Class A. Those that detracted the most were Salesforce, Inc., Adobe, Inc., and Marvell Technology, Inc.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-15_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Technology Fund | 25.70% | 12.27% | 18.37% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Information Technology Index | 24.04% | 20.91% | 24.30% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $28793259 |
| Total Number of Portfolio Holdings | 143 |
| Portfolio Turnover Rate | 190% |
| Total Advisory Fees Paid | $200602 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Technology Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-15_ar102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| NVIDIA Corp. | 5.8% |
| Apple, Inc. | 5.3% |
| Alphabet, Inc. — Class A | 5.3% |
| Microsoft Corp. | 5.1% |
| Meta Platforms, Inc. — Class A | 3.5% |
| Broadcom, Inc. | 3.2% |
| Palantir Technologies, Inc. — Class A | 1.7% |
| Micron Technology, Inc. | 1.6% |
| Oracle Corp. | 1.6% |
| Advanced Micro Devices, Inc. | 1.6% |
| Top 10 Total | 34.7% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010391-123125

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

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

### Telecommunications Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Telecommunications Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $206 | 1.78% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 31.13%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 6.91% 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, alternative carriers, and integrated telecommunication services. No industry detracted from performance. The holdings that contributed the most to performance were EchoStar Corp.—Class A, Lumentum Holdings, Inc., and Ciena Corp. Those that detracted the most were Charter Communications, Inc.—Class A, Comcast Corp. – Class A, and Cogent Communications 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-16_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Telecommunications Fund | 31.13% | 5.45% | 6.64% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Telecommunication Services Index | 6.91% | 4.09% | 5.10% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $3776220 |
| Total Number of Portfolio Holdings | 49 |
| Portfolio Turnover Rate | 574% |
| Total Advisory Fees Paid | $33361 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Telecommunications Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-16_ar102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Cisco Systems, Inc. | 8.4% |
| AT&T, Inc. | 6.8% |
| Verizon Communications, Inc. | 6.4% |
| Arista Networks, Inc. | 5.9% |
| Comcast Corp. — Class A | 5.6% |
| T-Mobile US, Inc. | 5.1% |
| Motorola Solutions, Inc. | 4.5% |
| Ciena Corp. | 3.5% |
| EchoStar Corp. — Class A | 3.4% |
| Lumentum Holdings, Inc. | 3.2% |
| Top 10 Total | 52.8% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010392-123125

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

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

### Transportation Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Transportation Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $188 | 1.78% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 11.79%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 19.42% 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 automobile manufacturers, passenger airlines, passenger ground transportation, and automotive parts & equipment. Those that detracted the most were cargo ground transportation and motorcycle manufacturers. The holdings that contributed the most to performance were Tesla, Inc., Uber Technologies, Inc., and General Motors Co. Those that detracted the most were United Parcel Service, Inc. — Class B, Mobileye Global, Inc.—Class A and Lucid Group, Inc.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-17_ar111.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Transportation Fund | 11.79% | 2.32% | 8.06% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Industrials Index | 19.42% | 13.66% | 13.02% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $3431956 |
| Total Number of Portfolio Holdings | 78 |
| Portfolio Turnover Rate | 1,303% |
| Total Advisory Fees Paid | $29003 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Transportation Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-17_ar112.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Tesla, Inc. | 12.3% |
| Uber Technologies, Inc. | 4.3% |
| Union Pacific Corp. | 3.9% |
| United Parcel Service, Inc. — Class B | 3.1% |
| General Motors Co. | 3.0% |
| CSX Corp. | 2.7% |
| Norfolk Southern Corp. | 2.7% |
| FedEx Corp. | 2.7% |
| Ford Motor Co. | 2.4% |
| Delta Air Lines, Inc. | 2.3% |
| Top 10 Total | 39.4% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010393-123125

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

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

### Utilities Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Utilities Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $194 | 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 January 1, 2025 to December 31, 2025, the fund returned 17.07%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 16.04% 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 independent power producers & energy traders. No industry detracted from performance. The holdings that contributed the most to performance were Constellation Energy Corp., NRG Energy, Inc., and Oklo, Inc. Those that detracted the most were PG&E Corp., Edison International, 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-18_ar131.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Utilities Fund | 17.07% | 8.56% | 8.60% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Utilities Index | 16.04% | 9.73% | 10.61% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $9900669 |
| Total Number of Portfolio Holdings | 53 |
| Portfolio Turnover Rate | 249% |
| Total Advisory Fees Paid | $90146 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Utilities Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-18_ar132.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| NextEra Energy, Inc. | 5.3% |
| Constellation Energy Corp. | 4.2% |
| Southern Co. | 4.1% |
| Duke Energy Corp. | 4.0% |
| American Electric Power Company, Inc. | 3.2% |
| Sempra | 3.1% |
| Dominion Energy, Inc. | 2.9% |
| Vistra Corp. | 2.9% |
| Exelon Corp. | 2.8% |
| Xcel Energy, Inc. | 2.7% |
| Top 10 Total | 35.2% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010394-123125

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

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

### Dow 2x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Dow 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $203 | 1.85% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 19.49%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 14.92% 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, industrials, and information technology. Those that detracted the most were health care, materials, and consumer discretionary. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Caterpillar, Inc., and JP Morgan Chase & Co. Those that detracted the most were UnitedHealth Group, Inc. Salesforce, Inc., and Home Depot, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the Dow Jones Industrial Average.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-20_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Dow 2x Strategy Fund | 19.49% | 14.77% | 18.17% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Dow Jones Industrial Average | 14.92% | 11.58% | 13.11% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $8226509 |
| Total Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 978% |
| Total Advisory Fees Paid | $63262 |

---

---

| | |
|:---|:---|
| <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 are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Dow 2x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-20_ar102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Goldman Sachs Group, Inc. | 9.1% |
| Caterpillar, Inc. | 6.0% |
| Microsoft Corp. | 5.0% |
| American Express Co. | 3.8% |
| Visa, Inc. — Class A | 3.6% |
| Home Depot, Inc. | 3.6% |
| UnitedHealth Group, Inc. | 3.4% |
| Amgen, Inc. | 3.4% |
| Sherwin-Williams Co. | 3.4% |
| JPMorgan Chase & Co. | 3.4% |
| Top 10 Total | 44.7% |

---

<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 or derivative investments.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010422-123125

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

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

### Inverse Dow 2x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $165 | 1.84% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned -20.69%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 14.92% 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, industrials, and information technology. Those that detracted the most were health care, materials, and consumer discretionary. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Caterpillar, Inc., and JP Morgan Chase & Co. Those that detracted the most were UnitedHealth Group, Inc. Salesforce, Inc., and Home Depot, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the Dow Jones Industrial Average.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-19_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Inverse Dow 2x Strategy Fund | -20.69% | -18.02% | -25.05% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Dow Jones Industrial Average | 14.92% | 11.58% | 13.11% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $488766 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $8372 |

---

---

| | |
|:---|:---|
| <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 are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Inverse Dow 2x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-19_ar102.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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010424-123125

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

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

### Mid-Cap 1.5x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Mid-Cap 1.5x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $184 | 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 January 1, 2025 to December 31, 2025, the fund returned 5.04%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 7.50% 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 industrials, information technology, and financials. The sectors that detracted the most were consumer discretionary and consumer staples. The holdings that contributed the most to the return of the underlying index were Ciena Corp., Comfort Systems USA, Inc., and Lumentum Holdings, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Avantor, Inc., and Nutanix, Inc.—Class A. 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-21_ar111.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Mid-Cap 1.5x Strategy Fund | 5.04% | 8.37% | 11.16% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P MidCap 400 Index | 7.50% | 9.12% | 10.72% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $3599249 |
| Total Number of Portfolio Holdings | 409 |
| Portfolio Turnover Rate | 20% |
| Total Advisory Fees Paid | $28611 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Mid-Cap 1.5x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-21_ar112.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 4.5% |
| Guggenheim Strategy Fund II | 2.2% |
| Ciena Corp. | 0.8% |
| Coherent Corp. | 0.7% |
| Lumentum Holdings, Inc. | 0.6% |
| Flex Ltd. | 0.5% |
| Twilio, Inc. — Class A | 0.5% |
| Pure Storage, Inc. — Class A | 0.5% |
| United Therapeutics Corp. | 0.5% |
| Casey's General Stores, Inc. | 0.5% |
| Top 10 Total | 11.3% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010396-123125

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

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

### Inverse Mid-Cap Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Inverse Mid-Cap Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $175 | 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 January 1, 2025 to December 31, 2025, the fund returned -5.11%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 7.50% 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 industrials, information technology, and financials. The sectors that detracted the most were consumer discretionary and consumer staples. The holdings that contributed the most to the return of the underlying index were Ciena Corp., Comfort Systems USA, Inc., and Lumentum Holdings, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Avantor, Inc., and Nutanix, Inc.—Class A. 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-22_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Inverse Mid-Cap Strategy Fund | -5.11% | -7.51% | -10.94% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P MidCap 400 Index | 7.50% | 9.12% | 10.72% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $115358 |
| Total Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $985 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Inverse Mid-Cap Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-22_ar122.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 21.5% |
| Guggenheim Strategy Fund II | 17.7% |
| Total | 39.2% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010414-123125

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

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

### NASDAQ-100<sup>®</sup> Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the NASDAQ-100<sup>®</sup> Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $188 | 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 January 1, 2025 to December 31, 2025, the fund returned 19.04%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 21.02% 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 information technology, communication services, and consumer discretionary. Those that detracted the most were industrials, financials, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were Adobe, Inc., Trade Desk, Inc.—Class A, and Marvell Technology, Inc. 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-23_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| NASDAQ-100<sup>®</sup> Fund | 19.04% | 13.32% | 17.60% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| NASDAQ-100 Index | 21.02% | 15.30% | 19.70% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $121017516 |
| Total Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 152% |
| Total Advisory Fees Paid | $837036 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| NASDAQ-100<sup>®</sup> Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-23_ar102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.6% |
| Guggenheim Strategy Fund II | 7.1% |
| NVIDIA Corp. | 7.1% |
| Apple, Inc. | 6.3% |
| Microsoft Corp. | 5.7% |
| Amazon.com, Inc. | 3.9% |
| Tesla, Inc. | 3.1% |
| Meta Platforms, Inc. — Class A | 3.0% |
| Alphabet, Inc. — Class A | 2.9% |
| Alphabet, Inc. — Class C | 2.7% |
| Top 10 Total | 49.4% |

---

<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 or derivative investments.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010425-123125

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

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

### NASDAQ-100<sup>®</sup> 2x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $218 | 1.90% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 29.24%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 21.02% 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 information technology, communication services, and consumer discretionary. Those that detracted the most were industrials, financials, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were Adobe, Inc., Trade Desk, Inc.—Class A, and Marvell Technology, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-24_ar111.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 29.24% | 18.83% | 29.69% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| NASDAQ-100 Index | 21.02% | 15.30% | 19.70% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $149185631 |
| Total Number of Portfolio Holdings | 111 |
| Portfolio Turnover Rate | 497% |
| Total Advisory Fees Paid | $1067195 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-24_ar112.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| NVIDIA Corp. | 8.1% |
| Apple, Inc. | 7.2% |
| Microsoft Corp. | 6.4% |
| Amazon.com, Inc. | 4.4% |
| Tesla, Inc. | 3.6% |
| Meta Platforms, Inc. — Class A | 3.5% |
| Alphabet, Inc. — Class A | 3.3% |
| Alphabet, Inc. — Class C | 3.0% |
| Broadcom, Inc. | 2.9% |
| Palantir Technologies, Inc. — Class A | 2.0% |
| Top 10 Total | 44.4% |

---

<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 in 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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010421-123125

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

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

### Inverse NASDAQ-100<sup>®</sup> Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $165 | 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 January 1, 2025 to December 31, 2025, the fund returned -16.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 21.02% 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 information technology, communication services, and consumer discretionary. Those that detracted the most were industrials, financials, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were Adobe, Inc., Trade Desk, Inc.—Class A, and Marvell Technology, Inc. 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-25_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | -16.18% | -13.53% | -17.67% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| NASDAQ-100 Index | 21.02% | 15.30% | 19.70% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $492316 |
| Total Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $11446 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-25_ar122.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 24.2% |
| Guggenheim Strategy Fund II | 24.0% |
| Total | 48.2% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010426-123125

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

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

### Russell 2000<sup>®</sup> 1.5x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Russell 2000<sup>®</sup> 1.5x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $191 | 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 January 1, 2025 to December 31, 2025, the fund returned 12.47%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 12.81% 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 health care, industrials, and financials. The sectors that detracted the most were consumer staples and energy. The holdings that contributed the most were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and EchoStar Corp.—Class A. Those that detracted the most were Vaxcyte, Inc., SPS Commerce, Inc., and Six Flags Entertainment Corp. 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-26_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 12.47% | 3.43% | 9.25% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 2000 Index | 12.81% | 6.09% | 10.08% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $2890126 |
| Total Number of Portfolio Holdings | 1949 |
| Portfolio Turnover Rate | 5% |
| Total Advisory Fees Paid | $21165 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 1.5x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-26_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Vanguard Russell 2000 ETF | 16.1% |
| iShares Russell 2000 Index ETF | 16.1% |
| Guggenheim Strategy Fund II | 6.0% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 6.0% |
| Credo Technology Group Holding Ltd. | 0.2% |
| Bloom Energy Corp. — Class A | 0.2% |
| Fabrinet | 0.1% |
| IonQ, Inc. | 0.1% |
| EchoStar Corp. — Class A | 0.1% |
| Kratos Defense & Security Solutions, Inc. | 0.1% |
| Top 10 Total | 45.0% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010397-123125

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

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

### Russell 2000<sup>®</sup> 2x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Russell 2000<sup>®</sup> 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $199 | 1.88% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 12.07%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 12.81% 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 health care, industrials, and financials. The sectors that detracted the most were consumer staples and energy. The holdings that contributed the most were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and EchoStar Corp.—Class A. Those that detracted the most were Vaxcyte, Inc., SPS Commerce, Inc., and Six Flags Entertainment Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 200% 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-27_ar111.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 12.07% | 1.43% | 9.07% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 2000 Index | 12.81% | 6.09% | 10.08% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $6594109 |
| Total Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $43321 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 2x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-27_ar112.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Vanguard Russell 2000 ETF | 3.5% |
| iShares Russell 2000 Index ETF | 3.5% |
| Total | 7.0% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000032290-123125

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

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

### Inverse Russell 2000<sup>®</sup> Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $172 | 1.81% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned -9.58%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 12.81% 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 health care, industrials, and financials. The sectors that detracted the most were consumer staples and energy. The holdings that contributed the most were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and EchoStar Corp.—Class A. Those that detracted the most were Vaxcyte, Inc., SPS Commerce, Inc., and Six Flags Entertainment Corp. 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-28_ar111.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | -9.58% | -6.24% | -11.19% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| Russell 2000 Index | 12.81% | 6.09% | 10.08% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $207126 |
| Total Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $5162 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-28_ar112.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Strategy Fund II | 23.6% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 23.3% |
| Total | 46.9% |

---

<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> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010415-123125

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

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

### Nova Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Nova Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $189 | 1.71% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 20.87%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% 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 information technology, communication services, and financials. No sector detracted from performance. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Alphabet, Inc.—Class A, and Microsoft Corp. Those that detracted the most were UnitedHealth Group, Inc, Fiserv, Inc., and Salesforce, Inc. 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-29_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Nova Fund | 20.87% | 16.53% | 17.73% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $41598981 |
| Total Number of Portfolio Holdings | 513 |
| Portfolio Turnover Rate | 197% |
| Total Advisory Fees Paid | $254143 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Nova Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-29_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 6.2% |
| Apple, Inc. | 5.5% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 4.9% |
| Microsoft Corp. | 4.9% |
| Guggenheim Strategy Fund II | 4.7% |
| Amazon.com, Inc. | 3.1% |
| Alphabet, Inc. — Class A | 2.5% |
| Broadcom, Inc. | 2.2% |
| Alphabet, Inc. — Class C | 2.0% |
| Meta Platforms, Inc. — Class A | 1.9% |
| Top 10 Total | 37.9% |

---

<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 or derivative investments.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010401-123125

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

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

### S&P 500<sup>®</sup> 2x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $214 | 1.90% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 25.28%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% 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 information technology, communication services, and financials. No sector detracted from performance. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Alphabet, Inc.—Class A, and Microsoft Corporation. Those that detracted the most were UnitedHealth Group, Inc, Fiserv, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-30_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| S&P 500<sup>®</sup> 2x Strategy Fund | 25.28% | 19.77% | 21.33% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $108631455 |
| Total Number of Portfolio Holdings | 513 |
| Portfolio Turnover Rate | 73% |
| Total Advisory Fees Paid | $645052 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> 2x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-30_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| NVIDIA Corp. | 6.2% |
| Apple, Inc. | 5.5% |
| Microsoft Corp. | 4.9% |
| Amazon.com, Inc. | 3.1% |
| Alphabet, Inc. — Class A | 2.5% |
| Broadcom, Inc. | 2.2% |
| Alphabet, Inc. — Class C | 2.0% |
| Meta Platforms, Inc. — Class A | 2.0% |
| Tesla, Inc. | 1.7% |
| Berkshire Hathaway, Inc. — Class B | 1.3% |
| Top 10 Total | 31.4% |

---

<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 or derivative investments.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010420-123125

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

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

### Inverse S&P 500<sup>®</sup> Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $168 | 1.78% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned -11.76%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% 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 information technology, communication services, and financials. No sector detracted from performance. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Alphabet, Inc.—Class A, and Microsoft Corp. Those that detracted the most were UnitedHealth Group, Inc, Fiserv, 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 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-31_ar111.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Inverse S&P 500<sup>®</sup> Strategy Fund | -11.76% | -10.49% | -12.91% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $1269162 |
| Total Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $11452 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-31_ar112.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 9.2% |
| Guggenheim Strategy Fund II | 9.0% |
| Total | 18.2% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010423-123125

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

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

### S&P 500<sup>®</sup> Pure Growth Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $179 | 1.69% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 11.75%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Growth Index, which returned 13.86% 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 for the reporting period were industrials, information technology, and consumer discretionary. The sectors that detracted were financials, energy, and materials. The holdings that contributed the most to the return of the underlying index for the reporting period were Palantir Technologies, Inc.—Class A, Howmet Aerospace, Inc., and Tapestry, Inc. Those that detracted the most were Trade Desk, Inc.—Class A, Deckers Outdoor Corp., and Fiserv, 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-33_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| S&P 500<sup>®</sup> Pure Growth Fund | 11.75% | 6.62% | 10.34% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Pure Growth Index | 13.86% | 8.41% | 12.24% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $24647882 |
| Total Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 197% |
| Total Advisory Fees Paid | $200575 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-33_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Berkshire Hathaway, Inc. — Class B | 2.9% |
| AppLovin Corp. — Class A | 2.5% |
| Palantir Technologies, Inc. — Class A | 2.5% |
| Comfort Systems USA, Inc. | 2.4% |
| Amphenol Corp. — Class A | 2.4% |
| Howmet Aerospace, Inc. | 2.3% |
| TKO Group Holdings, Inc. | 2.2% |
| Eli Lilly & Co. | 2.2% |
| First Solar, Inc. | 2.2% |
| Robinhood Markets, Inc. — Class A | 2.2% |
| 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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010408-123125

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

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

### S&P 500<sup>®</sup> Pure Value Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $183 | 1.69% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 16.02%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Value Index, which returned 17.66% 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 for the reporting period were financials, communication services, and health care. Those that detracted the most were materials and real estate. The holdings that contributed the most to the return of the underlying index for the reporting period were Warner Bros Discovery, Inc.—Series A, CVS Health Corp, and General Motors Company. Those that detracted the most were Centene Corp., CarMax, Inc., and Molina Healthcare, Inc. 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-32_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| S&P 500<sup>®</sup> Pure Value Fund | 16.02% | 12.00% | 8.64% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P 500 Pure Value Index | 17.66% | 13.92% | 10.53% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $17500306 |
| Total Number of Portfolio Holdings | 124 |
| Portfolio Turnover Rate | 247% |
| Total Advisory Fees Paid | $129042 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Value Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-32_ar102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Ford Motor Co. | 2.0% |
| Bunge Global S.A. | 2.0% |
| General Motors Co. | 1.9% |
| Mosaic Co. | 1.9% |
| Centene Corp. | 1.9% |
| Molina Healthcare, Inc. | 1.8% |
| Tyson Foods, Inc. — Class A | 1.8% |
| Archer-Daniels-Midland Co. | 1.8% |
| Cigna Group | 1.8% |
| CVS Health Corp. | 1.7% |
| 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 or derivative investments.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010407-123125

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

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

### S&P MidCap 400<sup>®</sup> Pure Growth Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $175 | 1.69% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 7.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Growth Index, which returned 9.10% 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 for the reporting period were industrials, materials and health care. Those that detracted the most from the return of the underlying index were consumer discretionary, consumer staples, and financials. The holdings that contributed the most to the return of the underly index for the reporting period were Comfort Systems USA, Inc., Roivant Sciences Ltd., and Carpenter Technology Corp. Those that detracted the most were Sarepta Therapeutics, Shift4 Payments, Inc.—Class A, and AAON, Inc. 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-37_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 7.18% | 4.39% | 6.85% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P MidCap 400 Pure Growth Index | 9.10% | 6.21% | 8.68% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $9008049 |
| Total Number of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 188% |
| Total Advisory Fees Paid | $67763 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Growth Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-37_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Medpace Holdings, Inc. | 2.2% |
| Halozyme Therapeutics, Inc. | 2.1% |
| Celsius Holdings, Inc. | 2.0% |
| Talen Energy Corp. | 2.0% |
| Woodward, Inc. | 1.9% |
| Hecla Mining Co. | 1.9% |
| AeroVironment, Inc. | 1.9% |
| EchoStar Corp. — Class A | 1.9% |
| Five Below, Inc. | 1.8% |
| Rambus, Inc. | 1.7% |
| Top 10 Total | 19.4% |

---

<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 or derivative investments.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010413-123125

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

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

### S&P MidCap 400<sup>®</sup> Pure Value Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $174 | 1.69% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 6.12%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Value Index, which returned 7.94% 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 for the reporting period were materials, financials, and consumer discretionary. Those that detracted the most were health care, consumer staples, and real estate. The holdings that contributed the most to the return of the underlying index for the reporting period were United States Steel Corporation, HF Sinclair Corp., and Macy's, Inc. Those that detracted the most were Manpower Group, Inc., Perrigo Company plc, and Civitas Resources, 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-34_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 6.12% | 12.00% | 10.60% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P MidCap 400 Pure Value Index | 7.94% | 13.99% | 12.58% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $6976358 |
| Total Number of Portfolio Holdings | 103 |
| Portfolio Turnover Rate | 247% |
| Total Advisory Fees Paid | $51240 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Value Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-34_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Concentrix Corp. | 2.9% |
| Avnet, Inc. | 2.3% |
| Arrow Electronics, Inc. | 2.2% |
| Brighthouse Financial, Inc. | 2.1% |
| Lear Corp. | 2.1% |
| Lithia Motors, Inc. — Class A | 1.9% |
| PBF Energy, Inc. — Class A | 1.9% |
| HF Sinclair Corp. | 1.7% |
| Macy's, Inc. | 1.7% |
| Civitas Resources, Inc. | 1.7% |
| Top 10 Total | 20.5% |

---

<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 or derivative investments.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010411-123125

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

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

### S&P SmallCap 600<sup>®</sup> Pure Growth Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Growth Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $176 | 1.69% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 8.59%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Growth Index, which returned 10.48% 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 for the reporting period were health care, industrials, and financials. The sectors that detracted were energy, communication services, and consumer discretionary. The holdings that contributed the most to the return of the underlying index for the reporting period were Protagonist Therapeutics, Inc., Sterling Infrastructure, Inc., and InterDigital, Inc. Those that detracted the most were Sabre Corporation, Six Flags Entertainment Corp., and Atlas Energy Solutions, 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-35_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 8.59% | 2.89% | 6.53% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P SmallCap 600 Pure Growth Index | 10.48% | 4.70% | 8.46% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $10724832 |
| Total Number of Portfolio Holdings | 134 |
| Portfolio Turnover Rate | 315% |
| Total Advisory Fees Paid | $53234 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-35_ar102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| PTC Therapeutics, Inc. | 1.7% |
| Progyny, Inc. | 1.5% |
| ACM Research, Inc. — Class A | 1.5% |
| ARMOUR Residential, Inc. REIT | 1.5% |
| ACADIA Pharmaceuticals, Inc. | 1.5% |
| Arrowhead Pharmaceuticals, Inc. | 1.4% |
| Protagonist Therapeutics, Inc. | 1.4% |
| TransMedics Group, Inc. | 1.4% |
| Adamas Trust, Inc. | 1.4% |
| SiriusPoint Ltd. | 1.4% |
| Top 10 Total | 14.7% |

---

<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 or derivative investments.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010410-123125

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

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

### S&P SmallCap 600<sup>®</sup> Pure Value Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Value Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $175 | 1.69% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 6.77%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Value Index, which returned 8.76% 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 for the reporting period were information technology, consumer discretionary, and financials. Those that detracted the most were health care, materials, and consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were ViaSat, Inc., Par Pacific Holdings, Inc., and Enviri Corp. Those that detracted the most were Owens & Minor, Inc., Green Plains, Inc., and VitalEnergy, Inc. The Fund maintained a daily correlation of over 99% to the S&P SmallCap 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-36_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **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;S&P SmallCap 600<sup>®</sup> Pure Value Fund | 6.77% | 12.03% | 7.65% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P SmallCap 600 Pure Value Index | 8.76% | 14.20% | 9.65% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $11884134 |
| Total Number of Portfolio Holdings | 164 |
| Portfolio Turnover Rate | 253% |
| Total Advisory Fees Paid | $63450 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Value Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-36_ar122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| ManpowerGroup, Inc. | 1.3% |
| SunCoke Energy, Inc. | 1.3% |
| DXC Technology Co. | 1.3% |
| MillerKnoll, Inc. | 1.3% |
| Newell Brands, Inc. | 1.2% |
| Edgewell Personal Care Co. | 1.2% |
| Kohl's Corp. | 1.2% |
| MarineMax, Inc. | 1.2% |
| Perrigo Company plc | 1.1% |
| Winnebago Industries, Inc. | 1.1% |
| Top 10 Total | 12.2% |

---

<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 or derivative investments.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010409-123125

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

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

### Government Long Bond 1.2x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $144 | 1.43% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 1.67%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury 30 Year Bellwether Index, which returned 3.73% for the same period.

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

Despite periods of volatility during the year, long-term U.S. Treasury yields ended 2025 relatively close to where they began. Early year movements were influenced by tariff-related uncertainty and shifting expectations for Federal Reserve policy. Long-term yields reached their lows in April 2025 before moving higher through the middle of the year. In the second half of 2025, yields fluctuated, with volatility driven by mixed or missing economic data and evolving views on monetary policy easing. During the second half of the year, the U.S. Federal Reserve reduced its target rate three times, broadly in line with market expectations, citing risks to employment and a desire to support continued economic expansion.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-39_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Government Long Bond 1.2x Strategy Fund | 1.67% | -13.64% | -3.35% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Treasury 30 Year Bellwether Index | 3.73% | -9.17% | -0.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $5975847 |
| Total Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 8,524% |
| Total Advisory Fees Paid | $32980 |

---

---

| | |
|:---|:---|
| <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 30 Year Bellwether Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Government Long Bond 1.2x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-39_ar102.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| U.S. Treasury Bonds | 42.1% |
| Guggenheim Strategy Fund II | 4.6% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 3.3% |
| Total | 50.0% |

---

<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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010390-123125

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

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

### Inverse Government Long Bond Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $562 | 5.57% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 1.85%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury 30 Year Bellwether Index, which returned 3.73% for the same period.

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

Despite periods of volatility during the year, long-term U.S. Treasury yields ended 2025 relatively close to where they began. Early year movements were influenced by tariff-related uncertainty and shifting expectations for Federal Reserve policy. Long-term yields reached their lows in April 2025 before moving higher through the middle of the year. In the second half of 2025, yields fluctuated, with volatility driven by mixed or missing economic data and evolving views on monetary policy easing. During the second half of the year, the Federal Reserve reduced its target rate three times, broadly in line with market expectations, citing risks to employment and a desire to support continued economic expansion.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-38_ar161.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Inverse Government Long Bond Strategy Fund | 1.85% | 12.87% | 1.41% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Treasury 30 Year Bellwether Index | 3.73% | -9.17% | -0.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $1389578 |
| Total Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 994% |
| Total Advisory Fees Paid | $16766 |

---

---

| | |
|:---|:---|
| <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 Yr. Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Inverse Government Long Bond Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-38_ar162.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 22.9% |
| Guggenheim Strategy Fund II | 22.7% |
| Total | 45.6% |

---

<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.

&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?**

This is a summary of certain changes to the fund since December 31, 2024. For more complete information, you may review the fund's next prospectus, which we expect to be available by May 1, 2026 at GuggenheimInvestments.com/variable-insurance-funds or, by contacting 800 820 0888 or services@guggenheiminvestments.com.

The fund's net expense ratio, which reflects expense waivers and reimbursements and includes interest expense on short sales, was 5.57% for the year ended December 31, 2025, an increase of 0.57% compared to the prior year. The primary driver of the increase was an increase in interest expense on short sales during the reporting period.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010404-123125

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

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

### High Yield Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the High Yield Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $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 January 1, 2025 to December 31, 2025, the fund returned 9.87%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 8.62% for the same period.

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

High yield continued to generate positive returns for the reporting period. In the first half of 2025, the high yield market experienced volatility due to tariffs and trade negotiations. Markets quickly rebounded from the initial shock as concerns subsided and generated positive absolute returns for the remainder of the year. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Secondary Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings led contribution to returns of the Secondary Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-40_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| High Yield Strategy Fund | 9.87% | 3.52% | 4.77% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| Bloomberg U.S. Corporate High Yield Index | 8.62% | 4.51% | 6.53% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $7194102 |
| Total Number of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $47319 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| High Yield Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-40_ar102.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 8.0% |
| Guggenheim Strategy Fund II | 8.0% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 1.7% |
| State Street SPDR Bloomberg High Yield Bond ETF | 1.7% |
| Total | 19.4% |

---

<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. 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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000046626-123125

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

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

### Europe 1.25x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $203 | 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 January 1, 2025 to December 31, 2025, the fund returned 36.46%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 28.59% for the same period and outperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 33.10% 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 for the reporting period were financials, industrials, and health care. There were no sectors that detracted from performance. The holdings that contributed the most to the return of the underlying index for the Reporting Period were ASML Holding NV— Class G, HSBC Holdings plc ADR, Banco Santander S.A. ADR. Those that detracted the most were Novo Nordisk A/S ADR, Diageo plc ADR, and Rheinmetall AG ADR. The Fund maintained a daily correlation of over 98% 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-41_ar131.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Europe 1.25x Strategy Fund | 36.46% | 10.40% | 7.59% |
| MSCI World ex US Index | 28.59% | 6.70% | 5.75% |
| STOXX Europe 50 Index | 33.10% | 11.66% | 8.69% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $2719477 |
| Total Number of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 467% |
| Total Advisory Fees Paid | $17983 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Europe 1.25x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-41_ar132.jpg)

**Country Diversification<sup>3</sup> (% of Total Investments) as of 12.31.25**

---

| | |
|:---|:---|
| United States | 51.4% |
| France | 10.8% |
| United Kingdom | 9.8% |
| Switzerland | 9.1% |
| Germany | 6.5% |
| Netherlands | 5.0% |
| Spain | 3.1% |
| Other | 4.3% |
| Total Investments | 100.0% |

---

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Strategy Fund II | 8.5% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 6.7% |
| ASML Holding N.V. — Class G | 2.9% |
| Roche Holding AG ADR | 2.0% |
| AstraZeneca plc ADR | 2.0% |
| HSBC Holdings plc ADR | 1.9% |
| Novartis AG ADR | 1.8% |
| Nestle S.A. ADR | 1.8% |
| SAP SE ADR | 1.7% |
| Shell plc ADR | 1.5% |
| Top 10 Total | 30.8% |

---

<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. 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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010418-123125

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

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

### Japan 2x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Japan 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $211 | 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 January 1, 2025 to December 31, 2025, the fund returned 51.54%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 28.59% for the same period and outperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned 26.84% 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 for the reporting period were information technology, communication services, and industrials. There were no sectors that detracted from performance. The holdings that contributed the most to the return of the underlying index were Advantest Corp., SoftBank Group Corp., and Tokyo Electron, Ltd. Those that detracted the most were Recruit Holdings Co., Ltd, Terumo Corporation, Daiichi Sankyo Company, 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-42_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Japan 2x Strategy Fund | 51.54% | 0.16% | 9.51% |
| MSCI World ex US Index | 28.59% | 6.70% | 5.75% |
| Nikkei-225 Stock Average Index | 26.84% | 3.91% | 7.39% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $1684625 |
| Total Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $10264 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Japan 2x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-42_ar102.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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010419-123125

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

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

### Strengthening Dollar 2x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Strengthening Dollar 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $189 | 2.04% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned -14.29%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned -9.37% for the same period.

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

There were no components that contributed to the return of the underlying index for the reporting period. The euro, British pound, and Swedish krona were the components that detracted the most from the DXY during 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-43_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Strengthening Dollar 2x Strategy Fund | -14.29% | 6.16% | 1.80% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| U.S. Dollar Index | -9.37% | 1.80% | -0.03% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $1166586 |
| Total Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $14723 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Strengthening Dollar 2x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-43_ar102.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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010402-123125

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

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

### Weakening Dollar 2x Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Weakening Dollar 2x Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $223 | 2.04% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 18.97%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 7.30% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -9.37% for the same period.

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

There were no components that contributed to the return of the underlying index for the reporting period. The euro, British pound, and Swedish krona were the components that detracted the most from the DXY during 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 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-44_ar111.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Weakening Dollar 2x Strategy Fund | 18.97% | -5.72% | -2.86% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | -0.36% | 2.01% |
| U.S. Dollar Index | -9.37% | 1.80% | -0.03% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $377783 |
| Total Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $5438 |

---

---

| | |
|:---|:---|
| <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> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Weakening Dollar 2x Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-44_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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010400-123125

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

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

### Commodities Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Commodities Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $166 | 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 January 1, 2025 to December 31, 2025, the fund returned 4.89%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the S&P Goldman Sachs Commodity Index, which returned 7.12% for the same period.

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

The fund obtained exposure to the commodities markets through futures on the S&P Goldman Sachs Commodity Index (the "Secondary Index"). During the reporting period, the industrial metals and precious metals sectors had some of the strongest returns. 14 of the 24 Secondary Index components had positive returns during the reporting period. The components of the Secondary Index with some of the largest positive returns were silver, gold and copper. The components of the Secondary Index with some of the largest negative returns were cocoa, natural gas, and wheat.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-45_ar101.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Commodities Strategy Fund | 4.89% | 12.80% | 4.76% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| S&P Goldman Sachs Commodity Index | 7.12% | 14.65% | 6.08% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $4449784 |
| Total Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $38218 |

---

---

| | |
|:---|:---|
| <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 Goldman Sachs Commodity Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Commodities Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-45_ar102.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Ultra Short Duration Fund — Institutional Class | 25.7% |
| Guggenheim Strategy Fund II | 25.1% |
| Total | 50.8% |

---

<sup>1</sup> "Consolidated 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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010403-123125

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

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

### Global Managed Futures Strategy Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Global Managed Futures Strategy Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $210 | 2.06% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 3.65%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 4.21% for the same period.

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

In 2025, futures markets were defined by pronounced macro regime shifts, producing a mixed but ultimately constructive environment for systematic trend following. Commodities were the standout sector: precious metals, particularly gold, exhibited strong, persistent upside trends driven by central bank demand and geopolitical hedging, while industrial metals trended more clearly later in the year; energy markets remained comparatively range-bound. In currencies, broad U.S. Dollar weakness supported durable trends across several G10 pairs, though intermittent volatility led to whipsaws. Equity Index futures saw sharp downturns early in the year followed by a sustained risk-on rally, rewarding medium- to longer-term trend models. Bond futures were marked by choppy transitions around monetary-policy inflection points. Overall, 2025 highlighted the importance of cross-asset diversification, adaptive risk management, and patience through regime shifts.

The fund recorded three consecutive positive quarters following a negative first quarter in 2025. Q1 losses were broad-based, led by currencies and fixed income amid a difficult trend environment. Q2 saw a recovery driven by equities, with commodities and currencies contributing modestly while fixed income remained weak. Q3 was the strongest quarter, dominated by equity gains with additional support from commodities, while currencies and fixed income detracted. Q4 extended the equity-led pattern, with commodities essentially flat and modest headwinds from currencies and fixed income. For the year overall, equities were the primary driver of performance, with support from commodities, while currencies and fixed income were persistent drags, particularly in the early part of the year.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-46_ar121.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Global Managed Futures Strategy Fund | 3.65% | 3.94% | 1.27% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 4.21% | 3.19% | 2.19% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $12344879 |
| Total Number of Portfolio Holdings | 67 |
| Portfolio Turnover Rate | 0% |
| Total Advisory Fees Paid | $102720 |

---

---

| | |
|:---|:---|
| <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 ICE BofA Merrill Lynch 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Global Managed Futures Strategy Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-46_ar122.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Variable Insurance Strategy Fund III | 20.2% |
| Guggenheim Strategy Fund III | 18.0% |
| Guggenheim Strategy Fund II | 0.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.6% |
| Total | 39.7% |

---

<sup>1</sup> "Consolidated 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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000069235-123125

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

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

### Multi-Hedge Strategies Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the Multi-Hedge Strategies Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $159 | 1.58% |

---

<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 January 1, 2025 to December 31, 2025, the fund returned 1.25%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 17.88% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 7.13% for the same period.

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

The fund's merger arbitrage strategy was the largest positive contributor of the year as several notable deals closed (e.g. Capital One Financial Corp. / Discover, UMB Financial Corp. / Harland Financial, and Chevron Corp. / Hess). The long/short equity strategy, driven by a fundamental tilt toward value and industry tilts (long technology and capital goods, short REITs and Materials), proved to be the second largest contributor for the year. Closed-end fund arbitrage also made modest positive contributions as underlying fund discounts narrowed. The fund's global macro strategies were a net detractor during the reporting period as positive contributions from flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and currency) and momentum (hurt by equities and currency). Flow strategies take positions based on expected capital flows in markets which are determined through economic theory or statistical observation of market behavior. Momentum is a systematic trend-following strategy that seeks to capture momentum premia in futures markets. Carry strategies seek to capture inefficiencies in the futures curves of different markets and asset classes including commodities, fixed income, and implied volatility. Value premia strategies take positions based on expected future prices in markets as derived from economic and/or non-price data and include strategies applied to commodities, currencies, and fixed income. A market neutral strategy attempts to profit whether the market is going up or down.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 12.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0096640-47_ar151.jpg)

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Multi-Hedge Strategies Fund | 1.25% | 1.23% | 1.62% |
| S&P 500 Index | 17.88% | 14.42% | 14.82% |
| HFRX Global Hedge Fund Index | 7.13% | 2.87% | 3.08% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $25818317 |
| Total Number of Portfolio Holdings | 347 |
| Portfolio Turnover Rate | 163% |
| Total Advisory Fees Paid | $314620 |

---

---

| | |
|:---|:---|
| <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 HFRX Global Hedge Fund Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| Multi-Hedge Strategies Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-47_ar152.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 12.31.25**

---

| | |
|:---|:---|
| Guggenheim Strategy Fund III | 9.6% |
| Guggenheim Variable Insurance Strategy Fund III | 8.3% |
| Guggenheim Strategy Fund II | 6.5% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 2.1% |
| Chart Industries, Inc. | 1.8% |
| Frontier Communications Parent, Inc. | 1.4% |
| ProAssurance Corp. | 1.2% |
| International Money Express, Inc. | 1.1% |
| Janus Henderson Group plc | 1.0% |
| Dynavax Technologies Corp. | 1.0% |
| Top 10 Total | 34.0% |

---

\* Less than 0.1%

<sup>1</sup> "Consolidated 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.

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010416-123125

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

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

### U.S. Government Money Market Fund

#### Variable Annuity
Annual Shareholder Report \| 12.31.25

This annual shareholder report contains important information about the U.S. Government Money Market Fund for the period of January 1, 2025 to December 31, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or services@guggenheiminvestments.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**  |
| Variable Annuity | $151 | 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 January 1, 2025 to December 31, 2025, the fund returned 2.84%.

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

During the reporting period, the U.S. Federal Open Market Committee lowered the federal funds target range by 75 basis points (one basis point is equal to 0.01%) as job growth moderated while inflation remained above the Federal Reserve's target. In the first half of 2025, resilient economic data tempered rate-cut expectations and supported elevated short-term yields. As the year progressed, uncertainty related to employment, tariffs and fiscal policy contributed to a shift toward a more accommodative policy stance. By the end of the reporting period, markets were pricing two 25-basis-point cuts in 2026, potentially pointing to a gradual normalization of short-term rates.

**Average Annual Total Returns\*<sup>,†</sup> as of 12.31.25**

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| U.S. Government Money Market Fund | 2.84% | 2.22% | 1.26% |

---

**The fund's past performance is not a good predictor of the fund's future performance.**

**Fund Statistics as of 12.31.25**

---

| | |
|:---|:---|
| Net Assets | $44333149 |
| Total Number of Portfolio Holdings | 17 |
| Total Advisory Fees Paid | $230089 |

---

---

| | |
|:---|:---|
| <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. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |

---

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

---

| | |
|:---|:---|
| U.S. Government Money Market Fund \| Variable Annuity | Annual Shareholder Report \| **December 31, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification (Market Exposure as a % of Net Assets) as of 12.31.25**

![Af Image](fp0096640-48_ar111.jpg)

FADN - Federal Agency Discount Note

FAN - Federal Agency Note

&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.

---

| | |
|:---|:---|
| ![](va-qrcode.jpg) | &nbsp;&nbsp; **Availability of Additional Information.** **For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to** *GuggenheimInvestments.com/variable-insurance-funds* **or, call 800 820 0888.** |

---

AR-C000010379-123125

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <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 were $992,768 and $959,158 for the fiscal years ended December 31,
 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <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 4 were $0 and $0 for fiscal years ended December 31, 2025 and
 December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <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 were $276,927 and $274,320 for the fiscal years ended December 31, 2025 and December 31, 2024, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <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 4, were $0 and $0 for the fiscal years ended December 31, 2025 and December 31, 2024, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <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 $276,927 and
 $274,320, 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 investment adviser that provides ongoing services to the registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) <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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to this registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to this registrant.

**Item 6.** **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Schedule of Investments is included under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

![](fp0096640-50_i.jpg)<br>

**12.31.2025** 

**Rydex Variable Trust Annual Financial Report**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Sector Funds** | &nbsp;&nbsp; **Domestic Equity Funds** |
| &nbsp;&nbsp; **Banking Fund** | &nbsp;&nbsp; **Dow 2x Strategy Fund** |
| &nbsp;&nbsp; **Basic Materials Fund** | &nbsp;&nbsp; **Inverse Dow 2x Strategy Fund** |
| &nbsp;&nbsp; **Biotechnology Fund** | &nbsp;&nbsp; **Mid-Cap 1.5x Strategy Fund** |
| &nbsp;&nbsp; **Consumer Products Fund** | &nbsp;&nbsp; **Inverse Mid-Cap Strategy Fund** |
| &nbsp;&nbsp; **Electronics Fund** | &nbsp;&nbsp; **NASDAQ-100<sup>®</sup>** **Fund** |
| &nbsp;&nbsp; **Energy Fund** | &nbsp;&nbsp; **NASDAQ-100<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp; **Energy Services Fund** | &nbsp;&nbsp; **Inverse NASDAQ-100<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp; **Financial Services Fund** | &nbsp;&nbsp; **Russell 2000<sup>®</sup>** **1.5x Strategy Fund** |
| &nbsp;&nbsp; **Health Care Fund** | &nbsp;&nbsp; **Russell 2000<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp; **Internet Fund** | &nbsp;&nbsp; **Inverse Russell 2000<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp; **Leisure Fund** | &nbsp;&nbsp; **Nova Fund** |
| &nbsp;&nbsp; **Precious Metals Fund** | &nbsp;&nbsp; **S&P 500<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp; **Real Estate Fund** | &nbsp;&nbsp; **Inverse S&P 500<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp; **Retailing Fund** | &nbsp;&nbsp; **S&P 500<sup>®</sup>** **Pure Growth Fund** |
| &nbsp;&nbsp; **Technology Fund** | &nbsp;&nbsp; **S&P 500<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp; **Telecommunications Fund** | &nbsp;&nbsp; **S&P MidCap 400<sup>®</sup>** **Pure Growth Fund** |
| &nbsp;&nbsp; **Transportation Fund** | &nbsp;&nbsp; **S&P MidCap 400<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp; **Utilities Fund** | &nbsp;&nbsp; **S&P SmallCap 600<sup>®</sup>** **Pure Growth Fund** |
|  | &nbsp;&nbsp; **S&P SmallCap 600<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp; **Fixed Income Funds** | &nbsp;&nbsp; **International Equity Funds** |
| &nbsp;&nbsp; **Government Long Bond 1.2x Strategy Fund** | &nbsp;&nbsp; **Europe 1.25x Strategy Fund** |
| &nbsp;&nbsp; **Inverse Government Long Bond Strategy Fund** | &nbsp;&nbsp; **Japan 2x Strategy Fund** |
| &nbsp;&nbsp; **High Yield Strategy Fund** |  |
| &nbsp;&nbsp; **Specialty Funds** | &nbsp;&nbsp; **Alternatives Funds** |
| &nbsp;&nbsp; **Strengthening Dollar 2x Strategy Fund** | &nbsp;&nbsp; **Rydex Commodities Strategy Fund** |
| &nbsp;&nbsp; **Weakening Dollar 2x Strategy Fund** | &nbsp;&nbsp; **Guggenheim Global Managed Futures Strategy Fund** |
|  | &nbsp;&nbsp; **Guggenheim Multi-Hedge Strategies Fund** |
| &nbsp;&nbsp; **Money Market Fund** |  |
| &nbsp;&nbsp; **U.S. Government Money Market Fund** |  |

---

---

| | |
|:---|:---|
| **GuggenheimInvestments.com** | &nbsp;&nbsp; RVT-ANN-1225X1226 |

---

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  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; BIOTECHNOLOGY FUND  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONSUMER PRODUCTS FUND  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; ELECTRONICS FUND  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENERGY FUND  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENERGY SERVICES FUND  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL SERVICES FUND  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEALTH CARE FUND  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; INTERNET FUND  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEISURE FUND  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRECIOUS METALS FUND  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; REAL ESTATE FUND  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; RETAILING FUND  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; TECHNOLOGY FUND  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELECOMMUNICATIONS FUND  | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; TRANSPORTATION FUND  | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; UTILITIES FUND  | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; DOW 2x STRATEGY FUND  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE DOW 2x STRATEGY FUND  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; MID-CAP 1.5x STRATEGY FUND  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE MID-CAP STRATEGY FUND  | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ-100<sup>®</sup> FUND  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ-100<sup>®</sup> 2x STRATEGY FUND  | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE NASDAQ-100<sup>®</sup> STRATEGY FUND  | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; RUSSELL 2000<sup>®</sup> 1.5x STRATEGY FUND  | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; RUSSELL 2000<sup>®</sup> 2x STRATEGY FUND  | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE RUSSELL 2000<sup>®</sup> STRATEGY FUND  | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOVA FUND  | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> 2x STRATEGY FUND  | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE S&P 500<sup>®</sup> STRATEGY FUND  | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> PURE GROWTH FUND  | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> PURE VALUE FUND  | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P MIDCAP 400<sup>®</sup> PURE GROWTH FUND  | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P MIDCAP 400<sup>®</sup> PURE VALUE FUND  | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P SMALLCAP 600<sup>®</sup> PURE GROWTH FUND  | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P SMALLCAP 600<sup>®</sup> PURE VALUE FUND  | 224 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 1

**TABLE OF CONTENTS** (concluded)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; GOVERNMENT LONG BOND 1.2x STRATEGY FUND  | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE GOVERNMENT LONG BOND STRATEGY FUND  | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; HIGH YIELD STRATEGY FUND  | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUROPE 1.25x STRATEGY FUND  | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAPAN 2x STRATEGY FUND  | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; STRENGTHENING DOLLAR 2x STRATEGY FUND  | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEAKENING DOLLAR 2x STRATEGY FUND  | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMMODITIES STRATEGY FUND  | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBAL MANAGED FUTURES STRATEGY FUND  | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; MULTI-HEDGE STRATEGIES FUND  | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. GOVERNMENT MONEY MARKET FUND  | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOTES TO FINANCIAL STATEMENTS  | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTHER INFORMATION  | 333 |
| Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies  | 336 |
| Item 9: Proxy Disclosures for Open-End Management Investment Companies  | 337 |
| Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies  | 338 |
| Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract  | 339 |

---

2 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **BANKING FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 98.8%** | **COMMON STOCKS<sup>†</sup>** **- 98.8%** | **COMMON STOCKS<sup>†</sup>** **- 98.8%** |
|  **Banks - 93.1%** | **Banks - 93.1%** | **Banks - 93.1%** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 2592 | $302461 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 911 | 293542 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 5310 | 292050 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 3099 | 288827 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp | 4184 | 223258 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 1053 | 219793 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 1876 | 217785 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 3932 | 193494 |
| &nbsp;&nbsp;&nbsp; NU Holdings Limited/Cayman Islands — Class A\* | 11514 | 192744 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 1110 | 143201 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 667 | 134387 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 2851 | 133455 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 7199 | 124903 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 882 | 120472 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 2039 | 119098 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 4346 | 117777 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 5655 | 116719 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. — Class A | 51 | 109455 |
| &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. ADR | 3436 | 102393 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 1055 | 99381 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 849 | 95419 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia | 1244 | 91670 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada | 533 | 90871 |
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. ADR | 2435 | 88975 |
| &nbsp;&nbsp;&nbsp; Popular, Inc. | 709 | 88285 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | 3510 | 83889 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | 919 | 79889 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 1227 | 77227 |
| &nbsp;&nbsp;&nbsp; Southstate Corp. | 795 | 74817 |
| &nbsp;&nbsp;&nbsp; Barclays plc ADR | 2850 | 72533 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorporation | 849 | 71375 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp North America | 1216 | 71185 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 2482 | 69372 |
| &nbsp;&nbsp;&nbsp; Grupo Financiero Galicia S.A. ADR\* | 1251 | 67479 |
| &nbsp;&nbsp;&nbsp; Cadence Bank | 1569 | 67216 |
| &nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 529 | 66987 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | 2997 | 66863 |
| &nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 1233 | 64535 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc ADR | 820 | 64509 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 671 | 64020 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 698 | 63246 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 1223 | 61211 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 865 | 59780 |
| &nbsp;&nbsp;&nbsp; FNB Corp. | 3481 | 59525 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 424 | 59284 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 501 | 57635 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | 4889 | 57104 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal | 438 | 56848 |
| &nbsp;&nbsp;&nbsp; UBS Group AG | 1212 | 56128 |
| &nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 1446 | 55526 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 867 | 55211 |
| &nbsp;&nbsp;&nbsp; Deutsche Bank AG | 1382 | 53290 |
| &nbsp;&nbsp;&nbsp; Bank OZK | 1138 | 52371 |
| &nbsp;&nbsp;&nbsp; Flagstar Bank North America | 3983 | 50146 |
| &nbsp;&nbsp;&nbsp; ING Groep N.V. ADR | 1790 | 50120 |
| &nbsp;&nbsp;&nbsp; Banco Bradesco S.A. ADR | 14939 | 49747 |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 1887 | 48609 |
| &nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 2594 | 47807 |
| &nbsp;&nbsp;&nbsp; Mitsubishi UFJ Financial Group, Inc. ADR | 2903 | 46042 |
| &nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 1517 | 45313 |
| &nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 2315 | 44749 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 476 | 43097 |
| &nbsp;&nbsp;&nbsp; Cathay General Bancorp | 885 | 42825 |
| &nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 1685 | 42631 |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. — Class A | 1220 | 42212 |
| &nbsp;&nbsp;&nbsp; WesBanco, Inc. | 1268 | 42148 |
| &nbsp;&nbsp;&nbsp; Seacoast Banking Corporation of Florida | 1322 | 41537 |
| &nbsp;&nbsp;&nbsp; International Bancshares Corp. | 610 | 40528 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc.\* | 593 | 40039 |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp. — Class A | 2097 | 39529 |
| &nbsp;&nbsp;&nbsp; CVB Financial Corp. | 1954 | 36344 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | 433 | 31644 |
| &nbsp;&nbsp;&nbsp; BOK Financial Corp. | 207 | 24521 |
| &nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 260 | 18460 |
|  **Total Banks** |  | 6677518 |
|  **Diversified Financial Services - 4.1%** | **Diversified Financial Services - 4.1%** | **Diversified Financial Services - 4.1%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 1207 | 292529 |
|  **Savings & Loans - 1.6%** | **Savings & Loans - 1.6%** | **Savings & Loans - 1.6%** |
| &nbsp;&nbsp;&nbsp; Banc of California, Inc. | 2000 | 38580 |
| &nbsp;&nbsp;&nbsp; WaFd, Inc. | 1172 | 37539 |
| &nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 625 | 34525 |
|  **Total Savings & Loans** |  | 110644 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,250,226) |  | 7080691 |
|  **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 | 9913 | 70975 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $49,194) |  | 70975 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 3

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **BANKING FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $16040 | $16040 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 16040 | 16040 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $32,080) |  | 32080 |
|  **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,331,500) | &nbsp;&nbsp;&nbsp; (Cost $4,331,500) | $7183746 |
|  **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (14258) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $7169488 |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $7080691 | $— | $— | $7080691 |
|  Preferred Stocks | 70975 |  |  | 70975 |
|  Repurchase Agreements |  | 32080 |  | 32080 |
|  Total Assets | $7151666 | $32080 | $— | $7183746 |

---

4 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BANKING FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $4,299,420) | $7151666 |
|  Repurchase agreements, at value (cost $32,080) | 32080 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 14988 |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 364 |
| &nbsp;&nbsp;&nbsp; Interest | 4 |
|  **Total assets** | 7199102 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 8856 |
| &nbsp;&nbsp;&nbsp; Management fees | 5158 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 4986 |
| &nbsp;&nbsp;&nbsp; Printing fees | 2676 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 2230 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1517 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 637 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 56 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 3498 |
|  **Total liabilities** | 29614 |
|  **Net assets** | $7169488 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $4984749 |
|  Total distributable earnings (loss) | 2184739 |
|  Net assets | $7169488 |
|  Capital shares outstanding | 50126 |
|  Net asset value per share | $143.03 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $2,889) | $159372 |
|  Interest | 1517 |
|  Income from securities lending, net | 370 |
| &nbsp;&nbsp;&nbsp; Total investment income | 161259 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 47278 |
|  Investor service fees | 13905 |
|  Transfer agent fees | 14139 |
|  Professional fees | 10358 |
|  Portfolio accounting and administration fees | 8621 |
|  Custodian fees | 785 |
|  Trustees' fees\* | 522 |
|  Line of credit fees | 14 |
|  Miscellaneous | 6379 |
| &nbsp;&nbsp;&nbsp; Total expenses | 102001 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2781) |
|  Net expenses | 99220 |
|  Net investment income | 62039 |
|  **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 | (12856) |
|  Net realized loss | (12856) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 1436496 |
|  Net change in unrealized appreciation (depreciation) | 1436496 |
|  Net realized and unrealized gain | 1423640 |
|  **Net increase in net assets resulting from operations** | $1485679 |

---

\* 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> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $62039 | $39311 |
|  Net realized gain (loss) on investments | (12856) | 309218 |
|  Net change in unrealized appreciation (depreciation) on investments | 1436496 | (15139) |
|  Net increase in net assets resulting from operations | 1485679 | 333390 |
|  Distributions to shareholders | (39311) | (62928) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 6864352 | 4737554 |
|  Distributions reinvested | 39311 | 62928 |
|  Cost of shares redeemed | (4608234) | (5418042) |
|  Net increase (decrease) from capital share transactions | 2295429 | (617560) |
|  Net increase (decrease) in net assets | 3741797 | (347098) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 3427691 | 3774789 |
| &nbsp;&nbsp;&nbsp; End of year | $7169488 | $3427691 |
|  **Capital share activity:** |  |  |
|  Shares sold | 57083 | 43844 |
|  Shares issued from reinvestment of distributions | 305 | 596 |
|  Shares redeemed | (36731) | (53926) |
|  Net increase (decrease) in shares | 20657 | (9486) |

---

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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $116.32 | $96.90 | $95.16 | $116.67 | $88.04 |
|  Income (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 | 1.54 | 1.71 | 1.01 | .82 |
|  Net gain (loss) on investments (realized and unrealized) | 26.12 | 20.59 | .95 | (20.83) | 28.58 |
|  Total from investment operations | 27.52 | 22.13 | 2.66 | (19.82) | 29.40 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.81) | (2.71) | (.92) | (1.69) | (.77) |
|  Total distributions | (.81) | (2.71) | (.92) | (1.69) | (.77) |
|  Net asset value, end of period | $143.03 | $116.32 | $96.90 | $95.16 | $116.67 |
|  **Total Return<sup>b</sup>** | **23.74%** | **23.11%** | **2.97%** | **(17.02** **%)** | **33.49%** |
|  **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) | $7169 | $3428 | $3775 | $3650 | $6907 |
|  Ratios 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% | 1.48% | 2.02% | 0.95% | 0.73% |
|  Total expenses | 1.83% | 1.80% | 1.81% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.78% | 1.75% | 1.79% | 1.77% | 1.69% |
|  Portfolio turnover rate | 78% | 177% | 228% | 375% | 351% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 7

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **BASIC MATERIALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 100.3%** | **COMMON STOCKS<sup>†</sup>** **- 100.3%** | **COMMON STOCKS<sup>†</sup>** **- 100.3%** |
|  **Mining - 39.9%** | **Mining - 39.9%** | **Mining - 39.9%** |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 2271 | $226759 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 3781 | 192037 |
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 2743 | 119458 |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 616 | 104430 |
| &nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 432 | 96029 |
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 3291 | 92675 |
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd. — Class B | 1898 | 90895 |
| &nbsp;&nbsp;&nbsp; Rio Tinto plc ADR | 1114 | 89153 |
| &nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 1708 | 88491 |
| &nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 746 | 87670 |
| &nbsp;&nbsp;&nbsp; BHP Group Ltd. ADR | 1418 | 85605 |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 1600 | 85024 |
| &nbsp;&nbsp;&nbsp; Anglogold Ashanti plc | 980 | 83574 |
| &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. | 3995 | 79301 |
| &nbsp;&nbsp;&nbsp; First Majestic Silver Corp. | 4751 | 79152 |
| &nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 381 | 78974 |
| &nbsp;&nbsp;&nbsp; Alamos Gold, Inc. — Class A | 2044 | 78858 |
| &nbsp;&nbsp;&nbsp; IAMGOLD Corp.\* | 4775 | 78740 |
| &nbsp;&nbsp;&nbsp; Southern Copper Corp. | 543 | 77904 |
| &nbsp;&nbsp;&nbsp; Sibanye Stillwater Ltd. ADR\* | 5416 | 77178 |
| &nbsp;&nbsp;&nbsp; Equinox Gold Corp.\* | 5461 | 76672 |
| &nbsp;&nbsp;&nbsp; B2Gold Corp. | 16963 | 76503 |
| &nbsp;&nbsp;&nbsp; New Gold, Inc.\* | 8600 | 74906 |
| &nbsp;&nbsp;&nbsp; Gold Fields Ltd. ADR | 1701 | 74266 |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co. | 3807 | 73056 |
| &nbsp;&nbsp;&nbsp; Eldorado Gold Corp.\* | 2013 | 72307 |
| &nbsp;&nbsp;&nbsp; Fortuna Mining Corp.\* | 7236 | 70985 |
| &nbsp;&nbsp;&nbsp; Harmony Gold Mining Company Ltd. ADR | 3530 | 70247 |
| &nbsp;&nbsp;&nbsp; Endeavour Silver Corp.\* | 7458 | 70105 |
| &nbsp;&nbsp;&nbsp; OR Royalties, Inc. | 1928 | 68232 |
| &nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 3750 | 66863 |
| &nbsp;&nbsp;&nbsp; Novagold Resources, Inc.\* | 7000 | 65240 |
| &nbsp;&nbsp;&nbsp; TMC the metals co, Inc.\* | 9463 | 58387 |
| &nbsp;&nbsp;&nbsp; MP Materials Corp.\* | 1127 | 56936 |
| &nbsp;&nbsp;&nbsp; SSR Mining, Inc.\* | 2032 | 44541 |
| &nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 900 | 35262 |
| &nbsp;&nbsp;&nbsp; Perpetua Resources Corp.\* | 1100 | 26631 |
| &nbsp;&nbsp;&nbsp; USA Rare Earth, Inc.\* | 1701 | 20242 |
| &nbsp;&nbsp;&nbsp; US Antimony Corp.\* | 3153 | 15828 |
|  **Total Mining** |  | 3109116 |
|  **Chemicals - 28.7%** | **Chemicals - 28.7%** | **Chemicals - 28.7%** |
| &nbsp;&nbsp;&nbsp; Linde plc | 751 | 320219 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 590 | 191178 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | 695 | 182451 |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 663 | 163774 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 1034 | 105944 |
| &nbsp;&nbsp;&nbsp; Albemarle Corp. | 704 | 99574 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 1429 | 96300 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 2224 | 89405 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 3770 | 88143 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | 1403 | 86593 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 760 | 79040 |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 971 | 75097 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. — Class A | 1692 | 73264 |
| &nbsp;&nbsp;&nbsp; Solstice Advanced Materials, Inc.\* | 1245 | 60482 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 925 | 59043 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 1824 | 58933 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. | 2429 | 58515 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 2043 | 51055 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. — Class A | 1140 | 48199 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | 480 | 35491 |
| &nbsp;&nbsp;&nbsp; Olin Corp. | 1578 | 32870 |
| &nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 329 | 30910 |
| &nbsp;&nbsp;&nbsp; FMC Corp. | 2084 | 28905 |
| &nbsp;&nbsp;&nbsp; Chemours Co. | 2370 | 27942 |
| &nbsp;&nbsp;&nbsp; Huntsman Corp. | 2744 | 27440 |
| &nbsp;&nbsp;&nbsp; Balchem Corp. | 175 | 26838 |
| &nbsp;&nbsp;&nbsp; Innospec, Inc. | 271 | 20742 |
| &nbsp;&nbsp;&nbsp; Hawkins, Inc. | 141 | 20030 |
|  **Total Chemicals** |  | 2238377 |
|  **Packaging & Containers - 9.2%** | **Packaging & Containers - 9.2%** | **Packaging & Containers - 9.2%** |
| &nbsp;&nbsp;&nbsp; Packaging Corporation of America | 462 | 95278 |
| &nbsp;&nbsp;&nbsp; Amcor plc | 10778 | 89889 |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 2232 | 86311 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 1622 | 85917 |
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 765 | 78772 |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 522 | 63663 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. | 1317 | 54563 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | 1071 | 46739 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 3046 | 45873 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 1053 | 42510 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. | 720 | 25524 |
|  **Total Packaging & Containers** |  | 715039 |
|  **Building Materials - 8.6%** | **Building Materials - 8.6%** | **Building Materials - 8.6%** |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 216 | 134495 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 464 | 132342 |
| &nbsp;&nbsp;&nbsp; CRH plc | 833 | 103958 |
| &nbsp;&nbsp;&nbsp; James Hardie Industries plc\* | 4332 | 89889 |
| &nbsp;&nbsp;&nbsp; Cemex SAB de CV ADR | 6814 | 78293 |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 596 | 48133 |
| &nbsp;&nbsp;&nbsp; Knife River Corp.\* | 589 | 41436 |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 193 | 39889 |
|  **Total Building Materials** |  | 668435 |
|  **Iron & Steel - 7.9%** | **Iron & Steel - 7.9%** | **Iron & Steel - 7.9%** |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 806 | 131467 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 625 | 105906 |
| &nbsp;&nbsp;&nbsp; Vale S.A. ADR | 7467 | 97295 |
| &nbsp;&nbsp;&nbsp; Reliance, Inc. | 297 | 85794 |
| &nbsp;&nbsp;&nbsp; ArcelorMittal S.A. | 1576 | 71818 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 867 | 60014 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 4416 | 58645 |
|  **Total Iron & Steel** |  | 610939 |
|  **Biotechnology - 1.9%** | **Biotechnology - 1.9%** | **Biotechnology - 1.9%** |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 2238 | 150013 |
|  **Forest Products & Paper - 1.3%** | **Forest Products & Paper - 1.3%** | **Forest Products & Paper - 1.3%** |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 2562 | 100917 |

---

8 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **BASIC MATERIALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Household Products & Housewares - 1.1%** | **Household Products & Housewares - 1.1%** | **Household Products & Housewares - 1.1%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 456 | $82937 |
|  **Coal - 0.8%** | **Coal - 0.8%** | **Coal - 0.8%** |
| &nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 538 | 47435 |
| &nbsp;&nbsp;&nbsp; Ramaco Resources, Inc. — Class A\* | 1177 | 21186 |
|  **Total Coal** |  | 68621 |
|  **Housewares - 0.4%** | **Housewares - 0.4%** | **Housewares - 0.4%** |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. — Class A | 627 | 36586 |
|  **Environmental Control - 0.3%** | **Environmental Control - 0.3%** | **Environmental Control - 0.3%** |
| &nbsp;&nbsp;&nbsp; PureCycle Technologies, Inc.\* | 2894 | 24860 |
|  **Energy-Alternate Sources - 0.2%** | **Energy-Alternate Sources - 0.2%** | **Energy-Alternate Sources - 0.2%** |
| &nbsp;&nbsp;&nbsp; ASP Isotopes, Inc.\* | 2693 | 14408 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,104,649) |  | 7820248 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $29451 | 29451 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 29451 | 29451 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $58,902) |  | 58902 |
|  **Total Investments - 101.1%** | **Total Investments - 101.1%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,163,551) | &nbsp;&nbsp;&nbsp; (Cost $4,163,551) | $7879150 |
|  **Other Assets & Liabilities, net - (1.1)%** | **Other Assets & Liabilities, net - (1.1)%** | (88233) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $7790917 |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $7820248 | $— | $— | $7820248 |
|  Repurchase Agreements |  | 58902 |  | 58902 |
|  Total Assets | $7820248 | $58902 | $— | $7879150 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 9

**BASIC MATERIALS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $4,104,649) | $7820248 |
|  Repurchase agreements, at value (cost $58,902) | 58902 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 95859 |
| &nbsp;&nbsp;&nbsp; Dividends | 10678 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 78 |
| &nbsp;&nbsp;&nbsp; Interest | 6 |
|  **Total assets** | 7985771 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 164048 |
| &nbsp;&nbsp;&nbsp; Management fees | 5587 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 5505 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1643 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 690 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 64 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 17317 |
|  **Total liabilities** | 194854 |
|  **Net assets** | $7790917 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $4055039 |
|  Total distributable earnings (loss) | 3735878 |
|  Net assets | $7790917 |
|  Capital shares outstanding | 65980 |
|  Net asset value per share | $118.08 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $2,579) | $128255 |
|  Interest | 1957 |
|  Income from securities lending, net | 494 |
| &nbsp;&nbsp;&nbsp; Total investment income | 130706 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 55220 |
|  Investor service fees | 16241 |
|  Transfer agent fees | 17430 |
|  Professional fees | 11378 |
|  Portfolio accounting and administration fees | 10069 |
|  Custodian fees | 938 |
|  Trustees' fees\* | 771 |
|  Line of credit fees | 61 |
|  Miscellaneous | 7042 |
| &nbsp;&nbsp;&nbsp; Total expenses | 119150 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (3248) |
|  Net expenses | 115902 |
|  Net investment income | 14804 |
|  **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 | 850782 |
|  Net realized gain | 850782 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 1012276 |
|  Net change in unrealized appreciation (depreciation) | 1012276 |
|  Net realized and unrealized gain | 1863058 |
|  **Net increase in net assets resulting from operations** | $1877862 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

10 \| 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> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $14804 | $19624 |
|  Net realized gain on investments | 850782 | 751953 |
|  Net change in unrealized appreciation (depreciation) on investments | 1012276 | (858274) |
|  Net increase (decrease) in net assets resulting from operations | 1877862 | (86697) |
|  Distributions to shareholders | (544395) | (64199) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 5579854 | 6002036 |
|  Distributions reinvested | 544395 | 64199 |
|  Cost of shares redeemed | (5704662) | (7074068) |
|  Net increase (decrease) from capital share transactions | 419587 | (1007833) |
|  Net increase (decrease) in net assets | 1753054 | (1158729) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 6037863 | 7196592 |
| &nbsp;&nbsp;&nbsp; End of year | $7790917 | $6037863 |
|  **Capital share activity:** |  |  |
|  Shares sold | 52622 | 58286 |
|  Shares issued from reinvestment of distributions | 5413 | 612 |
|  Shares redeemed | (53563) | (68251) |
|  Net increase (decrease) in shares | 4472 | (9353) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 11

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $98.16 | $101.56 | $93.20 | $105.96 | $89.05 |
|  Income (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 | .29 | .49 | .67 | .34 |
|  Net gain (loss) on investments (realized and unrealized) | 30.22 | (2.75) | 7.87 | (11.01) | 19.78 |
|  Total from investment operations | 30.46 | (2.46) | 8.36 | (10.34) | 20.12 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (1.61) | (.94) |  | (.56) | (.59) |
|  Net realized gains | (8.93) |  |  | (1.86) | (2.62) |
|  Total distributions | (10.54) | (.94) |  | (2.42) | (3.21) |
|  Net asset value, end of period | $118.08 | $98.16 | $101.56 | $93.20 | $105.96 |
|  **Total Return<sup>b</sup>** | **32.89%** | **(2.47** **%)** | **8.97%** | **(9.65** **%)** | **22.94%** |
|  **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) | $7791 | $6038 | $7197 | $7995 | $9249 |
|  Ratios 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) | 0.23% | 0.28% | 0.51% | 0.68% | 0.33% |
|  Total expenses | 1.83% | 1.78% | 1.80% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.78% | 1.73% | 1.79% | 1.77% | 1.69% |
|  Portfolio turnover rate | 103% | 100% | 141% | 185% | 149% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

12 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **BIOTECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
|  **Biotechnology - 70.6%** | **Biotechnology - 70.6%** | **Biotechnology - 70.6%** |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 1777 | $581630 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 4288 | 526309 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 1141 | 517284 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 554 | 427616 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 855 | 339991 |
| &nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 1564 | 272199 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 1392 | 244978 |
| &nbsp;&nbsp;&nbsp; BeOne Medicines Ltd. ADR\* | 794 | 241225 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 445 | 216826 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc — Class A | 5545 | 214259 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 1584 | 207757 |
| &nbsp;&nbsp;&nbsp; Incyte Corp.\* | 1971 | 194676 |
| &nbsp;&nbsp;&nbsp; Revolution Medicines, Inc.\* | 2298 | 183036 |
| &nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 2281 | 174474 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 2857 | 169791 |
| &nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.\* | 2119 | 167634 |
| &nbsp;&nbsp;&nbsp; Argenx SE ADR\* | 199 | 167349 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 3765 | 165020 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 5264 | 155235 |
| &nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc.\* | 2143 | 154575 |
| &nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 6565 | 142460 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 2082 | 140119 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 2143 | 136166 |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 2021 | 134174 |
| &nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG\* | 2539 | 133145 |
| &nbsp;&nbsp;&nbsp; BioNTech SE ADR\* | 1365 | 129948 |
| &nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc.\* | 8407 | 119716 |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 1537 | 116750 |
| &nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 638 | 116524 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 3220 | 95988 |
| &nbsp;&nbsp;&nbsp; Legend Biotech Corp. ADR\* | 4285 | 93156 |
| &nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 5070 | 92477 |
| &nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc.\* | 2373 | 90672 |
| &nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc.\* | 2576 | 90624 |
| &nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp.\* | 2016 | 88805 |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 3293 | 87956 |
| &nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 2079 | 87526 |
| &nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 2919 | 84768 |
| &nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc.\* | 3138 | 78827 |
| &nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.\* | 2727 | 75592 |
| &nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc.\* | 953 | 74153 |
| &nbsp;&nbsp;&nbsp; Liquidia Corp.\* | 2123 | 73222 |
| &nbsp;&nbsp;&nbsp; Celcuity, Inc.\* | 721 | 71913 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 3296 | 70930 |
| &nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc.\* | 1529 | 70793 |
| &nbsp;&nbsp;&nbsp; Nuvalent, Inc. — Class A\* | 675 | 67898 |
| &nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc. — Class A\* | 16064 | 65702 |
| &nbsp;&nbsp;&nbsp; Summit Therapeutics, Inc.\* | 3619 | 63296 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 256 | 63114 |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.\* | 2391 | 54993 |
| &nbsp;&nbsp;&nbsp; Arcellx, Inc.\* | 800 | 52160 |
| &nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc.\* | 5203 | 46775 |
|  **Total Biotechnology** |  | 8232206 |
|  **Pharmaceuticals - 21.3%** | **Pharmaceuticals - 21.3%** | **Pharmaceuticals - 21.3%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 3864 | 882885 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc ADR | 2838 | 260897 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 15141 | 188505 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 1216 | 172465 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc\* | 923 | 156910 |
| &nbsp;&nbsp;&nbsp; Alkermes plc\* | 4661 | 130415 |
| &nbsp;&nbsp;&nbsp; Cidara Therapeutics, Inc.\* | 534 | 117955 |
| &nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 2543 | 117334 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 1226 | 107079 |
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 176 | 102492 |
| &nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 892 | 95480 |
| &nbsp;&nbsp;&nbsp; Ascendis Pharma A/S ADR\* | 394 | 84017 |
| &nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc.\* | 914 | 72197 |
|  **Total Pharmaceuticals** |  | 2488631 |
|  **Healthcare-Products - 6.5%** | **Healthcare-Products - 6.5%** | **Healthcare-Products - 6.5%** |
| &nbsp;&nbsp;&nbsp; Natera, Inc.\* | 1161 | 265973 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 2043 | 207487 |
| &nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 1673 | 170880 |
| &nbsp;&nbsp;&nbsp; Twist Bioscience Corp.\* | 2065 | 65502 |
| &nbsp;&nbsp;&nbsp; GRAIL, Inc.\* | 483 | 41340 |
|  **Total Healthcare-Products** |  | 751182 |
|  **Healthcare-Services - 1.2%** | **Healthcare-Services - 1.2%** | **Healthcare-Services - 1.2%** |
| &nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 246 | 138166 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,515,850) |  | 11610185 |
|  **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** |
|  **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** |
|  Sanofi SA\* | 940 |  |
|  Novo Nordisk A/S\* | 1848 |  |
|  **Total Pharmaceuticals** |  |  |
|  **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  |  |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $54372 | 54372 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 54372 | 54372 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $108,744) |  | 108744 |
|  **Total Investments - 100.5%** | **Total Investments - 100.5%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,624,594) | &nbsp;&nbsp;&nbsp; (Cost $5,624,594) | $11718929 |
|  **Other Assets & Liabilities, net - (0.5)%** | **Other Assets & Liabilities, net - (0.5)%** | (56583) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $11662346 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 13

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **BIOTECHNOLOGY FUND** |  |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $11610185 | $— | $— | $11610185 |
|  Rights | — \* |  |  |  |
|  Repurchase Agreements |  | 108744 |  | 108744 |
|  Total Assets | $11610185 | $108744 | $— | $11718929 |

---

\* Security has a market value of $0.

14 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BIOTECHNOLOGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $5,515,850) | $11610185 |
|  Repurchase agreements, at value (cost $108,744) | 108744 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 118534 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1101 |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 475 |
| &nbsp;&nbsp;&nbsp; Interest | 11 |
|  **Total assets** | 11839050 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 128297 |
| &nbsp;&nbsp;&nbsp; Management fees | 8741 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 8434 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2571 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 1080 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 323 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 100 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 27158 |
|  **Total liabilities** | 176704 |
|  **Net assets** | $11662346 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $5976843 |
|  Total distributable earnings (loss) | 5685503 |
|  Net assets | $11662346 |
|  Capital shares outstanding | 125839 |
|  Net asset value per share | $92.68 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $96) | $76943 |
|  Interest | 3490 |
|  Income from securities lending, net | 2395 |
| &nbsp;&nbsp;&nbsp; Total investment income | 82828 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 88980 |
|  Investor service fees | 26171 |
|  Transfer agent fees | 28409 |
|  Professional fees | 19787 |
|  Portfolio accounting and administration fees | 16226 |
|  Custodian fees | 1513 |
|  Trustees' fees\* | 1298 |
|  Line of credit fees | 9 |
|  Miscellaneous | 9702 |
| &nbsp;&nbsp;&nbsp; Total expenses | 192095 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (5234) |
|  Net expenses | 186861 |
|  Net investment loss | (104033) |
|  **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 | 1769923 |
|  Net realized gain | 1769923 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 1125753 |
|  Net change in unrealized appreciation (depreciation) | 1125753 |
|  Net realized and unrealized gain | 2895676 |
|  **Net increase in net assets resulting from operations** | $2791643 |

---

\* 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 \| 15

**BIOTECHNOLOGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(104033) | $(96553) |
|  Net realized gain on investments | 1769923 | 1041013 |
|  Net change in unrealized appreciation (depreciation) on investments | 1125753 | (1186931) |
|  Net increase (decrease) in net assets resulting from operations | 2791643 | (242471) |
|  Distributions to shareholders | (445120) | (957725) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 52595815 | 97129737 |
|  Distributions reinvested | 445120 | 957725 |
|  Cost of shares redeemed | (53692483) | (99129808) |
|  Net decrease from capital share transactions | (651548) | (1042346) |
|  Net increase (decrease) in net assets | 1694975 | (2242542) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 9967371 | 12209913 |
| &nbsp;&nbsp;&nbsp; End of year | $11662346 | $9967371 |
|  **Capital share activity:** |  |  |
|  Shares sold | 674934 | 1203256 |
|  Shares issued from reinvestment of distributions | 6073 | 11803 |
|  Shares redeemed | (688360) | (1229202) |
|  Net decrease in shares | (7353) | (14143) |

---

16 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $74.83 | $82.87 | $79.37 | $99.09 | $107.01 |
|  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> | (.78) | (.67) | (.58) | (.57) | (1.04) |
|  Net gain (loss) on investments (realized and unrealized) | 22.35 | .09 <sup>d</sup> | 4.90 | (12.71) | 3.01 |
|  Total from investment operations | 21.57 | (.58) | 4.32 | (13.28) | 1.97 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains | (3.72) | (7.46) | (.82) | (6.44) | (9.89) |
|  Total distributions | (3.72) | (7.46) | (.82) | (6.44) | (9.89) |
|  Net asset value, end of period | $92.68 | $74.83 | $82.87 | $79.37 | $99.09 |
|  **Total Return<sup>b</sup>** | **30.12%** | **(1.40** **%)** | **5.53%** | **(13.31** **%)** | **1.42%** |
|  **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) | $11662 | $9967 | $12210 | $16531 | $22626 |
|  Ratios 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%) | (0.82 %) | (0.75%) | (0.70%) | (0.98%) |
|  Total expenses | 1.84% | 1.79% | 1.80% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.79% | 1.74% | 1.78% | 1.77% | 1.69% |
|  Portfolio turnover rate | 553% | 893% | 74% | 116% | 118% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 17

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **CONSUMER PRODUCTS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
|  **Food - 31.3%** | **Food - 31.3%** | **Food - 31.3%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. — Class A | 2837 | $152716 |
| &nbsp;&nbsp;&nbsp; Kroger Co. | 1781 | 111277 |
| &nbsp;&nbsp;&nbsp; Hershey Co. | 606 | 110280 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 1456 | 107293 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | 1946 | 90489 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 3415 | 82814 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. — Class A | 1377 | 80720 |
| &nbsp;&nbsp;&nbsp; McCormick & Company, Inc. | 1143 | 77850 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 971 | 73136 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 715 | 64293 |
| &nbsp;&nbsp;&nbsp; J M Smucker Co. | 574 | 56143 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 2989 | 51739 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 630 | 50192 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 2012 | 47684 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | 432 | 47632 |
| &nbsp;&nbsp;&nbsp; Albertsons Companies, Inc. — Class A | 2714 | 46599 |
| &nbsp;&nbsp;&nbsp; The Campbell's Co. | 1496 | 41693 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 392 | 38828 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 873 | 36570 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 413 | 32862 |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 2435 | 26493 |
| &nbsp;&nbsp;&nbsp; Simply Good Foods Co.\* | 1275 | 25602 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 582 | 22692 |
| &nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc.\* | 362 | 22563 |
| &nbsp;&nbsp;&nbsp; Marzetti Co. | 135 | 22197 |
| &nbsp;&nbsp;&nbsp; Smithfield Foods, Inc. | 820 | 18311 |
| &nbsp;&nbsp;&nbsp; J & J Snack Foods Corp. | 190 | 17170 |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 1658 | 16746 |
|  **Total Food** |  | 1572584 |
|  **Beverages - 28.0%** | **Beverages - 28.0%** | **Beverages - 28.0%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 3740 | 261463 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 1577 | 226331 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 1801 | 138083 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 3817 | 106914 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 996 | 90337 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. — Class A | 546 | 75326 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 421 | 64539 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A. ADR | 980 | 62759 |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp. — Class B | 2178 | 56759 |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\* | 1202 | 54980 |
| &nbsp;&nbsp;&nbsp; Diageo plc ADR | 619 | 53401 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 1110 | 51815 |
| &nbsp;&nbsp;&nbsp; Ambev S.A. ADR | 20649 | 51003 |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de CV ADR | 500 | 50535 |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp. — Class A | 2233 | 36510 |
| &nbsp;&nbsp;&nbsp; Vita Coco Company, Inc.\* | 542 | 28731 |
|  **Total Beverages** |  | 1409486 |
|  **Cosmetics & Personal Care - 16.4%** | **Cosmetics & Personal Care - 16.4%** | **Cosmetics & Personal Care - 16.4%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 2099 | 300807 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 1856 | 146661 |
| &nbsp;&nbsp;&nbsp; Estee Lauder Companies, Inc. — Class A | 1018 | 106605 |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. | 5987 | 103276 |
| &nbsp;&nbsp;&nbsp; Unilever plc ADR | 959 | 62718 |
| &nbsp;&nbsp;&nbsp; Oddity Tech Ltd. — Class A\* | 1243 | 49944 |
| &nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 496 | 37716 |
| &nbsp;&nbsp;&nbsp; Inter Parfums, Inc. | 183 | 15524 |
|  **Total Cosmetics & Personal Care** |  | 823251 |
|  **Agriculture - 14.5%** | **Agriculture - 14.5%** | **Agriculture - 14.5%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 1656 | 265622 |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 3071 | 177074 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 1614 | 92789 |
| &nbsp;&nbsp;&nbsp; British American Tobacco plc ADR | 1203 | 68114 |
| &nbsp;&nbsp;&nbsp; Bunge Global S.A. | 745 | 66365 |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 1156 | 41616 |
| &nbsp;&nbsp;&nbsp; Vital Farms, Inc.\* | 598 | 19100 |
|  **Total Agriculture** |  | 730680 |
|  **Household Products & Housewares - 5.6%** | **Household Products & Housewares - 5.6%** | **Household Products & Housewares - 5.6%** |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 1026 | 103513 |
| &nbsp;&nbsp;&nbsp; Church & Dwight Company, Inc. | 974 | 81670 |
| &nbsp;&nbsp;&nbsp; Clorox Co. | 626 | 63120 |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 850 | 19482 |
| &nbsp;&nbsp;&nbsp; WD-40 Co. | 69 | 13586 |
|  **Total Household Products & Housewares** |  | 281371 |
|  **Retail - 2.2%** | **Retail - 2.2%** | **Retail - 2.2%** |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 148 | 81801 |
| &nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 499 | 30404 |
|  **Total Retail** |  | 112205 |
|  **Internet - 1.0%** | **Internet - 1.0%** | **Internet - 1.0%** |
| &nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 1176 | 52896 |
|  **Pharmaceuticals - 0.6%** | **Pharmaceuticals - 0.6%** | **Pharmaceuticals - 0.6%** |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 1111 | 29697 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,587,729) |  | 5012170 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.5%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $11504 | 11504 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 11503 | 11503 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $23,007) |  | 23007 |
|  **Total Investments - 100.1%** | **Total Investments - 100.1%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,610,736) | &nbsp;&nbsp;&nbsp; (Cost $2,610,736) | $5035177 |
|  **Other Assets & Liabilities, net - (0.1)%** | **Other Assets & Liabilities, net - (0.1)%** | (5178) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5029999 |

---

18 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **CONSUMER PRODUCTS FUND** |  |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $5012170 | $— | $— | $5012170 |
|  Repurchase Agreements |  | 23007 |  | 23007 |
|  Total Assets | $5012170 | $23007 | $— | $5035177 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 19

**CONSUMER PRODUCTS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $2,587,729) | $5012170 |
|  Repurchase agreements, at value (cost $23,007) | 23007 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 15306 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 4922 |
| &nbsp;&nbsp;&nbsp; Interest | 2 |
|  **Total assets** | 5055407 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 8949 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 4387 |
| &nbsp;&nbsp;&nbsp; Management fees | 3690 |
| &nbsp;&nbsp;&nbsp; Printing fees | 2704 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1125 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1085 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 456 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 54 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 2958 |
|  **Total liabilities** | 25408 |
|  **Net assets** | $5029999 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2508195 |
|  Total distributable earnings (loss) | 2521804 |
|  Net assets | $5029999 |
|  Capital shares outstanding | 81821 |
|  Net asset value per share | $61.48 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $170087 |
|  Interest | 1515 |
|  Income from securities lending, net | 138 |
| &nbsp;&nbsp;&nbsp; Total investment income | 171740 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 47774 |
|  Transfer agent | 15526 |
|  Investor service fees | 14051 |
|  Professional fees | 11043 |
|  Portfolio accounting and administration fees | 8712 |
|  Custodian fees | 818 |
|  Trustees' fees\* | 745 |
|  Line of credit fees | 5 |
|  Miscellaneous | 4504 |
| &nbsp;&nbsp;&nbsp; Total expenses | 103178 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2810) |
|  Net expenses | 100368 |
|  Net investment income | 71372 |
|  **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 | 517798 |
|  Net realized gain | 517798 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (783999) |
|  Net change in unrealized appreciation (depreciation) | (783999) |
|  Net realized and unrealized loss | (266201) |
|  **Net decrease in net assets resulting from operations** | $(194829) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

20 \| 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> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $71372 | $81209 |
|  Net realized gain on investments | 517798 | 1460699 |
|  Net change in unrealized appreciation (depreciation) on investments | (783999) | (1288294) |
|  Net increase (decrease) in net assets resulting from operations | (194829) | 253614 |
|  Distributions to shareholders | (535988) | (101574) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 1972238 | 41746626 |
|  Distributions reinvested | 535988 | 101574 |
|  Cost of shares redeemed | (2732173) | (44593098) |
|  Net decrease from capital share transactions | (223947) | (2744898) |
|  Net decrease in net assets | (954764) | (2592858) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 5984763 | 8577621 |
| &nbsp;&nbsp;&nbsp; End of year | $5029999 | $5984763 |
|  **Capital share activity:** |  |  |
|  Shares sold | 28508 | 582865 |
|  Shares issued from reinvestment of distributions | 8109 | 1439 |
|  Shares redeemed | (39949) | (624659) |
|  Net decrease in shares | (3332) | (40355) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 21

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $70.28 | $68.34 | $71.96 | $77.68 | $70.88 |
|  Income (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 | .75 | .65 | .81 | .50 |
|  Net gain (loss) on investments (realized and unrealized) | (2.84) | 2.27 | (2.99) | (1.66) | 7.00 |
|  Total from investment operations | (1.98) | 3.02 | (2.34) | (.85) | 7.50 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (1.03) | (1.08) | (.93) | (.54) | (.64) |
|  Net realized gains | (5.79) |  | (.35) | (4.33) | (.06) |
|  Total distributions | (6.82) | (1.08) | (1.28) | (4.87) | (.70) |
|  Net asset value, end of period | $61.48 | $70.28 | $68.34 | $71.96 | $77.68 |
|  **Total Return<sup>b</sup>** | **(3.52** **%)** | **4.42%** | **(3.30** **%)** | **(0.91** **%)** | **10.62%** |
|  **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) | $5030 | $5985 | $8578 | $12833 | $15675 |
|  Ratios 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) | 1.27% | 1.05% | 0.92% | 1.10% | 0.68% |
|  Total expenses | 1.84% | 1.78% | 1.80% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.79% | 1.73% | 1.79% | 1.77% | 1.69% |
|  Portfolio turnover rate | 49% | 558% | 126% | 149% | 162% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

22 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **ELECTRONICS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
|  **Semiconductors - 92.0%** | **Semiconductors - 92.0%** | **Semiconductors - 92.0%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 18152 | $3385348 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 5378 | 1861326 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 3332 | 950986 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 4299 | 920674 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 4350 | 744633 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 2752 | 707236 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 3899 | 666924 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 519 | 630627 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 3562 | 617971 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 16367 | 603942 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 2087 | 565994 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 4982 | 423370 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 343 | 310881 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Company Ltd. ADR | 1020 | 309968 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 1371 | 297589 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 4416 | 281388 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V. — Class G | 263 | 281373 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 1389 | 268855 |
| &nbsp;&nbsp;&nbsp; Astera Labs, Inc.\* | 1389 | 231074 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 4247 | 229975 |
| &nbsp;&nbsp;&nbsp; ARM Holdings plc ADR\* | 1660 | 181455 |
| &nbsp;&nbsp;&nbsp; STMicroelectronics N.V. — Class Y | 6244 | 161969 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. | 999 | 159640 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 932 | 159633 |
| &nbsp;&nbsp;&nbsp; ASE Technology Holding Company Ltd. ADR | 9645 | 155284 |
| &nbsp;&nbsp;&nbsp; United Microelectronics Corp. ADR | 19680 | 154685 |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 2052 | 150986 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 2356 | 149394 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 1602 | 147208 |
| &nbsp;&nbsp;&nbsp; Tower Semiconductor Ltd.\* | 1231 | 144544 |
| &nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 903 | 142548 |
| &nbsp;&nbsp;&nbsp; Nova Ltd.\* | 429 | 140879 |
| &nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 3068 | 139778 |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 1609 | 135977 |
| &nbsp;&nbsp;&nbsp; Silicon Motion Technology Corp. ADR | 1461 | 135435 |
| &nbsp;&nbsp;&nbsp; Camtek Ltd.\* | 1258 | 133782 |
| &nbsp;&nbsp;&nbsp; Semtech Corp.\* | 1695 | 124905 |
| &nbsp;&nbsp;&nbsp; SiTime Corp.\* | 353 | 124676 |
| &nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 1001 | 118619 |
| &nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 1820 | 101520 |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 2509 | 99055 |
| &nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 546 | 95009 |
| &nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\* | 2598 | 90722 |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.\* | 3386 | 89323 |
| &nbsp;&nbsp;&nbsp; Ambarella, Inc.\* | 1143 | 80970 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 1087 | 80460 |
| &nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 570 | 74499 |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 927 | 74475 |
| &nbsp;&nbsp;&nbsp; ACM Research, Inc. — Class A\* | 1875 | 73969 |
| &nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 1475 | 72777 |
| &nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 1914 | 68024 |
| &nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 2099 | 59989 |
| &nbsp;&nbsp;&nbsp; MaxLinear, Inc. — Class A\* | 3408 | 59401 |
| &nbsp;&nbsp;&nbsp; Navitas Semiconductor Corp.\* | 7305 | 52158 |
| &nbsp;&nbsp;&nbsp; Penguin Solutions, Inc.\* | 2427 | 47472 |
|  **Total Semiconductors** |  | 18271354 |
|  **Energy-Alternate Sources - 3.2%** | **Energy-Alternate Sources - 3.2%** | **Energy-Alternate Sources - 3.2%** |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 960 | 250781 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc.\* | 5035 | 145260 |
| &nbsp;&nbsp;&nbsp; Canadian Solar, Inc.\* | 5928 | 140908 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 3104 | 99483 |
|  **Total Energy-Alternate Sources** |  | 636432 |
|  **Telecommunications - 1.2%** | **Telecommunications - 1.2%** | **Telecommunications - 1.2%** |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 1639 | 235836 |
|  **Chemicals - 1.0%** | **Chemicals - 1.0%** | **Chemicals - 1.0%** |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 2518 | 205595 |
|  **Miscellaneous Manufacturing - 0.8%** | **Miscellaneous Manufacturing - 0.8%** | **Miscellaneous Manufacturing - 0.8%** |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. | 1992 | 167826 |
|  **Computers - 0.6%** | **Computers - 0.6%** | **Computers - 0.6%** |
| &nbsp;&nbsp;&nbsp; Rigetti Computing, Inc.\* | 5444 | 120585 |
|  **Electrical Components & Equipment - 0.6%** | **Electrical Components & Equipment - 0.6%** | **Electrical Components & Equipment - 0.6%** |
| &nbsp;&nbsp;&nbsp; Universal Display Corp. | 962 | 112342 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $7,490,986) |  | 19749970 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 10.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 10.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 10.8%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $1071140 | 1071140 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 1071140 | 1071140 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,142,280) |  | 2142280 |
|  **Total Investments - 110.2%** | **Total Investments - 110.2%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $9,633,266) | &nbsp;&nbsp;&nbsp; (Cost $9,633,266) | $21892250 |
|  **Other Assets & Liabilities, net - (10.2)%** | **Other Assets & Liabilities, net - (10.2)%** | (2032992) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $19859258 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 23

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **ELECTRONICS FUND** |  |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $19749970 | $— | $— | $19749970 |
|  Repurchase Agreements |  | 2142280 |  | 2142280 |
|  Total Assets | $19749970 | $2142280 | $— | $21892250 |

---

24 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ELECTRONICS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $7,490,986) | $19749970 |
|  Repurchase agreements, at value (cost $2,142,280) | 2142280 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 9447 |
| &nbsp;&nbsp;&nbsp; Dividends | 4143 |
| &nbsp;&nbsp;&nbsp; Interest | 227 |
|  **Total assets** | 21906067 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 1966879 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 13377 |
| &nbsp;&nbsp;&nbsp; Management fees | 12888 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 3790 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 1592 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1420 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 173 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 46690 |
|  **Total liabilities** | 2046809 |
|  **Net assets** | $19859258 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $8931465 |
|  Total distributable earnings (loss) | 10927793 |
|  Net assets | $19859258 |
|  Capital shares outstanding | 92638 |
|  Net asset value per share | $214.37 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $1,067) | $123723 |
|  Interest | 6428 |
|  Income from securities lending, net | 15742 |
| &nbsp;&nbsp;&nbsp; Total investment income | 145893 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 149902 |
|  Investor service fees | 44088 |
|  Transfer agent fees | 52173 |
|  Professional fees | 34479 |
|  Portfolio accounting and administration fees | 27334 |
|  Trustees' fees\* | 2967 |
|  Custodian fees | 2649 |
|  Line of credit fees | 36 |
|  Miscellaneous | 9797 |
| &nbsp;&nbsp;&nbsp; Total expenses | 323425 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (8818) |
|  Net expenses | 314607 |
|  Net investment loss | (168714) |
|  **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 | 2370503 |
|  Net realized gain | 2370503 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (1908790) |
|  Net change in unrealized appreciation (depreciation) | (1908790) |
|  Net realized and unrealized gain | 461713 |
|  **Net increase in net assets resulting from operations** | $292999 |

---

\* 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 \| 25

**ELECTRONICS FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(168714) | $(300801) |
|  Net realized gain on investments | 2370503 | 6547055 |
|  Net change in unrealized appreciation (depreciation) on investments | (1908790) | (398798) |
|  Net increase in net assets resulting from operations | 292999 | 5847456 |
|  Distributions to shareholders | (5140185) | (459070) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 14500162 | 14157280 |
|  Distributions reinvested | 5140185 | 459070 |
|  Cost of shares redeemed | (23840625) | (26449667) |
|  Net decrease from capital share transactions | (4200278) | (11833317) |
|  Net decrease in net assets | (9047464) | (6444931) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 28906722 | 35351653 |
| &nbsp;&nbsp;&nbsp; End of year | $19859258 | $28906722 |
|  **Capital share activity:** |  |  |
|  Shares sold | 68442 | 59399 |
|  Shares issued from reinvestment of distributions | 29565 | 1776 |
|  Shares redeemed | (128711) | (110795) |
|  Net decrease in shares | (30704) | (49620) |

---

26 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $234.36 | $204.39 | $135.09 | $210.77 | $162.39 |
|  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> | (2.04) | (2.01) | (1.04) | (.99) | (1.50) |
|  Net gain (loss) on investments (realized and unrealized) | 77.12 | 35.29 | 74.72 | (67.42) | 60.92 |
|  Total from investment operations | 75.08 | 33.28 | 73.68 | (68.41) | 59.42 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains | (95.07) | (3.31) | (4.38) | (7.27) | (11.04) |
|  Total distributions | (95.07) | (3.31) | (4.38) | (7.27) | (11.04) |
|  Net asset value, end of period | $214.37 | $234.36 | $204.39 | $135.09 | $210.77 |
|  **Total Return<sup>b</sup>** | **41.49%** | **16.13%** | **54.75%** | **(32.70** **%)** | **38.25%** |
|  **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) | $19859 | $28907 | $35352 | $10807 | $16564 |
|  Ratios 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%) | (0.85%) | (0.60%) | (0.62%) | (0.82%) |
|  Total expenses | 1.83% | 1.78% | 1.81% | 1.77% | 1.70% |
|  Net expenses<sup>c</sup> | 1.78% | 1.73% | 1.78% | 1.77% | 1.70% |
|  Portfolio turnover rate | 84% | 52% | 70% | 115% | 197% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 27

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **ENERGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.0%** | **COMMON STOCKS<sup>†</sup>** **- 99.0%** | **COMMON STOCKS<sup>†</sup>** **- 99.0%** |
|  **Oil & Gas - 59.8%** | **Oil & Gas - 59.8%** | **Oil & Gas - 59.8%** |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 4659 | $560664 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 2782 | 424005 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 2818 | 263793 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 1759 | 184713 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 1064 | 173208 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 1323 | 170720 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 1006 | 163606 |
| &nbsp;&nbsp;&nbsp; Equities Corp. | 2640 | 141504 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 3304 | 135860 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 862 | 129584 |
| &nbsp;&nbsp;&nbsp; Shell plc ADR | 1741 | 127929 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 1143 | 126141 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 3233 | 118425 |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 3401 | 115124 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. — Class A | 4217 | 110991 |
| &nbsp;&nbsp;&nbsp; BP plc ADR | 2986 | 103704 |
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 2213 | 98169 |
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro S.A. - Petrobras ADR | 8206 | 97241 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 5502 | 93094 |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc. — Class A | 2327 | 89892 |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. | 5919 | 83044 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 2271 | 78259 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 1986 | 77831 |
| &nbsp;&nbsp;&nbsp; Equinor ASA ADR | 3143 | 74269 |
| &nbsp;&nbsp;&nbsp; APA Corp. | 2932 | 71717 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. | 2013 | 70978 |
| &nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 229 | 65773 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 1411 | 65019 |
| &nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 15424 | 63701 |
| &nbsp;&nbsp;&nbsp; Weatherford International plc | 733 | 57365 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | 594 | 55064 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | 1262 | 53559 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 1406 | 51699 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 1592 | 49750 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. — Class A | 2248 | 49209 |
| &nbsp;&nbsp;&nbsp; Noble Corporation plc | 1551 | 43800 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. | 964 | 43100 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 766 | 38606 |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 6081 | 37155 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 1340 | 36301 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.\* | 1544 | 35790 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | 1896 | 35455 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc. — Class A | 1306 | 35419 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 1622 | 34824 |
| &nbsp;&nbsp;&nbsp; Sable Offshore Corp.\* | 3584 | 32328 |
| &nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 1044 | 30965 |
| &nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 858 | 30150 |
|  **Total Oil & Gas** |  | 4829497 |
|  **Pipelines - 18.3%** | **Pipelines - 18.3%** | **Pipelines - 18.3%** |
| &nbsp;&nbsp;&nbsp; Williams Companies, Inc. | 3499 | 210325 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 6660 | 183083 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 2297 | 168830 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 822 | 159789 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 836 | 154242 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. | 2282 | 109148 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 718 | 85930 |
| &nbsp;&nbsp;&nbsp; TC Energy Corp. | 1524 | 83835 |
| &nbsp;&nbsp;&nbsp; Golar LNG Ltd. | 1867 | 69471 |
| &nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | 1617 | 61543 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 3344 | 59490 |
| &nbsp;&nbsp;&nbsp; Venture Global, Inc. — Class A | 7909 | 53939 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. — Class A | 1420 | 51191 |
| &nbsp;&nbsp;&nbsp; NextDecade Corp.\* | 3854 | 20311 |
|  **Total Pipelines** |  | 1471127 |
|  **Oil & Gas Services - 9.0%** | **Oil & Gas Services - 9.0%** | **Oil & Gas Services - 9.0%** |
| &nbsp;&nbsp;&nbsp; SLB Ltd. | 4715 | 180962 |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 3601 | 163989 |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 3971 | 112220 |
| &nbsp;&nbsp;&nbsp; TechnipFMC plc | 1921 | 85600 |
| &nbsp;&nbsp;&nbsp; NOV, Inc. | 3646 | 56987 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 1187 | 44394 |
| &nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. — Class A | 899 | 41327 |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. — Class A | 2193 | 40483 |
|  **Total Oil & Gas Services** |  | 725962 |
|  **Mining - 4.8%** | **Mining - 4.8%** | **Mining - 4.8%** |
| &nbsp;&nbsp;&nbsp; Cameco Corp. | 1293 | 118297 |
| &nbsp;&nbsp;&nbsp; Uranium Energy Corp.\* | 6974 | 81456 |
| &nbsp;&nbsp;&nbsp; NexGen Energy Ltd.\* | 6265 | 57638 |
| &nbsp;&nbsp;&nbsp; Denison Mines Corporation\* | 19018 | 50588 |
| &nbsp;&nbsp;&nbsp; Energy Fuels, Inc.\* | 2884 | 41933 |
| &nbsp;&nbsp;&nbsp; Centrus Energy Corp. — Class A\* | 143 | 34715 |
|  **Total Mining** |  | 384627 |
|  **Energy-Alternate Sources - 4.0%** | **Energy-Alternate Sources - 4.0%** | **Energy-Alternate Sources - 4.0%** |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 477 | 124607 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc.\* | 2765 | 79770 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 1543 | 49453 |
| &nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 2649 | 48742 |
| &nbsp;&nbsp;&nbsp; Plug Power, Inc.\* | 12398 | 24424 |
|  **Total Energy-Alternate Sources** |  | 326996 |
|  **Coal - 1.0%** | **Coal - 1.0%** | **Coal - 1.0%** |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 1559 | 46302 |
| &nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 369 | 32660 |
|  **Total Coal** |  | 78962 |
|  **Transportation - 0.7%** | **Transportation - 0.7%** | **Transportation - 0.7%** |
| &nbsp;&nbsp;&nbsp; Frontline plc | 2622 | 57212 |
|  **Metal Fabricate & Hardware - 0.7%** | **Metal Fabricate & Hardware - 0.7%** | **Metal Fabricate & Hardware - 0.7%** |
| &nbsp;&nbsp;&nbsp; Tenaris S.A. ADR | 1485 | 57098 |
|  **Retail - 0.7%** | **Retail - 0.7%** | **Retail - 0.7%** |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 135 | 54475 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,246,361) |  | 7985956 |

---

28 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **ENERGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MASTER LIMITED PARTNERSHIPS<sup>†</sup>** **- 0.9%** | **MASTER LIMITED PARTNERSHIPS<sup>†</sup>** **- 0.9%** | **MASTER LIMITED PARTNERSHIPS<sup>†</sup>** **- 0.9%** |
|  **Energy - 0.9%** | **Energy - 0.9%** | **Energy - 0.9%** |
| &nbsp;&nbsp;&nbsp; Western Midstream Partners, LP | 1945 | $76828 |
|  **Total Master Limited Partnerships** | **Total Master Limited Partnerships** |  |
| &nbsp;&nbsp;&nbsp; (Cost $76,675) |  | 76828 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $15836 | 15836 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 15836 | 15836 |
|  **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $31,672) |  | $31672 |
|  **Total Investments - 100.3%** | **Total Investments - 100.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,354,708) | &nbsp;&nbsp;&nbsp; (Cost $3,354,708) | $8094456 |
|  **Other Assets & Liabilities, net - (0.3)%** | **Other Assets & Liabilities, net - (0.3)%** | (26065) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $8068391 |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $7985956 | $— | $— | $7985956 |
|  Master Limited Partnership | 76828 |  |  | 76828 |
|  Repurchase Agreements |  | 31672 |  | 31672 |
|  Total Assets | $8062784 | $31672 | $— | $8094456 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 29

**ENERGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $3,323,036) | $8062784 |
|  Repurchase agreements, at value (cost $31,672) | 31672 |
|  Cash | 2084 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 76720 |
| &nbsp;&nbsp;&nbsp; Dividends | 9404 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 2309 |
| &nbsp;&nbsp;&nbsp; Interest | 3 |
|  **Total assets** | 8184976 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 74271 |
| &nbsp;&nbsp;&nbsp; Professional fees | 15601 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 7603 |
| &nbsp;&nbsp;&nbsp; Management fees | 6675 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1963 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 825 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 93 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 9554 |
|  **Total liabilities** | 116585 |
|  **Net assets** | $8068391 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $4998817 |
|  Total distributable earnings (loss) | 3069574 |
|  Net assets | $8068391 |
|  Capital shares outstanding | 31907 |
|  Net asset value per share | $252.87 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $5,090) | $289385 |
|  Interest | 2826 |
|  Income from securities lending, net | 2156 |
| &nbsp;&nbsp;&nbsp; Total investment income | 294367 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 83286 |
|  Investor service fees | 24496 |
|  Transfer agent fees | 27064 |
|  Professional fees | 19587 |
|  Portfolio accounting and administration fees | 15187 |
|  Custodian fees | 1427 |
|  Trustees' fees\* | 1303 |
|  Line of credit fees | 13 |
|  Miscellaneous | 7492 |
| &nbsp;&nbsp;&nbsp; Total expenses | 179855 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (4899) |
|  Net expenses | 174956 |
|  Net investment income | 119411 |
|  **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 | 614702 |
|  Net realized gain | 614702 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (1100300) |
|  Net change in unrealized appreciation (depreciation) | (1100300) |
|  Net realized and unrealized loss | (485598) |
|  **Net decrease in net assets resulting from operations** | $(366187) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

30 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $119411 | $189213 |
|  Net realized gain on investments | 614702 | 2155145 |
|  Net change in unrealized appreciation (depreciation) on investments | (1100300) | (1945872) |
|  Net increase (decrease) in net assets resulting from operations | (366187) | 398486 |
|  Distributions to shareholders | (194317) | (356907) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 48842953 | 169034724 |
|  Distributions reinvested | 194317 | 356907 |
|  Cost of shares redeemed | (50235135) | (176181571) |
|  Net decrease from capital share transactions | (1197865) | (6789940) |
|  Net decrease in net assets | (1758369) | (6748361) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 9826760 | 16575121 |
| &nbsp;&nbsp;&nbsp; End of year | $8068391 | $9826760 |
|  **Capital share activity:** |  |  |
|  Shares sold | 195566 | 650246 |
|  Shares issued from reinvestment of distributions | 822 | 1369 |
|  Shares redeemed | (205425) | (678172) |
|  Net decrease in shares | (9037) | (26557) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 31

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $240.00 | $245.55 | $251.65 | $171.83 | $114.99 |
|  Income (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> | 2.95 | 3.13 | 4.00 | 5.48 | 2.42 |
|  Net gain (loss) on investments (realized and unrealized) | 14.73 <sup>d</sup> | (2.47)<sup>e</sup> | (.13) | 77.00 | 55.43 |
|  Total from investment operations | 17.68 | .66 | 3.87 | 82.48 | 57.85 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (4.81) | (6.21) | (9.97) | (2.66) | (1.01) |
|  Total distributions | (4.81) | (6.21) | (9.97) | (2.66) | (1.01) |
|  Net asset value, end of period | $252.87 | $240.00 | $245.55 | $251.65 | $171.83 |
|  **Total Return<sup>b</sup>** | **7.51%** | **0.07%** | **1.61%** | **48.29%** | **50.46%** |
|  **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) | $8068 | $9827 | $16575 | $23477 | $16714 |
|  Ratios 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% | 1.23% | 1.63% | 2.38% | 1.51% |
|  Total expenses | 1.84% | 1.78% | 1.81% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.79% | 1.73% | 1.79% | 1.77% | 1.69% |
|  Portfolio turnover rate | 519% | 1179% | 229% | 307% | 316% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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.

<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.

32 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **ENERGY SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.1%** | **COMMON STOCKS<sup>†</sup>** **- 99.1%** | **COMMON STOCKS<sup>†</sup>** **- 99.1%** |
|  **Oil & Gas Services - 68.7%** | **Oil & Gas Services - 68.7%** | **Oil & Gas Services - 68.7%** |
| &nbsp;&nbsp;&nbsp; SLB Ltd. | 8841 | $339318 |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 6751 | 307441 |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 7447 | 210452 |
| &nbsp;&nbsp;&nbsp; TechnipFMC plc | 2726 | 121471 |
| &nbsp;&nbsp;&nbsp; NOV, Inc. | 6832 | 106784 |
| &nbsp;&nbsp;&nbsp; Archrock, Inc. | 3738 | 97263 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 2226 | 83252 |
| &nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. — Class A | 1686 | 77505 |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. — Class A | 4110 | 75871 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 2850 | 68486 |
| &nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. — Class A | 5849 | 61531 |
| &nbsp;&nbsp;&nbsp; Expro Group Holdings N.V.\* | 3835 | 51197 |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 963 | 48641 |
| &nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 5183 | 48565 |
| &nbsp;&nbsp;&nbsp; National Energy Services Reunited Corp.\* | 2850 | 44631 |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 6527 | 40924 |
| &nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 4146 | 39428 |
| &nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc. | 3936 | 37077 |
| &nbsp;&nbsp;&nbsp; ProFrac Holding Corp. — Class A\* | 3913 | 15222 |
|  **Total Oil & Gas Services** |  | 1875059 |
|  **Oil & Gas - 24.1%** | **Oil & Gas - 24.1%** | **Oil & Gas - 24.1%** |
| &nbsp;&nbsp;&nbsp; Weatherford International plc | 1375 | 107607 |
| &nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 23053 | 95209 |
| &nbsp;&nbsp;&nbsp; Noble Corporation plc | 2907 | 82094 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 1435 | 72324 |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 2466 | 70725 |
| &nbsp;&nbsp;&nbsp; Borr Drilling Ltd.\* | 17389 | 70078 |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 11396 | 69629 |
| &nbsp;&nbsp;&nbsp; Seadrill Ltd.\* | 1999 | 69165 |
| &nbsp;&nbsp;&nbsp; Nabors Industries Ltd.\* | 412 | 22372 |
|  **Total Oil & Gas** |  | 659203 |
|  **Metal Fabricate & Hardware - 3.2%** | **Metal Fabricate & Hardware - 3.2%** | **Metal Fabricate & Hardware - 3.2%** |
| &nbsp;&nbsp;&nbsp; Tenaris S.A. ADR | 2265 | 87089 |
|  **Machinery-Diversified - 3.1%** | **Machinery-Diversified - 3.1%** | **Machinery-Diversified - 3.1%** |
| &nbsp;&nbsp;&nbsp; Cactus, Inc. — Class A | 1890 | 86335 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,266,434) |  | 2707686 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $12001 | 12001 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 12000 | 12000 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $24,001) |  | 24001 |
|  **Total Investments - 100.0%** | **Total Investments - 100.0%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,290,435) | &nbsp;&nbsp;&nbsp; (Cost $1,290,435) | $2731687 |
|  **Other Assets & Liabilities, net - 0.0%** | **Other Assets & Liabilities, net - 0.0%** | (992) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2730695 |

---

---

| | |
|:---|:---|
| \* | &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; 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 \| 33

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **ENERGY SERVICES FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $2707686 | $— | $— | $2707686 |
|  Repurchase Agreements |  | 24001 |  | 24001 |
|  Total Assets | $2707686 | $24001 | $— | $2731687 |

---

34 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY SERVICES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $1,266,434) | $2707686 |
|  Repurchase agreements, at value (cost $24,001) | 24001 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 10919 |
| &nbsp;&nbsp;&nbsp; Dividends | 2807 |
| &nbsp;&nbsp;&nbsp; Interest | 3 |
|  **Total assets** | 2745416 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 5620 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2393 |
| &nbsp;&nbsp;&nbsp; Management fees | 2038 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1018 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 599 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 252 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 31 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 2770 |
|  **Total liabilities** | 14721 |
|  **Net assets** | $2730695 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $11709803 |
|  Total distributable earnings (loss) | (8979108) |
|  Net assets | $2730695 |
|  Capital shares outstanding | 8870 |
|  Net asset value per share | $307.86 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $12) | $68957 |
|  Interest | 1418 |
|  Income from securities lending, net | 594 |
| &nbsp;&nbsp;&nbsp; Total investment income | 70969 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 30000 |
|  Investor service fees | 8824 |
|  Transfer agent fees | 9937 |
|  Professional fees | 7825 |
|  Portfolio accounting and administration fees | 5471 |
|  Custodian fees | 514 |
|  Trustees' fees\* | 494 |
|  Line of credit fees | 47 |
|  Miscellaneous | 1775 |
| &nbsp;&nbsp;&nbsp; Total expenses | 64887 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1765) |
|  Net expenses | 63122 |
|  Net investment income | 7847 |
|  **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 | (98841) |
|  Net realized loss | (98841) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (467655) |
|  Net change in unrealized appreciation (depreciation) | (467655) |
|  Net realized and unrealized loss | (566496) |
|  **Net decrease in net assets resulting from operations** | $(558649) |

---

\* 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 \| 35

**ENERGY SERVICES FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $7847 | $1990 |
|  Net realized gain (loss) on investments | (98841) | 945153 |
|  Net change in unrealized appreciation (depreciation) on investments | (467655) | (1283912) |
|  Net decrease in net assets resulting from operations | (558649) | (336769) |
|  Distributions to shareholders | (1990) |  |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 84100714 | 14405185 |
|  Distributions reinvested | 1990 |  |
|  Cost of shares redeemed | (84982429) | (15646899) |
|  Net decrease from capital share transactions | (879725) | (1241714) |
|  Net decrease in net assets | (1440364) | (1578483) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 4171059 | 5749542 |
| &nbsp;&nbsp;&nbsp; End of year | $2730695 | $4171059 |
|  **Capital share activity:** |  |  |
|  Shares sold | 280724 | 43723 |
|  Shares issued from reinvestment of distributions | 8 |  |
|  Shares redeemed | (285637) | (47435) |
|  Net decrease in shares | (4905) | (3712) |

---

36 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $302.80 | $328.79 | $314.84 | $220.84 | $188.21 |
|  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> | .62 | .12 | (1.88) | (2.27) | .37 |
|  Net gain (loss) on investments (realized and unrealized) | 4.63 <sup>d</sup> | (26.11) | 15.83 | 96.27 | 32.56 |
|  Total from investment operations | 5.25 | (25.99) | 13.95 | 94.00 | 32.93 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.19) |  |  |  | (.30) |
|  Total distributions | (.19) |  |  |  | (.30) |
|  Net asset value, end of period | $307.86 | $302.80 | $328.79 | $314.84 | $220.84 |
|  **Total Return<sup>b</sup>** | **1.74%** | **(7.90** **%)** | **4.43%** | **42.56%** | **17.50%** |
|  **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) | $2731 | $4171 | $5750 | $17546 | $8693 |
|  Ratios 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% | 0.04% | (0.58%) | (0.80%) | 0.16% |
|  Total expenses | 1.84% | 1.78% | 1.80% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.79% | 1.73% | 1.78% | 1.77% | 1.69% |
|  Portfolio turnover rate | 2071% | 252% | 290% | 337% | 301% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 investment 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 \| 37

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 98.8%** | **COMMON STOCKS<sup>†</sup>** **- 98.8%** | **COMMON STOCKS<sup>†</sup>** **- 98.8%** |
|  **Banks - 27.5%** | **Banks - 27.5%** | **Banks - 27.5%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 990 | $318998 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 3816 | 209880 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 1969 | 183511 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 199 | 174921 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 1376 | 160565 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 877 | 155694 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp | 1846 | 98503 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 465 | 97059 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 828 | 96122 |
| &nbsp;&nbsp;&nbsp; NU Holdings Limited/Cayman Islands — Class A\* | 5147 | 86161 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 1735 | 85379 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 809 | 76208 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada | 440 | 75016 |
| &nbsp;&nbsp;&nbsp; Popular, Inc. | 601 | 74837 |
| &nbsp;&nbsp;&nbsp; Barclays plc ADR | 2914 | 74161 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia | 1006 | 74132 |
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. ADR | 2026 | 74030 |
| &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. ADR | 2482 | 73964 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 489 | 63086 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 294 | 59235 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 1258 | 58887 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 3176 | 55104 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 389 | 53133 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 900 | 52569 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 1918 | 51978 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 2495 | 51497 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. — Class A | 22 | 47216 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 343 | 38550 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | 1549 | 37021 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | 406 | 35294 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp North America | 536 | 31377 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 1095 | 30605 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | 1323 | 29516 |
| &nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 544 | 28473 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 296 | 28241 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | 2158 | 25205 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 382 | 24326 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 170 | 23769 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 201 | 23123 |
| &nbsp;&nbsp;&nbsp; Bank OZK | 502 | 23102 |
|  **Total Banks** |  | 3060448 |
|  **Diversified Financial Services - 24.6%** | **Diversified Financial Services - 24.6%** | **Diversified Financial Services - 24.6%** |
| &nbsp;&nbsp;&nbsp; Visa, Inc. — Class A | 798 | 279867 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc. — Class A | 408 | 232919 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 1444 | 144270 |
| &nbsp;&nbsp;&nbsp; American Express Co. | 387 | 143171 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 554 | 134267 |
| &nbsp;&nbsp;&nbsp; Blackrock, Inc. | 125 | 133792 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. — Class A | 1738 | 111771 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. — Class A | 393 | 107320 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 637 | 103169 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 567 | 82079 |
| &nbsp;&nbsp;&nbsp; Rocket Companies, Inc. — Class A | 4076 | 78911 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. — Class A\* | 346 | 78244 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 791 | 76830 |
| &nbsp;&nbsp;&nbsp; Ares Management Corp. — Class A | 456 | 73703 |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 149 | 73061 |
| &nbsp;&nbsp;&nbsp; XP, Inc. — Class A | 4227 | 69196 |
| &nbsp;&nbsp;&nbsp; SoFi Technologies, Inc.\* | 2274 | 59533 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 698 | 58234 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 359 | 57652 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 155 | 55361 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 220 | 55220 |
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc. — Class A | 483 | 51942 |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc. | 3389 | 50632 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 486 | 49757 |
| &nbsp;&nbsp;&nbsp; TPG, Inc. | 768 | 49029 |
| &nbsp;&nbsp;&nbsp; Brookfield Asset Management Ltd. — Class A | 925 | 48461 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 838 | 37953 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 1376 | 36148 |
| &nbsp;&nbsp;&nbsp; SEI Investments Co. | 399 | 32726 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 519 | 32162 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 1237 | 29552 |
| &nbsp;&nbsp;&nbsp; Galaxy Digital, Inc. — Class A\* | 1259 | 28151 |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 912 | 24679 |
| &nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.\* | 454 | 19853 |
| &nbsp;&nbsp;&nbsp; Hamilton Lane, Inc. — Class A | 133 | 17863 |
| &nbsp;&nbsp;&nbsp; Webull Corp.\* | 1814 | 14095 |
| &nbsp;&nbsp;&nbsp; Dave, Inc.\* | 31 | 6864 |
|  **Total Diversified Financial Services** |  | 2738437 |
|  **Insurance - 17.1%** | **Insurance - 17.1%** | **Insurance - 17.1%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. — Class B\* | 714 | 358892 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 539 | 122741 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Companies, Inc. | 554 | 102778 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson plc | 283 | 92994 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 955 | 91603 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 345 | 89282 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. | 302 | 87598 |
| &nbsp;&nbsp;&nbsp; Aon plc — Class A | 244 | 86103 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 272 | 84897 |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | 743 | 81931 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 379 | 78889 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 867 | 74172 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 875 | 69072 |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. | 484 | 66695 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 586 | 66148 |
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 327 | 53406 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 654 | 52124 |
| &nbsp;&nbsp;&nbsp; W R Berkley Corp. | 691 | 48453 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 526 | 46398 |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 828 | 39454 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 1030 | 31075 |
| &nbsp;&nbsp;&nbsp; Erie Indemnity Co. — Class A | 92 | 26372 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 292 | 24432 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 320 | 20733 |
|  **Total Insurance** |  | 1896242 |

---

38 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **REITs - 15.6%** | **REITs - 15.6%** | **REITs - 15.6%** |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 676 | $125472 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 925 | 118086 |
| &nbsp;&nbsp;&nbsp; American Tower Corp. — Class A | 550 | 96564 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 123 | 94238 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 453 | 83855 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 515 | 79676 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | 1376 | 77565 |
| &nbsp;&nbsp;&nbsp; Public Storage | 258 | 66951 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 746 | 66297 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 847 | 65541 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 2119 | 59586 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 310 | 56206 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 429 | 55864 |
| &nbsp;&nbsp;&nbsp; Equity Residential | 852 | 53710 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 603 | 50019 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 251 | 48551 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 1914 | 45343 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 321 | 44590 |
| &nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 1597 | 44381 |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 1903 | 42551 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 335 | 41510 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | 572 | 39485 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 874 | 39059 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | 1044 | 38294 |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp. | 3499 | 37509 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 2089 | 37038 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 2239 | 36003 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 586 | 35517 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co. — Class A | 259 | 32784 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 1244 | 23561 |
|  **Total REITs** |  | 1735806 |
|  **Commercial Services - 6.8%** | **Commercial Services - 6.8%** | **Commercial Services - 6.8%** |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 267 | 139531 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 190 | 97061 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 1338 | 78112 |
| &nbsp;&nbsp;&nbsp; StoneCo Ltd. — Class A\* | 4802 | 71022 |
| &nbsp;&nbsp;&nbsp; Block, Inc. — Class A\* | 1058 | 68865 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc.\* | 732 | 54483 |
| &nbsp;&nbsp;&nbsp; Toast, Inc. — Class A\* | 1356 | 48152 |
| &nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 159 | 47848 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 581 | 44969 |
| &nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 135 | 24469 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. — Class A\* | 384 | 24180 |
| &nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 242 | 18419 |
| &nbsp;&nbsp;&nbsp; Remitly Global, Inc.\* | 1171 | 16160 |
| &nbsp;&nbsp;&nbsp; Morningstar, Inc. | 57 | 12387 |
| &nbsp;&nbsp;&nbsp; Sezzle, Inc.\* | 115 | 7300 |
|  **Total Commercial Services** |  | 752958 |
|  **Private Equity - 3.2%** | **Private Equity - 3.2%** | **Private Equity - 3.2%** |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. — Class A | 979 | 150903 |
| &nbsp;&nbsp;&nbsp; KKR & Company, Inc. — Class A | 744 | 94845 |
| &nbsp;&nbsp;&nbsp; Brookfield Corp. | 1589 | 72919 |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. | 717 | 42382 |
|  **Total Private Equity** |  | 361049 |
|  **Software - 2.1%** | **Software - 2.1%** | **Software - 2.1%** |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. — Class A | 124 | 71142 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 954 | 64080 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 958 | 63669 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 211 | 38503 |
|  **Total Software** |  | 237394 |
|  **Internet - 1.0%** | **Internet - 1.0%** | **Internet - 1.0%** |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. — Class A\* | 966 | 109255 |
|  **Investment Companies - 0.4%** | **Investment Companies - 0.4%** | **Investment Companies - 0.4%** |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp. | 2007 | 40602 |
|  **Media - 0.3%** | **Media - 0.3%** | **Media - 0.3%** |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 122 | 35403 |
|  **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** |
| &nbsp;&nbsp;&nbsp; Oscar Health, Inc. — Class A\* | 1324 | 19026 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,745,131) |  | 10986620 |
|  **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 | 9925 | 71060 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $41,166) |  | 71060 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $34424 | 34424 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 34423 | 34423 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $68,847) |  | 68847 |
|  **Total Investments - 100.0%** | **Total Investments - 100.0%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,855,144) | &nbsp;&nbsp;&nbsp; (Cost $4,855,144) | $11126527 |
|  **Other Assets & Liabilities, net - 0.0%** | **Other Assets & Liabilities, net - 0.0%** | (3823) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $11122704 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 39

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $10986620 | $— | $— | $10986620 |
|  Preferred Stocks | 71060 |  |  | 71060 |
|  Repurchase Agreements |  | 68847 |  | 68847 |
|  Total Assets | $11057680 | $68847 | $— | $11126527 |

---

40 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**FINANCIAL SERVICES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $4,786,297) | $11057680 |
|  Repurchase agreements, at value (cost $68,847) | 68847 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 136203 |
| &nbsp;&nbsp;&nbsp; Dividends | 14891 |
| &nbsp;&nbsp;&nbsp; Interest | 7 |
|  **Total assets** | 11277628 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 104750 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 8982 |
| &nbsp;&nbsp;&nbsp; Management fees | 7737 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2276 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 955 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 111 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 30112 |
|  **Total liabilities** | 154924 |
|  **Net assets** | $11122704 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $5514732 |
|  Total distributable earnings (loss) | 5607972 |
|  Net assets | $11122704 |
|  Capital shares outstanding | 89419 |
|  Net asset value per share | $124.39 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $2,037) | $238750 |
|  Interest | 3659 |
|  Income from securities lending, net | 142 |
| &nbsp;&nbsp;&nbsp; Total investment income | 242551 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 95744 |
|  Investor service fees | 28160 |
|  Transfer agent fees | 31521 |
|  Professional fees | 24032 |
|  Portfolio accounting and administration fees | 17459 |
|  Custodian fees | 1642 |
|  Trustees' fees\* | 1567 |
|  Miscellaneous | 6642 |
| &nbsp;&nbsp;&nbsp; Total expenses | 206767 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (5632) |
|  Net expenses | 201135 |
|  Net investment income | 41416 |
|  **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 | 1219232 |
|  Net realized gain | 1219232 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (198554) |
|  Net change in unrealized appreciation (depreciation) | (198554) |
|  Net realized and unrealized gain | 1020678 |
|  **Net increase in net assets resulting from operations** | $1062094 |

---

\* 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 \| 41

**FINANCIAL SERVICES FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $41416 | $64619 |
|  Net realized gain on investments | 1219232 | 871102 |
|  Net change in unrealized appreciation (depreciation) on investments | (198554) | 1082546 |
|  Net increase in net assets resulting from operations | 1062094 | 2018267 |
|  Distributions to shareholders | (303341) | (143245) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 11512470 | 24972160 |
|  Distributions reinvested | 303341 | 143245 |
|  Cost of shares redeemed | (13007744) | (29137763) |
|  Net decrease from capital share transactions | (1191933) | (4022358) |
|  Net decrease in net assets | (433180) | (2147336) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 11555884 | 13703220 |
| &nbsp;&nbsp;&nbsp; End of year | $11122704 | $11555884 |
|  **Capital share activity:** |  |  |
|  Shares sold | 95296 | 232295 |
|  Shares issued from reinvestment of distributions | 2471 | 1374 |
|  Shares redeemed | (108527) | (276826) |
|  Net decrease in shares | (10760) | (43157) |

---

42 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $115.35 | $95.60 | $83.94 | $112.74 | $85.52 |
|  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> | .44 | .56 | .70 | .65 | .40 |
|  Net gain (loss) on investments (realized and unrealized) | 11.94 | 20.58 | 10.96 | (20.97) | 29.49 |
|  Total from investment operations | 12.38 | 21.14 | 11.66 | (20.32) | 29.89 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.67) | (.96) |  | (.58) | (.38) |
|  Net realized gains | (2.67) | (.43) |  | (7.90) | (2.29) |
|  Total distributions | (3.34) | (1.39) |  | (8.48) | (2.67) |
|  Net asset value, end of period | $124.39 | $115.35 | $95.60 | $83.94 | $112.74 |
|  **Total Return<sup>b</sup>** | **10.76%** | **22.26%** | **13.89%** | **(18.11** **%)** | **35.26%** |
|  **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) | $11123 | $11556 | $13703 | $10179 | $18140 |
|  Ratios 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% | 0.53% | 0.82% | 0.67% | 0.39% |
|  Total expenses | 1.84% | 1.79% | 1.80% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.79% | 1.74% | 1.78% | 1.77% | 1.69% |
|  Portfolio turnover rate | 97% | 201% | 95% | 101% | 170% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 43

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **HEALTH CARE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
|  **Pharmaceuticals - 33.1%** | **Pharmaceuticals - 33.1%** | **Pharmaceuticals - 33.1%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 425 | $456739 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 1572 | 325325 |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 1325 | 302749 |
| &nbsp;&nbsp;&nbsp; Merck & Company, Inc. | 2335 | 245782 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 6976 | 173702 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 2965 | 159932 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 181 | 148473 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 1822 | 144594 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. — Class A | 397 | 134087 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc ADR | 1234 | 113442 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 867 | 109086 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 558 | 108291 |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 509 | 104600 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S ADR | 1946 | 99012 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. ADR\* | 2572 | 80272 |
| &nbsp;&nbsp;&nbsp; GSK plc ADR | 1563 | 76650 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc\* | 443 | 75310 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 1103 | 73206 |
| &nbsp;&nbsp;&nbsp; Novartis AG ADR | 526 | 72520 |
| &nbsp;&nbsp;&nbsp; Alkermes plc\* | 2303 | 64438 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 4673 | 58179 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 375 | 53186 |
| &nbsp;&nbsp;&nbsp; Ascendis Pharma A/S ADR\* | 246 | 52457 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 2226 | 50374 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 535 | 40435 |
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 68 | 39599 |
| &nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 785 | 36220 |
| &nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 327 | 35002 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 378 | 33015 |
| &nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\* | 468 | 16286 |
|  **Total Pharmaceuticals** |  | 3482963 |
|  **Healthcare-Products - 28.2%** | **Healthcare-Products - 28.2%** | **Healthcare-Products - 28.2%** |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 377 | 218453 |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 1740 | 218005 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 377 | 213518 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 1882 | 179449 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 781 | 178787 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 465 | 163434 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 1101 | 105762 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 156 | 105539 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 1228 | 104687 |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 661 | 89942 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 1053 | 86367 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | 353 | 85027 |
| &nbsp;&nbsp;&nbsp; Natera, Inc.\* | 358 | 82014 |
| &nbsp;&nbsp;&nbsp; STERIS plc | 293 | 74281 |
| &nbsp;&nbsp;&nbsp; Waters Corp.\* | 184 | 69889 |
| &nbsp;&nbsp;&nbsp; Alcon, Inc. | 848 | 66831 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 239 | 65758 |
| &nbsp;&nbsp;&nbsp; Insulet Corp.\* | 229 | 65091 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 631 | 64084 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 691 | 62135 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 801 | 59666 |
| &nbsp;&nbsp;&nbsp; Cooper Companies, Inc.\* | 716 | 58683 |
| &nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 517 | 52806 |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 305 | 47626 |
| &nbsp;&nbsp;&nbsp; Revvity, Inc. | 490 | 47408 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | 2403 | 45921 |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 751 | 44166 |
| &nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 3680 | 42173 |
| &nbsp;&nbsp;&nbsp; Repligen Corp.\* | 232 | 38016 |
| &nbsp;&nbsp;&nbsp; Masimo Corp.\* | 270 | 35116 |
| &nbsp;&nbsp;&nbsp; Tempus AI, Inc.\* | 586 | 34603 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 381 | 33581 |
| &nbsp;&nbsp;&nbsp; Bruker Corp. | 708 | 33354 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 471 | 31345 |
| &nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 141 | 25019 |
| &nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 187 | 22749 |
| &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. | 1938 | 22151 |
|  **Total Healthcare-Products** |  | 2973436 |
|  **Biotechnology - 22.6%** | **Biotechnology - 22.6%** | **Biotechnology - 22.6%** |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 610 | 199659 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 1470 | 180428 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 352 | 159583 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 171 | 131990 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 264 | 104980 |
| &nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 482 | 83887 |
| &nbsp;&nbsp;&nbsp; BeOne Medicines Ltd. ADR\* | 271 | 82333 |
| &nbsp;&nbsp;&nbsp; Argenx SE ADR\* | 93 | 78208 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 429 | 75500 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 137 | 66753 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc — Class A | 1712 | 66152 |
| &nbsp;&nbsp;&nbsp; BioNTech SE ADR\* | 681 | 64831 |
| &nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG\* | 1225 | 64239 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 488 | 64006 |
| &nbsp;&nbsp;&nbsp; Incyte Corp.\* | 609 | 60151 |
| &nbsp;&nbsp;&nbsp; Revolution Medicines, Inc.\* | 709 | 56472 |
| &nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 705 | 53925 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 881 | 52358 |
| &nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.\* | 654 | 51738 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 1162 | 50930 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 1625 | 47921 |
| &nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc.\* | 661 | 47678 |
| &nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 245 | 44747 |
| &nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 2027 | 43986 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 642 | 43207 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 661 | 42000 |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 623 | 41361 |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 474 | 36005 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 993 | 29601 |
| &nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 1565 | 28546 |
| &nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc.\* | 795 | 27968 |
| &nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp.\* | 622 | 27399 |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 1016 | 27137 |
| &nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc.\* | 968 | 24316 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 98 | 24161 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 1017 | 21886 |
| &nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc.\* | 471 | 21807 |

---

44 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **HEALTH CARE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc. — Class A\* | 4958 | $20278 |
| &nbsp;&nbsp;&nbsp; Summit Therapeutics, Inc.\* | 1117 | 19536 |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.\* | 739 | 16997 |
|  **Total Biotechnology** |  | 2384660 |
|  **Healthcare-Services - 14.1%** | **Healthcare-Services - 14.1%** | **Healthcare-Services - 14.1%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 753 | 248573 |
| &nbsp;&nbsp;&nbsp; Cigna Group | 454 | 124954 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 356 | 124796 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 265 | 123718 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 399 | 89938 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 308 | 78888 |
| &nbsp;&nbsp;&nbsp; ICON plc\* | 396 | 72159 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 261 | 65480 |
| &nbsp;&nbsp;&nbsp; Centene Corp.\* | 1571 | 64647 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 363 | 62991 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 310 | 61603 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. — Class B | 241 | 52543 |
| &nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 93 | 52233 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 237 | 47277 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 250 | 43385 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. | 233 | 40589 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 426 | 39026 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 1024 | 32625 |
| &nbsp;&nbsp;&nbsp; RadNet, Inc.\* | 438 | 31251 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Company, Inc.\* | 1165 | 16531 |
| &nbsp;&nbsp;&nbsp; GeneDx Holdings Corp.\* | 80 | 10405 |
|  **Total Healthcare-Services** |  | 1483612 |
|  **Software - 1.3%** | **Software - 1.3%** | **Software - 1.3%** |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc. — Class A\* | 375 | 83711 |
| &nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 875 | 28656 |
| &nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.\* | 1250 | 24688 |
|  **Total Software** |  | 137055 |
|  **Internet - 0.3%** | **Internet - 0.3%** | **Internet - 0.3%** |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\* | 1119 | 36334 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,025,498) |  | 10498060 |
|  **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** |
|  **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** |
|  Sanofi SA\* | 313 |  |
|  Johnson & Johnson\*<sup>,†††</sup> | 307 |  |
|  **Total Pharmaceuticals** |  |  |
|  **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  |  |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 1.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 1.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 1.8%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $92727 | 92727 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 92726 | 92726 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $185,453) |  | 185453 |
|  **Total Investments - 101.4%** | **Total Investments - 101.4%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,210,951) | &nbsp;&nbsp;&nbsp; (Cost $4,210,951) | $10683513 |
|  **Other Assets & Liabilities, net - (1.4)%** | **Other Assets & Liabilities, net - (1.4)%** | (144884) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $10538629 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <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; Repurchase Agreements — See Note 6. |
|  | &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) | December 31, 2025 |
| **HEALTH CARE FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $10498060 | $— | $— | $10498060 |
|  Rights | — \* |  |  |  |
|  Repurchase Agreements |  | 185453 |  | 185453 |
|  Total Assets | $10498060 | $185453 | $— | $10683513 |

---

\* Security has a market value of $0.

46 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HEALTH CARE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $4,025,498) | $10498060 |
|  Repurchase agreements, at value (cost $185,453) | 185453 |
|  Cash | 6 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 12328 |
| &nbsp;&nbsp;&nbsp; Dividends | 5421 |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 491 |
| &nbsp;&nbsp;&nbsp; Interest | 20 |
|  **Total assets** | 10701779 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 96116 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 19056 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 8488 |
| &nbsp;&nbsp;&nbsp; Management fees | 7970 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2344 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 985 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 104 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 28087 |
|  **Total liabilities** | 163150 |
|  **Net assets** | $10538629 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $4118218 |
|  Total distributable earnings (loss) | 6420411 |
|  Net assets | $10538629 |
|  Capital shares outstanding | 131979 |
|  Net asset value per share | $79.85 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $1,595) | $131293 |
|  Interest | 3285 |
|  Income from securities lending, net | 909 |
| &nbsp;&nbsp;&nbsp; Total investment income | 135487 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 92561 |
|  Investor service fees | 27224 |
|  Transfer agent fees | 29936 |
|  Professional fees | 21025 |
|  Portfolio accounting and administration fees | 16878 |
|  Custodian fees | 1581 |
|  Trustees' fees\* | 1419 |
|  Line of credit fees | 6 |
|  Miscellaneous | 9254 |
| &nbsp;&nbsp;&nbsp; Total expenses | 199884 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (5445) |
|  Net expenses | 194439 |
|  Net investment loss | (58952) |
|  **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 | 1459709 |
|  Net realized gain | 1459709 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (173489) |
|  Net change in unrealized appreciation (depreciation) | (173489) |
|  Net realized and unrealized gain | 1286220 |
|  **Net increase in net assets resulting from operations** | $1227268 |

---

\* 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

**HEALTH CARE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(58952) | $(72168) |
|  Net realized gain on investments | 1459709 | 2193327 |
|  Net change in unrealized appreciation (depreciation) on investments | (173489) | (1944740) |
|  Net increase in net assets resulting from operations | 1227268 | 176419 |
|  Distributions to shareholders | (1015741) | (393635) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 9088154 | 12746756 |
|  Distributions reinvested | 1015741 | 393635 |
|  Cost of shares redeemed | (11047413) | (15362305) |
|  Net decrease from capital share transactions | (943518) | (2221914) |
|  Net decrease in net assets | (731991) | (2439130) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 11270620 | 13709750 |
| &nbsp;&nbsp;&nbsp; End of year | $10538629 | $11270620 |
|  **Capital share activity:** |  |  |
|  Shares sold | 114729 | 149794 |
|  Shares issued from reinvestment of distributions | 14723 | 4723 |
|  Shares redeemed | (140027) | (180936) |
|  Net decrease in shares | (10575) | (26419) |

---

48 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $79.06 | $81.14 | $80.37 | $96.58 | $86.44 |
|  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> | (.42) | (.45) | (.47) | (.47) | (.61) |
|  Net gain (loss) on investments (realized and unrealized) | 10.14 | .67 | 4.39 | (11.24) | 16.61 |
|  Total from investment operations | 9.72 | .22 | 3.92 | (11.71) | 16.00 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains | (8.93) | (2.30) | (3.15) | (4.50) | (5.86) |
|  Total distributions | (8.93) | (2.30) | (3.15) | (4.50) | (5.86) |
|  Net asset value, end of period | $79.85 | $79.06 | $81.14 | $80.37 | $96.58 |
|  **Total Return<sup>b</sup>** | **14.07%** | **0.14%** | **5.03%** | **(12.00** **%)** | **18.84%** |
|  **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) | $10539 | $11271 | $13710 | $17447 | $23841 |
|  Ratios 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) | (0.54%) | (0.54%) | (0.59%) | (0.57%) | (0.66%) |
|  Total expenses | 1.84% | 1.78% | 1.80% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.79% | 1.73% | 1.79% | 1.77% | 1.69% |
|  Portfolio turnover rate | 90% | 105% | 136% | 158% | 114% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 49

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **INTERNET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
|  **Internet - 56.8%** | **Internet - 56.8%** | **Internet - 56.8%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 1427 | $446651 |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 1482 | 342075 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 446 | 294400 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 1903 | 178425 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 26 | 139239 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 1593 | 130164 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 416 | 94216 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 676 | 91747 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc. — Class A\* | 517 | 83221 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 35 | 70499 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | 745 | 64889 |
| &nbsp;&nbsp;&nbsp; Reddit, Inc. — Class A\* | 282 | 64823 |
| &nbsp;&nbsp;&nbsp; Coupang, Inc.\* | 2694 | 63551 |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. ADR | 410 | 60098 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 212 | 60062 |
| &nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 90 | 52264 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. | 189 | 45918 |
| &nbsp;&nbsp;&nbsp; Baidu, Inc. ADR\* | 341 | 44555 |
| &nbsp;&nbsp;&nbsp; JD.com, Inc. ADR | 1530 | 43911 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc. — Class A\* | 336 | 41691 |
| &nbsp;&nbsp;&nbsp; Pinterest, Inc. — Class A\* | 1602 | 41476 |
| &nbsp;&nbsp;&nbsp; Roku, Inc.\* | 377 | 40901 |
| &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. ADR | 544 | 39119 |
| &nbsp;&nbsp;&nbsp; F5, Inc.\* | 153 | 39055 |
| &nbsp;&nbsp;&nbsp; Zillow Group, Inc. — Class C\* | 552 | 37657 |
| &nbsp;&nbsp;&nbsp; Chewy, Inc. — Class A\* | 1129 | 37313 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc. — Class A\* | 351 | 35244 |
| &nbsp;&nbsp;&nbsp; Snap, Inc. — Class A\* | 4303 | 34725 |
| &nbsp;&nbsp;&nbsp; Bilibili, Inc. ADR\* | 1321 | 32483 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. | 863 | 27866 |
| &nbsp;&nbsp;&nbsp; Lyft, Inc. — Class A\* | 1424 | 27583 |
| &nbsp;&nbsp;&nbsp; Wix.com Ltd.\* | 247 | 25661 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 429 | 23784 |
| &nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 511 | 19597 |
| &nbsp;&nbsp;&nbsp; Trump Media & Technology Group Corp.\* | 1294 | 17133 |
| &nbsp;&nbsp;&nbsp; IAC, Inc.\* | 438 | 17126 |
| &nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 935 | 13614 |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 338 | 11881 |
| &nbsp;&nbsp;&nbsp; Grindr, Inc.\* | 449 | 6079 |
| &nbsp;&nbsp;&nbsp; Bumble, Inc. — Class A\* | 1485 | 5301 |
|  **Total Internet** |  | 2945997 |
|  **Software - 25.1%** | **Software - 25.1%** | **Software - 25.1%** |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 606 | 160535 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 347 | 121447 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc. — Class A\* | 386 | 84673 |
| &nbsp;&nbsp;&nbsp; Cloudflare, Inc. — Class A\* | 415 | 81817 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 347 | 74529 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 360 | 73559 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 279 | 71432 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp. — Class A\* | 857 | 69443 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. — Class A\* | 497 | 67587 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 141 | 59176 |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc. — Class A\* | 261 | 58263 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc. — Class A\* | 718 | 51416 |
| &nbsp;&nbsp;&nbsp; Zoom Communications, Inc. — Class A\* | 581 | 50135 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc. — Class A\* | 339 | 48219 |
| &nbsp;&nbsp;&nbsp; Nutanix, Inc. — Class A\* | 770 | 39801 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc.\* | 536 | 36662 |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 418 | 36471 |
| &nbsp;&nbsp;&nbsp; NetEase, Inc. ADR | 238 | 32754 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. — Class A\* | 955 | 26549 |
| &nbsp;&nbsp;&nbsp; Box, Inc. — Class A\* | 693 | 20728 |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 385 | 18526 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc. — Class A\* | 1659 | 16872 |
|  **Total Software** |  | 1300594 |
|  **Telecommunications - 11.3%** | **Telecommunications - 11.3%** | **Telecommunications - 11.3%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 2184 | 168233 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 898 | 117665 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 219 | 83947 |
| &nbsp;&nbsp;&nbsp; Ciena Corp.\* | 240 | 56129 |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson ADR | 3586 | 34605 |
| &nbsp;&nbsp;&nbsp; Nokia Oyj ADR | 5253 | 33987 |
| &nbsp;&nbsp;&nbsp; Applied Digital Corp.\* | 952 | 23343 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 1074 | 19139 |
| &nbsp;&nbsp;&nbsp; CommScope Holding Company, Inc.\* | 1036 | 18783 |
| &nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 512 | 17643 |
| &nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 898 | 14952 |
|  **Total Telecommunications** |  | 588426 |
|  **Computers - 1.9%** | **Computers - 1.9%** | **Computers - 1.9%** |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 126 | 46442 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.\* | 449 | 38825 |
| &nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 512 | 13855 |
|  **Total Computers** |  | 99122 |
|  **Commercial Services - 1.8%** | **Commercial Services - 1.8%** | **Commercial Services - 1.8%** |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 1264 | 73792 |
| &nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 126 | 19215 |
|  **Total Commercial Services** |  | 93007 |
|  **Real Estate - 1.0%** | **Real Estate - 1.0%** | **Real Estate - 1.0%** |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 815 | 54800 |
|  **Entertainment - 0.8%** | **Entertainment - 0.8%** | **Entertainment - 0.8%** |
| &nbsp;&nbsp;&nbsp; DraftKings, Inc. — Class A\* | 1210 | 41697 |
|  **Aerospace & Defense - 0.4%** | **Aerospace & Defense - 0.4%** | **Aerospace & Defense - 0.4%** |
| &nbsp;&nbsp;&nbsp; Ondas Holdings, Inc.\* | 2009 | 19608 |
|  **Electronics - 0.3%** | **Electronics - 0.3%** | **Electronics - 0.3%** |
| &nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.\* | 422 | 14711 |
|  **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** |
| &nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 1562 | 10934 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,770,268) |  | 5168896 |

---

50 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **INTERNET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $22735 | $22735 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 22734 | 22734 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $45,469) |  | $45469 |
|  **Total Investments - 100.5%** | **Total Investments - 100.5%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,815,737) | &nbsp;&nbsp;&nbsp; (Cost $1,815,737) | $5214365 |
|  **Other Assets & Liabilities, net - (0.5)%** | **Other Assets & Liabilities, net - (0.5)%** | (24810) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5189555 |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $5168896 | $— | $— | $5168896 |
|  Repurchase Agreements |  | 45469 |  | 45469 |
|  Total Assets | $5168896 | $45469 | $— | $5214365 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 51

**INTERNET FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $1,770,268) | $5168896 |
|  Repurchase agreements, at value (cost $45,469) | 45469 |
|  Cash | 40 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 524 |
| &nbsp;&nbsp;&nbsp; Interest | 4 |
|  **Total assets** | 5214933 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 9082 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 4429 |
| &nbsp;&nbsp;&nbsp; Management fees | 3799 |
| &nbsp;&nbsp;&nbsp; Printing fees | 2745 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1117 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 905 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 469 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 54 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 2778 |
|  **Total liabilities** | 25378 |
|  **Net assets** | $5189555 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $1810340 |
|  Total distributable earnings (loss) | 3379215 |
|  Net assets | $5189555 |
|  Capital shares outstanding | 46704 |
|  Net asset value per share | $111.12 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $498) | $20214 |
|  Interest | 1826 |
|  Income from securities lending, net | 314 |
| &nbsp;&nbsp;&nbsp; Total investment income | 22354 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 48486 |
|  Investor service fees | 14260 |
|  Transfer agent fees | 15514 |
|  Professional fees | 10163 |
|  Portfolio accounting and administration fees | 8841 |
|  Custodian fees | 823 |
|  Trustees' fees\* | 711 |
|  Line of credit fees | 21 |
|  Miscellaneous | 5888 |
| &nbsp;&nbsp;&nbsp; Total expenses | 104707 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2852) |
|  Net expenses | 101855 |
|  Net investment loss | (79501) |
|  **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 | 975428 |
|  Net realized gain | 975428 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (90914) |
|  Net change in unrealized appreciation (depreciation) | (90914) |
|  Net realized and unrealized gain | 884514 |
|  **Net increase in net assets resulting from operations** | $805013 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

52 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INTERNET FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(79501) | $(81030) |
|  Net realized gain on investments | 975428 | 1731832 |
|  Net change in unrealized appreciation (depreciation) on investments | (90914) | (380409) |
|  Net increase in net assets resulting from operations | 805013 | 1270393 |
|  Distributions to shareholders | (603408) |  |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 3333461 | 6570504 |
|  Distributions reinvested | 603408 |  |
|  Cost of shares redeemed | (4300731) | (10381910) |
|  Net decrease from capital share transactions | (363862) | (3811406) |
|  Net decrease in net assets | (162257) | (2541013) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 5351812 | 7892825 |
| &nbsp;&nbsp;&nbsp; End of year | $5189555 | $5351812 |
|  **Capital share activity:** |  |  |
|  Shares sold | 29940 | 69526 |
|  Shares issued from reinvestment of distributions | 5771 |  |
|  Shares redeemed | (40058) | (111377) |
|  Net decrease in shares | (4347) | (41851) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 53

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $104.83 | $84.96 | $57.64 | $139.50 | $164.44 |
|  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> | (1.51) | (1.19) | (1.04) | (1.28) | (2.50) |
|  Net gain (loss) on investments (realized and unrealized) | 20.13 | 21.06 | 28.36 | (59.04) | (2.98) |
|  Total from investment operations | 18.62 | 19.87 | 27.32 | (60.32) | (5.48) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains | (12.33) |  |  | (21.54) | (19.46) |
|  Total distributions | (12.33) |  |  | (21.54) | (19.46) |
|  Net asset value, end of period | $111.12 | $104.83 | $84.96 | $57.64 | $139.50 |
|  **Total Return<sup>b</sup>** | **18.50%** | **23.39%** | **47.40%** | **(44.84** **%)** | **(4.66** **%)** |
|  **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) | $5190 | $5352 | $7893 | $4424 | $9131 |
|  Ratios 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) | (1.39%) | (1.30%) | (1.45%) | (1.55%) | (1.53%) |
|  Total expenses | 1.84% | 1.79% | 1.81% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.79% | 1.74% | 1.79% | 1.77% | 1.69% |
|  Portfolio turnover rate | 73% | 113% | 240% | 58% | 139% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

54 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **LEISURE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
|  **Internet - 18.3%** | **Internet - 18.3%** | **Internet - 18.3%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 2673 | $250620 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 30 | 160660 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 497 | 112561 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 807 | 109526 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 253 | 71677 |
| &nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 120 | 69685 |
| &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. ADR | 762 | 54795 |
| &nbsp;&nbsp;&nbsp; Roku, Inc.\* | 450 | 48821 |
| &nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.\* | 540 | 44345 |
| &nbsp;&nbsp;&nbsp; Serve Robotics, Inc.\* | 870 | 9031 |
|  **Total Internet** |  | 931721 |
|  **Retail - 18.2%** | **Retail - 18.2%** | **Retail - 18.2%** |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 588 | 179710 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 1425 | 119999 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. — Class A\* | 2352 | 87024 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 520 | 78666 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 305 | 56126 |
| &nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 734 | 50081 |
| &nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. | 967 | 46165 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 102 | 42516 |
| &nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. — Class A | 241 | 40006 |
| &nbsp;&nbsp;&nbsp; Dutch Bros, Inc. — Class A\* | 637 | 38997 |
| &nbsp;&nbsp;&nbsp; Cava Group, Inc.\* | 530 | 31106 |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 210 | 30139 |
| &nbsp;&nbsp;&nbsp; Wingstop, Inc. | 115 | 27426 |
| &nbsp;&nbsp;&nbsp; Shake Shack, Inc. — Class A\* | 275 | 22322 |
| &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. | 375 | 18930 |
| &nbsp;&nbsp;&nbsp; Wendy's Co. | 1639 | 13653 |
| &nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 330 | 12702 |
| &nbsp;&nbsp;&nbsp; Sweetgreen, Inc. — Class A\* | 1469 | 9930 |
| &nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 334 | 8484 |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 1225 | 7558 |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\* | 431 | 6986 |
|  **Total Retail** |  | 928526 |
|  **Media - 14.3%** | **Media - 14.3%** | **Media - 14.3%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 1547 | 176002 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 4484 | 134027 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 3467 | 99919 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class A | 877 | 64082 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\* | 260 | 54275 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class A | 1837 | 47982 |
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp. — Class B | 3149 | 42197 |
| &nbsp;&nbsp;&nbsp; New York Times Co. — Class A | 588 | 40819 |
| &nbsp;&nbsp;&nbsp; Liberty Broadband Corp. — Class C\* | 645 | 31347 |
| &nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. | 1117 | 22334 |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. — Class A | 72 | 14620 |
|  **Total Media** |  | 727604 |
|  **Entertainment - 10.0%** | **Entertainment - 10.0%** | **Entertainment - 10.0%** |
| &nbsp;&nbsp;&nbsp; Flutter Entertainment plc\* | 330 | 70963 |
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 334 | 69806 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 410 | 58425 |
| &nbsp;&nbsp;&nbsp; Warner Music Group Corp. — Class A | 1665 | 51066 |
| &nbsp;&nbsp;&nbsp; DraftKings, Inc. — Class A\* | 1446 | 49829 |
| &nbsp;&nbsp;&nbsp; Sportradar Group AG — Class A\* | 2006 | 47683 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 280 | 31858 |
| &nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc. — Class A | 458 | 28373 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 1095 | 25612 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 180 | 23904 |
| &nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 786 | 18267 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 1174 | 17316 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.\* | 964 | 14788 |
|  **Total Entertainment** |  | 507890 |
|  **Lodging - 8.7%** | **Lodging - 8.7%** | **Lodging - 8.7%** |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 332 | 103000 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 348 | 99963 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 815 | 53048 |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp. — Class A | 287 | 46012 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 306 | 36821 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International\* | 880 | 32111 |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 380 | 28713 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 309 | 26339 |
| &nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | 208 | 19814 |
|  **Total Lodging** |  | 445821 |
|  **Leisure Time - 7.9%** | **Leisure Time - 7.9%** | **Leisure Time - 7.9%** |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 349 | 97343 |
| &nbsp;&nbsp;&nbsp; Carnival Corp. | 2467 | 75342 |
| &nbsp;&nbsp;&nbsp; Viking Holdings Ltd.\* | 727 | 51915 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 1775 | 39618 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc. — Class A\* | 339 | 36771 |
| &nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 893 | 23736 |
| &nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 498 | 21997 |
| &nbsp;&nbsp;&nbsp; Peloton Interactive, Inc. — Class A\* | 3055 | 18819 |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 901 | 18462 |
| &nbsp;&nbsp;&nbsp; Polaris, Inc. | 261 | 16508 |
|  **Total Leisure Time** |  | 400511 |
|  **Agriculture - 7.3%** | **Agriculture - 7.3%** | **Agriculture - 7.3%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 1240 | 198896 |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 2071 | 119414 |
| &nbsp;&nbsp;&nbsp; British American Tobacco plc ADR | 903 | 51128 |
|  **Total Agriculture** |  | 369438 |
|  **Software - 7.2%** | **Software - 7.2%** | **Software - 7.2%** |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 429 | 87658 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 333 | 85258 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp. — Class A\* | 1024 | 82975 |
| &nbsp;&nbsp;&nbsp; NetEase, Inc. ADR | 365 | 50231 |
| &nbsp;&nbsp;&nbsp; Genius Sports Ltd.\* | 4151 | 45744 |
| &nbsp;&nbsp;&nbsp; Sharplink Gaming, Inc.\* | 1652 | 14769 |
|  **Total Software** |  | 366635 |
|  **Beverages - 4.3%** | **Beverages - 4.3%** | **Beverages - 4.3%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. — Class A | 368 | 50769 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A. ADR | 779 | 49887 |
| &nbsp;&nbsp;&nbsp; Diageo plc ADR | 524 | 45205 |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp. — Class B | 1469 | 38282 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 55

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **LEISURE FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 748 | $| 34917 |
|  **Total Beverages** |  |  | 219060 |
|  **Toys, Games & Hobbies - 1.4%** | **Toys, Games & Hobbies - 1.4%** | **Toys, Games & Hobbies - 1.4%** | **Toys, Games & Hobbies - 1.4%** |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 497 |  | 40754 |
| &nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 1490 |  | 29562 |
|  **Total Toys, Games & Hobbies** |  |  | 70316 |
|  **Telecommunications - 1.2%** | **Telecommunications - 1.2%** | **Telecommunications - 1.2%** | **Telecommunications - 1.2%** |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. — Class A\* | 596 |  | 64785 |
|  **Food Service - 0.7%** | **Food Service - 0.7%** | **Food Service - 0.7%** | **Food Service - 0.7%** |
| &nbsp;&nbsp;&nbsp; Aramark | 1018 |  | 37523 |
|  **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,342,989) |  |  | 5069830 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $20996 | 20996 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 20997 | 20997 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $41,993) |  | 41993 |
|  **Total Investments - 100.3%** | **Total Investments - 100.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,384,982) | &nbsp;&nbsp;&nbsp; (Cost $3,384,982) | $5111823 |
|  **Other Assets & Liabilities, net - (0.3)%** | **Other Assets & Liabilities, net - (0.3)%** | (14152) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5097671 |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $5069830 | $— | $— | $5069830 |
|  Repurchase Agreements |  | 41993 |  | 41993 |
|  Total Assets | $5069830 | $41993 | $— | $5111823 |

---

56 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**LEISURE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $3,342,989) | $5069830 |
|  Repurchase agreements, at value (cost $41,993) | 41993 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 6901 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 457 |
| &nbsp;&nbsp;&nbsp; Interest | 4 |
|  **Total assets** | 5119185 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 8459 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 3750 |
| &nbsp;&nbsp;&nbsp; Management fees | 2769 |
| &nbsp;&nbsp;&nbsp; Printing fees | 2556 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 814 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 342 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 226 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 51 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 2547 |
|  **Total liabilities** | 21514 |
|  **Net assets** | $5097671 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $3547371 |
|  Total distributable earnings (loss) | 1550300 |
|  Net assets | $5097671 |
|  Capital shares outstanding | 37331 |
|  Net asset value per share | $136.55 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $329) | $80815 |
|  Interest | 1717 |
|  Income from securities lending, net | 1986 |
| &nbsp;&nbsp;&nbsp; Total investment income | 84518 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 45160 |
|  Investor service fees | 13282 |
|  Transfer agent fees | 15455 |
|  Professional fees | 12900 |
|  Portfolio accounting and administration fees | 8235 |
|  Trustees' fees\* | 833 |
|  Custodian fees | 777 |
|  Line of credit fees | 35 |
|  Miscellaneous | 838 |
| &nbsp;&nbsp;&nbsp; Total expenses | 97515 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2657) |
|  Net expenses | 94858 |
|  Net investment loss | (10340) |
|  **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 | 772219 |
|  Net realized gain | 772219 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (604186) |
|  Net change in unrealized appreciation (depreciation) | (604186) |
|  Net realized and unrealized gain | 168033 |
|  **Net increase in net assets resulting from operations** | $157693 |

---

\* 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 \| 57

**LEISURE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(10340) | $(6400) |
|  Net realized gain on investments | 772219 | 414550 |
|  Net change in unrealized appreciation (depreciation) on investments | (604186) | 182301 |
|  Net increase in net assets resulting from operations | 157693 | 590451 |
|  Distributions to shareholders |  | (2061) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 14992695 | 10073625 |
|  Distributions reinvested |  | 2061 |
|  Cost of shares redeemed | (14911943) | (10744803) |
|  Net increase (decrease) from capital share transactions | 80752 | (669117) |
|  Net increase (decrease) in net assets | 238445 | (80727) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 4859226 | 4939953 |
| &nbsp;&nbsp;&nbsp; End of year | $5097671 | $4859226 |
|  **Capital share activity:** |  |  |
|  Shares sold | 112533 | 85066 |
|  Shares issued from reinvestment of distributions |  | 19 |
|  Shares redeemed | (113801) | (92171) |
|  Net decrease in shares | (1268) | (7086) |

---

58 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $125.89 | $108.13 | $88.27 | $121.87 | $122.53 |
|  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> | (.26) | (.15) | .02 | (.44) | (1.02) |
|  Net gain (loss) on investments (realized and unrealized) | 10.92 | 17.98 | 19.84 | (33.16) | 2.25 |
|  Total from investment operations | 10.66 | 17.83 | 19.86 | (33.60) | 1.23 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.07) |  |  |  |
|  Net realized gains |  |  |  |  | (1.89) |
|  Total distributions |  | (.07) |  |  | (1.89) |
|  Net asset value, end of period | $136.55 | $125.89 | $108.13 | $88.27 | $121.87 |
|  **Total Return<sup>b</sup>** | **8.47%** | **16.50%** | **22.50%** | **(27.57** **%)** | **0.92%** |
|  **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) | $5098 | $4859 | $4940 | $3736 | $6104 |
|  Ratios 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%) | (0.13%) | 0.02% | (0.45%) | (0.78%) |
|  Total expenses | 1.84% | 1.79% | 1.81% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.79% | 1.74% | 1.79% | 1.77% | 1.69% |
|  Portfolio turnover rate | 288% | 231% | 351% | 103% | 194% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 59

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **PRECIOUS METALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 98.4%** | **COMMON STOCKS<sup>†</sup>** **- 98.4%** | **COMMON STOCKS<sup>†</sup>** **- 98.4%** |
|  **Mining - 98.4%** | **Mining - 98.4%** | **Mining - 98.4%** |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 33057 | $3300742 |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 17188 | 2913882 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 55013 | 2794110 |
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 62474 | 2720743 |
| &nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 19662 | 2310678 |
| &nbsp;&nbsp;&nbsp; Anglogold Ashanti plc | 21422 | 1826868 |
| &nbsp;&nbsp;&nbsp; Gold Fields Ltd. ADR | 39092 | 1706757 |
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 58265 | 1640742 |
| &nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 28847 | 1494563 |
| &nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 6948 | 1440181 |
| &nbsp;&nbsp;&nbsp; Alamos Gold, Inc. — Class A | 33167 | 1279583 |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co. | 55396 | 1063049 |
| &nbsp;&nbsp;&nbsp; Equinox Gold Corp.\* | 71920 | 1009757 |
| &nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 4491 | 998304 |
| &nbsp;&nbsp;&nbsp; IAMGOLD Corp.\* | 59067 | 974015 |
| &nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 54565 | 972894 |
| &nbsp;&nbsp;&nbsp; First Majestic Silver Corp. | 52715 | 878232 |
| &nbsp;&nbsp;&nbsp; Harmony Gold Mining Company Ltd. ADR | 43497 | 865590 |
| &nbsp;&nbsp;&nbsp; Eldorado Gold Corp.\* | 23708 | 851591 |
| &nbsp;&nbsp;&nbsp; Sibanye Stillwater Ltd. ADR\* | 59483 | 847633 |
| &nbsp;&nbsp;&nbsp; OR Royalties, Inc. | 23171 | 820022 |
| &nbsp;&nbsp;&nbsp; New Gold, Inc.\* | 91444 | 796477 |
| &nbsp;&nbsp;&nbsp; B2Gold Corp. | 152247 | 686634 |
| &nbsp;&nbsp;&nbsp; Orla Mining Ltd. | 48448 | 652595 |
| &nbsp;&nbsp;&nbsp; SSR Mining, Inc.\* | 29577 | 648328 |
| &nbsp;&nbsp;&nbsp; Aris Mining Corp.\* | 35848 | 581813 |
| &nbsp;&nbsp;&nbsp; Fortuna Mining Corp.\* | 56146 | 550792 |
| &nbsp;&nbsp;&nbsp; Centerra Gold, Inc. | 37731 | 542195 |
| &nbsp;&nbsp;&nbsp; Novagold Resources, Inc.\* | 55966 | 521603 |
| &nbsp;&nbsp;&nbsp; Seabridge Gold, Inc.\* | 17624 | 521494 |
| &nbsp;&nbsp;&nbsp; Endeavour Silver Corp.\* | 55066 | 517620 |
| &nbsp;&nbsp;&nbsp; Silvercorp Metals, Inc. | 49939 | 416491 |
| &nbsp;&nbsp;&nbsp; Perpetua Resources Corp.\* | 16007 | 387530 |
| &nbsp;&nbsp;&nbsp; Triple Flag Precious Metals Corp. | 10404 | 345621 |
| &nbsp;&nbsp;&nbsp; Avino Silver & Gold Mines Ltd.\* | 47034 | 292081 |
| &nbsp;&nbsp;&nbsp; McEwen, Inc.\* | 12050 | 223046 |
| &nbsp;&nbsp;&nbsp; Aura Minerals, Inc. | 3883 | 195761 |
|  **Total Mining** |  | 40590017 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $9,779,904) |  | 40590017 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $178776 | 178776 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 178777 | 178777 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $357,553) |  | 357553 |
|  **Total Investments - 99.3%** | **Total Investments - 99.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $10,137,457) | &nbsp;&nbsp;&nbsp; (Cost $10,137,457) | $40947570 |
|  **Other Assets & Liabilities, net - 0.7%** | **Other Assets & Liabilities, net - 0.7%** | 278706 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $41226276 |

---

---

| | |
|:---|:---|
| \* | &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; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

60 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **PRECIOUS METALS FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $40590017 | $— | $— | $40590017 |
|  Repurchase Agreements |  | 357553 |  | 357553 |
|  Total Assets | $40590017 | $357553 | $— | $40947570 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 61

**PRECIOUS METALS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $9,779,904) | $40590017 |
|  Repurchase agreements, at value (cost $357,553) | 357553 |
|  Cash | 75 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 1977071 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 14278 |
| &nbsp;&nbsp;&nbsp; Dividends | 1136 |
| &nbsp;&nbsp;&nbsp; Interest | 38 |
|  **Total assets** | 42940168 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1568938 |
| &nbsp;&nbsp;&nbsp; Management fees | 26975 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 26767 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 8992 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 3776 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 290 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 78154 |
|  **Total liabilities** | 1713892 |
|  **Net assets** | $41226276 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $29266320 |
|  Total distributable earnings (loss) | 11959956 |
|  Net assets | $41226276 |
|  Capital shares outstanding | 424678 |
|  Net asset value per share | $97.08 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $32,601) | $303278 |
|  Interest | 9123 |
|  Income from securities lending, net | 361 |
| &nbsp;&nbsp;&nbsp; Total investment income | 312762 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 214220 |
|  Investor service fees | 71406 |
|  Transfer agent fees | 72218 |
|  Portfolio accounting and administration fees | 44271 |
|  Professional fees | 50149 |
|  Custodian fees | 4050 |
|  Trustees' fees\* | 2648 |
|  Line of credit fees | 5 |
|  Miscellaneous | 35709 |
| &nbsp;&nbsp;&nbsp; Total expenses | 494676 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (14282) |
|  Net expenses | 480394 |
|  Net investment loss | (167632) |
|  **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 | 4313825 |
|  Net realized gain | 4313825 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 21334964 |
|  Net change in unrealized appreciation (depreciation) | 21334964 |
|  Net realized and unrealized gain | 25648789 |
|  **Net increase in net assets resulting from operations** | $25481157 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

62 \| 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> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(167632) | $(99728) |
|  Net realized gain on investments | 4313825 | 294842 |
|  Net change in unrealized appreciation (depreciation) on investments | 21334964 | 453930 |
|  Net increase in net assets resulting from operations | 25481157 | 649044 |
|  Distributions to shareholders | (658692) | (292332) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 48600239 | 421796083 |
|  Distributions reinvested | 658692 | 292332 |
|  Cost of shares redeemed | (49033530) | (439012518) |
|  Net increase (decrease) from capital share transactions | 225401 | (16924103) |
|  Net increase (decrease) in net assets | 25047866 | (16567391) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 16178410 | 32745801 |
| &nbsp;&nbsp;&nbsp; End of year | $41226276 | $16178410 |
|  **Capital share activity:** |  |  |
|  Shares sold | 819251 | 9997315 |
|  Shares issued from reinvestment of distributions | 11242 | 6521 |
|  Shares redeemed | (807705) | (10469375) |
|  Net increase (decrease) in shares | 22788 | (465539) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 63

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $40.26 | $37.75 | $36.48 | $41.25 | $47.27 |
|  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> | (.38) | (.19) | (.04) | .05 | .06 |
|  Net gain (loss) on investments (realized and unrealized) | 58.71 | 3.33 | 1.43 | (4.64) | (4.40) |
|  Total from investment operations | 58.33 | 3.14 | 1.39 | (4.59) | (4.34) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (1.51) | (.63) | (.12) | (.18) | (1.68) |
|  Total distributions | (1.51) | (.63) | (.12) | (.18) | (1.68) |
|  Net asset value, end of period | $97.08 | $40.26 | $37.75 | $36.48 | $41.25 |
|  **Total Return<sup>b</sup>** | **147.37%** | **8.12%** | **3.83%** | **(11.08** **%)** | **(9.19** **%)** |
|  **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) | $41226 | $16178 | $32746 | $24977 | $21158 |
|  Ratios 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%) | (0.47%) | (0.12%) | 0.13% | 0.13% |
|  Total expenses | 1.73% | 1.69% | 1.70% | 1.67% | 1.59% |
|  Net expenses<sup>c</sup> | 1.68% | 1.64% | 1.68% | 1.67% | 1.59% |
|  Portfolio turnover rate | 178% | 2009% | 427% | 188% | 133% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

64 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **REAL ESTATE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** |
|  **REIT** **s** **- 89.2%** | **REIT** **s** **- 89.2%** | **REIT** **s** **- 89.2%** |
|  **REIT** **s** **-Diversified - 21.7%** | **REIT** **s** **-Diversified - 21.7%** | **REIT** **s** **-Diversified - 21.7%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. — Class A | 629 | $110433 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 140 | 107262 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 588 | 90969 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 853 | 75806 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 2420 | 68050 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 288 | 55708 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 2186 | 51786 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc. | 716 | 46082 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 999 | 44645 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co. — Class A | 243 | 30759 |
| &nbsp;&nbsp;&nbsp; Millrose Properties, Inc. — Class A | 899 | 26853 |
| &nbsp;&nbsp;&nbsp; EPR Properties | 484 | 24152 |
| &nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 1002 | 24148 |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. | 1036 | 22429 |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 1272 | 22095 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 409 | 16270 |
|  **Total REITs-Diversified** |  | 817447 |
|  **REIT** **s** **-Health Care - 13.1%** | **REIT** **s** **-Health Care - 13.1%** | **REIT** **s** **-Health Care - 13.1%** |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 772 | 143291 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 967 | 74826 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 1034 | 45848 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 2558 | 41133 |
| &nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 806 | 37930 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 769 | 37635 |
| &nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 986 | 35654 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 1755 | 29747 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 1420 | 26895 |
| &nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc. | 3887 | 19435 |
|  **Total REITs-Health Care** |  | 492394 |
|  **REIT** **s** **-Apartments - 11.4%** | **REIT** **s** **-Apartments - 11.4%** | **REIT** **s** **-Apartments - 11.4%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 353 | 64002 |
| &nbsp;&nbsp;&nbsp; Equity Residential | 972 | 61275 |
| &nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 195 | 51028 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 367 | 50980 |
| &nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 1824 | 50689 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | 1192 | 43723 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | 394 | 43371 |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent — Class A | 1248 | 40061 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 1460 | 25521 |
|  **Total REITs-Apartments** |  | 430650 |
|  **REIT** **s** **-Warehouse/Industries - 9.4%** | **REIT** **s** **-Warehouse/Industries - 9.4%** | **REIT** **s** **-Warehouse/Industries - 9.4%** |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 1057 | 134937 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 924 | 35777 |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 586 | 33560 |
| &nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 886 | 32569 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 503 | 29531 |
| &nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 1892 | 24331 |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 129 | 22980 |
| &nbsp;&nbsp;&nbsp; LXP Industrial Trust | 421 | 20873 |
| &nbsp;&nbsp;&nbsp; Lineage, Inc. | 554 | 19390 |
|  **Total REITs-Warehouse/Industries** |  | 353948 |
|  **REIT** **s** **-Shopping Centers - 6.8%** | **REIT** **s** **-Shopping Centers - 6.8%** | **REIT** **s** **-Shopping Centers - 6.8%** |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 2259 | 45790 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | 653 | 45077 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 365 | 36792 |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 1349 | 35371 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 1192 | 28572 |
| &nbsp;&nbsp;&nbsp; Phillips Edison & Company, Inc. | 789 | 28065 |
| &nbsp;&nbsp;&nbsp; Acadia Realty Trust | 1006 | 20663 |
| &nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 856 | 15100 |
|  **Total REITs-Shopping Centers** |  | 255430 |
|  **REIT** **s** **-Storage - 6.8%** | **REIT** **s** **-Storage - 6.8%** | **REIT** **s** **-Storage - 6.8%** |
| &nbsp;&nbsp;&nbsp; Public Storage | 295 | 76552 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 490 | 63808 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 690 | 57235 |
| &nbsp;&nbsp;&nbsp; CubeSmart | 975 | 35149 |
| &nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 787 | 22201 |
|  **Total REITs-Storage** |  | 254945 |
|  **REIT** **s** **-Office Property - 5.3%** | **REIT** **s** **-Office Property - 5.3%** | **REIT** **s** **-Office Property - 5.3%** |
| &nbsp;&nbsp;&nbsp; BXP, Inc. | 581 | 39206 |
| &nbsp;&nbsp;&nbsp; Vornado Realty Trust | 883 | 29386 |
| &nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 1014 | 26141 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty Corp. | 663 | 24776 |
| &nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 495 | 22706 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties | 774 | 21517 |
| &nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 801 | 20682 |
| &nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. | 1459 | 16034 |
|  **Total REITs-Office Property** |  | 200448 |
|  **REIT** **s** **-Single Tenant - 5.0%** | **REIT** **s** **-Single Tenant - 5.0%** | **REIT** **s** **-Single Tenant - 5.0%** |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | 1572 | 88614 |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. | 494 | 35583 |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 855 | 33884 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 1007 | 29868 |
|  **Total REITs-Single Tenant** |  | 187949 |
|  **REIT** **s** **-Regional Malls - 3.9%** | **REIT** **s** **-Regional Malls - 3.9%** | **REIT** **s** **-Regional Malls - 3.9%** |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 517 | 95702 |
| &nbsp;&nbsp;&nbsp; Macerich Co. | 1450 | 26767 |
| &nbsp;&nbsp;&nbsp; Tanger, Inc. | 721 | 24060 |
|  **Total REITs-Regional Malls** |  | 146529 |
|  **REIT** **s** **-Hotels - 3.5%** | **REIT** **s** **-Hotels - 3.5%** | **REIT** **s** **-Hotels - 3.5%** |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 2387 | 42321 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 259 | 24507 |
| &nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 1642 | 19458 |
| &nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 1615 | 16893 |
| &nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 1827 | 16370 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 1225 | 13867 |
|  **Total REITs-Hotels** |  | 133416 |
|  **REIT** **s** **-Manufactured Homes - 2.3%** | **REIT** **s** **-Manufactured Homes - 2.3%** | **REIT** **s** **-Manufactured Homes - 2.3%** |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 383 | 47458 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 668 | 40487 |
|  **Total REITs-Manufactured Homes** |  | 87945 |
|  **Total REITs** |  | 3361101 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 65

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **REAL ESTATE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Real Estate - 8.2%** | **Real Estate - 8.2%** | **Real Estate - 8.2%** |
|  **Real Estate Management/Services — 8.2%** | **Real Estate Management/Services — 8.2%** | **Real Estate Management/Services — 8.2%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. — Class A\* | 529 | $85058 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 985 | 66232 |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 127 | 42732 |
| &nbsp;&nbsp;&nbsp; Compass, Inc. — Class A\* | 2827 | 29881 |
| &nbsp;&nbsp;&nbsp; Newmark Group, Inc. — Class A | 1407 | 24397 |
| &nbsp;&nbsp;&nbsp; eXp World Holdings, Inc. | 1168 | 10570 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 1488 | 24091 |
| &nbsp;&nbsp;&nbsp; FirstService Corp. | 151 | 23485 |
|  **Total Real Estate Management/Services** |  | 306446 |
|  **Internet - 1.9%** | **Internet - 1.9%** | **Internet - 1.9%** |
|  **E-Commerce/Services - 1.9%** | **E-Commerce/Services - 1.9%** | **E-Commerce/Services - 1.9%** |
| &nbsp;&nbsp;&nbsp; Zillow Group, Inc. — Class C\* | 667 | 45503 |
| &nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc.\* | 4206 | 24521 |
|  **Total E-Commerce/Services** |  | 70024 |
|  **Total Internet** |  | 70024 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,761,619) |  | 3737571 |
|  **WARRANTS<sup>†</sup>** **- 0.0%** | **WARRANTS<sup>†</sup>** **- 0.0%** | **WARRANTS<sup>†</sup>** **- 0.0%** |
|  Opendoor Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 11/20/26\* | 75 | 137 |
|  **Total Warrants** | **Total Warrants** |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  | 137 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $14096 | 14096 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 14096 | 14096 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $28,192) |  | 28192 |
|  **Total Investments - 100.0%** | **Total Investments - 100.0%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,789,811) | &nbsp;&nbsp;&nbsp; (Cost $1,789,811) | $3765900 |
|  **Other Assets & Liabilities, net - 0.0%** | **Other Assets & Liabilities, net - 0.0%** | 1076 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3766976 |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $3737571 | $— | $— | $3737571 |
|  Warrants | 137 |  |  | 137 |
|  Repurchase Agreements |  | 28192 |  | 28192 |
|  Total Assets | $3737708 | $28192 | $— | $3765900 |

---

66 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**REAL ESTATE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $1,761,619) | $3737708 |
|  Repurchase agreements, at value (cost $28,192) | 28192 |
|  Cash | 861 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 108587 |
| &nbsp;&nbsp;&nbsp; Dividends | 16204 |
| &nbsp;&nbsp;&nbsp; Interest | 3 |
|  **Total assets** | 3891555 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 106896 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 3051 |
| &nbsp;&nbsp;&nbsp; Management fees | 2611 |
| &nbsp;&nbsp;&nbsp; Securities purchased | 861 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 768 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 322 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 37 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 10033 |
|  **Total liabilities** | 124579 |
|  **Net assets** | $3766976 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2332517 |
|  Total distributable earnings (loss) | 1434459 |
|  Net assets | $3766976 |
|  Capital shares outstanding | 98702 |
|  Net asset value per share | $38.17 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $6) | $120183 |
|  Interest | 1118 |
|  Income from securities lending, net | 481 |
| &nbsp;&nbsp;&nbsp; Total investment income | 121782 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 32784 |
|  Investor service fees | 9642 |
|  Transfer agent fees | 10624 |
|  Professional fees | 7496 |
|  Portfolio accounting and administration fees | 5978 |
|  Custodian fees | 561 |
|  Trustees' fees\* | 508 |
|  Line of credit fees | 6 |
|  Miscellaneous | 3174 |
| &nbsp;&nbsp;&nbsp; Total expenses | 70773 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1928) |
|  Net expenses | 68845 |
|  Net investment income | 52937 |
|  **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 | 264037 |
|  Net realized gain | 264037 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (298937) |
|  Net change in unrealized appreciation (depreciation) | (298937) |
|  Net realized and unrealized loss | (34900) |
|  **Net increase in net assets resulting from operations** | $18037 |

---

\* 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 \| 67

**REAL ESTATE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $52937 | $62305 |
|  Net realized gain on investments | 264037 | 276725 |
|  Net change in unrealized appreciation (depreciation) on investments | (298937) | (219360) |
|  Net increase in net assets resulting from operations | 18037 | 119670 |
|  Distributions to shareholders | (60926) | (57969) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 11081568 | 16147869 |
|  Distributions reinvested | 60926 | 57969 |
|  Cost of shares redeemed | (11292237) | (17043501) |
|  Net decrease from capital share transactions | (149743) | (837663) |
|  Net decrease in net assets | (192632) | (775962) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 3959608 | 4735570 |
| &nbsp;&nbsp;&nbsp; End of year | $3766976 | $3959608 |
|  **Capital share activity:** |  |  |
|  Shares sold | 289555 | 431924 |
|  Shares issued from reinvestment of distributions | 1630 | 1571 |
|  Shares redeemed | (297525) | (458695) |
|  Net decrease in shares | (6340) | (25200) |

---

68 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $37.70 | $36.36 | $34.71 | $51.05 | $38.31 |
|  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> | .52 | .48 | .50 | .38 | .31 |
|  Net gain (loss) on investments (realized and unrealized) | .55 <sup>d</sup> | 1.35 | 3.02 | (14.10) | 12.70 |
|  Total from investment operations | 1.07 | 1.83 | 3.52 | (13.72) | 13.01 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.60) | (.49) | (.47) | (.41) | (.27) |
|  Net realized gains |  |  | (1.40) | (2.21) |  |
|  Total distributions | (.60) | (.49) | (1.87) | (2.62) | (.27) |
|  Net asset value, end of period | $38.17 | $37.70 | $36.36 | $34.71 | $51.05 |
|  **Total Return<sup>b</sup>** | **2.88%** | **5.03%** | **10.32%** | **(27.40** **%)** | **34.07%** |
|  **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) | $3767 | $3960 | $4736 | $4772 | $14706 |
|  Ratios 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) | 1.37% | 1.31% | 1.45% | 0.90% | 0.69% |
|  Total expenses | 1.83% | 1.79% | 1.81% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.78% | 1.74% | 1.79% | 1.77% | 1.69% |
|  Portfolio turnover rate | 269% | 343% | 125% | 134% | 136% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 investment 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 \| 69

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **RETAILING FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
|  **Retail - 66.3%** | **Retail - 66.3%** | **Retail - 66.3%** |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 1331 | $148287 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 155 | 133663 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. | 854 | 131183 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 361 | 124220 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc. | 504 | 121545 |
| &nbsp;&nbsp;&nbsp; Carvana Co.\* | 219 | 92422 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 1006 | 91757 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 443 | 79802 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 23 | 78005 |
| &nbsp;&nbsp;&nbsp; Target Corp. | 724 | 70771 |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 425 | 56427 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 93 | 56266 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 1091 | 54561 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 395 | 48589 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 266 | 47505 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 162 | 46794 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 215 | 42564 |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | 342 | 42052 |
| &nbsp;&nbsp;&nbsp; Best Buy Company, Inc. | 542 | 36276 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 396 | 35652 |
| &nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 181 | 34093 |
| &nbsp;&nbsp;&nbsp; GameStop Corp. — Class A\* | 1470 | 29518 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. — Class A | 86 | 28580 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 69 | 27843 |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. — Class A\* | 213 | 26810 |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. — Class A\* | 437 | 26609 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. | 1036 | 26522 |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 238 | 26087 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 629 | 24305 |
| &nbsp;&nbsp;&nbsp; Macy's, Inc. | 1085 | 23924 |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 109 | 22506 |
| &nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 415 | 22481 |
| &nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 297 | 22352 |
| &nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 827 | 21808 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 1076 | 21606 |
| &nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 221 | 18316 |
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 364 | 18185 |
| &nbsp;&nbsp;&nbsp; RH\* | 88 | 15765 |
| &nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 86 | 15176 |
| &nbsp;&nbsp;&nbsp; Kohl's Corp. | 731 | 14920 |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 378 | 14855 |
| &nbsp;&nbsp;&nbsp; Warby Parker, Inc. — Class A\* | 668 | 14556 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 555 | 14330 |
| &nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 99 | 12144 |
|  **Total Retail** |  | 2061632 |
|  **Internet - 29.3%** | **Internet - 29.3%** | **Internet - 29.3%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 1428 | 329611 |
| &nbsp;&nbsp;&nbsp; PDD Holdings, Inc. ADR\* | 711 | 80620 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 37 | 74528 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | 773 | 67328 |
| &nbsp;&nbsp;&nbsp; Coupang, Inc.\* | 2796 | 65958 |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. ADR | 440 | 64495 |
| &nbsp;&nbsp;&nbsp; Sea Ltd. ADR\* | 433 | 55238 |
| &nbsp;&nbsp;&nbsp; JD.com, Inc. ADR | 1754 | 50340 |
| &nbsp;&nbsp;&nbsp; Chewy, Inc. — Class A\* | 1171 | 38702 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc. — Class A\* | 364 | 36549 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 446 | 24726 |
| &nbsp;&nbsp;&nbsp; RealReal, Inc.\* | 915 | 14439 |
| &nbsp;&nbsp;&nbsp; Groupon, Inc.\* | 414 | 7290 |
|  **Total Internet** |  | 909824 |
|  **Distribution & Wholesale - 1.8%** | **Distribution & Wholesale - 1.8%** | **Distribution & Wholesale - 1.8%** |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 954 | 28811 |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 123 | 28136 |
|  **Total Distribution & Wholesale** |  | 56947 |
|  **Software - 1.3%** | **Software - 1.3%** | **Software - 1.3%** |
| &nbsp;&nbsp;&nbsp; Global-e Online Ltd\* | 1011 | 39742 |
|  **Commercial Services - 0.7%** | **Commercial Services - 0.7%** | **Commercial Services - 0.7%** |
| &nbsp;&nbsp;&nbsp; Valvoline, Inc.\* | 696 | 20226 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,725,373) |  | 3088371 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $11234 | 11234 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 11234 | 11234 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $22,468) |  | 22468 |
|  **Total Investments - 100.1%** | **Total Investments - 100.1%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,747,841) | &nbsp;&nbsp;&nbsp; (Cost $1,747,841) | $3110839 |
|  **Other Assets & Liabilities, net - (0.1)%** | **Other Assets & Liabilities, net - (0.1)%** | (1738) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3109101 |

---

70 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **RETAILING FUND** |  |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $3088371 | $— | $— | $3088371 |
|  Repurchase Agreements |  | 22468 |  | 22468 |
|  Total Assets | $3088371 | $22468 | $— | $3110839 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 71

**RETAILING FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $1,725,373) | $3088371 |
|  Repurchase agreements, at value (cost $22,468) | 22468 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 9222 |
| &nbsp;&nbsp;&nbsp; Dividends | 1229 |
| &nbsp;&nbsp;&nbsp; Interest | 2 |
|  **Total assets** | 3121292 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 4300 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2093 |
| &nbsp;&nbsp;&nbsp; Management fees | 2034 |
| &nbsp;&nbsp;&nbsp; Printing fees | 1299 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 598 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 321 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 251 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 25 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 1270 |
|  **Total liabilities** | 12191 |
|  **Net assets** | $3109101 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $1881542 |
|  Total distributable earnings (loss) | 1227559 |
|  Net assets | $3109101 |
|  Capital shares outstanding | 21992 |
|  Net asset value per share | $141.37 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $55) | $27882 |
|  Interest | 917 |
|  Income from securities lending, net | 84 |
| &nbsp;&nbsp;&nbsp; Total investment income | 28883 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 22955 |
|  Investor service fees | 6751 |
|  Transfer agent fees | 7329 |
|  Professional fees | 4715 |
|  Portfolio accounting and administration fees | 4186 |
|  Custodian fees | 389 |
|  Trustees' fees\* | 336 |
|  Miscellaneous | 2876 |
| &nbsp;&nbsp;&nbsp; Total expenses | 49537 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1350) |
|  Net expenses | 48187 |
|  Net investment loss | (19304) |
|  **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 | 86111 |
|  Net realized gain | 86111 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (16275) |
|  Net change in unrealized appreciation (depreciation) | (16275) |
|  Net realized and unrealized gain | 69836 |
|  **Net increase in net assets resulting from operations** | $50532 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

72 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RETAILING FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(19304) | $(16379) |
|  Net realized gain on investments | 86111 | 802117 |
|  Net change in unrealized appreciation (depreciation) on investments | (16275) | (251591) |
|  Net increase in net assets resulting from operations | 50532 | 534147 |
|  Distributions to shareholders | (41004) |  |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 8173717 | 8149757 |
|  Distributions reinvested | 41004 |  |
|  Cost of shares redeemed | (7574450) | (9240685) |
|  Net increase (decrease) from capital share transactions | 640271 | (1090928) |
|  Net increase (decrease) in net assets | 649799 | (556781) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 2459302 | 3016083 |
| &nbsp;&nbsp;&nbsp; End of year | $3109101 | $2459302 |
|  **Capital share activity:** |  |  |
|  Shares sold | 59045 | 68942 |
|  Shares issued from reinvestment of distributions | 304 |  |
|  Shares redeemed | (56177) | (77033) |
|  Net increase (decrease) in shares | 3172 | (8091) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 73

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $130.67 | $112.08 | $96.16 | $134.27 | $128.69 |
|  Income (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> | (.97) | (.67) | (.40) | (.71) | (1.27) |
|  Net gain (loss) on investments (realized and unrealized) | 14.16 | 19.26 | 16.32 | (34.86) | 16.53 |
|  Total from investment operations | 13.19 | 18.59 | 15.92 | (35.57) | 15.26 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains | (2.49) |  |  | (2.54) | (9.68) |
|  Total distributions | (2.49) |  |  | (2.54) | (9.68) |
|  Net asset value, end of period | $141.37 | $130.67 | $112.08 | $96.16 | $134.27 |
|  **Total Return<sup>b</sup>** | **10.18%** | **16.59%** | **16.56%** | **(26.52** **%)** | **11.75%** |
|  **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) | $3109 | $2459 | $3016 | $3220 | $6622 |
|  Ratios 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%) | (0.55%) | (0.39%) | (0.68%) | (0.92%) |
|  Total expenses | 1.83% | 1.79% | 1.81% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.78% | 1.74% | 1.79% | 1.77% | 1.69% |
|  Portfolio turnover rate | 292% | 273% | 212% | 193% | 375% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

74 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **TECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
|  **Software - 28.2%** | **Software - 28.2%** | **Software - 28.2%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 3016 | $1458598 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 2721 | 483658 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 2396 | 467004 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 1447 | 383325 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 486 | 321936 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 829 | 290142 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 1880 | 287997 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 480 | 225466 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 701 | 219119 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc. — Class A\* | 922 | 202250 |
| &nbsp;&nbsp;&nbsp; Cloudflare, Inc. — Class A\* | 990 | 195178 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 647 | 191518 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 829 | 178053 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 859 | 175519 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 665 | 170260 |
| &nbsp;&nbsp;&nbsp; Atlassian Corp. — Class A\* | 1041 | 168788 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 379 | 168704 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp. — Class A\* | 2047 | 165868 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. — Class A\* | 1184 | 161012 |
| &nbsp;&nbsp;&nbsp; Strategy, Inc. — Class A\* | 1002 | 152254 |
| &nbsp;&nbsp;&nbsp; Nebius Group N.V. — Class A\* | 1766 | 147823 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 337 | 141435 |
| &nbsp;&nbsp;&nbsp; SAP SE ADR | 570 | 138459 |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc. — Class A\* | 1712 | 122596 |
| &nbsp;&nbsp;&nbsp; Zoom Communications, Inc. — Class A\* | 1387 | 119684 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc. — Class A\* | 811 | 115357 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc.\* | 280 | 112364 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.\* | 627 | 109230 |
| &nbsp;&nbsp;&nbsp; Nutanix, Inc. — Class A\* | 1838 | 95006 |
| &nbsp;&nbsp;&nbsp; Samsara, Inc. — Class A\* | 2679 | 94971 |
| &nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 624 | 92077 |
| &nbsp;&nbsp;&nbsp; Unity Software, Inc.\* | 2023 | 89356 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc.\* | 1280 | 87552 |
| &nbsp;&nbsp;&nbsp; IonQ, Inc.\* | 1948 | 87407 |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 999 | 87163 |
| &nbsp;&nbsp;&nbsp; Confluent, Inc. — Class A\* | 2497 | 75509 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. — Class A\* | 2282 | 63440 |
| &nbsp;&nbsp;&nbsp; Bentley Systems, Inc. — Class B | 1569 | 59881 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 340 | 58925 |
| &nbsp;&nbsp;&nbsp; Gitlab, Inc. — Class A\* | 1498 | 56220 |
| &nbsp;&nbsp;&nbsp; SoundHound AI, Inc. — Class A\* | 4654 | 46400 |
| &nbsp;&nbsp;&nbsp; BigBear.ai Holdings, Inc.\* | 6173 | 33334 |
| &nbsp;&nbsp;&nbsp; Quantum Computing, Inc.\* | 3079 | 31591 |
|  **Total Software** |  | 8132429 |
|  **Semiconductors - 27.2%** | **Semiconductors - 27.2%** | **Semiconductors - 27.2%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 8926 | 1664699 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 2643 | 914742 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 1638 | 467502 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 2112 | 452306 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 2139 | 366154 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 1354 | 347964 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 1918 | 328074 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 257 | 312276 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 1751 | 303781 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 8049 | 297008 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 1026 | 278251 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Company Ltd. ADR | 716 | 217585 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 961 | 208595 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 2449 | 208116 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V. — Class G | 188 | 201134 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 2172 | 138400 |
| &nbsp;&nbsp;&nbsp; ARM Holdings plc ADR\* | 1253 | 136965 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 683 | 132202 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 137 | 124171 |
| &nbsp;&nbsp;&nbsp; Astera Labs, Inc.\* | 683 | 113624 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 2088 | 113065 |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 1008 | 74169 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 1158 | 73429 |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 791 | 66847 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 373 | 63887 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. | 394 | 62961 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 635 | 58350 |
| &nbsp;&nbsp;&nbsp; Semtech Corp.\* | 755 | 55636 |
| &nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\* | 1277 | 44593 |
|  **Total Semiconductors** |  | 7826486 |
|  **Computers - 16.5%** | **Computers - 16.5%** | **Computers - 16.5%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 5627 | 1529756 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 1354 | 401068 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 531 | 248912 |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. — Class C | 1662 | 209213 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | 1029 | 177266 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 635 | 174873 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 2094 | 166285 |
| &nbsp;&nbsp;&nbsp; Accenture plc — Class A | 615 | 165004 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. — Class A | 1850 | 153550 |
| &nbsp;&nbsp;&nbsp; Infosys Ltd. ADR | 8016 | 142845 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 5770 | 138595 |
| &nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 307 | 136940 |
| &nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 576 | 136731 |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.\* | 671 | 124511 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc.\* | 504 | 113360 |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 304 | 112051 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 1002 | 107304 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 424 | 106967 |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 4696 | 104627 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.\* | 1071 | 92609 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 3106 | 90913 |
| &nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc.\* | 2649 | 69271 |
| &nbsp;&nbsp;&nbsp; Rigetti Computing, Inc.\* | 2676 | 59273 |
|  **Total Computers** |  | 4761924 |
|  **Internet - 15.5%** | **Internet - 15.5%** | **Internet - 15.5%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 4869 | 1523997 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 1525 | 1006637 |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. — Class A\* | 477 | 321412 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 1483 | 273169 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 75

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **TECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Shopify, Inc. — Class A\* | 1274 | $205076 |
| &nbsp;&nbsp;&nbsp; Reddit, Inc. — Class A\* | 674 | 154932 |
| &nbsp;&nbsp;&nbsp; Baidu, Inc. ADR\* | 1143 | 149344 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. | 450 | 109328 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc. — Class A\* | 803 | 99636 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 728 | 99154 |
| &nbsp;&nbsp;&nbsp; Pinterest, Inc. — Class A\* | 3825 | 99029 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 3476 | 94512 |
| &nbsp;&nbsp;&nbsp; F5, Inc.\* | 364 | 92915 |
| &nbsp;&nbsp;&nbsp; Wix.com Ltd.\* | 868 | 90177 |
| &nbsp;&nbsp;&nbsp; Snap, Inc. — Class A\* | 10276 | 82927 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. | 2062 | 66582 |
|  **Total Internet** |  | 4468827 |
|  **Telecommunications - 4.8%** | **Telecommunications - 4.8%** | **Telecommunications - 4.8%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 5215 | 401711 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 2145 | 281059 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 522 | 200093 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 2196 | 192282 |
| &nbsp;&nbsp;&nbsp; Ciena Corp.\* | 573 | 134008 |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 806 | 115975 |
| &nbsp;&nbsp;&nbsp; Applied Digital Corp.\* | 2273 | 55734 |
|  **Total Telecommunications** |  | 1380862 |
|  **Electronics - 3.7%** | **Electronics - 3.7%** | **Electronics - 3.7%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. — Class A | 2306 | 311633 |
| &nbsp;&nbsp;&nbsp; TE Connectivity plc | 585 | 133093 |
| &nbsp;&nbsp;&nbsp; Coherent Corp.\* | 680 | 125508 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 513 | 116974 |
| &nbsp;&nbsp;&nbsp; Flex Ltd.\* | 1757 | 106158 |
| &nbsp;&nbsp;&nbsp; Celestica, Inc.\* | 358 | 105828 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 1310 | 102639 |
| &nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 865 | 59685 |
|  **Total Electronics** |  | 1061518 |
|  **Investment Companies - 1.4%** | **Investment Companies - 1.4%** | **Investment Companies - 1.4%** |
| &nbsp;&nbsp;&nbsp; IREN Ltd.\* | 3878 | 146472 |
| &nbsp;&nbsp;&nbsp; Cipher Mining, Inc.\* | 3589 | 52974 |
| &nbsp;&nbsp;&nbsp; Riot Platforms, Inc.\* | 3759 | 47626 |
| &nbsp;&nbsp;&nbsp; Core Scientific, Inc.\* | 3255 | 47393 |
| &nbsp;&nbsp;&nbsp; Terawulf, Inc.\* | 3759 | 43191 |
| &nbsp;&nbsp;&nbsp; MARA Holdings, Inc.\* | 4439 | 39862 |
| &nbsp;&nbsp;&nbsp; Cleanspark, Inc.\* | 3231 | 32698 |
|  **Total Investment Companies** |  | 410216 |
|  **Energy-Alternate Sources - 0.6%** | **Energy-Alternate Sources - 0.6%** | **Energy-Alternate Sources - 0.6%** |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 471 | 123039 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 1527 | 48941 |
|  **Total Energy-Alternate Sources** |  | 171980 |
|  **Diversified Financial Services - 0.6%** | **Diversified Financial Services - 0.6%** | **Diversified Financial Services - 0.6%** |
| &nbsp;&nbsp;&nbsp; Circle Internet Group, Inc.\* | 1199 | 95081 |
| &nbsp;&nbsp;&nbsp; BitMine Immersion Technologies, Inc. | 2649 | 71920 |
|  **Total Diversified Financial Services** |  | 167001 |
|  **Chemicals - 0.4%** | **Chemicals - 0.4%** | **Chemicals - 0.4%** |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 1238 | 101083 |
|  **Miscellaneous Manufacturing - 0.3%** | **Miscellaneous Manufacturing - 0.3%** | **Miscellaneous Manufacturing - 0.3%** |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. | 979 | 82481 |
|  **Office & Business Equipment - 0.3%** | **Office & Business Equipment - 0.3%** | **Office & Business Equipment - 0.3%** |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. — Class A\* | 331 | 80374 |
|  **Electrical Components & Equipment - 0.1%** | **Electrical Components & Equipment - 0.1%** | **Electrical Components & Equipment - 0.1%** |
| &nbsp;&nbsp;&nbsp; Universal Display Corp. | 313 | 36552 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $11,030,577) |  | 28681733 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $116349 | 116349 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 116350 | 116350 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $232,699) |  | 232699 |
|  **Total Investments - 100.4%** | **Total Investments - 100.4%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $11,263,276) | &nbsp;&nbsp;&nbsp; (Cost $11,263,276) | $28914432 |
|  **Other Assets & Liabilities, net - (0.4)%** | **Other Assets & Liabilities, net - (0.4)%** | (121173) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $28793259 |

---

---

| | |
|:---|:---|
| \* | &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; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

76 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **TECHNOLOGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $28681733 | $— | $— | $28681733 |
|  Repurchase Agreements |  | 232699 |  | 232699 |
|  Total Assets | $28681733 | $232699 | $— | $28914432 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 77

**TECHNOLOGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $11,030,577) | $28681733 |
|  Repurchase agreements, at value (cost $232,699) | 232699 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 28721 |
| &nbsp;&nbsp;&nbsp; Dividends | 7067 |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 495 |
| &nbsp;&nbsp;&nbsp; Interest | 34 |
|  **Total assets** | 28950749 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 39925 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 37100 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 21788 |
| &nbsp;&nbsp;&nbsp; Management fees | 21409 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 6297 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 2644 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 252 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 28075 |
|  **Total liabilities** | 157490 |
|  **Net assets** | $28793259 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $12305520 |
|  Total distributable earnings (loss) | 16487739 |
|  Net assets | $28793259 |
|  Capital shares outstanding | 118370 |
|  Net asset value per share | $243.25 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $619) | $145131 |
|  Interest | 8360 |
|  Income from securities lending, net | 478 |
| &nbsp;&nbsp;&nbsp; Total investment income | 153969 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 213140 |
|  Transfer agent fees | 66342 |
|  Investor service fees | 62688 |
|  Professional fees | 40947 |
|  Portfolio accounting and administration fees | 38866 |
|  Custodian fees | 3599 |
|  Trustees' fees\* | 2818 |
|  Line of credit fees | 181 |
|  Miscellaneous | 31499 |
| &nbsp;&nbsp;&nbsp; Total expenses | 460080 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (12538) |
|  Net expenses | 447542 |
|  Net investment loss | (293573) |
|  **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 | 2803918 |
|  Net realized gain | 2803918 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 3885582 |
|  Net change in unrealized appreciation (depreciation) | 3885582 |
|  Net realized and unrealized gain | 6689500 |
|  **Net increase in net assets resulting from operations** | $6395927 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

78 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TECHNOLOGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(293573) | $(233397) |
|  Net realized gain on investments | 2803918 | 5705994 |
|  Net change in unrealized appreciation (depreciation) on investments | 3885582 | (836779) |
|  Net increase in net assets resulting from operations | 6395927 | 4635818 |
|  Distributions to shareholders | (2523388) | (880066) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 46511623 | 30734805 |
|  Distributions reinvested | 2523388 | 880066 |
|  Cost of shares redeemed | (47061583) | (36493392) |
|  Net increase (decrease) from capital share transactions | 1973428 | (4878521) |
|  Net increase (decrease) in net assets | 5845967 | (1122769) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 22947292 | 24070061 |
| &nbsp;&nbsp;&nbsp; End of year | $28793259 | $22947292 |
|  **Capital share activity:** |  |  |
|  Shares sold | 212160 | 152420 |
|  Shares issued from reinvestment of distributions | 11572 | 4411 |
|  Shares redeemed | (213231) | (183294) |
|  Net increase (decrease) in shares | 10501 | (26463) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 79

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $212.73 | $179.18 | $122.14 | $207.63 | $184.01 |
|  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> | (2.63) | (2.06) | (1.43) | (1.65) | (1.82) |
|  Net gain (loss) on investments (realized and unrealized) | 54.79 | 44.42 | 61.07 | (72.52) | 38.58 |
|  Total from investment operations | 52.16 | 42.36 | 59.64 | (74.17) | 36.76 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains | (21.64) | (8.81) | (2.60) | (11.32) | (13.14) |
|  Total distributions | (21.64) | (8.81) | (2.60) | (11.32) | (13.14) |
|  Net asset value, end of period | $243.25 | $212.73 | $179.18 | $122.14 | $207.63 |
|  **Total Return<sup>b</sup>** | **25.70%** | **23.97%** | **49.01%** | **(36.25** **%)** | **20.50%** |
|  **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) | $28793 | $22947 | $24070 | $15460 | $30389 |
|  Ratios 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) | (1.17%) | (1.03%) | (0.94%) | (1.10%) | (0.92%) |
|  Total expenses | 1.83% | 1.78% | 1.81% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.78% | 1.73% | 1.78% | 1.77% | 1.69% |
|  Portfolio turnover rate | 190% | 141% | 100% | 78% | 113% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

80 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **TELECOMMUNICATIONS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
|  **Telecommunications - 77.2%** | **Telecommunications - 77.2%** | **Telecommunications - 77.2%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 4111 | $316670 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 10407 | 258510 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 5954 | 242506 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 1690 | 221441 |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 960 | 194918 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 438 | 167894 |
| &nbsp;&nbsp;&nbsp; Ciena Corp.\* | 564 | 131903 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. — Class A\* | 1173 | 127505 |
| &nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc.\* | 1116 | 81055 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 1948 | 74160 |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson ADR | 6728 | 64925 |
| &nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. | 1134 | 62869 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.\* | 8047 | 62525 |
| &nbsp;&nbsp;&nbsp; Nokia Oyj ADR | 9639 | 62364 |
| &nbsp;&nbsp;&nbsp; BCE, Inc. | 2572 | 61265 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc ADR | 4585 | 60568 |
| &nbsp;&nbsp;&nbsp; TELUS Corp. | 4535 | 59726 |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. — Class B | 1522 | 57425 |
| &nbsp;&nbsp;&nbsp; KT Corp. ADR | 2903 | 55070 |
| &nbsp;&nbsp;&nbsp; America Movil SAB de CV ADR | 2543 | 52564 |
| &nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc. | 1237 | 50717 |
| &nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 1330 | 45832 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 2525 | 44996 |
| &nbsp;&nbsp;&nbsp; CommScope Holding Company, Inc.\* | 2436 | 44165 |
| &nbsp;&nbsp;&nbsp; Calix, Inc.\* | 785 | 41550 |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. | 124 | 39479 |
| &nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 2111 | 35148 |
| &nbsp;&nbsp;&nbsp; Uniti Group, Inc.\* | 4353 | 30515 |
| &nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 1700 | 29546 |
| &nbsp;&nbsp;&nbsp; GCI Liberty, Inc. — Class C\* | 720 | 26791 |
| &nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 2466 | 24389 |
| &nbsp;&nbsp;&nbsp; Globalstar, Inc.\* | 372 | 22707 |
| &nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc.\* | 2324 | 20196 |
| &nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 642 | 15748 |
| &nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 2847 | 13267 |
| &nbsp;&nbsp;&nbsp; Ubiquiti, Inc. | 23 | 12727 |
|  **Total Telecommunications** |  | 2913636 |
|  **Media - 10.5%** | **Media - 10.5%** | **Media - 10.5%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 7061 | 211053 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\* | 513 | 107089 |
| &nbsp;&nbsp;&nbsp; Liberty Global Ltd. — Class A\* | 4890 | 54475 |
| &nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. — Class C\* | 3253 | 24267 |
|  **Total Media** |  | 396884 |
|  **Internet - 5.6%** | **Internet - 5.6%** | **Internet - 5.6%** |
| &nbsp;&nbsp;&nbsp; Roku, Inc.\* | 886 | 96122 |
| &nbsp;&nbsp;&nbsp; F5, Inc.\* | 360 | 91893 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 1064 | 22940 |
|  **Total Internet** |  | 210955 |
|  **Computers - 4.1%** | **Computers - 4.1%** | **Computers - 4.1%** |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 327 | 120529 |
| &nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 1205 | 32607 |
|  **Total Computers** |  | 153136 |
|  **Aerospace & Defense - 1.2%** | **Aerospace & Defense - 1.2%** | **Aerospace & Defense - 1.2%** |
| &nbsp;&nbsp;&nbsp; Ondas Holdings, Inc.\* | 4726 | 46126 |
|  **Electronics - 0.9%** | **Electronics - 0.9%** | **Electronics - 0.9%** |
| &nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.\* | 993 | 34616 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,362,864) |  | 3755353 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $17096 | 17096 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 17096 | 17096 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $34,192) |  | 34192 |
|  **Total Investments - 100.4%** | **Total Investments - 100.4%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,397,056) | &nbsp;&nbsp;&nbsp; (Cost $2,397,056) | $3789545 |
|  **Other Assets & Liabilities, net - (0.4)%** | **Other Assets & Liabilities, net - (0.4)%** | (13325) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3776220 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 81

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **TELECOMMUNICATIONS FUND** |  |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $3755353 | $— | $— | $3755353 |
|  Repurchase Agreements |  | 34192 |  | 34192 |
|  Total Assets | $3755353 | $34192 | $— | $3789545 |

---

82 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TELECOMMUNICATIONS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $2,362,864) | $3755353 |
|  Repurchase agreements, at value (cost $34,192) | 34192 |
|  Cash | 93 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 140864 |
| &nbsp;&nbsp;&nbsp; Dividends | 4145 |
| &nbsp;&nbsp;&nbsp; Interest | 3 |
|  **Total assets** | 3934650 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 138978 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 3728 |
| &nbsp;&nbsp;&nbsp; Management fees | 2681 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 788 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 331 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 44 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 11880 |
|  **Total liabilities** | 158430 |
|  **Net assets** | $3776220 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2935648 |
|  Total distributable earnings (loss) | 840572 |
|  Net assets | $3776220 |
|  Capital shares outstanding | 45390 |
|  Net asset value per share | $83.19 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $2,574) | $84225 |
|  Interest | 1319 |
|  Income from securities lending, net | 1319 |
| &nbsp;&nbsp;&nbsp; Total investment income | 86863 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 35446 |
|  Investor service fees | 10425 |
|  Transfer agent fees | 11506 |
|  Professional fees | 8716 |
|  Portfolio accounting and administration fees | 6464 |
|  Custodian fees | 607 |
|  Trustees' fees\* | 543 |
|  Line of credit fees | 87 |
|  Miscellaneous | 2646 |
| &nbsp;&nbsp;&nbsp; Total expenses | 76440 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2085) |
|  Net expenses | 74355 |
|  Net investment income | 12508 |
|  **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 | 618201 |
|  Net realized gain | 618201 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 456029 |
|  Net change in unrealized appreciation (depreciation) | 456029 |
|  Net realized and unrealized gain | 1074230 |
|  **Net increase in net assets resulting from operations** | $1086738 |

---

\* 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 \| 83

**TELECOMMUNICATIONS FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $12508 | $11213 |
|  Net realized gain on investments | 618201 | 204814 |
|  Net change in unrealized appreciation (depreciation) on investments | 456029 | 259882 |
|  Net increase in net assets resulting from operations | 1086738 | 475909 |
|  Distributions to shareholders | (12316) | (14001) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 22743804 | 12909159 |
|  Distributions reinvested | 12316 | 14001 |
|  Cost of shares redeemed | (24261624) | (11154022) |
|  Net increase (decrease) from capital share transactions | (1505504) | 1769138 |
|  Net increase (decrease) in net assets | (431082) | 2231046 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 4207302 | 1976256 |
| &nbsp;&nbsp;&nbsp; End of year | $3776220 | $4207302 |
|  **Capital share activity:** |  |  |
|  Shares sold | 346161 | 210072 |
|  Shares issued from reinvestment of distributions | 174 | 251 |
|  Shares redeemed | (367112) | (179774) |
|  Net increase (decrease) in shares | (20777) | 30549 |

---

84 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $63.59 | $55.48 | $52.62 | $71.41 | $66.03 |
|  Income (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 | .22 | .32 | .37 | .44 |
|  Net gain (loss) on investments (realized and unrealized) | 19.54 | 8.44 | 2.98 <sup>d</sup> | (18.80) | 5.48 |
|  Total from investment operations | 19.76 | 8.66 | 3.30 | (18.43) | 5.92 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.16) | (.55) | (.44) | (.36) | (.54) |
|  Total distributions | (.16) | (.55) | (.44) | (.36) | (.54) |
|  Net asset value, end of period | $83.19 | $63.59 | $55.48 | $52.62 | $71.41 |
|  **Total Return<sup>b</sup>** | **31.13%** | **15.73%** | **6.30%** | **(25.85** **%)** | **8.98%** |
|  **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) | $3776 | $4207 | $1976 | $2051 | $6987 |
|  Ratios 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) | 0.30% | 0.37% | 0.59% | 0.62% | 0.62% |
|  Total expenses | 1.83% | 1.82% | 1.81% | 1.77% | 1.70% |
|  Net expenses<sup>c</sup> | 1.78% | 1.77% | 1.79% | 1.77% | 1.70% |
|  Portfolio turnover rate | 574% | 381% | 260% | 113% | 237% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 85

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **TRANSPORTATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 98.3%** | **COMMON STOCKS<sup>†</sup>** **- 98.3%** | **COMMON STOCKS<sup>†</sup>** **- 98.3%** |
|  **Transportation - 37.5%** | **Transportation - 37.5%** | **Transportation - 37.5%** |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 583 | $134860 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. — Class B | 1059 | 105042 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 2594 | 94032 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 320 | 92390 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 317 | 91569 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 391 | 61309 |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 339 | 50514 |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 311 | 49996 |
| &nbsp;&nbsp;&nbsp; ZIM Integrated Shipping Services Ltd. | 2077 | 44095 |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 440 | 43494 |
| &nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 222 | 43143 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 585 | 43074 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.\* | 313 | 42540 |
| &nbsp;&nbsp;&nbsp; Star Bulk Carriers Corp. | 2192 | 42130 |
| &nbsp;&nbsp;&nbsp; TFI International, Inc. | 398 | 41133 |
| &nbsp;&nbsp;&nbsp; ZTO Express Cayman, Inc. ADR | 1938 | 40485 |
| &nbsp;&nbsp;&nbsp; Saia, Inc.\* | 101 | 32978 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 621 | 32466 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc. | 156 | 29857 |
| &nbsp;&nbsp;&nbsp; Kirby Corp.\* | 255 | 28096 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 529 | 27847 |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 174 | 25004 |
| &nbsp;&nbsp;&nbsp; Matson, Inc. | 176 | 21745 |
| &nbsp;&nbsp;&nbsp; Hub Group, Inc. — Class A | 423 | 18024 |
| &nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 491 | 14735 |
| &nbsp;&nbsp;&nbsp; RXO, Inc.\* | 1164 | 14713 |
| &nbsp;&nbsp;&nbsp; Forward Air Corp.\* | 451 | 11275 |
| &nbsp;&nbsp;&nbsp; ArcBest Corp. | 139 | 10312 |
|  **Total Transportation** |  | 1286858 |
|  **Auto Manufacturers - 27.0%** | **Auto Manufacturers - 27.0%** | **Auto Manufacturers - 27.0%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 941 | 423187 |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 1245 | 101243 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 6223 | 81646 |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc. — Class A\* | 2890 | 56962 |
| &nbsp;&nbsp;&nbsp; NIO, Inc. ADR\* | 8612 | 43921 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. ADR | 200 | 42812 |
| &nbsp;&nbsp;&nbsp; Ferrari N.V. | 115 | 42499 |
| &nbsp;&nbsp;&nbsp; Li Auto, Inc. ADR\* | 2510 | 42494 |
| &nbsp;&nbsp;&nbsp; Stellantis N.V. | 3590 | 39095 |
| &nbsp;&nbsp;&nbsp; Honda Motor Company Ltd. ADR | 1322 | 38973 |
| &nbsp;&nbsp;&nbsp; Lucid Group, Inc.\* | 1173 | 12399 |
|  **Total Auto Manufacturers** |  | 925231 |
|  **Auto Parts & Equipment - 12.2%** | **Auto Parts & Equipment - 12.2%** | **Auto Parts & Equipment - 12.2%** |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. | 803 | 42800 |
| &nbsp;&nbsp;&nbsp; Garrett Motion, Inc. | 2436 | 42459 |
| &nbsp;&nbsp;&nbsp; Aptiv plc\* | 539 | 41013 |
| &nbsp;&nbsp;&nbsp; Autoliv, Inc. | 338 | 40121 |
| &nbsp;&nbsp;&nbsp; Mobileye Global, Inc. — Class A\* | 3738 | 39025 |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 785 | 35372 |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 247 | 28306 |
| &nbsp;&nbsp;&nbsp; Gentex Corp. | 1120 | 26062 |
| &nbsp;&nbsp;&nbsp; QuantumScape Corp.\* | 2257 | 23518 |
| &nbsp;&nbsp;&nbsp; Dana, Inc. | 813 | 19317 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co.\* | 2052 | 17976 |
| &nbsp;&nbsp;&nbsp; Visteon Corp. | 183 | 17403 |
| &nbsp;&nbsp;&nbsp; Adient plc\* | 740 | 14186 |
| &nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 113 | 13920 |
| &nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.\* | 578 | 9890 |
| &nbsp;&nbsp;&nbsp; Solid Power, Inc.\* | 2021 | 8589 |
|  **Total Auto Parts & Equipment** |  | 419957 |
|  **Airlines - 12.0%** | **Airlines - 12.0%** | **Airlines - 12.0%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 1118 | 77589 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 641 | 71677 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 1293 | 53440 |
| &nbsp;&nbsp;&nbsp; Ryanair Holdings plc ADR | 595 | 42953 |
| &nbsp;&nbsp;&nbsp; Copa Holdings S.A. — Class A | 344 | 41490 |
| &nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 2431 | 37267 |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 542 | 27263 |
| &nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 222 | 22291 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 2959 | 13463 |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 691 | 9943 |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co. — Class A\* | 111 | 9465 |
| &nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc.\* | 1413 | 6655 |
|  **Total Airlines** |  | 413496 |
|  **Internet - 6.4%** | **Internet - 6.4%** | **Internet - 6.4%** |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 1796 | 146751 |
| &nbsp;&nbsp;&nbsp; Grab Holdings Ltd. — Class A\* | 8646 | 43144 |
| &nbsp;&nbsp;&nbsp; Lyft, Inc. — Class A\* | 1606 | 31108 |
|  **Total Internet** |  | 221003 |
|  **Leisure Time - 0.9%** | **Leisure Time - 0.9%** | **Leisure Time - 0.9%** |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 851 | 17437 |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 113 | 12253 |
|  **Total Leisure Time** |  | 29690 |
|  **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** |
| &nbsp;&nbsp;&nbsp; Joby Aviation, Inc.\* | 2172 | 28671 |
|  **Home Builders - 0.8%** | **Home Builders - 0.8%** | **Home Builders - 0.8%** |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 256 | 26283 |
|  **Commercial Services - 0.7%** | **Commercial Services - 0.7%** | **Commercial Services - 0.7%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\* | 111 | 14243 |
| &nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc.\* | 1765 | 9072 |
|  **Total Commercial Services** |  | 23315 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,280,699) |  | 3374504 |

---

86 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **TRANSPORTATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 2.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 2.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 2.7%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $46442 | $46442 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 46442 | 46442 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $92,884) |  | 92884 |
|  **Total Investments - 101.0%** | **Total Investments - 101.0%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,373,583) | &nbsp;&nbsp;&nbsp; (Cost $1,373,583) | $3467388 |
|  **Other Assets & Liabilities, net - (1.0)%** | **Other Assets & Liabilities, net - (1.0)%** | (35432) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3431956 |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $3374504 | $— | $— | $3374504 |
|  Repurchase Agreements |  | 92884 |  | 92884 |
|  Total Assets | $3374504 | $92884 | $— | $3467388 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 87

**TRANSPORTATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $1,280,699) | $3374504 |
|  Repurchase agreements, at value (cost $92,884) | 92884 |
|  Cash | 66848 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 6249474 |
| &nbsp;&nbsp;&nbsp; Dividends | 2123 |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 108 |
| &nbsp;&nbsp;&nbsp; Interest | 10 |
|  **Total assets** | 9785951 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 6269913 |
| &nbsp;&nbsp;&nbsp; Securities purchased | 66848 |
| &nbsp;&nbsp;&nbsp; Management fees | 3131 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 3000 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 921 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 387 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 36 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 9759 |
|  **Total liabilities** | 6353995 |
|  **Net assets** | $3431956 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2075561 |
|  Total distributable earnings (loss) | 1356395 |
|  Net assets | $3431956 |
|  Capital shares outstanding | 34108 |
|  Net asset value per share | $100.62 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $4,639) | $62478 |
|  Interest | 1216 |
|  Income from securities lending, net | 1978 |
| &nbsp;&nbsp;&nbsp; Total investment income | 65672 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 30816 |
|  Transfer agent fees | 10006 |
|  Investor service fees | 9064 |
|  Professional fees | 7471 |
|  Portfolio accounting and administration fees | 5619 |
|  Custodian fees | 537 |
|  Trustees' fees\* | 479 |
|  Miscellaneous | 2501 |
| &nbsp;&nbsp;&nbsp; Total expenses | 66493 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1813) |
|  Net expenses | 64680 |
|  Net investment income | 992 |
|  **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 | 30701 |
|  Net realized gain | 30701 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 205564 |
|  Net change in unrealized appreciation (depreciation) | 205564 |
|  Net realized and unrealized gain | 236265 |
|  **Net increase in net assets resulting from operations** | $237257 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

88 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TRANSPORTATION FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income (loss) | $992 | $(4782) |
|  Net realized gain on investments | 30701 | 474103 |
|  Net change in unrealized appreciation (depreciation) on investments | 205564 | (562202) |
|  Net increase (decrease) in net assets resulting from operations | 237257 | (92881) |
|  Distributions to shareholders |  | (7975) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 45341821 | 3499921 |
|  Distributions reinvested |  | 7975 |
|  Cost of shares redeemed | (46146020) | (5005820) |
|  Net decrease from capital share transactions | (804199) | (1497924) |
|  Net decrease in net assets | (566942) | (1598780) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 3998898 | 5597678 |
| &nbsp;&nbsp;&nbsp; End of year | $3431956 | $3998898 |
|  **Capital share activity:** |  |  |
|  Shares sold | 464742 | 41126 |
|  Shares issued from reinvestment of distributions |  | 93 |
|  Shares redeemed | (475061) | (59811) |
|  Net decrease in shares | (10319) | (18592) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 89

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $90.01 | $88.83 | $71.36 | $124.83 | $109.37 |
|  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 | (.12) | .15 | (.16) | (.02) |
|  Net gain (loss) on investments (realized and unrealized) | 10.59 | 1.48 <sup>d</sup> | 17.32 | (42.05) | 23.27 |
|  Total from investment operations | 10.61 | 1.36 | 17.47 | (42.21) | 23.25 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.18) |  |  |  |
|  Net realized gains |  |  |  | (11.26) | (7.79) |
|  Total distributions |  | (.18) |  | (11.26) | (7.79) |
|  Net asset value, end of period | $100.62 | $90.01 | $88.83 | $71.36 | $124.83 |
|  **Total Return<sup>b</sup>** | **11.79%** | **1.56%** | **24.48%** | **(35.03** **%)** | **22.17%** |
|  **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) | $3432 | $3999 | $5598 | $3329 | $6872 |
|  Ratios 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) | 0.03% | (0.14 %) | 0.17% | (0.17%) | (0.02%) |
|  Total expenses | 1.83% | 1.79% | 1.81% | 1.77% | 1.70% |
|  Net expenses<sup>c</sup> | 1.78% | 1.74% | 1.79% | 1.77% | 1.70% |
|  Portfolio turnover rate | 1303% | 112% | 318% | 343% | 326% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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.

90 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **UTILITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
|  **Electric - 88.5%** | **Electric - 88.5%** | **Electric - 88.5%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 6510 | $522623 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1169 | 412973 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 4640 | 404608 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 3365 | 394412 |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, Inc. | 2781 | 320677 |
| &nbsp;&nbsp;&nbsp; Sempra | 3506 | 309545 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 4940 | 289435 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 1778 | 286845 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 6269 | 273266 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 3635 | 268481 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 2822 | 260837 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 3230 | 259369 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 15837 | 254501 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 2507 | 248995 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 2287 | 241187 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 1371 | 218318 |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 2147 | 214399 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 5939 | 207984 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 5388 | 206576 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 3043 | 204885 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 4544 | 203435 |
| &nbsp;&nbsp;&nbsp; Edison International | 3327 | 199686 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 1521 | 196179 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 2705 | 189161 |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 2562 | 166556 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 2255 | 163465 |
| &nbsp;&nbsp;&nbsp; Talen Energy Corp.\* | 412 | 154434 |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. | 2915 | 151405 |
| &nbsp;&nbsp;&nbsp; National Grid plc ADR | 1932 | 149440 |
| &nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 3684 | 141245 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 1514 | 134292 |
| &nbsp;&nbsp;&nbsp; AES Corp. | 9128 | 130895 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. | 2865 | 122335 |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 843 | 106690 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc. — Class C | 3165 | 105268 |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 1753 | 103217 |
| &nbsp;&nbsp;&nbsp; Oklo, Inc.\* | 1431 | 102688 |
| &nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 884 | 97655 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 1992 | 95596 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 1310 | 90940 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 1221 | 78803 |
| &nbsp;&nbsp;&nbsp; Otter Tail Corp. | 536 | 43314 |
| &nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 431 | 33799 |
|  **Total Electric** |  | 8760414 |
|  **Gas - 7.0%** | **Gas - 7.0%** | **Gas - 7.0%** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 1268 | 212555 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | 4349 | 181614 |
| &nbsp;&nbsp;&nbsp; UGI Corp. | 3037 | 113675 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 1343 | 107521 |
| &nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 4248 | 82921 |
|  **Total Gas** |  | 698286 |
|  **Water - 4.0%** | **Water - 4.0%** | **Water - 4.0%** |
| &nbsp;&nbsp;&nbsp; American Water Works Company, Inc. | 1573 | 205277 |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 3514 | 134797 |
| &nbsp;&nbsp;&nbsp; H2O America | 1061 | 51978 |
|  **Total Water** |  | 392052 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,414,347) |  | 9850752 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $39508 | 39508 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 39509 | 39509 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $79,017) |  | 79017 |
|  **Total Investments - 100.3%** | **Total Investments - 100.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,493,364) | &nbsp;&nbsp;&nbsp; (Cost $3,493,364) | $9929769 |
|  **Other Assets & Liabilities, net - (0.3)%** | **Other Assets & Liabilities, net - (0.3)%** | (29100) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $9900669 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 91

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **UTILITIES FUND** |  |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $9850752 | $— | $— | $9850752 |
|  Repurchase Agreements |  | 79017 |  | 79017 |
|  Total Assets | $9850752 | $79017 | $— | $9929769 |

---

92 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**UTILITIES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $3,414,347) | $9850752 |
|  Repurchase agreements, at value (cost $79,017) | 79017 |
|  Cash | 1863 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 31357 |
| &nbsp;&nbsp;&nbsp; Dividends | 14526 |
| &nbsp;&nbsp;&nbsp; Interest | 8 |
|  **Total assets** | 9977523 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 28053 |
| &nbsp;&nbsp;&nbsp; Professional fees | 17941 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 8904 |
| &nbsp;&nbsp;&nbsp; Management fees | 7313 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2151 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 903 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 109 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 11480 |
|  **Total liabilities** | 76854 |
|  **Net assets** | $9900669 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $9013178 |
|  Total distributable earnings (loss) | 887491 |
|  Net assets | $9900669 |
|  Capital shares outstanding | 229094 |
|  Net asset value per share | $43.22 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $1,935) | $327908 |
|  Interest | 3129 |
|  Income from securities lending, net | 842 |
| &nbsp;&nbsp;&nbsp; Total investment income | 331879 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 95780 |
|  Investor service fees | 28170 |
|  Transfer agent fees | 30890 |
|  Professional fees | 21359 |
|  Portfolio accounting and administrative fees | 17465 |
|  Custodian fees | 1634 |
|  Trustees' fees\* | 1445 |
|  Line of credit fees | 64 |
|  Miscellaneous | 10101 |
| &nbsp;&nbsp;&nbsp; Total expenses | 206908 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (5634) |
|  Net expenses | 201274 |
|  Net investment income | 130605 |
|  **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 | 1033156 |
|  Net realized gain | 1033156 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 761508 |
|  Net change in unrealized appreciation (depreciation) | 761508 |
|  Net realized and unrealized gain | 1794664 |
|  **Net increase in net assets resulting from operations** | $1925269 |

---

\* 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 \| 93

**UTILITIES FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $130605 | $158794 |
|  Net realized gain on investments | 1033156 | 1007950 |
|  Net change in unrealized appreciation (depreciation) on investments | 761508 | 743746 |
|  Net increase in net assets resulting from operations | 1925269 | 1910490 |
|  Distributions to shareholders | (164262) | (161312) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 29379604 | 47376005 |
|  Distributions reinvested | 164262 | 161312 |
|  Cost of shares redeemed | (32155985) | (48043551) |
|  Net decrease from capital share transactions | (2612119) | (506234) |
|  Net increase (decrease) in net assets | (851112) | 1242944 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 10751781 | 9508837 |
| &nbsp;&nbsp;&nbsp; End of year | $9900669 | $10751781 |
|  **Capital share activity:** |  |  |
|  Shares sold | 733025 | 1262610 |
|  Shares issued from reinvestment of distributions | 4007 | 4649 |
|  Shares redeemed | (795059) | (1280410) |
|  Net decrease in shares | (58027) | (13151) |

---

94 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $37.45 | $31.67 | $34.65 | $34.86 | $30.93 |
|  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> | .48 | .50 | .46 | .29 | .43 |
|  Net gain (loss) on investments (realized and unrealized) | 5.88 | 5.76 | (2.92) | .07 | 4.02 |
|  Total from investment operations | 6.36 | 6.26 | (2.46) | .36 | 4.45 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.59) | (.48) | (.52) | (.31) | (.52) |
|  Net realized gains |  |  |  | (.26) |  |
|  Total distributions | (.59) | (.48) | (.52) | (.57) | (.52) |
|  Net asset value, end of period | $43.22 | $37.45 | $31.67 | $34.65 | $34.86 |
|  **Total Return<sup>b</sup>** | **17.07%** | **19.86%** | **(7.12** **%)** | **1.04%** | **14.52%** |
|  **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) | $9901 | $10752 | $9509 | $17137 | $13444 |
|  Ratios 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) | 1.16% | 1.41% | 1.40% | 0.83% | 1.32% |
|  Total expenses | 1.84% | 1.79% | 1.80% | 1.77% | 1.69% |
|  Net expenses<sup>c</sup> | 1.79% | 1.74% | 1.79% | 1.77% | 1.69% |
|  Portfolio turnover rate | 249% | 425% | 102% | 387% | 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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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**  | December 31, 2025 |
| **DOW 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 81.0%** | **COMMON STOCKS<sup>†</sup>** **- 81.0%** | **COMMON STOCKS<sup>†</sup>** **- 81.0%** |
|  **Financial - 22.9%** | **Financial - 22.9%** | **Financial - 22.9%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 854 | $750666 |
| &nbsp;&nbsp;&nbsp; American Express Co. | 854 | 315937 |
| &nbsp;&nbsp;&nbsp; Visa, Inc. — Class A | 854 | 299507 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 854 | 275176 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. | 854 | 247711 |
|  **Total Financial** |  | 1888997 |
|  **Technology - 15.6%** | **Technology - 15.6%** | **Technology - 15.6%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 854 | 413011 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 854 | 252963 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 854 | 232169 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 854 | 226233 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 854 | 159271 |
|  **Total Technology** |  | 1283647 |
|  **Consumer, Non-cyclical - 12.3%** | **Consumer, Non-cyclical - 12.3%** | **Consumer, Non-cyclical - 12.3%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 854 | 281914 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 854 | 279523 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 854 | 176735 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 854 | 122387 |
| &nbsp;&nbsp;&nbsp; Merck & Company, Inc. | 854 | 89892 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 854 | 59703 |
|  **Total Consumer, Non-cyclical** |  | 1010154 |
|  **Industrial - 11.9%** | **Industrial - 11.9%** | **Industrial - 11.9%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 854 | 489231 |
| &nbsp;&nbsp;&nbsp; Boeing Co.\* | 854 | 185421 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 854 | 166607 |
| &nbsp;&nbsp;&nbsp; 3M Co. | 854 | 136725 |
|  **Total Industrial** |  | 977984 |
|  **Consumer, Cyclical - 8.5%** | **Consumer, Cyclical - 8.5%** | **Consumer, Cyclical - 8.5%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 854 | 293862 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 854 | 261008 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 854 | 95144 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc. — Class B | 854 | 54408 |
|  **Total Consumer, Cyclical** |  | 704422 |
|  **Communications - 4.8%** | **Communications - 4.8%** | **Communications - 4.8%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 854 | 197120 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 854 | 97160 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 854 | 65784 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 854 | 34783 |
|  **Total Communications** |  | 394847 |
|  **Basic Materials - 3.4%** | **Basic Materials - 3.4%** | **Basic Materials - 3.4%** |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 854 | 276746 |
|  **Energy - 1.6%** | **Energy - 1.6%** | **Energy - 1.6%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 854 | 130158 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,281,480) |  | 6666943 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 4.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>1,2</sup> | $404000 | 403202 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $403,150) |  | 403202 |
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 7.5%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 7.5%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 7.5%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 306996 | 306996 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 306996 | 306996 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $613,992) |  | 613992 |
|  **Total Investments - 93.4%** | **Total Investments - 93.4%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,298,622) | &nbsp;&nbsp;&nbsp; (Cost $5,298,622) | $7684137 |
|  **Other Assets & Liabilities, net - 6.6%** | **Other Assets & Liabilities, net - 6.6%** | 542372 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $8226509 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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>** |
|  Dow Jones Industrial Average Mini Futures Contracts | 28 | Mar 2026 | $6767320 | $(55974) |

---

96 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **DOW 2x STRATEGY FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>4</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **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 | Dow Jones Industrial Average | Pay | 4.54% (Federal Funds Rate + 0.90%) | At Maturity | 01/22/26 | 32 | $1561576 | $40040 |
|  Barclays Bank plc | Dow Jones Industrial Average | Pay | 4.61% (SOFR + 0.90%) | At Maturity | 01/22/26 | 31 | 1484752 | 30717 |
|  |  |  |  |  |  |  | $3046328 | $70757 |

---

---

| | |
|:---|:---|
| \* | &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; All or a portion of this security is pledged as futures collateral at December 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; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 December 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 | $6666943 | $— | $— | $6666943 |
|  U.S. Treasury Bills |  | 403202 |  | 403202 |
|  Repurchase Agreements |  | 613992 |  | 613992 |
|  Equity Index Swap Agreements\*\* |  | 70757 |  | 70757 |
|  Total Assets | $6666943 | $1087951 | $— | $7754894 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
|  Equity Futures Contracts\*\* | $55974 | $– $– $| 55974 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 97

**DOW 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $4,684,630) | $7070145 |
|  Repurchase agreements, at value (cost $613,992) | 613992 |
|  Cash | 47560 |
|  Segregated cash with broker | 227332 |
|  Unrealized appreciation on OTC swap agreements | 70757 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1292408 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 22108 |
| &nbsp;&nbsp;&nbsp; Dividends | 2082 |
| &nbsp;&nbsp;&nbsp; Interest | 65 |
|  **Total assets** | 9346449 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 999281 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 83467 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 5929 |
| &nbsp;&nbsp;&nbsp; Management fees | 5686 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1580 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 348 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 156 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 75 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 23418 |
|  **Total liabilities** | 1119940 |
|  **Net assets** | $8226509 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $5976862 |
|  Total distributable earnings (loss) | 2249647 |
|  Net assets | $8226509 |
|  Capital shares outstanding | 30277 |
|  Net asset value per share | $271.71 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $101844 |
|  Interest | 75567 |
| &nbsp;&nbsp;&nbsp; Total investment income | 177411 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 71169 |
|  Transfer agent fees | 22135 |
|  Investor service fees | 19769 |
|  Professional fees | 16987 |
|  Portfolio accounting and administration fees | 12256 |
|  Interest expense | 2005 |
|  Custodian fees | 1183 |
|  Trustees' fees\* | 1094 |
|  Miscellaneous | 7657 |
| &nbsp;&nbsp;&nbsp; Total expenses | 154255 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (7907) |
|  Net expenses | 146348 |
|  Net investment income | 31063 |
|  **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 | 332938 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 449200 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 99845 |
|  Net realized gain | 881983 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 212244 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 36255 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (48204) |
|  Net change in unrealized appreciation (depreciation) | 200295 |
|  Net realized and unrealized gain | 1082278 |
|  **Net increase in net assets resulting from operations** | $1113341 |

---

\* 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.

**DOW 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $31063 | $76837 |
|  Net realized gain on investments | 881983 | 2510120 |
|  Net change in unrealized appreciation (depreciation) on investments | 200295 | (931693) |
|  Net increase in net assets resulting from operations | 1113341 | 1655264 |
|  Distributions to shareholders | (64046) | (96119) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 92974291 | 127103691 |
|  Distributions reinvested | 64046 | 96119 |
|  Cost of shares redeemed | (96328013) | (136247669) |
|  Net decrease from capital share transactions | (3289676) | (9047859) |
|  Net decrease in net assets | (2240381) | (7488714) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 10466890 | 17955604 |
| &nbsp;&nbsp;&nbsp; End of year | $8226509 | $10466890 |
|  **Capital share activity:** |  |  |
|  Shares sold | 383068 | 593096 |
|  Shares issued from reinvestment of distributions | 269 | 446 |
|  Shares redeemed | (398653) | (641241) |
|  Net decrease in shares | (15316) | (47699) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 99

**DOW 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $229.57 | $192.47 | $156.26 | $207.85 | $147.84 |
|  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> | .94 | 1.60 | 1.21 | .42 | (.68) |
|  Net gain (loss) on investments (realized and unrealized) | 43.48 | 37.94 | 35.49 | (43.46) | 60.69 |
|  Total from investment operations | 44.42 | 39.54 | 36.70 | (43.04) | 60.01 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (2.28) | (2.44) | (.49) |  |  |
|  Net realized gains |  |  |  | (8.55) |  |
|  Total distributions | (2.28) | (2.44) | (.49) | (8.55) |  |
|  Net asset value, end of period | $271.71 | $229.57 | $192.47 | $156.26 | $207.85 |
|  **Total Return<sup>b</sup>** | **19.49%** | **20.63%** | **23.57%** | **(20.49** **%)** | **40.59%** |
|  **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) | $8227 | $10467 | $17956 | $14372 | $19882 |
|  Ratios 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% | 0.76% | 0.75% | 0.25% | (0.37%) |
|  Total expenses<sup>c</sup> | 1.95% | 1.89% | 1.97% | 1.88% | 1.78% |
|  Net expenses<sup>d</sup> | 1.85% | 1.79% | 1.90% | 1.81% | 1.72% |
|  Portfolio turnover rate | 978% | 853% | 316% | 458% | 489% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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.

100 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **INVERSE DOW 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 40.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 40.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 40.8%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.56% due 01/23/26<sup>1</sup> | $100000 | $99783 |
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.63% due 01/07/26<sup>1</sup> | 50000 | 49970 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>1</sup> | 50000 | 49905 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $199,658) |  | 199658 |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 51.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 51.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 51.0%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 124527 | 124527 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 124527 | 124527 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $249,054) |  | 249054 |
|  **Total Investments - 91.8%** | **Total Investments - 91.8%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $448,712) | &nbsp;&nbsp;&nbsp; (Cost $448,712) | $448712 |
|  **Other Assets & Liabilities, net - 8.2%** | **Other Assets & Liabilities, net - 8.2%** | 40054 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $488766 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>3</sup>** | **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>** |
|  BNP Paribas | Dow Jones Industrial Average | Receive | 4.14% (Federal Funds Rate + 0.50%) | At Maturity | 01/22/26 | 7 | $360095 | $2645 |
|  Barclays Bank plc | Dow Jones Industrial Average | Receive | 4.31% (SOFR + 0.60%) | At Maturity | 01/22/26 | 13 | 615710 | 90 |
|  |  |  |  |  |  |  | $975805 | $2735 |

---

---

| | |
|:---|:---|
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <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. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 \| 101

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **INVERSE DOW 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 Discount Notes | $— | $199658 | $— | $199658 |
|  Repurchase Agreements |  | 249054 |  | 249054 |
|  Equity Index Swap Agreements\*\* |  | 2735 |  | 2735 |
|  Total Assets | $— | $451447 | $— | $451447 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

102 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE DOW 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $199,658) | $199658 |
|  Repurchase agreements, at value (cost $249,054) | 249054 |
|  Segregated cash with broker | 77278 |
|  Unrealized appreciation on OTC swap agreements | 2735 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 2205 |
| &nbsp;&nbsp;&nbsp; Interest | 27 |
|  **Total assets** | 530957 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Swap settlement | 37886 |
| &nbsp;&nbsp;&nbsp; Professional fees | 1666 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 676 |
| &nbsp;&nbsp;&nbsp; Management fees | 373 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 130 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 104 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 23 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 9 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 1324 |
|  **Total liabilities** | 42191 |
|  **Net assets** | $488766 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $26402739 |
|  Total distributable earnings (loss) | (25913973) |
|  Net assets | $488766 |
|  Capital shares outstanding | 4309 |
|  Net asset value per share | $113.43 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Interest | $48067 |
| &nbsp;&nbsp;&nbsp; Total investment income | 48067 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 9419 |
|  Investor service fees | 2616 |
|  Transfer agent fees | 3094 |
|  Professional fees | 2701 |
|  Portfolio accounting and administration fees | 1622 |
|  Trustees' fees\* | 174 |
|  Custodian fees | 164 |
|  Miscellaneous | 503 |
| &nbsp;&nbsp;&nbsp; Total expenses | 20293 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1047) |
|  Net expenses | 19246 |
|  Net investment income | 28821 |
|  **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 | 2 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (805412) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (60048) |
|  Net realized loss | (865458) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (63) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 7159 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (7388) |
|  Net change in unrealized appreciation (depreciation) | (292) |
|  Net realized and unrealized loss | (865750) |
|  **Net decrease in net assets resulting from operations** | $(836929) |

---

\* 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 \| 103

**INVERSE DOW 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $28821 | $49696 |
|  Net realized loss on investments | (865458) | (1120702) |
|  Net change in unrealized appreciation (depreciation) on investments | (292) | 20739 |
|  Net decrease in net assets resulting from operations | (836929) | (1050267) |
|  Distributions to shareholders | (49696) | (58940) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 42606041 | 60891775 |
|  Distributions reinvested | 49696 | 58940 |
|  Cost of shares redeemed | (42718118) | (59477986) |
|  Net increase (decrease) from capital share transactions | (62381) | 1472729 |
|  Net increase (decrease) in net assets | (949006) | 363522 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1437772 | 1074250 |
| &nbsp;&nbsp;&nbsp; End of year | $488766 | $1437772 |
|  **CAPITAL SHARE ACTIVITY\*:** |  |  |
|  Shares sold | 304008 | 339573 |
|  Shares issued from reinvestment of distributions | 383 | 363 |
|  Shares redeemed | (309517) | (335999) |
|  Net increase (decrease) in shares | (5126) | 3937 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

104 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE DOW 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025<sup>f</sup>** | **Year Ended <br> December 31, <br> 2024<sup>f</sup>** | **Year Ended <br> December 31, <br> 2023<sup>f</sup>** | **Year Ended <br> December 31, <br> 2022<sup>f</sup>** | **Year Ended <br> December 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 | $152.39 | $195.40 | $239.52 | $228.09 | $352.71 |
|  Income (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 | 6.55 | 7.35 | .40 | (3.15) |
|  Net gain (loss) on investments (realized and unrealized) | (34.41) | (36.81) | (51.02) | 11.03 <sup>e</sup> | (121.47) |
|  Total from investment operations | (30.50) | (30.26) | (43.67) | 11.43 | (124.62) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (8.46) | (12.75) | (.45) |  |  |
|  Total distributions | (8.46) | (12.75) | (.45) |  |  |
|  Net asset value, end of period | $113.43 | $152.39 | $195.40 | $239.52 | $228.09 |
|  **Total Return<sup>b</sup>** | **(20.69** **%)** | **(15.94** **%)** | **(18.26** **%)** | **5.00%** | **(35.33** **%)** |
|  **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) | $489 | $1438 | $1074 | $2220 | $3283 |
|  Ratios 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) | 2.75% | 3.86% | 3.17% | 0.16% | (1.15%) |
|  Total expenses<sup>c</sup> | 1.94% | 1.88% | 1.91% | 1.90% | 1.79% |
|  Net expenses<sup>d</sup> | 1.84% | 1.78% | 1.84% | 1.83% | 1.70% |
|  Portfolio turnover rate |  |  |  |  | 116% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests, if any.

<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 in the Fund.

<sup>f</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 105

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 72.7%** | **COMMON STOCKS<sup>†</sup>** **- 72.7%** | **COMMON STOCKS<sup>†</sup>** **- 72.7%** |
|  **Industrial - 16.8%** | **Industrial - 16.8%** | **Industrial - 16.8%** |
| &nbsp;&nbsp;&nbsp; Coherent Corp.\* | 128 | $23625 |
| &nbsp;&nbsp;&nbsp; Flex Ltd.\* | 302 | 18247 |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 30 | 16538 |
| &nbsp;&nbsp;&nbsp; Woodward, Inc. | 49 | 14814 |
| &nbsp;&nbsp;&nbsp; nVent Electric plc | 132 | 13460 |
| &nbsp;&nbsp;&nbsp; Fabrinet\* | 29 | 13203 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.\* | 96 | 13047 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 75 | 12963 |
| &nbsp;&nbsp;&nbsp; ATI, Inc.\* | 111 | 12738 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 69 | 11972 |
| &nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 26 | 11659 |
| &nbsp;&nbsp;&nbsp; Graco, Inc. | 135 | 11066 |
| &nbsp;&nbsp;&nbsp; Carlisle Companies, Inc. | 34 | 10875 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 50 | 10868 |
| &nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 45 | 10784 |
| &nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc.\* | 138 | 10476 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. | 124 | 10447 |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 91 | 10447 |
| &nbsp;&nbsp;&nbsp; AECOM | 108 | 10296 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 41 | 9614 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 23 | 9595 |
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 93 | 9576 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 62 | 9314 |
| &nbsp;&nbsp;&nbsp; Acuity, Inc. | 25 | 9001 |
| &nbsp;&nbsp;&nbsp; Donaldson Company, Inc. | 95 | 8423 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 58 | 8400 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 24 | 8110 |
| &nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 40 | 8002 |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 31 | 7960 |
| &nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 25 | 7656 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 54 | 7577 |
| &nbsp;&nbsp;&nbsp; Owens Corning | 67 | 7498 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 36 | 7424 |
| &nbsp;&nbsp;&nbsp; Crane Co. | 40 | 7377 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | 104 | 7216 |
| &nbsp;&nbsp;&nbsp; Saia, Inc.\* | 22 | 7183 |
| &nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 213 | 7144 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 133 | 6953 |
| &nbsp;&nbsp;&nbsp; CNH Industrial N.V. | 723 | 6666 |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 54 | 6586 |
| &nbsp;&nbsp;&nbsp; Oshkosh Corp. | 52 | 6533 |
| &nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 16 | 6437 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc. | 33 | 6316 |
| &nbsp;&nbsp;&nbsp; Toro Co. | 80 | 6298 |
| &nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 26 | 6289 |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. — Class A | 22 | 6072 |
| &nbsp;&nbsp;&nbsp; Middleby Corp.\* | 38 | 5650 |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Company, Inc. | 34 | 5490 |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 26 | 5374 |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | 51 | 5320 |
| &nbsp;&nbsp;&nbsp; Esab Corp. | 47 | 5251 |
| &nbsp;&nbsp;&nbsp; Fluor Corp.\* | 132 | 5231 |
| &nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 20 | 5058 |
| &nbsp;&nbsp;&nbsp; Cognex Corp. | 137 | 4929 |
| &nbsp;&nbsp;&nbsp; GATX Corp. | 29 | 4918 |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 98 | 4902 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 93 | 4896 |
| &nbsp;&nbsp;&nbsp; Kirby Corp.\* | 44 | 4848 |
| &nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 30 | 4804 |
| &nbsp;&nbsp;&nbsp; Hexcel Corp. | 65 | 4804 |
| &nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 42 | 4628 |
| &nbsp;&nbsp;&nbsp; EnerSys | 30 | 4402 |
| &nbsp;&nbsp;&nbsp; Vontier Corp. | 118 | 4387 |
| &nbsp;&nbsp;&nbsp; Timken Co. | 52 | 4375 |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 48 | 4370 |
| &nbsp;&nbsp;&nbsp; Universal Display Corp. | 36 | 4204 |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 52 | 4200 |
| &nbsp;&nbsp;&nbsp; AAON, Inc. | 55 | 4194 |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 28 | 4024 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding plc | 119 | 3961 |
| &nbsp;&nbsp;&nbsp; Belden, Inc. | 32 | 3730 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 241 | 3629 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | 81 | 3535 |
| &nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 29 | 3451 |
| &nbsp;&nbsp;&nbsp; Knife River Corp.\* | 46 | 3236 |
| &nbsp;&nbsp;&nbsp; Avnet, Inc. | 66 | 3173 |
| &nbsp;&nbsp;&nbsp; Trex Company, Inc.\* | 88 | 3087 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 72 | 2907 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | 54 | 2882 |
| &nbsp;&nbsp;&nbsp; Exponent, Inc. | 41 | 2848 |
| &nbsp;&nbsp;&nbsp; Avient Corp. | 75 | 2343 |
| &nbsp;&nbsp;&nbsp; Greif, Inc. — Class A | 21 | 1422 |
|  **Total Industrial** |  | 603208 |
|  **Financial - 16.3%** | **Financial - 16.3%** | **Financial - 16.3%** |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 39 | 13122 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 113 | 12606 |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. | 212 | 12531 |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. REIT | 557 | 12454 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc. REIT | 179 | 11520 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 208 | 11355 |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 234 | 11150 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. — Class A | 54 | 10987 |
| &nbsp;&nbsp;&nbsp; Evercore, Inc. — Class A | 32 | 10888 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. REIT | 241 | 10686 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 38 | 10684 |
| &nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 83 | 10393 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 229 | 10371 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. REIT | 231 | 10323 |
| &nbsp;&nbsp;&nbsp; Unum Group | 126 | 9765 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | 402 | 9608 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. REIT | 158 | 9576 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | 104 | 9041 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co. — Class A REIT | 71 | 8987 |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent — Class A REIT | 266 | 8539 |
| &nbsp;&nbsp;&nbsp; Old Republic International Corp. | 186 | 8489 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 135 | 8366 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 132 | 8308 |
| &nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 45 | 7839 |
| &nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 57 | 7791 |

---

106 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; SOUTHSTATE BANK CORP | 82 | $| 7717 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 55 |  | 7690 |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. REIT | 43 |  | 7660 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. REIT | 190 |  | 7357 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp North America | 121 |  | 7083 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorporation | 84 |  | 7062 |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 18 |  | 7040 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 244 |  | 6820 |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. REIT | 94 |  | 6771 |
| &nbsp;&nbsp;&nbsp; Primerica, Inc. | 26 |  | 6717 |
| &nbsp;&nbsp;&nbsp; CubeSmart REIT | 186 |  | 6705 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 58 |  | 6672 |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 23 |  | 6630 |
| &nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 52 |  | 6585 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 218 |  | 6577 |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. REIT | 250 |  | 6555 |
| &nbsp;&nbsp;&nbsp; Cadence Bank | 152 |  | 6512 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | 284 |  | 6336 |
| &nbsp;&nbsp;&nbsp; SEI Investments Co. | 76 |  | 6234 |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. REIT | 108 |  | 6185 |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 155 |  | 6143 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 63 |  | 6011 |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 78 |  | 5810 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 113 |  | 5656 |
| &nbsp;&nbsp;&nbsp; STAG Industrial, Inc. REIT | 152 |  | 5587 |
| &nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 106 |  | 5548 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 78 |  | 5391 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 183 |  | 5347 |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. | 29 |  | 5300 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 79 |  | 5136 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. REIT | 284 |  | 5115 |
| &nbsp;&nbsp;&nbsp; First American Financial Corp. | 83 |  | 5100 |
| &nbsp;&nbsp;&nbsp; FNB Corp. | 292 |  | 4993 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. REIT | 287 |  | 4865 |
| &nbsp;&nbsp;&nbsp; Janus Henderson Group plc | 101 |  | 4805 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 93 |  | 4802 |
| &nbsp;&nbsp;&nbsp; RLI Corp. | 75 |  | 4798 |
| &nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 105 |  | 4625 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | 392 |  | 4578 |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 166 |  | 4492 |
| &nbsp;&nbsp;&nbsp; Hamilton Lane, Inc. — Class A | 33 |  | 4432 |
| &nbsp;&nbsp;&nbsp; Vornado Realty Trust REIT | 132 |  | 4393 |
| &nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 114 |  | 4378 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 68 |  | 4330 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust REIT | 177 |  | 4243 |
| &nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 149 |  | 4139 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 49 |  | 4100 |
| &nbsp;&nbsp;&nbsp; Bank OZK | 86 |  | 3958 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 204 |  | 3864 |
| &nbsp;&nbsp;&nbsp; Cousins Properties, Inc. REIT | 137 |  | 3532 |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 134 |  | 3452 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. REIT | 195 |  | 3409 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 37 |  | 3350 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty Corp. REIT | 89 |  | 3326 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 78 |  | 3313 |
| &nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 106 |  | 3166 |
| &nbsp;&nbsp;&nbsp; Federated Hermes, Inc. — Class B | 60 |  | 3124 |
| &nbsp;&nbsp;&nbsp; EPR Properties REIT | 62 |  | 3094 |
| &nbsp;&nbsp;&nbsp; Flagstar Bank North America | 244 |  | 3072 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 47 |  | 3045 |
| &nbsp;&nbsp;&nbsp; International Bancshares Corp. | 44 |  | 2923 |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. REIT | 121 |  | 2620 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties REIT | 92 |  | 2558 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. REIT | 58 |  | 2307 |
| &nbsp;&nbsp;&nbsp; Kemper Corp. | 48 |  | 1946 |
| &nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. REIT | 163 |  | 1705 |
| &nbsp;&nbsp;&nbsp; National Storage Affiliates Trust REIT | 58 |  | 1636 |
|  **Total Financial** |  |  | 585804 |
|  **Consumer, Non-cyclical - 10.9%** | **Consumer, Non-cyclical - 10.9%** | **Consumer, Non-cyclical - 10.9%** | **Consumer, Non-cyclical - 10.9%** |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 35 |  | 17054 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 125 |  | 16395 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 72 |  | 14308 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 182 |  | 13708 |
| &nbsp;&nbsp;&nbsp; TransUnion | 159 |  | 13634 |
| &nbsp;&nbsp;&nbsp; API Group Corp.\* | 302 |  | 11554 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 128 |  | 11510 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 81 |  | 11488 |
| &nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 18 |  | 10110 |
| &nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 32 |  | 9949 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 219 |  | 9599 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 157 |  | 9330 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 406 |  | 9188 |
| &nbsp;&nbsp;&nbsp; Service Corporation International | 114 |  | 8889 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. | 82 |  | 8704 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc\* | 50 |  | 8500 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. | 47 |  | 8187 |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 97 |  | 8183 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc. — Class A\* | 91 |  | 7945 |
| &nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 358 |  | 7768 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 46 |  | 7052 |
| &nbsp;&nbsp;&nbsp; Repligen Corp.\* | 43 |  | 7046 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 96 |  | 6461 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 70 |  | 6413 |
| &nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 557 |  | 6383 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 80 |  | 6374 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 98 |  | 6227 |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\* | 131 |  | 5992 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | 52 |  | 5733 |
| &nbsp;&nbsp;&nbsp; Albertsons Companies, Inc. — Class A | 323 |  | 5546 |
| &nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 36 |  | 5490 |
| &nbsp;&nbsp;&nbsp; Chemed Corp. | 12 |  | 5134 |
| &nbsp;&nbsp;&nbsp; Masimo Corp.\* | 37 |  | 4812 |
| &nbsp;&nbsp;&nbsp; UL Solutions, Inc. — Class A | 60 |  | 4732 |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 129 |  | 4644 |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. — Class A\* | 15 |  | 4545 |
| &nbsp;&nbsp;&nbsp; H&R Block, Inc. | 103 |  | 4489 |
| &nbsp;&nbsp;&nbsp; Bruker Corp. | 91 |  | 4287 |
| &nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 25 |  | 4271 |
| &nbsp;&nbsp;&nbsp; WEX, Inc.\* | 28 |  | 4171 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 130 |  | 4142 |
| &nbsp;&nbsp;&nbsp; Morningstar, Inc. | 19 |  | 4129 |
| &nbsp;&nbsp;&nbsp; Brink's Co. | 34 |  | 3969 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 107

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 39 | $| 3863 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 23 |  | 3825 |
| &nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 49 |  | 3726 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 54 |  | 3594 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. — Class A\* | 55 |  | 3463 |
| &nbsp;&nbsp;&nbsp; Graham Holdings Co. — Class B | 3 |  | 3296 |
| &nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 38 |  | 3046 |
| &nbsp;&nbsp;&nbsp; Valvoline, Inc.\* | 104 |  | 3022 |
| &nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 169 |  | 2981 |
| &nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 134 |  | 2909 |
| &nbsp;&nbsp;&nbsp; Marzetti Co. | 17 |  | 2795 |
| &nbsp;&nbsp;&nbsp; LivaNova plc\* | 45 |  | 2769 |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 103 |  | 2753 |
| &nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 32 |  | 2436 |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 172 |  | 1871 |
| &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. | 163 |  | 1863 |
| &nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\* | 14 |  | 1796 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 35 |  | 1365 |
| &nbsp;&nbsp;&nbsp; Boston Beer Company, Inc. — Class A\* | 6 |  | 1171 |
| &nbsp;&nbsp;&nbsp; Coty, Inc. — Class A\* | 300 |  | 924 |
|  **Total Consumer, Non-cyclical** |  |  | 391513 |
|  **Consumer, Cyclical - 9.9%** | **Consumer, Cyclical - 9.9%** | **Consumer, Cyclical - 9.9%** | **Consumer, Cyclical - 9.9%** |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 30 |  | 16581 |
| &nbsp;&nbsp;&nbsp; RB Global, Inc. | 152 |  | 15636 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 171 |  | 15267 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 51 |  | 14731 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 54 |  | 10690 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 79 |  | 10682 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 40 |  | 9786 |
| &nbsp;&nbsp;&nbsp; Watsco, Inc. | 29 |  | 9772 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 108 |  | 9723 |
| &nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. — Class A | 54 |  | 8964 |
| &nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 45 |  | 8476 |
| &nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 539 |  | 8263 |
| &nbsp;&nbsp;&nbsp; Core & Main, Inc. — Class A\* | 156 |  | 8107 |
| &nbsp;&nbsp;&nbsp; Aramark | 215 |  | 7925 |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 172 |  | 7750 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc. — Class A\* | 68 |  | 7376 |
| &nbsp;&nbsp;&nbsp; Autoliv, Inc. | 57 |  | 6766 |
| &nbsp;&nbsp;&nbsp; GameStop Corp. — Class A\* | 336 |  | 6747 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. — Class A | 20 |  | 6647 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 54 |  | 6144 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 14 |  | 5649 |
| &nbsp;&nbsp;&nbsp; Wingstop, Inc. | 23 |  | 5485 |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 50 |  | 5481 |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp. — Class A | 34 |  | 5451 |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. — Class A\* | 88 |  | 5358 |
| &nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 32 |  | 5100 |
| &nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 254 |  | 5039 |
| &nbsp;&nbsp;&nbsp; VF Corp. | 268 |  | 4845 |
| &nbsp;&nbsp;&nbsp; Macy's, Inc. | 219 |  | 4829 |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 42 |  | 4813 |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. — Class A\* | 38 |  | 4783 |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 95 |  | 4778 |
| &nbsp;&nbsp;&nbsp; Cava Group, Inc.\* | 81 |  | 4754 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. | 185 |  | 4736 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. — Class A\* | 80 |  | 4710 |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 62 |  | 4685 |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 22 |  | 4543 |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 43 |  | 4415 |
| &nbsp;&nbsp;&nbsp; Gentex Corp. | 179 |  | 4166 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 47 |  | 4006 |
| &nbsp;&nbsp;&nbsp; Brunswick Corp. | 53 |  | 3935 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 29 |  | 3851 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 53 |  | 3738 |
| &nbsp;&nbsp;&nbsp; Warner Music Group Corp. — Class A | 119 |  | 3650 |
| &nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 42 |  | 3592 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 168 |  | 3374 |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. | 46 |  | 3318 |
| &nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc. — Class A | 50 |  | 3211 |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Company, Inc. — Class A | 37 |  | 3112 |
| &nbsp;&nbsp;&nbsp; KB Home | 53 |  | 2990 |
| &nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 64 |  | 2827 |
| &nbsp;&nbsp;&nbsp; Polaris, Inc. | 44 |  | 2783 |
| &nbsp;&nbsp;&nbsp; PVH Corp. | 39 |  | 2614 |
| &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 15 |  | 2374 |
| &nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 97 |  | 2367 |
| &nbsp;&nbsp;&nbsp; RH\* | 13 |  | 2329 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 49 |  | 2193 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. — Class A | 36 |  | 2101 |
| &nbsp;&nbsp;&nbsp; Visteon Corp. | 22 |  | 2092 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co.\* | 234 |  | 2050 |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 96 |  | 1967 |
| &nbsp;&nbsp;&nbsp; Choice Hotels International, Inc. | 17 |  | 1619 |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 21 |  | 1157 |
|  **Total Consumer, Cyclical** |  |  | 356903 |
|  **Technology - 7.7%** | **Technology - 7.7%** | **Technology - 7.7%** | **Technology - 7.7%** |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 58 |  | 21378 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc. — Class A\* | 124 |  | 17638 |
| &nbsp;&nbsp;&nbsp; Pure Storage, Inc. — Class A\* | 255 |  | 17087 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc.\* | 69 |  | 13870 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.\* | 138 |  | 11933 |
| &nbsp;&nbsp;&nbsp; Nutanix, Inc. — Class A\* | 221 |  | 11423 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc.\* | 164 |  | 11218 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 246 |  | 10662 |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. — Class A\* | 18 |  | 9591 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 52 |  | 8906 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. | 55 |  | 8789 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 49 |  | 8492 |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 112 |  | 8241 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 88 |  | 8086 |
| &nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 40 |  | 6314 |
| &nbsp;&nbsp;&nbsp; Genpact Ltd. | 131 |  | 6128 |
| &nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 33 |  | 5792 |
| &nbsp;&nbsp;&nbsp; UiPath, Inc. — Class A\* | 344 |  | 5638 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 130 |  | 5517 |
| &nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 42 |  | 4977 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 187 |  | 4967 |
| &nbsp;&nbsp;&nbsp; Doximity, Inc. — Class A\* | 112 |  | 4959 |
| &nbsp;&nbsp;&nbsp; Bentley Systems, Inc. — Class B | 122 |  | 4656 |

---

108 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; CommVault Systems, Inc.\* | 36 | $| 4513 |
| &nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 75 |  | 4479 |
| &nbsp;&nbsp;&nbsp; Appfolio, Inc. — Class A\* | 19 |  | 4420 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | 104 |  | 4181 |
| &nbsp;&nbsp;&nbsp; BILL Holdings, Inc.\* | 73 |  | 3981 |
| &nbsp;&nbsp;&nbsp; Maximus, Inc. | 46 |  | 3971 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. — Class A\* | 142 |  | 3948 |
| &nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 29 |  | 3854 |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp. | 38 |  | 3825 |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 93 |  | 3672 |
| &nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 27 |  | 3529 |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.\* | 101 |  | 2664 |
| &nbsp;&nbsp;&nbsp; Parsons Corp.\* | 43 |  | 2657 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 32 |  | 2369 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc. — Class A\* | 224 |  | 2278 |
| &nbsp;&nbsp;&nbsp; Blackbaud, Inc.\* | 30 |  | 1900 |
| &nbsp;&nbsp;&nbsp; Crane NXT Co. | 40 |  | 1883 |
| &nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 35 |  | 1686 |
| &nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 21 |  | 1504 |
| &nbsp;&nbsp;&nbsp; Concentrix Corp. | 36 |  | 1497 |
|  **Total Technology** |  |  | 279073 |
|  **Energy - 3.2%** | **Energy - 3.2%** | **Energy - 3.2%** | **Energy - 3.2%** |
| &nbsp;&nbsp;&nbsp; TechnipFMC plc | 330 |  | 14705 |
| &nbsp;&nbsp;&nbsp; Nextpower, Inc. — Class A\* | 121 |  | 10540 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 83 |  | 9933 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 239 |  | 8236 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 207 |  | 8112 |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. | 567 |  | 7955 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. | 193 |  | 6805 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 128 |  | 5898 |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc. — Class A | 138 |  | 5331 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 272 |  | 4839 |
| &nbsp;&nbsp;&nbsp; NOV, Inc. | 298 |  | 4658 |
| &nbsp;&nbsp;&nbsp; Weatherford International plc | 59 |  | 4617 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | 46 |  | 4264 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 110 |  | 4045 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | 95 |  | 4032 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 110 |  | 3438 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 53 |  | 2671 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc. — Class A | 67 |  | 1817 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 63 |  | 1707 |
|  **Total Energy** |  |  | 113603 |
|  **Basic Materials - 3.0%** | **Basic Materials - 3.0%** | **Basic Materials - 3.0%** | **Basic Materials - 3.0%** |
| &nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 66 |  | 14671 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 41 |  | 12909 |
| &nbsp;&nbsp;&nbsp; Reliance, Inc. | 43 |  | 12421 |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 211 |  | 11213 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 105 |  | 10920 |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co. | 537 |  | 10305 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 91 |  | 6299 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 465 |  | 6175 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 174 |  | 5622 |
| &nbsp;&nbsp;&nbsp; MP Materials Corp.\* | 110 |  | 5557 |
| &nbsp;&nbsp;&nbsp; NewMarket Corp. | 6 |  | 4124 |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | 43 |  | 2850 |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 37 |  | 2171 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | 27 |  | 1996 |
| &nbsp;&nbsp;&nbsp; Olin Corp. | 93 |  | 1937 |
|  **Total Basic Materials** |  |  | 109170 |
|  **Communications - 2.5%** | **Communications - 2.5%** | **Communications - 2.5%** | **Communications - 2.5%** |
| &nbsp;&nbsp;&nbsp; Ciena Corp.\* | 115 |  | 26895 |
| &nbsp;&nbsp;&nbsp; Pinterest, Inc. — Class A\* | 478 |  | 12375 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. — Class A\* | 110 |  | 11957 |
| &nbsp;&nbsp;&nbsp; New York Times Co. — Class A | 132 |  | 9164 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 204 |  | 7766 |
| &nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 150 |  | 6747 |
| &nbsp;&nbsp;&nbsp; Chewy, Inc. — Class A\* | 184 |  | 6081 |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\* | 170 |  | 5520 |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. — Class A | 23 |  | 4670 |
|  **Total Communications** |  |  | 91175 |
|  **Utilities - 2.4%** | **Utilities - 2.4%** | **Utilities - 2.4%** | **Utilities - 2.4%** |
| &nbsp;&nbsp;&nbsp; Talen Energy Corp.\* | 37 |  | 13869 |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 231 |  | 8861 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. | 165 |  | 7045 |
| &nbsp;&nbsp;&nbsp; UGI Corp. | 175 |  | 6550 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 74 |  | 5925 |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 44 |  | 5569 |
| &nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 50 |  | 5524 |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 80 |  | 4710 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 92 |  | 4415 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 62 |  | 4304 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 52 |  | 4161 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | 48 |  | 3970 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 49 |  | 3785 |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 82 |  | 3782 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 50 |  | 3227 |
|  **Total Utilities** |  |  | 85697 |
|  **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,672,760) |  |  | 2616146 |
|  **WARRANTS<sup>†</sup>** **- 0.0%** | **WARRANTS<sup>†</sup>** **- 0.0%** | **WARRANTS<sup>†</sup>** **- 0.0%** | **WARRANTS<sup>†</sup>** **- 0.0%** |
|  GameStop Corp |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 10/30/26\* | 1 |  | 2 |
|  **Total Warrants** | **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  |  | 2 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 6.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 6.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 6.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 6.7%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 15965 |  | 160929 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 3259 |  | 80844 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $231,938) |  |  | 241773 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 109

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 10.9%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 10.9%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 10.9%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $196563 | $196563 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 196563 | 196563 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $393,126) |  | 393126 |
|  **Total Investments - 90.3%** | **Total Investments - 90.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,297,824) | &nbsp;&nbsp;&nbsp; (Cost $2,297,824) | $3251047 |
|  **Other Assets & Liabilities, net - 9.7%** | **Other Assets & Liabilities, net - 9.7%** | 348202 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3599249 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>3</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **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>** |
|  Goldman Sachs International | S&P MidCap 400 Index | Pay | 4.24% (Federal Funds Rate + 0.60%) | At Maturity | 01/21/26 | 466 | $1539324 | $66075 |
|  BNP Paribas | S&P MidCap 400 Index | Pay | 4.19% (Federal Funds Rate + 0.55%) | At Maturity | 01/22/26 | 195 | 643993 | 28334 |
|  Barclays Bank plc | S&P MidCap 400 Index | Pay | 4.56% (SOFR + 0.85%) | At Maturity | 01/22/26 | 182 | 600449 | 25933 |
|  |  |  |  |  |  |  | $2783766 | $120342 |

---

---

| | |
|:---|:---|
| \* | &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; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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. |

---

110 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $2616146 | $— | $— | $2616146 |
|  Warrants | 2 |  |  | 2 |
|  Mutual Funds | 241773 |  |  | 241773 |
|  Repurchase Agreements |  | 393126 |  | 393126 |
|  Equity Index Swap Agreements\*\* |  | 120342 |  | 120342 |
|  Total Assets | $2857921 | $513468 | $— | $3371389 |

---

\*\* 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** | **Mutual Funds** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $80974 | $— | $— | $— | $(130) | $80844 | 3259 | $4259 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 159811 |  |  |  | 1118 | 160929 | 15965 | 7004 |
|  | $240785 | $— | $— | $— | $988 | $241773 |  | $11263 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 111

**MID-CAP 1.5x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $1,672,760) | $2616148 |
|  Investments in affiliated issuers, at value (cost $231,938) | 241773 |
|  Repurchase agreements, at value (cost $393,126) | 393126 |
|  Cash | 117 |
|  Segregated cash with broker | 257674 |
|  Unrealized appreciation on OTC swap agreements | 120342 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 3280 |
| &nbsp;&nbsp;&nbsp; Securities sold | 370 |
| &nbsp;&nbsp;&nbsp; Interest | 42 |
|  **Total assets** | 3632872 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Swap settlement | 10133 |
| &nbsp;&nbsp;&nbsp; Professional fees | 5774 |
| &nbsp;&nbsp;&nbsp; Securities purchased | 5641 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2879 |
| &nbsp;&nbsp;&nbsp; Management fees | 2774 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1245 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 780 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 172 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 35 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 4190 |
|  **Total liabilities** | 33623 |
|  **Net assets** | $3599249 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2657364 |
|  Total distributable earnings (loss) | 941885 |
|  Net assets | $3599249 |
|  Capital shares outstanding | 14590 |
|  Net asset value per share | $246.69 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $32) | $41053 |
|  Dividends from securities of affiliated issuers | 11263 |
|  Interest | 24032 |
|  Income from securities lending, net | 24 |
| &nbsp;&nbsp;&nbsp; Total investment income | 76372 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 32638 |
|  Investor service fees | 9066 |
|  Transfer agent fees | 10086 |
|  Professional fees | 7560 |
|  Portfolio accounting and administration fees | 5621 |
|  Custodian fees | 549 |
|  Trustees' fees\* | 493 |
|  Interest expense | 393 |
|  Miscellaneous | 2541 |
| &nbsp;&nbsp;&nbsp; Total expenses | 68947 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (3626) |
|  Expenses waived by Adviser | (401) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (4027) |
|  Net expenses | 64920 |
|  Net investment income | 11452 |
|  **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 | 322859 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (70300) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (25279) |
|  Net realized gain | 227280 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (201353) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 988 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 159062 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 16977 |
|  Net change in unrealized appreciation (depreciation) | (24326) |
|  Net realized and unrealized gain | 202954 |
|  **Net increase in net assets resulting from operations** | $214406 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

112 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MID-CAP 1.5x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $11452 | $16954 |
|  Net realized gain on investments | 227280 | 488667 |
|  Net change in unrealized appreciation (depreciation) on investments | (24326) | 162252 |
|  Net increase in net assets resulting from operations | 214406 | 667873 |
|  Distributions to shareholders | (27931) | (25946) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 1786780 | 2467556 |
|  Distributions reinvested | 27931 | 25946 |
|  Cost of shares redeemed | (2345772) | (3539887) |
|  Net decrease from capital share transactions | (531061) | (1046385) |
|  Net decrease in net assets | (344586) | (404458) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 3943835 | 4348293 |
| &nbsp;&nbsp;&nbsp; End of year | $3599249 | $3943835 |
|  **Capital share activity:** |  |  |
|  Shares sold | 8331 | 11130 |
|  Shares issued from reinvestment of distributions | 119 | 112 |
|  Shares redeemed | (10517) | (15625) |
|  Net decrease in shares | (2067) | (4383) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 113

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $236.77 | $206.67 | $173.92 | $242.90 | $205.26 |
|  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> | .73 | .90 | 1.04 | (.22) | (1.55) |
|  Net gain (loss) on investments (realized and unrealized) | 11.09 | 30.61 | 31.71 | (56.21) | 70.95 |
|  Total from investment operations | 11.82 | 31.51 | 32.75 | (56.43) | 69.40 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (1.13) | (1.41) |  |  |  |
|  Net realized gains | (.77) |  |  | (12.55) | (31.76) |
|  Total distributions | (1.90) | (1.41) |  | (12.55) | (31.76) |
|  Net asset value, end of period | $246.69 | $236.77 | $206.67 | $173.92 | $242.90 |
|  **Total Return<sup>b</sup>** | **5.04%** | **15.26%** | **18.83%** | **(23.20** **%)** | **35.25%** |
|  **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) | $3599 | $3944 | $4348 | $4516 | $6038 |
|  Ratios 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% | 0.40% | 0.56% | (0.11%) | (0.65%) |
|  Total expenses<sup>c</sup> | 1.90% | 1.86% | 1.89% | 1.83% | 1.75% |
|  Net expenses<sup>d</sup> | 1.79% | 1.76% | 1.81% | 1.77% | 1.69% |
|  Portfolio turnover rate | 20% | 34% | 18% | 154% | 56% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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.

114 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **INVERSE MID-CAP STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 39.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 39.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 39.2%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 2464 | $24835 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 822 | 20388 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $43,902) |  | 45223 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 21.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 21.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 21.6%** |
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.63% due 01/07/26<sup>2</sup> | $15000 | 14991 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>2</sup> | 10000 | 9981 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $24,973) |  | 24972 |

---

---

| | | |
|:---|:---|:---|
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 8.7%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 8.7%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 8.7%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.86% (SOFR + 0.09%, Rate Floor: 0.00%) due 01/02/26<sup>◊</sup> | 10000 | 10000 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $10,000) |  | 10000 |
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 13.3%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 13.3%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 13.3%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 7677 | 7677 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 7676 | 7676 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $15,353) |  | 15353 |
|  **Total Investments - 82.8%** | **Total Investments - 82.8%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $94,228) | &nbsp;&nbsp;&nbsp; (Cost $94,228) | $95548 |
|  **Other Assets & Liabilities, net - 17.2%** | **Other Assets & Liabilities, net - 17.2%** | 19810 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $115358 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>4</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
|  **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 | 3.94% (Federal Funds Rate + 0.30%) | At Maturity | 01/21/26 | 12 | $40861 | $(688) |
|  BNP Paribas | S&P MidCap 400 Index | Receive | 3.79% (Federal Funds Rate + 0.15%) | At Maturity | 01/22/26 | 9 | 29022 | (1278) |
|  Barclays Bank plc | S&P MidCap 400 Index | Receive | 4.26% (SOFR + 0.55%) | At Maturity | 01/22/26 | 14 | 46532 | (2047) |
|  |  |  |  |  |  |  | $116415 | $(4013) |

---

---

| | |
|:---|:---|
| <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 December 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; Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 \| 115

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **INVERSE MID-CAP STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $45223 | $— | $— | $45223 |
|  Federal Agency Discount Notes |  | 24972 |  | 24972 |
|  Federal Agency Notes |  | 10000 |  | 10000 |
|  Repurchase Agreements |  | 15353 |  | 15353 |
|  Total Assets | $45223 | $50325 | $— | $95548 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 4013 | $– $| 4013 |

---

\*\* 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** | **Mutual Funds** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $20421 | $— | $— | $— | $(33) | $20388 | 822 | $1074 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 24662 |  |  |  | 173 | 24835 | 2464 | 1081 |
|  | $45083 | $— | $— | $— | $140 | $45223 |  | $2155 |

---

116 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE MID-CAP STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $34,973) | $34972 |
|  Investments in affiliated issuers, at value (cost $43,902) | 45223 |
|  Repurchase agreements, at value (cost $15,353) | 15353 |
|  Segregated cash with broker | 21845 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 4423 |
| &nbsp;&nbsp;&nbsp; Dividends | 176 |
| &nbsp;&nbsp;&nbsp; Interest | 104 |
|  **Total assets** | 122096 |
|  **Liabilities:** | **Liabilities:** |
|  Unrealized depreciation on OTC swap agreements | 4013 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Swap settlement | 2058 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 119 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 100 |
| &nbsp;&nbsp;&nbsp; Management fees | 81 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 24 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 5 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 1 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 337 |
|  **Total liabilities** | 6738 |
|  **Net assets** | $115358 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2190447 |
|  Total distributable earnings (loss) | (2075089) |
|  Net assets | $115358 |
|  Capital shares outstanding | 842 |
|  Net asset value per share | $137.00 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $2155 |
|  Interest | 3348 |
| &nbsp;&nbsp;&nbsp; Total investment income | 5503 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 1178 |
|  Investor service fees | 327 |
|  Transfer agent fees | 353 |
|  Professional fees | 215 |
|  Portfolio accounting and administration fees | 203 |
|  Custodian fees | 29 |
|  Trustees' fees\* | 16 |
|  Miscellaneous | 223 |
| &nbsp;&nbsp;&nbsp; Total expenses | 2544 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (131) |
|  Expenses waived by Adviser | (62) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (193) |
|  Net expenses | 2351 |
|  Net investment income | 3152 |
|  **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 | (19043) |
|  Net realized loss | (19043) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (2) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 140 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (4824) |
|  Net change in unrealized appreciation (depreciation) | (4686) |
|  Net realized and unrealized loss | (23729) |
|  **Net decrease in net assets resulting from operations** | $(20577) |

---

\* 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 \| 117

**INVERSE MID-CAP STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $3152 | $4727 |
|  Net realized loss on investments | (19043) | (19154) |
|  Net change in unrealized appreciation (depreciation) on investments | (4686) | 2481 |
|  Net decrease in net assets resulting from operations | (20577) | (11946) |
|  Distributions to shareholders | (4727) | (6469) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 609183 | 596013 |
|  Distributions reinvested | 4727 | 6469 |
|  Cost of shares redeemed | (589282) | (596818) |
|  Net increase from capital share transactions | 24628 | 5664 |
|  Net decrease in net assets | (676) | (12751) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 116034 | 128785 |
| &nbsp;&nbsp;&nbsp; End of year | $115358 | $116034 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 3997 | 3655 |
|  Shares issued from reinvestment of distributions | 33 | 43 |
|  Shares redeemed | (3963) | (3684) |
|  Net increase in shares | 67 | 14 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

118 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025<sup>e</sup>** | **Year Ended <br> December 31, <br> 2024<sup>e</sup>** | **Year Ended <br> December 31, <br> 2023<sup>e</sup>** | **Year Ended <br> December 31, <br> 2022<sup>e</sup>** | **Year Ended <br> December 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 | $149.65 | $169.24 | $187.00 | $171.52 | $223.44 |
|  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> | 2.42 | 5.55 | 5.80 | .40 | (2.20) |
|  Net gain (loss) on investments (realized and unrealized) | (9.84) | (16.19) | (22.66) | 15.08 <sup>f</sup> | (49.72) |
|  Total from investment operations | (7.42) | (10.64) | (16.86) | 15.48 | (51.92) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (5.23) | (8.95) | (.90) |  |  |
|  Total distributions | (5.23) | (8.95) | (.90) |  |  |
|  Net asset value, end of period | $137.00 | $149.65 | $169.24 | $187.00 | $171.52 |
|  **Total Return<sup>b</sup>** | **(5.11** **%)** | **(6.36** **%)** | **(9.04** **%)** | **9.01%** | **(23.21** **%)** |
|  **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) | $115 | $116 | $129 | $240 | $89 |
|  Ratios 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) | 2.41% | 3.50% | 3.20% | 0.21% | (1.18%) |
|  Total expenses<sup>c</sup> | 1.94% | 1.82% | 1.85% | 1.78% | 1.74% |
|  Net expenses<sup>d</sup> | 1.80% | 1.68% | 1.75% | 1.71% | 1.67% |
|  Portfolio turnover rate |  |  |  | 9% | 29% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

<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 in the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 119

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 78.7%** | **COMMON STOCKS<sup>†</sup>** **- 78.7%** | **COMMON STOCKS<sup>†</sup>** **- 78.7%** |
|  **Technology - 38.6%** | **Technology - 38.6%** | **Technology - 38.6%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 46215 | $8619098 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 28102 | 7639810 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 14135 | 6835969 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 8981 | 3108324 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 11994 | 2131934 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 8548 | 1830640 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 5909 | 1686488 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 6595 | 1128932 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 4183 | 1074989 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 1461 | 967796 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 5623 | 961814 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 25044 | 924124 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 690 | 838405 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 4771 | 827721 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 2198 | 769278 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 2571 | 697255 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 1318 | 617826 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V. — Class G | 461 | 493205 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 975 | 457977 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 1429 | 446677 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 4526 | 384619 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 1113 | 329459 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 3904 | 310016 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | 1795 | 309225 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 1121 | 308712 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 1321 | 286736 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 1313 | 268285 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 565 | 251498 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 970 | 248349 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 1118 | 240124 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. — Class A\* | 1709 | 232407 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 252 | 228403 |
| &nbsp;&nbsp;&nbsp; Strategy, Inc. — Class A\* | 1406 | 213642 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | 1890 | 212020 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. — Class A | 2534 | 210322 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc.\* | 837 | 188258 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 2838 | 180837 |
| &nbsp;&nbsp;&nbsp; Atlassian Corp. — Class A\* | 882 | 143007 |
| &nbsp;&nbsp;&nbsp; ARM Holdings plc ADR\* | 726 | 79359 |
|  **Total Technology** |  | 46683540 |
|  **Communications - 22.1%** | **Communications - 22.1%** | **Communications - 22.1%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 20331 | 4692801 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 5585 | 3686603 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 11065 | 3463345 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class C | 10283 | 3226805 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 22248 | 2085973 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 20745 | 1597987 |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 5873 | 1192454 |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. — Class A\* | 1615 | 1088219 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc. — Class A\* | 6419 | 1033266 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 169 | 905051 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 3660 | 674172 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 19082 | 570361 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 266 | 535793 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 2133 | 483082 |
| &nbsp;&nbsp;&nbsp; PDD Holdings, Inc. ADR\* | 3507 | 397659 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 13010 | 374948 |
| &nbsp;&nbsp;&nbsp; Thomson Reuters Corp. | 2336 | 308095 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 2233 | 303063 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\* | 679 | 141742 |
|  **Total Communications** |  | 26761419 |
|  **Consumer, Non-cyclical - 7.4%** | **Consumer, Non-cyclical - 7.4%** | **Consumer, Non-cyclical - 7.4%** |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 1861 | 1053996 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 7179 | 1030330 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 2827 | 925305 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 6514 | 799528 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 1332 | 603876 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 2124 | 546356 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 542 | 418354 |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 2110 | 396828 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 5130 | 393317 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. — Class A | 6775 | 364698 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 4913 | 286821 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 419 | 283466 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc ADR | 3065 | 281765 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 694 | 275969 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 2406 | 218224 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 7133 | 199796 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 2392 | 196192 |
| &nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 1120 | 194925 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. — Class A | 732 | 163741 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 6215 | 150714 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 2048 | 135926 |
|  **Total Consumer, Non-cyclical** |  | 8920127 |
|  **Consumer, Cyclical - 6.7%** | **Consumer, Cyclical - 6.7%** | **Consumer, Cyclical - 6.7%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 8413 | 3783494 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 2327 | 2006665 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 5970 | 502734 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 1409 | 437128 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 4432 | 404243 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 1708 | 307679 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 2758 | 302029 |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | 6028 | 241904 |
| &nbsp;&nbsp;&nbsp; Copart, Inc.\* | 5082 | 198960 |
|  **Total Consumer, Cyclical** |  | 8184836 |
|  **Industrial - 1.4%** | **Industrial - 1.4%** | **Industrial - 1.4%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 3333 | 650235 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 9777 | 354416 |
| &nbsp;&nbsp;&nbsp; Ferrovial SE | 3853 | 248942 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 414 | 235123 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 1098 | 172167 |
|  **Total Industrial** |  | 1660883 |
|  **Utilities - 1.1%** | **Utilities - 1.1%** | **Utilities - 1.1%** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1640 | 579363 |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, Inc. | 2804 | 323329 |

---

120 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 5304 | $| 231201 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 3106 |  | 229409 |
|  **Total Utilities** |  |  | 1363302 |
|  **Basic Materials - 0.9%** | **Basic Materials - 0.9%** | **Basic Materials - 0.9%** | **Basic Materials - 0.9%** |
| &nbsp;&nbsp;&nbsp; Linde plc | 2453 |  | 1045533 |
|  **Energy - 0.4%** | **Energy - 0.4%** | **Energy - 0.4%** | **Energy - 0.4%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 5181 |  | 235943 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 1504 |  | 226096 |
|  **Total Energy** |  |  | 462039 |
|  **Financial - 0.1%** | **Financial - 0.1%** | **Financial - 0.1%** | **Financial - 0.1%** |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 2225 |  | 149609 |
|  **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $35,160,728) |  |  | 95231288 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 14.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 14.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 14.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 14.7%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 909569 |  | 9168451 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 347696 |  | 8626343 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $17,605,877) |  |  | 17794794 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 1.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>2,3</sup> | $948000 | 946128 |
| &nbsp;&nbsp;&nbsp; 3.51% due 03/19/26<sup>3,4</sup> | 250000 | 248139 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,194,110) |  | 1194267 |
|  **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 5.8%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 5.8%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 5.8%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 3524119 | 3524119 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 3524119 | 3524119 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $7,048,238) |  | 7048238 |
|  **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $61,008,953) | &nbsp;&nbsp;&nbsp; (Cost $61,008,953) | $121268587 |
|  **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (251071) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $121017516 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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>** |
|  NASDAQ-100 Index Mini Futures Contracts | 33 | Mar 2026 | $16800300 | $45987 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>6</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **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 | 4.71% (SOFR + 1.00%) | At Maturity | 01/22/26 | 151 | $3802014 | $120306 |
|  Goldman Sachs International | NASDAQ-100 Index | Pay | 4.59% (Federal Funds Rate + 0.95%) | At Maturity | 01/21/26 | 139 | 3511714 | 91016 |
|  BNP Paribas | NASDAQ-100 Index | Pay | 4.54% (Federal Funds Rate + 0.90%) | At Maturity | 01/22/26 | 67 | 1698441 | 40997 |
|  |  |  |  |  |  |  | $9012169 | $252319 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 121

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 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. |
| <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 December 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 December 31, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 December 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 | $95231288 | $— | $— | $95231288 |
|  Mutual Funds | 17794794 |  |  | 17794794 |
|  U.S. Treasury Bills |  | 1194267 |  | 1194267 |
|  Repurchase Agreements |  | 7048238 |  | 7048238 |
|  Equity Futures Contracts\*\* | 45987 |  |  | 45987 |
|  Equity Index Swap Agreements\*\* |  | 252319 |  | 252319 |
|  Total Assets | $113072069 | $8494824 | $— | $121566893 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

122 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $8640252 | $— | $— | $— | $(13909) | $8626343 | 347696 | $454449 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 9104781 |  |  |  | 63670 | 9168451 | 909569 | 399003 |
|  | $17745033 | $— | $— | $— | $49761 | $17794794 |  | $853452 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 123

**NASDAQ-100<sup>®</sup>** **FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $36,354,838) | $96425555 |
|  Investments in affiliated issuers, at value (cost $17,605,877) | 17794794 |
|  Repurchase agreements, at value (cost $7,048,238) | 7048238 |
|  Cash | 150140 |
|  Segregated cash with broker | 819054 |
|  Unrealized appreciation on OTC swap agreements | 252319 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 96842 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 61103 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 20058 |
| &nbsp;&nbsp;&nbsp; Interest | 747 |
|  **Total assets** | 122668850 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 952976 |
| &nbsp;&nbsp;&nbsp; Professional fees | 195589 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 145365 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 99783 |
| &nbsp;&nbsp;&nbsp; Management fees | 77138 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 26362 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 11071 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 1200 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 141850 |
|  **Total liabilities** | 1651334 |
|  **Net assets** | $121017516 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $57282821 |
|  Total distributable earnings (loss) | 63734695 |
|  Net assets | $121017516 |
|  Capital shares outstanding | 1251103 |
|  Net asset value per share | $96.73 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $1,492) | $684076 |
|  Dividends from securities of affiliated issuers | 853452 |
|  Interest | 379170 |
|  Income from securities lending, net | 43 |
| &nbsp;&nbsp;&nbsp; Total investment income | 1916741 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 921305 |
|  Investor service fees | 307102 |
|  Transfer agent fees | 333763 |
|  Professional fees | 227158 |
|  Portfolio accounting and administration fees | 190400 |
|  Custodian fees | 18271 |
|  Trustees' fees\* | 15263 |
|  Interest expense | 12322 |
|  Line of credit fees | 122 |
|  Miscellaneous | 167467 |
| &nbsp;&nbsp;&nbsp; Total expenses | 2193173 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (61422) |
|  Expenses waived by Adviser | (22847) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (84269) |
|  Net expenses | 2108904 |
|  Net investment loss | (192163) |
|  **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 | 14432295 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 1147067 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 5714784 |
|  Net realized gain | 21294146 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 1724181 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 49761 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 768740 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 253621 |
|  Net change in unrealized appreciation (depreciation) | 2796303 |
|  Net realized and unrealized gain | 24090449 |
|  **Net increase in net assets resulting from operations** | $23898286 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

124 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NASDAQ-100<sup>®</sup>** **FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income (loss) | $(192163) | $38683 |
|  Net realized gain on investments | 21294146 | 12335081 |
|  Net change in unrealized appreciation (depreciation) on investments | 2796303 | 14633482 |
|  Net increase in net assets resulting from operations | 23898286 | 27007246 |
|  Distributions to shareholders | (7072461) | (2864502) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 329123337 | 291322507 |
|  Distributions reinvested | 7072461 | 2864502 |
|  Cost of shares redeemed | (356855218) | (311142110) |
|  Net decrease from capital share transactions | (20659420) | (16955101) |
|  Net increase (decrease) in net assets | (3833595) | 7187643 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 124851111 | 117663468 |
| &nbsp;&nbsp;&nbsp; End of year | $121017516 | $124851111 |
|  **Capital share activity:** |  |  |
|  Shares sold | 3781259 | 3781913 |
|  Shares issued from reinvestment of distributions | 79600 | 35351 |
|  Shares redeemed | (4060381) | (4025970) |
|  Net decrease in shares | (199522) | (208706) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 125

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $86.07 | $70.91 | $46.28 | $72.89 | $62.81 |
|  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> | (.14) | .02 | .16 | (.17) | (.56) |
|  Net gain (loss) on investments (realized and unrealized) | 16.05 | 16.84 | 24.47 | (24.48) | 16.09 |
|  Total from investment operations | 15.91 | 16.86 | 24.63 | (24.65) | 15.53 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.03) | (.17) |  |  |  |
|  Net realized gains | (5.22) | (1.53) |  | (1.96) | (5.45) |
|  Total distributions | (5.25) | (1.70) |  | (1.96) | (5.45) |
|  Net asset value, end of period | $96.73 | $86.07 | $70.91 | $46.28 | $72.89 |
|  **Total Return<sup>b</sup>** | **19.04%** | **23.91%** | **53.22%** | **(34.14** **%)** | **25.54%** |
|  **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) | $121018 | $124851 | $117663 | $64960 | $139405 |
|  Ratios 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%) | 0.03% | 0.27% | (0.30%) | (0.83%) |
|  Total expenses<sup>c</sup> | 1.79% | 1.73% | 1.78% | 1.71% | 1.63% |
|  Net expenses<sup>d</sup> | 1.72% | 1.67% | 1.73% | 1.68% | 1.61% |
|  Portfolio turnover rate | 152% | 107% | 151% | 168% | 57% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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.

126 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 89.7%** | **COMMON STOCKS<sup>†</sup>** **- 89.7%** | **COMMON STOCKS<sup>†</sup>** **- 89.7%** |
|  **Technology - 44.0%** | **Technology - 44.0%** | **Technology - 44.0%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 64910 | $12105715 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 39470 | 10730314 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 19853 | 9601308 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 12614 | 4365706 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 16846 | 2994377 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 12006 | 2571205 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 8298 | 2368332 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 9263 | 1585640 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 5875 | 1509816 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 2052 | 1359286 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 7898 | 1350953 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 35176 | 1297994 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 969 | 1177413 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 6701 | 1162557 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 3087 | 1080419 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 3611 | 979303 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 1851 | 867675 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V. — Class G | 647 | 692200 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 1370 | 643516 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 2007 | 627348 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 6358 | 540303 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 1563 | 462664 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 5484 | 435484 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | 2521 | 434293 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 1575 | 433739 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 1856 | 402863 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 1844 | 376785 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 794 | 353433 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 1362 | 348713 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 1571 | 337419 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. — Class A\* | 2400 | 326376 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 353 | 319945 |
| &nbsp;&nbsp;&nbsp; Strategy, Inc. — Class A\* | 1974 | 299949 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | 2654 | 297726 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. — Class A | 3559 | 295397 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc.\* | 1176 | 264506 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 3985 | 253924 |
| &nbsp;&nbsp;&nbsp; Atlassian Corp. — Class A\* | 1239 | 200891 |
| &nbsp;&nbsp;&nbsp; ARM Holdings plc ADR\* | 1020 | 111496 |
|  **Total Technology** |  | 65566983 |
|  **Communications - 25.2%** | **Communications - 25.2%** | **Communications - 25.2%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 28556 | 6591296 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 7845 | 5178406 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 15541 | 4864333 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class C | 14443 | 4532213 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 31248 | 2929812 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 29137 | 2244423 |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 8248 | 1674674 |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. — Class A\* | 2268 | 1528224 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc. — Class A\* | 9015 | 1451145 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 238 | 1274569 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 5140 | 946788 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 26802 | 801112 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 374 | 753333 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 2996 | 678534 |
| &nbsp;&nbsp;&nbsp; PDD Holdings, Inc. ADR\* | 4925 | 558446 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 18273 | 526628 |
| &nbsp;&nbsp;&nbsp; Thomson Reuters Corp. | 3280 | 432599 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 3136 | 425618 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\* | 954 | 199147 |
|  **Total Communications** |  | 37591300 |
|  **Consumer, Non-cyclical - 8.4%** | **Consumer, Non-cyclical - 8.4%** | **Consumer, Non-cyclical - 8.4%** |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 2614 | 1480465 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 10083 | 1447112 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 3971 | 1299748 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 9149 | 1122948 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 1871 | 848237 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 2983 | 767317 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 762 | 588165 |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 2964 | 557440 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 7205 | 552408 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. — Class A | 9516 | 512246 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 6900 | 402822 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 589 | 398476 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc ADR | 4304 | 395667 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 974 | 387311 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 3379 | 306475 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 10019 | 280632 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 3359 | 275505 |
| &nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 1573 | 273765 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. — Class A | 1028 | 229953 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 8729 | 211678 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 2876 | 190880 |
|  **Total Consumer, Non-cyclical** |  | 12529250 |
|  **Consumer, Cyclical - 7.7%** | **Consumer, Cyclical - 7.7%** | **Consumer, Cyclical - 7.7%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 11817 | 5314342 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 3268 | 2818127 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 8385 | 706101 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 1979 | 613965 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 6225 | 567782 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 2398 | 431976 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 3873 | 424132 |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | 8466 | 339740 |
| &nbsp;&nbsp;&nbsp; Copart, Inc.\* | 7139 | 279492 |
|  **Total Consumer, Cyclical** |  | 11495657 |
|  **Industrial - 1.6%** | **Industrial - 1.6%** | **Industrial - 1.6%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 4682 | 913411 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 13732 | 497785 |
| &nbsp;&nbsp;&nbsp; Ferrovial SE | 5411 | 349605 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 582 | 330535 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 1542 | 241786 |
|  **Total Industrial** |  | 2333122 |
|  **Utilities - 1.3%** | **Utilities - 1.3%** | **Utilities - 1.3%** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 2302 | 813228 |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, Inc. | 3939 | 454206 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 127

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 7450 | $| 324745 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 4362 |  | 322177 |
|  **Total Utilities** |  |  | 1914356 |
|  **Basic Materials - 1.0%** | **Basic Materials - 1.0%** | **Basic Materials - 1.0%** | **Basic Materials - 1.0%** |
| &nbsp;&nbsp;&nbsp; Linde plc | 3443 |  | 1468073 |
|  **Energy - 0.4%** | **Energy - 0.4%** | **Energy - 0.4%** | **Energy - 0.4%** |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 7277 |  | 331395 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 2112 |  | 317497 |
|  **Total Energy** |  |  | 648892 |
|  **Financial - 0.1%** | **Financial - 0.1%** | **Financial - 0.1%** | **Financial - 0.1%** |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 3125 |  | 210125 |
|  **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $89,186,247) |  |  | 133757758 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 8.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.7%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>1,2</sup> | $8675000 | 8657875 |
| &nbsp;&nbsp;&nbsp; 3.78% due 02/24/26<sup>2,3</sup> | 4000000 | 3979193 |
| &nbsp;&nbsp;&nbsp; 3.51% due 03/19/26<sup>2,3</sup> | 400000 | 397022 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $13,031,044) |  | 13034090 |
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 2.9%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 2.9%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 2.9%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 2187884 | 2187884 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 2187884 | 2187884 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,375,768) |  | 4375768 |
|  **Total Investments - 101.3%** | **Total Investments - 101.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $106,593,059) | &nbsp;&nbsp;&nbsp; (Cost $106,593,059) | $151167616 |
|  **Other Assets & Liabilities, net - (1.3)%** | **Other Assets & Liabilities, net - (1.3)%** | (1981985) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $149185631 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | 262 | Mar 2026 | $133384200 | $(116119) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>5</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **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 | NASDAQ-100 Index | Pay | 4.54% (Federal Funds Rate + 0.90%) | At Maturity | 01/22/26 | 747 | $18870465 | $380454 |
|  Goldman Sachs International | NASDAQ-100 Index | Pay | 4.59% (Federal Funds Rate + 0.95%) | At Maturity | 01/21/26 | 174 | 4396958 | 160479 |
|  Barclays Bank plc | NASDAQ-100 Index | Pay | 4.71% (SOFR + 1.00%) | At Maturity | 01/22/26 | 292 | 7374156 | 74084 |
|  |  |  |  |  |  |  | $30641579 | $615017 |

---

128 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **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. |
| <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 December 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; All or a portion of this security is pledged as equity index swap collateral at December 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 December 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 | $133757758 | $— | $— | $133757758 |
|  U.S. Treasury Bills |  | 13034090 |  | 13034090 |
|  Repurchase Agreements |  | 4375768 |  | 4375768 |
|  Equity Index Swap Agreements\*\* |  | 615017 |  | 615017 |
|  Total Assets | $133757758 | $18024875 | $— | $151782633 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
|  Equity Futures Contracts\*\* | $116119 | $– $– $| 116119 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 129

**NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $102,217,291) | $146791848 |
|  Repurchase agreements, at value (cost $4,375,768) | 4375768 |
|  Cash | 192 |
|  Segregated cash with broker | 736079 |
|  Unrealized appreciation on OTC swap agreements | 615017 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Swap settlement | 694239 |
| &nbsp;&nbsp;&nbsp; Dividends | 37548 |
| &nbsp;&nbsp;&nbsp; Interest | 463 |
|  **Total assets** | 153251154 |
|  **Liabilities:** | **Liabilities:** |
|  Segregated cash due to broker | 870000 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1388231 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 1154110 |
| &nbsp;&nbsp;&nbsp; Management fees | 117847 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 113679 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 32735 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 7201 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 1335 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 380385 |
|  **Total liabilities** | 4065523 |
|  **Net assets** | $149185631 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $118438550 |
|  Total distributable earnings | 30747081 |
|  Net assets | $149185631 |
|  Capital shares outstanding | 667018 |
|  Net asset value per share | $223.66 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $1,709) | $800328 |
|  Interest | 934564 |
|  Income from securities lending, net | 50 |
| &nbsp;&nbsp;&nbsp; Total investment income | 1734942 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 1200593 |
|  Investor service fees | 333498 |
|  Transfer agent fees | 356056 |
|  Professional fees | 227202 |
|  Portfolio accounting and administration fees | 206765 |
|  Interest expense | 105546 |
|  Custodian fees | 20949 |
|  Trustees' fees\* | 15565 |
|  Line of credit fees | 11 |
|  Miscellaneous | 198378 |
| &nbsp;&nbsp;&nbsp; Total expenses | 2664563 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (133398) |
|  Net expenses | 2531165 |
|  Net investment loss | (796223) |
|  **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 | 10150842 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 10885652 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 4738243 |
|  Net realized gain | 25774737 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 7843862 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 4866819 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 197252 |
|  Net change in unrealized appreciation (depreciation) | 12907933 |
|  Net realized and unrealized gain | 38682670 |
|  **Net increase in net assets resulting from operations** | $37886447 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

130 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(796223) | $(239987) |
|  Net realized gain on investments | 25774737 | 32283911 |
|  Net change in unrealized appreciation (depreciation) on investments | 12907933 | 3588579 |
|  Net increase in net assets resulting from operations | 37886447 | 35632503 |
|  Distributions to shareholders | (10280229) |  |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 837079818 | 1160498367 |
|  Distributions reinvested | 10280229 |  |
|  Cost of shares redeemed | (862507137) | (1179071524) |
|  Net decrease from capital share transactions | (15147090) | (18573157) |
|  Net increase in net assets | 12459128 | 17059346 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 136726503 | 119667157 |
| &nbsp;&nbsp;&nbsp; End of year | $149185631 | $136726503 |
|  **Capital share activity:** |  |  |
|  Shares sold | 4581341 | 7384669 |
|  Shares issued from reinvestment of distributions | 53018 |  |
|  Shares redeemed | (4703225) | (7562684) |
|  Net decrease in shares | (68866) | (178015) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 131

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $185.80 | $130.94 | $60.60 | $191.98 | $141.54 |
|  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> | (1.16) | (.32) | (.24) | (.49) | (1.74) |
|  Net gain (loss) on investments (realized and unrealized) | 53.29 | 55.18 | 70.58 | (111.42) | 73.37 |
|  Total from investment operations | 52.13 | 54.86 | 70.34 | (111.91) | 71.63 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains | (14.27) |  |  | (19.47) | (21.19) |
|  Total distributions | (14.27) |  |  | (19.47) | (21.19) |
|  Net asset value, end of period | $223.66 | $185.80 | $130.94 | $60.60 | $191.98 |
|  **Total Return<sup>b</sup>** | **29.24%** | **41.90%** | **116.07%** | **(61.04** **%)** | **53.45%** |
|  **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) | $149186 | $136727 | $119667 | $32228 | $151069 |
|  Ratios 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%) | (0.20%) | (0.25%) | (0.47%) | (1.05%) |
|  Total expenses<sup>c</sup> | 2.00% | 1.97% | 2.08% | 1.86% | 1.78% |
|  Net expenses<sup>d</sup> | 1.90% | 1.87% | 2.01% | 1.79% | 1.74% |
|  Portfolio turnover rate | 497% | 623% | 564% | 860% | 392% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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.

132 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 48.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 48.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 48.2%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 11820 | $119148 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 4767 | 118274 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $234,679) |  | 237422 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 10.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 10.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 10.1%** |
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.63% due 01/07/26<sup>2</sup> | $50000 | 49970 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $49,970) |  | 49970 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 32.9%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 32.9%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 32.9%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 80851 | 80851 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 80850 | 80850 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $161,701) |  | 161701 |
|  **Total Investments - 91.2%** | **Total Investments - 91.2%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $446,350) | &nbsp;&nbsp;&nbsp; (Cost $446,350) | $449093 |
|  **Other Assets & Liabilities, net - 8.8%** | **Other Assets & Liabilities, net - 8.8%** | 43223 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $492316 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>4</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
|  **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 | NASDAQ-100 Index | Receive | 4.29% (Federal Funds Rate + 0.65%) | At Maturity | 01/21/26 | 6 | $146517 | $(679) |
|  BNP Paribas | NASDAQ-100 Index | Receive | 4.14% (Federal Funds Rate + 0.50%) | At Maturity | 01/22/26 | 7 | 174148 | (2502) |
|  Barclays Bank plc | NASDAQ-100 Index | Receive | 4.36% (SOFR + 0.65%) | At Maturity | 01/22/26 | 7 | 177305 | (3478) |
|  |  |  |  |  |  |  | $497970 | $(6659) |

---

---

| | |
|:---|:---|
| <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; Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 \| 133

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $237422 | $— | $— | $237422 |
|  Federal Agency Discount Notes |  | 49970 |  | 49970 |
|  Repurchase Agreements |  | 161701 |  | 161701 |
|  Total Assets | $237422 | $211671 | $— | $449093 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 6659 | $– $| 6659 |

---

\*\* 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $183543 | $— | $(65000) | $(131) | $(138) | $118274 | 4767 | $9645 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 187834 |  | (70000) | 1111 | 203 | 119148 | 11820 | 8224 |
|  | $371377 | $— | $(135000) | $980 | $65 | $237422 |  | $17869 |

---

134 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $49,970) | $49970 |
|  Investments in affiliated issuers, at value (cost $234,679) | 237422 |
|  Repurchase agreements, at value (cost $161,701) | 161701 |
|  Segregated cash with broker | 73723 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 4423 |
| &nbsp;&nbsp;&nbsp; Dividends | 1436 |
| &nbsp;&nbsp;&nbsp; Interest | 17 |
|  **Total assets** | 528692 |
|  **Liabilities:** | **Liabilities:** |
|  Unrealized depreciation on OTC swap agreements | 6659 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Swap settlement | 19332 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 5219 |
| &nbsp;&nbsp;&nbsp; Professional fees | 2372 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 998 |
| &nbsp;&nbsp;&nbsp; Management fees | 423 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 129 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 28 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 13 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 1203 |
|  **Total liabilities** | 36376 |
|  **Net assets** | $492316 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $10959167 |
|  Total distributable earnings (loss) | (10466851) |
|  Net assets | $492316 |
|  Capital shares outstanding | 4730 |
|  Net asset value per share | $104.08 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $17869 |
|  Interest | 49588 |
| &nbsp;&nbsp;&nbsp; Total investment income | 67457 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 13407 |
|  Investor service fees | 3724 |
|  Transfer agent fees | 3967 |
|  Portfolio accounting and administration fees | 2309 |
|  Professional fees | 2060 |
|  Custodian fees | 240 |
|  Trustees' fees\* | 164 |
|  Miscellaneous | 2696 |
| &nbsp;&nbsp;&nbsp; Total expenses | 28567 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1490) |
|  Expenses waived by Adviser | (471) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (1961) |
|  Net expenses | 26606 |
|  Net investment income | 40851 |
|  **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 affiliated issuers | 980 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (618253) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (139258) |
|  Net realized loss | (756531) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (16) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 65 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (24685) |
|  Net change in unrealized appreciation (depreciation) | (24636) |
|  Net realized and unrealized loss | (781167) |
|  **Net decrease in net assets resulting from operations** | $(740316) |

---

\* 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

**INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $40851 | $37615 |
|  Net realized loss on investments | (756531) | (160939) |
|  Net change in unrealized appreciation (depreciation) on investments | (24636) | 28790 |
|  Net decrease in net assets resulting from operations | (740316) | (94534) |
|  Distributions to shareholders | (37615) | (91254) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 28802527 | 14170122 |
|  Distributions reinvested | 37615 | 91254 |
|  Cost of shares redeemed | (28619570) | (14044929) |
|  Net increase from capital share transactions | 220572 | 216447 |
|  Net increase (decrease) in net assets | (557359) | 30659 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1049675 | 1019016 |
| &nbsp;&nbsp;&nbsp; End of year | $492316 | $1049675 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 227641 | 98606 |
|  Shares issued from reinvestment of distributions | 337 | 674 |
|  Shares redeemed | (231396) | (97058) |
|  Net increase (decrease) in shares | (3418) | 2222 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

136 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025<sup>e</sup>** | **Year Ended <br> December 31, <br> 2024<sup>e</sup>** | **Year Ended <br> December 31, <br> 2023<sup>e</sup>** | **Year Ended <br> December 31, <br> 2022<sup>e</sup>** | **Year Ended <br> December 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 | $128.82 | $171.96 | $254.18 | $188.58 | $252.98 |
|  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> | 3.32 | 5.20 | 6.90 | .30 | (2.70) |
|  Net gain (loss) on investments (realized and unrealized) | (23.92) | (31.44) | (87.72) | 65.30 | (61.70) |
|  Total from investment operations | (20.60) | (26.24) | (80.82) | 65.60 | (64.40) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (4.14) | (16.90) | (1.40) |  |  |
|  Total distributions | (4.14) | (16.90) | (1.40) |  |  |
|  Net asset value, end of period | $104.08 | $128.82 | $171.96 | $254.18 | $188.58 |
|  **Total Return<sup>b</sup>** | **(16.18** **%)** | **(15.79** **%)** | **(31.85** **%)** | **34.78%** | **(25.45** **%)** |
|  **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) | $492 | $1050 | $1019 | $8699 | $1653 |
|  Ratios 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) | 2.74% | 3.52% | 3.25% | 0.12% | (1.23%) |
|  Total expenses<sup>c</sup> | 1.92% | 1.86% | 1.90% | 1.94% | 1.78% |
|  Net expenses<sup>d</sup> | 1.79% | 1.72% | 1.81% | 1.88% | 1.71% |
|  Portfolio turnover rate |  |  |  | 63% | 430% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 137

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 26.3%** | **COMMON STOCKS<sup>†</sup>** **- 26.3%** | **COMMON STOCKS<sup>†</sup>** **- 26.3%** |
|  **Consumer, Non-cyclical - 6.2%** | **Consumer, Non-cyclical - 6.2%** | **Consumer, Non-cyclical - 6.2%** |
| &nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 32 | $3268 |
| &nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 42 | 3213 |
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 5 | 2912 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. | 15 | 2613 |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 35 | 2324 |
| &nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc.\* | 30 | 2164 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 22 | 2015 |
| &nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 11 | 2009 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 31 | 1970 |
| &nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc.\* | 6 | 1768 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 7 | 1726 |
| &nbsp;&nbsp;&nbsp; Glaukos Corp.\* | 15 | 1694 |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 20 | 1519 |
| &nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 14 | 1499 |
| &nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 8 | 1419 |
| &nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 30 | 1384 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 42 | 1338 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 9 | 1335 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 15 | 1322 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 15 | 1310 |
| &nbsp;&nbsp;&nbsp; Nuvalent, Inc. — Class A\* | 13 | 1308 |
| &nbsp;&nbsp;&nbsp; RadNet, Inc.\* | 18 | 1284 |
| &nbsp;&nbsp;&nbsp; Brink's Co. | 11 | 1284 |
| &nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc.\* | 36 | 1279 |
| &nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG\* | 23 | 1206 |
| &nbsp;&nbsp;&nbsp; Alkermes plc\* | 43 | 1203 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 18 | 1198 |
| &nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc.\* | 15 | 1167 |
| &nbsp;&nbsp;&nbsp; Indivior plc\* | 32 | 1148 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 38 | 1133 |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\* | 24 | 1117 |
| &nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 61 | 1113 |
| &nbsp;&nbsp;&nbsp; Laureate Education, Inc. — Class A\* | 33 | 1111 |
| &nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc.\* | 78 | 1111 |
| &nbsp;&nbsp;&nbsp; Cidara Therapeutics, Inc.\* | 5 | 1104 |
| &nbsp;&nbsp;&nbsp; Graham Holdings Co. — Class B | 1 | 1099 |
| &nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 9 | 1095 |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.\* | 29 | 1086 |
| &nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 13 | 1042 |
| &nbsp;&nbsp;&nbsp; StoneCo Ltd. — Class A\* | 67 | 991 |
| &nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp.\* | 22 | 969 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 12 | 955 |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc. — Class B\* | 5 | 945 |
| &nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 42 | 941 |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 9 | 931 |
| &nbsp;&nbsp;&nbsp; Korn Ferry | 14 | 924 |
| &nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals, Inc.\* | 20 | 896 |
| &nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 22 | 889 |
| &nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 21 | 884 |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 33 | 881 |
| &nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc.\* | 11 | 869 |
| &nbsp;&nbsp;&nbsp; LivaNova plc\* | 14 | 861 |
| &nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 6 | 856 |
| &nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 29 | 842 |
| &nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc.\* | 22 | 841 |
| &nbsp;&nbsp;&nbsp; Marzetti Co. | 5 | 822 |
| &nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\* | 10 | 819 |
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 13 | 802 |
| &nbsp;&nbsp;&nbsp; Celcuity, Inc.\* | 8 | 798 |
| &nbsp;&nbsp;&nbsp; WD-40 Co. | 4 | 788 |
| &nbsp;&nbsp;&nbsp; GRAIL, Inc.\* | 9 | 770 |
| &nbsp;&nbsp;&nbsp; Apogee Therapeutics, Inc.\* | 10 | 755 |
| &nbsp;&nbsp;&nbsp; Oscar Health, Inc. — Class A\* | 52 | 747 |
| &nbsp;&nbsp;&nbsp; Privia Health Group, Inc.\* | 31 | 735 |
| &nbsp;&nbsp;&nbsp; Ideaya Biosciences, Inc.\* | 21 | 726 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 31 | 724 |
| &nbsp;&nbsp;&nbsp; Stride, Inc.\* | 11 | 714 |
| &nbsp;&nbsp;&nbsp; Vera Therapeutics, Inc.\* | 14 | 709 |
| &nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 9 | 706 |
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 14 | 696 |
| &nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.\* | 25 | 693 |
| &nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 4 | 692 |
| &nbsp;&nbsp;&nbsp; Vita Coco Company, Inc.\* | 13 | 689 |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 16 | 677 |
| &nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc. — Class A\* | 62 | 669 |
| &nbsp;&nbsp;&nbsp; CBIZ, Inc.\* | 13 | 656 |
| &nbsp;&nbsp;&nbsp; Viridian Therapeutics, Inc.\* | 21 | 654 |
| &nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc.\* | 31 | 652 |
| &nbsp;&nbsp;&nbsp; GeneDx Holdings Corp.\* | 5 | 650 |
| &nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 40 | 650 |
| &nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc.\* | 33 | 645 |
| &nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc.\* | 10 | 623 |
| &nbsp;&nbsp;&nbsp; CG oncology, Inc.\* | 15 | 623 |
| &nbsp;&nbsp;&nbsp; Remitly Global, Inc.\* | 45 | 621 |
| &nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc.\* | 12 | 612 |
| &nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 31 | 610 |
| &nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc.\* | 18 | 590 |
| &nbsp;&nbsp;&nbsp; Arcellx, Inc.\* | 9 | 587 |
| &nbsp;&nbsp;&nbsp; Liquidia Corp.\* | 17 | 586 |
| &nbsp;&nbsp;&nbsp; Denali Therapeutics, Inc.\* | 35 | 578 |
| &nbsp;&nbsp;&nbsp; Nuvation Bio, Inc.\* | 63 | 564 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc.\* | 35 | 564 |
| &nbsp;&nbsp;&nbsp; Ocular Therapeutix, Inc.\* | 46 | 558 |
| &nbsp;&nbsp;&nbsp; Disc Medicine, Inc.\* | 7 | 556 |
| &nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc.\* | 12 | 556 |
| &nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 12 | 544 |
| &nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 5 | 542 |
| &nbsp;&nbsp;&nbsp; CorVel Corp.\* | 8 | 541 |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 16 | 539 |
| &nbsp;&nbsp;&nbsp; Immunome, Inc.\* | 25 | 537 |
| &nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 5 | 537 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 28 | 535 |
| &nbsp;&nbsp;&nbsp; TIC Solutions, Inc.\* | 52 | 526 |
| &nbsp;&nbsp;&nbsp; Avadel Pharmaceuticals plc\* | 24 | 517 |
| &nbsp;&nbsp;&nbsp; AtriCure, Inc.\* | 13 | 514 |
| &nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 18 | 514 |
| &nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 20 | 514 |
| &nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd.\* | 30 | 510 |
| &nbsp;&nbsp;&nbsp; Twist Bioscience Corp.\* | 16 | 507 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 40 | 504 |

---

138 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Simply Good Foods Co.\* | 25 | $502 |
| &nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 11 | 502 |
| &nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc.\* | 21 | 500 |
| &nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 17 | 499 |
| &nbsp;&nbsp;&nbsp; EVERTEC, Inc. | 17 | 495 |
| &nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc.\* | 31 | 494 |
| &nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc.\* | 26 | 493 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 23 | 492 |
| &nbsp;&nbsp;&nbsp; Syndax Pharmaceuticals, Inc.\* | 23 | 483 |
| &nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 6 | 481 |
| &nbsp;&nbsp;&nbsp; Andersons, Inc. | 9 | 479 |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 8 | 473 |
| &nbsp;&nbsp;&nbsp; Vericel Corp.\* | 13 | 468 |
| &nbsp;&nbsp;&nbsp; Celldex Therapeutics, Inc.\* | 17 | 462 |
| &nbsp;&nbsp;&nbsp; PACS Group, Inc.\* | 12 | 461 |
| &nbsp;&nbsp;&nbsp; MannKind Corp.\* | 81 | 459 |
| &nbsp;&nbsp;&nbsp; Immunovant, Inc.\* | 18 | 458 |
| &nbsp;&nbsp;&nbsp; 10X Genomics, Inc. — Class A\* | 28 | 457 |
| &nbsp;&nbsp;&nbsp; Marqeta, Inc. — Class A\* | 96 | 456 |
| &nbsp;&nbsp;&nbsp; Edgewise Therapeutics, Inc.\* | 18 | 447 |
| &nbsp;&nbsp;&nbsp; UFP Technologies, Inc.\* | 2 | 444 |
| &nbsp;&nbsp;&nbsp; PROCEPT BioRobotics Corp.\* | 14 | 440 |
| &nbsp;&nbsp;&nbsp; Flywire Corp.\* | 31 | 439 |
| &nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\* | 56 | 437 |
| &nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 12 | 435 |
| &nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 28 | 431 |
| &nbsp;&nbsp;&nbsp; Legence Corp. — Class A\* | 10 | 430 |
| &nbsp;&nbsp;&nbsp; ICF International, Inc. | 5 | 427 |
| &nbsp;&nbsp;&nbsp; Inter Parfums, Inc. | 5 | 424 |
| &nbsp;&nbsp;&nbsp; Payoneer Global, Inc.\* | 74 | 416 |
| &nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 28 | 416 |
| &nbsp;&nbsp;&nbsp; Willdan Group, Inc.\* | 4 | 415 |
| &nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc.\* | 24 | 414 |
| &nbsp;&nbsp;&nbsp; Neogen Corp.\* | 59 | 412 |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 11 | 412 |
| &nbsp;&nbsp;&nbsp; National Healthcare Corp. | 3 | 411 |
| &nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 15 | 408 |
| &nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 5 | 405 |
| &nbsp;&nbsp;&nbsp; CRA International, Inc. | 2 | 401 |
| &nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc.\* | 16 | 400 |
| &nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 34 | 400 |
| &nbsp;&nbsp;&nbsp; Enovis Corp.\* | 15 | 400 |
| &nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 18 | 396 |
| &nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 5 | 395 |
| &nbsp;&nbsp;&nbsp; Axogen, Inc.\* | 12 | 393 |
| &nbsp;&nbsp;&nbsp; Harrow, Inc.\* | 8 | 392 |
| &nbsp;&nbsp;&nbsp; Arlo Technologies, Inc.\* | 27 | 378 |
| &nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc. — Class A\* | 91 | 372 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 8 | 370 |
| &nbsp;&nbsp;&nbsp; Ardelyx, Inc.\* | 63 | 367 |
| &nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 11 | 366 |
| &nbsp;&nbsp;&nbsp; EyePoint, Inc.\* | 20 | 365 |
| &nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.\* | 19 | 363 |
| &nbsp;&nbsp;&nbsp; J & J Snack Foods Corp. | 4 | 361 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 6 | 354 |
| &nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc.\* | 11 | 349 |
| &nbsp;&nbsp;&nbsp; Novocure Ltd.\* | 27 | 349 |
| &nbsp;&nbsp;&nbsp; Insperity, Inc. | 9 | 349 |
| &nbsp;&nbsp;&nbsp; Herbalife Ltd.\* | 27 | 348 |
| &nbsp;&nbsp;&nbsp; Zymeworks, Inc.\* | 13 | 342 |
| &nbsp;&nbsp;&nbsp; Innoviva, Inc.\* | 17 | 340 |
| &nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc. — Class A | 11 | 337 |
| &nbsp;&nbsp;&nbsp; Mind Medicine MindMed, Inc.\* | 25 | 335 |
| &nbsp;&nbsp;&nbsp; Cimpress plc\* | 5 | 333 |
| &nbsp;&nbsp;&nbsp; Dole plc | 22 | 330 |
| &nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 47 | 329 |
| &nbsp;&nbsp;&nbsp; CONMED Corp. | 8 | 325 |
| &nbsp;&nbsp;&nbsp; Surgery Partners, Inc.\* | 21 | 324 |
| &nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 9 | 321 |
| &nbsp;&nbsp;&nbsp; Universal Corp. | 6 | 316 |
| &nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc.\* | 40 | 314 |
| &nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc.\* | 12 | 314 |
| &nbsp;&nbsp;&nbsp; Taysha Gene Therapies, Inc.\* | 57 | 314 |
| &nbsp;&nbsp;&nbsp; US Physical Therapy, Inc. | 4 | 312 |
| &nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 12 | 311 |
| &nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc.\* | 44 | 310 |
| &nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 13 | 307 |
| &nbsp;&nbsp;&nbsp; First Advantage Corp.\* | 21 | 305 |
| &nbsp;&nbsp;&nbsp; Beta Bionics, Inc.\* | 10 | 305 |
| &nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc.\* | 36 | 305 |
| &nbsp;&nbsp;&nbsp; Oruka Therapeutics, Inc.\* | 10 | 303 |
| &nbsp;&nbsp;&nbsp; Trevi Therapeutics, Inc.\* | 24 | 300 |
| &nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 13 | 300 |
| &nbsp;&nbsp;&nbsp; Legalzoom.com, Inc.\* | 30 | 298 |
| &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 10 | 295 |
| &nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 19 | 291 |
| &nbsp;&nbsp;&nbsp; CompoSecure, Inc. — Class A\* | 15 | 289 |
| &nbsp;&nbsp;&nbsp; Capricor Therapeutics, Inc.\* | 10 | 289 |
| &nbsp;&nbsp;&nbsp; Vital Farms, Inc.\* | 9 | 287 |
| &nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc.\* | 23 | 278 |
| &nbsp;&nbsp;&nbsp; Ingles Markets, Inc. — Class A | 4 | 274 |
| &nbsp;&nbsp;&nbsp; Astrana Health, Inc.\* | 11 | 273 |
| &nbsp;&nbsp;&nbsp; Coursera, Inc.\* | 37 | 272 |
| &nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 7 | 272 |
| &nbsp;&nbsp;&nbsp; Biohaven Ltd.\* | 24 | 271 |
| &nbsp;&nbsp;&nbsp; Novavax, Inc.\* | 40 | 269 |
| &nbsp;&nbsp;&nbsp; Deluxe Corp. | 12 | 268 |
| &nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 10 | 268 |
| &nbsp;&nbsp;&nbsp; CareDx, Inc.\* | 14 | 264 |
| &nbsp;&nbsp;&nbsp; Omeros Corp.\* | 15 | 258 |
| &nbsp;&nbsp;&nbsp; Weis Markets, Inc. | 4 | 256 |
| &nbsp;&nbsp;&nbsp; Clover Health Investments Corp.\* | 109 | 256 |
| &nbsp;&nbsp;&nbsp; Sezzle, Inc.\* | 4 | 254 |
| &nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | 7 | 254 |
| &nbsp;&nbsp;&nbsp; Pennant Group, Inc.\* | 9 | 253 |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 25 | 252 |
| &nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc.\* | 9 | 252 |
| &nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 21 | 250 |
| &nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 25 | 249 |
| &nbsp;&nbsp;&nbsp; Tango Therapeutics, Inc.\* | 28 | 248 |
| &nbsp;&nbsp;&nbsp; Dianthus Therapeutics, Inc.\* | 6 | 247 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 139

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 14 | $246 |
| &nbsp;&nbsp;&nbsp; Upstream Bio, Inc.\* | 9 | 244 |
| &nbsp;&nbsp;&nbsp; AnaptysBio, Inc.\* | 5 | 242 |
| &nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 10 | 242 |
| &nbsp;&nbsp;&nbsp; BrightView Holdings, Inc.\* | 19 | 241 |
| &nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\* | 16 | 237 |
| &nbsp;&nbsp;&nbsp; UroGen Pharma Ltd.\* | 10 | 234 |
| &nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc.\* | 26 | 234 |
| &nbsp;&nbsp;&nbsp; Alight, Inc. — Class A | 116 | 226 |
| &nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 18 | 224 |
| &nbsp;&nbsp;&nbsp; MBX Biosciences, Inc.\* | 7 | 221 |
| &nbsp;&nbsp;&nbsp; Kura Oncology, Inc.\* | 21 | 218 |
| &nbsp;&nbsp;&nbsp; MiMedx Group, Inc.\* | 32 | 217 |
| &nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 5 | 214 |
| &nbsp;&nbsp;&nbsp; Arvinas, Inc.\* | 18 | 214 |
| &nbsp;&nbsp;&nbsp; Rapport Therapeutics, Inc.\* | 7 | 212 |
| &nbsp;&nbsp;&nbsp; Palvella Therapeutics, Inc.\* | 2 | 209 |
| &nbsp;&nbsp;&nbsp; Matthews International Corp. — Class A | 8 | 209 |
| &nbsp;&nbsp;&nbsp; Maze Therapeutics, Inc.\* | 5 | 207 |
| &nbsp;&nbsp;&nbsp; Vestis Corp.\* | 31 | 207 |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 12 | 204 |
| &nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\* | 13 | 204 |
| &nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 13 | 200 |
| &nbsp;&nbsp;&nbsp; CorMedix, Inc.\* | 17 | 198 |
| &nbsp;&nbsp;&nbsp; Butterfly Network, Inc.\* | 52 | 198 |
| &nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 19 | 197 |
| &nbsp;&nbsp;&nbsp; Arbutus Biopharma Corp.\* | 41 | 197 |
| &nbsp;&nbsp;&nbsp; SI-BONE, Inc.\* | 10 | 197 |
| &nbsp;&nbsp;&nbsp; Esperion Therapeutics, Inc.\* | 53 | 196 |
| &nbsp;&nbsp;&nbsp; iRadimed Corp. | 2 | 195 |
| &nbsp;&nbsp;&nbsp; Lincoln Educational Services Corp.\* | 8 | 193 |
| &nbsp;&nbsp;&nbsp; Geron Corp.\* | 146 | 193 |
| &nbsp;&nbsp;&nbsp; National Beverage Corp.\* | 6 | 191 |
| &nbsp;&nbsp;&nbsp; Embecta Corp. | 16 | 190 |
| &nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 5 | 189 |
| &nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc.\* | 69 | 188 |
| &nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc.\* | 10 | 187 |
| &nbsp;&nbsp;&nbsp; Savara, Inc.\* | 31 | 187 |
| &nbsp;&nbsp;&nbsp; Phibro Animal Health Corp. — Class A | 5 | 187 |
| &nbsp;&nbsp;&nbsp; Jade Biosciences, Inc. | 12 | 185 |
| &nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. | 5 | 183 |
| &nbsp;&nbsp;&nbsp; Compass Therapeutics, Inc.\* | 34 | 183 |
| &nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc.\* | 11 | 182 |
| &nbsp;&nbsp;&nbsp; Green Dot Corp. — Class A\* | 14 | 179 |
| &nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals, Inc.\* | 19 | 177 |
| &nbsp;&nbsp;&nbsp; Replimune Group, Inc.\* | 18 | 175 |
| &nbsp;&nbsp;&nbsp; ARS Pharmaceuticals, Inc.\* | 15 | 175 |
| &nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 6 | 174 |
| &nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 14 | 173 |
| &nbsp;&nbsp;&nbsp; REGENXBIO, Inc.\* | 12 | 173 |
| &nbsp;&nbsp;&nbsp; Erasca, Inc.\* | 46 | 171 |
| &nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc.\* | 11 | 169 |
| &nbsp;&nbsp;&nbsp; Carriage Services, Inc. — Class A | 4 | 169 |
| &nbsp;&nbsp;&nbsp; Lexeo Therapeutics, Inc.\* | 17 | 169 |
| &nbsp;&nbsp;&nbsp; Septerna, Inc.\* | 6 | 167 |
| &nbsp;&nbsp;&nbsp; Precigen, Inc.\* | 40 | 167 |
| &nbsp;&nbsp;&nbsp; Sionna Therapeutics, Inc.\* | 4 | 165 |
| &nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc.\* | 32 | 165 |
| &nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc.\* | 8 | 163 |
| &nbsp;&nbsp;&nbsp; Cytek Biosciences, Inc.\* | 32 | 162 |
| &nbsp;&nbsp;&nbsp; KalVista Pharmaceuticals, Inc.\* | 10 | 162 |
| &nbsp;&nbsp;&nbsp; ArriVent Biopharma, Inc.\* | 8 | 161 |
| &nbsp;&nbsp;&nbsp; Monro, Inc. | 8 | 160 |
| &nbsp;&nbsp;&nbsp; Gossamer Bio, Inc.\* | 51 | 158 |
| &nbsp;&nbsp;&nbsp; Inhibrx Biosciences, Inc.\* | 2 | 158 |
| &nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc.\* | 6 | 158 |
| &nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc.\* | 6 | 158 |
| &nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc.\* | 10 | 158 |
| &nbsp;&nbsp;&nbsp; Kforce, Inc. | 5 | 155 |
| &nbsp;&nbsp;&nbsp; Ceribell, Inc.\* | 7 | 153 |
| &nbsp;&nbsp;&nbsp; Udemy, Inc.\* | 26 | 152 |
| &nbsp;&nbsp;&nbsp; Janux Therapeutics, Inc.\* | 11 | 152 |
| &nbsp;&nbsp;&nbsp; Orthofix Medical, Inc.\* | 10 | 152 |
| &nbsp;&nbsp;&nbsp; Bicara Therapeutics, Inc.\* | 9 | 151 |
| &nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc. — Class A\* | 5 | 150 |
| &nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 27 | 150 |
| &nbsp;&nbsp;&nbsp; Aquestive Therapeutics, Inc.\* | 23 | 149 |
| &nbsp;&nbsp;&nbsp; Myriad Genetics, Inc.\* | 24 | 148 |
| &nbsp;&nbsp;&nbsp; Aveanna Healthcare Holdings, Inc.\* | 18 | 147 |
| &nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc.\* | 36 | 147 |
| &nbsp;&nbsp;&nbsp; Zenas Biopharma, Inc.\* | 4 | 145 |
| &nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc. — Class A\* | 43 | 145 |
| &nbsp;&nbsp;&nbsp; Cullinan Therapeutics, Inc.\* | 14 | 145 |
| &nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc.\* | 24 | 145 |
| &nbsp;&nbsp;&nbsp; John B Sanfilippo & Son, Inc. | 2 | 141 |
| &nbsp;&nbsp;&nbsp; Pacific Biosciences of California, Inc.\* | 74 | 138 |
| &nbsp;&nbsp;&nbsp; Hackett Group, Inc. | 7 | 137 |
| &nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 12 | 135 |
| &nbsp;&nbsp;&nbsp; Zevra Therapeutics, Inc.\* | 15 | 134 |
| &nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 15 | 132 |
| &nbsp;&nbsp;&nbsp; Astria Therapeutics, Inc.\* | 10 | 131 |
| &nbsp;&nbsp;&nbsp; Annexon, Inc.\* | 26 | 131 |
| &nbsp;&nbsp;&nbsp; AngioDynamics, Inc.\* | 10 | 128 |
| &nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 11 | 128 |
| &nbsp;&nbsp;&nbsp; Mission Produce, Inc.\* | 11 | 128 |
| &nbsp;&nbsp;&nbsp; Helen of Troy Ltd.\* | 6 | 128 |
| &nbsp;&nbsp;&nbsp; Alumis, Inc.\* | 13 | 127 |
| &nbsp;&nbsp;&nbsp; Ennis, Inc. | 7 | 126 |
| &nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 3 | 125 |
| &nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc.\* | 11 | 124 |
| &nbsp;&nbsp;&nbsp; ORIC Pharmaceuticals, Inc.\* | 15 | 123 |
| &nbsp;&nbsp;&nbsp; OPKO Health, Inc.\* | 97 | 122 |
| &nbsp;&nbsp;&nbsp; Mama's Creations, Inc.\* | 9 | 121 |
| &nbsp;&nbsp;&nbsp; ImmunityBio, Inc.\* | 61 | 121 |
| &nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 13 | 120 |
| &nbsp;&nbsp;&nbsp; Eton Pharmaceuticals, Inc.\* | 7 | 118 |
| &nbsp;&nbsp;&nbsp; Transcat, Inc.\* | 2 | 113 |
| &nbsp;&nbsp;&nbsp; LB Pharmaceuticals, Inc.\* | 5 | 111 |
| &nbsp;&nbsp;&nbsp; Seneca Foods Corp. — Class A\* | 1 | 111 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.\* | 35 | 109 |

---

140 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc.\* | 67 | $108 |
| &nbsp;&nbsp;&nbsp; Corvus Pharmaceuticals, Inc.\* | 14 | 108 |
| &nbsp;&nbsp;&nbsp; Kestra Medical Technologies Ltd.\* | 4 | 106 |
| &nbsp;&nbsp;&nbsp; Personalis, Inc.\* | 13 | 104 |
| &nbsp;&nbsp;&nbsp; Absci Corp.\* | 29 | 101 |
| &nbsp;&nbsp;&nbsp; Cerus Corp.\* | 49 | 101 |
| &nbsp;&nbsp;&nbsp; SunOpta, Inc.\* | 26 | 99 |
| &nbsp;&nbsp;&nbsp; SELLAS Life Sciences Group, Inc.\* | 26 | 98 |
| &nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 4 | 97 |
| &nbsp;&nbsp;&nbsp; ClearPoint Neuro, Inc.\* | 7 | 96 |
| &nbsp;&nbsp;&nbsp; Prothena Corporation plc\* | 10 | 96 |
| &nbsp;&nbsp;&nbsp; Tejon Ranch Co.\* | 6 | 95 |
| &nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc. — Class A\* | 29 | 94 |
| &nbsp;&nbsp;&nbsp; RxSight, Inc.\* | 9 | 94 |
| &nbsp;&nbsp;&nbsp; Nathan's Famous, Inc. | 1 | 94 |
| &nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 18 | 93 |
| &nbsp;&nbsp;&nbsp; Evolus, Inc.\* | 14 | 93 |
| &nbsp;&nbsp;&nbsp; NeuroPace, Inc.\* | 6 | 93 |
| &nbsp;&nbsp;&nbsp; Verastem, Inc.\* | 12 | 93 |
| &nbsp;&nbsp;&nbsp; Custom Truck One Source, Inc.\* | 16 | 92 |
| &nbsp;&nbsp;&nbsp; B&G Foods, Inc. | 21 | 90 |
| &nbsp;&nbsp;&nbsp; Solid Biosciences, Inc.\* | 16 | 90 |
| &nbsp;&nbsp;&nbsp; Bioventus, Inc. — Class A\* | 12 | 89 |
| &nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc.\* | 14 | 89 |
| &nbsp;&nbsp;&nbsp; OrthoPediatrics Corp.\* | 5 | 89 |
| &nbsp;&nbsp;&nbsp; MeiraGTx Holdings plc\* | 11 | 87 |
| &nbsp;&nbsp;&nbsp; Calavo Growers, Inc. | 4 | 87 |
| &nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc.\* | 4 | 86 |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 23 | 86 |
| &nbsp;&nbsp;&nbsp; Cadiz, Inc.\* | 15 | 84 |
| &nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings, Inc.\* | 10 | 83 |
| &nbsp;&nbsp;&nbsp; Beyond Meat, Inc.\* | 101 | 83 |
| &nbsp;&nbsp;&nbsp; 4D Molecular Therapeutics, Inc.\* | 11 | 83 |
| &nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc.\* | 8 | 82 |
| &nbsp;&nbsp;&nbsp; Distribution Solutions Group, Inc.\* | 3 | 82 |
| &nbsp;&nbsp;&nbsp; Strata Critical Medical, Inc.\* | 17 | 82 |
| &nbsp;&nbsp;&nbsp; Delcath Systems, Inc.\* | 8 | 81 |
| &nbsp;&nbsp;&nbsp; Rocket Pharmaceuticals, Inc.\* | 23 | 81 |
| &nbsp;&nbsp;&nbsp; LENZ Therapeutics, Inc.\* | 5 | 80 |
| &nbsp;&nbsp;&nbsp; XOMA Royalty Corp.\* | 3 | 80 |
| &nbsp;&nbsp;&nbsp; BioAge Labs, Inc.\* | 6 | 79 |
| &nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 5 | 79 |
| &nbsp;&nbsp;&nbsp; Anavex Life Sciences Corp.\* | 22 | 78 |
| &nbsp;&nbsp;&nbsp; Bright Minds Biosciences, Inc.\* | 1 | 78 |
| &nbsp;&nbsp;&nbsp; Aldeyra Therapeutics, Inc.\* | 15 | 78 |
| &nbsp;&nbsp;&nbsp; Repay Holdings Corp.\* | 21 | 77 |
| &nbsp;&nbsp;&nbsp; Altimmune, Inc.\* | 21 | 76 |
| &nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, Inc. | 3 | 75 |
| &nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc.\* | 21 | 75 |
| &nbsp;&nbsp;&nbsp; Paysafe Ltd.\* | 9 | 73 |
| &nbsp;&nbsp;&nbsp; Target Hospitality Corp.\* | 9 | 72 |
| &nbsp;&nbsp;&nbsp; Village Super Market, Inc. — Class A | 2 | 71 |
| &nbsp;&nbsp;&nbsp; Kelly Services, Inc. — Class A | 8 | 70 |
| &nbsp;&nbsp;&nbsp; MapLight Therapeutics, Inc.\* | 4 | 70 |
| &nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc.\* | 23 | 69 |
| &nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc.\* | 5 | 69 |
| &nbsp;&nbsp;&nbsp; SIGA Technologies, Inc. | 11 | 67 |
| &nbsp;&nbsp;&nbsp; ADC Therapeutics S.A.\* | 19 | 67 |
| &nbsp;&nbsp;&nbsp; Viemed Healthcare, Inc.\* | 9 | 67 |
| &nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 11 | 65 |
| &nbsp;&nbsp;&nbsp; Monopar Therapeutics, Inc.\* | 1 | 65 |
| &nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 8 | 65 |
| &nbsp;&nbsp;&nbsp; Honest Company, Inc.\* | 25 | 64 |
| &nbsp;&nbsp;&nbsp; KORU Medical Systems, Inc.\* | 11 | 64 |
| &nbsp;&nbsp;&nbsp; Quanterix Corp.\* | 10 | 64 |
| &nbsp;&nbsp;&nbsp; Abeona Therapeutics, Inc.\* | 12 | 63 |
| &nbsp;&nbsp;&nbsp; Tectonic Therapeutic, Inc.\* | 3 | 63 |
| &nbsp;&nbsp;&nbsp; Candel Therapeutics, Inc.\* | 11 | 62 |
| &nbsp;&nbsp;&nbsp; Neurogene, Inc.\* | 3 | 62 |
| &nbsp;&nbsp;&nbsp; SANUWAVE Health, Inc.\* | 2 | 60 |
| &nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 3 | 59 |
| &nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 2 | 58 |
| &nbsp;&nbsp;&nbsp; Lifecore Biomedical, Inc.\* | 7 | 57 |
| &nbsp;&nbsp;&nbsp; agilon health, Inc.\* | 83 | 57 |
| &nbsp;&nbsp;&nbsp; Oncology Institute, Inc.\* | 16 | 57 |
| &nbsp;&nbsp;&nbsp; National Research Corp. — Class A | 3 | 56 |
| &nbsp;&nbsp;&nbsp; Design Therapeutics, Inc.\* | 6 | 56 |
| &nbsp;&nbsp;&nbsp; Accendra Health, Inc.\* | 20 | 56 |
| &nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 1 | 56 |
| &nbsp;&nbsp;&nbsp; DiaMedica Therapeutics, Inc.\* | 7 | 56 |
| &nbsp;&nbsp;&nbsp; Prime Medicine, Inc.\* | 16 | 56 |
| &nbsp;&nbsp;&nbsp; USCB Financial Holdings, Inc. | 3 | 55 |
| &nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc.\* | 40 | 55 |
| &nbsp;&nbsp;&nbsp; Aura Biosciences, Inc.\* | 10 | 54 |
| &nbsp;&nbsp;&nbsp; Benitec Biopharma, Inc.\* | 4 | 54 |
| &nbsp;&nbsp;&nbsp; Heron Therapeutics, Inc.\* | 41 | 53 |
| &nbsp;&nbsp;&nbsp; Ardent Health, Inc.\* | 6 | 53 |
| &nbsp;&nbsp;&nbsp; Spire Global, Inc.\* | 7 | 53 |
| &nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 9 | 52 |
| &nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc.\* | 13 | 51 |
| &nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc.\* | 38 | 51 |
| &nbsp;&nbsp;&nbsp; Limoneira Co. | 4 | 50 |
| &nbsp;&nbsp;&nbsp; Franklin Covey Co.\* | 3 | 50 |
| &nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 8 | 50 |
| &nbsp;&nbsp;&nbsp; Foghorn Therapeutics, Inc.\* | 9 | 49 |
| &nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 20 | 48 |
| &nbsp;&nbsp;&nbsp; Protara Therapeutics, Inc.\* | 9 | 48 |
| &nbsp;&nbsp;&nbsp; Cardiff Oncology, Inc.\* | 17 | 48 |
| &nbsp;&nbsp;&nbsp; Nano-X Imaging Ltd.\* | 17 | 48 |
| &nbsp;&nbsp;&nbsp; OmniAb, Inc.\* | 25 | 46 |
| &nbsp;&nbsp;&nbsp; Fennec Pharmaceuticals, Inc.\* | 6 | 46 |
| &nbsp;&nbsp;&nbsp; Semler Scientific, Inc.\* | 3 | 46 |
| &nbsp;&nbsp;&nbsp; Resources Connection, Inc. | 9 | 45 |
| &nbsp;&nbsp;&nbsp; Editas Medicine, Inc.\* | 22 | 45 |
| &nbsp;&nbsp;&nbsp; Chaince Digital Holdings, Inc.\* | 9 | 45 |
| &nbsp;&nbsp;&nbsp; Perspective Therapeutics, Inc.\* | 16 | 44 |
| &nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, Inc.\* | 7 | 43 |
| &nbsp;&nbsp;&nbsp; Rezolute, Inc.\* | 18 | 42 |
| &nbsp;&nbsp;&nbsp; Greenwich Lifesciences, Inc.\* | 2 | 42 |
| &nbsp;&nbsp;&nbsp; Larimar Therapeutics, Inc.\* | 11 | 42 |
| &nbsp;&nbsp;&nbsp; MaxCyte, Inc.\* | 27 | 42 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 141

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Quantum-Si, Inc.\* | 38 | $| 42 |
| &nbsp;&nbsp;&nbsp; Beauty Health Co.\* | 30 |  | 42 |
| &nbsp;&nbsp;&nbsp; Westrock Coffee Co.\* | 10 |  | 41 |
| &nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 6 |  | 40 |
| &nbsp;&nbsp;&nbsp; Acme United Corp. | 1 |  | 40 |
| &nbsp;&nbsp;&nbsp; Coherus Oncology, Inc.\* | 28 |  | 40 |
| &nbsp;&nbsp;&nbsp; Priority Technology Holdings, Inc.\* | 7 |  | 38 |
| &nbsp;&nbsp;&nbsp; MediWound Ltd.\* | 2 |  | 37 |
| &nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 8 |  | 36 |
| &nbsp;&nbsp;&nbsp; Alico, Inc. | 1 |  | 36 |
| &nbsp;&nbsp;&nbsp; LENSAR, Inc.\* | 3 |  | 35 |
| &nbsp;&nbsp;&nbsp; Joint Corp.\* | 4 |  | 35 |
| &nbsp;&nbsp;&nbsp; KinderCare Learning Companies, Inc.\* | 8 |  | 35 |
| &nbsp;&nbsp;&nbsp; Stereotaxis, Inc.\* | 15 |  | 34 |
| &nbsp;&nbsp;&nbsp; Protalix BioTherapeutics, Inc.\* | 19 |  | 34 |
| &nbsp;&nbsp;&nbsp; Acacia Research Corp.\* | 9 |  | 34 |
| &nbsp;&nbsp;&nbsp; Inhibikase Therapeutics, Inc.\* | 16 |  | 33 |
| &nbsp;&nbsp;&nbsp; Sonida Senior Living, Inc.\* | 1 |  | 33 |
| &nbsp;&nbsp;&nbsp; Medifast, Inc.\* | 3 |  | 32 |
| &nbsp;&nbsp;&nbsp; Treace Medical Concepts, Inc.\* | 13 |  | 32 |
| &nbsp;&nbsp;&nbsp; Humacyte, Inc.\* | 33 |  | 32 |
| &nbsp;&nbsp;&nbsp; Tonix Pharmaceuticals Holding Corp.\* | 2 |  | 31 |
| &nbsp;&nbsp;&nbsp; Anteris Technologies Global Corp.\* | 6 |  | 30 |
| &nbsp;&nbsp;&nbsp; CPI Card Group, Inc.\* | 2 |  | 29 |
| &nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc.\* | 3 |  | 29 |
| &nbsp;&nbsp;&nbsp; European Wax Center, Inc. — Class A\* | 8 |  | 29 |
| &nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc.\* | 29 |  | 29 |
| &nbsp;&nbsp;&nbsp; CVRx, Inc.\* | 4 |  | 28 |
| &nbsp;&nbsp;&nbsp; Alector, Inc.\* | 18 |  | 28 |
| &nbsp;&nbsp;&nbsp; TriSalus Life Sciences, Inc.\* | 4 |  | 28 |
| &nbsp;&nbsp;&nbsp; Aardvark Therapeutics, Inc.\* | 2 |  | 26 |
| &nbsp;&nbsp;&nbsp; Innovage Holding Corp.\* | 5 |  | 26 |
| &nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc.\* | 24 |  | 26 |
| &nbsp;&nbsp;&nbsp; Forrester Research, Inc.\* | 3 |  | 24 |
| &nbsp;&nbsp;&nbsp; Lifeway Foods, Inc.\* | 1 |  | 24 |
| &nbsp;&nbsp;&nbsp; Eledon Pharmaceuticals, Inc.\* | 16 |  | 24 |
| &nbsp;&nbsp;&nbsp; SoundThinking, Inc.\* | 3 |  | 24 |
| &nbsp;&nbsp;&nbsp; HF Foods Group, Inc.\* | 11 |  | 24 |
| &nbsp;&nbsp;&nbsp; Sanara Medtech, Inc.\* | 1 |  | 23 |
| &nbsp;&nbsp;&nbsp; Journey Medical Corp.\* | 3 |  | 23 |
| &nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc. | 5 |  | 23 |
| &nbsp;&nbsp;&nbsp; Nuvectis Pharma, Inc.\* | 3 |  | 23 |
| &nbsp;&nbsp;&nbsp; Accuray, Inc.\* | 27 |  | 22 |
| &nbsp;&nbsp;&nbsp; Pulmonx Corp.\* | 10 |  | 22 |
| &nbsp;&nbsp;&nbsp; DocGo, Inc.\* | 24 |  | 21 |
| &nbsp;&nbsp;&nbsp; Biote Corp. — Class A\* | 8 |  | 21 |
| &nbsp;&nbsp;&nbsp; Lucid Diagnostics, Inc.\* | 19 |  | 21 |
| &nbsp;&nbsp;&nbsp; Waldencast plc — Class A\* | 11 |  | 21 |
| &nbsp;&nbsp;&nbsp; RCM Technologies, Inc.\* | 1 |  | 20 |
| &nbsp;&nbsp;&nbsp; Nkarta, Inc.\* | 11 |  | 20 |
| &nbsp;&nbsp;&nbsp; BRC, Inc. — Class A\* | 17 |  | 19 |
| &nbsp;&nbsp;&nbsp; Zevia PBC — Class A\* | 8 |  | 19 |
| &nbsp;&nbsp;&nbsp; Lifevantage Corp. | 3 |  | 19 |
| &nbsp;&nbsp;&nbsp; aTyr Pharma, Inc.\* | 23 |  | 18 |
| &nbsp;&nbsp;&nbsp; Emerald Holding, Inc. | 4 |  | 18 |
| &nbsp;&nbsp;&nbsp; FitLife Brands, Inc.\* | 1 |  | 16 |
| &nbsp;&nbsp;&nbsp; Korro Bio, Inc.\* | 2 |  | 16 |
| &nbsp;&nbsp;&nbsp; MarketWise, Inc. | 1 |  | 15 |
| &nbsp;&nbsp;&nbsp; Outset Medical, Inc.\* | 4 |  | 15 |
| &nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc.\* | 2 |  | 14 |
| &nbsp;&nbsp;&nbsp; Gyre Therapeutics, Inc.\* | 2 |  | 14 |
| &nbsp;&nbsp;&nbsp; Ispire Technology, Inc.\* | 5 |  | 14 |
| &nbsp;&nbsp;&nbsp; Neuronetics, Inc.\* | 10 |  | 14 |
| &nbsp;&nbsp;&nbsp; Actuate Therapeutics, Inc.\* | 2 |  | 12 |
| &nbsp;&nbsp;&nbsp; Alpha Teknova, Inc.\* | 3 |  | 11 |
| &nbsp;&nbsp;&nbsp; Forafric Global plc\* | 1 |  | 11 |
| &nbsp;&nbsp;&nbsp; HireQuest, Inc. | 1 |  | 11 |
| &nbsp;&nbsp;&nbsp; Avita Medical, Inc.\* | 3 |  | 10 |
| &nbsp;&nbsp;&nbsp; SBC Medical Group Holdings, Inc.\* | 2 |  | 9 |
| &nbsp;&nbsp;&nbsp; Myomo, Inc.\* | 9 |  | 8 |
| &nbsp;&nbsp;&nbsp; Solesence, Inc.\* | 5 |  | 8 |
| &nbsp;&nbsp;&nbsp; Inmune Bio, Inc.\* | 4 |  | 6 |
| &nbsp;&nbsp;&nbsp; AirSculpt Technologies, Inc.\* | 3 |  | 6 |
| &nbsp;&nbsp;&nbsp; TuHURA Biosciences, Inc.\* | 7 |  | 5 |
| &nbsp;&nbsp;&nbsp; Tvardi Therapeutics, Inc.\* | 1 |  | 4 |
| &nbsp;&nbsp;&nbsp; Atlantic International Corp.\* | 3 |  | 4 |
| &nbsp;&nbsp;&nbsp; Tevogen Bio Holdings, Inc.\* | 8 |  | 3 |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 6 |  |  |
|  **Total Consumer, Non-cyclical** |  |  | 178621 |
|  **Financial - 6.1%** | **Financial - 6.1%** | **Financial - 6.1%** | **Financial - 6.1%** |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 19 |  | 2186 |
| &nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 59 |  | 2133 |
| &nbsp;&nbsp;&nbsp; Cadence Bank | 49 |  | 2099 |
| &nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 44 |  | 2071 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | 92 |  | 2053 |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. — Class A | 18 |  | 1920 |
| &nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 5 |  | 1699 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 25 |  | 1625 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. REIT | 27 |  | 1585 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. REIT | 52 |  | 1542 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. REIT | 16 |  | 1514 |
| &nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 34 |  | 1498 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | 127 |  | 1483 |
| &nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 37 |  | 1421 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 22 |  | 1401 |
| &nbsp;&nbsp;&nbsp; Moelis & Co. — Class A | 20 |  | 1375 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust REIT | 57 |  | 1366 |
| &nbsp;&nbsp;&nbsp; Compass, Inc. — Class A\* | 129 |  | 1363 |
| &nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 49 |  | 1361 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 16 |  | 1339 |
| &nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 37 |  | 1306 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc. | 36 |  | 1296 |
| &nbsp;&nbsp;&nbsp; Ameris Bancorp | 17 |  | 1263 |
| &nbsp;&nbsp;&nbsp; Cipher Mining, Inc.\* | 85 |  | 1255 |
| &nbsp;&nbsp;&nbsp; Macerich Co. REIT | 67 |  | 1237 |
| &nbsp;&nbsp;&nbsp; StoneX Group, Inc.\* | 13 |  | 1237 |
| &nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 14 |  | 1206 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 62 |  | 1174 |
| &nbsp;&nbsp;&nbsp; Phillips Edison & Company, Inc. REIT | 33 |  | 1174 |
| &nbsp;&nbsp;&nbsp; Riot Platforms, Inc.\* | 92 |  | 1166 |
| &nbsp;&nbsp;&nbsp; StepStone Group, Inc. — Class A | 18 |  | 1155 |

---

142 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Hut 8 Corp.\* | 25 | $1148 |
| &nbsp;&nbsp;&nbsp; Lemonade, Inc.\* | 16 | 1139 |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 44 | 1133 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. REIT | 63 | 1101 |
| &nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 59 | 1087 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 12 | 1086 |
| &nbsp;&nbsp;&nbsp; Core Scientific, Inc.\* | 74 | 1077 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 25 | 1062 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 8 | 1055 |
| &nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 35 | 1045 |
| &nbsp;&nbsp;&nbsp; Flagstar Bank North America | 81 | 1020 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. | 32 | 1006 |
| &nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 14 | 1005 |
| &nbsp;&nbsp;&nbsp; PJT Partners, Inc. — Class A | 6 | 1003 |
| &nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 32 | 999 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 61 | 988 |
| &nbsp;&nbsp;&nbsp; Tanger, Inc. REIT | 29 | 968 |
| &nbsp;&nbsp;&nbsp; Genworth Financial, Inc. — Class A\* | 107 | 966 |
| &nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.\* | 22 | 962 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | 13 | 950 |
| &nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\* | 7 | 943 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 6 | 943 |
| &nbsp;&nbsp;&nbsp; Outfront Media, Inc. REIT | 39 | 940 |
| &nbsp;&nbsp;&nbsp; International Bancshares Corp. | 14 | 930 |
| &nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 48 | 928 |
| &nbsp;&nbsp;&nbsp; Terawulf, Inc.\* | 80 | 919 |
| &nbsp;&nbsp;&nbsp; National Health Investors, Inc. REIT | 12 | 916 |
| &nbsp;&nbsp;&nbsp; BankUnited, Inc. | 20 | 891 |
| &nbsp;&nbsp;&nbsp; MARA Holdings, Inc.\* | 99 | 889 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 12 | 888 |
| &nbsp;&nbsp;&nbsp; Renasant Corp. | 25 | 881 |
| &nbsp;&nbsp;&nbsp; SL Green Realty Corp. REIT | 19 | 872 |
| &nbsp;&nbsp;&nbsp; First BanCorp | 42 | 871 |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. REIT | 50 | 868 |
| &nbsp;&nbsp;&nbsp; BGC Group, Inc. — Class A | 96 | 857 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc. — Class A\* | 21 | 857 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties REIT | 30 | 834 |
| &nbsp;&nbsp;&nbsp; WesBanco, Inc. | 25 | 831 |
| &nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 15 | 829 |
| &nbsp;&nbsp;&nbsp; Cathay General Bancorp | 17 | 823 |
| &nbsp;&nbsp;&nbsp; Community Financial System, Inc. | 14 | 804 |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc. — Class A REIT | 42 | 803 |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. — Class A | 23 | 796 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. REIT | 20 | 796 |
| &nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc. — Class A | 12 | 757 |
| &nbsp;&nbsp;&nbsp; Cleanspark, Inc.\* | 74 | 749 |
| &nbsp;&nbsp;&nbsp; LXP Industrial Trust REIT | 15 | 744 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc.\* | 11 | 743 |
| &nbsp;&nbsp;&nbsp; Seacoast Banking Corporation of Florida | 23 | 723 |
| &nbsp;&nbsp;&nbsp; Acadia Realty Trust REIT | 35 | 719 |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp. — Class A | 38 | 716 |
| &nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 60 | 711 |
| &nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 10 | 684 |
| &nbsp;&nbsp;&nbsp; Newmark Group, Inc. — Class A | 39 | 676 |
| &nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 34 | 671 |
| &nbsp;&nbsp;&nbsp; Dave, Inc.\* | 3 | 664 |
| &nbsp;&nbsp;&nbsp; Mercury General Corp. | 7 | 658 |
| &nbsp;&nbsp;&nbsp; Banc of California, Inc. | 34 | 656 |
| &nbsp;&nbsp;&nbsp; Urban Edge Properties REIT | 34 | 652 |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Inc. — Class A | 16 | 652 |
| &nbsp;&nbsp;&nbsp; CVB Financial Corp. | 35 | 651 |
| &nbsp;&nbsp;&nbsp; WaFd, Inc. | 20 | 641 |
| &nbsp;&nbsp;&nbsp; TowneBank | 19 | 634 |
| &nbsp;&nbsp;&nbsp; McGrath RentCorp | 6 | 630 |
| &nbsp;&nbsp;&nbsp; First Financial Bancorp | 25 | 626 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. REIT | 27 | 623 |
| &nbsp;&nbsp;&nbsp; FB Financial Corp. | 11 | 614 |
| &nbsp;&nbsp;&nbsp; Park National Corp. | 4 | 609 |
| &nbsp;&nbsp;&nbsp; Curbline Properties Corp. REIT | 26 | 603 |
| &nbsp;&nbsp;&nbsp; St. Joe Co. | 10 | 594 |
| &nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. REIT | 21 | 592 |
| &nbsp;&nbsp;&nbsp; SiriusPoint Ltd.\* | 27 | 591 |
| &nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 8 | 585 |
| &nbsp;&nbsp;&nbsp; Trustmark Corp. | 15 | 584 |
| &nbsp;&nbsp;&nbsp; Beacon Financial Corp. | 22 | 580 |
| &nbsp;&nbsp;&nbsp; HCI Group, Inc. | 3 | 575 |
| &nbsp;&nbsp;&nbsp; LendingClub Corp.\* | 30 | 568 |
| &nbsp;&nbsp;&nbsp; Banner Corp. | 9 | 564 |
| &nbsp;&nbsp;&nbsp; First Merchants Corp. | 15 | 562 |
| &nbsp;&nbsp;&nbsp; Webull Corp.\* | 72 | 559 |
| &nbsp;&nbsp;&nbsp; First Bancorp | 11 | 559 |
| &nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son Ltd. | 11 | 548 |
| &nbsp;&nbsp;&nbsp; Dynex Capital, Inc. REIT | 39 | 546 |
| &nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 9 | 541 |
| &nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 10 | 540 |
| &nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 13 | 540 |
| &nbsp;&nbsp;&nbsp; Marex Group plc | 14 | 537 |
| &nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, Inc. | 30 | 531 |
| &nbsp;&nbsp;&nbsp; BancFirst Corp. | 5 | 530 |
| &nbsp;&nbsp;&nbsp; First Busey Corp. | 22 | 523 |
| &nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 11 | 508 |
| &nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. REIT | 55 | 493 |
| &nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 7 | 492 |
| &nbsp;&nbsp;&nbsp; OFG Bancorp | 12 | 492 |
| &nbsp;&nbsp;&nbsp; City Holding Co. | 4 | 477 |
| &nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. REIT | 43 | 473 |
| &nbsp;&nbsp;&nbsp; Burford Capital Ltd. | 52 | 464 |
| &nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd. — Class A | 48 | 463 |
| &nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 9 | 460 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. — Class A\* | 19 | 457 |
| &nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 38 | 456 |
| &nbsp;&nbsp;&nbsp; Global Net Lease, Inc. REIT | 53 | 456 |
| &nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 27 | 455 |
| &nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 7 | 455 |
| &nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc. — Class A | 6 | 442 |
| &nbsp;&nbsp;&nbsp; Cohen & Steers, Inc. | 7 | 439 |
| &nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. REIT | 48 | 429 |
| &nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 6 | 426 |
| &nbsp;&nbsp;&nbsp; LTC Properties, Inc. REIT | 12 | 413 |
| &nbsp;&nbsp;&nbsp; Elme Communities REIT | 23 | 400 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 143

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Lakeland Financial Corp. | 7 | $399 |
| &nbsp;&nbsp;&nbsp; Nelnet, Inc. — Class A | 3 | 399 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 28 | 396 |
| &nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc. REIT | 51 | 396 |
| &nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 10 | 394 |
| &nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. REIT | 19 | 392 |
| &nbsp;&nbsp;&nbsp; German American Bancorp, Inc. | 10 | 392 |
| &nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 32 | 390 |
| &nbsp;&nbsp;&nbsp; NETSTREIT Corp. REIT | 22 | 388 |
| &nbsp;&nbsp;&nbsp; Getty Realty Corp. REIT | 14 | 383 |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp. — Class A | 10 | 380 |
| &nbsp;&nbsp;&nbsp; TriCo Bancshares | 8 | 379 |
| &nbsp;&nbsp;&nbsp; Triumph Financial, Inc.\* | 6 | 376 |
| &nbsp;&nbsp;&nbsp; Trupanion, Inc.\* | 10 | 374 |
| &nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 11 | 373 |
| &nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 12 | 371 |
| &nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. REIT | 26 | 368 |
| &nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | 3 | 364 |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. REIT | 37 | 358 |
| &nbsp;&nbsp;&nbsp; Farmer Mac — Class C | 2 | 351 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust REIT | 31 | 351 |
| &nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. REIT | 15 | 350 |
| &nbsp;&nbsp;&nbsp; Coastal Financial Corp.\* | 3 | 344 |
| &nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 13 | 341 |
| &nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 31 | 340 |
| &nbsp;&nbsp;&nbsp; Ellington Financial, Inc. REIT | 25 | 340 |
| &nbsp;&nbsp;&nbsp; ProAssurance Corp.\* | 14 | 338 |
| &nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd. — Class B\* | 12 | 335 |
| &nbsp;&nbsp;&nbsp; UMH Properties, Inc. REIT | 21 | 334 |
| &nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 4 | 333 |
| &nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. REIT | 7 | 332 |
| &nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 11 | 331 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Corp. — Class A REIT | 30 | 330 |
| &nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 7 | 329 |
| &nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 2 | 326 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 6 | 326 |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 33 | 319 |
| &nbsp;&nbsp;&nbsp; Veris Residential, Inc. REIT | 21 | 312 |
| &nbsp;&nbsp;&nbsp; 1st Source Corp. | 5 | 312 |
| &nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | 4 | 312 |
| &nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 9 | 309 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 10 | 308 |
| &nbsp;&nbsp;&nbsp; Origin Bancorp, Inc. | 8 | 301 |
| &nbsp;&nbsp;&nbsp; Two Harbors Investment Corp. REIT | 28 | 294 |
| &nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd. | 15 | 293 |
| &nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 4 | 290 |
| &nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust REIT | 23 | 289 |
| &nbsp;&nbsp;&nbsp; Orchid Island Capital, Inc. REIT | 40 | 288 |
| &nbsp;&nbsp;&nbsp; Westamerica BanCorp | 6 | 287 |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust REIT | 59 | 286 |
| &nbsp;&nbsp;&nbsp; Preferred Bank/Los Angeles CA | 3 | 283 |
| &nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 7 | 277 |
| &nbsp;&nbsp;&nbsp; Perella Weinberg Partners | 16 | 277 |
| &nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. — Class A REIT | 33 | 275 |
| &nbsp;&nbsp;&nbsp; JBG SMITH Properties REIT | 16 | 272 |
| &nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | 9 | 270 |
| &nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 15 | 269 |
| &nbsp;&nbsp;&nbsp; Bitdeer Technologies Group — Class A\* | 24 | 269 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust REIT | 36 | 268 |
| &nbsp;&nbsp;&nbsp; Centerspace REIT | 4 | 267 |
| &nbsp;&nbsp;&nbsp; Miami International Holdings, Inc.\* | 6 | 266 |
| &nbsp;&nbsp;&nbsp; American Assets Trust, Inc. REIT | 14 | 265 |
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp. REIT | 21 | 261 |
| &nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 6 | 259 |
| &nbsp;&nbsp;&nbsp; Patria Investments Ltd. — Class A | 16 | 254 |
| &nbsp;&nbsp;&nbsp; MFA Financial, Inc. REIT | 27 | 251 |
| &nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services Corp. | 4 | 249 |
| &nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc. | 8 | 248 |
| &nbsp;&nbsp;&nbsp; Bank First Corp. | 2 | 244 |
| &nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 8 | 243 |
| &nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc. — Class A REIT | 37 | 241 |
| &nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 11 | 241 |
| &nbsp;&nbsp;&nbsp; Merchants Bancorp | 7 | 238 |
| &nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 7 | 237 |
| &nbsp;&nbsp;&nbsp; Navient Corp. | 18 | 234 |
| &nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc. | 6 | 234 |
| &nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 12 | 234 |
| &nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | 8 | 233 |
| &nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. REIT | 11 | 233 |
| &nbsp;&nbsp;&nbsp; Univest Financial Corp. | 7 | 229 |
| &nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 4 | 226 |
| &nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 33 | 225 |
| &nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. REIT | 22 | 221 |
| &nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 7 | 218 |
| &nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 6 | 218 |
| &nbsp;&nbsp;&nbsp; NB Bancorp, Inc. | 11 | 218 |
| &nbsp;&nbsp;&nbsp; Alexander's, Inc. REIT | 1 | 218 |
| &nbsp;&nbsp;&nbsp; Root, Inc. — Class A\* | 3 | 217 |
| &nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 8 | 216 |
| &nbsp;&nbsp;&nbsp; Brookfield Business Corp. — Class A | 6 | 215 |
| &nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 9 | 213 |
| &nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 8 | 209 |
| &nbsp;&nbsp;&nbsp; Apartment Investment and Management Co. — Class A REIT | 35 | 208 |
| &nbsp;&nbsp;&nbsp; Northeast Bank | 2 | 208 |
| &nbsp;&nbsp;&nbsp; TrustCo Bank Corporation NY | 5 | 207 |
| &nbsp;&nbsp;&nbsp; Resolute Holdings Management, Inc.\* | 1 | 206 |
| &nbsp;&nbsp;&nbsp; Safehold, Inc. REIT | 15 | 205 |
| &nbsp;&nbsp;&nbsp; Esquire Financial Holdings, Inc. | 2 | 204 |
| &nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 12 | 204 |
| &nbsp;&nbsp;&nbsp; Redwood Trust, Inc. REIT | 36 | 199 |
| &nbsp;&nbsp;&nbsp; BrightSpire Capital, Inc. REIT | 35 | 196 |
| &nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 10 | 195 |
| &nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 11 | 195 |
| &nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 4 | 192 |
| &nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 6 | 192 |
| &nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 16 | 192 |
| &nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 5 | 192 |
| &nbsp;&nbsp;&nbsp; Mechanics Bancorp — Class A | 13 | 190 |

---

144 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; eXp World Holdings, Inc. | 21 | $190 |
| &nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 12 | 189 |
| &nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. REIT | 5 | 185 |
| &nbsp;&nbsp;&nbsp; CNB Financial Corp. | 7 | 183 |
| &nbsp;&nbsp;&nbsp; First Financial Corp. | 3 | 181 |
| &nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. REIT | 6 | 181 |
| &nbsp;&nbsp;&nbsp; Equity Bancshares, Inc. — Class A | 4 | 179 |
| &nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 3 | 177 |
| &nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 5 | 177 |
| &nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 6 | 176 |
| &nbsp;&nbsp;&nbsp; Camden National Corp. | 4 | 174 |
| &nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 4 | 172 |
| &nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 8 | 171 |
| &nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | 4 | 170 |
| &nbsp;&nbsp;&nbsp; Diamond Hill Investment Group, Inc. | 1 | 170 |
| &nbsp;&nbsp;&nbsp; Adamas Trust, Inc. REIT | 23 | 168 |
| &nbsp;&nbsp;&nbsp; Whitestone REIT — Class B REIT | 12 | 167 |
| &nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 6 | 164 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | 5 | 163 |
| &nbsp;&nbsp;&nbsp; Bit Digital, Inc.\* | 85 | 161 |
| &nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 6 | 160 |
| &nbsp;&nbsp;&nbsp; LendingTree, Inc.\* | 3 | 159 |
| &nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 5 | 156 |
| &nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc. | 5 | 155 |
| &nbsp;&nbsp;&nbsp; TPG RE Finance Trust, Inc. REIT | 18 | 155 |
| &nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 4 | 154 |
| &nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp. | 2 | 153 |
| &nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. REIT\* | 14 | 152 |
| &nbsp;&nbsp;&nbsp; Invesco Mortgage Capital, Inc. REIT | 18 | 151 |
| &nbsp;&nbsp;&nbsp; Hippo Holdings, Inc.\* | 5 | 150 |
| &nbsp;&nbsp;&nbsp; NerdWallet, Inc. — Class A\* | 11 | 149 |
| &nbsp;&nbsp;&nbsp; Aspen Insurance Holdings Ltd. — Class A\* | 4 | 148 |
| &nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 4 | 148 |
| &nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 5 | 148 |
| &nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. REIT | 8 | 147 |
| &nbsp;&nbsp;&nbsp; P10, Inc. — Class A | 15 | 147 |
| &nbsp;&nbsp;&nbsp; ACNB Corp. | 3 | 145 |
| &nbsp;&nbsp;&nbsp; Peakstone Realty Trust REIT | 10 | 144 |
| &nbsp;&nbsp;&nbsp; Five Star Bancorp | 4 | 143 |
| &nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 8 | 141 |
| &nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. REIT | 29 | 141 |
| &nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 1 | 140 |
| &nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. REIT | 21 | 139 |
| &nbsp;&nbsp;&nbsp; Republic Bancorp, Inc. — Class A | 2 | 138 |
| &nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 9 | 137 |
| &nbsp;&nbsp;&nbsp; Slide Insurance Holdings, Inc.\* | 7 | 136 |
| &nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc. — Class A | 12 | 136 |
| &nbsp;&nbsp;&nbsp; Alerus Financial Corp. | 6 | 135 |
| &nbsp;&nbsp;&nbsp; First Community Bankshares, Inc. | 4 | 135 |
| &nbsp;&nbsp;&nbsp; Brandywine Realty Trust REIT | 46 | 134 |
| &nbsp;&nbsp;&nbsp; Forge Global Holdings, Inc.\* | 3 | 134 |
| &nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 10 | 133 |
| &nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 5 | 133 |
| &nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. REIT | 12 | 128 |
| &nbsp;&nbsp;&nbsp; Arrow Financial Corp. | 4 | 126 |
| &nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 4 | 124 |
| &nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. REIT | 15 | 123 |
| &nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 2 | 123 |
| &nbsp;&nbsp;&nbsp; International Money Express, Inc.\* | 8 | 123 |
| &nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc. | 26 | 120 |
| &nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 4 | 118 |
| &nbsp;&nbsp;&nbsp; Carter Bankshares, Inc.\* | 6 | 118 |
| &nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust REIT | 3 | 118 |
| &nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | 3 | 116 |
| &nbsp;&nbsp;&nbsp; Home Bancorp, Inc. | 2 | 116 |
| &nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. REIT | 7 | 115 |
| &nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 10 | 114 |
| &nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc.\* | 4 | 114 |
| &nbsp;&nbsp;&nbsp; Third Coast Bancshares, Inc.\* | 3 | 114 |
| &nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp\* | 3 | 113 |
| &nbsp;&nbsp;&nbsp; California BanCorp | 6 | 112 |
| &nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 4 | 111 |
| &nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 15 | 111 |
| &nbsp;&nbsp;&nbsp; Tiptree, Inc. — Class A | 6 | 110 |
| &nbsp;&nbsp;&nbsp; Columbia Financial, Inc.\* | 7 | 109 |
| &nbsp;&nbsp;&nbsp; First Business Financial Services, Inc. | 2 | 109 |
| &nbsp;&nbsp;&nbsp; Farmland Partners, Inc. REIT | 11 | 107 |
| &nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 5 | 106 |
| &nbsp;&nbsp;&nbsp; Real Brokerage, Inc.\* | 29 | 106 |
| &nbsp;&nbsp;&nbsp; Bridgewater Bancshares, Inc.\* | 6 | 105 |
| &nbsp;&nbsp;&nbsp; First Foundation, Inc.\* | 17 | 105 |
| &nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 4 | 104 |
| &nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 2 | 103 |
| &nbsp;&nbsp;&nbsp; RBB Bancorp | 5 | 103 |
| &nbsp;&nbsp;&nbsp; NET Lease Office Properties REIT | 4 | 103 |
| &nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc.\* | 2 | 103 |
| &nbsp;&nbsp;&nbsp; Greenlight Capital Re Ltd. — Class A\* | 7 | 102 |
| &nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. REIT | 5 | 101 |
| &nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 3 | 101 |
| &nbsp;&nbsp;&nbsp; First Bank/Hamilton NJ | 6 | 99 |
| &nbsp;&nbsp;&nbsp; Ready Capital Corp. REIT | 45 | 98 |
| &nbsp;&nbsp;&nbsp; Sierra Bancorp | 3 | 98 |
| &nbsp;&nbsp;&nbsp; Peoples Financial Services Corp. | 2 | 97 |
| &nbsp;&nbsp;&nbsp; Postal Realty Trust, Inc. — Class A REIT | 6 | 97 |
| &nbsp;&nbsp;&nbsp; Saul Centers, Inc. REIT | 3 | 95 |
| &nbsp;&nbsp;&nbsp; Abacus Global Management, Inc. | 11 | 94 |
| &nbsp;&nbsp;&nbsp; Octave Specialty Group, Inc.\* | 12 | 93 |
| &nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 2 | 92 |
| &nbsp;&nbsp;&nbsp; Onity Group, Inc.\* | 2 | 92 |
| &nbsp;&nbsp;&nbsp; Community West Bancshares | 4 | 90 |
| &nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 5 | 89 |
| &nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 4 | 89 |
| &nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 4 | 89 |
| &nbsp;&nbsp;&nbsp; Chatham Lodging Trust REIT | 13 | 89 |
| &nbsp;&nbsp;&nbsp; American Coastal Insurance Corp. | 7 | 88 |
| &nbsp;&nbsp;&nbsp; BayCom Corp. | 3 | 88 |
| &nbsp;&nbsp;&nbsp; Compass Diversified Holdings | 18 | 86 |
| &nbsp;&nbsp;&nbsp; MBIA, Inc.\* | 12 | 86 |
| &nbsp;&nbsp;&nbsp; Orange County Bancorp, Inc. | 3 | 86 |
| &nbsp;&nbsp;&nbsp; Capital Bancorp, Inc. | 3 | 85 |
| &nbsp;&nbsp;&nbsp; Northpointe Bancshares, Inc. | 5 | 84 |
| &nbsp;&nbsp;&nbsp; SITE Centers Corp. REIT | 13 | 83 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 145

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Primis Financial Corp. | 6 | $83 |
| &nbsp;&nbsp;&nbsp; Gladstone Land Corp. REIT | 9 | 82 |
| &nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 2 | 82 |
| &nbsp;&nbsp;&nbsp; Ponce Financial Group, Inc.\* | 5 | 82 |
| &nbsp;&nbsp;&nbsp; Citizens & Northern Corp. | 4 | 81 |
| &nbsp;&nbsp;&nbsp; Donegal Group, Inc. — Class A | 4 | 80 |
| &nbsp;&nbsp;&nbsp; NewtekOne, Inc. | 7 | 79 |
| &nbsp;&nbsp;&nbsp; First Bancorp, Inc. | 3 | 79 |
| &nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust REIT | 14 | 78 |
| &nbsp;&nbsp;&nbsp; HBT Financial, Inc. | 3 | 78 |
| &nbsp;&nbsp;&nbsp; Regional Management Corp. | 2 | 78 |
| &nbsp;&nbsp;&nbsp; MVB Financial Corp. | 3 | 77 |
| &nbsp;&nbsp;&nbsp; City Office REIT, Inc. | 11 | 77 |
| &nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc. REIT\* | 25 | 76 |
| &nbsp;&nbsp;&nbsp; Service Properties Trust REIT | 41 | 75 |
| &nbsp;&nbsp;&nbsp; Parke Bancorp, Inc. | 3 | 75 |
| &nbsp;&nbsp;&nbsp; First United Corp. | 2 | 75 |
| &nbsp;&nbsp;&nbsp; Farmers & Merchants Bancorp Incorporated/Archbold OH | 3 | 74 |
| &nbsp;&nbsp;&nbsp; FrontView REIT, Inc. | 5 | 74 |
| &nbsp;&nbsp;&nbsp; OppFi, Inc. | 7 | 73 |
| &nbsp;&nbsp;&nbsp; C&F Financial Corp. | 1 | 73 |
| &nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc. | 17 | 73 |
| &nbsp;&nbsp;&nbsp; Timberland Bancorp, Inc. | 2 | 72 |
| &nbsp;&nbsp;&nbsp; Red River Bancshares, Inc. | 1 | 71 |
| &nbsp;&nbsp;&nbsp; Hawthorn Bancshares, Inc. | 2 | 70 |
| &nbsp;&nbsp;&nbsp; Middlefield Banc Corp. | 2 | 69 |
| &nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\* | 3 | 68 |
| &nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 3 | 68 |
| &nbsp;&nbsp;&nbsp; GBank Financial Holdings, Inc.\* | 2 | 68 |
| &nbsp;&nbsp;&nbsp; Kingsway Financial Services, Inc.\* | 5 | 67 |
| &nbsp;&nbsp;&nbsp; National Bankshares, Inc. | 2 | 67 |
| &nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\* | 1 | 67 |
| &nbsp;&nbsp;&nbsp; Ares Commercial Real Estate Corp. REIT | 14 | 67 |
| &nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 4 | 66 |
| &nbsp;&nbsp;&nbsp; LCNB Corp. | 4 | 66 |
| &nbsp;&nbsp;&nbsp; PCB Bancorp | 3 | 65 |
| &nbsp;&nbsp;&nbsp; FB Bancorp, Inc.\* | 5 | 64 |
| &nbsp;&nbsp;&nbsp; James River Group Holdings, Inc. | 10 | 64 |
| &nbsp;&nbsp;&nbsp; Western New England Bancorp, Inc. | 5 | 63 |
| &nbsp;&nbsp;&nbsp; Velocity Financial, Inc.\* | 3 | 62 |
| &nbsp;&nbsp;&nbsp; Blue Foundry Bancorp\* | 5 | 62 |
| &nbsp;&nbsp;&nbsp; Chicago Atlantic Real Estate Finance, Inc. REIT | 5 | 61 |
| &nbsp;&nbsp;&nbsp; Oak Valley Bancorp | 2 | 60 |
| &nbsp;&nbsp;&nbsp; John Marshall Bancorp, Inc. | 3 | 60 |
| &nbsp;&nbsp;&nbsp; TPG Mortgage Investment Trust, Inc. REIT | 7 | 60 |
| &nbsp;&nbsp;&nbsp; RMR Group, Inc. — Class A | 4 | 60 |
| &nbsp;&nbsp;&nbsp; First Community Corp. | 2 | 59 |
| &nbsp;&nbsp;&nbsp; First Capital, Inc. | 1 | 59 |
| &nbsp;&nbsp;&nbsp; Citizens, Inc.\* | 12 | 58 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Services, Inc. | 1 | 57 |
| &nbsp;&nbsp;&nbsp; Norwood Financial Corp. | 2 | 56 |
| &nbsp;&nbsp;&nbsp; Chemung Financial Corp. | 1 | 56 |
| &nbsp;&nbsp;&nbsp; FVCBankcorp, Inc. | 4 | 56 |
| &nbsp;&nbsp;&nbsp; Sky Harbour Group Corp.\* | 6 | 54 |
| &nbsp;&nbsp;&nbsp; First Western Financial, Inc.\* | 2 | 54 |
| &nbsp;&nbsp;&nbsp; Citizens Community Bancorp, Inc. | 3 | 53 |
| &nbsp;&nbsp;&nbsp; Investar Holding Corp. | 2 | 53 |
| &nbsp;&nbsp;&nbsp; Selectquote, Inc.\* | 37 | 52 |
| &nbsp;&nbsp;&nbsp; AlTi Global, Inc.\* | 11 | 51 |
| &nbsp;&nbsp;&nbsp; Kingstone Companies, Inc. | 3 | 50 |
| &nbsp;&nbsp;&nbsp; First National Corp. | 2 | 50 |
| &nbsp;&nbsp;&nbsp; Franklin Financial Services Corp. | 1 | 50 |
| &nbsp;&nbsp;&nbsp; Alpine Income Property Trust, Inc. REIT | 3 | 50 |
| &nbsp;&nbsp;&nbsp; LINKBANCORP, Inc. | 6 | 50 |
| &nbsp;&nbsp;&nbsp; Commercial Bancgroup, Inc.\* | 2 | 49 |
| &nbsp;&nbsp;&nbsp; Stratus Properties, Inc.\* | 2 | 48 |
| &nbsp;&nbsp;&nbsp; Oportun Financial Corp.\* | 9 | 48 |
| &nbsp;&nbsp;&nbsp; Douglas Elliman, Inc.\* | 20 | 47 |
| &nbsp;&nbsp;&nbsp; Paysign, Inc.\* | 9 | 46 |
| &nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. REIT | 16 | 46 |
| &nbsp;&nbsp;&nbsp; Ames National Corp. | 2 | 46 |
| &nbsp;&nbsp;&nbsp; loanDepot, Inc. — Class A\* | 22 | 46 |
| &nbsp;&nbsp;&nbsp; Crawford & Co. — Class A | 4 | 45 |
| &nbsp;&nbsp;&nbsp; Plumas Bancorp | 1 | 45 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital, Inc. | 2 | 45 |
| &nbsp;&nbsp;&nbsp; SB Financial Group, Inc. | 2 | 45 |
| &nbsp;&nbsp;&nbsp; Greene County Bancorp, Inc. | 2 | 44 |
| &nbsp;&nbsp;&nbsp; BRT Apartments Corp. REIT | 3 | 44 |
| &nbsp;&nbsp;&nbsp; Sound Financial Bancorp, Inc. | 1 | 44 |
| &nbsp;&nbsp;&nbsp; Fidelity D&D Bancorp, Inc. | 1 | 44 |
| &nbsp;&nbsp;&nbsp; ACRES Commercial Realty Corp. REIT\* | 2 | 43 |
| &nbsp;&nbsp;&nbsp; OP Bancorp | 3 | 42 |
| &nbsp;&nbsp;&nbsp; Ategrity Specialty Holdings LLC\* | 2 | 42 |
| &nbsp;&nbsp;&nbsp; First Internet Bancorp | 2 | 42 |
| &nbsp;&nbsp;&nbsp; American Integrity Insurance Group, Inc.\* | 2 | 42 |
| &nbsp;&nbsp;&nbsp; Medallion Financial Corp. | 4 | 41 |
| &nbsp;&nbsp;&nbsp; Bank7 Corp. | 1 | 41 |
| &nbsp;&nbsp;&nbsp; MainStreet Bancshares, Inc. | 2 | 41 |
| &nbsp;&nbsp;&nbsp; Pioneer Bancorp, Inc.\* | 3 | 40 |
| &nbsp;&nbsp;&nbsp; United Security Bancshares | 4 | 40 |
| &nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | 1 | 40 |
| &nbsp;&nbsp;&nbsp; Virginia National Bankshares Corp. | 1 | 40 |
| &nbsp;&nbsp;&nbsp; Eagle Bancorp Montana, Inc. | 2 | 40 |
| &nbsp;&nbsp;&nbsp; Eagle Financial Services, Inc. | 1 | 40 |
| &nbsp;&nbsp;&nbsp; Seaport Entertainment Group, Inc.\* | 2 | 40 |
| &nbsp;&nbsp;&nbsp; Legacy Housing Corp.\* | 2 | 39 |
| &nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc. — Class A\* | 5 | 38 |
| &nbsp;&nbsp;&nbsp; eHealth, Inc.\* | 8 | 37 |
| &nbsp;&nbsp;&nbsp; BV Financial, Inc.\* | 2 | 36 |
| &nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, Inc. | 1 | 36 |
| &nbsp;&nbsp;&nbsp; Security National Financial Corp. — Class A\* | 4 | 36 |
| &nbsp;&nbsp;&nbsp; BankFinancial Corp. | 3 | 36 |
| &nbsp;&nbsp;&nbsp; Finwise Bancorp\* | 2 | 36 |
| &nbsp;&nbsp;&nbsp; Seven Hills Realty Trust REIT | 4 | 36 |
| &nbsp;&nbsp;&nbsp; Finward Bancorp | 1 | 35 |
| &nbsp;&nbsp;&nbsp; Meridian Corp. | 2 | 35 |
| &nbsp;&nbsp;&nbsp; CB Financial Services, Inc. | 1 | 35 |
| &nbsp;&nbsp;&nbsp; ECB Bancorp, Inc.\* | 2 | 35 |
| &nbsp;&nbsp;&nbsp; Princeton Bancorp, Inc. | 1 | 35 |

---

146 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Chain Bridge Bancorp, Inc. — Class A\* | 1 | $| 35 |
| &nbsp;&nbsp;&nbsp; NexPoint Diversified Real Estate Trust REIT | 9 |  | 34 |
| &nbsp;&nbsp;&nbsp; Westwood Holdings Group, Inc. | 2 |  | 34 |
| &nbsp;&nbsp;&nbsp; Maui Land & Pineapple Company, Inc.\* | 2 |  | 34 |
| &nbsp;&nbsp;&nbsp; Better Home & Finance Holding Co.\* | 1 |  | 33 |
| &nbsp;&nbsp;&nbsp; BCB Bancorp, Inc. | 4 |  | 32 |
| &nbsp;&nbsp;&nbsp; First Savings Financial Group, Inc. | 1 |  | 32 |
| &nbsp;&nbsp;&nbsp; SR Bancorp, Inc. | 2 |  | 31 |
| &nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, Inc. — Class A | 2 |  | 30 |
| &nbsp;&nbsp;&nbsp; Modiv Industrial, Inc. REIT | 2 |  | 29 |
| &nbsp;&nbsp;&nbsp; Sunrise Realty Trust, Inc. REIT | 3 |  | 28 |
| &nbsp;&nbsp;&nbsp; Nexpoint Real Estate Finance, Inc. REIT | 2 |  | 28 |
| &nbsp;&nbsp;&nbsp; Richmond Mutual BanCorp, Inc. | 2 |  | 28 |
| &nbsp;&nbsp;&nbsp; Rithm Property Trust, Inc. REIT | 2 |  | 28 |
| &nbsp;&nbsp;&nbsp; NI Holdings, Inc.\* | 2 |  | 27 |
| &nbsp;&nbsp;&nbsp; Strawberry Fields REIT, Inc. | 2 |  | 26 |
| &nbsp;&nbsp;&nbsp; Landmark Bancorp Incorporated/Manhattan KS | 1 |  | 26 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage REIT, Inc. | 3 |  | 26 |
| &nbsp;&nbsp;&nbsp; Riverview Bancorp, Inc. | 5 |  | 25 |
| &nbsp;&nbsp;&nbsp; CF Bankshares, Inc. | 1 |  | 25 |
| &nbsp;&nbsp;&nbsp; Finance of America Companies, Inc. — Class A\* | 1 |  | 24 |
| &nbsp;&nbsp;&nbsp; Union Bankshares, Inc. | 1 |  | 24 |
| &nbsp;&nbsp;&nbsp; Hanover Bancorp, Inc. | 1 |  | 23 |
| &nbsp;&nbsp;&nbsp; Patriot National Bancorp, Inc.\* | 12 |  | 22 |
| &nbsp;&nbsp;&nbsp; Franklin Street Properties Corp. REIT | 20 |  | 19 |
| &nbsp;&nbsp;&nbsp; Consumer Portfolio Services, Inc.\* | 2 |  | 19 |
| &nbsp;&nbsp;&nbsp; SWK Holdings Corp. | 1 |  | 17 |
| &nbsp;&nbsp;&nbsp; Lument Finance Trust, Inc. REIT | 12 |  | 17 |
| &nbsp;&nbsp;&nbsp; Clipper Realty, Inc. REIT | 4 |  | 15 |
| &nbsp;&nbsp;&nbsp; Advanced Flower Capital, Inc. REIT | 5 |  | 14 |
| &nbsp;&nbsp;&nbsp; Siebert Financial Corp.\* | 4 |  | 14 |
| &nbsp;&nbsp;&nbsp; Rhinebeck Bancorp, Inc.\* | 1 |  | 12 |
| &nbsp;&nbsp;&nbsp; Mobile Infrastructure Corp.\* | 4 |  | 10 |
| &nbsp;&nbsp;&nbsp; Bakkt Holdings, Inc.\* | 1 |  | 10 |
| &nbsp;&nbsp;&nbsp; Logistic Properties of The Americas\* | 1 |  | 3 |
| &nbsp;&nbsp;&nbsp; GoHealth, Inc. — Class A\* | 1 |  | 2 |
|  **Total Financial** |  |  | 177861 |
|  **Industrial - 4.4%** | **Industrial - 4.4%** | **Industrial - 4.4%** | **Industrial - 4.4%** |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp. — Class A\* | 57 |  | 4953 |
| &nbsp;&nbsp;&nbsp; Fabrinet\* | 9 |  | 4098 |
| &nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc.\* | 44 |  | 3340 |
| &nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 13 |  | 2601 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 12 |  | 2475 |
| &nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 8 |  | 2450 |
| &nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 10 |  | 2419 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 7 |  | 2365 |
| &nbsp;&nbsp;&nbsp; JBT Marel Corp. | 14 |  | 2109 |
| &nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 14 |  | 2101 |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 10 |  | 2094 |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. — Class A | 7 |  | 1932 |
| &nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\* | 14 |  | 1869 |
| &nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 27 |  | 1863 |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 39 |  | 1813 |
| &nbsp;&nbsp;&nbsp; Primoris Services Corp. | 14 |  | 1738 |
| &nbsp;&nbsp;&nbsp; Federal Signal Corp. | 16 |  | 1737 |
| &nbsp;&nbsp;&nbsp; Moog, Inc. — Class A | 7 |  | 1705 |
| &nbsp;&nbsp;&nbsp; Joby Aviation, Inc.\* | 128 |  | 1690 |
| &nbsp;&nbsp;&nbsp; Fluor Corp.\* | 42 |  | 1665 |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. — Class A\* | 16 |  | 1567 |
| &nbsp;&nbsp;&nbsp; GATX Corp. | 9 |  | 1526 |
| &nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.\* | 63 |  | 1475 |
| &nbsp;&nbsp;&nbsp; EnerSys | 10 |  | 1468 |
| &nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 8 |  | 1395 |
| &nbsp;&nbsp;&nbsp; Arcosa, Inc. | 13 |  | 1382 |
| &nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 7 |  | 1368 |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 15 |  | 1366 |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc. — Class A\* | 12 |  | 1303 |
| &nbsp;&nbsp;&nbsp; Enpro, Inc. | 6 |  | 1285 |
| &nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 11 |  | 1269 |
| &nbsp;&nbsp;&nbsp; Argan, Inc. | 4 |  | 1253 |
| &nbsp;&nbsp;&nbsp; Archer Aviation, Inc. — Class A\* | 166 |  | 1248 |
| &nbsp;&nbsp;&nbsp; CSW Industrials, Inc. | 4 |  | 1174 |
| &nbsp;&nbsp;&nbsp; Belden, Inc. | 10 |  | 1166 |
| &nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 22 |  | 1142 |
| &nbsp;&nbsp;&nbsp; Itron, Inc.\* | 12 |  | 1114 |
| &nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 19 |  | 1096 |
| &nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 9 |  | 1071 |
| &nbsp;&nbsp;&nbsp; Knife River Corp.\* | 15 |  | 1055 |
| &nbsp;&nbsp;&nbsp; Plexus Corp.\* | 7 |  | 1029 |
| &nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 14 |  | 1022 |
| &nbsp;&nbsp;&nbsp; OSI Systems, Inc.\* | 4 |  | 1020 |
| &nbsp;&nbsp;&nbsp; Matson, Inc. | 8 |  | 988 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. — Class A | 41 |  | 977 |
| &nbsp;&nbsp;&nbsp; Golar LNG Ltd. | 26 |  | 967 |
| &nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 3 |  | 956 |
| &nbsp;&nbsp;&nbsp; Franklin Electric Company, Inc. | 10 |  | 955 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | 17 |  | 907 |
| &nbsp;&nbsp;&nbsp; Exponent, Inc. | 13 |  | 903 |
| &nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 4 |  | 874 |
| &nbsp;&nbsp;&nbsp; AZZ, Inc. | 8 |  | 857 |
| &nbsp;&nbsp;&nbsp; Kadant, Inc. | 3 |  | 855 |
| &nbsp;&nbsp;&nbsp; AAR Corp.\* | 10 |  | 828 |
| &nbsp;&nbsp;&nbsp; Cactus, Inc. — Class A | 18 |  | 822 |
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp. | 12 |  | 804 |
| &nbsp;&nbsp;&nbsp; IES Holdings, Inc.\* | 2 |  | 778 |
| &nbsp;&nbsp;&nbsp; Avient Corp. | 24 |  | 750 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. | 10 |  | 736 |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. | 10 |  | 736 |
| &nbsp;&nbsp;&nbsp; Hub Group, Inc. — Class A | 16 |  | 682 |
| &nbsp;&nbsp;&nbsp; Vicor Corp.\* | 6 |  | 658 |
| &nbsp;&nbsp;&nbsp; Xometry, Inc. — Class A\* | 11 |  | 654 |
| &nbsp;&nbsp;&nbsp; Standex International Corp. | 3 |  | 652 |
| &nbsp;&nbsp;&nbsp; Materion Corp. | 5 |  | 622 |
| &nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 12 |  | 610 |
| &nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 41 |  | 605 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 19 |  | 603 |
| &nbsp;&nbsp;&nbsp; Atkore, Inc. | 9 |  | 569 |
| &nbsp;&nbsp;&nbsp; Kennametal, Inc. | 20 |  | 568 |
| &nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.\* | 16 |  | 558 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 21 |  | 555 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 147

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; RXO, Inc.\* | 43 | $544 |
| &nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 14 | 535 |
| &nbsp;&nbsp;&nbsp; International Seaways, Inc. | 11 | 534 |
| &nbsp;&nbsp;&nbsp; Centuri Holdings, Inc.\* | 21 | 530 |
| &nbsp;&nbsp;&nbsp; Bel Fuse, Inc. — Class B | 3 | 509 |
| &nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 3 | 504 |
| &nbsp;&nbsp;&nbsp; Knowles Corp.\* | 23 | 493 |
| &nbsp;&nbsp;&nbsp; NuScale Power Corp.\* | 34 | 482 |
| &nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 9 | 481 |
| &nbsp;&nbsp;&nbsp; CECO Environmental Corp.\* | 8 | 479 |
| &nbsp;&nbsp;&nbsp; Greif, Inc. — Class A | 7 | 474 |
| &nbsp;&nbsp;&nbsp; Intuitive Machines, Inc.\* | 29 | 471 |
| &nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 32 | 464 |
| &nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 53 | 459 |
| &nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 15 | 450 |
| &nbsp;&nbsp;&nbsp; nLight, Inc.\* | 12 | 450 |
| &nbsp;&nbsp;&nbsp; ArcBest Corp. | 6 | 445 |
| &nbsp;&nbsp;&nbsp; Astronics Corp.\* | 8 | 434 |
| &nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 34 | 415 |
| &nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 8 | 413 |
| &nbsp;&nbsp;&nbsp; Albany International Corp. — Class A | 8 | 406 |
| &nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 8 | 396 |
| &nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 9 | 385 |
| &nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 4 | 381 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 34 | 375 |
| &nbsp;&nbsp;&nbsp; Napco Security Technologies, Inc. | 9 | 375 |
| &nbsp;&nbsp;&nbsp; Greenbrier Companies, Inc. | 8 | 374 |
| &nbsp;&nbsp;&nbsp; Tennant Co. | 5 | 369 |
| &nbsp;&nbsp;&nbsp; Enviri Corp.\* | 20 | 358 |
| &nbsp;&nbsp;&nbsp; Lindsay Corp. | 3 | 354 |
| &nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 7 | 352 |
| &nbsp;&nbsp;&nbsp; American Superconductor Corp.\* | 12 | 345 |
| &nbsp;&nbsp;&nbsp; CTS Corp. | 8 | 343 |
| &nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 9 | 334 |
| &nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 3 | 329 |
| &nbsp;&nbsp;&nbsp; World Kinect Corp. | 14 | 328 |
| &nbsp;&nbsp;&nbsp; Enovix Corp.\* | 44 | 322 |
| &nbsp;&nbsp;&nbsp; Teekay Tankers Ltd. — Class A | 6 | 321 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 16 | 318 |
| &nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 9 | 312 |
| &nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 6 | 304 |
| &nbsp;&nbsp;&nbsp; PureCycle Technologies, Inc.\* | 35 | 301 |
| &nbsp;&nbsp;&nbsp; Gorman-Rupp Co. | 6 | 286 |
| &nbsp;&nbsp;&nbsp; Evolv Technologies Holdings, Inc.\* | 40 | 286 |
| &nbsp;&nbsp;&nbsp; Cadre Holdings, Inc. | 7 | 286 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. | 8 | 284 |
| &nbsp;&nbsp;&nbsp; NANO Nuclear Energy, Inc.\* | 11 | 264 |
| &nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 6 | 260 |
| &nbsp;&nbsp;&nbsp; SFL Corporation Ltd. | 32 | 250 |
| &nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 10 | 243 |
| &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 18 | 236 |
| &nbsp;&nbsp;&nbsp; Janus International Group, Inc.\* | 36 | 236 |
| &nbsp;&nbsp;&nbsp; Limbach Holdings, Inc.\* | 3 | 234 |
| &nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc.\* | 9 | 224 |
| &nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 6 | 218 |
| &nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 4 | 216 |
| &nbsp;&nbsp;&nbsp; Allient, Inc. | 4 | 215 |
| &nbsp;&nbsp;&nbsp; Red Cat Holdings, Inc.\* | 27 | 214 |
| &nbsp;&nbsp;&nbsp; FLEX LNG Ltd. | 8 | 200 |
| &nbsp;&nbsp;&nbsp; Amprius Technologies, Inc.\* | 25 | 197 |
| &nbsp;&nbsp;&nbsp; Graham Corp.\* | 3 | 193 |
| &nbsp;&nbsp;&nbsp; Costamare, Inc. | 12 | 190 |
| &nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 55 | 189 |
| &nbsp;&nbsp;&nbsp; Energy Recovery, Inc.\* | 14 | 189 |
| &nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 10 | 187 |
| &nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 16 | 182 |
| &nbsp;&nbsp;&nbsp; Ryerson Holding Corp. | 7 | 176 |
| &nbsp;&nbsp;&nbsp; Metallus, Inc.\* | 10 | 172 |
| &nbsp;&nbsp;&nbsp; Kimball Electronics, Inc.\* | 6 | 167 |
| &nbsp;&nbsp;&nbsp; Ichor Holdings Ltd.\* | 9 | 166 |
| &nbsp;&nbsp;&nbsp; Genco Shipping & Trading Ltd. | 9 | 166 |
| &nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 5 | 158 |
| &nbsp;&nbsp;&nbsp; Navigator Holdings Ltd. | 9 | 156 |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging S.A. | 37 | 152 |
| &nbsp;&nbsp;&nbsp; Forward Air Corp.\* | 6 | 150 |
| &nbsp;&nbsp;&nbsp; Redwire Corp.\* | 19 | 144 |
| &nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 8 | 138 |
| &nbsp;&nbsp;&nbsp; Willis Lease Finance Corp. | 1 | 136 |
| &nbsp;&nbsp;&nbsp; Firefly Aerospace, Inc.\* | 6 | 134 |
| &nbsp;&nbsp;&nbsp; Bowman Consulting Group Ltd.\* | 4 | 132 |
| &nbsp;&nbsp;&nbsp; Sturm Ruger & Company, Inc. | 4 | 131 |
| &nbsp;&nbsp;&nbsp; Richtech Robotics, Inc. — Class B\* | 40 | 129 |
| &nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 3 | 128 |
| &nbsp;&nbsp;&nbsp; LSI Industries, Inc. | 7 | 128 |
| &nbsp;&nbsp;&nbsp; Teekay Corporation Ltd. | 14 | 126 |
| &nbsp;&nbsp;&nbsp; NWPX Infrastructure, Inc.\* | 2 | 125 |
| &nbsp;&nbsp;&nbsp; CryoPort, Inc.\* | 13 | 125 |
| &nbsp;&nbsp;&nbsp; LSB Industries, Inc.\* | 14 | 119 |
| &nbsp;&nbsp;&nbsp; Smith & Wesson Brands, Inc. | 12 | 118 |
| &nbsp;&nbsp;&nbsp; Power Solutions International, Inc.\* | 2 | 114 |
| &nbsp;&nbsp;&nbsp; Aebi Schmidt Holding AG | 9 | 114 |
| &nbsp;&nbsp;&nbsp; Eastman Kodak Co.\* | 13 | 110 |
| &nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 12 | 108 |
| &nbsp;&nbsp;&nbsp; Manitowoc Company, Inc.\* | 9 | 108 |
| &nbsp;&nbsp;&nbsp; National Presto Industries, Inc. | 1 | 107 |
| &nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 5 | 107 |
| &nbsp;&nbsp;&nbsp; Voyager Technologies, Inc. — Class A\* | 4 | 105 |
| &nbsp;&nbsp;&nbsp; Standard BioTools, Inc.\* | 80 | 102 |
| &nbsp;&nbsp;&nbsp; Eve Holding, Inc.\* | 25 | 100 |
| &nbsp;&nbsp;&nbsp; Orion Group Holdings, Inc.\* | 10 | 99 |
| &nbsp;&nbsp;&nbsp; Titan America S.A. | 6 | 99 |
| &nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. | 9 | 95 |
| &nbsp;&nbsp;&nbsp; Luxfer Holdings plc | 7 | 95 |
| &nbsp;&nbsp;&nbsp; Kopin Corp.\* | 40 | 94 |
| &nbsp;&nbsp;&nbsp; Hyster-Yale, Inc. | 3 | 89 |
| &nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. — Class A | 4 | 88 |
| &nbsp;&nbsp;&nbsp; Sight Sciences, Inc.\* | 11 | 87 |
| &nbsp;&nbsp;&nbsp; Byrna Technologies, Inc.\* | 5 | 84 |
| &nbsp;&nbsp;&nbsp; L B Foster Co. — Class A\* | 3 | 81 |
| &nbsp;&nbsp;&nbsp; Mesa Laboratories, Inc. | 1 | 78 |
| &nbsp;&nbsp;&nbsp; Latham Group, Inc.\* | 12 | 76 |
| &nbsp;&nbsp;&nbsp; Mayville Engineering Company, Inc.\* | 4 | 75 |

---

148 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Greif, Inc. — Class B | 1 | $| 75 |
| &nbsp;&nbsp;&nbsp; Himalaya Shipping Ltd. | 8 |  | 73 |
| &nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. | 15 |  | 72 |
| &nbsp;&nbsp;&nbsp; Ranpak Holdings Corp.\* | 13 |  | 70 |
| &nbsp;&nbsp;&nbsp; Clearwater Paper Corp.\* | 4 |  | 69 |
| &nbsp;&nbsp;&nbsp; AerSale Corp.\* | 9 |  | 64 |
| &nbsp;&nbsp;&nbsp; Lightbridge Corp.\* | 5 |  | 63 |
| &nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc.\* | 5 |  | 63 |
| &nbsp;&nbsp;&nbsp; Park-Ohio Holdings Corp. | 3 |  | 63 |
| &nbsp;&nbsp;&nbsp; NVE Corp. | 1 |  | 59 |
| &nbsp;&nbsp;&nbsp; Proficient Auto Logistics, Inc.\* | 6 |  | 58 |
| &nbsp;&nbsp;&nbsp; Radiant Logistics, Inc.\* | 9 |  | 57 |
| &nbsp;&nbsp;&nbsp; JELD-WEN Holding, Inc.\* | 23 |  | 57 |
| &nbsp;&nbsp;&nbsp; Turtle Beach Corp.\* | 4 |  | 56 |
| &nbsp;&nbsp;&nbsp; Pangaea Logistics Solutions Ltd. | 8 |  | 55 |
| &nbsp;&nbsp;&nbsp; Pure Cycle Corp.\* | 5 |  | 55 |
| &nbsp;&nbsp;&nbsp; MicroVision, Inc.\* | 66 |  | 55 |
| &nbsp;&nbsp;&nbsp; M-Tron Industries, Inc.\* | 1 |  | 53 |
| &nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc.\* | 18 |  | 51 |
| &nbsp;&nbsp;&nbsp; Mistras Group, Inc.\* | 4 |  | 51 |
| &nbsp;&nbsp;&nbsp; Tredegar Corp.\* | 7 |  | 50 |
| &nbsp;&nbsp;&nbsp; Karat Packaging, Inc. | 2 |  | 45 |
| &nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. | 6 |  | 40 |
| &nbsp;&nbsp;&nbsp; Core Molding Technologies, Inc.\* | 2 |  | 40 |
| &nbsp;&nbsp;&nbsp; Eastern Co. | 2 |  | 39 |
| &nbsp;&nbsp;&nbsp; Outdoor Holding Co.\* | 23 |  | 39 |
| &nbsp;&nbsp;&nbsp; Gencor Industries, Inc.\* | 3 |  | 39 |
| &nbsp;&nbsp;&nbsp; Pro-DEX, Inc.\* | 1 |  | 38 |
| &nbsp;&nbsp;&nbsp; 908 Devices, Inc.\* | 7 |  | 37 |
| &nbsp;&nbsp;&nbsp; Smith-Midland Corp.\* | 1 |  | 36 |
| &nbsp;&nbsp;&nbsp; TSS, Inc.\* | 5 |  | 35 |
| &nbsp;&nbsp;&nbsp; SKYX Platforms Corp.\* | 16 |  | 35 |
| &nbsp;&nbsp;&nbsp; Ascent Industries Co.\* | 2 |  | 32 |
| &nbsp;&nbsp;&nbsp; Costamare Bulkers Holdings Ltd.\* | 2 |  | 31 |
| &nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc. | 2 |  | 30 |
| &nbsp;&nbsp;&nbsp; Omega Flex, Inc. | 1 |  | 29 |
| &nbsp;&nbsp;&nbsp; Arq, Inc.\* | 9 |  | 29 |
| &nbsp;&nbsp;&nbsp; KULR Technology Group, Inc.\* | 9 |  | 27 |
| &nbsp;&nbsp;&nbsp; Palladyne AI Corp.\* | 6 |  | 26 |
| &nbsp;&nbsp;&nbsp; Energy Services of America Corp. | 3 |  | 25 |
| &nbsp;&nbsp;&nbsp; PAMT CORP\* | 2 |  | 24 |
| &nbsp;&nbsp;&nbsp; AirJoule Technologies Corp.\* | 6 |  | 24 |
| &nbsp;&nbsp;&nbsp; Net Power, Inc.\* | 9 |  | 21 |
| &nbsp;&nbsp;&nbsp; AIRO Group Holdings, Inc.\* | 2 |  | 16 |
| &nbsp;&nbsp;&nbsp; NL Industries, Inc. | 2 |  | 11 |
| &nbsp;&nbsp;&nbsp; Southland Holdings, Inc.\* | 3 |  | 10 |
| &nbsp;&nbsp;&nbsp; Neonode, Inc.\* | 3 |  | 5 |
|  **Total Industrial** |  |  | 128090 |
|  **Consumer, Cyclical - 2.6%** | **Consumer, Cyclical - 2.6%** | **Consumer, Cyclical - 2.6%** | **Consumer, Cyclical - 2.6%** |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 12 |  | 1722 |
| &nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 10 |  | 1594 |
| &nbsp;&nbsp;&nbsp; Installed Building Products, Inc. | 6 |  | 1556 |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. — Class A\* | 12 |  | 1510 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. — Class A\* | 25 |  | 1472 |
| &nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 8 |  | 1412 |
| &nbsp;&nbsp;&nbsp; Champion Homes, Inc.\* | 15 |  | 1268 |
| &nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 16 |  | 1204 |
| &nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 34 |  | 1194 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 18 |  | 1184 |
| &nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 2 |  | 1181 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 3 |  | 1180 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 5 |  | 1163 |
| &nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 42 |  | 1108 |
| &nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 11 |  | 1105 |
| &nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 40 |  | 1063 |
| &nbsp;&nbsp;&nbsp; VSE Corp. | 6 |  | 1037 |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 9 |  | 976 |
| &nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 18 |  | 975 |
| &nbsp;&nbsp;&nbsp; KB Home | 17 |  | 959 |
| &nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 11 |  | 912 |
| &nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 7 |  | 896 |
| &nbsp;&nbsp;&nbsp; Polaris, Inc. | 14 |  | 886 |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. — Class A | 16 |  | 863 |
| &nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 7 |  | 862 |
| &nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 7 |  | 859 |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 14 |  | 855 |
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 17 |  | 849 |
| &nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 28 |  | 834 |
| &nbsp;&nbsp;&nbsp; Shake Shack, Inc. — Class A\* | 10 |  | 812 |
| &nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc. — Class A | 13 |  | 805 |
| &nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 19 |  | 791 |
| &nbsp;&nbsp;&nbsp; REV Group, Inc. | 13 |  | 791 |
| &nbsp;&nbsp;&nbsp; UniFirst Corp. | 4 |  | 772 |
| &nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 31 |  | 756 |
| &nbsp;&nbsp;&nbsp; Dana, Inc. | 31 |  | 737 |
| &nbsp;&nbsp;&nbsp; Garrett Motion, Inc. | 42 |  | 732 |
| &nbsp;&nbsp;&nbsp; LCI Industries | 6 |  | 728 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 16 |  | 716 |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 22 |  | 692 |
| &nbsp;&nbsp;&nbsp; HNI Corp. | 16 |  | 673 |
| &nbsp;&nbsp;&nbsp; Visteon Corp. | 7 |  | 666 |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 16 |  | 629 |
| &nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 27 |  | 627 |
| &nbsp;&nbsp;&nbsp; Phinia, Inc. | 10 |  | 627 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co.\* | 70 |  | 613 |
| &nbsp;&nbsp;&nbsp; Peloton Interactive, Inc. — Class A\* | 99 |  | 610 |
| &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. | 12 |  | 606 |
| &nbsp;&nbsp;&nbsp; Kohl's Corp. | 29 |  | 592 |
| &nbsp;&nbsp;&nbsp; Warby Parker, Inc. — Class A\* | 26 |  | 567 |
| &nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 7 |  | 559 |
| &nbsp;&nbsp;&nbsp; Sonos, Inc.\* | 31 |  | 544 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 21 |  | 542 |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Entertainment Corp.\* | 10 |  | 539 |
| &nbsp;&nbsp;&nbsp; OneSpaWorld Holdings Ltd. | 25 |  | 519 |
| &nbsp;&nbsp;&nbsp; Super Group SGHC Ltd. | 42 |  | 502 |
| &nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\* | 8 |  | 501 |
| &nbsp;&nbsp;&nbsp; Lionsgate Studios Corp.\* | 52 |  | 475 |
| &nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. — Class C\* | 12 |  | 473 |
| &nbsp;&nbsp;&nbsp; Rush Street Interactive, Inc.\* | 24 |  | 466 |
| &nbsp;&nbsp;&nbsp; Brightstar Lottery plc | 28 |  | 433 |
| &nbsp;&nbsp;&nbsp; Buckle, Inc. | 8 |  | 427 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 149

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Adient plc\* | 22 | $422 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. — Class A | 15 | 419 |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc. | 7 | 415 |
| &nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 11 | 410 |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 35 | 408 |
| &nbsp;&nbsp;&nbsp; IMAX Corp.\* | 11 | 407 |
| &nbsp;&nbsp;&nbsp; Winmark Corp. | 1 | 405 |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 7 | 404 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.\* | 26 | 399 |
| &nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 36 | 396 |
| &nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 27 | 385 |
| &nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 21 | 381 |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. — Class A\* | 13 | 380 |
| &nbsp;&nbsp;&nbsp; Blue Bird Corp.\* | 8 | 376 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 78 | 355 |
| &nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 9 | 346 |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co. — Class A\* | 4 | 341 |
| &nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 18 | 329 |
| &nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 6 | 299 |
| &nbsp;&nbsp;&nbsp; Carter's, Inc. | 9 | 292 |
| &nbsp;&nbsp;&nbsp; Gentherm, Inc.\* | 8 | 291 |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. | 10 | 290 |
| &nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 3 | 287 |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 7 | 284 |
| &nbsp;&nbsp;&nbsp; Global Business Travel Group I\* | 34 | 260 |
| &nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.\* | 7 | 254 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. — Class A | 4 | 247 |
| &nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 6 | 234 |
| &nbsp;&nbsp;&nbsp; Alliance Laundry Holdings, Inc.\* | 11 | 224 |
| &nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 6 | 221 |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc.\* | 5 | 215 |
| &nbsp;&nbsp;&nbsp; First Watch Restaurant Group, Inc.\* | 14 | 211 |
| &nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.\* | 6 | 202 |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 14 | 201 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc.\* | 31 | 199 |
| &nbsp;&nbsp;&nbsp; Daktronics, Inc.\* | 10 | 198 |
| &nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\* | 5 | 197 |
| &nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 6 | 196 |
| &nbsp;&nbsp;&nbsp; Sweetgreen, Inc. — Class A\* | 28 | 189 |
| &nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.\* | 11 | 188 |
| &nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Inc. — Class A | 3 | 184 |
| &nbsp;&nbsp;&nbsp; indie Semiconductor, Inc. — Class A\* | 52 | 184 |
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc. — Class A\* | 117 | 183 |
| &nbsp;&nbsp;&nbsp; PC Connection, Inc. | 3 | 173 |
| &nbsp;&nbsp;&nbsp; Accel Entertainment, Inc.\* | 15 | 171 |
| &nbsp;&nbsp;&nbsp; Gold.com, Inc. | 5 | 170 |
| &nbsp;&nbsp;&nbsp; Solid Power, Inc.\* | 39 | 166 |
| &nbsp;&nbsp;&nbsp; Ermenegildo Zegna N.V. | 16 | 164 |
| &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc.\* | 8 | 162 |
| &nbsp;&nbsp;&nbsp; Arhaus, Inc.\* | 14 | 157 |
| &nbsp;&nbsp;&nbsp; Camping World Holdings, Inc. — Class A | 16 | 156 |
| &nbsp;&nbsp;&nbsp; ThredUp, Inc. — Class A\* | 24 | 153 |
| &nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 6 | 152 |
| &nbsp;&nbsp;&nbsp; Microvast Holdings, Inc.\* | 53 | 148 |
| &nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc.\* | 10 | 144 |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 23 | 142 |
| &nbsp;&nbsp;&nbsp; Malibu Boats, Inc. — Class A\* | 5 | 141 |
| &nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 6 | 137 |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. — Class A\* | 8 | 137 |
| &nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 4 | 137 |
| &nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 5 | 136 |
| &nbsp;&nbsp;&nbsp; Sabre Corp.\* | 98 | 133 |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Holdings, Inc.\* | 4 | 131 |
| &nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 4 | 129 |
| &nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc. — Class A | 13 | 125 |
| &nbsp;&nbsp;&nbsp; Forestar Group, Inc.\* | 5 | 123 |
| &nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.\* | 2 | 123 |
| &nbsp;&nbsp;&nbsp; MarineMax, Inc.\* | 5 | 121 |
| &nbsp;&nbsp;&nbsp; Global Industrial Co. | 4 | 117 |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\* | 7 | 113 |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. — Class B | 2 | 113 |
| &nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 3 | 112 |
| &nbsp;&nbsp;&nbsp; Caleres, Inc. | 9 | 110 |
| &nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc.\* | 23 | 108 |
| &nbsp;&nbsp;&nbsp; Aeva Technologies, Inc.\* | 8 | 106 |
| &nbsp;&nbsp;&nbsp; Kura Sushi USA, Inc. — Class A\* | 2 | 105 |
| &nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 4 | 104 |
| &nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 13 | 102 |
| &nbsp;&nbsp;&nbsp; EVgo, Inc.\* | 34 | 99 |
| &nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp.\* | 47 | 99 |
| &nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc. — Class A\* | 1 | 98 |
| &nbsp;&nbsp;&nbsp; Arko Corp. | 21 | 95 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. | 11 | 95 |
| &nbsp;&nbsp;&nbsp; Jack in the Box, Inc. | 5 | 95 |
| &nbsp;&nbsp;&nbsp; Haverty Furniture Companies, Inc. | 4 | 93 |
| &nbsp;&nbsp;&nbsp; Savers Value Village, Inc.\* | 10 | 93 |
| &nbsp;&nbsp;&nbsp; Marcus Corp. | 6 | 93 |
| &nbsp;&nbsp;&nbsp; Titan Machinery, Inc.\* | 6 | 90 |
| &nbsp;&nbsp;&nbsp; Black Rock Coffee Bar, Inc. — Class A\* | 4 | 89 |
| &nbsp;&nbsp;&nbsp; Denny's Corp.\* | 14 | 87 |
| &nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. — Class A\* | 2 | 85 |
| &nbsp;&nbsp;&nbsp; Krispy Kreme, Inc. | 21 | 84 |
| &nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 5 | 84 |
| &nbsp;&nbsp;&nbsp; Movado Group, Inc. | 4 | 83 |
| &nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 1 | 76 |
| &nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings, Inc.\* | 4 | 76 |
| &nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 3 | 74 |
| &nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 7 | 73 |
| &nbsp;&nbsp;&nbsp; Xperi, Inc.\* | 12 | 70 |
| &nbsp;&nbsp;&nbsp; Hudson Technologies, Inc.\* | 10 | 68 |
| &nbsp;&nbsp;&nbsp; Portillo's, Inc. — Class A\* | 15 | 68 |
| &nbsp;&nbsp;&nbsp; Designer Brands, Inc. — Class A | 9 | 67 |
| &nbsp;&nbsp;&nbsp; Holley, Inc.\* | 16 | 66 |
| &nbsp;&nbsp;&nbsp; Inspired Entertainment, Inc.\* | 7 | 66 |
| &nbsp;&nbsp;&nbsp; Webtoon Entertainment, Inc.\* | 5 | 65 |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\* | 2 | 64 |
| &nbsp;&nbsp;&nbsp; Weyco Group, Inc. | 2 | 61 |
| &nbsp;&nbsp;&nbsp; Hyliion Holdings Corp.\* | 33 | 61 |
| &nbsp;&nbsp;&nbsp; Falcon's Beyond Global, Inc. — Class A\* | 4 | 60 |
| &nbsp;&nbsp;&nbsp; Methode Electronics, Inc. | 9 | 60 |

---

150 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Company, Inc.\* | 21 | $| 59 |
| &nbsp;&nbsp;&nbsp; Lovesac Co.\* | 4 |  | 59 |
| &nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 2 |  | 59 |
| &nbsp;&nbsp;&nbsp; Xponential Fitness, Inc. — Class A\* | 7 |  | 58 |
| &nbsp;&nbsp;&nbsp; Sleep Number Corp.\* | 6 |  | 51 |
| &nbsp;&nbsp;&nbsp; America's Car-Mart, Inc.\* | 2 |  | 51 |
| &nbsp;&nbsp;&nbsp; RCI Hospitality Holdings, Inc. | 2 |  | 48 |
| &nbsp;&nbsp;&nbsp; Livewire Group, Inc.\* | 10 |  | 44 |
| &nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc. — Class A | 1 |  | 42 |
| &nbsp;&nbsp;&nbsp; Citi Trends, Inc.\* | 1 |  | 42 |
| &nbsp;&nbsp;&nbsp; Escalade, Inc. | 3 |  | 40 |
| &nbsp;&nbsp;&nbsp; Flexsteel Industries, Inc. | 1 |  | 39 |
| &nbsp;&nbsp;&nbsp; Reservoir Media, Inc.\* | 5 |  | 38 |
| &nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 3 |  | 37 |
| &nbsp;&nbsp;&nbsp; Barnes & Noble Education, Inc.\* | 4 |  | 37 |
| &nbsp;&nbsp;&nbsp; Starz Entertainment Corp.\* | 3 |  | 35 |
| &nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 2 |  | 34 |
| &nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 2 |  | 34 |
| &nbsp;&nbsp;&nbsp; Bally's Corp.\* | 2 |  | 33 |
| &nbsp;&nbsp;&nbsp; Hamilton Beach Brands Holding Co. — Class A | 2 |  | 33 |
| &nbsp;&nbsp;&nbsp; OneWater Marine, Inc. — Class A\* | 3 |  | 32 |
| &nbsp;&nbsp;&nbsp; Funko, Inc. — Class A\* | 9 |  | 30 |
| &nbsp;&nbsp;&nbsp; Superior Group of Companies, Inc. | 3 |  | 29 |
| &nbsp;&nbsp;&nbsp; J Jill, Inc. | 2 |  | 27 |
| &nbsp;&nbsp;&nbsp; Clarus Corp. | 8 |  | 27 |
| &nbsp;&nbsp;&nbsp; Envela Corp.\* | 2 |  | 27 |
| &nbsp;&nbsp;&nbsp; EVI Industries, Inc. | 1 |  | 25 |
| &nbsp;&nbsp;&nbsp; Faraday Future Intelligent Electric, Inc.\* | 24 |  | 24 |
| &nbsp;&nbsp;&nbsp; American Outdoor Brands, Inc.\* | 3 |  | 23 |
| &nbsp;&nbsp;&nbsp; Virco Mfg. Corp. | 3 |  | 19 |
| &nbsp;&nbsp;&nbsp; Lakeland Industries, Inc. | 2 |  | 18 |
| &nbsp;&nbsp;&nbsp; Marine Products Corp. | 2 |  | 18 |
| &nbsp;&nbsp;&nbsp; Traeger, Inc.\* | 9 |  | 10 |
| &nbsp;&nbsp;&nbsp; Torrid Holdings, Inc.\* | 6 |  | 6 |
|  **Total Consumer, Cyclical** |  |  | 74355 |
|  **Technology - 2.5%** | **Technology - 2.5%** | **Technology - 2.5%** | **Technology - 2.5%** |
| &nbsp;&nbsp;&nbsp; IonQ, Inc.\* | 89 |  | 3993 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 28 |  | 2573 |
| &nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc.\* | 88 |  | 2301 |
| &nbsp;&nbsp;&nbsp; SiTime Corp.\* | 6 |  | 2119 |
| &nbsp;&nbsp;&nbsp; Rigetti Computing, Inc.\* | 84 |  | 1861 |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. — Class A\* | 73 |  | 1761 |
| &nbsp;&nbsp;&nbsp; Semtech Corp.\* | 23 |  | 1695 |
| &nbsp;&nbsp;&nbsp; CommVault Systems, Inc.\* | 12 |  | 1504 |
| &nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 10 |  | 1329 |
| &nbsp;&nbsp;&nbsp; Maximus, Inc. | 15 |  | 1295 |
| &nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 27 |  | 1291 |
| &nbsp;&nbsp;&nbsp; Planet Labs PBC\* | 62 |  | 1223 |
| &nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 7 |  | 1218 |
| &nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 9 |  | 1176 |
| &nbsp;&nbsp;&nbsp; Workiva, Inc.\* | 13 |  | 1121 |
| &nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 20 |  | 1116 |
| &nbsp;&nbsp;&nbsp; Box, Inc. — Class A\* | 37 |  | 1107 |
| &nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp. — Class A\* | 49 |  | 997 |
| &nbsp;&nbsp;&nbsp; SoundHound AI, Inc. — Class A\* | 99 |  | 987 |
| &nbsp;&nbsp;&nbsp; Varonis Systems, Inc.\* | 30 |  | 984 |
| &nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 29 |  | 950 |
| &nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 10 |  | 891 |
| &nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.\* | 44 |  | 869 |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 18 |  | 866 |
| &nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 7 |  | 832 |
| &nbsp;&nbsp;&nbsp; Clear Secure, Inc. — Class A | 23 |  | 807 |
| &nbsp;&nbsp;&nbsp; Ambarella, Inc.\* | 11 |  | 779 |
| &nbsp;&nbsp;&nbsp; BlackLine, Inc.\* | 14 |  | 774 |
| &nbsp;&nbsp;&nbsp; Braze, Inc. — Class A\* | 22 |  | 754 |
| &nbsp;&nbsp;&nbsp; Tenable Holdings, Inc.\* | 32 |  | 753 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 10 |  | 740 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp.\* | 19 |  | 724 |
| &nbsp;&nbsp;&nbsp; Intapp, Inc.\* | 15 |  | 687 |
| &nbsp;&nbsp;&nbsp; Freshworks, Inc. — Class A\* | 54 |  | 661 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 8 |  | 652 |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 8 |  | 643 |
| &nbsp;&nbsp;&nbsp; Genius Sports Ltd.\* | 58 |  | 639 |
| &nbsp;&nbsp;&nbsp; Blackbaud, Inc.\* | 10 |  | 633 |
| &nbsp;&nbsp;&nbsp; BigBear.ai Holdings, Inc.\* | 114 |  | 616 |
| &nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 13 |  | 592 |
| &nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 12 |  | 592 |
| &nbsp;&nbsp;&nbsp; Quantum Computing, Inc.\* | 53 |  | 544 |
| &nbsp;&nbsp;&nbsp; AvePoint, Inc.\* | 39 |  | 542 |
| &nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 7 |  | 537 |
| &nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 15 |  | 533 |
| &nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 11 |  | 530 |
| &nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 19 |  | 514 |
| &nbsp;&nbsp;&nbsp; ACM Research, Inc. — Class A\* | 13 |  | 513 |
| &nbsp;&nbsp;&nbsp; Adeia, Inc. | 29 |  | 500 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 17 |  | 499 |
| &nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 15 |  | 480 |
| &nbsp;&nbsp;&nbsp; Progress Software Corp.\* | 11 |  | 473 |
| &nbsp;&nbsp;&nbsp; C3.ai, Inc. — Class A\* | 33 |  | 445 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 42 |  | 444 |
| &nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 10 |  | 433 |
| &nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 15 |  | 429 |
| &nbsp;&nbsp;&nbsp; Alkami Technology, Inc.\* | 18 |  | 415 |
| &nbsp;&nbsp;&nbsp; Innodata, Inc.\* | 8 |  | 408 |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 6 |  | 407 |
| &nbsp;&nbsp;&nbsp; Five9, Inc.\* | 20 |  | 401 |
| &nbsp;&nbsp;&nbsp; PAR Technology Corp.\* | 11 |  | 399 |
| &nbsp;&nbsp;&nbsp; MaxLinear, Inc. — Class A\* | 22 |  | 383 |
| &nbsp;&nbsp;&nbsp; NextNav, Inc.\* | 23 |  | 383 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp.\* | 37 |  | 377 |
| &nbsp;&nbsp;&nbsp; Fastly, Inc. — Class A\* | 37 |  | 377 |
| &nbsp;&nbsp;&nbsp; ACV Auctions, Inc. — Class A\* | 45 |  | 361 |
| &nbsp;&nbsp;&nbsp; Appian Corp. — Class A\* | 10 |  | 354 |
| &nbsp;&nbsp;&nbsp; Vertex, Inc. — Class A\* | 17 |  | 339 |
| &nbsp;&nbsp;&nbsp; V2X, Inc.\* | 6 |  | 327 |
| &nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 7 |  | 327 |
| &nbsp;&nbsp;&nbsp; Life360, Inc.\* | 5 |  | 321 |
| &nbsp;&nbsp;&nbsp; Asana, Inc. — Class A\* | 23 |  | 315 |
| &nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 12 |  | 304 |
| &nbsp;&nbsp;&nbsp; Ouster, Inc.\* | 14 |  | 303 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 151

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; PagerDuty, Inc.\* | 23 | $| 302 |
| &nbsp;&nbsp;&nbsp; Navitas Semiconductor Corp.\* | 42 |  | 300 |
| &nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 12 |  | 279 |
| &nbsp;&nbsp;&nbsp; Penguin Solutions, Inc.\* | 14 |  | 274 |
| &nbsp;&nbsp;&nbsp; Schrodinger Incorporated/United States\* | 15 |  | 268 |
| &nbsp;&nbsp;&nbsp; Amplitude, Inc. — Class A\* | 23 |  | 266 |
| &nbsp;&nbsp;&nbsp; Rapid7, Inc.\* | 17 |  | 258 |
| &nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 9 |  | 257 |
| &nbsp;&nbsp;&nbsp; Phreesia, Inc.\* | 15 |  | 254 |
| &nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd. — Class A\* | 12 |  | 251 |
| &nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc. — Class A\* | 6 |  | 236 |
| &nbsp;&nbsp;&nbsp; Jamf Holding Corp.\* | 18 |  | 234 |
| &nbsp;&nbsp;&nbsp; Yext, Inc.\* | 27 |  | 218 |
| &nbsp;&nbsp;&nbsp; Porch Group, Inc.\* | 21 |  | 192 |
| &nbsp;&nbsp;&nbsp; Red Violet, Inc. | 3 |  | 171 |
| &nbsp;&nbsp;&nbsp; Navan, Inc. — Class A\* | 10 |  | 171 |
| &nbsp;&nbsp;&nbsp; Blend Labs, Inc. — Class A\* | 56 |  | 170 |
| &nbsp;&nbsp;&nbsp; Nutex Health, Inc.\* | 1 |  | 165 |
| &nbsp;&nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 18 |  | 163 |
| &nbsp;&nbsp;&nbsp; Aehr Test Systems\* | 8 |  | 162 |
| &nbsp;&nbsp;&nbsp; Sprout Social, Inc. — Class A\* | 14 |  | 158 |
| &nbsp;&nbsp;&nbsp; I3 Verticals, Inc. — Class A\* | 6 |  | 151 |
| &nbsp;&nbsp;&nbsp; Cantaloupe, Inc.\* | 14 |  | 149 |
| &nbsp;&nbsp;&nbsp; HeartFlow, Inc.\* | 5 |  | 146 |
| &nbsp;&nbsp;&nbsp; SEMrush Holdings, Inc. — Class A\* | 12 |  | 143 |
| &nbsp;&nbsp;&nbsp; N-able, Inc.\* | 19 |  | 142 |
| &nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.\* | 7 |  | 139 |
| &nbsp;&nbsp;&nbsp; Digital Turbine, Inc.\* | 27 |  | 135 |
| &nbsp;&nbsp;&nbsp; CEVA, Inc.\* | 6 |  | 129 |
| &nbsp;&nbsp;&nbsp; OneSpan, Inc. | 10 |  | 128 |
| &nbsp;&nbsp;&nbsp; SkyWater Technology, Inc.\* | 7 |  | 127 |
| &nbsp;&nbsp;&nbsp; Mitek Systems, Inc.\* | 12 |  | 127 |
| &nbsp;&nbsp;&nbsp; Arteris, Inc.\* | 8 |  | 124 |
| &nbsp;&nbsp;&nbsp; Evolent Health, Inc. — Class A\* | 31 |  | 124 |
| &nbsp;&nbsp;&nbsp; Weave Communications, Inc.\* | 16 |  | 121 |
| &nbsp;&nbsp;&nbsp; Talkspace, Inc.\* | 33 |  | 120 |
| &nbsp;&nbsp;&nbsp; Cerence, Inc.\* | 11 |  | 118 |
| &nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 3 |  | 115 |
| &nbsp;&nbsp;&nbsp; IBEX Holdings Ltd.\* | 3 |  | 115 |
| &nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 5 |  | 109 |
| &nbsp;&nbsp;&nbsp; Bandwidth, Inc. — Class A\* | 7 |  | 108 |
| &nbsp;&nbsp;&nbsp; Climb Global Solutions, Inc. | 1 |  | 103 |
| &nbsp;&nbsp;&nbsp; Rezolve AI plc\* | 39 |  | 100 |
| &nbsp;&nbsp;&nbsp; McGraw Hill, Inc.\* | 6 |  | 99 |
| &nbsp;&nbsp;&nbsp; PubMatic, Inc. — Class A\* | 11 |  | 98 |
| &nbsp;&nbsp;&nbsp; Ibotta, Inc. — Class A\* | 4 |  | 91 |
| &nbsp;&nbsp;&nbsp; Via Transportation, Inc. — Class A\* | 3 |  | 87 |
| &nbsp;&nbsp;&nbsp; Claritev Corp.\* | 2 |  | 85 |
| &nbsp;&nbsp;&nbsp; ON24, Inc.\* | 10 |  | 80 |
| &nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 40 |  | 77 |
| &nbsp;&nbsp;&nbsp; Domo, Inc. — Class B\* | 9 |  | 76 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp. | 32 |  | 76 |
| &nbsp;&nbsp;&nbsp; Commerce.com, Inc.\* | 18 |  | 74 |
| &nbsp;&nbsp;&nbsp; Simulations Plus, Inc.\* | 4 |  | 73 |
| &nbsp;&nbsp;&nbsp; Telos Corp.\* | 14 |  | 71 |
| &nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 12 |  | 71 |
| &nbsp;&nbsp;&nbsp; 8x8, Inc.\* | 35 |  | 69 |
| &nbsp;&nbsp;&nbsp; TruBridge, Inc.\* | 3 |  | 66 |
| &nbsp;&nbsp;&nbsp; Asure Software, Inc.\* | 7 |  | 66 |
| &nbsp;&nbsp;&nbsp; Vuzix Corp.\* | 17 |  | 64 |
| &nbsp;&nbsp;&nbsp; 3D Systems Corp.\* | 35 |  | 62 |
| &nbsp;&nbsp;&nbsp; VTEX — Class A\* | 16 |  | 60 |
| &nbsp;&nbsp;&nbsp; Cricut, Inc. — Class A | 12 |  | 59 |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 15 |  | 59 |
| &nbsp;&nbsp;&nbsp; Immersion Corp. | 8 |  | 54 |
| &nbsp;&nbsp;&nbsp; Aeluma, Inc.\* | 3 |  | 52 |
| &nbsp;&nbsp;&nbsp; eGain Corp.\* | 5 |  | 51 |
| &nbsp;&nbsp;&nbsp; Rimini Street, Inc.\* | 13 |  | 51 |
| &nbsp;&nbsp;&nbsp; Unisys Corp.\* | 18 |  | 50 |
| &nbsp;&nbsp;&nbsp; EverCommerce, Inc.\* | 4 |  | 48 |
| &nbsp;&nbsp;&nbsp; Viant Technology, Inc. — Class A\* | 4 |  | 48 |
| &nbsp;&nbsp;&nbsp; Whitefiber, Inc.\* | 3 |  | 47 |
| &nbsp;&nbsp;&nbsp; CS Disco, Inc.\* | 6 |  | 47 |
| &nbsp;&nbsp;&nbsp; Health Catalyst, Inc.\* | 18 |  | 43 |
| &nbsp;&nbsp;&nbsp; Blaize Holdings, Inc.\* | 20 |  | 39 |
| &nbsp;&nbsp;&nbsp; ReposiTrak, Inc. | 3 |  | 37 |
| &nbsp;&nbsp;&nbsp; Kaltura, Inc.\* | 22 |  | 36 |
| &nbsp;&nbsp;&nbsp; Richardson Electronics Ltd. | 3 |  | 33 |
| &nbsp;&nbsp;&nbsp; Omada Health, Inc.\* | 2 |  | 32 |
| &nbsp;&nbsp;&nbsp; Ambiq Micro, Inc.\* | 1 |  | 28 |
| &nbsp;&nbsp;&nbsp; Digimarc Corp.\* | 4 |  | 26 |
| &nbsp;&nbsp;&nbsp; Definitive Healthcare Corp.\* | 9 |  | 26 |
| &nbsp;&nbsp;&nbsp; Synchronoss Technologies, Inc.\* | 3 |  | 26 |
| &nbsp;&nbsp;&nbsp; CSP, Inc. | 2 |  | 25 |
| &nbsp;&nbsp;&nbsp; Expensify, Inc. — Class A\* | 16 |  | 24 |
| &nbsp;&nbsp;&nbsp; Rackspace Technology, Inc.\* | 22 |  | 21 |
| &nbsp;&nbsp;&nbsp; WM Technology, Inc.\* | 23 |  | 19 |
| &nbsp;&nbsp;&nbsp; TTEC Holdings, Inc.\* | 5 |  | 18 |
| &nbsp;&nbsp;&nbsp; Atomera, Inc.\* | 8 |  | 18 |
| &nbsp;&nbsp;&nbsp; Playstudios, Inc.\* | 24 |  | 16 |
| &nbsp;&nbsp;&nbsp; Airship AI Holdings, Inc.\* | 5 |  | 14 |
| &nbsp;&nbsp;&nbsp; Skillsoft Corp.\* | 1 |  | 9 |
| &nbsp;&nbsp;&nbsp; Silvaco Group, Inc.\* | 2 |  | 8 |
| &nbsp;&nbsp;&nbsp; Teads Holding Co.\* | 10 |  | 7 |
| &nbsp;&nbsp;&nbsp; Golden Matrix Group, Inc.\* | 4 |  | 3 |
| &nbsp;&nbsp;&nbsp; Zspace, Inc.\* | 1 |  |  |
|  **Total Technology** |  |  | 71063 |
|  **Communications - 1.4%** | **Communications - 1.4%** | **Communications - 1.4%** | **Communications - 1.4%** |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 40 |  | 5756 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. — Class A\* | 36 |  | 3913 |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. | 7 |  | 2229 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.\* | 250 |  | 1942 |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\* | 54 |  | 1753 |
| &nbsp;&nbsp;&nbsp; Applied Digital Corp.\* | 62 |  | 1520 |
| &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.\* | 16 |  | 1155 |
| &nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 32 |  | 1103 |
| &nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc. | 26 |  | 1066 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 59 |  | 1051 |
| &nbsp;&nbsp;&nbsp; CommScope Holding Company, Inc.\* | 57 |  | 1033 |
| &nbsp;&nbsp;&nbsp; Calix, Inc.\* | 16 |  | 847 |
| &nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 22 |  | 844 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. | 43 |  | 835 |

---

152 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Globalstar, Inc.\* | 13 | $| 793 |
| &nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 46 |  | 706 |
| &nbsp;&nbsp;&nbsp; Sphere Entertainment Co.\* | 7 |  | 666 |
| &nbsp;&nbsp;&nbsp; Upwork, Inc.\* | 33 |  | 654 |
| &nbsp;&nbsp;&nbsp; ePlus, Inc. | 7 |  | 614 |
| &nbsp;&nbsp;&nbsp; Magnite, Inc.\* | 37 |  | 600 |
| &nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 35 |  | 583 |
| &nbsp;&nbsp;&nbsp; Yelp, Inc. — Class A\* | 16 |  | 486 |
| &nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 31 |  | 451 |
| &nbsp;&nbsp;&nbsp; RealReal, Inc.\* | 25 |  | 394 |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 11 |  | 387 |
| &nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 19 |  | 336 |
| &nbsp;&nbsp;&nbsp; Revolve Group, Inc.\* | 11 |  | 332 |
| &nbsp;&nbsp;&nbsp; Uniti Group, Inc.\* | 44 |  | 308 |
| &nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 30 |  | 297 |
| &nbsp;&nbsp;&nbsp; Figs, Inc. — Class A\* | 24 |  | 273 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 12 |  | 259 |
| &nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. — Class C\* | 34 |  | 254 |
| &nbsp;&nbsp;&nbsp; Sprinklr, Inc. — Class A\* | 30 |  | 233 |
| &nbsp;&nbsp;&nbsp; fuboTV, Inc. — Class A\* | 89 |  | 224 |
| &nbsp;&nbsp;&nbsp; QuinStreet, Inc.\* | 15 |  | 216 |
| &nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 1 |  | 207 |
| &nbsp;&nbsp;&nbsp; IDT Corp. — Class B | 4 |  | 205 |
| &nbsp;&nbsp;&nbsp; USA TODAY Company, Inc.\* | 38 |  | 196 |
| &nbsp;&nbsp;&nbsp; EverQuote, Inc. — Class A\* | 7 |  | 189 |
| &nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 15 |  | 183 |
| &nbsp;&nbsp;&nbsp; Liquidity Services, Inc.\* | 6 |  | 182 |
| &nbsp;&nbsp;&nbsp; Rumble, Inc.\* | 28 |  | 177 |
| &nbsp;&nbsp;&nbsp; Powerfleet Incorporated NJ\* | 33 |  | 175 |
| &nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc.\* | 20 |  | 174 |
| &nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 7 |  | 172 |
| &nbsp;&nbsp;&nbsp; Serve Robotics, Inc.\* | 16 |  | 166 |
| &nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 14 |  | 162 |
| &nbsp;&nbsp;&nbsp; HealthStream, Inc. | 7 |  | 161 |
| &nbsp;&nbsp;&nbsp; Sinclair, Inc. | 10 |  | 153 |
| &nbsp;&nbsp;&nbsp; Stitch Fix, Inc. — Class A\* | 29 |  | 152 |
| &nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 31 |  | 152 |
| &nbsp;&nbsp;&nbsp; BlackSky Technology, Inc.\* | 8 |  | 150 |
| &nbsp;&nbsp;&nbsp; Scholastic Corp. | 5 |  | 148 |
| &nbsp;&nbsp;&nbsp; iHeartMedia, Inc. — Class A\* | 32 |  | 133 |
| &nbsp;&nbsp;&nbsp; Groupon, Inc.\* | 7 |  | 123 |
| &nbsp;&nbsp;&nbsp; Grindr, Inc.\* | 9 |  | 122 |
| &nbsp;&nbsp;&nbsp; Nextdoor Holdings, Inc.\* | 56 |  | 118 |
| &nbsp;&nbsp;&nbsp; MediaAlpha, Inc. — Class A\* | 9 |  | 116 |
| &nbsp;&nbsp;&nbsp; Angi, Inc.\* | 9 |  | 116 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc. | 24 |  | 116 |
| &nbsp;&nbsp;&nbsp; Optimum Communications, Inc. — Class A\* | 70 |  | 115 |
| &nbsp;&nbsp;&nbsp; Shutterstock, Inc. | 6 |  | 115 |
| &nbsp;&nbsp;&nbsp; Cable One, Inc. | 1 |  | 113 |
| &nbsp;&nbsp;&nbsp; Frequency Electronics, Inc.\* | 2 |  | 108 |
| &nbsp;&nbsp;&nbsp; Newsmax, Inc.\* | 12 |  | 93 |
| &nbsp;&nbsp;&nbsp; Eventbrite, Inc. — Class A\* | 20 |  | 89 |
| &nbsp;&nbsp;&nbsp; Clearfield, Inc.\* | 3 |  | 87 |
| &nbsp;&nbsp;&nbsp; AMC Networks, Inc. — Class A\* | 9 |  | 86 |
| &nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 18 |  | 84 |
| &nbsp;&nbsp;&nbsp; Ooma, Inc.\* | 7 |  | 82 |
| &nbsp;&nbsp;&nbsp; Bed Bath & Beyond, Inc.\* | 15 |  | 82 |
| &nbsp;&nbsp;&nbsp; BK Technologies Corp.\* | 1 |  | 75 |
| &nbsp;&nbsp;&nbsp; Boston Omaha Corp. — Class A\* | 6 |  | 74 |
| &nbsp;&nbsp;&nbsp; Ribbon Communications, Inc.\* | 25 |  | 72 |
| &nbsp;&nbsp;&nbsp; ZipRecruiter, Inc. — Class A\* | 18 |  | 70 |
| &nbsp;&nbsp;&nbsp; ATN International, Inc. | 3 |  | 68 |
| &nbsp;&nbsp;&nbsp; EW Scripps Co. — Class A\* | 17 |  | 68 |
| &nbsp;&nbsp;&nbsp; Bumble, Inc. — Class A\* | 19 |  | 68 |
| &nbsp;&nbsp;&nbsp; National CineMedia, Inc. | 17 |  | 66 |
| &nbsp;&nbsp;&nbsp; Spok Holdings, Inc. | 5 |  | 66 |
| &nbsp;&nbsp;&nbsp; Anterix, Inc.\* | 3 |  | 65 |
| &nbsp;&nbsp;&nbsp; Nexxen International Ltd.\* | 10 |  | 65 |
| &nbsp;&nbsp;&nbsp; Backblaze, Inc. — Class A\* | 14 |  | 65 |
| &nbsp;&nbsp;&nbsp; Aviat Networks, Inc.\* | 3 |  | 64 |
| &nbsp;&nbsp;&nbsp; Thryv Holdings, Inc.\* | 10 |  | 60 |
| &nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. — Class A\* | 8 |  | 59 |
| &nbsp;&nbsp;&nbsp; Entravision Communications Corp. — Class A | 17 |  | 50 |
| &nbsp;&nbsp;&nbsp; OptimizeRx Corp.\* | 4 |  | 49 |
| &nbsp;&nbsp;&nbsp; Tucows, Inc. — Class A\* | 2 |  | 45 |
| &nbsp;&nbsp;&nbsp; Lands' End, Inc.\* | 3 |  | 44 |
| &nbsp;&nbsp;&nbsp; Open Lending Corp. — Class A\* | 27 |  | 42 |
| &nbsp;&nbsp;&nbsp; Getty Images Holdings, Inc.\* | 29 |  | 39 |
| &nbsp;&nbsp;&nbsp; TechTarget, Inc.\* | 7 |  | 38 |
| &nbsp;&nbsp;&nbsp; CuriosityStream, Inc. | 9 |  | 34 |
| &nbsp;&nbsp;&nbsp; LifeMD, Inc.\* | 10 |  | 34 |
| &nbsp;&nbsp;&nbsp; Satellogic, Inc. — Class A\* | 18 |  | 34 |
| &nbsp;&nbsp;&nbsp; Inseego Corp.\* | 3 |  | 31 |
| &nbsp;&nbsp;&nbsp; Phoenix Education Partners, Inc.\* | 1 |  | 30 |
| &nbsp;&nbsp;&nbsp; Crexendo, Inc.\* | 4 |  | 26 |
| &nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Inc. — Class A\* | 6 |  | 24 |
| &nbsp;&nbsp;&nbsp; Advantage Solutions, Inc.\* | 25 |  | 22 |
| &nbsp;&nbsp;&nbsp; Gambling.com Group Ltd.\* | 4 |  | 22 |
| &nbsp;&nbsp;&nbsp; AudioEye, Inc.\* | 2 |  | 20 |
| &nbsp;&nbsp;&nbsp; Gaia, Inc.\* | 5 |  | 18 |
| &nbsp;&nbsp;&nbsp; Nerdy, Inc.\* | 16 |  | 17 |
| &nbsp;&nbsp;&nbsp; BARK, Inc.\* | 25 |  | 15 |
| &nbsp;&nbsp;&nbsp; Travelzoo\* | 2 |  | 14 |
| &nbsp;&nbsp;&nbsp; Arena Group Holdings, Inc.\* | 3 |  | 12 |
| &nbsp;&nbsp;&nbsp; Triller Group, Inc.\* | 27 |  | 1 |
|  **Total Communications** |  |  | 40781 |
|  **Energy - 1.3%** | **Energy - 1.3%** | **Energy - 1.3%** | **Energy - 1.3%** |
| &nbsp;&nbsp;&nbsp; Nextpower, Inc. — Class A\* | 38 |  | 3310 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 34 |  | 1250 |
| &nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 14 |  | 1234 |
| &nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 13 |  | 1151 |
| &nbsp;&nbsp;&nbsp; Archrock, Inc. | 44 |  | 1145 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 36 |  | 1125 |
| &nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 59 |  | 1086 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. — Class A | 47 |  | 1029 |
| &nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 244 |  | 1008 |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 32 |  | 950 |
| &nbsp;&nbsp;&nbsp; Noble Corporation plc | 33 |  | 932 |
| &nbsp;&nbsp;&nbsp; Eos Energy Enterprises, Inc.\* | 81 |  | 928 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. | 19 |  | 849 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 153

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 4 | $| 832 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 22 |  | 823 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 16 |  | 806 |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. — Class A | 42 |  | 775 |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 26 |  | 746 |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 13 |  | 657 |
| &nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 48 |  | 636 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 25 |  | 601 |
| &nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 3 |  | 600 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc. — Class A | 22 |  | 597 |
| &nbsp;&nbsp;&nbsp; Seadrill Ltd.\* | 17 |  | 588 |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 94 |  | 574 |
| &nbsp;&nbsp;&nbsp; Plug Power, Inc.\* | 291 |  | 573 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | 30 |  | 561 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 25 |  | 537 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Co. — Class A | 63 |  | 529 |
| &nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. — Class A | 11 |  | 506 |
| &nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 16 |  | 475 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.\* | 20 |  | 464 |
| &nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 13 |  | 457 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. — Class A | 12 |  | 433 |
| &nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc. — Class A\* | 45 |  | 383 |
| &nbsp;&nbsp;&nbsp; Array Technologies, Inc.\* | 41 |  | 378 |
| &nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 32 |  | 353 |
| &nbsp;&nbsp;&nbsp; Fluence Energy, Inc.\* | 17 |  | 336 |
| &nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 34 |  | 319 |
| &nbsp;&nbsp;&nbsp; Expro Group Holdings N.V.\* | 23 |  | 307 |
| &nbsp;&nbsp;&nbsp; Borr Drilling Ltd.\* | 70 |  | 282 |
| &nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. — Class A | 25 |  | 263 |
| &nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 8 |  | 259 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 7 |  | 256 |
| &nbsp;&nbsp;&nbsp; National Energy Services Reunited Corp.\* | 16 |  | 250 |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 37 |  | 232 |
| &nbsp;&nbsp;&nbsp; Innovex International, Inc.\* | 10 |  | 219 |
| &nbsp;&nbsp;&nbsp; Diversified Energy Co. | 15 |  | 217 |
| &nbsp;&nbsp;&nbsp; Nabors Industries Ltd.\* | 4 |  | 217 |
| &nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 22 |  | 209 |
| &nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 13 |  | 208 |
| &nbsp;&nbsp;&nbsp; CVR Energy, Inc.\* | 8 |  | 204 |
| &nbsp;&nbsp;&nbsp; T1 Energy, Inc.\* | 30 |  | 200 |
| &nbsp;&nbsp;&nbsp; Ramaco Resources, Inc. — Class A\* | 11 |  | 198 |
| &nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc. | 21 |  | 198 |
| &nbsp;&nbsp;&nbsp; NextDecade Corp.\* | 36 |  | 190 |
| &nbsp;&nbsp;&nbsp; Sable Offshore Corp.\* | 20 |  | 180 |
| &nbsp;&nbsp;&nbsp; Excelerate Energy, Inc. — Class A | 6 |  | 168 |
| &nbsp;&nbsp;&nbsp; Green Plains, Inc.\* | 17 |  | 167 |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 23 |  | 166 |
| &nbsp;&nbsp;&nbsp; BKV Corp.\* | 6 |  | 163 |
| &nbsp;&nbsp;&nbsp; Vitesse Energy, Inc. | 8 |  | 154 |
| &nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 8 |  | 152 |
| &nbsp;&nbsp;&nbsp; SandRidge Energy, Inc. | 10 |  | 144 |
| &nbsp;&nbsp;&nbsp; RPC, Inc. | 24 |  | 130 |
| &nbsp;&nbsp;&nbsp; Gevo, Inc.\* | 62 |  | 124 |
| &nbsp;&nbsp;&nbsp; Kosmos Energy Ltd.\* | 126 |  | 114 |
| &nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc.\* | 3 |  | 111 |
| &nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 16 |  | 108 |
| &nbsp;&nbsp;&nbsp; ASP Isotopes, Inc.\* | 20 |  | 107 |
| &nbsp;&nbsp;&nbsp; Riley Exploration Permian, Inc. | 4 |  | 106 |
| &nbsp;&nbsp;&nbsp; VAALCO Energy, Inc. | 28 |  | 102 |
| &nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 3 |  | 101 |
| &nbsp;&nbsp;&nbsp; Flowco Holdings, Inc. — Class A | 5 |  | 94 |
| &nbsp;&nbsp;&nbsp; Matrix Service Co.\* | 7 |  | 82 |
| &nbsp;&nbsp;&nbsp; Summit Midstream Corp.\* | 3 |  | 80 |
| &nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc. | 15 |  | 71 |
| &nbsp;&nbsp;&nbsp; Ranger Energy Services, Inc. — Class A | 5 |  | 70 |
| &nbsp;&nbsp;&nbsp; Flotek Industries, Inc.\* | 4 |  | 69 |
| &nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc. — Class A\* | 4 |  | 59 |
| &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc.\* | 45 |  | 51 |
| &nbsp;&nbsp;&nbsp; NACCO Industries, Inc. — Class A | 1 |  | 49 |
| &nbsp;&nbsp;&nbsp; W&T Offshore, Inc. | 26 |  | 42 |
| &nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc.\* | 6 |  | 36 |
| &nbsp;&nbsp;&nbsp; Kolibri Global Energy, Inc.\* | 9 |  | 35 |
| &nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 5 |  | 33 |
| &nbsp;&nbsp;&nbsp; Montauk Renewables, Inc.\* | 18 |  | 30 |
| &nbsp;&nbsp;&nbsp; Evolution Petroleum Corp. | 8 |  | 28 |
| &nbsp;&nbsp;&nbsp; SunPower, Inc.\* | 16 |  | 25 |
| &nbsp;&nbsp;&nbsp; HighPeak Energy, Inc. | 5 |  | 24 |
| &nbsp;&nbsp;&nbsp; Epsilon Energy Ltd. | 5 |  | 23 |
| &nbsp;&nbsp;&nbsp; FutureFuel Corp. | 7 |  | 22 |
| &nbsp;&nbsp;&nbsp; OPAL Fuels, Inc. — Class A\* | 6 |  | 14 |
| &nbsp;&nbsp;&nbsp; Empire Petroleum Corp.\* | 4 |  | 12 |
| &nbsp;&nbsp;&nbsp; ProFrac Holding Corp. — Class A\* | 3 |  | 12 |
| &nbsp;&nbsp;&nbsp; Mammoth Energy Services, Inc.\* | 6 |  | 11 |
| &nbsp;&nbsp;&nbsp; Prairie Operating Co.\* | 6 |  | 10 |
| &nbsp;&nbsp;&nbsp; NextNRG, Inc.\* | 5 |  | 7 |
| &nbsp;&nbsp;&nbsp; Verde Clean Fuels, Inc.\* | 1 |  | 2 |
|  **Total Energy** |  |  | 37733 |
|  **Basic Materials - 1.0%** | **Basic Materials - 1.0%** | **Basic Materials - 1.0%** | **Basic Materials - 1.0%** |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co. | 167 |  | 3205 |
| &nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 168 |  | 2995 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 29 |  | 2007 |
| &nbsp;&nbsp;&nbsp; Uranium Energy Corp.\* | 125 |  | 1460 |
| &nbsp;&nbsp;&nbsp; Balchem Corp. | 9 |  | 1380 |
| &nbsp;&nbsp;&nbsp; SSR Mining, Inc.\* | 54 |  | 1184 |
| &nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 11 |  | 1033 |
| &nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 37 |  | 1019 |
| &nbsp;&nbsp;&nbsp; Centrus Energy Corp. — Class A\* | 4 |  | 971 |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | 14 |  | 928 |
| &nbsp;&nbsp;&nbsp; Energy Fuels, Inc.\* | 60 |  | 872 |
| &nbsp;&nbsp;&nbsp; HB Fuller Co. | 14 |  | 832 |
| &nbsp;&nbsp;&nbsp; Novagold Resources, Inc.\* | 81 |  | 755 |
| &nbsp;&nbsp;&nbsp; Hawkins, Inc. | 5 |  | 710 |
| &nbsp;&nbsp;&nbsp; Constellium SE\* | 36 |  | 679 |
| &nbsp;&nbsp;&nbsp; Ingevity Corp.\* | 10 |  | 592 |
| &nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 4 |  | 549 |
| &nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 14 |  | 549 |
| &nbsp;&nbsp;&nbsp; Innospec, Inc. | 7 |  | 536 |
| &nbsp;&nbsp;&nbsp; Perpetua Resources Corp.\* | 22 |  | 533 |
| &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 8 |  | 488 |
| &nbsp;&nbsp;&nbsp; Chemours Co. | 40 |  | 472 |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 4 |  | 459 |

---

154 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Rogers Corp.\* | 5 | $| 458 |
| &nbsp;&nbsp;&nbsp; Ivanhoe Electric Incorporated / US\* | 28 |  | 447 |
| &nbsp;&nbsp;&nbsp; Sylvamo Corp. | 9 |  | 434 |
| &nbsp;&nbsp;&nbsp; United States Lime & Minerals, Inc. | 3 |  | 359 |
| &nbsp;&nbsp;&nbsp; Calumet, Inc.\* | 18 |  | 358 |
| &nbsp;&nbsp;&nbsp; Stepan Co. | 6 |  | 284 |
| &nbsp;&nbsp;&nbsp; Ecovyst, Inc.\* | 29 |  | 282 |
| &nbsp;&nbsp;&nbsp; USA Rare Earth, Inc.\* | 23 |  | 274 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc.\* | 9 |  | 177 |
| &nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 14 |  | 170 |
| &nbsp;&nbsp;&nbsp; Ferroglobe plc | 32 |  | 148 |
| &nbsp;&nbsp;&nbsp; NioCorp Developments Ltd.\* | 28 |  | 148 |
| &nbsp;&nbsp;&nbsp; Oil-Dri Corporation of America | 3 |  | 147 |
| &nbsp;&nbsp;&nbsp; Magnera Corp.\* | 9 |  | 136 |
| &nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 5 |  | 135 |
| &nbsp;&nbsp;&nbsp; Tronox Holdings plc — Class A | 32 |  | 133 |
| &nbsp;&nbsp;&nbsp; Dakota Gold Corp.\* | 23 |  | 131 |
| &nbsp;&nbsp;&nbsp; US Antimony Corp.\* | 25 |  | 126 |
| &nbsp;&nbsp;&nbsp; Encore Energy Corp.\* | 50 |  | 124 |
| &nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 7 |  | 121 |
| &nbsp;&nbsp;&nbsp; Idaho Strategic Resources, Inc.\* | 3 |  | 121 |
| &nbsp;&nbsp;&nbsp; Caledonia Mining Corporation plc | 4 |  | 105 |
| &nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, Inc.\* | 17 |  | 100 |
| &nbsp;&nbsp;&nbsp; Intrepid Potash, Inc.\* | 3 |  | 83 |
| &nbsp;&nbsp;&nbsp; Orion S.A. | 15 |  | 79 |
| &nbsp;&nbsp;&nbsp; American Battery Technology Co.\* | 22 |  | 73 |
| &nbsp;&nbsp;&nbsp; Critical Metals Corp.\* | 9 |  | 62 |
| &nbsp;&nbsp;&nbsp; US Gold Corp.\* | 3 |  | 58 |
| &nbsp;&nbsp;&nbsp; Contango ORE, Inc.\* | 2 |  | 53 |
| &nbsp;&nbsp;&nbsp; Vox Royalty Corp. | 11 |  | 52 |
| &nbsp;&nbsp;&nbsp; Friedman Industries, Inc. | 2 |  | 41 |
| &nbsp;&nbsp;&nbsp; Codexis, Inc.\* | 22 |  | 36 |
| &nbsp;&nbsp;&nbsp; Lifezone Metals Ltd.\* | 7 |  | 30 |
| &nbsp;&nbsp;&nbsp; American Vanguard Corp.\* | 7 |  | 27 |
| &nbsp;&nbsp;&nbsp; Kronos Worldwide, Inc. | 6 |  | 27 |
| &nbsp;&nbsp;&nbsp; Valhi, Inc. | 1 |  | 12 |
| &nbsp;&nbsp;&nbsp; Trinseo plc | 9 |  | 5 |
|  **Total Basic Materials** |  |  | 29764 |
|  **Utilities - 0.8%** | **Utilities - 0.8%** | **Utilities - 0.8%** | **Utilities - 0.8%** |
| &nbsp;&nbsp;&nbsp; Oklo, Inc.\* | 29 |  | 2081 |
| &nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 16 |  | 1767 |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 26 |  | 1531 |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp. — Class A | 32 |  | 1453 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 30 |  | 1440 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 17 |  | 1360 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 19 |  | 1319 |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 27 |  | 1245 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | 15 |  | 1240 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 16 |  | 1236 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 16 |  | 1033 |
| &nbsp;&nbsp;&nbsp; Avista Corp. | 21 |  | 809 |
| &nbsp;&nbsp;&nbsp; Otter Tail Corp. | 10 |  | 808 |
| &nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 10 |  | 784 |
| &nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 6 |  | 749 |
| &nbsp;&nbsp;&nbsp; American States Water Co. | 10 |  | 725 |
| &nbsp;&nbsp;&nbsp; California Water Service Group | 16 |  | 693 |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc.\* | 47 |  | 578 |
| &nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 11 |  | 514 |
| &nbsp;&nbsp;&nbsp; H2O America | 9 |  | 441 |
| &nbsp;&nbsp;&nbsp; Ameresco, Inc. — Class A\* | 9 |  | 264 |
| &nbsp;&nbsp;&nbsp; Middlesex Water Co. | 5 |  | 252 |
| &nbsp;&nbsp;&nbsp; Unitil Corp. | 4 |  | 194 |
| &nbsp;&nbsp;&nbsp; Consolidated Water Company Ltd. | 4 |  | 141 |
| &nbsp;&nbsp;&nbsp; York Water Co. | 4 |  | 128 |
| &nbsp;&nbsp;&nbsp; Genie Energy Ltd. — Class B | 6 |  | 83 |
| &nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 2 |  | 43 |
| &nbsp;&nbsp;&nbsp; Global Water Resources, Inc. | 3 |  | 25 |
|  **Total Utilities** |  |  | 22936 |
|  **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| &nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio Exterior S.A. — Class E | 7 |  | 312 |
|  **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $617,482) |  |  | 761516 |
|  **WARRANTS<sup>†</sup>** **- 0.0%** | **WARRANTS<sup>†</sup>** **- 0.0%** | **WARRANTS<sup>†</sup>** **- 0.0%** | **WARRANTS<sup>†</sup>** **- 0.0%** |
|  Bed Bath & Beyond Inc |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 10/07/26\* | 1 |  |  |
|  **Total Warrants** | **Total Warrants** |  |  |
| &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.  | 69 |  |  |
|  Sanofi SA | 15 |  |  |
|  Novo Nordisk A/S | 19 |  |  |
|  Tobira Therapeutics, Inc.<sup>†††</sup> | 8 |  |  |
|  Novartis AG<sup>†††</sup> | 35 |  |  |
|  **Total Consumer, Non-cyclical** |  |  |  |
|  **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
|  E.W. Scripps Co. | 17 |  |  |
|  **Total Rights** | **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $84) |  |  |  |
|  **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 32.2%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 32.2%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 32.2%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 32.2%** |
| &nbsp;&nbsp;&nbsp; Vanguard Russell 2000 ETF\* | 4679 |  | 465654 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 Index ETF | 1889 |  | 464996 |
|  **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $827,474) |  |  | 930650 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 12.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 12.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 12.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 12.0%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 7026 |  | 174304 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 17110 |  | 172469 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $341,275) |  |  | 346773 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 155

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 4.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>2,3</sup> | $67000 | $66867 |
| &nbsp;&nbsp;&nbsp; 3.51% due 03/19/26<sup>3,4</sup> | 50000 | 49628 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $116,480) |  | 116495 |
|  **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.5%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.5%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.5%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 266871 | 266871 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 266871 | 266871 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $533,742) |  | 533742 |
|  **Total Investments - 93.0%** | **Total Investments - 93.0%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,436,537) | &nbsp;&nbsp;&nbsp; (Cost $2,436,537) | $2689176 |
|  **Other Assets & Liabilities, net - 7.0%** | **Other Assets & Liabilities, net - 7.0%** | 200950 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2890126 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | 7 | Mar 2026 | $874510 | $(26507) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>6</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **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 | 4.46% (SOFR + 0.75%) | At Maturity | 01/22/26 | 285 | $707856 | $32030 |
|  BNP Paribas | Russell 2000 Index | Pay | 4.19% (Federal Funds Rate + 0.55%) | At Maturity | 01/22/26 | 220 | 546690 | 29520 |
|  Goldman Sachs International | Russell 2000 Index | Pay | 4.34% (Federal Funds Rate + 0.70%) | At Maturity | 01/21/26 | 208 | 516078 | 14561 |
|  |  |  |  |  |  |  | $1770624 | $76111 |

---

156 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x 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, 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; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at December 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 December 31, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 December 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 | $761516 | $— | $— \* | $761516 |
|  Warrants | — \* |  |  |  |
|  Rights | — \* |  | — \* |  |
|  Exchange-Traded Funds | 930650 |  |  | 930650 |
|  Mutual Funds | 346773 |  |  | 346773 |
|  U.S. Treasury Bills |  | 116495 |  | 116495 |
|  Repurchase Agreements |  | 533742 |  | 533742 |
|  Equity Index Swap Agreements\*\* |  | 76111 |  | 76111 |
|  Total Assets | $2038939 | $726348 | $— | $2765287 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
|  Equity Futures Contracts\*\* | $26507 | $– $– $| 26507 |

---

---

| | |
|:---|:---|
| \* | &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 \| 157

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $244585 | $— | $(70000) | $310 | $(591) | $174304 | 7026 | $11208 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 380753 |  | (210000) | 4172 | (2456) | 172469 | 17110 | 11112 |
|  | $625338 | $— | $(280000) | $4482 | $(3047) | $346773 |  | $22320 |

---

158 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS<br> AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $1,561,520) | $1808661 |
|  Investments in affiliated issuers, at value (cost $341,275) | 346773 |
|  Repurchase agreements, at value (cost $533,742) | 533742 |
|  Cash | 73 |
|  Segregated cash with broker | 85988 |
|  Unrealized appreciation on OTC swap agreements | 76111 |
|  Receivables: |  |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 94246 |
| &nbsp;&nbsp;&nbsp; Dividends | 2069 |
| &nbsp;&nbsp;&nbsp; Interest | 57 |
|  **Total assets** | 2947720 |
|  **Liabilities:** |  |
|  Payable for: |  |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 35010 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 6685 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2205 |
| &nbsp;&nbsp;&nbsp; Management fees | 2190 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 1801 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 618 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 136 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 27 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 8922 |
|  **Total liabilities** | 57594 |
|  **Net assets** | $2890126 |
|  **Net assets consist of:** |  |
|  Paid in capital | $3783832 |
|  Total distributable earnings (loss) | (893706) |
|  **Net assets** | $2890126 |
|  Capital shares outstanding | 34168 |
|  Net asset value per share | $84.59 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $22) | $19291 |
|  Dividends from securities of affiliated issuers | 22320 |
|  Interest | 25330 |
|  Income from securities lending, net | 451 |
| &nbsp;&nbsp;&nbsp; Total investment income | 67392 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 24525 |
|  Investor service fees | 6812 |
|  Transfer agent fees | 7644 |
|  Professional fees | 6055 |
|  Portfolio accounting and administration fees | 4224 |
|  Custodian fees | 426 |
|  Trustees' fees\* | 383 |
|  Line of credit fees | 3 |
|  Miscellaneous | 2360 |
| &nbsp;&nbsp;&nbsp; Total expenses | 52432 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2725) |
|  Expenses waived by Adviser | (635) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (3360) |
|  Net expenses | 49072 |
|  Net investment income | 18320 |
|  **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 | 4989 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 4482 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (150719) |
| &nbsp;&nbsp;&nbsp; Futures contracts | 47723 |
|  Net realized loss | (93525) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 146369 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (3047) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 95689 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 11723 |
|  Net change in unrealized appreciation (depreciation) | 250734 |
|  Net realized and unrealized loss | 157209 |
|  **Net increase in net assets resulting from operations** | $175529 |

---

\* 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

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $18320 | $39608 |
|  Net realized gain (loss) on investments | (93525) | 99091 |
|  Net change in unrealized appreciation (depreciation) on investments | 250734 | 24228 |
|  Net increase in net assets resulting from operations | 175529 | 162927 |
|  Distributions to shareholders | (43942) | (42928) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 3460089 | 6228214 |
|  Distributions reinvested | 43942 | 42928 |
|  Cost of shares redeemed | (3914857) | (7518471) |
|  Net decrease from capital share transactions | (410826) | (1247329) |
|  Net decrease in net assets | (279239) | (1127330) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 3169365 | 4296695 |
| &nbsp;&nbsp;&nbsp; End of year | $2890126 | $3169365 |
|  **Capital share activity:** |  |  |
|  Shares sold | 45028 | 83141 |
|  Shares issued from reinvestment of distributions | 590 | 561 |
|  Shares redeemed | (52832) | (103909) |
|  Net decrease in shares | (7214) | (20207) |

---

160 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $76.59 | $69.76 | $58.25 | $87.53 | $89.86 |
|  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> | .51 | .85 | .75 | (.11) | (.96) |
|  Net gain (loss) on investments (realized and unrealized) | 8.86 | 6.80 | 10.76 | (29.17) | 18.02 |
|  Total from investment operations | 9.37 | 7.65 | 11.51 | (29.28) | 17.06 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (1.37) | (.82) |  |  | (.07) |
|  Net realized gains |  |  |  |  | (19.32) |
|  Total distributions | (1.37) | (.82) |  |  | (19.39) |
|  Net asset value, end of period | $84.59 | $76.59 | $69.76 | $58.25 | $87.53 |
|  **Total Return<sup>b</sup>** | **12.47%** | **10.95%** | **19.76%** | **(33.45** **%)** | **19.00%** |
|  **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) | $2890 | $3169 | $4297 | $3364 | $7985 |
|  Ratios 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% | 1.17% | 1.22% | (0.17%) | (0.96%) |
|  Total expenses<sup>c</sup> | 1.92% | 1.87% | 1.91% | 1.87% | 1.79% |
|  Net expenses<sup>d</sup> | 1.80% | 1.74% | 1.81% | 1.79% | 1.71% |
|  Portfolio turnover rate | 5% | 7% | 5% | 88% | 99% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 161

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **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%** |
|  Tobira Therapeutics, Inc.\* | 7 | $— |
|  **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  |  |
|  **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 7.0%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 7.0%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 7.0%** |
| &nbsp;&nbsp;&nbsp; Vanguard Russell 2000 ETF\* | 2308 | 229692 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 Index ETF | 932 | 229421 |
|  **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $408,358) |  | 459113 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.2%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.2%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.2%** |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>1</sup> | $700000 | 698679 |
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.55% due 01/16/26<sup>1</sup> | 500000 | 499261 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,197,940) |  | 1197940 |
|  **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; 3.51% due 01/22/26<sup>1,2</sup> | 86000 | 85830 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $85,819) |  | 85830 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 54.2%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 54.2%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 54.2%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 1787778 | 1787778 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 1787777 | 1787777 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,575,555) |  | 3575555 |
|  **Total Investments - 80.7%** | **Total Investments - 80.7%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,267,672) | &nbsp;&nbsp;&nbsp; (Cost $5,267,672) | $5318438 |
|  **Other Assets & Liabilities, net - 19.3%** | **Other Assets & Liabilities, net - 19.3%** | 1275671 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $6594109 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | 31 | Mar 2026 | $3872830 | $(40149) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>4</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation <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 | Russell 2000 Index | Pay | 4.19% (Federal Funds Rate + 0.55%) | At Maturity | 01/22/26 | 509 | $1264262 | $46656 |
|  Goldman Sachs International | Russell 2000 Index | Pay | 4.34% (Federal Funds Rate + 0.70%) | At Maturity | 01/21/26 | 2012 | 4993518 | 19696 |
|  Barclays Bank plc | Russell 2000 Index | Pay | 4.46% (SOFR + 0.75%) | At Maturity | 01/22/26 | 1047 | 2598698 | (18093) |
|  |  |  |  |  |  |  | $8856478 | $48259 |

---

162 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **RUSSELL 2000<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>†††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 3 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at December 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 December 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** |
|  Rights | $— | $— | $— \* | $— |
|  Exchange-Traded Funds | 459113 |  |  | 459113 |
|  Federal Agency Discount Notes |  | 1197940 |  | 1197940 |
|  U.S. Treasury Bills |  | 85830 |  | 85830 |
|  Repurchase Agreements |  | 3575555 |  | 3575555 |
|  Equity Index Swap Agreements\*\* |  | 66352 |  | 66352 |
|  Total Assets | $459113 | $4925677 | $— | $5384790 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $40149 | $— | $— | $40149 |
|  Equity Index Swap Agreements\*\* |  | 18093 |  | 18093 |
|  Total Liabilities | $40149 | $18093 | $— | $58242 |

---

---

| | |
|:---|:---|
| \* | &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 \| 163

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $1,692,117) | $1742883 |
|  Repurchase agreements, at value (cost $3,575,555) | 3575555 |
|  Segregated cash with broker | 1373439 |
|  Unrealized appreciation on OTC swap agreements | 66352 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Swap settlement | 53186 |
| &nbsp;&nbsp;&nbsp; Interest | 379 |
|  **Total assets** | 6811794 |
|  **Liabilities:** | **Liabilities:** |
|  Segregated cash due to broker | 140000 |
|  Unrealized depreciation on OTC swap agreements | 18093 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 29605 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 4293 |
| &nbsp;&nbsp;&nbsp; Management fees | 3235 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 899 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 271 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 198 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 62 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 21029 |
|  **Total liabilities** | 217685 |
|  **Net assets** | $6594109 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $10894128 |
|  Total distributable earnings (loss) | (4300019) |
|  Net assets | $6594109 |
|  Capital shares outstanding | 38582 |
|  Net asset value per share | $170.91 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $5250 |
|  Interest | 235478 |
|  Income from securities lending, net | 105 |
| &nbsp;&nbsp;&nbsp; Total investment income | 240833 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 48736 |
|  Transfer agent fees | 18635 |
|  Investor service fees | 13538 |
|  Portfolio accounting and administration fees | 8393 |
|  Professional fees | 8096 |
|  Printing expenses | 3208 |
|  Interest expense | 2957 |
|  Trustees' fees\* | 1365 |
|  Custodian fees | 888 |
|  Line of credit fees | 36 |
|  Miscellaneous | 1107 |
| &nbsp;&nbsp;&nbsp; Total expenses | 106959 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (5415) |
|  Net expenses | 101544 |
|  Net investment income | 139289 |
|  **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 | 223 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (2830772) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (404479) |
|  Net realized loss | (3235028) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 46450 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 685931 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 86841 |
|  Net change in unrealized appreciation (depreciation) | 819222 |
|  Net realized and unrealized loss | (2415806) |
|  **Net decrease in net assets resulting from operations** | $(2276517) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

164 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $139289 | $342757 |
|  Net realized loss on investments | (3235028) | (1258942) |
|  Net change in unrealized appreciation (depreciation) on investments | 819222 | (964072) |
|  Net decrease in net assets resulting from operations | (2276517) | (1880257) |
|  Distributions to shareholders | (342757) | (312091) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 37777102 | 129503893 |
|  Distributions reinvested | 342757 | 312091 |
|  Cost of shares redeemed | (41323613) | (127199259) |
|  Net increase (decrease) from capital share transactions | (3203754) | 2616725 |
|  Net increase (decrease) in net assets | (5823028) | 424377 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 12417137 | 11992760 |
| &nbsp;&nbsp;&nbsp; End of year | $6594109 | $12417137 |
|  **Capital share activity:** |  |  |
|  Shares sold | 243715 | 838048 |
|  Shares issued from reinvestment of distributions | 2345 | 1899 |
|  Shares redeemed | (284482) | (843309) |
|  Net decrease in shares | (38422) | (3362) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 165

**RUSSELL 2000<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $161.25 | $149.23 | $122.48 | $214.85 | $273.59 |
|  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> | 3.96 | 5.33 | 3.71 | .58 | (3.44) |
|  Net gain (loss) on investments (realized and unrealized) | 14.09 <sup>e</sup> | 8.96 <sup>e</sup> | 23.17 | (92.95) | 72.57 |
|  Total from investment operations | 18.05 | 14.29 | 26.88 | (92.37) | 69.13 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (8.39) | (.91) | (.13) |  |  |
|  Net realized gains |  | (1.36) |  |  | (127.87) |
|  Total distributions | (8.39) | (2.27) | (.13) |  | (127.87) |
|  Net asset value, end of period | $170.91 | $161.25 | $149.23 | $122.48 | $214.85 |
|  **Total Return<sup>b</sup>** | **12.07%** | **9.55%** | **22.00%** | **(42.99** **%)** | **25.77%** |
|  **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) | $6594 | $12417 | $11993 | $1024 | $2521 |
|  Ratios 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) | 2.57% | 3.34% | 2.83% | 0.40% | (1.23%) |
|  Total expenses<sup>c</sup> | 1.98% | 1.97% | 2.11% | 1.88% | 1.80% |
|  Net expenses<sup>d</sup> | 1.88% | 1.87% | 2.04% | 1.83% | 1.74% |
|  Portfolio turnover rate |  |  |  | 598% | 701% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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.

166 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 46.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 46.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 46.9%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 1970 | $48886 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 4778 | 48165 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $94,369) |  | 97051 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 19.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 19.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 19.3%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.86% (SOFR + 0.09%, Rate Floor: 0.00%) due 01/02/26<sup>◊</sup> | $40000 | 40000 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $40,000) |  | 40000 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 40.3%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 40.3%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 40.3%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 41734 | 41734 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 41734 | 41734 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $83,468) |  | 83468 |
|  **Total Investments - 106.5%** | **Total Investments - 106.5%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $217,837) | &nbsp;&nbsp;&nbsp; (Cost $217,837) | $220519 |
|  **Other Assets & Liabilities, net - (6.5)%** | **Other Assets & Liabilities, net - (6.5)%** | (13393) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $207126 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>3</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  **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 | 4.06% (SOFR + 0.35%) | At Maturity | 01/22/26 | 19 | $47397 | $1328 |
|  Goldman Sachs International | Russell 2000 Index | Receive | 4.09% (Federal Funds Rate + 0.45%) | At Maturity | 01/21/26 | 39 | 97027 | (2680) |
|  BNP Paribas | Russell 2000 Index | Receive | 3.79% (Federal Funds Rate + 0.15%) | At Maturity | 01/22/26 | 26 | 64404 | (3478) |
|  |  |  |  |  |  |  | $208828 | $(4830) |

---

---

| | |
|:---|:---|
| <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 December 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; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 \| 167

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $97051 | $— | $— | $97051 |
|  Federal Agency Notes |  | 40000 |  | 40000 |
|  Repurchase Agreements |  | 83468 |  | 83468 |
|  Equity Index Swap Agreements\*\* |  | 1328 |  | 1328 |
|  Total Assets | $97051 | $124796 | $— | $221847 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 6158 | $– $| 6158 |

---

\*\* 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $63983 | $— | $(15000) | $401 | $(498) | $48886 | 1970 | $3364 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 67691 |  | (20000) | 551 | (77) | 48165 | 4778 | 2964 |
|  | $131674 | $— | $(35000) | $952 | $(575) | $97051 |  | $6328 |

---

168 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $40,000) | $40000 |
|  Investments in affiliated issuers, at value (cost $94,369) | 97051 |
|  Repurchase agreements, at value (cost $83,468) | 83468 |
|  Segregated cash with broker | 19865 |
|  Unrealized appreciation on OTC swap agreements | 1328 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 4422 |
| &nbsp;&nbsp;&nbsp; Dividends | 511 |
| &nbsp;&nbsp;&nbsp; Interest | 421 |
|  **Total assets** | 247066 |
|  **Liabilities:** | **Liabilities:** |
|  Unrealized depreciation on OTC swap agreements | 6158 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Swap settlement | 30255 |
| &nbsp;&nbsp;&nbsp; Professional fees | 1061 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 474 |
| &nbsp;&nbsp;&nbsp; Management fees | 429 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 123 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 121 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 27 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 7 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 1285 |
|  **Total liabilities** | 39940 |
|  **Net assets** | $207126 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $8846678 |
|  Total distributable earnings (loss) | (8639552) |
|  Net assets | $207126 |
|  Capital shares outstanding | 1732 |
|  Net asset value per share | $119.59 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $6328 |
|  Interest | 23122 |
| &nbsp;&nbsp;&nbsp; Total investment income | 29450 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 5998 |
|  Investor service fees | 1666 |
|  Transfer agent fees | 2031 |
|  Professional fees | 1566 |
|  Portfolio accounting and administration fees | 1033 |
|  Custodian fees | 149 |
|  Trustees' fees\* | 121 |
|  Miscellaneous | 312 |
| &nbsp;&nbsp;&nbsp; Total expenses | 12876 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (666) |
|  Expenses waived by Adviser | (170) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (836) |
|  Net expenses | 12040 |
|  Net investment income | 17410 |
|  **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 | 5 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 952 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (187915) |
|  Net realized loss | (186958) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (22) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (575) |
| &nbsp;&nbsp;&nbsp; Swap agreements | (8443) |
|  Net change in unrealized appreciation (depreciation) | (9040) |
|  Net realized and unrealized loss | (195998) |
|  **Net decrease in net assets resulting from operations** | $(178588) |

---

\* 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 \| 169

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $17410 | $25607 |
|  Net realized loss on investments | (186958) | (101513) |
|  Net change in unrealized appreciation (depreciation) on investments | (9040) | 12315 |
|  Net decrease in net assets resulting from operations | (178588) | (63591) |
|  Distributions to shareholders | (25607) | (37982) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 5483606 | 7481280 |
|  Distributions reinvested | 25607 | 37982 |
|  Cost of shares redeemed | (5828741) | (7328509) |
|  Net increase (decrease) from capital share transactions | (319528) | 190753 |
|  Net increase (decrease) in net assets | (523723) | 89180 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 730849 | 641669 |
| &nbsp;&nbsp;&nbsp; End of year | $207126 | $730849 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 38135 | 50958 |
|  Shares issued from reinvestment of distributions | 196 | 278 |
|  Shares redeemed | (41954) | (49971) |
|  Net increase (decrease) in shares | (3623) | 1265 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

170 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025<sup>f</sup>** | **Year Ended <br> December 31, <br> 2024<sup>f</sup>** | **Year Ended <br> December 31, <br> 2023<sup>f</sup>** | **Year Ended <br> December 31, <br> 2022<sup>f</sup>** | **Year Ended <br> December 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 | $136.48 | $156.87 | $176.70 | $150.59 | $184.79 |
|  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> | 3.58 | 5.20 | 5.55 | (.45) | (1.95) |
|  Net gain (loss) on investments (realized and unrealized) | (16.32) | (14.04) | (25.38) | 26.56 <sup>e</sup> | (32.25) |
|  Total from investment operations | (12.74) | (8.84) | (19.83) | 26.11 | (34.20) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (4.15) | (11.55) |  |  |  |
|  Total distributions | (4.15) | (11.55) |  |  |  |
|  Net asset value, end of period | $119.59 | $136.48 | $156.87 | $176.70 | $150.59 |
|  **Total Return<sup>b</sup>** | **(9.58** **%)** | **(5.64** **%)** | **(11.23** **%)** | **17.33%** | **(18.51** **%)** |
|  **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) | $207 | $731 | $642 | $2082 | $344 |
|  Ratios 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) | 2.61% | 3.56% | 3.22% | (0.27 %) | (1.25%) |
|  Total expenses<sup>c</sup> | 1.93% | 1.85% | 1.87% | 1.88% | 1.79% |
|  Net expenses<sup>d</sup> | 1.81% | 1.72% | 1.79% | 1.82% | 1.71% |
|  Portfolio turnover rate |  |  |  |  | 250% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 171

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 79.6%** | **COMMON STOCKS<sup>†</sup>** **- 79.6%** | **COMMON STOCKS<sup>†</sup>** **- 79.6%** |
|  **Technology - 26.0%** | **Technology - 26.0%** | **Technology - 26.0%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 13763 | $2566800 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 8369 | 2275196 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 4210 | 2036040 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 2675 | 925817 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 1294 | 230009 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 922 | 197456 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 953 | 185749 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 636 | 181521 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 529 | 156695 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 539 | 142786 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 711 | 121709 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 451 | 115902 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 158 | 104662 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 607 | 103827 |
| &nbsp;&nbsp;&nbsp; Accenture plc — Class A | 351 | 94173 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 2540 | 93726 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 588 | 90076 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 74 | 89916 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 515 | 89347 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 237 | 82948 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 279 | 75665 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 142 | 66564 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 105 | 49321 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 154 | 48137 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 121 | 35817 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 123 | 33873 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | 194 | 33420 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 143 | 31040 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 358 | 28429 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 61 | 27153 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 123 | 26418 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 127 | 25950 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 98 | 25091 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. — Class A\* | 184 | 25022 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. — Class A | 43 | 24670 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 27 | 24472 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. — Class A | 273 | 22659 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 13 | 21978 |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. — Class C | 171 | 21526 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | 183 | 20529 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 305 | 20487 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 306 | 19498 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 293 | 19473 |
| &nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 79 | 18753 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 747 | 17943 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 89 | 17227 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 66 | 14729 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 72 | 12989 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 228 | 12346 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 113 | 12101 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.\* | 68 | 11846 |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 529 | 11786 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 24 | 10895 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 41 | 10344 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 284 | 8313 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 41 | 7482 |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 81 | 7067 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. — Class A\* | 29 | 7042 |
| &nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 31 | 6351 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 91 | 6294 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 84 | 5326 |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 28 | 4462 |
|  **Total Technology** |  | 10814843 |
|  **Communications - 13.5%** | **Communications - 13.5%** | **Communications - 13.5%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 5510 | 1271818 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 3295 | 1031335 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class C | 2634 | 826549 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 1234 | 814551 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 2400 | 225024 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 2232 | 171931 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 1011 | 115022 |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. — Class A\* | 153 | 103094 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 4015 | 99733 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 2388 | 97263 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 18 | 96396 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 1177 | 96173 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 585 | 76653 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 387 | 71285 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 2059 | 61544 |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 272 | 55227 |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. — Class A\* | 445 | 50329 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 212 | 48014 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 1404 | 40463 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 442 | 38701 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 94 | 36032 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 241 | 32709 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | 256 | 22298 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 66 | 18698 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 181 | 14616 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. | 47 | 11419 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\* | 50 | 10438 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 74 | 10079 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc. — Class A\* | 77 | 9554 |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. — Class A\* | 249 | 9452 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 318 | 8646 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class A | 118 | 8622 |
| &nbsp;&nbsp;&nbsp; F5, Inc.\* | 33 | 8424 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 21 | 6094 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class A | 212 | 5537 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class B | 84 | 5454 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. | 134 | 4327 |
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp. — Class B | 176 | 2358 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class B | 70 | 2074 |
|  **Total Communications** |  | 5617936 |
|  **Financial - 11.3%** | **Financial - 11.3%** | **Financial - 11.3%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. — Class B\* | 1039 | 522253 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 1542 | 496863 |
| &nbsp;&nbsp;&nbsp; Visa, Inc. — Class A | 956 | 335279 |

---

172 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc. — Class A | 464 | $| 264888 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 3805 |  | 209275 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 1778 |  | 165710 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 170 |  | 149430 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 684 |  | 121430 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 1013 |  | 118207 |
| &nbsp;&nbsp;&nbsp; American Express Co. | 304 |  | 112465 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 946 |  | 94515 |
| &nbsp;&nbsp;&nbsp; Blackrock, Inc. | 82 |  | 87768 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 360 |  | 87249 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 332 |  | 75603 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. REIT | 389 |  | 72202 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. REIT | 526 |  | 67149 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 207 |  | 64609 |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. — Class A | 418 |  | 64430 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. — Class A | 204 |  | 55708 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 323 |  | 52313 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Companies, Inc. | 277 |  | 51389 |
| &nbsp;&nbsp;&nbsp; KKR & Company, Inc. — Class A | 389 |  | 49590 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp | 880 |  | 46957 |
| &nbsp;&nbsp;&nbsp; American Tower Corp. — Class A REIT | 265 |  | 46526 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 222 |  | 46338 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 395 |  | 45855 |
| &nbsp;&nbsp;&nbsp; Aon plc — Class A | 122 |  | 43051 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. REIT | 56 |  | 42905 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 263 |  | 38072 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 145 |  | 37525 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. | 126 |  | 36548 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 725 |  | 35677 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. REIT | 185 |  | 34245 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 148 |  | 30806 |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | 267 |  | 29442 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. REIT | 521 |  | 29369 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. — Class A\* | 129 |  | 29172 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. REIT | 183 |  | 28312 |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. — Class A\* | 166 |  | 26691 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 306 |  | 26178 |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 53 |  | 25988 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 255 |  | 24768 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 313 |  | 24708 |
| &nbsp;&nbsp;&nbsp; Public Storage REIT | 89 |  | 23095 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 198 |  | 22350 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. REIT | 247 |  | 21951 |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. | 158 |  | 21772 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. REIT | 266 |  | 20583 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 158 |  | 20384 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 205 |  | 19664 |
| &nbsp;&nbsp;&nbsp; Ares Management Corp. — Class A | 117 |  | 18911 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson plc | 54 |  | 17744 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 87 |  | 17529 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 374 |  | 17507 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 204 |  | 17020 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. REIT | 605 |  | 17013 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. — Class A | 252 |  | 16206 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 240 |  | 16138 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 100 |  | 16059 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. REIT | 120 |  | 15626 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 890 |  | 15441 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 59 |  | 14809 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 107 |  | 14615 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. REIT | 80 |  | 14505 |
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 88 |  | 14372 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 243 |  | 14194 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. REIT | 167 |  | 13853 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 497 |  | 13469 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 166 |  | 13230 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 124 |  | 12695 |
| &nbsp;&nbsp;&nbsp; Equity Residential REIT | 196 |  | 12356 |
| &nbsp;&nbsp;&nbsp; W R Berkley Corp. | 170 |  | 11921 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. REIT | 60 |  | 11606 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 526 |  | 10857 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 96 |  | 10110 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 113 |  | 9968 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. REIT | 408 |  | 9666 |
| &nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. REIT | 36 |  | 9420 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. REIT | 66 |  | 9168 |
| &nbsp;&nbsp;&nbsp; Invitation Homes, Inc. REIT | 319 |  | 8865 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 24 |  | 8144 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. REIT | 384 |  | 7784 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 28 |  | 6744 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 252 |  | 6620 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust REIT | 60 |  | 6605 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. REIT | 93 |  | 6420 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. REIT | 362 |  | 6418 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. REIT | 394 |  | 6335 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | 45 |  | 6294 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. REIT | 170 |  | 6236 |
| &nbsp;&nbsp;&nbsp; BXP, Inc. REIT | 83 |  | 5601 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust REIT | 44 |  | 4435 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. REIT | 88 |  | 4307 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 174 |  | 4157 |
| &nbsp;&nbsp;&nbsp; Erie Indemnity Co. — Class A | 14 |  | 4013 |
|  **Total Financial** |  |  | 4702243 |
|  **Consumer, Non-cyclical - 11.1%** | **Consumer, Non-cyclical - 11.1%** | **Consumer, Non-cyclical - 11.1%** | **Consumer, Non-cyclical - 11.1%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 450 |  | 483606 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 1365 |  | 282487 |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 1001 |  | 228718 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 1324 |  | 189743 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 513 |  | 169346 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 2193 |  | 153313 |
| &nbsp;&nbsp;&nbsp; Merck & Company, Inc. | 1406 |  | 147996 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 882 |  | 141473 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 213 |  | 123423 |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 985 |  | 123411 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 201 |  | 113838 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 774 |  | 111084 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 305 |  | 99830 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 176 |  | 91976 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 703 |  | 86286 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 356 |  | 81496 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 3220 |  | 80178 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 840 |  | 80094 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 173

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 726 | $| 69740 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 195 |  | 68537 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 144 |  | 65284 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 1153 |  | 62193 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 229 |  | 58906 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 70 |  | 57420 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 719 |  | 57060 |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 951 |  | 54835 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 87 |  | 44444 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 126 |  | 44169 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 57 |  | 43997 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 90 |  | 42017 |
| &nbsp;&nbsp;&nbsp; Cigna Group | 151 |  | 41560 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. — Class A | 731 |  | 39350 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. — Class A | 110 |  | 37152 |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 193 |  | 36297 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 457 |  | 36112 |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 84 |  | 35453 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 250 |  | 31455 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 162 |  | 31439 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 404 |  | 30975 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 530 |  | 30941 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 45 |  | 30444 |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | 36 |  | 29136 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 329 |  | 28047 |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 135 |  | 27743 |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 383 |  | 25672 |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 161 |  | 21907 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 96 |  | 21639 |
| &nbsp;&nbsp;&nbsp; Kroger Co. | 345 |  | 21556 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 769 |  | 21540 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 258 |  | 21161 |
| &nbsp;&nbsp;&nbsp; Block, Inc. — Class A\* | 310 |  | 20178 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | 83 |  | 19992 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 271 |  | 19970 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 188 |  | 18967 |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. | 1085 |  | 18716 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. — Class A | 79 |  | 17671 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 68 |  | 17417 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 272 |  | 15637 |
| &nbsp;&nbsp;&nbsp; Hershey Co. | 84 |  | 15286 |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 69 |  | 14972 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 221 |  | 14668 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 83 |  | 14607 |
| &nbsp;&nbsp;&nbsp; Estee Lauder Companies, Inc. — Class A | 139 |  | 14556 |
| &nbsp;&nbsp;&nbsp; STERIS plc | 56 |  | 14197 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | 302 |  | 14043 |
| &nbsp;&nbsp;&nbsp; Waters Corp.\* | 34 |  | 12914 |
| &nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 40 |  | 12037 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 47 |  | 11791 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 483 |  | 11713 |
| &nbsp;&nbsp;&nbsp; Church & Dwight Company, Inc. | 136 |  | 11404 |
| &nbsp;&nbsp;&nbsp; Insulet Corp.\* | 40 |  | 11370 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 41 |  | 11281 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. — Class A | 80 |  | 11037 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 63 |  | 10932 |
| &nbsp;&nbsp;&nbsp; Centene Corp.\* | 264 |  | 10864 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 134 |  | 10372 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 112 |  | 10071 |
| &nbsp;&nbsp;&nbsp; Rollins, Inc. | 166 |  | 9963 |
| &nbsp;&nbsp;&nbsp; McCormick & Company, Inc. | 143 |  | 9740 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 126 |  | 9386 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. — Class A | 160 |  | 9379 |
| &nbsp;&nbsp;&nbsp; Cooper Companies, Inc.\* | 113 |  | 9261 |
| &nbsp;&nbsp;&nbsp; Incyte Corp.\* | 93 |  | 9186 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 652 |  | 8117 |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 44 |  | 8003 |
| &nbsp;&nbsp;&nbsp; Clorox Co. | 69 |  | 6957 |
| &nbsp;&nbsp;&nbsp; Bunge Global S.A. | 77 |  | 6859 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. — Class B | 31 |  | 6759 |
| &nbsp;&nbsp;&nbsp; Solventum Corp.\* | 84 |  | 6656 |
| &nbsp;&nbsp;&nbsp; Revvity, Inc. | 64 |  | 6192 |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 38 |  | 5934 |
| &nbsp;&nbsp;&nbsp; J M Smucker Co. | 60 |  | 5869 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 197 |  | 5809 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 28 |  | 5586 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | 291 |  | 5561 |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 88 |  | 5175 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 29 |  | 5033 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 271 |  | 4691 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 96 |  | 4481 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 57 |  | 4308 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 165 |  | 3910 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 79 |  | 3309 |
| &nbsp;&nbsp;&nbsp; The Campbell's Co. | 111 |  | 3093 |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp. — Class B | 100 |  | 2606 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 20 |  | 2272 |
|  **Total Consumer, Non-cyclical** |  |  | 4617237 |
|  **Consumer, Cyclical - 6.5%** | **Consumer, Cyclical - 6.5%** | **Consumer, Cyclical - 6.5%** | **Consumer, Cyclical - 6.5%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 1592 |  | 715954 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 2484 |  | 276743 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 251 |  | 216447 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 564 |  | 194072 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 403 |  | 123169 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. | 630 |  | 96774 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc. | 318 |  | 76689 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 644 |  | 54231 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 478 |  | 43598 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc. — Class B | 674 |  | 42941 |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 528 |  | 42937 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 144 |  | 40164 |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. | 78 |  | 39815 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 126 |  | 39090 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 132 |  | 37917 |
| &nbsp;&nbsp;&nbsp; Carvana Co.\* | 80 |  | 33762 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 184 |  | 33146 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 297 |  | 32525 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 9 |  | 30524 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 2217 |  | 29087 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. — Class A\* | 749 |  | 27713 |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | 650 |  | 26085 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 367 |  | 25470 |

---

174 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 25 | $| 25226 |
| &nbsp;&nbsp;&nbsp; Target Corp. | 257 |  | 25122 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 157 |  | 23751 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | 155 |  | 22325 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 183 |  | 20463 |
| &nbsp;&nbsp;&nbsp; Copart, Inc.\* | 504 |  | 19732 |
| &nbsp;&nbsp;&nbsp; Carnival Corp. | 615 |  | 18782 |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 125 |  | 16596 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 25 |  | 15125 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 299 |  | 14953 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 116 |  | 14821 |
| &nbsp;&nbsp;&nbsp; NVR, Inc.\* | 2 |  | 14585 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 107 |  | 13162 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 110 |  | 12899 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 89 |  | 12683 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 61 |  | 12676 |
| &nbsp;&nbsp;&nbsp; Lennar Corp. — Class A | 122 |  | 12541 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 69 |  | 12323 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 66 |  | 12145 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 293 |  | 12110 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 172 |  | 11195 |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | 79 |  | 9714 |
| &nbsp;&nbsp;&nbsp; Aptiv plc\* | 122 |  | 9283 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 83 |  | 8605 |
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 38 |  | 7942 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. — Class A | 22 |  | 7779 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 18 |  | 7503 |
| &nbsp;&nbsp;&nbsp; Best Buy Company, Inc. | 111 |  | 7429 |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 76 |  | 6232 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 48 |  | 5776 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 258 |  | 5759 |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 19 |  | 4346 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International\* | 116 |  | 4233 |
|  **Total Consumer, Cyclical** |  |  | 2706669 |
|  **Industrial - 6.0%** | **Industrial - 6.0%** | **Industrial - 6.0%** | **Industrial - 6.0%** |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 597 |  | 183894 |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 265 |  | 151810 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 759 |  | 139201 |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 154 |  | 100650 |
| &nbsp;&nbsp;&nbsp; Boeing Co.\* | 444 |  | 96401 |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. — Class A | 693 |  | 93652 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 336 |  | 77723 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 360 |  | 70233 |
| &nbsp;&nbsp;&nbsp; Eaton Corporation plc | 220 |  | 70072 |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 142 |  | 66111 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 71 |  | 62406 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 115 |  | 55622 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 126 |  | 49039 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 144 |  | 48479 |
| &nbsp;&nbsp;&nbsp; 3M Co. | 301 |  | 48190 |
| &nbsp;&nbsp;&nbsp; CRH plc | 378 |  | 47174 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 228 |  | 46745 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. | 210 |  | 46139 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 76 |  | 43336 |
| &nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 32 |  | 42555 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 318 |  | 42205 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. — Class B | 419 |  | 41561 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | 346 |  | 41434 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 1055 |  | 38244 |
| &nbsp;&nbsp;&nbsp; TE Connectivity plc | 167 |  | 37994 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 150 |  | 36945 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 127 |  | 36667 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 123 |  | 35530 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 106 |  | 31118 |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 130 |  | 26691 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 45 |  | 25557 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 64 |  | 24900 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. — Class A | 114 |  | 24160 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | 448 |  | 23672 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 75 |  | 21392 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 34 |  | 21170 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 97 |  | 20705 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 97 |  | 19710 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 221 |  | 19304 |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | 93 |  | 18865 |
| &nbsp;&nbsp;&nbsp; Xylem, Inc. | 138 |  | 18793 |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 20 |  | 18666 |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 12 |  | 16730 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 104 |  | 16307 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 204 |  | 16161 |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 25 |  | 15295 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | 78 |  | 15229 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. | 141 |  | 14069 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 61 |  | 13909 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 27 |  | 13790 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | 30 |  | 13323 |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 296 |  | 11446 |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 76 |  | 11325 |
| &nbsp;&nbsp;&nbsp; Amcor plc | 1307 |  | 10900 |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 67 |  | 10771 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 135 |  | 10577 |
| &nbsp;&nbsp;&nbsp; Packaging Corporation of America | 51 |  | 10518 |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | 29 |  | 9993 |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | 180 |  | 9938 |
| &nbsp;&nbsp;&nbsp; Pentair plc | 93 |  | 9685 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 68 |  | 9007 |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | 18 |  | 8741 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 100 |  | 8717 |
| &nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 43 |  | 8357 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 152 |  | 8052 |
| &nbsp;&nbsp;&nbsp; Allegion plc | 49 |  | 7802 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 118 |  | 7488 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 22 |  | 7481 |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 42 |  | 7473 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | 30 |  | 7213 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 88 |  | 6537 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 63 |  | 6482 |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 33 |  | 4500 |
| &nbsp;&nbsp;&nbsp; A O Smith Corp. | 64 |  | 4280 |
|  **Total Industrial** |  |  | 2496811 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 175

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy - 2.3%** | **Energy - 2.3%** | **Energy - 2.3%** |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 2389 | $287492 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 1072 | 163383 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 700 | 65527 |
| &nbsp;&nbsp;&nbsp; Williams Companies, Inc. | 692 | 41596 |
| &nbsp;&nbsp;&nbsp; SLB Ltd. | 846 | 32469 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 307 | 32238 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 1109 | 30487 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 228 | 29421 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 173 | 28163 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 170 | 27647 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 356 | 26166 |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 559 | 25457 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 122 | 22509 |
| &nbsp;&nbsp;&nbsp; Equities Corp. | 353 | 18921 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 407 | 16736 |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 61 | 15935 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 105 | 15785 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 135 | 14899 |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 477 | 13480 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 355 | 13004 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. — Class A | 431 | 11344 |
| &nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 33 | 9478 |
| &nbsp;&nbsp;&nbsp; APA Corp. | 201 | 4916 |
|  **Total Energy** |  | 947053 |
|  **Utilities - 1.8%** | **Utilities - 1.8%** | **Utilities - 1.8%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 1180 | 94730 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 177 | 62529 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 624 | 54413 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 440 | 51572 |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, Inc. | 303 | 34939 |
| &nbsp;&nbsp;&nbsp; Sempra | 370 | 32667 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 180 | 29039 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 484 | 28358 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 572 | 24934 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 335 | 24743 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 253 | 23385 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 283 | 22725 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 204 | 20261 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 1245 | 20007 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 184 | 19405 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 109 | 17357 |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 153 | 15279 |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 91 | 15255 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 118 | 15220 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 419 | 14673 |
| &nbsp;&nbsp;&nbsp; American Water Works Company, Inc. | 111 | 14485 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 213 | 14341 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 370 | 14186 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 294 | 13162 |
| &nbsp;&nbsp;&nbsp; Edison International | 218 | 13084 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 172 | 12028 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | 270 | 11275 |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 146 | 9491 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 130 | 9424 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 68 | 6032 |
| &nbsp;&nbsp;&nbsp; AES Corp. | 403 | 5779 |
|  **Total Utilities** |  | 744778 |
|  **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** |
| &nbsp;&nbsp;&nbsp; Linde plc | 264 | 112567 |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 618 | 61708 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 131 | 42448 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 813 | 41292 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | 144 | 37803 |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 126 | 31125 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 130 | 21204 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 78 | 13217 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 127 | 13012 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 299 | 11778 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 145 | 9772 |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 119 | 9716 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 237 | 9527 |
| &nbsp;&nbsp;&nbsp; Albemarle Corp. | 67 | 9476 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 403 | 9422 |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 88 | 6806 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. — Class A | 146 | 6322 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. | 180 | 4336 |
|  **Total Basic Materials** |  | 451531 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $21,564,267) |  | 33099101 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 9.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 9.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 9.6%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 202415 | 2040342 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 78932 | 1958292 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,941,469) |  | 3998634 |

---

176 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 3.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.7%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>2,3</sup> | $1407000 | $1404223 |
| &nbsp;&nbsp;&nbsp; 3.51% due 03/19/26<sup>3,4</sup> | 150000 | 148883 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,552,904) |  | 1553106 |
|  **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 5.7%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 5.7%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 5.7%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 1181908 | 1181908 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 1181909 | 1181909 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,363,817) |  | 2363817 |
|  **Total Investments - 98.6%** | **Total Investments - 98.6%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $29,422,457) | &nbsp;&nbsp;&nbsp; (Cost $29,422,457) | $41014658 |
|  **Other Assets & Liabilities, net - 1.4%** | **Other Assets & Liabilities, net - 1.4%** | 584323 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $41598981 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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>** |
|  S&P 500 Index Mini Futures Contracts | 63 | Mar 2026 | $21709013 | $3664 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>6</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **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 | 4.49% (Federal Funds Rate + 0.85%) | At Maturity | 01/22/26 | 409 | $2798373 | $83128 |
|  Goldman Sachs International | S&P 500 Index | Pay | 4.59% (Federal Funds Rate + 0.95%) | At Maturity | 01/21/26 | 361 | 2471417 | 65133 |
|  Barclays Bank plc | S&P 500 Index | Pay | 4.61% (SOFR + 0.90%) | At Maturity | 01/22/26 | 337 | 2308342 | 39479 |
|  |  |  |  |  |  |  | $7578132 | $187740 |

---

---

| | |
|:---|:---|
| \* | &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 December 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 December 31, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 \| 177

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **NOVA FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $33099101 | $— | $— | $33099101 |
|  Mutual Funds | 3998634 |  |  | 3998634 |
|  U.S. Treasury Bills |  | 1553106 |  | 1553106 |
|  Repurchase Agreements |  | 2363817 |  | 2363817 |
|  Equity Futures Contracts\*\* | 3664 |  |  | 3664 |
|  Equity Index Swap Agreements\*\* |  | 187740 |  | 187740 |
|  Total Assets | $37101399 | $4104663 | $— | $41206062 |

---

\*\* 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $1961449 | $— | $— | $— | $(3157) | $1958292 | 78932 | $103166 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 2026173 |  |  |  | 14169 | 2040342 | 202415 | 88794 |
|  | $3987622 | $— | $— | $— | $11012 | $3998634 |  | $191960 |

---

178 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOVA FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $23,117,171) | $34652207 |
|  Investments in affiliated issuers, at value (cost $3,941,469) | 3998634 |
|  Repurchase agreements, at value (cost $2,363,817) | 2363817 |
|  Segregated cash with broker | 745960 |
|  Unrealized appreciation on OTC swap agreements | 187740 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 32563 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 455 |
| &nbsp;&nbsp;&nbsp; Interest | 251 |
|  **Total assets** | 41981627 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 165375 |
| &nbsp;&nbsp;&nbsp; Professional fees | 58964 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 33754 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 30078 |
| &nbsp;&nbsp;&nbsp; Management fees | 26863 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 12901 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 9099 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 3821 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 366 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 41425 |
|  **Total liabilities** | 382646 |
|  **Net assets** | $41598981 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $31507900 |
|  Total distributable earnings (loss) | 10091081 |
|  Net assets | $41598981 |
|  Capital shares outstanding | 161653 |
|  Net asset value per share | $257.34 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $83) | $348948 |
|  Dividends from securities of affiliated issuers | 191960 |
|  Interest | 220963 |
|  Income from securities lending, net | 357 |
| &nbsp;&nbsp;&nbsp; Total investment income | 762228 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 277744 |
|  Investor service fees | 92581 |
|  Transfer agent fees | 101938 |
|  Professional fees | 74457 |
|  Portfolio accounting and administration fees | 57399 |
|  Interest expense | 12270 |
|  Custodian fees | 5611 |
|  Trustees' fees\* | 4859 |
|  Miscellaneous | 29875 |
| &nbsp;&nbsp;&nbsp; Total expenses | 656734 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (18517) |
|  Expenses waived by Adviser | (5084) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (23601) |
|  Net expenses | 633133 |
|  Net investment income | 129095 |
|  **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 | 1701337 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 1766429 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 140291 |
|  Net realized gain | 3608057 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 647283 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 11012 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 409603 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 253249 |
|  Net change in unrealized appreciation (depreciation) | 1321147 |
|  Net realized and unrealized gain | 4929204 |
|  **Net increase in net assets resulting from operations** | $5058299 |

---

\* 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 \| 179

**NOVA FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $129095 | $247879 |
|  Net realized gain on investments | 3608057 | 6887808 |
|  Net change in unrealized appreciation (depreciation) on investments | 1321147 | 3624783 |
|  Net increase in net assets resulting from operations | 5058299 | 10760470 |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 92601504 | 103873391 |
|  Cost of shares redeemed | (96792127) | (109975453) |
|  Net decrease from capital share transactions | (4190623) | (6102062) |
|  Net increase in net assets | 867676 | 4658408 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 40731305 | 36072897 |
| &nbsp;&nbsp;&nbsp; End of year | $41598981 | $40731305 |
|  **Capital share activity:** |  |  |
|  Shares sold | 417648 | 565979 |
|  Shares redeemed | (447301) | (599597) |
|  Net decrease in shares | (29653) | (33618) |

---

180 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $212.91 | $160.38 | $118.75 | $196.72 | $144.74 |
|  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> | .79 | 1.24 | 1.17 | .15 | (.76) |
|  Net gain (loss) on investments (realized and unrealized) | 43.64 | 51.29 | 40.46 | (58.50) | 60.70 |
|  Total from investment operations | 44.43 | 52.53 | 41.63 | (58.35) | 59.94 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  |  |  | (.67) | (.61) |
|  Net realized gains |  |  |  | (18.95) | (7.35) |
|  Total distributions |  |  |  | (19.62) | (7.96) |
|  Net asset value, end of period | $257.34 | $212.91 | $160.38 | $118.75 | $196.72 |
|  **Total Return<sup>b</sup>** | **20.87%** | **32.75%** | **35.06%** | **(30.26** **%)** | **42.18%** |
|  **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) | $41599 | $40731 | $36073 | $16513 | $63584 |
|  Ratios 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% | 0.65% | 0.85% | 0.10% | (0.44%) |
|  Total expenses<sup>c</sup> | 1.77% | 1.72% | 1.76% | 1.67% | 1.60% |
|  Net expenses<sup>d</sup> | 1.71% | 1.66% | 1.72% | 1.65% | 1.57% |
|  Portfolio turnover rate | 197% | 177% | 413% | 748% | 408% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 181

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 79.9%** | **COMMON STOCKS<sup>†</sup>** **- 79.9%** | **COMMON STOCKS<sup>†</sup>** **- 79.9%** |
|  **Technology - 26.1%** | **Technology - 26.1%** | **Technology - 26.1%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 36105 | $6733582 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 21955 | 5968686 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 11043 | 5340616 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 7017 | 2428584 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 3394 | 603283 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 2419 | 518053 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 2499 | 487080 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 1668 | 476064 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 1389 | 411436 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 1414 | 374583 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 1866 | 319422 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 1184 | 304276 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 414 | 274242 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 1591 | 272141 |
| &nbsp;&nbsp;&nbsp; Accenture plc — Class A | 921 | 247104 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 6662 | 245828 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 195 | 236941 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 1541 | 236066 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 1350 | 234211 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 622 | 217694 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 731 | 198247 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 373 | 174848 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 276 | 129643 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 404 | 126282 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 316 | 93539 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 324 | 89226 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | 508 | 87513 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 374 | 81180 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 939 | 74566 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 160 | 71221 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 322 | 69159 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 334 | 68246 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 258 | 66056 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. — Class A\* | 484 | 65819 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 71 | 64352 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. — Class A | 112 | 64258 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. — Class A | 717 | 59511 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 35 | 59172 |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. — Class C | 448 | 56394 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | 481 | 53959 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 799 | 53669 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 803 | 51167 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 769 | 51108 |
| &nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 207 | 49138 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 1960 | 47079 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 233 | 45099 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 173 | 38608 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 190 | 34276 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 598 | 32382 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 297 | 31806 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.\* | 178 | 31009 |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 1389 | 30947 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 64 | 29053 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 107 | 26994 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 745 | 21806 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 108 | 19708 |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 214 | 18671 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. — Class A\* | 75 | 18211 |
| &nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 82 | 16800 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 238 | 16460 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 221 | 14014 |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 73 | 11633 |
|  **Total Technology** |  | 28372721 |
|  **Communications - 13.6%** | **Communications - 13.6%** | **Communications - 13.6%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 14454 | 3336272 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 8644 | 2705572 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class C | 6909 | 2168044 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 3236 | 2136051 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 6296 | 590313 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 5855 | 451011 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 2653 | 301832 |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. — Class A\* | 402 | 270876 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 10534 | 261664 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 48 | 257056 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 6265 | 255173 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 3087 | 252239 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 1534 | 201000 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 1016 | 187147 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 5400 | 161406 |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 715 | 145174 |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. — Class A\* | 1168 | 132101 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 555 | 125696 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 3682 | 106115 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 1159 | 101482 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 247 | 94680 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 632 | 85775 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | 672 | 58531 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 174 | 49296 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 474 | 38275 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. | 124 | 30126 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\* | 131 | 27346 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 193 | 26287 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc. — Class A\* | 201 | 24940 |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. — Class A\* | 654 | 24826 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 834 | 22677 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class A | 310 | 22652 |
| &nbsp;&nbsp;&nbsp; F5, Inc.\* | 86 | 21952 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 56 | 16251 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class A | 556 | 14523 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class B | 221 | 14349 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. | 351 | 11334 |
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp. — Class B | 462 | 6191 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class B | 183 | 5422 |
|  **Total Communications** |  | 14741657 |
|  **Financial - 11.4%** | **Financial - 11.4%** | **Financial - 11.4%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. — Class B\* | 2725 | 1369721 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 4045 | 1303380 |
| &nbsp;&nbsp;&nbsp; Visa, Inc. — Class A | 2508 | 879581 |

---

182 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc. — Class A | 1218 | $| 695332 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 9982 |  | 549010 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 4664 |  | 434685 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 446 |  | 392034 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 1795 |  | 318666 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 2659 |  | 310279 |
| &nbsp;&nbsp;&nbsp; American Express Co. | 798 |  | 295220 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 2482 |  | 247977 |
| &nbsp;&nbsp;&nbsp; Blackrock, Inc. | 214 |  | 229053 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 945 |  | 229030 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 871 |  | 198344 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. REIT | 1020 |  | 189322 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. REIT | 1380 |  | 176171 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 544 |  | 169793 |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. — Class A | 1097 |  | 169091 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. — Class A | 536 |  | 146371 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 847 |  | 137180 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Companies, Inc. | 728 |  | 135059 |
| &nbsp;&nbsp;&nbsp; KKR & Company, Inc. — Class A | 1020 |  | 130030 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp | 2310 |  | 123262 |
| &nbsp;&nbsp;&nbsp; American Tower Corp. — Class A REIT | 696 |  | 122197 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 583 |  | 121690 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 1036 |  | 120269 |
| &nbsp;&nbsp;&nbsp; Aon plc — Class A | 319 |  | 112569 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. REIT | 146 |  | 111859 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 690 |  | 99884 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 382 |  | 98858 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. | 331 |  | 96010 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 1901 |  | 93548 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. REIT | 485 |  | 89778 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 389 |  | 80970 |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | 701 |  | 77299 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. REIT | 1367 |  | 77058 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. — Class A\* | 339 |  | 76661 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. REIT | 480 |  | 74261 |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. — Class A\* | 436 |  | 70105 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 802 |  | 68611 |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 138 |  | 67667 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 670 |  | 65077 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 822 |  | 64889 |
| &nbsp;&nbsp;&nbsp; Public Storage REIT | 235 |  | 60982 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 520 |  | 58698 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. REIT | 647 |  | 57499 |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. | 414 |  | 57049 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. REIT | 698 |  | 54011 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 415 |  | 53539 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 537 |  | 51509 |
| &nbsp;&nbsp;&nbsp; Ares Management Corp. — Class A | 306 |  | 49459 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson plc | 142 |  | 46661 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 982 |  | 45967 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 228 |  | 45937 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. REIT | 1588 |  | 44655 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 535 |  | 44635 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. — Class A | 662 |  | 42573 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 630 |  | 42361 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 262 |  | 42075 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. REIT | 315 |  | 41019 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 2336 |  | 40530 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 155 |  | 38905 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 281 |  | 38382 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. REIT | 210 |  | 38075 |
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 232 |  | 37890 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 638 |  | 37266 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. REIT | 439 |  | 36415 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 1303 |  | 35311 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 436 |  | 34749 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 324 |  | 33171 |
| &nbsp;&nbsp;&nbsp; Equity Residential REIT | 514 |  | 32403 |
| &nbsp;&nbsp;&nbsp; W R Berkley Corp. | 446 |  | 31274 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. REIT | 158 |  | 30562 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 1380 |  | 28483 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 252 |  | 26538 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 297 |  | 26198 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. REIT | 1071 |  | 25372 |
| &nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. REIT | 96 |  | 25121 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. REIT | 174 |  | 24170 |
| &nbsp;&nbsp;&nbsp; Invitation Homes, Inc. REIT | 838 |  | 23288 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 62 |  | 21040 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. REIT | 1006 |  | 20392 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 74 |  | 17823 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust REIT | 158 |  | 17393 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 661 |  | 17364 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. REIT | 245 |  | 16912 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. REIT | 950 |  | 16843 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. REIT | 1033 |  | 16611 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | 118 |  | 16503 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. REIT | 447 |  | 16396 |
| &nbsp;&nbsp;&nbsp; BXP, Inc. REIT | 219 |  | 14778 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust REIT | 117 |  | 11794 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. REIT | 231 |  | 11305 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 457 |  | 10918 |
| &nbsp;&nbsp;&nbsp; Erie Indemnity Co. — Class A | 38 |  | 10893 |
|  **Total Financial** |  |  | 12337548 |
|  **Consumer, Non-cyclical - 11.1%** | **Consumer, Non-cyclical - 11.1%** | **Consumer, Non-cyclical - 11.1%** | **Consumer, Non-cyclical - 11.1%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 1180 |  | 1268122 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 3580 |  | 740881 |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 2626 |  | 600015 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 3472 |  | 497572 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1346 |  | 444328 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 5752 |  | 402122 |
| &nbsp;&nbsp;&nbsp; Merck & Company, Inc. | 3688 |  | 388199 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 2313 |  | 371005 |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 2584 |  | 323749 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 558 |  | 323333 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 527 |  | 298472 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 2032 |  | 291633 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 800 |  | 261848 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 461 |  | 240914 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 1843 |  | 226210 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 934 |  | 213811 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 8448 |  | 210355 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 183

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 2203 | $| 210056 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 1906 |  | 183090 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 511 |  | 179601 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 377 |  | 170917 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 3025 |  | 163169 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 601 |  | 154595 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 183 |  | 150113 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 1886 |  | 149673 |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 2494 |  | 143804 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 228 |  | 116474 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 150 |  | 115780 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 330 |  | 115682 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 237 |  | 110646 |
| &nbsp;&nbsp;&nbsp; Cigna Group | 397 |  | 109266 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. — Class A | 1917 |  | 103192 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. — Class A | 288 |  | 97272 |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 508 |  | 95540 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 1198 |  | 94666 |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 222 |  | 93697 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 426 |  | 82674 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 655 |  | 82412 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 1060 |  | 81270 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 1390 |  | 81148 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 119 |  | 80507 |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | 95 |  | 76885 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 862 |  | 73486 |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 353 |  | 72542 |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 1004 |  | 67298 |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 421 |  | 57285 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 253 |  | 57029 |
| &nbsp;&nbsp;&nbsp; Kroger Co. | 906 |  | 56607 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 2019 |  | 56552 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 677 |  | 55528 |
| &nbsp;&nbsp;&nbsp; Block, Inc. — Class A\* | 814 |  | 52983 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 711 |  | 52394 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | 217 |  | 52269 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 493 |  | 49739 |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. | 2847 |  | 49111 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. — Class A | 207 |  | 46304 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 179 |  | 45847 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 714 |  | 41048 |
| &nbsp;&nbsp;&nbsp; Hershey Co. | 220 |  | 40036 |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 182 |  | 39490 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 579 |  | 38428 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 218 |  | 38366 |
| &nbsp;&nbsp;&nbsp; Estee Lauder Companies, Inc. — Class A | 365 |  | 38223 |
| &nbsp;&nbsp;&nbsp; STERIS plc | 146 |  | 37014 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | 793 |  | 36874 |
| &nbsp;&nbsp;&nbsp; Waters Corp.\* | 88 |  | 33425 |
| &nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 104 |  | 31297 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 123 |  | 30858 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 1266 |  | 30701 |
| &nbsp;&nbsp;&nbsp; Church & Dwight Company, Inc. | 357 |  | 29934 |
| &nbsp;&nbsp;&nbsp; Insulet Corp.\* | 105 |  | 29845 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 107 |  | 29440 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. — Class A | 209 |  | 28834 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 165 |  | 28632 |
| &nbsp;&nbsp;&nbsp; Centene Corp.\* | 694 |  | 28558 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 352 |  | 27245 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 294 |  | 26437 |
| &nbsp;&nbsp;&nbsp; Rollins, Inc. | 436 |  | 26169 |
| &nbsp;&nbsp;&nbsp; McCormick & Company, Inc. | 376 |  | 25609 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. — Class A | 421 |  | 24679 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 331 |  | 24656 |
| &nbsp;&nbsp;&nbsp; Incyte Corp.\* | 245 |  | 24199 |
| &nbsp;&nbsp;&nbsp; Cooper Companies, Inc.\* | 295 |  | 24178 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 1711 |  | 21302 |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 115 |  | 20916 |
| &nbsp;&nbsp;&nbsp; Clorox Co. | 181 |  | 18250 |
| &nbsp;&nbsp;&nbsp; Bunge Global S.A. | 201 |  | 17905 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. — Class B | 82 |  | 17878 |
| &nbsp;&nbsp;&nbsp; Solventum Corp.\* | 219 |  | 17354 |
| &nbsp;&nbsp;&nbsp; Revvity, Inc. | 168 |  | 16254 |
| &nbsp;&nbsp;&nbsp; J M Smucker Co. | 159 |  | 15552 |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 99 |  | 15459 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 517 |  | 15246 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | 764 |  | 14600 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 73 |  | 14562 |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 232 |  | 13644 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 76 |  | 13189 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 711 |  | 12307 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 252 |  | 11763 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 149 |  | 11261 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 433 |  | 10262 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 207 |  | 8671 |
| &nbsp;&nbsp;&nbsp; The Campbell's Co. | 292 |  | 8138 |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp. — Class B | 262 |  | 6828 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 52 |  | 5908 |
|  **Total Consumer, Non-cyclical** |  |  | 12111096 |
|  **Consumer, Cyclical - 6.5%** | **Consumer, Cyclical - 6.5%** | **Consumer, Cyclical - 6.5%** | **Consumer, Cyclical - 6.5%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 4175 |  | 1877581 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 6515 |  | 725836 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 658 |  | 567420 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 1479 |  | 508924 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 1058 |  | 323356 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. | 1654 |  | 254071 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc. | 833 |  | 200886 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 1689 |  | 142231 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 1254 |  | 114377 |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 1386 |  | 112709 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc. — Class B | 1767 |  | 112576 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 377 |  | 105153 |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. | 205 |  | 104642 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 331 |  | 102689 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 345 |  | 99101 |
| &nbsp;&nbsp;&nbsp; Carvana Co.\* | 210 |  | 88624 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 483 |  | 87008 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 780 |  | 85418 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 25 |  | 84787 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 5815 |  | 76293 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. — Class A\* | 1965 |  | 72705 |

---

184 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | 1706 | $| 68462 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 964 |  | 66902 |
| &nbsp;&nbsp;&nbsp; Target Corp. | 675 |  | 65981 |
| &nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 65 |  | 65588 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 413 |  | 62479 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | 407 |  | 58620 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 481 |  | 53785 |
| &nbsp;&nbsp;&nbsp; Copart, Inc.\* | 1323 |  | 51795 |
| &nbsp;&nbsp;&nbsp; Carnival Corp. | 1613 |  | 49261 |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 327 |  | 43416 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 67 |  | 40536 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 785 |  | 39258 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 304 |  | 38842 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 282 |  | 34689 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 290 |  | 34006 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 235 |  | 33488 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 160 |  | 33249 |
| &nbsp;&nbsp;&nbsp; Lennar Corp. — Class A | 321 |  | 32999 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 181 |  | 32325 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 173 |  | 31835 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 768 |  | 31742 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 452 |  | 29421 |
| &nbsp;&nbsp;&nbsp; NVR, Inc.\* | 4 |  | 29171 |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | 207 |  | 25453 |
| &nbsp;&nbsp;&nbsp; Aptiv plc\* | 321 |  | 24425 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 217 |  | 22496 |
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 99 |  | 20691 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. — Class A | 58 |  | 20509 |
| &nbsp;&nbsp;&nbsp; Best Buy Company, Inc. | 290 |  | 19410 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 46 |  | 19174 |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 198 |  | 16236 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 676 |  | 15088 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 125 |  | 15041 |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 49 |  | 11209 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International\* | 305 |  | 11130 |
|  **Total Consumer, Cyclical** |  |  | 7095099 |
|  **Industrial - 6.0%** | **Industrial - 6.0%** | **Industrial - 6.0%** | **Industrial - 6.0%** |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 1567 |  | 482683 |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 695 |  | 398144 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 1992 |  | 365333 |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 403 |  | 263389 |
| &nbsp;&nbsp;&nbsp; Boeing Co.\* | 1163 |  | 252511 |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. — Class A | 1819 |  | 245820 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 881 |  | 203793 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 943 |  | 183970 |
| &nbsp;&nbsp;&nbsp; Eaton Corporation plc | 577 |  | 183781 |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 374 |  | 174123 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 187 |  | 164365 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 303 |  | 146552 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 329 |  | 128047 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 377 |  | 126921 |
| &nbsp;&nbsp;&nbsp; 3M Co. | 789 |  | 126319 |
| &nbsp;&nbsp;&nbsp; CRH plc | 996 |  | 124301 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 597 |  | 122397 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. | 551 |  | 121060 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 199 |  | 113472 |
| &nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 84 |  | 111707 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 835 |  | 110821 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. — Class B | 1098 |  | 108910 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | 908 |  | 108733 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 2767 |  | 100304 |
| &nbsp;&nbsp;&nbsp; TE Connectivity plc | 437 |  | 99422 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 392 |  | 96550 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 333 |  | 96144 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 323 |  | 93302 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 278 |  | 81612 |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 342 |  | 70216 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 117 |  | 66448 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 167 |  | 64975 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. — Class A | 299 |  | 63367 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | 1176 |  | 62140 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 90 |  | 56039 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 196 |  | 55903 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 254 |  | 54216 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 255 |  | 51813 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 579 |  | 50576 |
| &nbsp;&nbsp;&nbsp; Xylem, Inc. | 362 |  | 49297 |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | 243 |  | 49292 |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 52 |  | 48531 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 273 |  | 42806 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 534 |  | 42304 |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 30 |  | 41826 |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 67 |  | 40990 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | 204 |  | 39829 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. | 369 |  | 36819 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 159 |  | 36255 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 70 |  | 35751 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | 79 |  | 35085 |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 776 |  | 30008 |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 199 |  | 29653 |
| &nbsp;&nbsp;&nbsp; Amcor plc | 3430 |  | 28606 |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 176 |  | 28294 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 354 |  | 27736 |
| &nbsp;&nbsp;&nbsp; Packaging Corporation of America | 133 |  | 27429 |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | 77 |  | 26534 |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | 472 |  | 26059 |
| &nbsp;&nbsp;&nbsp; Pentair plc | 243 |  | 25306 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 178 |  | 23578 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 262 |  | 22838 |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | 47 |  | 22822 |
| &nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 112 |  | 21766 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 398 |  | 21082 |
| &nbsp;&nbsp;&nbsp; Allegion plc | 128 |  | 20380 |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 111 |  | 19751 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 58 |  | 19724 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 309 |  | 19609 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | 79 |  | 18994 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 230 |  | 17085 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 164 |  | 16874 |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 87 |  | 11864 |
| &nbsp;&nbsp;&nbsp; A O Smith Corp. | 168 |  | 11236 |
|  **Total Industrial** |  |  | 6546192 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 185

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy - 2.3%** | **Energy - 2.3%** | **Energy - 2.3%** |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 6266 | $754051 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 2812 | 428577 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 1836 | 171868 |
| &nbsp;&nbsp;&nbsp; Williams Companies, Inc. | 1815 | 109100 |
| &nbsp;&nbsp;&nbsp; SLB Ltd. | 2220 | 85203 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 806 | 84638 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 2909 | 79968 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 599 | 77295 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 453 | 73744 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 447 | 72696 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 935 | 68722 |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 1466 | 66762 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 319 | 58856 |
| &nbsp;&nbsp;&nbsp; Equities Corp. | 927 | 49687 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 1069 | 43957 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 277 | 41641 |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 159 | 41536 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 354 | 39068 |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 1251 | 35353 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 932 | 34139 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. — Class A | 1131 | 29768 |
| &nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 87 | 24988 |
| &nbsp;&nbsp;&nbsp; APA Corp. | 527 | 12890 |
|  **Total Energy** |  | 2484507 |
|  **Utilities - 1.8%** | **Utilities - 1.8%** | **Utilities - 1.8%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 3094 | 248386 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 464 | 163917 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 1636 | 142659 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 1155 | 135378 |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, Inc. | 795 | 91671 |
| &nbsp;&nbsp;&nbsp; Sempra | 970 | 85641 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 473 | 76309 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 1269 | 74351 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 1501 | 65429 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 879 | 64923 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 664 | 61373 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 742 | 59583 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 536 | 53235 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 3266 | 52485 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 483 | 50937 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 285 | 45383 |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 402 | 40144 |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 239 | 40064 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 309 | 39855 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 1099 | 38487 |
| &nbsp;&nbsp;&nbsp; American Water Works Company, Inc. | 290 | 37845 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 557 | 37503 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 970 | 37190 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 772 | 34562 |
| &nbsp;&nbsp;&nbsp; Edison International | 572 | 34331 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 452 | 31608 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | 709 | 29608 |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 382 | 24834 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 342 | 24792 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 178 | 15789 |
| &nbsp;&nbsp;&nbsp; AES Corp. | 1058 | 15172 |
|  **Total Utilities** |  | 1953444 |
|  **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** |
| &nbsp;&nbsp;&nbsp; Linde plc | 694 | 295915 |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 1621 | 161857 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 343 | 111142 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 2134 | 108386 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | 379 | 99495 |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 331 | 81764 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 340 | 55457 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 204 | 34568 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 333 | 34119 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 785 | 30921 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 381 | 25676 |
| &nbsp;&nbsp;&nbsp; Qnity Electronics, Inc. | 311 | 25393 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 623 | 25045 |
| &nbsp;&nbsp;&nbsp; Albemarle Corp. | 175 | 24752 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 1056 | 24689 |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 232 | 17943 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. — Class A | 383 | 16584 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. | 472 | 11370 |
|  **Total Basic Materials** |  | 1185076 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $62,833,325) |  | 86827340 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 11.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 11.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 11.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.69% due 02/24/26<sup>1,2</sup> | $5000000 | 4973992 |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>2,3</sup> | 3723000 | 3715651 |
| &nbsp;&nbsp;&nbsp; 3.51% due 03/19/26<sup>1,2</sup> | 2250000 | 2233248 |
| &nbsp;&nbsp;&nbsp; 3.78% due 02/24/26<sup>2</sup> | 1000000 | 994798 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $11,914,536) |  | 11917689 |
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 7.9%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 7.9%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 7.9%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 4286445 | 4286445 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 4286444 | 4286444 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,572,889) |  | 8572889 |
|  **Total Investments - 98.8%** | **Total Investments - 98.8%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $83,320,750) | &nbsp;&nbsp;&nbsp; (Cost $83,320,750) | $107317918 |
|  **Other Assets & Liabilities, net - 1.2%** | **Other Assets & Liabilities, net - 1.2%** | 1313537 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $108631455 |

---

186 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **S&P 500<sup>®</sup>** **2x 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> 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 | 188 | Mar 2026 | $64782450 | $(41249) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>5</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **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 | 4.49% (Federal Funds Rate + 0.85%) | At Maturity | 01/22/26 | 4771 | $32658734 | $964441 |
|  Barclays Bank plc | S&P 500 Index | Pay | 4.61% (SOFR + 0.90%) | At Maturity | 01/22/26 | 4365 | 29877514 | 754268 |
|  Goldman Sachs International | S&P 500 Index | Pay | 4.59% (Federal Funds Rate + 0.95%) | At Maturity | 01/21/26 | 460 | 3150666 | 111231 |
|  |  |  |  |  |  |  | $65686914 | $1829940 |

---

---

| | |
|:---|:---|
| \* | &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; All or a portion of this security is pledged as equity index swap collateral at December 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; All or a portion of this security is pledged as futures collateral at December 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 \| 187

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $86827340 | $— | $— | $86827340 |
|  U.S. Treasury Bills |  | 11917689 |  | 11917689 |
|  Repurchase Agreements |  | 8572889 |  | 8572889 |
|  Equity Index Swap Agreements\*\* |  | 1829940 |  | 1829940 |
|  Total Assets | $86827340 | $22320518 | $— | $109147858 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
|  Equity Futures Contracts\*\* | $41249 | $– $– $| 41249 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

188 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $74,747,861) | $98745029 |
|  Repurchase agreements, at value (cost $8,572,889) | 8572889 |
|  Cash | 65 |
|  Segregated cash with broker | 2927384 |
|  Unrealized appreciation on OTC swap agreements | 1829940 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Swap settlement | 87376 |
| &nbsp;&nbsp;&nbsp; Dividends | 44224 |
| &nbsp;&nbsp;&nbsp; Interest | 908 |
|  **Total assets** | 112207815 |
|  **Liabilities:** | **Liabilities:** |
|  Segregated cash due to broker | 2650000 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 493500 |
| &nbsp;&nbsp;&nbsp; Management fees | 83450 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 76394 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 23180 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 12590 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 5099 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 823 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 231324 |
|  **Total liabilities** | 3576360 |
|  **Net assets** | $108631455 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $86403045 |
|  Total distributable earnings (loss) | 22228410 |
|  Net assets | $108631455 |
|  Capital shares outstanding | 179448 |
|  Net asset value per share | $605.36 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $198) | $811279 |
|  Interest | 625122 |
|  Income from securities lending, net | 1474 |
| &nbsp;&nbsp;&nbsp; Total investment income | 1437875 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 725683 |
|  Investor service fees | 201578 |
|  Transfer agent fees | 198280 |
|  Professional fees | 146847 |
|  Portfolio accounting and administration fees | 124977 |
|  Interest expense | 93747 |
|  Custodian fees | 11634 |
|  Trustees' fees\* | 6382 |
|  Line of credit fees | 81 |
|  Miscellaneous | 104581 |
| &nbsp;&nbsp;&nbsp; Total expenses | 1613790 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (80631) |
|  Net expenses | 1533159 |
|  Net investment loss | (95284) |
|  **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 | (120585) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 14223995 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 670919 |
|  Net realized gain | 14774329 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 14357897 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 2300918 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 168465 |
|  Net change in unrealized appreciation (depreciation) | 16827280 |
|  Net realized and unrealized gain | 31601609 |
|  **Net increase in net assets resulting from operations** | $31506325 |

---

\* 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 \| 189

**S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income (loss) | $(95284) | $97631 |
|  Net realized gain on investments | 14774329 | 8553278 |
|  Net change in unrealized appreciation (depreciation) on investments | 16827280 | 2975705 |
|  Net increase in net assets resulting from operations | 31506325 | 11626614 |
|  Distributions to shareholders | (97896) | (183943) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 134444650 | 140348577 |
|  Distributions reinvested | 97896 | 183943 |
|  Cost of shares redeemed | (93444467) | (151826938) |
|  Net increase (decrease) from capital share transactions | 41098079 | (11294418) |
|  Net increase in net assets | 72506508 | 148253 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 36124947 | 35976694 |
| &nbsp;&nbsp;&nbsp; End of year | $108631455 | $36124947 |
|  **Capital share activity:** |  |  |
|  Shares sold | 290633 | 328171 |
|  Shares issued from reinvestment of distributions | 186 | 414 |
|  Shares redeemed | (186057) | (359049) |
|  Net increase (decrease) in shares | 104762 | (30464) |

---

190 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $483.69 | $342.15 | $236.13 | $499.24 | $315.43 |
|  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> | (.62) | 1.27 | 2.04 | .07 | (2.79) |
|  Net gain (loss) on investments (realized and unrealized) | 122.80 | 143.05 | 104.22 | (192.13) | 186.60 |
|  Total from investment operations | 122.18 | 144.32 | 106.26 | (192.06) | 183.81 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.51) | (2.78) | (.24) |  |  |
|  Net realized gains |  |  |  | (71.05) |  |
|  Total distributions | (.51) | (2.78) | (.24) | (71.05) |  |
|  Net asset value, end of period | $605.36 | $483.69 | $342.15 | $236.13 | $499.24 |
|  **Total Return<sup>b</sup>** | **25.28%** | **42.25%** | **45.04%** | **(39.77** **%)** | **58.27%** |
|  **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) | $108631 | $36125 | $35977 | $16482 | $90849 |
|  Ratios 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%) | 0.30% | 0.71% | 0.02% | (0.68%) |
|  Total expenses<sup>c</sup> | 2.00% | 1.96% | 1.93% | 1.84% | 1.75% |
|  Net expenses<sup>d</sup> | 1.90% | 1.86% | 1.86% | 1.77% | 1.71% |
|  Portfolio turnover rate | 73% | 214% | 436% | 1703% | 2834% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. 

<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 \| 191

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 18.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 18.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 18.2%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 11574 | $116663 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 4623 | 114691 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $227,677) |  | 231354 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 99.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 99.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 99.9%** |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.55% due 01/16/26<sup>2</sup> | $450000 | 449334 |
| &nbsp;&nbsp;&nbsp; 3.55% due 01/20/26<sup>2</sup> | 165000 | 164691 |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>2</sup> | 100000 | 99811 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.56% due 01/23/26<sup>2</sup> | 400000 | 399131 |
| &nbsp;&nbsp;&nbsp; 3.62% due 01/16/26<sup>2</sup> | 100000 | 99849 |

---

---

| | | |
|:---|:---|:---|
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.63% due 01/07/26<sup>2</sup> | 55000 | 54967 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,267,784) |  | 1267783 |
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 142.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 142.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 142.8%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 906014 | 906014 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 906014 | 906014 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,812,028) |  | 1812028 |
|  **Total Investments - 260.9%** | **Total Investments - 260.9%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,307,489) | &nbsp;&nbsp;&nbsp; (Cost $3,307,489) | $3311165 |
|  **Other Assets & Liabilities, net - (160.9)%** | **Other Assets & Liabilities, net - (160.9)%** | (2042003) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1269162 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>4</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  **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 500 Index | Receive | 4.29% (Federal Funds Rate + 0.65%) | At Maturity | 01/21/26 | 115 | $789207 | $9978 |
|  Barclays Bank plc | S&P 500 Index | Receive | 4.31% (SOFR + 0.60%) | At Maturity | 01/22/26 | 56 | 381400 | 1824 |
|  BNP Paribas | S&P 500 Index | Receive | 4.09% (Federal Funds Rate + 0.45%) | At Maturity | 01/22/26 | 12 | 82245 | (2446) |
|  |  |  |  |  |  |  | $1252852 | $9356 |

---

192 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| <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; Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &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 December 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 | $231354 | $— | $— | $231354 |
|  Federal Agency Discount Notes |  | 1267783 |  | 1267783 |
|  Repurchase Agreements |  | 1812028 |  | 1812028 |
|  Equity Index Swap Agreements\*\* |  | 11802 |  | 11802 |
|  Total Assets | $231354 | $3091613 | $— | $3322967 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 2446 | $– $| 2446 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 193

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $114876 | $— | $— | $— | $(185) | $114691 | 4623 | $6042 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 115853 |  |  |  | 810 | 116663 | 11574 | 5078 |
|  | $230729 | $— | $— | $— | $625 | $231354 |  | $11120 |

---

194 \| 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** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $1,267,784) | $1267783 |
|  Investments in affiliated issuers, at value (cost $227,677) | 231354 |
|  Repurchase agreements, at value (cost $1,812,028) | 1812028 |
|  Segregated cash with broker | 570952 |
|  Unrealized appreciation on OTC swap agreements | 11802 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 5429 |
| &nbsp;&nbsp;&nbsp; Dividends | 903 |
| &nbsp;&nbsp;&nbsp; Interest | 192 |
|  **Total assets** | 3900443 |
|  **Liabilities:** | **Liabilities:** |
|  Unrealized depreciation on OTC swap agreements | 2446 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 2548293 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 73301 |
| &nbsp;&nbsp;&nbsp; Management fees | 1509 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1250 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 426 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 94 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 14 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 3948 |
|  **Total liabilities** | 2631281 |
|  **Net assets** | $1269162 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $21166461 |
|  Total distributable earnings (loss) | (19897299) |
|  Net assets | $1269162 |
|  Capital shares outstanding | 13858 |
|  Net asset value per share | $91.58 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $11120 |
|  Interest | 50884 |
| &nbsp;&nbsp;&nbsp; Total investment income | 62004 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 13210 |
|  Investor service fees | 3669 |
|  Transfer agent fees | 3845 |
|  Portfolio accounting and administration fees | 2275 |
|  Professional fees | 2176 |
|  Custodian fees | 260 |
|  Trustees' fees\* | 159 |
|  Interest expense | 120 |
|  Miscellaneous | 2227 |
| &nbsp;&nbsp;&nbsp; Total expenses | 27941 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1467) |
|  Expenses waived by Adviser | (291) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (1758) |
|  Net expenses | 26183 |
|  Net investment income | 35821 |
|  **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 | 2 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (10019) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (57512) |
|  Net realized loss | (67529) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (19) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 625 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 6561 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (4546) |
|  Net change in unrealized appreciation (depreciation) | 2621 |
|  Net realized and unrealized loss | (64908) |
|  **Net decrease in net assets resulting from operations** | $(29087) |

---

\* 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 \| 195

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $35821 | $54501 |
|  Net realized loss on investments | (67529) | (412198) |
|  Net change in unrealized appreciation (depreciation) on investments | 2621 | 30313 |
|  Net decrease in net assets resulting from operations | (29087) | (327384) |
|  Distributions to shareholders | (103991) | (193469) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 40295790 | 34918572 |
|  Distributions reinvested | 103991 | 193469 |
|  Cost of shares redeemed | (40008832) | (34752743) |
|  Net increase from capital share transactions | 390949 | 359298 |
|  Net increase (decrease) in net assets | 257871 | (161555) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1011291 | 1172846 |
| &nbsp;&nbsp;&nbsp; End of year | $1269162 | $1011291 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 380890 | 274204 |
|  Shares issued from reinvestment of distributions | 1067 | 1647 |
|  Shares redeemed | (376949) | (274814) |
|  Net increase in shares | 5008 | 1037 |

---

<sup>\*</sup> Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

196 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025<sup>e</sup>** | **Year Ended <br> December 31, <br> 2024<sup>e</sup>** | **Year Ended <br> December 31, <br> 2023<sup>e</sup>** | **Year Ended <br> December 31, <br> 2022<sup>e</sup>** | **Year Ended <br> December 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 | $114.27 | $150.11 | $181.27 | $155.49 | $205.80 |
|  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> | 2.56 | 4.60 | 5.55 | .25 | (2.65) |
|  Net gain (loss) on investments (realized and unrealized) | (15.42) | (23.84) | (32.56) | 25.53 <sup>f</sup> | (47.66) |
|  Total from investment operations | (12.86) | (19.24) | (27.01) | 25.78 | (50.31) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (9.83) | (16.60) | (4.15) |  |  |
|  Total distributions | (9.83) | (16.60) | (4.15) |  |  |
|  Net asset value, end of period | $91.58 | $114.27 | $150.11 | $181.27 | $155.49 |
|  **Total Return<sup>b</sup>** | **(11.76** **%)** | **(13.11** **%)** | **(14.95** **%)** | **16.56%** | **(24.44** **%)** |
|  **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) | $1269 | $1011 | $1173 | $6156 | $2488 |
|  Ratios 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% | 3.65% | 3.30% | 0.13% | (1.48%) |
|  Total expenses<sup>c</sup> | 1.90% | 1.83% | 1.86% | 1.82% | 1.74% |
|  Net expenses<sup>d</sup> | 1.78% | 1.69% | 1.76% | 1.75% | 1.69% |
|  Portfolio turnover rate |  |  |  |  | 1675% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

<sup>f</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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 197

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **S&P 500<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%** |
|  **Technology - 21.8%** | **Technology - 21.8%** | **Technology - 21.8%** |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 3430 | $609682 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 561 | 508468 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 1080 | 506261 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 2641 | 492547 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 382 | 464161 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 1335 | 462043 |
| &nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 1718 | 407819 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 1367 | 390155 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 1715 | 367284 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 2070 | 354343 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. — Class A\* | 2203 | 299586 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 1001 | 257247 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 516 | 249548 |
|  **Total Technology** |  | 5369144 |
|  **Consumer, Cyclical - 19.0%** | **Consumer, Cyclical - 19.0%** | **Consumer, Cyclical - 19.0%** |
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 2652 | 554268 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 4525 | 544493 |
| &nbsp;&nbsp;&nbsp; Carnival Corp. | 16878 | 515454 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 7605 | 495010 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. — Class A | 1236 | 437062 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 3402 | 434673 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 1535 | 428142 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 1223 | 351307 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 574 | 347276 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 1035 | 321098 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 2804 | 255753 |
|  **Total Consumer, Cyclical** |  | 4684536 |
|  **Communications - 18.6%** | **Communications - 18.6%** | **Communications - 18.6%** |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. — Class A\* | 922 | 621262 |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. — Class A\* | 4829 | 546160 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 3585 | 469742 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 1574 | 445930 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 4804 | 392535 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 583 | 384832 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 1697 | 384337 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 53 | 283833 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 888 | 277944 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 2916 | 273404 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. | 1118 | 271618 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class C | 703 | 220601 |
|  **Total Communications** |  | 4572198 |
|  **Consumer, Non-cyclical - 14.5%** | **Consumer, Non-cyclical - 14.5%** | **Consumer, Non-cyclical - 14.5%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 514 | 552386 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 1076 | 502342 |
| &nbsp;&nbsp;&nbsp; Incyte Corp.\* | 4978 | 491677 |
| &nbsp;&nbsp;&nbsp; Insulet Corp.\* | 1465 | 416412 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 582 | 393740 |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 901 | 380276 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 4312 | 330601 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 448 | 253729 |
| &nbsp;&nbsp;&nbsp; Rollins, Inc. | 4164 | 249923 |
|  **Total Consumer, Non-cyclical** |  | 3571086 |
|  **Industrial - 14.2%** | **Industrial - 14.2%** | **Industrial - 14.2%** |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 636 | 593572 |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. — Class A | 4348 | 587589 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 2746 | 562985 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 2282 | 418519 |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 654 | 400111 |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 556 | 363385 |
| &nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 226 | 300546 |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 492 | 281852 |
|  **Total Industrial** |  | 3508559 |
|  **Financial - 6.1%** | **Financial - 6.1%** | **Financial - 6.1%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. — Class B\* | 1444 | 725826 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. — Class A | 7661 | 492679 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. REIT | 1593 | 295677 |
|  **Total Financial** |  | 1514182 |
|  **Energy - 2.2%** | **Energy - 2.2%** | **Energy - 2.2%** |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 2107 | 550412 |
|  **Basic Materials - 1.8%** | **Basic Materials - 1.8%** | **Basic Materials - 1.8%** |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 4357 | 435046 |
|  **Utilities - 1.5%** | **Utilities - 1.5%** | **Utilities - 1.5%** |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 2278 | 367510 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $19,847,675) |  | 24572673 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $96751 | 96751 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 96750 | 96750 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $193,501) |  | 193501 |
|  **Total Investments - 100.5%** | **Total Investments - 100.5%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $20,041,176) | &nbsp;&nbsp;&nbsp; (Cost $20,041,176) | $24766174 |
|  **Other Assets & Liabilities, net - (0.5)%** | **Other Assets & Liabilities, net - (0.5)%** | (118292) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $24647882 |

---

198 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **S&P 500<sup>®</sup>** **PURE GROWTH FUND**  |  |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $24572673 | $— | $— | $24572673 |
|  Repurchase Agreements |  | 193501 |  | 193501 |
|  Total Assets | $24572673 | $193501 | $— | $24766174 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 199

**S&P 500<sup>®</sup>** **PURE GROWTH FUND** <br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $19,847,675) | $24572673 |
|  Repurchase agreements, at value (cost $193,501) | 193501 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 6834 |
| &nbsp;&nbsp;&nbsp; Interest | 20 |
|  **Total assets** | 24773028 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 45623 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 22187 |
| &nbsp;&nbsp;&nbsp; Management fees | 15826 |
| &nbsp;&nbsp;&nbsp; Printing fees | 13787 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 5275 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 3292 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 2216 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 277 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 16663 |
|  **Total liabilities** | 125146 |
|  **Net assets** | $24647882 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $20051372 |
|  Total distributable earnings (loss) | 4596510 |
|  Net assets | $24647882 |
|  Capital shares outstanding | 441661 |
|  Net asset value per share | $55.81 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $172008 |
|  Interest | 9799 |
|  Income from securities lending, net | 38 |
| &nbsp;&nbsp;&nbsp; Total investment income | 181845 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 214902 |
|  Investor service fees | 71634 |
|  Transfer agent fees | 79230 |
|  Professional fees | 56572 |
|  Portfolio accounting and administration fees | 44412 |
|  Custodian fees | 4208 |
|  Trustees' fees\* | 3781 |
|  Line of credit fees | 9 |
|  Miscellaneous | 24110 |
| &nbsp;&nbsp;&nbsp; Total expenses | 498858 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (14327) |
|  Net expenses | 484531 |
|  Net investment loss | (302686) |
|  **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 | 3534715 |
|  Net realized gain | 3534715 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (84468) |
|  Net change in unrealized appreciation (depreciation) | (84468) |
|  Net realized and unrealized gain | 3450247 |
|  **Net increase in net assets resulting from operations** | $3147561 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

200 \| 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> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(302686) | $(267424) |
|  Net realized gain on investments | 3534715 | 3901016 |
|  Net change in unrealized appreciation (depreciation) on investments | (84468) | 2569712 |
|  Net increase in net assets resulting from operations | 3147561 | 6203304 |
|  Distributions to shareholders | (3577819) | (122311) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 45778186 | 69693909 |
|  Distributions reinvested | 3577819 | 122311 |
|  Cost of shares redeemed | (52611698) | (70008171) |
|  Net decrease from capital share transactions | (3255693) | (191951) |
|  Net increase (decrease) in net assets | (3685951) | 5889042 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 28333833 | 22444791 |
| &nbsp;&nbsp;&nbsp; End of year | $24647882 | $28333833 |
|  **Capital share activity:** |  |  |
|  Shares sold | 804379 | 1379845 |
|  Shares issued from reinvestment of distributions | 63912 | 2418 |
|  Shares redeemed | (934236) | (1381420) |
|  Net increase (decrease) in shares | (65945) | 843 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 201

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $55.82 | $44.29 | $41.60 | $70.09 | $55.17 |
|  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> | (.60) | (.50) | .03 | (.27) | (.84) |
|  Net gain (loss) on investments (realized and unrealized) | 7.19 | 12.28 | 2.66 | (19.18) | 16.03 |
|  Total from investment operations | 6.59 | 11.78 | 2.69 | (19.45) | 15.19 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.03) |  |  |  |
|  Net realized gains | (6.60) | (.22) |  | (9.04) | (.27) |
|  Total distributions | (6.60) | (.25) |  | (9.04) | (.27) |
|  Net asset value, end of period | $55.81 | $55.82 | $44.29 | $41.60 | $70.09 |
|  **Total Return<sup>b</sup>** | **11.75%** | **26.67%** | **6.47%** | **(28.35** **%)** | **27.59%** |
|  **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) | $24648 | $28334 | $22445 | $23407 | $52617 |
|  Ratios 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) | (1.06%) | (0.98%) | 0.06% | (0.53%) | (1.34%) |
|  Total expenses | 1.74% | 1.69% | 1.71% | 1.67% | 1.60% |
|  Net expenses<sup>c</sup> | 1.69% | 1.64% | 1.69% | 1.67% | 1.60% |
|  Portfolio turnover rate | 197% | 284% | 182% | 139% | 155% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

202 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 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 - 32.2%** | **Consumer, Non-cyclical - 32.2%** | **Consumer, Non-cyclical - 32.2%** |
| &nbsp;&nbsp;&nbsp; Bunge Global S.A. | 3825 | $340731 |
| &nbsp;&nbsp;&nbsp; Centene Corp.\* | 7905 | 325291 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 1834 | 318272 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. — Class A | 5378 | 315259 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 5376 | 309066 |
| &nbsp;&nbsp;&nbsp; Cigna Group | 1122 | 308808 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 3847 | 305298 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 1156 | 296086 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 758 | 265717 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 13632 | 235970 |
| &nbsp;&nbsp;&nbsp; Kroger Co. | 3615 | 225865 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 2550 | 197370 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 8000 | 194000 |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 892 | 183306 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 219 | 179644 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. — Class A | 519 | 175292 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 13622 | 169594 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 3467 | 161839 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | 7303 | 139561 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 1669 | 122989 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 4879 | 115632 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 1418 | 107172 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 315 | 103985 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. — Class B | 471 | 102687 |
| &nbsp;&nbsp;&nbsp; The Campbell's Co. | 3413 | 95120 |
| &nbsp;&nbsp;&nbsp; Block, Inc. — Class A\* | 1128 | 73422 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 409 | 71980 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 2719 | 67703 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 2374 | 66496 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 723 | 65012 |
|  **Total Consumer, Non-cyclical** |  | 5639167 |
|  **Financial - 19.8%** | **Financial - 19.8%** | **Financial - 19.8%** |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 788 | 267408 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 1833 | 206909 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. REIT | 3909 | 191306 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 7188 | 171721 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 1923 | 164513 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 1306 | 152397 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 5652 | 148478 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 1854 | 146355 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 1351 | 142274 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 2250 | 131423 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 2659 | 130849 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 559 | 116356 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 478 | 115126 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 546 | 110008 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 1207 | 106469 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. REIT | 3523 | 99067 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 5704 | 98965 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd.\* | 1022 | 98030 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 4685 | 96698 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 3379 | 91571 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp | 1631 | 87030 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 669 | 86308 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 257 | 80215 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. | 269 | 78026 |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. | 550 | 75790 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 363 | 75769 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 292 | 70769 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 1251 | 68805 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 1389 | 65019 |
|  **Total Financial** |  | 3473654 |
|  **Consumer, Cyclical - 12.4%** | **Consumer, Cyclical - 12.4%** | **Consumer, Cyclical - 12.4%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 26754 | 351012 |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 4119 | 334957 |
| &nbsp;&nbsp;&nbsp; Target Corp. | 2370 | 231667 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 1493 | 166947 |
| &nbsp;&nbsp;&nbsp; Best Buy Company, Inc. | 2217 | 148384 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 2035 | 141229 |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 1028 | 136488 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 2797 | 115600 |
| &nbsp;&nbsp;&nbsp; Lennar Corp. — Class A | 1119 | 115033 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International\* | 2931 | 106952 |
| &nbsp;&nbsp;&nbsp; Aptiv plc\* | 1397 | 106298 |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | 595 | 73161 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 608 | 71294 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | 479 | 68991 |
|  **Total Consumer, Cyclical** |  | 2168013 |
|  **Energy - 8.3%** | **Energy - 8.3%** | **Energy - 8.3%** |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 1473 | 190076 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 1022 | 166372 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 876 | 142464 |
| &nbsp;&nbsp;&nbsp; APA Corp. | 5279 | 129124 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 719 | 108087 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 2739 | 100330 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 2193 | 90176 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 581 | 88550 |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 2976 | 84102 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. — Class A | 2962 | 77960 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 795 | 74420 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 580 | 69797 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 933 | 68575 |
| &nbsp;&nbsp;&nbsp; SLB Ltd. | 1643 | 63058 |
|  **Total Energy** |  | 1453091 |
|  **Basic Materials - 8.1%** | **Basic Materials - 8.1%** | **Basic Materials - 8.1%** |
| &nbsp;&nbsp;&nbsp; Mosaic Co. | 13729 | 330732 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 12103 | 282968 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 5761 | 231592 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. — Class A | 4918 | 212949 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 4286 | 168825 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 1471 | 99131 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 563 | 91831 |
|  **Total Basic Materials** |  | 1418028 |
|  **Communications - 6.6%** | **Communications - 6.6%** | **Communications - 6.6%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 7923 | 236818 |
| &nbsp;&nbsp;&nbsp; Paramount Skydance Corp. — Class B | 16526 | 221448 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 203

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **S&P 500<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\* | 993 | $207289 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 2604 | 106061 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 3720 | 92405 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 1105 | 89229 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 621 | 70651 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 2363 | 68102 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class A | 1938 | 50621 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class B | 648 | 19200 |
|  **Total Communications** |  | 1161824 |
|  **Industrial - 5.8%** | **Industrial - 5.8%** | **Industrial - 5.8%** |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 6643 | 256885 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 2470 | 183472 |
| &nbsp;&nbsp;&nbsp; Amcor plc | 14739 | 122923 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 404 | 116699 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 1080 | 94144 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 788 | 81077 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 224 | 76176 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 1425 | 75482 |
|  **Total Industrial** |  | 1006858 |
|  **Utilities - 3.9%** | **Utilities - 3.9%** | **Utilities - 3.9%** |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 9243 | 148535 |
| &nbsp;&nbsp;&nbsp; Edison International | 2075 | 124541 |
| &nbsp;&nbsp;&nbsp; AES Corp. | 7319 | 104954 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 812 | 80648 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 900 | 79830 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 1135 | 76420 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 1562 | 68088 |
|  **Total Utilities** |  | 683016 |
|  **Technology - 2.3%** | **Technology - 2.3%** | **Technology - 2.3%** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 6727 | 161582 |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 5474 | 121961 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 1762 | 118354 |
|  **Total Technology** |  | 401897 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $13,746,151) |  | 17405548 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $68749 | 68749 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 68749 | 68749 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $137,498) |  | 137498 |
|  **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $13,883,649) | &nbsp;&nbsp;&nbsp; (Cost $13,883,649) | $17543046 |
|  **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (42740) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $17500306 |

---

---

| | |
|:---|:---|
| \* | &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 December 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 | $17405548 | $— | $— | $17405548 |
|  Repurchase Agreements |  | 137498 |  | 137498 |
|  Total Assets | $17405548 | $137498 | $— | $17543046 |

---

204 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $13,746,151) | $17405548 |
|  Repurchase agreements, at value (cost $137,498) | 137498 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 124578 |
| &nbsp;&nbsp;&nbsp; Dividends | 19562 |
| &nbsp;&nbsp;&nbsp; Interest | 14 |
|  **Total assets** | 17687200 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 105043 |
| &nbsp;&nbsp;&nbsp; Professional fees | 29352 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 14689 |
| &nbsp;&nbsp;&nbsp; Management fees | 11833 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 3944 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 1656 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 180 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 20197 |
|  **Total liabilities** | 186894 |
|  **Net assets** | $17500306 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $14872169 |
|  Total distributable earnings (loss) | 2628137 |
|  Net assets | $17500306 |
|  Capital shares outstanding | 265794 |
|  Net asset value per share | $65.84 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $20) | $485319 |
|  Interest | 5660 |
|  Income from securities lending, net | 280 |
| &nbsp;&nbsp;&nbsp; Total investment income | 491259 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 138259 |
|  Investor service fees | 46086 |
|  Transfer agent fees | 51169 |
|  Professional fees | 37858 |
|  Portfolio accounting and administration fees | 28573 |
|  Custodian fees | 2681 |
|  Trustees' fees\* | 2480 |
|  Line of credit fees | 3 |
|  Miscellaneous | 13578 |
| &nbsp;&nbsp;&nbsp; Total expenses | 320687 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (9217) |
|  Net expenses | 311470 |
|  Net investment income | 179789 |
|  **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 | 1554791 |
|  Net realized gain | 1554791 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 597404 |
|  Net change in unrealized appreciation (depreciation) | 597404 |
|  Net realized and unrealized gain | 2152195 |
|  **Net increase in net assets resulting from operations** | $2331984 |

---

\* 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 \| 205

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $179789 | $208582 |
|  Net realized gain on investments | 1554791 | 1744012 |
|  Net change in unrealized appreciation (depreciation) on investments | 597404 | (175473) |
|  Net increase in net assets resulting from operations | 2331984 | 1777121 |
|  Distributions to shareholders | (1021809) | (247566) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 43468899 | 40093751 |
|  Distributions reinvested | 1021809 | 247566 |
|  Cost of shares redeemed | (46642082) | (43003724) |
|  Net decrease from capital share transactions | (2151374) | (2662407) |
|  Net decrease in net assets | (841199) | (1132852) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 18341505 | 19474357 |
| &nbsp;&nbsp;&nbsp; End of year | $17500306 | $18341505 |
|  **Capital share activity:** |  |  |
|  Shares sold | 708154 | 687536 |
|  Shares issued from reinvestment of distributions | 17295 | 4233 |
|  Shares redeemed | (762917) | (740653) |
|  Net decrease in shares | (37468) | (48884) |

---

206 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $60.48 | $55.30 | $52.80 | $61.26 | $46.76 |
|  Income (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> | .60 | .62 | .56 | .50 | .50 |
|  Net gain (loss) on investments (realized and unrealized) | 8.65 | 5.35 | 2.73 | (2.25) | 14.56 |
|  Total from investment operations | 9.25 | 5.97 | 3.29 | (1.75) | 15.06 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.79) | (.79) | (.79) | (.57) | (.36) |
|  Net realized gains | (3.10) |  |  | (6.14) | (.20) |
|  Total distributions | (3.89) | (.79) | (.79) | (6.71) | (.56) |
|  Net asset value, end of period | $65.84 | $60.48 | $55.30 | $52.80 | $61.26 |
|  **Total Return<sup>b</sup>** | **16.02%** | **10.84%** | **6.29%** | **(2.55** **%)** | **32.32%** |
|  **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) | $17500 | $18342 | $19474 | $33199 | $30303 |
|  Ratios 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% | 1.07% | 1.07% | 0.86% | 0.87% |
|  Total expenses | 1.74% | 1.69% | 1.70% | 1.67% | 1.59% |
|  Net expenses<sup>c</sup> | 1.69% | 1.64% | 1.69% | 1.67% | 1.59% |
|  Portfolio turnover rate | 247% | 216% | 88% | 280% | 184% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 207

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** |
|  **Industrial - 26.6%** | **Industrial - 26.6%** | **Industrial - 26.6%** |
| &nbsp;&nbsp;&nbsp; Woodward, Inc. | 578 | $174741 |
| &nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 703 | 170048 |
| &nbsp;&nbsp;&nbsp; Fabrinet\* | 324 | 147511 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 431 | 145635 |
| &nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 441 | 135047 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 621 | 134987 |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 234 | 128997 |
| &nbsp;&nbsp;&nbsp; ATI, Inc.\* | 1042 | 119580 |
| &nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc.\* | 1447 | 109842 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 503 | 103734 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 572 | 98864 |
| &nbsp;&nbsp;&nbsp; Coherent Corp.\* | 522 | 96345 |
| &nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 461 | 92228 |
| &nbsp;&nbsp;&nbsp; nVent Electric plc | 843 | 85961 |
| &nbsp;&nbsp;&nbsp; EnerSys | 554 | 81300 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.\* | 596 | 81002 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 420 | 72874 |
| &nbsp;&nbsp;&nbsp; Flex Ltd.\* | 1204 | 72746 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | 908 | 62997 |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. — Class A | 223 | 61552 |
| &nbsp;&nbsp;&nbsp; Hexcel Corp. | 822 | 60746 |
| &nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 134 | 60090 |
| &nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 1632 | 54737 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 103 | 42971 |
|  **Total Industrial** |  | 2394535 |
|  **Consumer, Non-cyclical - 26.1%** | **Consumer, Non-cyclical - 26.1%** | **Consumer, Non-cyclical - 26.1%** |
| &nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 354 | 198824 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 2869 | 193084 |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\* | 3879 | 177425 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 289 | 140815 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 2892 | 126757 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 854 | 121123 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. | 682 | 118804 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 3696 | 117755 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 587 | 116649 |
| &nbsp;&nbsp;&nbsp; UL Solutions, Inc. — Class A | 1418 | 111824 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc. — Class A\* | 1253 | 109400 |
| &nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 342 | 106331 |
| &nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.\* | 3880 | 87804 |
| &nbsp;&nbsp;&nbsp; API Group Corp.\* | 2250 | 86085 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc\* | 474 | 80580 |
| &nbsp;&nbsp;&nbsp; Valvoline, Inc.\* | 2106 | 61200 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 396 | 60707 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 658 | 60279 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. | 559 | 59332 |
| &nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 3359 | 59253 |
| &nbsp;&nbsp;&nbsp; LivaNova plc\* | 925 | 56915 |
| &nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 346 | 52765 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 313 | 52055 |
|  **Total Consumer, Non-cyclical** |  | 2355766 |
|  **Technology - 13.1%** | **Technology - 13.1%** | **Technology - 13.1%** |
| &nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 1710 | 157132 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc. — Class A\* | 906 | 128869 |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. — Class A\* | 189 | 100701 |
| &nbsp;&nbsp;&nbsp; Pure Storage, Inc. — Class A\* | 1418 | 95020 |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 243 | 89567 |
| &nbsp;&nbsp;&nbsp; Appfolio, Inc. — Class A\* | 361 | 83987 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 456 | 78104 |
| &nbsp;&nbsp;&nbsp; Doximity, Inc. — Class A\* | 1712 | 75807 |
| &nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 1122 | 67006 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.\* | 766 | 66236 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. — Class A\* | 2380 | 66164 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc.\* | 301 | 60504 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 1352 | 58596 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 1163 | 49358 |
|  **Total Technology** |  | 1177051 |
|  **Consumer, Cyclical - 12.5%** | **Consumer, Cyclical - 12.5%** | **Consumer, Cyclical - 12.5%** |
| &nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 857 | 161424 |
| &nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 810 | 129098 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 1337 | 113966 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 1238 | 110529 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 2089 | 93483 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 1295 | 91336 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc. — Class A\* | 789 | 85583 |
| &nbsp;&nbsp;&nbsp; RB Global, Inc. | 790 | 81267 |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 724 | 79358 |
| &nbsp;&nbsp;&nbsp; Wingstop, Inc. | 268 | 63915 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 521 | 59279 |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 105 | 58035 |
|  **Total Consumer, Cyclical** |  | 1127273 |
|  **Basic Materials - 5.7%** | **Basic Materials - 5.7%** | **Basic Materials - 5.7%** |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co. | 9014 | 172979 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 491 | 154586 |
| &nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 535 | 118925 |
| &nbsp;&nbsp;&nbsp; NewMarket Corp. | 92 | 63228 |
|  **Total Basic Materials** |  | 509718 |
|  **Communications - 5.5%** | **Communications - 5.5%** | **Communications - 5.5%** |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. — Class A\* | 1550 | 168485 |
| &nbsp;&nbsp;&nbsp; Ciena Corp.\* | 592 | 138451 |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\* | 3979 | 129198 |
| &nbsp;&nbsp;&nbsp; New York Times Co. — Class A | 807 | 56022 |
|  **Total Communications** |  | 492156 |
|  **Financial - 4.1%** | **Financial - 4.1%** | **Financial - 4.1%** |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 5514 | 104435 |
| &nbsp;&nbsp;&nbsp; Federated Hermes, Inc. — Class B | 1594 | 83000 |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 252 | 72646 |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 159 | 62188 |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. REIT | 797 | 45644 |
|  **Total Financial** |  | 367913 |
|  **Energy - 3.6%** | **Energy - 3.6%** | **Energy - 3.6%** |
| &nbsp;&nbsp;&nbsp; TechnipFMC plc | 3452 | 153821 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 2432 | 122573 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 2861 | 50897 |
|  **Total Energy** |  | 327291 |

---

208 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities - 2.8%** | **Utilities - 2.8%** | **Utilities - 2.8%** |
| &nbsp;&nbsp;&nbsp; Talen Energy Corp.\* | 472 | $176924 |
| &nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 693 | 76556 |
|  **Total Utilities** |  | 253480 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $7,910,340) |  | 9005183 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $33579 | 33579 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 33578 | 33578 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $67,157) |  | $67157 |
|  **Total Investments - 100.7%** | **Total Investments - 100.7%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $7,977,497) | &nbsp;&nbsp;&nbsp; (Cost $7,977,497) | $9072340 |
|  **Other Assets & Liabilities, net - (0.7)%** | **Other Assets & Liabilities, net - (0.7)%** | (64291) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $9008049 |

---

---

| | |
|:---|:---|
| \* | &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 December 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 | $9005183 | $— | $— | $9005183 |
|  Repurchase Agreements |  | 67157 |  | 67157 |
|  Total Assets | $9005183 | $67157 | $— | $9072340 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 209

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $7,910,340) | $9005183 |
|  Repurchase agreements, at value (cost $67,157) | 67157 |
|  Cash | 37 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 2682 |
| &nbsp;&nbsp;&nbsp; Interest | 7 |
|  **Total assets** | 9075066 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 23264 |
| &nbsp;&nbsp;&nbsp; Professional fees | 15413 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 7665 |
| &nbsp;&nbsp;&nbsp; Management fees | 6464 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2155 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 905 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 96 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 11055 |
|  **Total liabilities** | 67017 |
|  **Net assets** | $9008049 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $7440511 |
|  Total distributable earnings (loss) | 1567538 |
|  Net assets | $9008049 |
|  Capital shares outstanding | 232566 |
|  Net asset value per share | $38.73 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $347) | $77325 |
|  Interest | 3358 |
|  Income from securities lending, net | 263 |
| &nbsp;&nbsp;&nbsp; Total investment income | 80946 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 72603 |
|  Investor service fees | 24201 |
|  Transfer agent fees | 27440 |
|  Professional fees | 22500 |
|  Portfolio accounting and administration fees | 15005 |
|  Custodian fees | 1424 |
|  Trustees' fees\* | 1409 |
|  Line of credit fees | 17 |
|  Miscellaneous | 3907 |
| &nbsp;&nbsp;&nbsp; Total expenses | 168506 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (4840) |
|  Net expenses | 163666 |
|  Net investment loss | (82720) |
|  **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 | 838992 |
|  Net realized gain | 838992 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (297703) |
|  Net change in unrealized appreciation (depreciation) | (297703) |
|  Net realized and unrealized gain | 541289 |
|  **Net increase in net assets resulting from operations** | $458569 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

210 \| 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> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(82720) | $(121144) |
|  Net realized gain on investments | 838992 | 1360431 |
|  Net change in unrealized appreciation (depreciation) on investments | (297703) | 335605 |
|  Net increase in net assets resulting from operations | 458569 | 1574892 |
|  Distributions to shareholders | (512239) | (981) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 13303903 | 37472204 |
|  Distributions reinvested | 512239 | 981 |
|  Cost of shares redeemed | (16855615) | (35924565) |
|  Net increase (decrease) from capital share transactions | (3039473) | 1548620 |
|  Net increase (decrease) in net assets | (3093143) | 3122531 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 12101192 | 8978661 |
| &nbsp;&nbsp;&nbsp; End of year | $9008049 | $12101192 |
|  **Capital share activity:** |  |  |
|  Shares sold | 351886 | 976987 |
|  Shares issued from reinvestment of distributions | 13803 | 25 |
|  Shares redeemed | (449874) | (933202) |
|  Net increase (decrease) in shares | (84185) | 43810 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 211

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $38.20 | $32.90 | $28.69 | $46.84 | $45.31 |
|  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> | (.32) | (.35) | (.16) | (.19) | (.59) |
|  Net gain (loss) on investments (realized and unrealized) | 2.97 | 5.65 | 4.37 | (10.46) | 6.04 |
|  Total from investment operations | 2.65 | 5.30 | 4.21 | (10.65) | 5.45 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains | (2.12) | — <sup>d</sup> |  | (7.50) | (3.92) |
|  Total distributions | (2.12) |  |  | (7.50) | (3.92) |
|  Net asset value, end of period | $38.73 | $38.20 | $32.90 | $28.69 | $46.84 |
|  **Total Return<sup>b</sup>** | **7.18%** | **16.15%** | **14.67%** | **(22.62** **%)** | **12.21%** |
|  **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) | $9008 | $12101 | $8979 | $11962 | $18633 |
|  Ratios 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) | (0.85%) | (0.92 %) | (0.52%) | (0.55%) | (1.23%) |
|  Total expenses | 1.74% | 1.69% | 1.71% | 1.67% | 1.60% |
|  Net expenses<sup>c</sup> | 1.69% | 1.64% | 1.69% | 1.67% | 1.60% |
|  Portfolio turnover rate | 188% | 322% | 197% | 227% | 159% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Less than $0.01.

212 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **S&P MIDCAP 400<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 - 25.3%** | **Consumer, Cyclical - 25.3%** | **Consumer, Cyclical - 25.3%** |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 1266 | $145084 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. — Class A | 395 | 131270 |
| &nbsp;&nbsp;&nbsp; Macy's, Inc. | 5481 | 120856 |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 2305 | 115942 |
| &nbsp;&nbsp;&nbsp; PVH Corp. | 1672 | 112058 |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 5005 | 102553 |
| &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 631 | 99881 |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. | 1258 | 90752 |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 418 | 86309 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co.\* | 9283 | 81319 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. — Class A\* | 1363 | 80240 |
| &nbsp;&nbsp;&nbsp; KB Home | 1294 | 72994 |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 706 | 72485 |
| &nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 4280 | 65612 |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 1255 | 56550 |
| &nbsp;&nbsp;&nbsp; Aramark | 1183 | 43605 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 107 | 43177 |
| &nbsp;&nbsp;&nbsp; Visteon Corp. | 429 | 40798 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 161 | 39387 |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 678 | 37351 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. | 1407 | 36019 |
| &nbsp;&nbsp;&nbsp; Polaris, Inc. | 500 | 31625 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 346 | 31150 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 1471 | 29538 |
|  **Total Consumer, Cyclical** |  | 1766555 |
|  **Financial - 23.0%** | **Financial - 23.0%** | **Financial - 23.0%** |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 2267 | 146879 |
| &nbsp;&nbsp;&nbsp; Kemper Corp. | 2874 | 116512 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. — Class A | 524 | 106613 |
| &nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. REIT | 9357 | 97874 |
| &nbsp;&nbsp;&nbsp; Flagstar Bank North America | 4608 | 58015 |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 776 | 57804 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 1901 | 57353 |
| &nbsp;&nbsp;&nbsp; Unum Group | 736 | 57040 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | 4427 | 51707 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 610 | 51039 |
| &nbsp;&nbsp;&nbsp; First American Financial Corp. | 829 | 50934 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 1073 | 48596 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 697 | 48170 |
| &nbsp;&nbsp;&nbsp; Bank OZK | 1046 | 48137 |
| &nbsp;&nbsp;&nbsp; FNB Corp. | 2795 | 47794 |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 141 | 47442 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 1090 | 46292 |
| &nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 1036 | 39782 |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 1540 | 39670 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 635 | 39351 |
| &nbsp;&nbsp;&nbsp; Cousins Properties, Inc. REIT | 1526 | 39341 |
| &nbsp;&nbsp;&nbsp; SOUTHSTATE BANK CORP | 414 | 38962 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty Corp. REIT | 1040 | 38865 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 1256 | 35105 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp North America | 595 | 34831 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | 1538 | 34313 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 541 | 34051 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 353 | 33680 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. REIT | 1621 | 29194 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 458 | 29165 |
|  **Total Financial** |  | 1604511 |
|  **Industrial - 18.0%** | **Industrial - 18.0%** | **Industrial - 18.0%** |
| &nbsp;&nbsp;&nbsp; Avnet, Inc. | 3328 | 160010 |
| &nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 1393 | 153481 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 773 | 116128 |
| &nbsp;&nbsp;&nbsp; Fluor Corp.\* | 2242 | 88850 |
| &nbsp;&nbsp;&nbsp; Greif, Inc. — Class A | 1198 | 81104 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | 1840 | 80298 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 5102 | 76836 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | 1335 | 71262 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 1304 | 68643 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 1154 | 60331 |
| &nbsp;&nbsp;&nbsp; Avient Corp. | 1892 | 59106 |
| &nbsp;&nbsp;&nbsp; CNH Industrial N.V. | 5969 | 55034 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 1326 | 53531 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc. | 274 | 52441 |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 450 | 40973 |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | 379 | 39537 |
|  **Total Industrial** |  | 1257565 |
|  **Energy - 10.9%** | **Energy - 10.9%** | **Energy - 10.9%** |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc. — Class A | 4778 | 129579 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 2630 | 121190 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 4445 | 120415 |
| &nbsp;&nbsp;&nbsp; NOV, Inc. | 6106 | 95437 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | 943 | 87416 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | 1326 | 56276 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 1721 | 53781 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 1319 | 51692 |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. | 2887 | 40505 |
|  **Total Energy** |  | 756291 |
|  **Consumer, Non-cyclical - 10.0%** | **Consumer, Non-cyclical - 10.0%** | **Consumer, Non-cyclical - 10.0%** |
| &nbsp;&nbsp;&nbsp; Coty, Inc. — Class A\* | 32101 | 98871 |
| &nbsp;&nbsp;&nbsp; Albertsons Companies, Inc. — Class A | 5401 | 92735 |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 8387 | 91251 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 901 | 81018 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 1614 | 62930 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 588 | 58241 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 654 | 49259 |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 1346 | 48456 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | 372 | 41017 |
| &nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 1888 | 40989 |
| &nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 468 | 35619 |
|  **Total Consumer, Non-cyclical** |  | 700386 |
|  **Technology - 6.4%** | **Technology - 6.4%** | **Technology - 6.4%** |
| &nbsp;&nbsp;&nbsp; Concentrix Corp. | 4777 | 198628 |
| &nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 2255 | 108623 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 2328 | 61832 |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp. | 514 | 51739 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | 666 | 26773 |
|  **Total Technology** |  | 447595 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 213

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Basic Materials - 5.8%** | **Basic Materials - 5.8%** | **Basic Materials - 5.8%** |
| &nbsp;&nbsp;&nbsp; Olin Corp. | 5608 | $116815 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 7671 | 101871 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | 974 | 72017 |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 983 | 52237 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 450 | 31149 |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | 444 | 29428 |
|  **Total Basic Materials** |  | 403517 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,875,417) |  | 6936420 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $31770 | 31770 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 31770 | 31770 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $63,540) |  | 63540 |
|  **Total Investments - 100.3%** | **Total Investments - 100.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,938,957) | &nbsp;&nbsp;&nbsp; (Cost $5,938,957) | $6999960 |
|  **Other Assets & Liabilities, net - (0.3)%** | **Other Assets & Liabilities, net - (0.3)%** | (23602) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $6976358 |

---

---

| | |
|:---|:---|
| \* | &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; 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 December 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 | $6936420 | $— | $— | $6936420 |
|  Repurchase Agreements |  | 63540 |  | 63540 |
|  Total Assets | $6936420 | $63540 | $— | $6999960 |

---

214 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $5,875,417) | $6936420 |
|  Repurchase agreements, at value (cost $63,540) | 63540 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 11407 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 110 |
| &nbsp;&nbsp;&nbsp; Interest | 7 |
|  **Total assets** | 7011484 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 11655 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 6000 |
| &nbsp;&nbsp;&nbsp; Management fees | 5860 |
| &nbsp;&nbsp;&nbsp; Printing fees | 3522 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1954 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 820 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 496 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 72 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 4747 |
|  **Total liabilities** | 35126 |
|  **Net assets** | $6976358 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $6591726 |
|  Total distributable earnings (loss) | 384632 |
|  Net assets | $6976358 |
|  Capital shares outstanding | 144737 |
|  Net asset value per share | $48.20 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $174475 |
|  Interest | 2358 |
|  Income from securities lending, net | 234 |
| &nbsp;&nbsp;&nbsp; Total investment income | 177067 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 54900 |
|  Investor service fees | 18300 |
|  Transfer agent fees | 20241 |
|  Professional fees | 15099 |
|  Portfolio accounting and administration fees | 11346 |
|  Custodian fees | 1067 |
|  Trustees' fees\* | 979 |
|  Line of credit fees | 100 |
|  Miscellaneous | 5325 |
| &nbsp;&nbsp;&nbsp; Total expenses | 127357 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (3660) |
|  Net expenses | 123697 |
|  Net investment income | 53370 |
|  **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 | 266684 |
|  Net realized gain | 266684 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (52200) |
|  Net change in unrealized appreciation (depreciation) | (52200) |
|  Net realized and unrealized gain | 214484 |
|  **Net increase in net assets resulting from operations** | $267854 |

---

\* 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 \| 215

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $53370 | $11395 |
|  Net realized gain on investments | 266684 | 995099 |
|  Net change in unrealized appreciation (depreciation) on investments | (52200) | (895240) |
|  Net increase in net assets resulting from operations | 267854 | 111254 |
|  Distributions to shareholders | (688163) | (361848) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 13386117 | 9545572 |
|  Distributions reinvested | 688163 | 361848 |
|  Cost of shares redeemed | (14238201) | (13586185) |
|  Net decrease from capital share transactions | (163921) | (3678765) |
|  Net decrease in net assets | (584230) | (3929359) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 7560588 | 11489947 |
| &nbsp;&nbsp;&nbsp; End of year | $6976358 | $7560588 |
|  **Capital share activity:** |  |  |
|  Shares sold | 267728 | 187884 |
|  Shares issued from reinvestment of distributions | 14503 | 7529 |
|  Shares redeemed | (287050) | (271582) |
|  Net decrease in shares | (4819) | (76169) |

---

216 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $50.55 | $50.90 | $39.82 | $54.73 | $43.24 |
|  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> | .36 | .07 | .01 | .29 | .26 |
|  Net gain (loss) on investments (realized and unrealized) | 2.64 | 2.05 | 11.07 | (3.74) | 13.11 |
|  Total from investment operations | 3.00 | 2.12 | 11.08 | (3.45) | 13.37 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.06) | (.04) |  | (.55) | (.04) |
|  Net realized gains | (5.29) | (2.43) |  | (10.91) | (1.84) |
|  Total distributions | (5.35) | (2.47) |  | (11.46) | (1.88) |
|  Net asset value, end of period | $48.20 | $50.55 | $50.90 | $39.82 | $54.73 |
|  **Total Return<sup>b</sup>** | **6.12%** | **4.42%** | **27.83%** | **(5.22** **%)** | **31.25%** |
|  **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) | $6976 | $7561 | $11490 | $12027 | $13823 |
|  Ratios 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% | 0.14% | 0.02% | 0.63% | 0.49% |
|  Total expenses | 1.74% | 1.69% | 1.71% | 1.67% | 1.59% |
|  Net expenses<sup>c</sup> | 1.69% | 1.64% | 1.69% | 1.67% | 1.59% |
|  Portfolio turnover rate | 247% | 152% | 238% | 257% | 216% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 217

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **S&P SMALLCAP 600<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, Non-cyclical - 31.4%** | **Consumer, Non-cyclical - 31.4%** | **Consumer, Non-cyclical - 31.4%** |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 2358 | $179114 |
| &nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 6302 | 161835 |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 5932 | 158444 |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 2333 | 154888 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 1764 | 154068 |
| &nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 1223 | 148778 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 3128 | 144826 |
| &nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 1738 | 137198 |
| &nbsp;&nbsp;&nbsp; Indivior plc\* | 3675 | 131859 |
| &nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc.\* | 1926 | 120048 |
| &nbsp;&nbsp;&nbsp; Phibro Animal Health Corp. — Class A | 3178 | 118730 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 430 | 106012 |
| &nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 2263 | 103216 |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc. — Class B\* | 530 | 100207 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 4192 | 97841 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 3014 | 89847 |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 868 | 89812 |
| &nbsp;&nbsp;&nbsp; Vital Farms, Inc.\* | 2679 | 85567 |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.\* | 2238 | 83813 |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 2182 | 81650 |
| &nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 1909 | 80369 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 978 | 77819 |
| &nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.\* | 3988 | 76251 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 3555 | 76042 |
| &nbsp;&nbsp;&nbsp; Sezzle, Inc.\* | 1126 | 71473 |
| &nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 3851 | 70242 |
| &nbsp;&nbsp;&nbsp; Privia Health Group, Inc.\* | 2837 | 67265 |
| &nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 2444 | 63251 |
| &nbsp;&nbsp;&nbsp; National Healthcare Corp. | 442 | 60594 |
| &nbsp;&nbsp;&nbsp; UFP Technologies, Inc.\* | 245 | 54397 |
| &nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\* | 1496 | 52061 |
| &nbsp;&nbsp;&nbsp; Alkermes plc\* | 1725 | 48266 |
| &nbsp;&nbsp;&nbsp; EVERTEC, Inc. | 1604 | 46660 |
| &nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. | 1096 | 40146 |
| &nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.\* | 326 | 30067 |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 169 |  |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 169 |  |
|  **Total Consumer, Non-cyclical** |  | 3362656 |
|  **Financial - 21.5%** | **Financial - 21.5%** | **Financial - 21.5%** |
| &nbsp;&nbsp;&nbsp; ARMOUR Residential, Inc. REIT | 8971 | 158697 |
| &nbsp;&nbsp;&nbsp; Adamas Trust, Inc. REIT | 20287 | 148095 |
| &nbsp;&nbsp;&nbsp; SiriusPoint Ltd.\* | 6662 | 145831 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 833 | 130948 |
| &nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 2631 | 123657 |
| &nbsp;&nbsp;&nbsp; StoneX Group, Inc.\* | 1271 | 120910 |
| &nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\* | 894 | 120476 |
| &nbsp;&nbsp;&nbsp; HCI Group, Inc. | 602 | 115397 |
| &nbsp;&nbsp;&nbsp; Mercury General Corp. | 1223 | 115035 |
| &nbsp;&nbsp;&nbsp; Ellington Financial, Inc. REIT | 8284 | 112497 |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc. — Class A\* | 5464 | 106111 |
| &nbsp;&nbsp;&nbsp; St. Joe Co. | 1720 | 102117 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc.\* | 1438 | 97094 |
| &nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust REIT | 7587 | 95217 |
| &nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 994 | 85643 |
| &nbsp;&nbsp;&nbsp; Curbline Properties Corp. REIT | 3674 | 85273 |
| &nbsp;&nbsp;&nbsp; StepStone Group, Inc. — Class A | 1043 | 66929 |
| &nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 882 | 62622 |
| &nbsp;&nbsp;&nbsp; PJT Partners, Inc. — Class A | 364 | 60861 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc. — Class A\* | 1340 | 54659 |
| &nbsp;&nbsp;&nbsp; Virtu Financial, Inc. — Class A | 1637 | 54545 |
| &nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 4433 | 54038 |
| &nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 1275 | 46104 |
| &nbsp;&nbsp;&nbsp; Preferred Bank/Los Angeles CA | 471 | 44476 |
|  **Total Financial** |  | 2307232 |
|  **Industrial - 20.4%** | **Industrial - 20.4%** | **Industrial - 20.4%** |
| &nbsp;&nbsp;&nbsp; Primoris Services Corp. | 1125 | 139657 |
| &nbsp;&nbsp;&nbsp; OSI Systems, Inc.\* | 491 | 125234 |
| &nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 1134 | 124502 |
| &nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 325 | 103604 |
| &nbsp;&nbsp;&nbsp; Vicor Corp.\* | 887 | 97215 |
| &nbsp;&nbsp;&nbsp; Enviri Corp.\* | 5026 | 90066 |
| &nbsp;&nbsp;&nbsp; National Presto Industries, Inc. | 836 | 89251 |
| &nbsp;&nbsp;&nbsp; AAR Corp.\* | 1078 | 89248 |
| &nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 402 | 87837 |
| &nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 553 | 82989 |
| &nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 423 | 82650 |
| &nbsp;&nbsp;&nbsp; AZZ, Inc. | 762 | 81671 |
| &nbsp;&nbsp;&nbsp; Federal Signal Corp. | 743 | 80682 |
| &nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 1149 | 79281 |
| &nbsp;&nbsp;&nbsp; Everus Construction Group, Inc.\* | 894 | 76491 |
| &nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 395 | 75484 |
| &nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.\* | 3213 | 75248 |
| &nbsp;&nbsp;&nbsp; International Seaways, Inc. | 1478 | 71757 |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 326 | 68255 |
| &nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 816 | 59576 |
| &nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 456 | 52600 |
| &nbsp;&nbsp;&nbsp; JBT Marel Corp. | 341 | 51379 |
| &nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 292 | 50928 |
| &nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 1001 | 50641 |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 952 | 44258 |
| &nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 723 | 41710 |
| &nbsp;&nbsp;&nbsp; Moog, Inc. — Class A | 168 | 40916 |
| &nbsp;&nbsp;&nbsp; Brady Corp. — Class A | 481 | 37696 |
| &nbsp;&nbsp;&nbsp; Standex International Corp. | 152 | 33026 |
|  **Total Industrial** |  | 2183852 |
|  **Technology - 8.3%** | **Technology - 8.3%** | **Technology - 8.3%** |
| &nbsp;&nbsp;&nbsp; ACM Research, Inc. — Class A\* | 4073 | 160680 |
| &nbsp;&nbsp;&nbsp; Clear Secure, Inc. — Class A | 3771 | 132287 |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 2217 | 106682 |
| &nbsp;&nbsp;&nbsp; Adeia, Inc. | 6055 | 104449 |
| &nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 1135 | 87043 |
| &nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 1914 | 62683 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 1622 | 47638 |
| &nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 769 | 42895 |
| &nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 357 | 42426 |
| &nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 898 | 38874 |
| &nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 1194 | 34065 |

---

218 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; SiTime Corp.\* | 88 | $31081 |
|  **Total Technology** |  | 890803 |
|  **Communications - 7.8%** | **Communications - 7.8%** | **Communications - 7.8%** |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. | 450 | 143271 |
| &nbsp;&nbsp;&nbsp; Uniti Group, Inc.\* | 17491 | 122612 |
| &nbsp;&nbsp;&nbsp; Liquidity Services, Inc.\* | 3338 | 101175 |
| &nbsp;&nbsp;&nbsp; Calix, Inc.\* | 1596 | 84476 |
| &nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 2077 | 71574 |
| &nbsp;&nbsp;&nbsp; Upwork, Inc.\* | 3146 | 62354 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 3359 | 59857 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 1035 | 57380 |
| &nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 3807 | 55430 |
| &nbsp;&nbsp;&nbsp; Sprinklr, Inc. — Class A\* | 5489 | 42704 |
| &nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 8140 | 37933 |
|  **Total Communications** |  | 838766 |
|  **Consumer, Cyclical - 7.6%** | **Consumer, Cyclical - 7.6%** | **Consumer, Cyclical - 7.6%** |
| &nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 1365 | 102730 |
| &nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 656 | 80472 |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 558 | 80084 |
| &nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 2673 | 79602 |
| &nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 416 | 73411 |
| &nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 1238 | 61788 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 2357 | 60858 |
| &nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 723 | 57710 |
| &nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc. — Class A | 849 | 52596 |
| &nbsp;&nbsp;&nbsp; Installed Building Products, Inc. | 188 | 48765 |
| &nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 419 | 40098 |
| &nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 62 | 36626 |
| &nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 293 | 36095 |
|  **Total Consumer, Cyclical** |  | 810835 |
|  **Energy - 1.9%** | **Energy - 1.9%** | **Energy - 1.9%** |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 1782 | 90009 |
| &nbsp;&nbsp;&nbsp; Archrock, Inc. | 2480 | 64529 |
| &nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 2638 | 48539 |
|  **Total Energy** |  | 203077 |
|  **Basic Materials - 0.4%** | **Basic Materials - 0.4%** | **Basic Materials - 0.4%** |
| &nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 483 | 45378 |
|  **Utilities - 0.3%** | **Utilities - 0.3%** | **Utilities - 0.3%** |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc. — Class C | 802 | 26675 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc. — Class A | 327 | 10274 |
|  **Total Utilities** |  | 36949 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $9,554,800) |  | 10679548 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $36200 | 36200 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 36200 | 36200 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $72,400) |  | 72400 |
|  **Total Investments - 100.3%** | **Total Investments - 100.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $9,627,200) | &nbsp;&nbsp;&nbsp; (Cost $9,627,200) | $10751948 |
|  **Other Assets & Liabilities, net - (0.3)%** | **Other Assets & Liabilities, net - (0.3)%** | (27116) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $10724832 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <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; Repurchase Agreements — See Note 6. |
|  | &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 \| 219

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 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 December 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 | $10679548 | $— | $— \* | $10679548 |
|  Repurchase Agreements |  | 72400 |  | 72400 |
|  Total Assets | $10679548 | $72400 | $— | $10751948 |

---

\* Security has a market value of $0.

220 \| 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** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $9,554,800) | $10679548 |
|  Repurchase agreements, at value (cost $72,400) | 72400 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 9250 |
| &nbsp;&nbsp;&nbsp; Interest | 8 |
|  **Total assets** | 10761206 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 12109 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 6416 |
| &nbsp;&nbsp;&nbsp; Management fees | 5313 |
| &nbsp;&nbsp;&nbsp; Printing fees | 3659 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1771 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1079 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 744 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 77 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 5206 |
|  **Total liabilities** | 36374 |
|  **Net assets** | $10724832 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $10216693 |
|  Total distributable earnings (loss) | 508139 |
|  Net assets | $10724832 |
|  Capital shares outstanding | 186862 |
|  Net asset value per share | $57.39 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $60685 |
|  Interest | 2480 |
|  Income from securities lending, net | 144 |
| &nbsp;&nbsp;&nbsp; Total investment income | 63309 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 57036 |
|  Transfer agent fees | 20855 |
|  Investor service fees | 19012 |
|  Professional fees | 15083 |
|  Portfolio accounting and administration fees | 11788 |
|  Custodian fees | 1152 |
|  Trustees' fees\* | 977 |
|  Line of credit fees | 18 |
|  Miscellaneous | 6300 |
| &nbsp;&nbsp;&nbsp; Total expenses | 132221 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (3802) |
|  Net expenses | 128419 |
|  Net investment loss | (65110) |
|  **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 | 309853 |
|  Net realized gain | 309853 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 150081 |
|  Net change in unrealized appreciation (depreciation) | 150081 |
|  Net realized and unrealized gain | 459934 |
|  **Net increase in net assets resulting from operations** | $394824 |

---

\* 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 \| 221

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(65110) | $(23591) |
|  Net realized gain on investments | 309853 | 351616 |
|  Net change in unrealized appreciation (depreciation) on investments | 150081 | 7311 |
|  Net increase in net assets resulting from operations | 394824 | 335336 |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 23218007 | 22551096 |
|  Cost of shares redeemed | (20496953) | (21999098) |
|  Net increase from capital share transactions | 2721054 | 551998 |
|  Net increase in net assets | 3115878 | 887334 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 7608954 | 6721620 |
| &nbsp;&nbsp;&nbsp; End of year | $10724832 | $7608954 |
|  **Capital share activity:** |  |  |
|  Shares sold | 420591 | 433645 |
|  Shares redeemed | (377699) | (427271) |
|  Net increase in shares | 42892 | 6374 |

---

222 \| 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $52.85 | $48.85 | $41.63 | $72.13 | $60.80 |
|  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> | (.47) | (.16) | (.03) | .03 | (.76) |
|  Net gain (loss) on investments (realized and unrealized) | 5.01 | 4.16 | 7.29 | (20.84) | 12.40 |
|  Total from investment operations | 4.54 | 4.00 | 7.26 | (20.81) | 11.64 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  |  | (.04) |  |  |
|  Net realized gains |  |  |  | (9.69) | (.31) |
|  Total distributions |  |  | (.04) | (9.69) | (.31) |
|  Net asset value, end of period | $57.39 | $52.85 | $48.85 | $41.63 | $72.13 |
|  **Total Return<sup>b</sup>** | **8.59%** | **8.19%** | **17.47%** | **(29.90** **%)** | **19.16%** |
|  **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) | $10725 | $7609 | $6722 | $5897 | $12957 |
|  Ratios 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%) | (0.30%) | (0.07%) | 0.06% | (1.08%) |
|  Total expenses | 1.74% | 1.69% | 1.71% | 1.67% | 1.60% |
|  Net expenses<sup>c</sup> | 1.69% | 1.64% | 1.69% | 1.67% | 1.60% |
|  Portfolio turnover rate | 315% | 317% | 223% | 174% | 219% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 223

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 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 - 33.4%** | **Consumer, Cyclical - 33.4%** | **Consumer, Cyclical - 33.4%** |
| &nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 8159 | $149147 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 39896 | 148413 |
| &nbsp;&nbsp;&nbsp; Kohl's Corp. | 6866 | 140135 |
| &nbsp;&nbsp;&nbsp; MarineMax, Inc.\* | 5677 | 137554 |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 3226 | 130717 |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd. | 4496 | 130204 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 3308 | 127821 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc.\* | 18874 | 120982 |
| &nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 3049 | 119094 |
| &nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 15079 | 118069 |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc. | 1951 | 115792 |
| &nbsp;&nbsp;&nbsp; Adient plc\* | 5914 | 113371 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 480 | 111614 |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 1916 | 110534 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 23638 | 107553 |
| &nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 9173 | 100903 |
| &nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 2896 | 99043 |
| &nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 3711 | 94259 |
| &nbsp;&nbsp;&nbsp; Guess?, Inc. | 5596 | 93733 |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc.\* | 2132 | 91591 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 225 | 88493 |
| &nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.\* | 5097 | 87210 |
| &nbsp;&nbsp;&nbsp; Carter's, Inc. | 2647 | 85842 |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. — Class A\* | 4667 | 79806 |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 12808 | 79025 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. — Class A | 1261 | 78005 |
| &nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 2101 | 77422 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 5181 | 76420 |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 2382 | 71936 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 3037 | 71035 |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. — Class A\* | 13376 | 66479 |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 2039 | 64167 |
| &nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 3958 | 56441 |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 3792 | 54567 |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 1380 | 54234 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 802 | 52772 |
| &nbsp;&nbsp;&nbsp; Phinia, Inc. | 827 | 51845 |
| &nbsp;&nbsp;&nbsp; PC Connection, Inc. | 843 | 48692 |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\* | 2974 | 48209 |
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 961 | 48012 |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. — Class A\* | 1598 | 46646 |
| &nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 349 | 44654 |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. — Class A | 757 | 40833 |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. — Class C\* | 8344 | 40051 |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co. — Class A\* | 386 | 32914 |
| &nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 1241 | 28344 |
| &nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 746 | 27803 |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\* | 251 | 8070 |
|  **Total Consumer, Cyclical** |  | 3970456 |
|  **Consumer, Non-cyclical - 20.9%** | **Consumer, Non-cyclical - 20.9%** | **Consumer, Non-cyclical - 20.9%** |
| &nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 5379 | 159918 |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 8326 | 141958 |
| &nbsp;&nbsp;&nbsp; Perrigo Company plc | 9398 | 130820 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Company, Inc.\* | 9199 | 130534 |
| &nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 12562 | 125118 |
| &nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 3273 | 116617 |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 11491 | 116059 |
| &nbsp;&nbsp;&nbsp; Vestis Corp.\* | 16516 | 110162 |
| &nbsp;&nbsp;&nbsp; Universal Corp. | 2080 | 109720 |
| &nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 7147 | 106133 |
| &nbsp;&nbsp;&nbsp; Andersons, Inc. | 1881 | 100013 |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 2785 | 93771 |
| &nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 3949 | 93157 |
| &nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 5279 | 92699 |
| &nbsp;&nbsp;&nbsp; Astrana Health, Inc.\* | 3717 | 92218 |
| &nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 5939 | 91342 |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 2140 | 90522 |
| &nbsp;&nbsp;&nbsp; Monro, Inc. | 4254 | 85250 |
| &nbsp;&nbsp;&nbsp; Organon & Co. | 11613 | 83265 |
| &nbsp;&nbsp;&nbsp; Deluxe Corp. | 3698 | 82576 |
| &nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc.\* | 4598 | 72465 |
| &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 2069 | 61015 |
| &nbsp;&nbsp;&nbsp; Insperity, Inc. | 1177 | 45573 |
| &nbsp;&nbsp;&nbsp; Matthews International Corp. — Class A | 1672 | 43673 |
| &nbsp;&nbsp;&nbsp; Robert Half, Inc. | 1578 | 42858 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc.\* | 1884 | 30370 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 1561 | 29831 |
|  **Total Consumer, Non-cyclical** |  | 2477637 |
|  **Industrial - 12.6%** | **Industrial - 12.6%** | **Industrial - 12.6%** |
| &nbsp;&nbsp;&nbsp; Greenbrier Companies, Inc. | 2414 | 112830 |
| &nbsp;&nbsp;&nbsp; ArcBest Corp. | 1498 | 111137 |
| &nbsp;&nbsp;&nbsp; World Kinect Corp. | 4367 | 102319 |
| &nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 1771 | 95457 |
| &nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 5537 | 81726 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 7213 | 79631 |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 708 | 77384 |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. | 1011 | 74410 |
| &nbsp;&nbsp;&nbsp; Ichor Holdings Ltd.\* | 3968 | 73130 |
| &nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 2389 | 71694 |
| &nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 7912 | 71446 |
| &nbsp;&nbsp;&nbsp; RXO, Inc.\* | 5417 | 68471 |
| &nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 4445 | 64408 |
| &nbsp;&nbsp;&nbsp; Metallus, Inc.\* | 3428 | 58825 |
| &nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 1505 | 52103 |
| &nbsp;&nbsp;&nbsp; Hub Group, Inc. — Class A | 1066 | 45422 |
| &nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 1197 | 43583 |
| &nbsp;&nbsp;&nbsp; Schneider National, Inc. — Class B | 1476 | 39158 |
| &nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 3343 | 38043 |
| &nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 843 | 36047 |
| &nbsp;&nbsp;&nbsp; Forward Air Corp.\* | 1308 | 32700 |
| &nbsp;&nbsp;&nbsp; Matson, Inc. | 249 | 30764 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 1527 | 30372 |
|  **Total Industrial** |  | 1491060 |
|  **Financial - 11.3%** | **Financial - 11.3%** | **Financial - 11.3%** |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp. | 2874 | 127979 |
| &nbsp;&nbsp;&nbsp; Genworth Financial, Inc. — Class A\* | 13979 | 126230 |
| &nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. REIT | 16482 | 80268 |

---

224 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield Ltd.\* | 4562 | $73859 |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. — Class A | 680 | 72522 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust REIT | 5892 | 66698 |
| &nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 1398 | 60352 |
| &nbsp;&nbsp;&nbsp; Safehold, Inc. REIT | 4294 | 58785 |
| &nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. REIT | 4937 | 49518 |
| &nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 2746 | 48577 |
| &nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 4395 | 48169 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 612 | 45306 |
| &nbsp;&nbsp;&nbsp; Navient Corp. | 3386 | 44018 |
| &nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc. REIT | 5650 | 43844 |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. REIT | 4228 | 40927 |
| &nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. REIT | 1891 | 40070 |
| &nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. REIT | 803 | 38030 |
| &nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc. | 3118 | 36948 |
| &nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 5047 | 34370 |
| &nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 941 | 31938 |
| &nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. REIT | 3774 | 31022 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 545 | 29621 |
| &nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 421 | 29579 |
| &nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 1477 | 29171 |
| &nbsp;&nbsp;&nbsp; First Financial Bancorp | 1156 | 28923 |
| &nbsp;&nbsp;&nbsp; eXp World Holdings, Inc. | 3168 | 28670 |
|  **Total Financial** |  | 1345394 |
|  **Energy - 8.1%** | **Energy - 8.1%** | **Energy - 8.1%** |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 21306 | 153403 |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 17859 | 109118 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | 5027 | 94005 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Co. — Class A | 10917 | 91594 |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 12712 | 79704 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 1655 | 60606 |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 1849 | 54915 |
| &nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 4007 | 53093 |
| &nbsp;&nbsp;&nbsp; RPC, Inc. | 9288 | 50527 |
| &nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc. | 5173 | 48730 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 1960 | 42081 |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. — Class A | 1860 | 34335 |
| &nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 383 | 33900 |
| &nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 2984 | 32884 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. | 640 | 28614 |
|  **Total Energy** |  | 967509 |
|  **Communications - 4.7%** | **Communications - 4.7%** | **Communications - 4.7%** |
| &nbsp;&nbsp;&nbsp; Angi, Inc.\* | 8493 | 109814 |
| &nbsp;&nbsp;&nbsp; Scholastic Corp. | 3414 | 101157 |
| &nbsp;&nbsp;&nbsp; IAC, Inc.\* | 2065 | 80742 |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 2258 | 79369 |
| &nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 4385 | 50691 |
| &nbsp;&nbsp;&nbsp; Shutterstock, Inc. | 2513 | 47998 |
| &nbsp;&nbsp;&nbsp; Cable One, Inc. | 408 | 46043 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. | 2287 | 44390 |
|  **Total Communications** |  | 560204 |
|  **Basic Materials - 4.3%** | **Basic Materials - 4.3%** | **Basic Materials - 4.3%** |
| &nbsp;&nbsp;&nbsp; Stepan Co. | 2399 | 113617 |
| &nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 4073 | 110297 |
| &nbsp;&nbsp;&nbsp; FMC Corp. | 6311 | 87534 |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 464 | 53295 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 685 | 43723 |
| &nbsp;&nbsp;&nbsp; Sylvamo Corp. | 827 | 39820 |
| &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 612 | 37301 |
| &nbsp;&nbsp;&nbsp; Chemours Co. | 2349 | 27695 |
|  **Total Basic Materials** |  | 513282 |
|  **Technology - 3.7%** | **Technology - 3.7%** | **Technology - 3.7%** |
| &nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 10393 | 152257 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 1056 | 86032 |
| &nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 9972 | 59234 |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.\* | 1850 | 53650 |
| &nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.\* | 2668 | 52853 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp.\* | 3764 | 38393 |
|  **Total Technology** |  | 442419 |
|  **Utilities - 0.4%** | **Utilities - 0.4%** | **Utilities - 0.4%** |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc.\* | 3957 | 48671 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $11,185,805) |  | 11816632 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.8%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | $47935 | 47935 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 47934 | 47934 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $95,869) |  | 95869 |
|  **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $11,281,674) | &nbsp;&nbsp;&nbsp; (Cost $11,281,674) | $11912501 |
|  **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (28367) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $11884134 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 225

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | |
|:---|:---|
| \* | &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 December 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 | $11816632 | $— | $— | $11816632 |
|  Repurchase Agreements |  | 95869 |  | 95869 |
|  Total Assets | $11816632 | $95869 | $— | $11912501 |

---

226 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $11,185,805) | $11816632 |
|  Repurchase agreements, at value (cost $95,869) | 95869 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 15040 |
| &nbsp;&nbsp;&nbsp; Interest | 10 |
|  **Total assets** | 11927551 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 14432 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 7570 |
| &nbsp;&nbsp;&nbsp; Management fees | 6725 |
| &nbsp;&nbsp;&nbsp; Printing fees | 4362 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2242 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1256 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 941 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 90 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 5799 |
|  **Total liabilities** | 43417 |
|  **Net assets** | $11884134 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $11783723 |
|  Total distributable earnings (loss) | 100411 |
|  Net assets | $11884134 |
|  Capital shares outstanding | 135462 |
|  Net asset value per share | $87.73 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $179259 |
|  Interest | 2850 |
|  Income from securities lending, net | 809 |
| &nbsp;&nbsp;&nbsp; Total investment income | 182918 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 67982 |
|  Investor service fees | 22661 |
|  Transfer agent fees | 24633 |
|  Professional fees | 17038 |
|  Portfolio accounting and administration fees | 14049 |
|  Custodian fees | 1308 |
|  Trustees' fees\* | 1128 |
|  Line of credit fees | 7 |
|  Miscellaneous | 8765 |
| &nbsp;&nbsp;&nbsp; Total expenses | 157571 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (4532) |
|  Net expenses | 153039 |
|  Net investment income | 29879 |
|  **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 | 311444 |
|  Net realized gain | 311444 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (150636) |
|  Net change in unrealized appreciation (depreciation) | (150636) |
|  Net realized and unrealized gain | 160808 |
|  **Net increase in net assets resulting from operations** | $190687 |

---

\* 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 \| 227

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income (loss) | $29879 | $(160) |
|  Net realized gain on investments | 311444 | 443358 |
|  Net change in unrealized appreciation (depreciation) on investments | (150636) | (348699) |
|  Net increase in net assets resulting from operations | 190687 | 94499 |
|  Distributions to shareholders | (295618) |  |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 18323355 | 22482900 |
|  Distributions reinvested | 295618 |  |
|  Cost of shares redeemed | (16287383) | (22775409) |
|  Net increase (decrease) from capital share transactions | 2331590 | (292509) |
|  Net increase (decrease) in net assets | 2226659 | (198010) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 9657475 | 9855485 |
| &nbsp;&nbsp;&nbsp; End of year | $11884134 | $9657475 |
|  **Capital share activity:** |  |  |
|  Shares sold | 215348 | 277442 |
|  Shares issued from reinvestment of distributions | 3681 |  |
|  Shares redeemed | (197463) | (284126) |
|  Net increase (decrease) in shares | 21566 | (6684) |

---

228 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $84.79 | $81.73 | $67.51 | $85.63 | $59.72 |
|  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> | .27 |  | (.14) |  | (.28) |
|  Net gain (loss) on investments (realized and unrealized) | 5.24 | 3.06 | 14.36 | (7.22) | 26.19 |
|  Total from investment operations | 5.51 | 3.06 | 14.22 | (7.22) | 25.91 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains | (2.57) |  |  | (10.90) |  |
|  Total distributions | (2.57) |  |  | (10.90) |  |
|  Net asset value, end of period | $87.73 | $84.79 | $81.73 | $67.51 | $85.63 |
|  **Total Return<sup>b</sup>** | **6.77%** | **3.74%** | **21.06%** | **(8.24** **%)** | **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) | $11884 | $9657 | $9855 | $7679 | $16161 |
|  Ratios 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% | 0.00% | (0.19%) | 0.00% | (0.34%) |
|  Total expenses | 1.74% | 1.69% | 1.71% | 1.67% | 1.59% |
|  Net expenses<sup>c</sup> | 1.69% | 1.64% | 1.69% | 1.67% | 1.59% |
|  Portfolio turnover rate | 253% | 295% | 287% | 252% | 383% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 229

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **GOVERNMENT LONG BOND 1.2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 7.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 7.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 7.9%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 10941 | $271672 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 19735 | 199125 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $456,853) |  | 470797 |
|  | **Face<br> Amount** |  |
|  **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 42.1%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 42.1%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 42.1%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp; 4.63% due 11/15/55 | $2600000 | 2516110 |
|  **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,534,983) |  | 2516110 |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 25.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 25.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 25.1%** |
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.55% due 01/16/26<sup>2</sup> | 700000 | 698964 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>2</sup> | 500000 | 499057 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.56% due 01/23/26<sup>2</sup> | 300000 | 299348 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,497,369) |  | 1497369 |

---

---

| | | |
|:---|:---|:---|
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 2.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>2,3</sup> | 129000 | 128745 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $128,729) |  | 128745 |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 1.8%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 1.8%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 1.8%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.86% (SOFR + 0.09%, Rate Floor: 0.00%) due 01/02/26<sup>◊</sup> | 110000 | 110000 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $110,000) |  | 110000 |
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 21.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 21.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 21.0%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 627228 | 627228 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 627228 | 627228 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,254,456) |  | 1254456 |
|  **Total Investments - 100.0%** | **Total Investments - 100.0%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,982,390) | &nbsp;&nbsp;&nbsp; (Cost $5,982,390) | $5977477 |
|  **Other Assets & Liabilities, net - 0.0%** | **Other Assets & Liabilities, net - 0.0%** | (1630) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5975847 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 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 | 41 | Mar 2026 | $4838000 | $(3575) |

---

---

| | |
|:---|:---|
| \*\* | &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 December 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 December 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. |

---

230 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **GOVERNMENT LONG BOND 1.2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $470797 | $— | $— | $470797 |
|  U.S. Government Securities |  | 2516110 |  | 2516110 |
|  Federal Agency Discount Notes |  | 1497369 |  | 1497369 |
|  U.S. Treasury Bills |  | 128745 |  | 128745 |
|  Federal Agency Notes |  | 110000 |  | 110000 |
|  Repurchase Agreements |  | 1254456 |  | 1254456 |
|  Total Assets | $470797 | $5506680 | $— | $5977477 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
|  Interest Rate Futures Contracts\*\* | $3575 | $– $– $| 3575 |

---

\*\* 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $272001 | $— | $— | $— | $(329) | $271672 | 10941 | $14303 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 247496 |  | (50000) | 499 | 1130 | 199125 | 19735 | 8987 |
|  | $519497 | $— | $(50000) | $499 | $801 | $470797 |  | $23290 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 231

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $4,271,081) | $4252224 |
|  Investments in affiliated issuers, at value (cost $456,853) | 470797 |
|  Repurchase agreements, at value (cost $1,254,456) | 1254456 |
|  Segregated cash with broker | 83071 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 96766 |
| &nbsp;&nbsp;&nbsp; Interest | 18585 |
| &nbsp;&nbsp;&nbsp; Dividends | 1864 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 434 |
|  **Total assets** | 6178197 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 157219 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 15375 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 5603 |
| &nbsp;&nbsp;&nbsp; Management fees | 2838 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1440 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 605 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 69 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 19201 |
|  **Total liabilities** | 202350 |
|  **Net assets** | $5975847 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $28550605 |
|  Total distributable earnings (loss) | (22574758) |
|  Net assets | $5975847 |
|  Capital shares outstanding | 33438 |
|  Net asset value per share | $178.71 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $23290 |
|  Interest | 325100 |
| &nbsp;&nbsp;&nbsp; Total investment income | 348390 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 37214 |
|  Investor service fees | 18607 |
|  Transfer agent fees | 20128 |
|  Professional fees | 12223 |
|  Portfolio accounting and administration fees | 11536 |
|  Custodian fees | 1075 |
|  Trustees' fees\* | 894 |
|  Miscellaneous | 8953 |
| &nbsp;&nbsp;&nbsp; Total expenses | 110630 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (3721) |
|  Expenses waived by Adviser | (513) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (4234) |
|  Net expenses | 106396 |
|  Net investment income | 241994 |
|  **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 | 355377 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 499 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 129266 |
|  Net realized gain | 485142 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 32600 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 801 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (3639) |
|  Net change in unrealized appreciation (depreciation) | 29762 |
|  Net realized and unrealized gain | 514904 |
|  **Net increase in net assets resulting from operations** | $756898 |

---

\* 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.

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $241994 | $229413 |
|  Net realized gain (loss) on investments | 485142 | (791417) |
|  Net change in unrealized appreciation (depreciation) on investments | 29762 | (660194) |
|  Net increase (decrease) in net assets resulting from operations | 756898 | (1222198) |
|  Distributions to shareholders | (242014) | (229414) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 377352447 | 186079312 |
|  Distributions reinvested | 242014 | 229414 |
|  Cost of shares redeemed | (376210511) | (188112934) |
|  Net increase (decrease) from capital share transactions | 1383950 | (1804208) |
|  Net increase (decrease) in net assets | 1898834 | (3255820) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 4077013 | 7332833 |
| &nbsp;&nbsp;&nbsp; End of year | $5975847 | $4077013 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 2085981 | 919208 |
|  Shares issued from reinvestment of distributions | 1335 | 1153 |
|  Shares redeemed | (2076325) | (932135) |
|  Net decrease in shares | 10991 | (11774) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 233

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025<sup>e</sup>** | **Year Ended <br> December 31, <br> 2024<sup>e</sup>** | **Year Ended <br> December 31, <br> 2023<sup>e</sup>** | **Year Ended <br> December 31, <br> 2022<sup>e</sup>** | **Year Ended <br> December 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 | $181.63 | $214.28 | $223.06 | $383.26 | $415.91 |
|  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> | 5.91 | 6.40 | 6.30 | 3.80 | 1.70 |
|  Net gain (loss) on investments (realized and unrealized) | (2.92)<sup>f</sup> | (32.65) | (8.78) | (159.60) | (32.95) |
|  Total from investment operations | 2.99 | (26.25) | (2.48) | (155.80) | (31.25) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (5.91) | (6.40) | (6.30) | (4.40) | (1.40) |
|  Total distributions | (5.91) | (6.40) | (6.30) | (4.40) | (1.40) |
|  Net asset value, end of period | $178.71 | $181.63 | $214.28 | $223.06 | $383.26 |
|  **Total Return<sup>b</sup>** | **1.67%** | **(12.46** **%)** | **(1.03** **%)** | **(40.83** **%)** | **(7.49** **%)** |
|  **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) | $5976 | $4077 | $7333 | $7957 | $12373 |
|  Ratios 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% | 3.18% | 2.90% | 1.33% | 0.47% |
|  Total expenses<sup>c</sup> | 1.49% | 1.44% | 1.45% | 1.39% | 1.30% |
|  Net expenses<sup>d</sup> | 1.43% | 1.38% | 1.42% | 1.37% | 1.28% |
|  Portfolio turnover rate | 8524% | 3622% | 1170% | 1890% | 1382% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

<sup>f</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.

234 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **INVERSE GOVERNMENT LONG BOND STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 45.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 45.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 45.6%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 31603 | $318877 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 12691 | 315125 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $625,627) |  | 634002 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.0%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.0%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.0%** |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>2</sup> | $150000 | 149717 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.62% due 01/16/26<sup>2</sup> | 100000 | 99849 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $249,566) |  | 249566 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 1.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>2,3</sup> | 15000 | 14970 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $14,968) |  | 14970 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 108.8%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 108.8%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 108.8%** |
|  **Individual Repurchase Agreements<sup>4</sup>** | **Individual Repurchase Agreements<sup>4</sup>** | **Individual Repurchase Agreements<sup>4</sup>** |
|  Barclays Capital, Inc.<br> issued 12/31/25 at 3.40% <br> due 01/02/26 (secured by a U.S. Treasury Bond, at a rate of 4.63% and maturing 11/15/2055 as collateral, with a value of $683,655) to be repurchased at $670,440 | 670250 | 670250 |
|  Mizuho Securities USA LLC<br> issued 12/31/25 at 3.55% <br> due 01/02/26 (secured by a U.S. Treasury Bond, at a rate of 4.63% and maturing 11/15/2055 as collateral, with a value of $390,726) to be repurchased at $383,178 | 383065 | 383065 |
|  **Joint Repurchase Agreements<sup>5</sup>** |  |  |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 229053 | 229053 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 229053 | 229053 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,511,421) |  | 1511421 |
|  **Total Investments - 173.4%** | **Total Investments - 173.4%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,401,582) | &nbsp;&nbsp;&nbsp; (Cost $2,401,582) | $2409959 |
|  **U.S. Government Securities Sold Short<sup>†</sup>** **- (76.6)%** | **U.S. Government Securities Sold Short<sup>†</sup>** **- (76.6)%** | **U.S. Government Securities Sold Short<sup>†</sup>** **- (76.6)%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp; 4.63% due 11/15/55<sup>††</sup> | 1100000 | (1064508) |
|  **Total U.S. Government Securities Sold Short - (76.6)%** | **Total U.S. Government Securities Sold Short - (76.6)%** |  |
| &nbsp;&nbsp;&nbsp; (Proceeds $1,080,643) | &nbsp;&nbsp;&nbsp; (Proceeds $1,080,643) | $(1064508) |
|  **Other Assets & Liabilities, net - 3.2%** | **Other Assets & Liabilities, net - 3.2%** | 44127 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1389578 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | 2 | Mar 2026 | $236000 | $5071 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 235

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 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>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 December 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 short security collateral at December 31, 2025. |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $634002 | $— | $— | $634002 |
|  Federal Agency Discount Notes |  | 249566 |  | 249566 |
|  U.S. Treasury Bills |  | 14970 |  | 14970 |
|  Repurchase Agreements |  | 1511421 |  | 1511421 |
|  Interest Rate Futures Contracts\*\* | 5071 |  |  | 5071 |
|  Total Assets | $639073 | $1775957 | $— | $2415030 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $– $| 1064508 | $– $| 1064508 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

236 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $515345 | $— | $(200000) | $2653 | $(2873) | $315125 | 12691 | $24249 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 465455 |  | (150000) | 1679 | 1743 | 318877 | 31603 | 18604 |
|  | $980800 | $— | $(350000) | $4332 | $(1130) | $634002 |  | $42853 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 237

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $264,534) | $264536 |
|  Investments in affiliated issuers, at value (cost $625,627) | 634002 |
|  Repurchase agreements, at value (cost $1,511,421) | 1511421 |
|  Cash | 1569 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 55288 |
| &nbsp;&nbsp;&nbsp; Dividends | 2508 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 750 |
| &nbsp;&nbsp;&nbsp; Interest | 150 |
|  **Total assets** | 2470224 |
|  **Liabilities:** | **Liabilities:** |
|  Securities sold short, at value (proceeds $1,080,643) | 1064508 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 3548 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1462 |
| &nbsp;&nbsp;&nbsp; Management fees | 1269 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 371 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 127 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 82 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 23 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 9256 |
|  **Total liabilities** | 1080646 |
|  **Net assets** | $1389578 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $7547097 |
|  Total distributable earnings (loss) | (6157519) |
|  Net assets | $1389578 |
|  Capital shares outstanding | 12713 |
|  Net asset value per share | $109.30 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $42853 |
|  Interest | 129749 |
| &nbsp;&nbsp;&nbsp; Total investment income | 172602 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 20057 |
|  Investor service fees | 5571 |
|  Transfer agent fees | 7326 |
|  Interest expense | 85291 |
|  Professional fees | 4371 |
|  Portfolio accounting and administration fees | 3454 |
|  Trustees' fees\* | 500 |
|  Custodian fees | 350 |
|  Miscellaneous | 465 |
| &nbsp;&nbsp;&nbsp; Total expenses | 127385 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2229) |
|  Expenses waived by Adviser | (1062) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (3291) |
|  Net expenses | 124094 |
|  Net investment income | 48508 |
|  **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 | 4332 |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers sold short | 76349 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 8058 |
|  Net realized gain | 88743 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (5) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (1130) |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers sold short | (126236) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (24090) |
|  Net change in unrealized appreciation (depreciation) | (151461) |
|  Net realized and unrealized loss | (62718) |
|  **Net decrease in net assets resulting from operations** | $(14210) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

238 \| 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> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $48508 | $126347 |
|  Net realized gain (loss) on investments | 88743 | (188656) |
|  Net change in unrealized appreciation (depreciation) on investments | (151461) | 315099 |
|  Net increase (decrease) in net assets resulting from operations | (14210) | 252790 |
|  Distributions to shareholders | (126347) | (143890) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 23030468 | 33646558 |
|  Distributions reinvested | 126347 | 143890 |
|  Cost of shares redeemed | (26283452) | (31441428) |
|  Net increase (decrease) from capital share transactions | (3126637) | 2349020 |
|  Net increase (decrease) in net assets | (3267194) | 2457920 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 4656772 | 2198852 |
| &nbsp;&nbsp;&nbsp; End of year | $1389578 | $4656772 |
|  **Capital share activity:** |  |  |
|  Shares sold | 204738 | 308031 |
|  Shares issued from reinvestment of distributions | 1134 | 1347 |
|  Shares redeemed | (233571) | (290276) |
|  Net increase (decrease) in shares | (27699) | 19102 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 239

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $115.23 | $103.18 | $99.00 | $67.73 | $67.08 |
|  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> | 2.46 | 4.31 | 4.04 | (1.24) | (2.10) |
|  Net gain (loss) on investments (realized and unrealized) | (.17) | 12.75 | .14 | 32.51 | 2.75 |
|  Total from investment operations | 2.29 | 17.06 | 4.18 | 31.27 | .65 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (8.22) | (5.01) |  |  |  |
|  Total distributions | (8.22) | (5.01) |  |  |  |
|  Net asset value, end of period | $109.30 | $115.23 | $103.18 | $99.00 | $67.73 |
|  **Total Return<sup>b</sup>** | **1.85%** | **16.91%** | **4.22%** | **46.17%** | **0.97%** |
|  **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) | $1390 | $4657 | $2199 | $3924 | $3348 |
|  Ratios 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) | 2.18% | 3.93% | 3.96% | (1.46%) | (2.89%) |
|  Total expenses<sup>c</sup> | 5.72% | 5.13% | 5.13% | 4.47% | 3.46% |
|  Net expenses<sup>d,e</sup> | 5.57% | 5.00% | 5.02% | 4.38% | 3.38% |
|  Portfolio turnover rate | 994% | 936% | 861% | 1849% | 1451% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 expense may include expenses related to short sales. Excluding these expenses, the net expense ratios for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.74%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%  | 1.73% | 1.65% |

---

240 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **HIGH YIELD STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 3.4%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 3.4%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 3.4%** |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 1556 | $125554 |
| &nbsp;&nbsp;&nbsp; State Street SPDR Bloomberg High Yield Bond ETF | 1245 | 121101 |
|  **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $263,173) |  | 246655 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 16.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 16.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 16.0%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 57301 | 578164 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 23000 | 571081 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,124,043) |  | 1149245 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 31.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 31.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 31.9%** |
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.55% due 01/16/26<sup>2</sup> | $1100000 | 1098373 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>2</sup> | 700000 | 698679 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.62% due 01/16/26<sup>2</sup> | 500000 | 499246 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,296,298) |  | 2296298 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 0.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.50% due 01/22/26<sup>2,3</sup> | 61000 | 60879 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $60,872) |  | 60879 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 41.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 41.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 41.1%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 1479951 | 1479951 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 1479951 | 1479951 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,959,902) |  | 2959902 |
|  **Total Investments - 93.3%** | **Total Investments - 93.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,704,288) | &nbsp;&nbsp;&nbsp; (Cost $6,704,288) | $6712979 |
|  **Other Assets & Liabilities, net - 6.7%** | **Other Assets & Liabilities, net - 6.7%** | 481123 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $7194102 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 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 | 63 | Mar 2026 | $6885211 | $(19931) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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 Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid** | **Unrealized <br> Appreciation\*\*** |
|  Barclays Bank plc<br> ICE | CDX.NA.HY.45.V1 | 5.00% | Quarterly | 12/20/30 | $6350000 | $483514 | $462442 | $21072 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 241

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **HIGH YIELD STRATEGY FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>5</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation <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 | 4.19% (Federal Funds Rate + 0.55%) | At Maturity | 01/22/26 | 364 | $29354 | $195 |
|  BNP Paribas | State Street SPDR Bloomberg High Yield Bond ETF | Pay | 4.19% (Federal Funds Rate + 0.55%) | At Maturity | 01/22/26 | 192 | 18686 | 149 |
|  Goldman Sachs International | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 3.64% (Federal Funds Rate) | At Maturity | 01/07/26 | 86 | 6939 | (16) |
|  |  |  |  |  |  |  | $54979 | $328 |

---

---

| | |
|:---|:---|
| \*\* | &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; 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 December 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &nbsp;&nbsp;&nbsp; CDX.NA.HY.45.V1 — Credit Default Swap North American High Yield Series 45 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. |

---

The following table summarizes the inputs used to value the Fund's investments at December 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** |
|  Exchange-Traded Funds | $246655 | $— | $— | $246655 |
|  Mutual Funds | 1149245 |  |  | 1149245 |
|  Federal Agency Discount Notes |  | 2296298 |  | 2296298 |
|  U.S. Treasury Bills |  | 60879 |  | 60879 |
|  Repurchase Agreements |  | 2959902 |  | 2959902 |
|  Credit Default Swap Agreements\*\* |  | 21072 |  | 21072 |
|  Credit Index Swap Agreements\*\* |  | 344 |  | 344 |
|  Total Assets | $1395900 | $5338495 | $— | $6734395 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
|  Interest Rate Futures Contracts\*\* | $19931 | $— | $— | $19931 |
|  Credit Index Swap Agreements\*\* |  | 16 |  | 16 |
|  Total Liabilities | $19931 | $16 | $— | $19947 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

242 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **HIGH YIELD 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $571771 | $— | $— | $— | $(690) | $571081 | 23000 | $30066 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 573580 |  |  |  | 4584 | 578164 | 57301 | 25199 |
|  | $1145351 | $— | $— | $— | $3894 | $1149245 |  | $55265 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 243

**HIGH YIELD STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $2,620,343) | $2603832 |
|  Investments in affiliated issuers, at value (cost $1,124,043) | 1149245 |
|  Repurchase agreements, at value (cost $2,959,902) | 2959902 |
|  Segregated cash with broker | 49224 |
|  Unamortized upfront premiums paid on credit default swap agreements | 462442 |
|  Unrealized appreciation on OTC swap agreements | 344 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Protection fees on credit default swap agreements | 8819 |
| &nbsp;&nbsp;&nbsp; Dividends | 4546 |
| &nbsp;&nbsp;&nbsp; Interest | 314 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 269 |
|  **Total assets** | 7238937 |
|  **Liabilities:** | **Liabilities:** |
|  Overdraft due to custodian bank | 49 |
|  Unrealized depreciation on OTC swap agreements | 16 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 11090 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 8367 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 5383 |
| &nbsp;&nbsp;&nbsp; Variation margin on credit default swap agreements | 4673 |
| &nbsp;&nbsp;&nbsp; Management fees | 4101 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1408 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1226 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 591 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 70 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 7861 |
|  **Total liabilities** | 44835 |
|  **Net assets** | $7194102 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $7472286 |
|  Total distributable earnings (loss) | (278184) |
|  Net assets | $7194102 |
|  Capital shares outstanding | 89638 |
|  Net asset value per share | $80.26 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers | $15086 |
|  Dividends from securities of affiliated issuers | 55265 |
|  Interest | 216556 |
|  Income from securities lending, net | 670 |
| &nbsp;&nbsp;&nbsp; Total investment income | 287577 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 52241 |
|  Transfer agent fees | 20408 |
|  Investor service fees | 17413 |
|  Professional fees | 13950 |
|  Portfolio accounting and administration fees | 10796 |
|  Custodian fees | 1279 |
|  Trustees' fees\* | 1131 |
|  Miscellaneous | 3906 |
| &nbsp;&nbsp;&nbsp; Total expenses | 121124 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (3483) |
|  Expenses waived by Adviser | (1439) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (4922) |
|  Net expenses | 116202 |
|  Net investment income | 171375 |
|  **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 | 41 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 293085 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 109399 |
|  Net realized gain | 402525 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 5391 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 3894 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (24026) |
| &nbsp;&nbsp;&nbsp; Futures contracts | 21470 |
|  Net change in unrealized appreciation (depreciation) | 6729 |
|  Net realized and unrealized gain | 409254 |
|  **Net increase in net assets resulting from operations** | $580629 |

---

\* 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.

**HIGH YIELD STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $171375 | $236269 |
|  Net realized gain on investments | 402525 | 431336 |
|  Net change in unrealized appreciation (depreciation) on investments | 6729 | (434187) |
|  Net increase in net assets resulting from operations | 580629 | 233418 |
|  Distributions to shareholders | (497872) | (386203) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 26618873 | 56196121 |
|  Distributions reinvested | 497872 | 386203 |
|  Cost of shares redeemed | (29898576) | (55925480) |
|  Net increase (decrease) from capital share transactions | (2781831) | 656844 |
|  Net increase (decrease) in net assets | (2699074) | 504059 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 9893176 | 9389117 |
| &nbsp;&nbsp;&nbsp; End of year | $7194102 | $9893176 |
|  **Capital share activity:** |  |  |
|  Shares sold | 332329 | 704039 |
|  Shares issued from reinvestment of distributions | 6477 | 4961 |
|  Shares redeemed | (372859) | (704478) |
|  Net increase (decrease) in shares | (34053) | 4522 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 245

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $79.98 | $78.79 | $71.14 | $81.84 | $80.49 |
|  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> | 1.98 | 2.57 | 2.29 | .51 | (.35) |
|  Net gain (loss) on investments (realized and unrealized) | 5.60 | 2.57 <sup>e</sup> | 6.68 | (9.94) | 1.70 |
|  Total from investment operations | 7.58 | 5.14 | 8.97 | (9.43) | 1.35 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (7.30) | (3.95) | (1.32) | (1.27) |  |
|  Total distributions | (7.30) | (3.95) | (1.32) | (1.27) |  |
|  Net asset value, end of period | $80.26 | $79.98 | $78.79 | $71.14 | $81.84 |
|  **Total Return<sup>b</sup>** | **9.87%** | **6.68%** | **12.69%** | **(11.48** **%)** | **1.68%** |
|  **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) | $7194 | $9893 | $9389 | $4422 | $5286 |
|  Ratios 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) | 2.46% | 3.23% | 3.10% | 0.70% | (0.44%) |
|  Total expenses<sup>c</sup> | 1.74% | 1.69% | 1.70% | 1.66% | 1.60% |
|  Net expenses<sup>d</sup> | 1.67% | 1.62% | 1.66% | 1.61% | 1.54% |
|  Portfolio turnover rate |  |  |  | 111% | 117% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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

246 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **EUROPE 1.25x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 49.5%** | **COMMON STOCKS<sup>†</sup>** **- 49.5%** | **COMMON STOCKS<sup>†</sup>** **- 49.5%** |
|  **Consumer, Non-cyclical - 15.0%** | **Consumer, Non-cyclical - 15.0%** | **Consumer, Non-cyclical - 15.0%** |
| &nbsp;&nbsp;&nbsp; Roche Holding AG ADR | 1077 | $55541 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc ADR | 596 | 54790 |
| &nbsp;&nbsp;&nbsp; Novartis AG ADR | 367 | 50598 |
| &nbsp;&nbsp;&nbsp; Nestle S.A. ADR | 495 | 48896 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S ADR | 616 | 31342 |
| &nbsp;&nbsp;&nbsp; Unilever plc ADR | 431 | 28187 |
| &nbsp;&nbsp;&nbsp; British American Tobacco plc ADR | 418 | 23667 |
| &nbsp;&nbsp;&nbsp; Sanofi S.A. ADR | 438 | 21226 |
| &nbsp;&nbsp;&nbsp; L'Oreal S.A. ADR | 231 | 19785 |
| &nbsp;&nbsp;&nbsp; GSK plc ADR | 392 | 19224 |
| &nbsp;&nbsp;&nbsp; EssilorLuxottica S.A. ADR | 120 | 19010 |
| &nbsp;&nbsp;&nbsp; RELX plc ADR | 361 | 14592 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A. ADR | 197 | 12616 |
| &nbsp;&nbsp;&nbsp; Diageo plc ADR | 107 | 9231 |
|  **Total Consumer, Non-cyclical** |  | 408705 |
|  **Financial - 11.7%** | **Financial - 11.7%** | **Financial - 11.7%** |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc ADR | 658 | 51765 |
| &nbsp;&nbsp;&nbsp; Allianz SE ADR | 731 | 33626 |
| &nbsp;&nbsp;&nbsp; Banco Santander S.A. ADR | 2856 | 33501 |
| &nbsp;&nbsp;&nbsp; UBS Group AG | 594 | 27508 |
| &nbsp;&nbsp;&nbsp; Banco Bilbao Vizcaya Argentaria S.A. ADR | 1108 | 25827 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA ADR | 599 | 24841 |
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG ADR | 560 | 21297 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA ADR | 488 | 20306 |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. ADR | 403 | 19102 |
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR | 1254 | 16540 |
| &nbsp;&nbsp;&nbsp; AXA S.A. ADR | 342 | 16413 |
| &nbsp;&nbsp;&nbsp; ING Groep N.V. ADR | 582 | 16296 |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group plc ADR\* | 388 | 11861 |
|  **Total Financial** |  | 318883 |
|  **Industrial - 7.4%** | **Industrial - 7.4%** | **Industrial - 7.4%** |
| &nbsp;&nbsp;&nbsp; Siemens AG ADR | 288 | 40306 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE ADR | 552 | 30324 |
| &nbsp;&nbsp;&nbsp; Airbus SE ADR | 453 | 26238 |
| &nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc ADR | 1608 | 25278 |
| &nbsp;&nbsp;&nbsp; Safran S.A. ADR | 288 | 25070 |
| &nbsp;&nbsp;&nbsp; ABB Ltd. ADR | 302 | 22339 |
| &nbsp;&nbsp;&nbsp; Rheinmetall AG ADR | 44 | 16082 |
| &nbsp;&nbsp;&nbsp; Vinci S.A. ADR | 452 | 15910 |
|  **Total Industrial** |  | 201547 |
|  **Technology - 4.6%** | **Technology - 4.6%** | **Technology - 4.6%** |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V. — Class G | 74 | 79170 |
| &nbsp;&nbsp;&nbsp; SAP SE ADR | 195 | 47367 |
|  **Total Technology** |  | 126537 |
|  **Energy - 3.1%** | **Energy - 3.1%** | **Energy - 3.1%** |
| &nbsp;&nbsp;&nbsp; Shell plc ADR | 552 | 40561 |
| &nbsp;&nbsp;&nbsp; TotalEnergies SE ADR | 423 | 27673 |
| &nbsp;&nbsp;&nbsp; BP plc ADR | 499 | 17330 |
|  **Total Energy** |  | 85564 |
|  **Consumer, Cyclical - 2.8%** | **Consumer, Cyclical - 2.8%** | **Consumer, Cyclical - 2.8%** |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE ADR | 240 | 36195 |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont S.A. ADR | 1036 | 22305 |
| &nbsp;&nbsp;&nbsp; Hermes International SCA ADR | 67 | 16616 |
|  **Total Consumer, Cyclical** |  | 75116 |
|  **Utilities - 2.1%** | **Utilities - 2.1%** | **Utilities - 2.1%** |
| &nbsp;&nbsp;&nbsp; Iberdrola S.A. ADR | 293 | 25315 |
| &nbsp;&nbsp;&nbsp; Enel SpA ADR | 1496 | 15528 |
| &nbsp;&nbsp;&nbsp; National Grid plc ADR | 199 | 15393 |
|  **Total Utilities** |  | 56236 |
|  **Basic Materials - 1.4%** | **Basic Materials - 1.4%** | **Basic Materials - 1.4%** |
| &nbsp;&nbsp;&nbsp; Air Liquide S.A. ADR | 557 | 20921 |
| &nbsp;&nbsp;&nbsp; Rio Tinto plc ADR | 205 | 16406 |
|  **Total Basic Materials** |  | 37327 |
|  **Communications - 1.4%** | **Communications - 1.4%** | **Communications - 1.4%** |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG ADR | 675 | 22072 |
| &nbsp;&nbsp;&nbsp; Prosus N.V. ADR | 1194 | 14758 |
|  **Total Communications** |  | 36830 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $948,067) |  | 1346745 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 15.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 15.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 15.2%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 9255 | 229620 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 18098 | 182428 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $407,812) |  | 412048 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 6.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.2%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>2,3</sup> | $168000 | 167669 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $167,647) |  | 167669 |
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 29.6%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 29.6%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 29.6%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 402648 | 402648 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 402648 | 402648 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $805,296) |  | 805296 |
|  **Total Investments - 100.5%** | **Total Investments - 100.5%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,328,822) | &nbsp;&nbsp;&nbsp; (Cost $2,328,822) | $2731758 |
|  **Other Assets & Liabilities, net - (0.5)%** | **Other Assets & Liabilities, net - (0.5)%** | (12281) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2719477 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 247

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **EUROPE 1.25x 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\*\*** |
|  **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 | 14 | Mar 2026 | $2063600 | $13928 |
|  **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 | 36 | Mar 2026 | $2066315 | $11429 |

---

---

| | |
|:---|:---|
| \* | &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 December 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; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

248 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **EUROPE 1.25x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $1346745 | $— | $— | $1346745 |
|  Mutual Funds | 412048 |  |  | 412048 |
|  U.S. Treasury Bills |  | 167669 |  | 167669 |
|  Repurchase Agreements |  | 805296 |  | 805296 |
|  Currency Futures Contracts\*\* | 13928 |  |  | 13928 |
|  Equity Futures Contracts\*\* |  | 11429 |  | 11429 |
|  Total Assets | $1772721 | $984394 | $— | $2757115 |

---

\*\* 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** | **Mutual Funds** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $229991 | $— | $— | $— | $(371) | $229620 | 9255 | $12097 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 181161 |  |  |  | 1267 | 182428 | 18098 | 7939 |
|  | $411152 | $— | $— | $— | $896 | $412048 |  | $20036 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 249

**EUROPE 1.25x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $1,115,714) | $1514414 |
|  Investments in affiliated issuers, at value (cost $407,812) | 412048 |
|  Repurchase agreements, at value (cost $805,296) | 805296 |
|  Segregated cash with broker | 10267 |
|  Cash | 9 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 7937 |
| &nbsp;&nbsp;&nbsp; Dividends | 2602 |
| &nbsp;&nbsp;&nbsp; Interest | 85 |
|  Due from adviser | 102 |
|  **Total assets** | 2752760 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 20311 |
| &nbsp;&nbsp;&nbsp; Professional fees | 4194 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2189 |
| &nbsp;&nbsp;&nbsp; Management fees | 1990 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 563 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 79 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 25 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 3932 |
|  **Total liabilities** | 33283 |
|  **Net assets** | $2719477 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2646813 |
|  Total distributable earnings (loss) | 72664 |
|  Net assets | $2719477 |
|  Capital shares outstanding | 17024 |
|  Net asset value per share | $159.74 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $5,008) | $29579 |
|  Dividends from securities of affiliated issuers | 20036 |
|  Interest | 45186 |
|  Income from securities lending, net | 2445 |
| &nbsp;&nbsp;&nbsp; Total investment income | 97246 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 23706 |
|  Investor service fees | 6585 |
|  Transfer agent fees | 6811 |
|  Portfolio accounting and administration fees | 4083 |
|  Professional fees | 5021 |
|  Custodian fees | 391 |
|  Trustees' fees\* | 266 |
|  Miscellaneous | 4089 |
| &nbsp;&nbsp;&nbsp; Total expenses | 50952 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (5268) |
|  Expenses waived by Adviser | (455) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (5723) |
|  Net expenses | 45229 |
|  Net investment income | 52017 |
|  **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 | (45949) |
| &nbsp;&nbsp;&nbsp; Futures contracts | 218881 |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (6290) |
|  Net realized gain | 166642 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 229157 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 896 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 84016 |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | (81) |
|  Net change in unrealized appreciation (depreciation) | 313988 |
|  Net realized and unrealized gain | 480630 |
|  **Net increase in net assets resulting from operations** | $532647 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

250 \| 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> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $52017 | $58526 |
|  Net realized gain on investments | 166642 | 250479 |
|  Net change in unrealized appreciation (depreciation) on investments | 313988 | (158988) |
|  Net increase in net assets resulting from operations | 532647 | 150017 |
|  Distributions to shareholders | (59949) | (119505) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 24966874 | 49909404 |
|  Distributions reinvested | 59949 | 119505 |
|  Cost of shares redeemed | (24376101) | (50613899) |
|  Net increase (decrease) from capital share transactions | 650722 | (584990) |
|  Net increase (decrease) in net assets | 1123420 | (554478) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1596057 | 2150535 |
| &nbsp;&nbsp;&nbsp; End of year | $2719477 | $1596057 |
|  **Capital share activity:** |  |  |
|  Shares sold | 175109 | 374532 |
|  Shares issued from reinvestment of distributions | 417 | 894 |
|  Shares redeemed | (171959) | (378462) |
|  Net increase (decrease) in shares | 3567 | (3036) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 251

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $118.60 | $130.39 | $108.91 | $125.31 | $105.80 |
|  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> | 2.82 | 3.47 | 3.29 | .57 | (.92) |
|  Net gain (loss) on investments (realized and unrealized) | 40.23 | (6.41)<sup>e</sup> | 18.59 | (16.97) | 20.70 |
|  Total from investment operations | 43.05 | (2.94) | 21.88 | (16.40) | 19.78 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (1.91) | (8.85) | (.40) |  | (.27) |
|  Total distributions | (1.91) | (8.85) | (.40) |  | (.27) |
|  Net asset value, end of period | $159.74 | $118.60 | $130.39 | $108.91 | $125.31 |
|  **Total Return<sup>b</sup>** | **36.46%** | **(3.00** **%)** | **20.09%** | **(13.07** **%)** | **18.71%** |
|  **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) | $2719 | $1596 | $2151 | $2735 | $1974 |
|  Ratios 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) | 1.97% | 2.59% | 2.68% | 0.53% | (0.78%) |
|  Total expenses<sup>c</sup> | 1.93% | 1.87% | 1.90% | 1.88% | 1.80% |
|  Net expenses<sup>d</sup> | 1.72% | 1.71% | 1.83% | 1.78% | 1.71% |
|  Portfolio turnover rate | 467% | 1237% | 725% | 70% | 374% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 or 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.

252 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **JAPAN 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 44.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 44.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 44.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>1,2</sup> | $743000 | $741533 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $741,437) |  | 741533 |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 28.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 28.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 28.8%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.62% due 01/16/26<sup>2</sup> | 200000 | 199699 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>2</sup> | 150000 | 149717 |
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.63% due 01/07/26<sup>2</sup> | 135000 | 134918 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $484,334) |  | 484334 |
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 25.1%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 25.1%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 25.1%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 211342 | 211342 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 211341 | 211341 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $422,683) |  | 422683 |
|  **Total Investments - 97.9%** | **Total Investments - 97.9%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,648,454) | &nbsp;&nbsp;&nbsp; (Cost $1,648,454) | $1648550 |
|  **Other Assets & Liabilities, net - 2.1%** | **Other Assets & Liabilities, net - 2.1%** | 36075 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1684625 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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)\*\*** |
|  **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>** |
|  Nikkei 225 (CME) Index Futures Contracts | 11 | Mar 2026 | $2781350 | $1788 |
|  Micro Nikkei Stock Average Futures Contracts | 23 | Mar 2026 | 581440 | (1343) |
|  |  |  | $3362790 | $445 |
|  **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 | 42 | Mar 2026 | 3372075 | (13263) |

---

---

| | |
|:---|:---|
| \*\* | &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 December 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. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 253

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **JAPAN 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $— | $741533 | $— | $741533 |
|  Federal Agency Discount Notes |  | 484334 |  | 484334 |
|  Repurchase Agreements |  | 422683 |  | 422683 |
|  Equity Futures Contracts\*\* | 1788 |  |  | 1788 |
|  Total Assets | $1788 | $1648550 | $— | $1650338 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $13263 | $— | $— | $13263 |
|  Equity Futures Contracts\*\* | 1343 |  |  | 1343 |
|  Total Liabilities | $14606 | $— | $— | $14606 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

254 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**JAPAN 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $1,225,771) | $1225867 |
|  Repurchase agreements, at value (cost $422,683) | 422683 |
|  Cash | 2 |
|  Segregated cash with broker | 55340 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Interest | 45 |
|  **Total assets** | 1703937 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 11959 |
| &nbsp;&nbsp;&nbsp; Professional fees | 2335 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1298 |
| &nbsp;&nbsp;&nbsp; Management fees | 1151 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 383 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 349 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 161 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 15 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 1661 |
|  **Total liabilities** | 19312 |
|  **Net assets** | $1684625 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $3160424 |
|  Total distributable earnings (loss) | (1475799) |
|  Net assets | $1684625 |
|  Capital shares outstanding | 15294 |
|  Net asset value per share | $110.15 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Interest | $61083 |
| &nbsp;&nbsp;&nbsp; Total investment income | 61083 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 10997 |
|  Investor service fees | 3666 |
|  Transfer agent fees | 3865 |
|  Professional fees | 2374 |
|  Portfolio accounting and administration fees | 2273 |
|  Custodian fees | 228 |
|  Trustees' fees\* | 163 |
|  Miscellaneous | 1863 |
| &nbsp;&nbsp;&nbsp; Total expenses | 25429 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (733) |
|  Net expenses | 24696 |
|  Net investment income | 36387 |
|  **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 | 7 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 444160 |
|  Net realized gain | 444167 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (17) |
| &nbsp;&nbsp;&nbsp; Futures contracts | 65828 |
|  Net change in unrealized appreciation (depreciation) | 65811 |
|  Net realized and unrealized gain | 509978 |
|  **Net increase in net assets resulting from operations** | $546365 |

---

\* 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 \| 255

**JAPAN 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $36387 | $57308 |
|  Net realized gain on investments | 444167 | 123654 |
|  Net change in unrealized appreciation (depreciation) on investments | 65811 | (164758) |
|  Net increase in net assets resulting from operations | 546365 | 16204 |
|  Distributions to shareholders | (57308) | (55630) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 6063153 | 6355304 |
|  Distributions reinvested | 57308 | 55630 |
|  Cost of shares redeemed | (6155184) | (6628901) |
|  Net decrease from capital share transactions | (34723) | (217967) |
|  Net increase (decrease) in net assets | 454334 | (257393) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 1230291 | 1487684 |
| &nbsp;&nbsp;&nbsp; End of year | $1684625 | $1230291 |
|  **Capital share activity:** |  |  |
|  Shares sold | 68291 | 73835 |
|  Shares issued from reinvestment of distributions | 708 | 669 |
|  Shares redeemed | (69869) | (77401) |
|  Net decrease in shares | (870) | (2897) |

---

256 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $76.11 | $78.05 | $58.06 | $101.86 | $118.59 |
|  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> | 2.22 | 3.05 | 2.39 | .07 | (1.11) |
|  Net gain (loss) on investments (realized and unrealized) | 35.63 | (2.01) | 17.63 | (43.87) | (15.62) |
|  Total from investment operations | 37.85 | 1.04 | 20.02 | (43.80) | (16.73) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (3.81) | (2.98) | (.03) |  |  |
|  Total distributions | (3.81) | (2.98) | (.03) |  |  |
|  Net asset value, end of period | $110.15 | $76.11 | $78.05 | $58.06 | $101.86 |
|  **Total Return<sup>b</sup>** | **51.54%** | **1.01%** | **34.46%** | **(43.00** **%)** | **(14.11** **%)** |
|  **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) | $1685 | $1230 | $1488 | $929 | $1783 |
|  Ratios 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) | 2.48% | 3.60% | 3.38% | 0.10% | (0.97%) |
|  Total expenses<sup>c</sup> | 1.73% | 1.68% | 1.70% | 1.67% | 1.59% |
|  Net expenses<sup>d</sup> | 1.68% | 1.63% | 1.69% | 1.63% | 1.53% |
|  Portfolio turnover rate |  |  |  |  | 41% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 257

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **STRENGTHENING DOLLAR 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 47.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 47.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 47.1%** |
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.55% due 01/16/26<sup>1</sup> | $300000 | $299556 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>1</sup> | 150000 | 149717 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.62% due 01/16/26<sup>1</sup> | 100000 | 99849 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $549,122) |  | 549122 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 2.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.8%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>1,2</sup> | 33000 | 32936 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $32,931) |  | 32936 |
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 45.3%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 45.3%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 45.3%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 264403 | 264403 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 264404 | 264404 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $528,807) |  | 528807 |
|  **Total Investments - 95.2%** | **Total Investments - 95.2%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,110,860) | &nbsp;&nbsp;&nbsp; (Cost $1,110,860) | $1110865 |
|  **Other Assets & Liabilities, net - 4.8%** | **Other Assets & Liabilities, net - 4.8%** | 55721 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1166586 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 | 3 | Mar 2026 | $293865 | $938 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>4</sup>** | **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 | 03/20/26 | 20721 | $2030449 | $4677 |

---

---

| | |
|:---|:---|
| \*\* | &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; Rate indicated is the effective yield at the time of purchase. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at December 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — The Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

258 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **STRENGTHENING DOLLAR 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 Discount Notes | $— | $549122 | $— | $549122 |
|  U.S. Treasury Bills |  | 32936 |  | 32936 |
|  Repurchase Agreements |  | 528807 |  | 528807 |
|  Currency Futures Contracts\*\* | 938 |  |  | 938 |
|  Currency Index Swap Agreements\*\* |  | 4677 |  | 4677 |
|  Total Assets | $938 | $1115542 | $— | $1116480 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 259

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $582,053) | $582058 |
|  Repurchase agreements, at value (cost $528,807) | 528807 |
|  Cash | 8 |
|  Segregated cash with broker | 50000 |
|  Unrealized appreciation on OTC swap agreements | 4677 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Swap settlement  | 12175 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 6629 |
| &nbsp;&nbsp;&nbsp; Interest | 56 |
|  **Total assets** | 1184410 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Licensing fees | 8911 |
| &nbsp;&nbsp;&nbsp; Professional fees | 2930 |
| &nbsp;&nbsp;&nbsp; Management fees | 1412 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1342 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 392 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 86 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 21 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 21 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 2709 |
|  **Total liabilities** | 17824 |
|  **Net assets** | $1166586 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2216675 |
|  Total distributable earnings (loss) | (1050089) |
|  Net assets | $1166586 |
|  Capital shares outstanding | 27264 |
|  Net asset value per share | $42.79 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Interest | $78694 |
| &nbsp;&nbsp;&nbsp; Total investment income | 78694 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 16564 |
|  Investor service fees | 4601 |
|  Transfer agent | 6381 |
|  Licensing fees | 4732 |
|  Portfolio accounting and administration fees | 2853 |
|  Professional fees | 2031 |
|  Printing expenses | 1126 |
|  Trustees' fees\* | 478 |
|  Custodian fees | 293 |
|  Miscellaneous | 397 |
| &nbsp;&nbsp;&nbsp; Total expenses | 39456 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1841) |
|  Net expenses | 37615 |
|  Net investment income | 41079 |
|  **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 | (2) |
| &nbsp;&nbsp;&nbsp; Swap agreements | (39765) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (263460) |
|  Net realized loss | (303227) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (71) |
| &nbsp;&nbsp;&nbsp; Swap agreements | (15654) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (123809) |
|  Net change in unrealized appreciation (depreciation) | (139534) |
|  Net realized and unrealized loss | (442761) |
|  **Net decrease in net assets resulting from operations** | $(401682) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

260 \| 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> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $41079 | $91331 |
|  Net realized gain (loss) on investments | (303227) | 190430 |
|  Net change in unrealized appreciation (depreciation) on investments | (139534) | 141268 |
|  Net increase (decrease) in net assets resulting from operations | (401682) | 423029 |
|  Distributions to shareholders | (91331) | (94410) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 30488046 | 181861514 |
|  Distributions reinvested | 91331 | 94410 |
|  Cost of shares redeemed | (33207474) | (179407309) |
|  Net increase (decrease) from capital share transactions | (2628097) | 2548615 |
|  Net increase (decrease) in net assets | (3121110) | 2877234 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 4287696 | 1410462 |
| &nbsp;&nbsp;&nbsp; End of year | $1166586 | $4287696 |
|  **Capital share activity:** |  |  |
|  Shares sold | 700543 | 3818487 |
|  Shares issued from reinvestment of distributions | 2164 | 1959 |
|  Shares redeemed | (755608) | (3771236) |
|  Net increase (decrease) in shares | (52901) | 49210 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 261

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $53.49 | $45.56 | $45.16 | $39.05 | $35.15 |
|  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> | 1.04 | 1.50 | 1.44 | .06 | (.49) |
|  Net gain (loss) on investments (realized and unrealized) | (8.72) | 7.93 | (.92) | 6.05 | 4.39 |
|  Total from investment operations | (7.68) | 9.43 | .52 | 6.11 | 3.90 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (3.02) | (1.50) | (.12) |  |  |
|  Total distributions | (3.02) | (1.50) | (.12) |  |  |
|  Net asset value, end of period | $42.79 | $53.49 | $45.56 | $45.16 | $39.05 |
|  **Total Return<sup>b</sup>** | **(14.29** **%)** | **21.01%** | **1.18%** | **15.65%** | **11.10%** |
|  **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) | $1167 | $4288 | $1410 | $3573 | $4004 |
|  Ratios 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% | 3.09% | 3.13% | 0.13% | (1.32%) |
|  Total expenses<sup>c</sup> | 2.14% | 2.13% | 1.99% | 1.96% | 1.99% |
|  Net expenses<sup>d</sup> | 2.04% | 2.03% | 1.92% | 1.89% | 1.90% |
|  Portfolio turnover rate |  |  |  |  | 131% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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.

262 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **WEAKENING DOLLAR 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 23.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 23.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 23.8%** |
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.63% due 01/07/26<sup>1</sup> | $50000 | $49970 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>1</sup> | 40000 | 39924 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $89,894) |  | 89894 |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 13.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 13.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 13.3%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.86% (SOFR + 0.09%, Rate Floor: 0.00%) due 01/02/26<sup>◊</sup> | 50000 | 50000 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $50,000) |  | 50000 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 2.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>1,2</sup> | 11000 | 10979 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $10,977) |  | 10979 |
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 60.6%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 60.6%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 60.6%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 114516 | 114516 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 114516 | 114516 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $229,032) |  | 229032 |
|  **Total Investments - 100.6%** | **Total Investments - 100.6%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $379,903) | &nbsp;&nbsp;&nbsp; (Cost $379,903) | $379905 |
|  **Other Assets & Liabilities, net - (0.6)%** | **Other Assets & Liabilities, net - (0.6)%** | (2122) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $377783 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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 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 | 6 | Mar 2026 | $587730 | $4642 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>4</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **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 | 03/20/26 | 1654 | $162120 | $9 |

---

---

| | |
|:---|:---|
| \*\* | &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 December 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; All or a portion of this security is pledged as futures collateral at December 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Total Return Swap — The Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. |
|  | &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 \| 263

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **WEAKENING DOLLAR 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 Discount Notes | $— | $89894 | $— | $89894 |
|  Federal Agency Notes |  | 50000 |  | 50000 |
|  U.S. Treasury Bills |  | 10979 |  | 10979 |
|  Repurchase Agreements |  | 229032 |  | 229032 |
|  Currency Futures Contracts\*\* | 4642 |  |  | 4642 |
|  Currency Index Swap Agreements\*\* |  | 9 |  | 9 |
|  Total Assets | $4642 | $379914 | $— | $384556 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

264 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $150,871) | $150873 |
|  Repurchase agreements, at value (cost $229,032) | 229032 |
|  Segregated cash with broker | 20922 |
|  Unrealized appreciation on OTC swap agreements | 9 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Interest | 539 |
|  **Total assets** | 401375 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 17104 |
| &nbsp;&nbsp;&nbsp; Licensing fees | 3477 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 546 |
| &nbsp;&nbsp;&nbsp; Management fees | 307 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 129 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 85 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 19 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 7 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 1918 |
|  **Total liabilities** | 23592 |
|  **Net assets** | $377783 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2388997 |
|  Total distributable earnings (loss) | (2011214) |
|  Net assets | $377783 |
|  Capital shares outstanding | 3053 |
|  Net asset value per share | $123.74 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Interest | $28680 |
| &nbsp;&nbsp;&nbsp; Total investment income | 28680 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 6117 |
|  Investor service fees | 1699 |
|  Transfer agent fees | 1979 |
|  Licensing fees | 1846 |
|  Professional fees | 1615 |
|  Portfolio accounting and administration fees | 1053 |
|  Trustees' fees\* | 111 |
|  Custodian fees | 103 |
|  Miscellaneous | 44 |
| &nbsp;&nbsp;&nbsp; Total expenses | 14567 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (679) |
|  Net expenses | 13888 |
|  Net investment income | 14792 |
|  **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 | 20078 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 59357 |
|  Net realized gain | 79435 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (7) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 1173 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 15856 |
|  Net change in unrealized appreciation (depreciation) | 17022 |
|  Net realized and unrealized gain | 96457 |
|  **Net increase in net assets resulting from operations** | $111249 |

---

\* 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 \| 265

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $14792 | $41737 |
|  Net realized gain (loss) on investments | 79435 | (384959) |
|  Net change in unrealized appreciation (depreciation) on investments | 17022 | (36621) |
|  Net increase (decrease) in net assets resulting from operations | 111249 | (379843) |
|  Distributions to shareholders | (41737) | (35982) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 10079120 | 116864374 |
|  Distributions reinvested | 41737 | 35982 |
|  Cost of shares redeemed | (10234495) | (116683594) |
|  Net increase (decrease) from capital share transactions | (113638) | 216762 |
|  Net decrease in net assets | (44126) | (199063) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 421909 | 620972 |
| &nbsp;&nbsp;&nbsp; End of year | $377783 | $421909 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 82930 | 964297 |
|  Shares issued from reinvestment of distributions | 337 | 305 |
|  Shares redeemed | (84107) | (965389) |
|  Net decrease in shares | (840) | (787) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:3 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

266 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2025<sup>e</sup>** | **Year Ended <br> December 31, <br> 2024<sup>e</sup>** | **Year Ended <br> December 31, <br> 2023<sup>e</sup>** | **Year Ended <br> December 31, <br> 2022<sup>e</sup>** | **Year Ended <br> December 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 | $108.38 | $132.68 | $129.09 | $158.35 | $184.09 |
|  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> | 2.68 | 3.96 | 3.81 | .15 | (2.49) |
|  Net gain (loss) on investments (realized and unrealized) | 17.92 | (20.88) | (.10) | (29.41) | (23.25) |
|  Total from investment operations | 20.60 | (16.92) | 3.71 | (29.26) | (25.74) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (5.24) | (7.38) | (.12) |  |  |
|  Total distributions | (5.24) | (7.38) | (.12) |  |  |
|  Net asset value, end of period | $123.74 | $108.38 | $132.68 | $129.09 | $158.35 |
|  **Total Return<sup>b</sup>** | **18.97%** | **(13.21** **%)** | **2.85%** | **(18.47** **%)** | **(13.98** **%)** |
|  **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) | $378 | $422 | $621 | $1406 | $693 |
|  Ratios 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) | 2.18% | 3.23% | 2.96% | 0.12% | (1.43%) |
|  Total expenses<sup>c</sup> | 2.14% | 2.10% | 1.97% | 1.93% | 2.00% |
|  Net expenses<sup>d</sup> | 2.04% | 2.00% | 1.91% | 1.85% | 1.93% |
|  Portfolio turnover rate |  |  |  |  | 93% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>c</sup> Does not include expense 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 18, 2025 — See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 267

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **COMMODITIES STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 50.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 50.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 50.8%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 113501 | $1144087 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 45022 | 1116989 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,249,924) |  | 2261076 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.1%** |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>2</sup> | $500000 | 499057 |
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.55% due 01/16/26<sup>2</sup> | 400000 | 399408 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.62% due 01/16/26<sup>2</sup> | 398000 | 397400 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,295,865) |  | 1295865 |

---

---

| | | |
|:---|:---|:---|
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 4.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.5%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>2,3</sup> | 200000 | 199605 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $199,579) |  | 199605 |
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 14.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 14.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 14.0%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 310073 | 310073 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 310072 | 310072 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $620,145) |  | 620145 |
|  **Total Investments - 98.4%** | **Total Investments - 98.4%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,365,513) | &nbsp;&nbsp;&nbsp; (Cost $4,365,513) | $4376691 |
|  **Other Assets & Liabilities, net - 1.6%** | **Other Assets & Liabilities, net - 1.6%** | 73093 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $4449784 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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\*\*** |
|  **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** |
|  S&P Goldman Sachs Commodity Index Futures Contracts | 32 | Jan 2026 | $4389600 | $106300 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated 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 futures collateral at December 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

268 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **COMMODITIES STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $2261076 | $— | $— | $2261076 |
|  Federal Agency Discount Notes |  | 1295865 |  | 1295865 |
|  U.S. Treasury Bills |  | 199605 |  | 199605 |
|  Repurchase Agreements |  | 620145 |  | 620145 |
|  Commodity Futures Contracts\*\* | 106300 |  |  | 106300 |
|  Total Assets | $2367376 | $2115615 | $— | $4482991 |

---

\*\* 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $1418428 | $— | $(300000) | $(1206) | $(233) | $1116989 | 45022 | $66709 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 1434948 |  | (300000) | 2687 | 6452 | 1144087 | 113501 | 56146 |
|  | $2853376 | $— | $(600000) | $1481 | $6219 | $2261076 |  | $122855 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 269

**COMMODITIES STRATEGY FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $1,495,444) | $1495470 |
|  Investments in affiliated issuers, at value (cost $2,249,924) | 2261076 |
|  Repurchase agreements, at value (cost $620,145) | 620145 |
|  Segregated cash with broker | 147928 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 8819 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 462 |
| &nbsp;&nbsp;&nbsp; Interest | 66 |
|  Other assets | 624 |
|  **Total assets** | 4534590 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 53778 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 6155 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 4388 |
| &nbsp;&nbsp;&nbsp; Management fees | 3183 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1138 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 478 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 54 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 15632 |
|  **Total liabilities** | 84806 |
|  **Net assets** | $4449784 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $11527444 |
|  Total distributable earnings (loss) | (7077660) |
|  Net assets | $4449784 |
|  Capital shares outstanding | 49723 |
|  Net asset value per share | $89.49 |

---

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $122855 |
|  Interest | 133130 |
| &nbsp;&nbsp;&nbsp; Total investment income | 255985 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 52088 |
|  Investor service fees | 14794 |
|  Transfer agent fees | 16115 |
|  Professional fees | 15157 |
|  Portfolio accounting and administration fees | 9172 |
|  Custodian fees | 920 |
|  Trustees' fees\* | 744 |
|  Miscellaneous | 582 |
| &nbsp;&nbsp;&nbsp; Total expenses | 109572 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2959) |
|  Expenses waived by Adviser | (10911) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (13870) |
|  Net expenses | 95702 |
|  Net investment income | 160283 |
|  **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 | 39 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 1481 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 319080 |
|  Net realized gain | 320600 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (97) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 6219 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (43884) |
|  Net change in unrealized appreciation (depreciation) | (37762) |
|  Net realized and unrealized gain | 282838 |
|  **Net increase in net assets resulting from operations** | $443121 |

---

\* 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.

**COMMODITIES STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $160283 | $260226 |
|  Net realized gain on investments | 320600 | 1207 |
|  Net change in unrealized appreciation (depreciation) on investments | (37762) | 100923 |
|  Net increase in net assets resulting from operations | 443121 | 362356 |
|  Distributions to shareholders | (214784) | (280887) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 58916374 | 36976544 |
|  Distributions reinvested | 214784 | 280887 |
|  Cost of shares redeemed | (65220666) | (33513980) |
|  Net increase (decrease) from capital share transactions | (6089508) | 3743451 |
|  Net increase (decrease) in net assets | (5861171) | 3824920 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 10310955 | 6486035 |
| &nbsp;&nbsp;&nbsp; End of year | $4449784 | $10310955 |
|  **Capital share activity:** |  |  |
|  Shares sold | 659006 | 398849 |
|  Shares issued from reinvestment of distributions | 2443 | 3144 |
|  Shares redeemed | (727648) | (361963) |
|  Net increase (decrease) in shares | (66199) | 40030 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 271

**COMMODITIES STRATEGY FUND**<br>

**CONSOLIDATED 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> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $88.95 | $85.46 | $101.51 | $87.09 | $62.42 |
|  Income (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> | 2.42 | 3.28 | 3.23 | (.17) | (.96) |
|  Net gain (loss) on investments (realized and unrealized) | 1.85 | 3.84 | (9.32) | 20.44 | 25.63 |
|  Total from investment operations | 4.27 | 7.12 | (6.09) | 20.27 | 24.67 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (3.73) | (3.63) | (9.96) | (5.85) |  |
|  Total distributions | (3.73) | (3.63) | (9.96) | (5.85) |  |
|  Net asset value, end of period | $89.49 | $88.95 | $85.46 | $101.51 | $87.09 |
|  **Total Return<sup>b</sup>** | **4.89%** | **8.29%** | **(6.24** **%)** | **22.88%** | **39.52%** |
|  **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) | $4450 | $10311 | $6486 | $12451 | $8767 |
|  Ratios 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) | 2.71% | 3.65% | 3.46% | (0.15%) | (1.20%) |
|  Total expenses<sup>c</sup> | 1.85% | 1.91% | 1.89% | 1.88% | 1.86% |
|  Net expenses<sup>d</sup> | 1.62% | 1.68% | 1.68% | 1.71% | 1.67% |
|  Portfolio turnover rate |  |  |  |  | 92% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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.

272 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **GLOBAL MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 39.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 39.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 39.7%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Variable Insurance Strategy Fund III<sup>1</sup> | 100294 | $2489300 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund III<sup>1</sup> | 89107 | 2219653 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 4552 | 112940 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 7274 | 73318 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,886,643) |  | 4895211 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 11.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 11.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 11.5%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>2,3</sup> | $1423000 | 1420191 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,420,007) |  | 1420191 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 47.3%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 47.3%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 47.3%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 2920561 | 2920561 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 2920561 | 2920561 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,841,122) |  | 5841122 |
|  **Total Investments - 98.5%** | **Total Investments - 98.5%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $12,147,772) | &nbsp;&nbsp;&nbsp; (Cost $12,147,772) | $12156524 |
|  **Other Assets & Liabilities, net - 1.5%** | **Other Assets & Liabilities, net - 1.5%** | 188355 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $12344879 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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)\*\*** |
|  **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** |
|  Silver Futures Contracts | 2 | Mar 2026 | $704150 | $162984 |
|  Live Cattle Futures Contracts | 7 | Feb 2026 | 648550 | 37105 |
|  Gold 100 oz. Futures Contracts | 2 | Feb 2026 | 865380 | 11119 |
|  Cotton #2 Futures Contracts | 33 | Mar 2026 | 1060950 | 9214 |
|  LME Nickel Futures Contracts | 2 | Feb 2026 | 199082 | 3889 |
|  Coffee 'C' Futures Contracts | 5 | Mar 2026 | 653344 | 2837 |
|  LME Primary Aluminum Futures Contracts | 2 | Feb 2026 | 149342 | 2157 |
|  LME Zinc Futures Contracts | 3 | Feb 2026 | 233253 | 1393 |
|  Soybean Meal Futures Contracts | 2 | Mar 2026 | 59920 | (486) |
|  Soybean Futures Contracts | 1 | Mar 2026 | 52362 | (566) |
|  WTI Crude Futures Contracts | 1 | Jan 2026 | 57440 | (653) |
|  Sugar #11 Futures Contracts | 23 | Feb 2026 | 385112 | (6850) |
|  Low Sulphur Gas Oil Futures Contracts | 3 | Feb 2026 | 184350 | (8030) |
|  Natural Gas Futures Contracts | 4 | Jan 2026 | 148080 | (17271) |
|  |  |  | $5401315 | $196842 |
|  **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>** |
|  FTSE/JSE TOP 40 Index Futures Contracts<sup>††</sup> | 48 | Mar 2026 | $3170278 | $88893 |
|  FTSE 100 Index Futures Contracts<sup>††</sup> | 10 | Mar 2026 | 1333716 | 18651 |
|  IBEX 35 Index Futures Contracts<sup>††</sup> | 4 | Jan 2026 | 810714 | 15024 |
|  S&P/TSX 60 IX Index Futures Contracts | 7 | Mar 2026 | 1900071 | 11219 |
|  FTSE Taiwan Index Futures Contracts | 6 | Jan 2026 | 567540 | 8987 |
|  MSCI Emerging Markets Index Futures Contracts | 4 | Mar 2026 | 282280 | 3274 |
|  Euro STOXX 50 Index Futures Contracts<sup>††</sup> | 5 | Mar 2026 | 339650 | 740 |
|  S&P MidCap 400 Index Mini Futures Contracts | 1 | Mar 2026 | 332560 | 88 |
|  Nikkei 225 (CME) Index Futures Contracts | 1 | Mar 2026 | 252850 | (2504) |
|  S&P 500 Index Mini Futures Contracts | 1 | Mar 2026 | 344588 | (3102) |
|  NASDAQ-100 Index Mini Futures Contracts | 2 | Mar 2026 | 1018200 | (16001) |
|  |  |  | $10352447 | $125269 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 273

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **GLOBAL MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
|  **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>** |
|  Canadian Government 10 Year Bond Futures Contracts<sup>††</sup> | 12 | Mar 2026 | $1055817 | $2457 |
|  Australian Government 3 Year Bond Futures Contracts<sup>††</sup> | 30 | Mar 2026 | 2101301 | 1270 |
|  U.S. Treasury 2 Year Note Futures Contracts | 36 | Mar 2026 | 7515844 | 1205 |
|  Australian Government 10 Year Bond Futures Contracts<sup>††</sup> | 4 | Mar 2026 | 290878 | (1584) |
|  U.S. Treasury Long Bond Futures Contracts | 4 | Mar 2026 | 460875 | (2102) |
|  |  |  | $11424715 | $1246 |
|  **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>** |
|  Mexican Peso Futures Contracts | 11 | Mar 2026 | $303270 | $3652 |
|  Norwegian Krone Futures Contracts | 1 | Mar 2026 | 198250 | 1747 |
|  Australian Dollar Futures Contracts | 4 | Mar 2026 | 266960 | (704) |
|  Japanese Yen Futures Contracts | 8 | Mar 2026 | 642300 | (1060) |
|  British Pound Futures Contracts | 19 | Mar 2026 | 1600513 | (1753) |
|  Canadian Dollar Futures Contracts | 40 | Mar 2026 | 2923800 | (10910) |
|  |  |  | $5935093 | $(9028) |
|  **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>** |
|  Euro - Schatz Futures Contracts<sup>††</sup> | 109 | Mar 2026 | $13671751 | $12731 |
|  U.S. Treasury Ultra Long Bond Futures Contracts | 9 | Mar 2026 | 1057219 | 10426 |
|  Euro - Bobl Futures Contracts<sup>††</sup> | 26 | Mar 2026 | 3537344 | 7109 |
|  Euro - Bund Futures Contracts<sup>††</sup> | 12 | Mar 2026 | 1793372 | 4992 |
|  U.S. Treasury 5 Year Note Futures Contracts | 7 | Mar 2026 | 764477 | 1568 |
|  U.S. Treasury 10 Year Note Futures Contracts | 8 | Mar 2026 | 898250 | 831 |
|  Long Gilt Futures Contracts<sup>††</sup> | 1 | Mar 2026 | 122444 | 590 |
|  |  |  | $21844857 | $38247 |
|  **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>** |
|  Swiss Franc Futures Contracts | 5 | Mar 2026 | $794969 | $4373 |
|  New Zealand Dollar Futures Contracts | 8 | Mar 2026 | 461800 | 2318 |
|  Euro FX Futures Contracts | 1 | Mar 2026 | 147400 | (252) |
|  |  |  | $1404169 | $6439 |
|  **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>** |
|  Dow Jones Industrial Average Index Mini Futures Contracts | 1 | Mar 2026 | $241690 | $2103 |
|  CAC 40 10 Euro Index Futures Contracts<sup>††</sup> | 4 | Jan 2026 | 380987 | 949 |
|  Tokyo Stock Price Index Futures Contracts<sup>††</sup> | 3 | Mar 2026 | 654267 | (5663) |
|  |  |  | $1276944 | $(2611) |
|  **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** |
|  Wheat Futures Contracts | 10 | Mar 2026 | $253250 | $14884 |
|  Hard Red Winter Wheat Futures Contracts | 3 | Mar 2026 | 77250 | 2752 |
|  Corn Futures Contracts | 10 | Mar 2026 | 220500 | 2139 |
|  Soybean Oil Futures Contracts | 2 | Mar 2026 | 58260 | 534 |
|  Cocoa Futures Contracts | 3 | Mar 2026 | 181290 | 306 |
|  Platinum Futures Contracts | 4 | Apr 2026 | 411220 | 222 |
|  LME Lead Futures Contracts | 2 | Feb 2026 | 99885 | (192) |
|  Gasoline RBOB Futures Contracts | 4 | Jan 2026 | 287683 | (2228) |
|  Brent Crude Futures Contracts | 2 | Jan 2026 | 121820 | (2953) |
|  Cattle Feeder Futures Contracts | 1 | Mar 2026 | 172650 | (6241) |
|  Lean Hogs Futures Contracts | 17 | Feb 2026 | 578510 | (22745) |
|  |  |  | $2462318 | $(13522) |

---

274 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **GLOBAL MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated Statement of Assets and Liabilities. |
| <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; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at December 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; CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $4895211 | $— | $— | $4895211 |
|  U.S. Treasury Bills |  | 1420191 |  | 1420191 |
|  Repurchase Agreements |  | 5841122 |  | 5841122 |
|  Commodity Futures Contracts\*\* | 251535 |  |  | 251535 |
|  Equity Futures Contracts\*\* | 25671 | 124257 |  | 149928 |
|  Interest Rate Futures Contracts\*\* | 14030 | 29149 |  | 43179 |
|  Currency Futures Contracts\*\* | 12090 |  |  | 12090 |
|  Total Assets | $5198537 | $7414719 | $— | $12613256 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
|  Commodity Futures Contracts\*\* | $68215 | $— | $— | $68215 |
|  Equity Futures Contracts\*\* | 21607 | 5663 |  | 27270 |
|  Currency Futures Contracts\*\* | 14679 |  |  | 14679 |
|  Interest Rate Futures Contracts\*\* | 2102 | 1584 |  | 3686 |
|  Total Liabilities | $106603 | $7247 | $— | $113850 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 275

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **GLOBAL MANAGED FUTURES 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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 December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** | **Mutual Funds** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $113122 | $— | $— | $— | $(182) | $112940 | 4552 | $5950 |
| &nbsp;&nbsp; Guggenheim Strategy Fund III | 2222326 |  |  |  | (2673) | 2219653 | 89107 | 118839 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 72809 |  |  |  | 509 | 73318 | 7274 | 3191 |
| &nbsp;&nbsp; Guggenheim Variable Insurance Strategy Fund III | 2501336 |  |  |  | (12036) | 2489300 | 100294 | 133649 |
|  | $4909593 | $— | $— | $— | $(14382) | $4895211 |  | $261629 |

---

276 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**GLOBAL MANAGED FUTURES STRATEGY FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $1,420,007) | $1420191 |
|  Investments in affiliated issuers, at value (cost $4,886,643) | 4895211 |
|  Repurchase agreements, at value (cost $5,841,122) | 5841122 |
|  Cash | 37 |
|  Segregated cash with broker | 322630 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 33370 |
| &nbsp;&nbsp;&nbsp; Dividends | 20005 |
| &nbsp;&nbsp;&nbsp; Interest | 619 |
|  Other assets | 876 |
|  **Total assets** | 12534061 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 117125 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 14625 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 11082 |
| &nbsp;&nbsp;&nbsp; Management fees | 9342 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2599 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 1612 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 113 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 32684 |
|  **Total liabilities** | 189182 |
|  **Net assets** | $12344879 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $13578769 |
|  Total distributable earnings (loss) | (1233890) |
|  Net assets | $12344879 |
|  Capital shares outstanding | 733843 |
|  Net asset value per share | $16.82 |

---

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $261629 |
|  Interest | 260610 |
| &nbsp;&nbsp;&nbsp; Total investment income | 522239 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 118775 |
|  Investor service fees | 28584 |
|  Transfer agent fees | 51337 |
|  Professional fees | 32017 |
|  Portfolio accounting and administration fees | 17722 |
|  Custodian fees | 1779 |
|  Trustees' fees\* | 1466 |
|  Miscellaneous | 189 |
| &nbsp;&nbsp;&nbsp; Total expenses | 251869 |
|  Less: | Less: |
|  Expenses waived by Adviser | (16055) |
|  Net expenses | 235814 |
|  Net investment income | 286425 |
|  **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 | 7 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 40189 |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (3629) |
|  Net realized gain | 36567 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 12 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (14382) |
| &nbsp;&nbsp;&nbsp; Futures contracts | 142499 |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | (27) |
|  Net change in unrealized appreciation (depreciation) | 128102 |
|  Net realized and unrealized gain | 164669 |
|  **Net increase in net assets resulting from operations** | $451094 |

---

\* 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 \| 277

**GLOBAL MANAGED FUTURES STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $286425 | $449641 |
|  Net realized gain (loss) on investments | 36567 | (503736) |
|  Net change in unrealized appreciation (depreciation) on investments | 128102 | 24843 |
|  Net increase (decrease) in net assets resulting from operations | 451094 | (29252) |
|  Distributions to shareholders | (212863) | (584520) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 3393008 | 4775241 |
|  Distributions reinvested | 212863 | 584520 |
|  Cost of shares redeemed | (3930172) | (6813958) |
|  Net decrease from capital share transactions | (324301) | (1454197) |
|  Net decrease in net assets | (86070) | (2067969) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 12430949 | 14498918 |
| &nbsp;&nbsp;&nbsp; End of year | $12344879 | $12430949 |
|  **Capital share activity:** |  |  |
|  Shares sold | 212790 | 269130 |
|  Shares issued from reinvestment of distributions | 13663 | 33787 |
|  Shares redeemed | (243876) | (396186) |
|  Net decrease in shares | (17423) | (93269) |

---

278 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**GLOBAL MANAGED FUTURES STRATEGY FUND**<br>

**CONSOLIDATED 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> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $16.55 | $17.17 | $17.58 | $16.24 | $16.32 |
|  Income (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> | .40 | .57 | .54 | .06 | (.15) |
|  Net gain (loss) on investments (realized and unrealized) | .17 | (.47) | .11 | 1.80 | .29 |
|  Total from investment operations | .57 | .10 | .65 | 1.86 | .14 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.30) | (.47) | (.65) | (.43) |  |
|  Net realized gains |  | (.25) | (.41) | (.09) | (.22) |
|  Total distributions | (.30) | (.72) | (1.06) | (.52) | (.22) |
|  Net asset value, end of period | $16.82 | $16.55 | $17.17 | $17.58 | $16.24 |
|  **Total Return<sup>b</sup>** | **3.65%** | **0.37%** | **3.80%** | **11.28%** | **0.82%** |
|  **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) | $12345 | $12431 | $14499 | $21041 | $10671 |
|  Ratios 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% | 3.28% | 3.08% | 0.36% | (0.87%) |
|  Total expenses<sup>c</sup> | 2.20% | 2.18% | 2.14% | 1.96% | 1.81% |
|  Net expenses<sup>d</sup> | 2.06% | 2.06% | 2.00% | 1.85% | 1.69% |
|  Portfolio turnover rate |  |  |  |  | 2% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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 \| 279

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 26.3%** | **COMMON STOCKS<sup>†</sup>** **- 26.3%** | **COMMON STOCKS<sup>†</sup>** **- 26.3%** |
|  **Financial - 7.5%** | **Financial - 7.5%** | **Financial - 7.5%** |
| &nbsp;&nbsp;&nbsp; ProAssurance Corp.\* | 12998 | $314032 |
| &nbsp;&nbsp;&nbsp; International Money Express, Inc.\* | 18087 | 277816 |
| &nbsp;&nbsp;&nbsp; Janus Henderson Group plc | 5231 | 248839 |
| &nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 10664 | 233328 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | 1700 | 147781 |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. — Class A | 2138 | 137324 |
| &nbsp;&nbsp;&nbsp; Diamond Hill Investment Group, Inc. | 690 | 116955 |
| &nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 3020 | 116270 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. REIT | 2599 | 103388 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 1252 | 81117 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 5359 | 75884 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 1504 | 75275 |
| &nbsp;&nbsp;&nbsp; Seven Hills Realty Trust REIT | 1 | 9 |
|  **Total Financial** |  | 1928018 |
|  **Technology - 5.1%** | **Technology - 5.1%** | **Technology - 5.1%** |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 3373 | 233277 |
| &nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 3016 | 231297 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 1088 | 222311 |
| &nbsp;&nbsp;&nbsp; Cantaloupe, Inc.\* | 19656 | 208746 |
| &nbsp;&nbsp;&nbsp; Confluent, Inc. — Class A\* | 3872 | 117089 |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. — Class A\* | 4852 | 117030 |
| &nbsp;&nbsp;&nbsp; Jamf Holding Corp.\* | 8552 | 111262 |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 910 | 76904 |
|  **Total Technology** |  | 1317916 |
|  **Industrial - 4.5%** | **Industrial - 4.5%** | **Industrial - 4.5%** |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 2299 | 474123 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. | 5644 | 233831 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 738 | 213075 |
| &nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 2415 | 130168 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 3515 | 111496 |
| &nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 67 | 2867 |
|  **Total Industrial** |  | 1165560 |
|  **Consumer, Non-cyclical - 4.5%** | **Consumer, Non-cyclical - 4.5%** | **Consumer, Non-cyclical - 4.5%** |
| &nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 16174 | 248756 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 2308 | 234401 |
| &nbsp;&nbsp;&nbsp; Cidara Therapeutics, Inc.\* | 711 | 157053 |
| &nbsp;&nbsp;&nbsp; Udemy, Inc.\* | 26042 | 152346 |
| &nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc.\* | 1576 | 113677 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 1484 | 110543 |
| &nbsp;&nbsp;&nbsp; Astria Therapeutics, Inc.\* | 6847 | 89627 |
| &nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 2205 | 50913 |
|  **Total Consumer, Non-cyclical** |  | 1157316 |
|  **Communications - 3.2%** | **Communications - 3.2%** | **Communications - 3.2%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 9688 | 368822 |
| &nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 12702 | 194849 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. | 7806 | 151514 |
| &nbsp;&nbsp;&nbsp; Eventbrite, Inc. — Class A\* | 17552 | 78107 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 1045 | 30117 |
|  **Total Communications** |  | 823409 |
|  **Utilities - 1.2%** | **Utilities - 1.2%** | **Utilities - 1.2%** |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 4043 | 238052 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 1335 | 86161 |
|  **Total Utilities** |  | 324213 |
|  **Consumer, Cyclical - 0.3%** | **Consumer, Cyclical - 0.3%** | **Consumer, Cyclical - 0.3%** |
| &nbsp;&nbsp;&nbsp; Guess?, Inc. | 4536 | 75978 |
| &nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. — Class A | 1 | 61 |
|  **Total Consumer, Cyclical** |  | 76039 |
|  **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp; California Resources Corp. | 28 | 1252 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,720,887) |  | 6793723 |
|  **MASTER LIMITED PARTNERSHIPS<sup>†</sup>** **- 0.0%** | **MASTER LIMITED PARTNERSHIPS<sup>†</sup>** **- 0.0%** | **MASTER LIMITED PARTNERSHIPS<sup>†</sup>** **- 0.0%** |
|  **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp; Western Midstream Partners, LP | 1 | 40 |
|  **Total Master Limited Partnerships** | **Total Master Limited Partnerships** |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  | 40 |
|  **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** |
|  **Financial - 0.0%** | **Financial - 0.0%** | **Financial - 0.0%** |
| &nbsp;&nbsp;&nbsp; Sycamore Partners LLC | 19209 |  |
|  **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 5897 |  |
| &nbsp;&nbsp;&nbsp; Sanofi SA | 2004 |  |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson<sup>†††</sup> | 1553 |  |
| &nbsp;&nbsp;&nbsp; Novartis AG<sup>†††</sup> | 4974 |  |
|  **Total Consumer, Non-cyclical** |  |  |
|  **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,940) |  |  |
|  **MUTUAL FUNDS<sup>†</sup>** **- 26.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 26.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 26.5%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund III<sup>1</sup> | 99249 | 2472289 |
| &nbsp;&nbsp;&nbsp; Guggenheim Variable Insurance Strategy Fund III<sup>1</sup> | 86555 | 2148296 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 67185 | 1666856 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 54685 | 551223 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,865,317) |  | 6838664 |
|  **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 5.7%** | **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 5.7%** | **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 5.7%** |
| &nbsp;&nbsp;&nbsp; Mexico Fund, Inc. | 2273 | 45778 |
| &nbsp;&nbsp;&nbsp; Sprott Focus Trust, Inc. | 5273 | 45770 |
| &nbsp;&nbsp;&nbsp; Ellsworth Growth and Income Fund Ltd. | 3911 | 45485 |
| &nbsp;&nbsp;&nbsp; abrdn National Municipal Income Fund | 4379 | 44972 |
| &nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | 1989 | 44971 |
| &nbsp;&nbsp;&nbsp; Royce Micro-Capital Trust, Inc. | 4298 | 44828 |
| &nbsp;&nbsp;&nbsp; MFS Municipal Income Trust | 8231 | 44694 |
| &nbsp;&nbsp;&nbsp; Nuveen Dow 30sm Dynamic Overwrite Fund | 2927 | 44666 |
| &nbsp;&nbsp;&nbsp; SRH Total Return Fund, Inc. | 2406 | 44607 |
| &nbsp;&nbsp;&nbsp; Bancroft Fund Ltd. | 2013 | 44487 |

---

280 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Templeton Emerging Markets Fund/United States | 2612 | $44482 |
| &nbsp;&nbsp;&nbsp; PIMCO New York Municipal Income Fund II | 6334 | 43641 |
| &nbsp;&nbsp;&nbsp; Neuberger Next Generation Connectivity Fund, Inc. | 3011 | 43479 |
| &nbsp;&nbsp;&nbsp; PIMCO California Municipal Income Fund | 4972 | 43406 |
| &nbsp;&nbsp;&nbsp; Clough Global Equity Fund | 5663 | 43379 |
| &nbsp;&nbsp;&nbsp; BlackRock Technology and Private Equity Term Trust | 6456 | 42545 |
| &nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | 2821 | 42456 |
| &nbsp;&nbsp;&nbsp; European Equity Fund, Inc. | 3693 | 38038 |
| &nbsp;&nbsp;&nbsp; Royce Global Trust, Inc. | 2418 | 31700 |
| &nbsp;&nbsp;&nbsp; abrdn Emerging Markets ex China Fund, Inc. | 4354 | 30478 |
| &nbsp;&nbsp;&nbsp; John Hancock Diversified Income Fund | 2796 | 30057 |
| &nbsp;&nbsp;&nbsp; Gabelli Dividend & Income Trust | 1016 | 28214 |
| &nbsp;&nbsp;&nbsp; Federated Hermes Premier Municipal Income Fund | 2459 | 27319 |
| &nbsp;&nbsp;&nbsp; General American Investors Company, Inc. | 374 | 21965 |
| &nbsp;&nbsp;&nbsp; Gabelli Healthcare & WellnessRx Trust | 2208 | 21263 |
| &nbsp;&nbsp;&nbsp; Virtus Convertible & Income Fund | 1355 | 20528 |
| &nbsp;&nbsp;&nbsp; Gabelli Global Small and Mid Capital Value Trust | 1278 | 19170 |
| &nbsp;&nbsp;&nbsp; Duff & Phelps Utility and Infrastructure Fund, Inc. | 1464 | 18607 |
| &nbsp;&nbsp;&nbsp; Tri-Continental Corp. | 356 | 11627 |
| &nbsp;&nbsp;&nbsp; Royce Small-Capital Trust, Inc. | 719 | 11576 |
| &nbsp;&nbsp;&nbsp; Eaton Vance California Municipal Income Trust | 1117 | 11215 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings New York Quality Fund, Inc. | 574 | 5872 |
| &nbsp;&nbsp;&nbsp; BlackRock New York Municipal Income Trust | 578 | 5861 |
| &nbsp;&nbsp;&nbsp; abrdn Australia Equity Fund, Inc. | 365 | 4716 |
| &nbsp;&nbsp;&nbsp; BNY Mellon Strategic Municipal Bond Fund, Inc. | 499 | 3079 |
| &nbsp;&nbsp;&nbsp; BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 279 | 3066 |
| &nbsp;&nbsp;&nbsp; Adams Diversified Equity Fund, Inc. | 131 | 3055 |
| &nbsp;&nbsp;&nbsp; Voya Infrastructure Industrials and Materials Fund | 248 | 3050 |
| &nbsp;&nbsp;&nbsp; First Trust Senior Floating Rate Income Fund II | 302 | 3041 |
| &nbsp;&nbsp;&nbsp; Putnam Municipal Opportunities Trust | 284 | 3039 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund | 100 | 3035 |
| &nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | 319 | 3024 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Enhanced Equity Income Fund | 147 | 3023 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Advantaged Dividend Income Fund | 120 | 3022 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 317 | 3021 |
| &nbsp;&nbsp;&nbsp; Putnam Managed Municipal Income Trust | 481 | 3016 |
| &nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | 512 | 3011 |
| &nbsp;&nbsp;&nbsp; BNY Mellon Strategic Municipals, Inc. | 472 | 3002 |
| &nbsp;&nbsp;&nbsp; Liberty All-Star Equity Fund | 478 | 3002 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Enhanced Equity Income Fund II | 128 | 2996 |
| &nbsp;&nbsp;&nbsp; Eaton Vance National Municipal Opportunities Trust | 177 | 2993 |
| &nbsp;&nbsp;&nbsp; Franklin Limited Duration Income Trust | 484 | 2977 |
| &nbsp;&nbsp;&nbsp; Thornburg Income Builder Opportunities Trust | 148 | 2975 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniVest Fund II, Inc. | 275 | 2973 |
| &nbsp;&nbsp;&nbsp; BrandywineGLOBAL Global Income Opportunities Fund, Inc. | 355 | 2971 |
| &nbsp;&nbsp;&nbsp; XAI Madison Equity Premium Income Fund | 495 | 2970 |
| &nbsp;&nbsp;&nbsp; Nuveen S&P 500 Buy-Write Income Fund | 202 | 2969 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal Income Trust | 296 | 2969 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Fund, Inc. | 283 | 2969 |
| &nbsp;&nbsp;&nbsp; Blackrock Investment Quality Municipal Trust, Inc. | 265 | 2968 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal 2030 Target Term Trust | 130 | 2967 |
| &nbsp;&nbsp;&nbsp; Nuveen NASDAQ 100 Dynamic Overwrite Fund | 104 | 2966 |
| &nbsp;&nbsp;&nbsp; Western Asset Managed Municipals Fund, Inc. | 284 | 2965 |
| &nbsp;&nbsp;&nbsp; Lazard Global Total Return and Income Fund, Inc. | 170 | 2965 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Quality Fund II, Inc. | 295 | 2965 |
| &nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | 253 | 2963 |
| &nbsp;&nbsp;&nbsp; Invesco Municipal Trust | 307 | 2963 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings Quality Fund II, Inc. | 295 | 2959 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings Fund, Inc. | 252 | 2958 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Total Return Fund, Inc. | 169 | 2957 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniAssets Fund, Inc. | 276 | 2956 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal Income Quality Trust | 270 | 2954 |
| &nbsp;&nbsp;&nbsp; First Trust Enhanced Equity Income Fund | 134 | 2951 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax Managed Global Buy Write Opportunities Fund | 320 | 2950 |
| &nbsp;&nbsp;&nbsp; Invesco Municipal Opportunity Trust | 308 | 2948 |
| &nbsp;&nbsp;&nbsp; LMP Capital and Income Fund, Inc. | 199 | 2947 |
| &nbsp;&nbsp;&nbsp; Voya Emerging Markets High Dividend Equity Fund | 470 | 2947 |
| &nbsp;&nbsp;&nbsp; RiverNorth Opportunities Fund, Inc. | 251 | 2947 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Michigan Quality Fund, Inc. | 251 | 2947 |
| &nbsp;&nbsp;&nbsp; DTF Tax-Free Income 2028 Term Fund, Inc. | 258 | 2946 |
| &nbsp;&nbsp;&nbsp; PGIM Short Duration High Yield Opportunities Fund | 179 | 2945 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal Income Trust II | 282 | 2944 |
| &nbsp;&nbsp;&nbsp; Nuveen S&P 500 Dynamic Overwrite Fund | 163 | 2941 |
| &nbsp;&nbsp;&nbsp; First Trust Mortgage Income Fund | 242 | 2940 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 247 | 2939 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniVest Fund, Inc. | 424 | 2938 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 281

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Eaton Vance Risk-Managed Diversified Equity Income Fund | 333 | $2937 |
| &nbsp;&nbsp;&nbsp; Western Asset Investment Grade Opportunity Trust, Inc. | 178 | 2937 |
| &nbsp;&nbsp;&nbsp; TCW Strategic Income Fund, Inc. | 594 | 2934 |
| &nbsp;&nbsp;&nbsp; RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. | 369 | 2934 |
| &nbsp;&nbsp;&nbsp; Nuveen Core Equity Alpha Fund | 184 | 2933 |
| &nbsp;&nbsp;&nbsp; Western Asset Investment Grade Income Fund, Inc. | 235 | 2933 |
| &nbsp;&nbsp;&nbsp; Virtus Global Multi-Sector Income Fund | 374 | 2932 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Preferred & Income Fund, Inc. | 247 | 2932 |
| &nbsp;&nbsp;&nbsp; BlackRock Capital Allocation Term Trust | 207 | 2931 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Emerging Markets Debt Fund, Inc. | 396 | 2926 |
| &nbsp;&nbsp;&nbsp; MFS Investment Grade Municipal Trust | 368 | 2926 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Quality Fund III, Inc. | 269 | 2924 |
| &nbsp;&nbsp;&nbsp; MFS High Income Municipal Trust | 790 | 2923 |
| &nbsp;&nbsp;&nbsp; Blackstone Strategic Credit Fund | 248 | 2921 |
| &nbsp;&nbsp;&nbsp; AllianceBernstein National Municipal Income Fund, Inc. | 270 | 2921 |
| &nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | 71 | 2920 |
| &nbsp;&nbsp;&nbsp; RiverNorth Flexible Municipal Income Fund, Inc. | 209 | 2920 |
| &nbsp;&nbsp;&nbsp; Blackrock Science & Technology Trust | 72 | 2919 |
| &nbsp;&nbsp;&nbsp; RiverNorth Managed Duration Municipal Income Fund II, Inc. | 201 | 2918 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Managed Buy-Write Income Fund | 191 | 2917 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Quality Fund, Inc. | 258 | 2915 |
| &nbsp;&nbsp;&nbsp; NYLI MacKay DefinedTerm Muni Opportunities Fund | 196 | 2914 |
| &nbsp;&nbsp;&nbsp; Nuveen Select Maturities Municipal Fund | 313 | 2914 |
| &nbsp;&nbsp;&nbsp; MFS High Yield Municipal Trust | 830 | 2913 |
| &nbsp;&nbsp;&nbsp; BlackRock Multi-Sector Income Trust | 223 | 2912 |
| &nbsp;&nbsp;&nbsp; Western Asset Intermediate Muni Fund, Inc. | 379 | 2911 |
| &nbsp;&nbsp;&nbsp; Nuveen New York AMT-Free Quality Municipal Income Fund | 288 | 2906 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Preferred and Income Securities Fund, Inc. | 176 | 2906 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield New York Quality Fund, Inc. | 293 | 2904 |
| &nbsp;&nbsp;&nbsp; Allspring Global Dividend Opportunity Fund | 498 | 2903 |
| &nbsp;&nbsp;&nbsp; Principal Real Estate Income Fund | 290 | 2903 |
| &nbsp;&nbsp;&nbsp; Allspring Income Opportunities Fund | 428 | 2902 |
| &nbsp;&nbsp;&nbsp; Allspring Multi-Sector Income Fund | 312 | 2902 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc. | 307 | 2901 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 202 | 2901 |
| &nbsp;&nbsp;&nbsp; PGIM Global High Yield Fund, Inc. | 235 | 2900 |
| &nbsp;&nbsp;&nbsp; AllianceBernstein Global High Income Fund, Inc. | 271 | 2897 |
| &nbsp;&nbsp;&nbsp; MFS Multimarket Income Trust | 623 | 2897 |
| &nbsp;&nbsp;&nbsp; Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund | 150 | 2896 |
| &nbsp;&nbsp;&nbsp; Western Asset Inflation-Linked Income Fund | 350 | 2894 |
| &nbsp;&nbsp;&nbsp; Voya Global Equity Dividend and Premium Opportunity Fund | 506 | 2894 |
| &nbsp;&nbsp;&nbsp; Liberty All Star Growth Fund, Inc. | 546 | 2894 |
| &nbsp;&nbsp;&nbsp; John Hancock Income Securities Trust | 247 | 2892 |
| &nbsp;&nbsp;&nbsp; Nuveen Credit Strategies Income Fund | 576 | 2892 |
| &nbsp;&nbsp;&nbsp; MFS Charter Income Trust | 461 | 2890 |
| &nbsp;&nbsp;&nbsp; Western Asset High Income Opportunity Fund, Inc. | 779 | 2890 |
| &nbsp;&nbsp;&nbsp; Nuveen Floating Rate Income Fund | 369 | 2889 |
| &nbsp;&nbsp;&nbsp; BlackRock California Municipal Income Trust | 269 | 2889 |
| &nbsp;&nbsp;&nbsp; Invesco Bond Fund | 187 | 2882 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Pennsylvania Quality Fund | 260 | 2881 |
| &nbsp;&nbsp;&nbsp; Virtus Convertible & Income Fund II | 209 | 2880 |
| &nbsp;&nbsp;&nbsp; Cohen & Steers Select Preferred and Income Fund, Inc. | 142 | 2880 |
| &nbsp;&nbsp;&nbsp; BNY Mellon High Yield Strategies Fund | 1161 | 2879 |
| &nbsp;&nbsp;&nbsp; RiverNorth Managed Duration Municipal Income Fund, Inc. | 211 | 2872 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Municipal Bond Fund | 295 | 2870 |
| &nbsp;&nbsp;&nbsp; Cohen & Steers Infrastructure Fund, Inc. | 119 | 2869 |
| &nbsp;&nbsp;&nbsp; Nuveen Multi-Market Income Fund | 475 | 2869 |
| &nbsp;&nbsp;&nbsp; PIMCO Municipal Income Fund II | 380 | 2865 |
| &nbsp;&nbsp;&nbsp; MFS Intermediate High Income Fund | 1684 | 2863 |
| &nbsp;&nbsp;&nbsp; Western Asset Inflation-Linked Opportunities & Income Fund | 333 | 2860 |
| &nbsp;&nbsp;&nbsp; John Hancock Investors Trust | 209 | 2857 |
| &nbsp;&nbsp;&nbsp; Voya Asia Pacific High Dividend Equity Income Fund | 392 | 2854 |
| &nbsp;&nbsp;&nbsp; RiverNorth Opportunistic Municipal Income Fund, Inc. | 199 | 2848 |
| &nbsp;&nbsp;&nbsp; Neuberger Municipal Fund, Inc. | 281 | 2844 |
| &nbsp;&nbsp;&nbsp; abrdn Healthcare Investors | 150 | 2841 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings California Quality Fund, Inc. | 268 | 2841 |
| &nbsp;&nbsp;&nbsp; Cohen & Steers Real Estate Opportunities and Income Fund | 193 | 2837 |
| &nbsp;&nbsp;&nbsp; John Hancock Premium Dividend Fund | 223 | 2832 |
| &nbsp;&nbsp;&nbsp; BlackRock Long-Term Municipal Advantage Trust | 305 | 2830 |
| &nbsp;&nbsp;&nbsp; Nuveen Core Plus Impact Fund | 278 | 2830 |
| &nbsp;&nbsp;&nbsp; Nuveen Real Estate Income Fund | 368 | 2819 |
| &nbsp;&nbsp;&nbsp; BlackRock Virginia Municipal Bond Trust | 267 | 2790 |
| &nbsp;&nbsp;&nbsp; Cohen & Steers Quality Income Realty Fund, Inc. | 244 | 2786 |
| &nbsp;&nbsp;&nbsp; abrdn Life Sciences Investors | 166 | 2785 |
| &nbsp;&nbsp;&nbsp; Allspring Utilities and High Income Fund | 235 | 2778 |
| &nbsp;&nbsp;&nbsp; Virtus Artificial Intelligence & Technology Opportunities Fund | 125 | 2719 |
| &nbsp;&nbsp;&nbsp; Virtus Total Return Fund, Inc. | 12 | 76 |
| &nbsp;&nbsp;&nbsp; abrdn Total Dynamic Dividend Fund | 3 | 29 |

---

282 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Western Asset Global High Income Fund, Inc. | 4 | $26 |
| &nbsp;&nbsp;&nbsp; GAMCO Natural Resources Gold & Income Trust | 3 | 22 |
| &nbsp;&nbsp;&nbsp; Western Asset Emerging Markets Debt Fund, Inc. | 2 | 21 |
| &nbsp;&nbsp;&nbsp; Templeton Emerging Markets Income Fund | 3 | 20 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Senior Income Trust | 3 | 16 |
| &nbsp;&nbsp;&nbsp; DoubleLine Yield Opportunities Fund | 1 | 15 |
| &nbsp;&nbsp;&nbsp; Nuveen Global High Income Fund | 1 | 13 |
| &nbsp;&nbsp;&nbsp; Blackstone Long-Short Credit Income Fund | 1 | 12 |
| &nbsp;&nbsp;&nbsp; BlackRock Resources & Commodities Strategy Trust | 1 | 11 |
| &nbsp;&nbsp;&nbsp; Nuveen New York Municipal Value Fund | 1 | 9 |
| &nbsp;&nbsp;&nbsp; Franklin Universal Trust | 1 | 8 |
|  **Total Closed-End Mutual Funds** | **Total Closed-End Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,323,238) |  | 1466434 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 6.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.69% due 01/08/26<sup>2</sup> | $900000 | 899479 |
| &nbsp;&nbsp;&nbsp; 3.51% due 01/22/26<sup>2,3</sup> | 893000 | 891237 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,790,447) |  | 1790716 |
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 22.9%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 22.9%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 22.9%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 2954867 | 2954867 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 2954867 | 2954867 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,909,734) |  | 5909734 |
|  **Total Investments - 88.3%** | **Total Investments - 88.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $22,611,563) | &nbsp;&nbsp;&nbsp; (Cost $22,611,563) | $22799311 |
|  | **Shares** |  |
|  **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (4.5)%** | **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (4.5)%** | **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (4.5)%** |
|  **Energy - 0.0%** | **Energy - 0.0%** | **Energy - 0.0%** |
| &nbsp;&nbsp;&nbsp; Crescent Energy Co. — Class A | 1 | (9) |
| &nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 1 | (13) |
|  **Total Energy** |  | (22) |
|  **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 1 | (81) |
|  **Consumer, Cyclical - 0.0%** | **Consumer, Cyclical - 0.0%** | **Consumer, Cyclical - 0.0%** |
| &nbsp;&nbsp;&nbsp; HNI Corp. | 1 | (42) |
| &nbsp;&nbsp;&nbsp; Gildan Activewear, Inc. — Class A | 1 | (63) |
|  **Total Consumer, Cyclical** |  | (105) |
|  **Technology - (0.2)%** | **Technology - (0.2)%** | **Technology - (0.2)%** |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 874 | (55420) |
|  **Utilities - (0.4)%** | **Utilities - (0.4)%** | **Utilities - (0.4)%** |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 1308 | (90802) |
|  **Consumer, Non-cyclical - (0.7)%** | **Consumer, Non-cyclical - (0.7)%** | **Consumer, Non-cyclical - (0.7)%** |
| &nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\* | 4040 | (31512) |
| &nbsp;&nbsp;&nbsp; Coursera, Inc.\* | 20834 | (153338) |
|  **Total Consumer, Non-cyclical** |  | (184850) |
|  **Industrial - (1.2)%** | **Industrial - (1.2)%** | **Industrial - (1.2)%** |
| &nbsp;&nbsp;&nbsp; Ryerson Holding Corp. | 67 | (1686) |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 12437 | (137304) |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 738 | (170714) |
|  **Total Industrial** |  | (309704) |
|  **Financial - (2.0)%** | **Financial - (2.0)%** | **Financial - (2.0)%** |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 788 | (75183) |
| &nbsp;&nbsp;&nbsp; Compass, Inc. — Class A\* | 7696 | (81347) |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. | 4723 | (102253) |
| &nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | 959 | (116327) |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 3173 | (148528) |
|  **Total Financial** |  | (523638) |
|  **Total Common Stocks Sold Short** | **Total Common Stocks Sold Short** |  |
| &nbsp;&nbsp;&nbsp; (Proceeds $1,153,306) |  | (1164622) |
|  **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (6.5)%** | **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (6.5)%** | **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (6.5)%** |
| &nbsp;&nbsp;&nbsp; iShares Mortgage Real Estate ETF | 9 | (200) |
| &nbsp;&nbsp;&nbsp; iShares MBS ETF\* | 15 | (1428) |
| &nbsp;&nbsp;&nbsp; iShares 7-10 Year Treasury Bond ETF\* | 15 | (1442) |
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF\* | 24 | (2311) |
| &nbsp;&nbsp;&nbsp; VanEck High Yield Muni ETF | 59 | (3016) |
| &nbsp;&nbsp;&nbsp; VanEck Gold Miners ETF | 65 | (5575) |
| &nbsp;&nbsp;&nbsp; iShares TIPS Bond ETF | 51 | (5605) |
| &nbsp;&nbsp;&nbsp; iShares U.S. Real Estate ETF | 106 | (9952) |
| &nbsp;&nbsp;&nbsp; Schwab U.S. Aggregate Bond ETF | 515 | (12036) |
| &nbsp;&nbsp;&nbsp; State Street SPDR S&P Biotech ETF | 109 | (13290) |
| &nbsp;&nbsp;&nbsp; iShares Floating Rate Bond ETF | 291 | (14800) |
| &nbsp;&nbsp;&nbsp; Invesco Senior Loan ETF | 790 | (16590) |
| &nbsp;&nbsp;&nbsp; iShares Preferred & Income Securities ETF\* | 555 | (17183) |
| &nbsp;&nbsp;&nbsp; State Street Utilities Select Sector SPDR ETF | 430 | (18357) |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | 172 | (18953) |
| &nbsp;&nbsp;&nbsp; iShares Core High Dividend ETF | 203 | (24687) |
| &nbsp;&nbsp;&nbsp; iShares Latin America 40 ETF | 981 | (29872) |
| &nbsp;&nbsp;&nbsp; State Street Technology Select Sector SPDR ETF | 216 | (31098) |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 395 | (31849) |
| &nbsp;&nbsp;&nbsp; iShares MSCI All Country Asia ex Japan ETF\* | 348 | (32406) |
| &nbsp;&nbsp;&nbsp; State Street Health Care Select Sector SPDR ETF | 234 | (36223) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 283

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF | 809 | (44260) |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 148 | $(70048) |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 Index ETF | 484 | (119142) |
| &nbsp;&nbsp;&nbsp; State Street SPDR Bloomberg Convertible Securities ETF | 1498 | (133622) |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 196 | (133656) |
| &nbsp;&nbsp;&nbsp; iShares National Muni Bond ETF | 1257 | (134637) |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 643 | (135249) |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 1447 | (138955) |
| &nbsp;&nbsp;&nbsp; State Street SPDR Nuveen ICE High Yield Municipal Bond ETF | 7116 | (177473) |
| &nbsp;&nbsp;&nbsp; State Street SPDR Nuveen ICE Municipal Bond ETF | 6040 | (276088) |
|  **Total Exchange-Traded Funds Sold Short** | **Total Exchange-Traded Funds Sold Short** |  |
| &nbsp;&nbsp;&nbsp; (Proceeds $1,674,822) |  | (1690003) |
|  **Total Securities Sold Short - (11.0)%** | **Total Securities Sold Short - (11.0)%** |  |
| &nbsp;&nbsp;&nbsp; (Proceeds $2,828,128) | &nbsp;&nbsp;&nbsp; (Proceeds $2,828,128) | $(2854625) |
|  **Other Assets & Liabilities, net - 22.7%** | **Other Assets & Liabilities, net - 22.7%** | 5873631 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $25818317 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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)\*\*** |
|  **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** |
|  Silver Futures Contracts | 1 | Mar 2026 | $352075 | $95452 |
|  Live Cattle Futures Contracts | 8 | Jun 2026 | 725520 | 36114 |
|  Sugar #11 Futures Contracts | 30 | Apr 2026 | 491568 | 6122 |
|  LME Nickel Futures Contracts | 1 | Feb 2026 | 99541 | 5006 |
|  Cotton #2 Futures Contracts | 15 | Mar 2026 | 482250 | 3846 |
|  LME Primary Aluminum Futures Contracts | 3 | Feb 2026 | 224014 | 3609 |
|  LME Zinc Futures Contracts | 2 | Feb 2026 | 155502 | 928 |
|  Low Sulphur Gas Oil Futures Contracts | 2 | Feb 2026 | 122900 | (1466) |
|  Hard Red Winter Wheat Futures Contracts | 4 | Mar 2026 | 103000 | (1935) |
|  Coffee 'C' Futures Contracts | 2 | Mar 2026 | 261338 | (9081) |
|  Natural Gas Futures Contracts | 6 | Feb 2026 | 189120 | (10876) |
|  Gasoline RBOB Futures Contracts | 6 | Jan 2026 | 431525 | (16047) |
|  NY Harbor ULSD Futures Contracts | 5 | Mar 2026 | 434868 | (19946) |
|  |  |  | $4073221 | $91726 |
|  **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>** |
|  FTSE/JSE TOP 40 Index Futures Contracts<sup>††</sup> | 26 | Mar 2026 | $1717234 | $48150 |
|  FTSE 100 Index Futures Contracts<sup>††</sup> | 4 | Mar 2026 | 533486 | 9050 |
|  IBEX 35 Index Futures Contracts<sup>††</sup> | 2 | Jan 2026 | 405357 | 7512 |
|  FTSE Taiwan Index Futures Contracts | 4 | Jan 2026 | 378360 | 5991 |
|  S&P/TSX 60 IX Index Futures Contracts | 4 | Mar 2026 | 1085755 | 5413 |
|  S&P MidCap 400 Index Mini Futures Contracts | 1 | Mar 2026 | 332560 | (6632) |
|  NASDAQ-100 Index Mini Futures Contracts | 1 | Mar 2026 | 509100 | (10364) |
|  S&P 500 Index Mini Futures Contracts | 5 | Mar 2026 | 1722938 | (13569) |
|  CBOE Volatility Index Futures Contracts | 14 | Jan 2026 | 231700 | (21172) |
|  |  |  | $6916490 | $24379 |
|  **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>** |
|  Mexican Peso Futures Contracts | 26 | Mar 2026 | $716820 | $9548 |
|  British Pound Futures Contracts | 7 | Mar 2026 | 589663 | 1630 |
|  Euro FX Futures Contracts | 6 | Mar 2026 | 884400 | 671 |
|  New Zealand Dollar Futures Contracts | 2 | Mar 2026 | 115450 | (805) |
|  Australian Dollar Futures Contracts | 11 | Mar 2026 | 734140 | (832) |
|  Canadian Dollar Futures Contracts | 12 | Mar 2026 | 877140 | (2487) |
|  Japanese Yen Futures Contracts | 16 | Mar 2026 | 1284600 | (9763) |
|  |  |  | $5202213 | $(2038) |

---

284 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** | **Futures Contracts (continued)** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
|  **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>** |
|  Canadian Government 10 Year Bond Futures Contracts<sup>††</sup> | 7 | Mar 2026 | $615893 | $2485 |
|  Australian Government 3 Year Bond Futures Contracts<sup>††</sup> | 16 | Mar 2026 | 1120694 | 964 |
|  Euro - OATS Futures Contracts<sup>††</sup> | 2 | Mar 2026 | 282444 | 637 |
|  U.S. Treasury Long Bond Futures Contracts | 1 | Mar 2026 | 115219 | (85) |
|  U.S. Treasury 2 Year Note Futures Contracts | 7 | Mar 2026 | 1461414 | (269) |
|  U.S. Treasury 5 Year Note Futures Contracts | 10 | Mar 2026 | 1092109 | (1579) |
|  U.S. Treasury 10 Year Note Futures Contracts | 7 | Mar 2026 | 785969 | (1700) |
|  Australian Government 10 Year Bond Futures Contracts<sup>††</sup> | 22 | Mar 2026 | 1599827 | (6471) |
|  |  |  | $7073569 | $(6018) |
|  **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>** |
|  CBOE Volatility Index Futures Contracts | 18 | Apr 2026 | $368460 | $8204 |
|  Russell 2000 Index Mini Futures Contracts | 2 | Mar 2026 | 249860 | 6196 |
|  CBOE Volatility Index Futures Contracts | 8 | May 2026 | 166640 | 2689 |
|  CAC 40 10 Euro Index Futures Contracts<sup>††</sup> | 2 | Jan 2026 | 190493 | 635 |
|  CBOE Volatility Index Futures Contracts | 7 | Mar 2026 | 137970 | (243) |
|  Tokyo Stock Price Index Futures Contracts<sup>††</sup> | 2 | Mar 2026 | 436178 | (3776) |
|  |  |  | $1549601 | $13705 |
|  **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>** |
|  Euro - Schatz Futures Contracts<sup>††</sup> | 59 | Mar 2026 | $7400305 | $7444 |
|  Euro - Bobl Futures Contracts<sup>††</sup> | 15 | Mar 2026 | 2040776 | 3585 |
|  Euro - Bund Futures Contracts<sup>††</sup> | 4 | Mar 2026 | 597791 | 1806 |
|  U.S. Treasury Ultra Long Bond Futures Contracts | 1 | Mar 2026 | 117469 | 535 |
|  Euro - BTP Italian Government Bond Futures Contracts<sup>††</sup> | 1 | Mar 2026 | 140682 | 528 |
|  |  |  | $10297023 | $13898 |
|  **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>** |
|  Swiss Franc Futures Contracts | 6 | Mar 2026 | $953963 | $(10789) |
|  **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** |
|  New York Harbor Ultra-Low Sulfur Diesel Futures Contracts | 4 | Jan 2026 | $356866 | $13182 |
|  Gasoline RBOB Futures Contracts | 6 | Mar 2026 | 493996 | 12320 |
|  Natural Gas Futures Contracts | 5 | Jan 2026 | 185100 | 11097 |
|  Soybean Oil Futures Contracts | 5 | Mar 2026 | 145650 | 1728 |
|  Soybean Futures Contracts | 2 | Mar 2026 | 104725 | 1622 |
|  Corn Futures Contracts | 7 | Mar 2026 | 154350 | 545 |
|  Wheat Futures Contracts | 1 | Mar 2026 | 25325 | 441 |
|  Soybean Meal Futures Contracts | 2 | Mar 2026 | 59920 | (57) |
|  LME Lead Futures Contracts | 1 | Feb 2026 | 49943 | (178) |
|  Live Cattle Futures Contracts | 2 | Feb 2026 | 185300 | (421) |
|  Brent Crude Futures Contracts | 1 | Jan 2026 | 60910 | (622) |
|  Cocoa Futures Contracts | 2 | Mar 2026 | 120860 | (2455) |
|  Sugar #11 Futures Contracts | 32 | Jun 2026 | 525414 | (8882) |
|  Platinum Futures Contracts | 3 | Apr 2026 | 308415 | (41427) |
|  |  |  | $2776774 | $(13107) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 285

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** |
| **Counterparty** | **Reference Obligation** | **Type<sup>5</sup>** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** |
|  Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Pay | 4.04% (Federal Funds Rate + 0.40%) | At Maturity | 08/31/28 | $9938044 | $588995 |
|  **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** |
|  Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Receive | 3.31% (Federal Funds Rate - 0.33%) | At Maturity | 08/31/28 | $6247849 | $152701 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
|  **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** | **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** |  |  |
|  **Consumer, Non-cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc. | 4388 | 0.76% | $18295 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. | 550 | 0.97% | 18250 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc | 380 | 0.65% | 16802 |
| &nbsp;&nbsp;&nbsp; Incyte Corp. | 1005 | 1.00% | 16048 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc. | 4396 | 1.03% | 15951 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 1943 | 1.05% | 15448 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 62 | 0.48% | 13057 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc — Class A | 1740 | 0.68% | 12873 |
| &nbsp;&nbsp;&nbsp; Innoviva, Inc. | 4869 | 0.98% | 9372 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp. | 83 | 0.41% | 8288 |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. | 1919 | 0.72% | 7418 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc. | 939 | 0.44% | 5067 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc. | 990 | 0.44% | 4447 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc. | 832 | 0.50% | 4265 |
| &nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 3547 | 1.05% | 3775 |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc. | 561 | 0.43% | 3333 |
| &nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc. | 945 | 0.25% | 1686 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. | 337 | 0.23% | 1315 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 222 | 0.27% | (42) |
| &nbsp;&nbsp;&nbsp; Seneca Foods Corp. — Class A | 365 | 0.41% | (725) |
| &nbsp;&nbsp;&nbsp; ADT, Inc. | 12400 | 1.01% | (1472) |
| &nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 1294 | 0.73% | (1949) |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 883 | 0.71% | (1974) |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 1113 | 0.64% | (2120) |
| &nbsp;&nbsp;&nbsp; Kura Oncology, Inc. | 1807 | 0.19% | (3066) |
| &nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc. | 1950 | 1.00% | (5520) |
| &nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 2330 | 0.44% | (5671) |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 3941 | 0.99% | (6620) |
| &nbsp;&nbsp;&nbsp; SIGA Technologies, Inc. | 8607 | 0.53% | (10762) |
|  **Total Consumer, Non-cyclical** |  |  | 135769 |
|  **Communications** |  |  |  |
| &nbsp;&nbsp;&nbsp; Millicom International Cellular S.A. | 1936 | 1.08% | 21824 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc. | 5612 | 0.44% | 4796 |
| &nbsp;&nbsp;&nbsp; Uniti Group, Inc. | 6100 | 0.43% | 4677 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 3981 | 1.00% | 3104 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 2450 | 1.00% | 1620 |
| &nbsp;&nbsp;&nbsp; Harmonic, Inc. | 3477 | 0.35% | 928 |
| &nbsp;&nbsp;&nbsp; Yelp, Inc. — Class A | 2824 | 0.86% | 623 |
| &nbsp;&nbsp;&nbsp; IDT Corp. — Class B | 1359 | 0.70% | 573 |
| &nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 3299 | 0.59% | 242 |
| &nbsp;&nbsp;&nbsp; Spok Holdings, Inc. | 2430 | 0.32% | (1096) |
| &nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 177 | 0.37% | (2051) |
| &nbsp;&nbsp;&nbsp; Travelzoo | 3456 | 0.25% | (2315) |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. | 189 | 0.61% | (8662) |
|  **Total Communications** |  |  | 24263 |
|  **Industrial** |  |  |  |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 893 | 1.03% | 34563 |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | 287 | 1.00% | 10760 |
| &nbsp;&nbsp;&nbsp; A O Smith Corp. | 1489 | 1.00% | 1873 |
| &nbsp;&nbsp;&nbsp; AZZ, Inc. | 950 | 1.02% | 674 |
| &nbsp;&nbsp;&nbsp; Luxfer Holdings plc | 2135 | 0.29% | 561 |
| &nbsp;&nbsp;&nbsp; Primoris Services Corp. | 256 | 0.32% | (425) |
| &nbsp;&nbsp;&nbsp; Oshkosh Corp. | 776 | 0.98% | (481) |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 1052 | 0.96% | (580) |
| &nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 806 | 0.41% | (792) |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. — Class A | 1435 | 0.34% | (1230) |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | 535 | 0.37% | (1447) |
| &nbsp;&nbsp;&nbsp; Teekay Tankers Ltd. — Class A | 1582 | 0.85% | (3157) |
| &nbsp;&nbsp;&nbsp; Teekay Corporation Ltd. | 7039 | 0.64% | (3966) |
| &nbsp;&nbsp;&nbsp; Lindsay Corp. | 851 | 1.01% | (4382) |
| &nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 1431 | 0.73% | (6476) |
| &nbsp;&nbsp;&nbsp; Gencor Industries, Inc. | 3956 | 0.52% | (8518) |
| &nbsp;&nbsp;&nbsp; CNH Industrial N.V. | 6641 | 0.62% | (9613) |

---

286 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 453 | 0.77% | $(11953) |
|  **Total Industrial** |  |  | (4589) |
|  **Technology** |  |  |  |
| &nbsp;&nbsp;&nbsp; Photronics, Inc. | 1839 | 0.59% | 23112 |
| &nbsp;&nbsp;&nbsp; Adeia, Inc. | 3309 | 0.57% | 15240 |
| &nbsp;&nbsp;&nbsp; Cirrus Logic, Inc. | 823 | 0.98% | 11394 |
| &nbsp;&nbsp;&nbsp; Zoom Communications, Inc. — Class A | 1169 | 1.02% | 11273 |
| &nbsp;&nbsp;&nbsp; Teradata Corp. | 958 | 0.29% | 8952 |
| &nbsp;&nbsp;&nbsp; Daily Journal Corp. | 95 | 0.47% | 8939 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 578 | 0.99% | 4795 |
| &nbsp;&nbsp;&nbsp; Mitek Systems, Inc. | 4118 | 0.44% | 4687 |
| &nbsp;&nbsp;&nbsp; NetScout Systems, Inc. | 3718 | 1.01% | 3844 |
| &nbsp;&nbsp;&nbsp; Bandwidth, Inc. — Class A | 5460 | 0.85% | 3459 |
| &nbsp;&nbsp;&nbsp; PagerDuty, Inc. | 3066 | 0.40% | 3320 |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc. | 1880 | 0.56% | 2442 |
| &nbsp;&nbsp;&nbsp; Clear Secure, Inc. — Class A | 1103 | 0.39% | 2100 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. — Class A | 1768 | 0.49% | 526 |
| &nbsp;&nbsp;&nbsp; Cricut, Inc. — Class A | 7372 | 0.37% | (813) |
| &nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc. | 1180 | 0.26% | (2020) |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc. | 490 | 0.42% | (2296) |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 493 | 0.53% | (4631) |
| &nbsp;&nbsp;&nbsp; OneSpan, Inc. | 4362 | 0.56% | (4731) |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 959 | 0.61% | (5960) |
|  **Total Technology** |  |  | 83632 |
|  **Basic Materials** |  |  |  |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 1114 | 1.12% | 26824 |
| &nbsp;&nbsp;&nbsp; Anglogold Ashanti plc | 826 | 0.71% | 14827 |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 455 | 0.24% | 9962 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 455 | 0.23% | 4962 |
| &nbsp;&nbsp;&nbsp; Caledonia Mining Corporation plc | 1468 | 0.39% | (1434) |
|  **Total Basic Materials** |  |  | 55141 |
|  **Financial** |  |  |  |
| &nbsp;&nbsp;&nbsp; Enova International, Inc. | 596 | 0.94% | 36881 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 1004 | 0.84% | 24375 |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. — Class A | 1018 | 1.09% | 16240 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 3591 | 1.06% | 15642 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 1120 | 0.83% | 14733 |
| &nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 2467 | 0.98% | 12653 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 1641 | 1.07% | 11898 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc. — Class A | 1769 | 0.73% | 11025 |
| &nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 1264 | 0.86% | 10358 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 253 | 0.72% | 10295 |
| &nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 2642 | 0.71% | 8979 |
| &nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd. — Class B | 3693 | 1.04% | 8842 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 380 | 0.93% | 8795 |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. | 759 | 1.05% | 5467 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 1087 | 1.05% | 5322 |
| &nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc. | 1621 | 0.47% | 5212 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. | 355 | 1.04% | 2400 |
| &nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 2888 | 1.03% | 2368 |
| &nbsp;&nbsp;&nbsp; Westamerica BanCorp | 842 | 0.41% | 1568 |
| &nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc. — Class A | 6562 | 0.75% | 789 |
| &nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 1867 | 0.87% | (687) |
| &nbsp;&nbsp;&nbsp; Bank OZK | 1272 | 0.59% | (1532) |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 1634 | 0.90% | (2152) |
|  **Total Financial** |  |  | 209471 |
|  **Consumer, Cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 1107 | 1.09% | 24800 |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 2320 | 1.05% | 11183 |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 923 | 1.06% | 5218 |
| &nbsp;&nbsp;&nbsp; Strattec Security Corp. | 636 | 0.49% | 5069 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 1236 | 1.06% | 4770 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 4886 | 0.65% | 2523 |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 426 | 0.35% | 2474 |
| &nbsp;&nbsp;&nbsp; Gentex Corp. | 3028 | 0.71% | 721 |
| &nbsp;&nbsp;&nbsp; Aptiv plc | 1301 | 1.00% | 24 |
| &nbsp;&nbsp;&nbsp; Macy's, Inc. | 919 | 0.20% | 18 |
| &nbsp;&nbsp;&nbsp; Hudson Technologies, Inc. | 6479 | 0.45% | (5081) |
| &nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc. — Class A | 1397 | 0.90% | (5338) |
| &nbsp;&nbsp;&nbsp; Blue Bird Corp. | 1974 | 0.93% | (7709) |
| &nbsp;&nbsp;&nbsp; Visteon Corp. | 1001 | 0.96% | (11331) |
|  **Total Consumer, Cyclical** |  |  | 27341 |
|  **Utilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; UGI Corp. | 2673 | 1.01% | 11692 |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp. — Class A | 1833 | 0.84% | 10901 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 2049 | 0.99% | 8089 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc. — Class C | 2916 | 0.98% | 7964 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 1226 | 0.99% | 7331 |
| &nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 1718 | 0.34% | 5651 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 877 | 0.64% | 5536 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 287

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp; Consolidated Water Company Ltd. | 2549 | 0.91% | $4759 |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc. | 3097 | 0.38% | 3057 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 795 | 0.94% | 746 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 1068 | 0.86% | 672 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 911 | 0.62% | 635 |
| &nbsp;&nbsp;&nbsp; Otter Tail Corp. | 1224 | 1.00% | (199) |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 1045 | 1.04% | (449) |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, Inc. | 827 | 0.96% | (4409) |
| &nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 1184 | 0.93% | (6242) |
|  **Total Utilities** |  |  | 55734 |
|  **Energy** |  |  |  |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 7980 | 0.58% | 3469 |
|  **Government** |  |  |  |
| &nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio Exterior S.A. — Class E | 1759 | 0.79% | (1236) |
|  **Total MS Long/Short Equity Long Custom Basket** | **Total MS Long/Short Equity Long Custom Basket** |  | $588995 |
|  **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** |
|  **Basic Materials** |  |  |  |
| &nbsp;&nbsp;&nbsp; Kronos Worldwide, Inc. | 21033 | (1.47)% | 17035 |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 389 | (1.54)% | 13157 |
| &nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 1075 | (1.62)% | 9464 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 957 | (1.59)% | 9239 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 298 | (1.55)% | 8464 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 2559 | (1.61)% | 8042 |
| &nbsp;&nbsp;&nbsp; Balchem Corp. | 655 | (1.61)% | 3927 |
| &nbsp;&nbsp;&nbsp; FMC Corp. | 1693 | (0.38)% | (315) |
| &nbsp;&nbsp;&nbsp; Hawkins, Inc. | 270 | (0.61)% | (1105) |
| &nbsp;&nbsp;&nbsp; Tronox Holdings plc — Class A | 7192 | (0.48)% | (2160) |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 1753 | (1.65)% | (2297) |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | 383 | (1.61)% | (2599) |
|  **Total Basic Materials** |  |  | 60852 |
|  **Consumer, Non-cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; Limoneira Co. | 4331 | (0.88)% | 7112 |
| &nbsp;&nbsp;&nbsp; OrthoPediatrics Corp. | 3932 | (1.12)% | 4862 |
| &nbsp;&nbsp;&nbsp; First Advantage Corp. | 6393 | (1.49)% | 4695 |
| &nbsp;&nbsp;&nbsp; U-Haul Holding Co. | 1001 | (0.81)% | 2535 |
| &nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc. | 3272 | (0.78)% | 1997 |
| &nbsp;&nbsp;&nbsp; Tejon Ranch Co. | 1981 | (0.50)% | 598 |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 512 | (1.54)% | (1617) |
| &nbsp;&nbsp;&nbsp; Matthews International Corp. — Class A | 1346 | (0.56)% | (2348) |
| &nbsp;&nbsp;&nbsp; FTI Consulting, Inc. | 607 | (1.66)% | (2918) |
| &nbsp;&nbsp;&nbsp; Alico, Inc. | 1107 | (0.64)% | (3116) |
| &nbsp;&nbsp;&nbsp; CRA International, Inc. | 346 | (1.11)% | (4321) |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 571 | (1.66)% | (4626) |
|  **Total Consumer, Non-cyclical** |  |  | 2853 |
|  **Financial** |  |  |  |
| &nbsp;&nbsp;&nbsp; Apartment Investment and Management Co. — Class A | 18039 | (1.72)% | 19172 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 1184 | (1.57)% | 15165 |
| &nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 3793 | (0.95)% | 13021 |
| &nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 826 | (0.80)% | 12467 |
| &nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 1266 | (0.55)% | 12153 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 4676 | (1.77)% | 11092 |
| &nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 17911 | (1.59)% | 7467 |
| &nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc. | 5989 | (0.44)% | 6691 |
| &nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 1210 | (0.74)% | 6232 |
| &nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 9505 | (1.53)% | 4588 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorporation | 1180 | (1.59)% | 2447 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 1611 | (1.56)% | 2384 |
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp. | 5823 | (1.16)% | 2375 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 135 | (1.66)% | 2367 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 649 | (1.29)% | 2359 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co. — Class A | 357 | (0.72)% | 2064 |
| &nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust | 7911 | (1.59)% | 2032 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 227 | (0.70)% | 641 |
| &nbsp;&nbsp;&nbsp; Columbia Financial, Inc. | 5985 | (1.49)% | (104) |
| &nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 7384 | (1.60)% | (125) |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 893 | (1.11)% | (1113) |
| &nbsp;&nbsp;&nbsp; Newmark Group, Inc. — Class A | 5638 | (1.56)% | (1198) |
| &nbsp;&nbsp;&nbsp; Macerich Co. | 1211 | (0.36)% | (1375) |
| &nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 1206 | (0.91)% | (1473) |
| &nbsp;&nbsp;&nbsp; Outfront Media, Inc. | 2449 | (0.94)% | (1912) |
| &nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 5802 | (1.57)% | (2596) |
| &nbsp;&nbsp;&nbsp; NewtekOne, Inc. | 8979 | (1.63)% | (2943) |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. — Class A | 623 | (1.60)% | (3551) |
| &nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 1888 | (1.39)% | (3578) |
| &nbsp;&nbsp;&nbsp; Merchants Bancorp | 2332 | (1.27)% | (3718) |
| &nbsp;&nbsp;&nbsp; Elme Communities | 5827 | (1.62)% | (4012) |
| &nbsp;&nbsp;&nbsp; Primis Financial Corp. | 2074 | (0.46)% | (4674) |

---

288 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd. | 3559 | (1.11)% | $(6205) |
| &nbsp;&nbsp;&nbsp; First Foundation, Inc. | 12680 | (1.25)% | (11569) |
|  **Total Financial** |  |  | 74571 |
|  **Energy** |  |  |  |
| &nbsp;&nbsp;&nbsp; Evolution Petroleum Corp. | 12853 | (0.73)% | 8027 |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc. — Class A | 1467 | (0.91)% | 2019 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc. | 2132 | (1.25)% | 1864 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. | 3126 | (1.20)% | 1324 |
| &nbsp;&nbsp;&nbsp; Archrock, Inc. | 1245 | (0.52)% | (751) |
| &nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 5504 | (1.41)% | (1469) |
| &nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc. | 1140 | (0.61)% | (1544) |
| &nbsp;&nbsp;&nbsp; BKV Corp. | 1583 | (0.69)% | (3034) |
| &nbsp;&nbsp;&nbsp; Seadrill Ltd. | 2021 | (1.12)% | (4487) |
|  **Total Energy** |  |  | 1949 |
|  **Industrial** |  |  |  |
| &nbsp;&nbsp;&nbsp; RXO, Inc. | 4595 | (0.93)% | 16662 |
| &nbsp;&nbsp;&nbsp; Knife River Corp. | 644 | (0.73)% | 9735 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 2238 | (0.95)% | 2880 |
| &nbsp;&nbsp;&nbsp; Exponent, Inc. | 1196 | (1.33)% | 952 |
| &nbsp;&nbsp;&nbsp; Radiant Logistics, Inc. | 4986 | (0.51)% | 128 |
| &nbsp;&nbsp;&nbsp; Amcor plc | 8481 | (1.13)% | (31) |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc. | 783 | (0.66)% | (1422) |
| &nbsp;&nbsp;&nbsp; XPO, Inc. | 581 | (1.26)% | (2143) |
| &nbsp;&nbsp;&nbsp; Ranpak Holdings Corp. | 5250 | (0.45)% | (2607) |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. — Class A | 1063 | (1.67)% | (3486) |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 2065 | (1.75)% | (3680) |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 709 | (1.63)% | (8167) |
|  **Total Industrial** |  |  | 8821 |
|  **Technology** |  |  |  |
| &nbsp;&nbsp;&nbsp; Conduent, Inc. | 17500 | (0.54)% | 14863 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp. | 7900 | (1.29)% | 6513 |
|  **Total Technology** |  |  | 21376 |
|  **Consumer, Cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc. | 562 | (0.39)% | 5546 |
| &nbsp;&nbsp;&nbsp; Capri Holdings Ltd. | 1044 | (0.41)% | 3422 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc. | 1815 | (0.43)% | (873) |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. | 17172 | (1.25)% | (1614) |
| &nbsp;&nbsp;&nbsp; RB Global, Inc. | 1025 | (1.69)% | (3394) |
| &nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc. | 5409 | (0.41)% | (4655) |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Sports Corp. — Class A | 454 | (1.88)% | (16153) |
|  **Total Consumer, Cyclical** |  |  | (17721) |
|  **Total MS Long/Short Equity Short Custom Basket** | **Total MS Long/Short Equity Short Custom Basket** |  | $152701 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated 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; 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 December 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Custom Basket Swap — Type "Receive" indicates that the Fund receives the indicated financing rate. For such swaps, the Fund receives payments for any negative net return on the underlying reference obligation. The Fund makes payments for any positive net return on the underlying reference obligation. Type "Pay" indicates that the Fund pays the indicated financing rate. For such swaps, the Fund receives payments for any positive net return on the underlying reference obligation. The Fund makes payments for any negative net return on the underlying reference obligation. |
|  | &nbsp;&nbsp;&nbsp; MS — Morgan Stanley Capital Services LLC |
|  | &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. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 289

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (continued) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 | $6793723 | $— | $— | $6793723 |
|  Master Limited Partnership | 40 |  |  | 40 |
|  Rights | — \* |  | — \* |  |
|  Mutual Funds | 6838664 |  |  | 6838664 |
|  Closed-End Mutual Funds | 1466434 |  |  | 1466434 |
|  U.S. Treasury Bills |  | 1790716 |  | 1790716 |
|  Repurchase Agreements |  | 5909734 |  | 5909734 |
|  Commodity Futures Contracts\*\* | 192012 |  |  | 192012 |
|  Equity Futures Contracts\*\* | 28493 | 65347 |  | 93840 |
|  Interest Rate Futures Contracts\*\* | 535 | 17449 |  | 17984 |
|  Currency Futures Contracts\*\* | 11849 |  |  | 11849 |
|  Equity Custom Basket Swap Agreements\*\* |  | 741696 |  | 741696 |
|  Total Assets | $15331750 | $8524942 | $— | $23856692 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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** |
|  Common Stocks Sold Short | $1164622 | $— | $— | $1164622 |
|  Exchange-Traded Funds Sold Short | 1690003 |  |  | 1690003 |
|  Commodity Futures Contracts\*\* | 113393 |  |  | 113393 |
|  Equity Futures Contracts\*\* | 51980 | 3776 |  | 55756 |
|  Currency Futures Contracts\*\* | 24676 |  |  | 24676 |
|  Interest Rate Futures Contracts\*\* | 3633 | 6471 |  | 10104 |
|  Total Liabilities | $3048307 | $10247 | $— | $3058554 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Includes securities with a market value of $0. |
| \*\* | &nbsp;&nbsp;&nbsp; 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, Guggenheim Strategy Fund III and Guggenheim Variable Insurance 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, 2025 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/1601445/000139834425021351/fp0095397-6_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.

290 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

Transactions during the year ended December 31, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 12/31/25** | **Shares <br> 12/31/25** | **Investment <br> Income** |
| **Mutual Funds** | **Mutual Funds** |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $1669543 | $— | $— | $— | $(2687) | $1666856 | 67185 | $87812 |
| &nbsp;&nbsp; Guggenheim Strategy Fund III | 2475267 |  |  |  | (2978) | 2472289 | 99249 | 132365 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 547395 |  |  |  | 3828 | 551223 | 54685 | 23989 |
| &nbsp;&nbsp; Guggenheim Variable Insurance Strategy Fund III | 2158683 |  |  |  | (10387) | 2148296 | 86555 | 115341 |
|  | $6850888 | $— | $— | $— | $(12224) | $6838664 |  | $359507 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 291

**MULTI-HEDGE STRATEGIES FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $9,836,512) | $10050913 |
|  Investments in affiliated issuers, at value (cost $6,865,317) | 6838664 |
|  Repurchase agreements, at value (cost $5,909,734) | 5909734 |
|  Cash | 5183229 |
|  Segregated cash with broker | 897402 |
|  Unrealized appreciation on OTC swap agreements | 741696 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 231448 |
| &nbsp;&nbsp;&nbsp; Dividends | 39153 |
| &nbsp;&nbsp;&nbsp; Interest | 626 |
|  Other assets | 9781 |
|  **Total assets** | 29902646 |
|  **Liabilities:** | **Liabilities:** |
|  Securities sold short, at value (proceeds $2,828,128) | 2854625 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 847480 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 224618 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 92408 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 27731 |
| &nbsp;&nbsp;&nbsp; Management fees | 25212 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 320 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 11935 |
|  **Total liabilities** | 4084329 |
|  **Net assets** | $25818317 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $30432247 |
|  Total distributable earnings (loss) | (4613930) |
|  Net assets | $25818317 |
|  Capital shares outstanding | 1099270 |
|  Net asset value per share | $23.49 |

---

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $408) | $173393 |
|  Dividends from securities of affiliated issuers | 359507 |
|  Interest | 421416 |
|  Income from securities lending, net | 1631 |
|  Interest related to securities sold short | 114058 |
| &nbsp;&nbsp;&nbsp; Total investment income | 1070005 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 328265 |
|  Short sales dividend expense | 111395 |
|  Miscellaneous | 7133 |
| &nbsp;&nbsp;&nbsp; Total expenses | 446793 |
|  Less: | Less: |
|  Expenses waived by Adviser | (13645) |
|  Net expenses | 433148 |
|  Net investment income | 636857 |
|  **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 | 822087 |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers sold short | (340654) |
| &nbsp;&nbsp;&nbsp; Distributions received from unaffiliated investment companies | 7661 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (243680) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (1060513) |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (6916) |
|  Net realized loss | (822015) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (39334) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (12224) |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers sold short | 98184 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 374473 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (144459) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | (241) |
|  Net change in unrealized appreciation (depreciation) | 276399 |
|  Net realized and unrealized loss | (545616) |
|  **Net increase in net assets resulting from operations** | $91241 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

292 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MULTI-HEDGE STRATEGIES FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $636857 | $775951 |
|  Net realized loss on investments | (822015) | (363488) |
|  Net change in unrealized appreciation (depreciation) on investments | 276399 | (1632099) |
|  Net increase (decrease) in net assets resulting from operations | 91241 | (1219636) |
|  Distributions to shareholders | (622986) | (1863918) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 4253672 | 8041664 |
|  Distributions reinvested | 622986 | 1863918 |
|  Cost of shares redeemed | (11971140) | (16016403) |
|  Net decrease from capital share transactions | (7094482) | (6110821) |
|  Net decrease in net assets | (7626227) | (9194375) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 33444544 | 42638919 |
| &nbsp;&nbsp;&nbsp; End of year | $25818317 | $33444544 |
|  **Capital share activity:** |  |  |
|  Shares sold | 182229 | 309408 |
|  Shares issued from reinvestment of distributions | 27228 | 73731 |
|  Shares redeemed | (516031) | (622765) |
|  Net decrease in shares | (306574) | (239626) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 293

**MULTI-HEDGE STRATEGIES FUND**<br>

**CONSOLIDATED 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> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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 | $23.79 | $25.91 | $25.56 | $27.01 | $25.62 |
|  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> | .54 | .52 | .57 | .09 | (.12) |
|  Net gain (loss) on investments (realized and unrealized) | (.30) | (1.36) | .52 | (.96) | 2.18 |
|  Total from investment operations | .24 | (.84) | 1.09 | (.87) | 2.06 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.54) | (1.28) | (.74) | (.31) |  |
|  Net realized gains |  |  |  | (.27) | (.67) |
|  Total distributions | (.54) | (1.28) | (.74) | (.58) | (.67) |
|  Net asset value, end of period | $23.49 | $23.79 | $25.91 | $25.56 | $27.01 |
|  **Total Return<sup>b</sup>** | **1.25%** | **(3.66** **%)** | **4.37%** | **(3.40** **%)** | **8.10%** |
|  **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) | $25818 | $33445 | $42639 | $50009 | $43849 |
|  Ratios 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) | 2.32% | 2.04% | 2.23% | 0.33% | (0.45%) |
|  Total expenses<sup>c</sup> | 1.63% | 1.71% | 1.62% | 1.58% | 1.92% |
|  Net expenses<sup>d,e</sup> | 1.58% | 1.66% | 1.55% | 1.53% | 1.87% |
|  Portfolio turnover rate | 163% | 144% | 194% | 187% | 180% |

---

<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 take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<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> Excluding interest and/or dividend expense related to short sales, the net expense ratios for the years presented would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **12/31/25** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** |
|  1.17% | 1.16% | 1.15% | 1.15% | 1.16% |

---

294 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | December 31, 2025 |
| **U.S. GOVERNMENT MONEY MARKET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.1%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/30/26<sup>1</sup> | $2100000 | $2093944 |
| &nbsp;&nbsp;&nbsp; 3.86% due 01/09/26<sup>1</sup> | 2000000 | 1998284 |
| &nbsp;&nbsp;&nbsp; 3.59% due 02/25/26<sup>1</sup> | 2000000 | 1989031 |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/28/26<sup>1</sup> | 1500000 | 1495972 |
| &nbsp;&nbsp;&nbsp; 3.75% due 03/20/26<sup>1</sup> | 1500000 | 1487813 |
|  Fannie Mae | Fannie Mae | Fannie Mae |
| &nbsp;&nbsp;&nbsp; 3.55% due 01/16/26<sup>1</sup> | 2000000 | 1997042 |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 3.73% due 01/13/26<sup>◊,1</sup> | 1000000 | 1000004 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 3.58% due 01/20/26<sup>1</sup> | 850000 | 848396 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $12,910,486) |  | 12910486 |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 18.0%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 18.0%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 18.0%** |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 3.76% (U.S. Prime Rate - 2.99%, Rate Floor: 0.00%) due 06/18/26<sup>◊</sup> | 2000000 | 2000637 |
| &nbsp;&nbsp;&nbsp; 3.71% (U.S. Prime Rate - 3.04%, Rate Floor: 0.00%) due 05/21/26<sup>◊</sup> | 2000000 | 2000201 |
| &nbsp;&nbsp;&nbsp; 3.68% (Fed Funds Effective Rate + 0.04%, Rate Floor: 0.00%) due 01/06/26<sup>◊</sup> | 2000000 | 2000005 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 3.76% (SOFR + 0.05%, Rate Floor: 0.00%) due 07/20/26<sup>◊</sup> | 2000000 | 2000000 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,000,843) |  | 8000843 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 8.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.3%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.55% due 02/10/26<sup>1</sup> | 2000000 | 1992103 |
| &nbsp;&nbsp;&nbsp; 3.75% due 02/17/26<sup>1</sup> | 1700000 | 1691682 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,683,785) |  | 3683785 |
|  **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 2.3%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 2.3%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 2.3%** |
|  United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
| &nbsp;&nbsp;&nbsp; 3.85% (3 Month U.S. Treasury Bill Rate + 0.25%, Rate Floor: 0.00%) due 01/31/26<sup>◊</sup> | 1000000 | 1000149 |
|  **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,000,149) |  | 1000149 |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 42.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 42.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 42.6%** |
|  BofA Securities, Inc.<br> issued 12/31/25 at 3.81% <br> due 01/02/26 | 9440000 | 9440000 |
|  J.P. Morgan Securities LLC<br> issued 12/31/25 at 3.82% <br> due 01/02/26 | 9440000 | 9440000 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $18,880,000) |  | 18880000 |
|  **Total Investments - 100.3%** | **Total Investments - 100.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $44,475,263) | &nbsp;&nbsp;&nbsp; (Cost $44,475,263) | $44475263 |
|  **Other Assets & Liabilities, net - (0.3)%** | **Other Assets & Liabilities, net - (0.3)%** | (142114) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $44333149 |

---

---

| | |
|:---|:---|
| <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 December 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. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 295

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | December 31, 2025 |
| **U.S. GOVERNMENT MONEY MARKET FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at December 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 Discount Notes | $— | $12910486 | $— | $12910486 |
|  Federal Agency Notes |  | 8000843 |  | 8000843 |
|  U.S. Treasury Bills |  | 3683785 |  | 3683785 |
|  U.S. Government Securities |  | 1000149 |  | 1000149 |
|  Repurchase Agreements |  | 18880000 |  | 18880000 |
|  Total Assets | $— | $44475263 | $— | $44475263 |

---

296 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**U.S. GOVERNMENT MONEY MARKET FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
|  December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $25,595,263) | $25595263 |
|  Repurchase agreements, at value (cost $18,880,000) | 18880000 |
|  Cash | 7164 |
|  Interest receivable | 64552 |
|  **Total assets** | 44546979 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 73270 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 36604 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 26358 |
| &nbsp;&nbsp;&nbsp; Printing fees | 22143 |
| &nbsp;&nbsp;&nbsp; Management fees | 19017 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 9509 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 5895 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 440 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 20594 |
|  **Total liabilities** | 213830 |
|  **Net assets** | $44333149 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $44332996 |
|  Total distributable earnings (loss) | 153 |
|  Net assets | $44333149 |
|  Capital shares outstanding | 44320359 |
|  Net asset value per share | $1.00 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
|  Year Ended December 31, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Interest | $1971855 |
| &nbsp;&nbsp;&nbsp; Total investment income | 1971855 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 230089 |
|  Investor service fees | 115045 |
|  Transfer agent fees | 123817 |
|  Professional fees | 77554 |
|  Portfolio accounting and administration fees | 71327 |
|  Custodian fees | 6606 |
|  Trustees' fees\* | 5474 |
|  Miscellaneous | 53542 |
| &nbsp;&nbsp;&nbsp; Total expenses | 683454 |
|  Net investment income | 1288401 |
|  **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 | 152 |
|  Net realized gain | 152 |
|  **Net increase in net assets resulting from operations** | $1288553 |

---

\* 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 \| 297

**U.S. GOVERNMENT MONEY MARKET FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> December 31, <br> 2025** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $1288401 | $1565009 |
|  Net realized gain on investments | 152 | 139 |
|  Net change in unrealized appreciation (depreciation) on investments |  |  |
|  Net increase in net assets resulting from operations | 1288553 | 1565148 |
|  Distributions to shareholders | (1288539) | (1575385) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 38805966 | 53331921 |
|  Distributions reinvested | 1288539 | 1575385 |
|  Cost of shares redeemed | (38138780) | (53145160) |
|  Net increase from capital share transactions | 1955725 | 1762146 |
|  Net increase in net assets | 1955739 | 1751909 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of year | 42377410 | 40625501 |
| &nbsp;&nbsp;&nbsp; End of year | $44333149 | $42377410 |
|  **Capital share activity:** |  |  |
|  Shares sold | 38806554 | 53332992 |
|  Shares issued from reinvestment of distributions | 1287951 | 1574314 |
|  Shares redeemed | (38138780) | (53145160) |
|  Net increase in shares | 1955725 | 1762146 |

---

298 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**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> December 31, <br> 2025** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 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> | .03 | .04 | .04 | .01 | — <sup>b</sup> |
|  Net gain (loss) on investments (realized and unrealized) |  |  |  |  | — <sup>b</sup> |
|  Total from investment operations | .03 | .04 | .04 | .01 |  |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.03) | (.04) | (.04) | (.01) | (—)<sup>b</sup> |
|  Net realized gains |  |  | (—)<sup>b</sup> | (—)<sup>b</sup> | (—)<sup>b</sup> |
|  Total distributions | (.03) | (.04) | (.04) | (.01) | (—)<sup>b</sup> |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>c</sup>** | **2.84%** | **3.89%** | **3.71%** | **0.73%** | **0.00** **%<sup>**e**</sup>** |
|  **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) | $44333 | $42377 | $40626 | $87402 | $53732 |
|  Ratios 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) | 2.80% | 3.79% | 3.59% | 0.70% | — <sup>e</sup> |
|  Total expenses | 1.49% | 1.43% | 1.45% | 1.39% | 1.29% |
|  Net expenses<sup>d</sup> | 1.49% | 1.43% | 1.45% | 0.91% | 0.08% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Less than $0.01 per share.

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 299

**NOTES TO FINANCIAL STATEMENTS**<br>

**Note 1 – Organization and Significant Accounting Policies** 

**Organization** 

Rydex Variable Trust (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. At December 31, 2025, the Trust consisted of forty-eight Funds. The Trust offers shares of the Funds to insurance companies for their variable annuity and variable life insurance contracts.

This report covers the following Funds:

---

| | |
|:---|:---|
| **Fund Name** | **Diversification <br> Status** |
|  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 2x Strategy Fund  | Non-diversified |
|  Inverse Dow 2x Strategy Fund  | Non-diversified |
|  Mid-Cap 1.5x Strategy Fund | Non-diversified |
|  Inverse Mid-Cap Strategy Fund | Non-diversified |
|  NASDAQ-100<sup>®</sup> Fund | Non-diversified |
|  NASDAQ-100<sup>®</sup> 2x Strategy 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> 2x Strategy Fund  | Non-diversified |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | Non-diversified |
|  Nova Fund | Non-diversified |
|  S&P 500<sup>®</sup> 2x Strategy 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 |
|  Government Long Bond 1.2x Strategy Fund | Diversified |
|  Inverse Government Long Bond Strategy Fund | Diversified |
|  High Yield 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 |
|  Commodities Strategy Fund | Non-diversified |
|  Global Managed Futures Strategy Fund | Diversified |
|  Multi-Hedge Strategies Fund | Diversified |
|  U.S. Government Money Market Fund | Diversified |

---

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.

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.

**Consolidation of Subsidiaries** 

The consolidated financial statements of the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (each, a "Subsidiary" and together, the "Subsidiaries"). Significant inter-company accounts and transactions have been eliminated in consolidation for the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund. The Notes to Financial Statements presented herein are consolidated with respect to the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund and include the accounts of the Subsidiaries.

Each of the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund may invest up to 25% of its total assets in its respective Subsidiary, which is intended to provide the Fund with exposure to certain investments consistent with the Fund's investment objective and policies while enabling the Fund to satisfy source-of-income requirements that

300 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

apply to regulated investment companies ("RICs") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code").

A summary of each Fund's investment in its respective Subsidiary is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Inception <br> Date of <br> Subsidiary** | **Subsidiary <br> Net Assets at <br> December 31, <br> 2025** | **% of Net <br> Assets of <br> the Fund at <br> December 31, <br> 2025** |
|  Commodities Strategy Fund | 07/21/09 | $783221 | 17.6% |
|  Global Managed Futures Strategy Fund | 11/07/08 | 1913102 | 15.5% |
|  Multi-Hedge Strategies Fund | 04/15/09 | 1132693 | 4.4% |

---

**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 net asset value per share ("NAV") of each Fund is calculated by dividing the current value of the Fund's securities and other assets, less all liabilities, by the number of outstanding shares of that Fund on the specified date.

**(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. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.

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 listed 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.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 301

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

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 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.

In general, portfolio securities and assets of a Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio securities and assets of a Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value." Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. 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 based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a portfolio security or asset at the price a Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset.

**(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.

302 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**(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.

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 December 31, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

Dividend and interest income from holdings in non-U.S. securities is recorded net of non-U.S. taxes paid. Management has analyzed the Funds' tax positions taken on federal and applicable state income tax returns as well as its tax positions in non-U.S. jurisdictions in which it trades for the current tax year and has concluded that as of December 31, 2025, no additional provisions for income tax are required in the Funds' financial statements. The Funds' tax positions for the tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service, state departments of revenue and by foreign tax authorities. During the year ended December 31, 2025, cash paid for income taxes in foreign jurisdictions, net of refunds received, if any, was immaterial to the Funds.

**(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.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 303

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**(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) 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 3.64% at December 31, 2025.

**(k) 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 may utilize derivatives for the following purposes:

**Duration:** the use of an instrument to manage the interest rate risk of a portfolio.

**Hedge:** an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.

**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.

**Speculation:** the use of an instrument to express macro-economic and other investment views.

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.

304 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**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 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:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 2x Strategy Fund  | Index exposure, Leverage, Liquidity | $3856039 | $— |
|  Inverse Dow 2x Strategy Fund  | Index exposure, Leverage, Liquidity |  | 35600 |
|  Mid-Cap 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 52913 |  |
|  NASDAQ-100<sup>®</sup> Fund | Index exposure, Liquidity | 14881704 |  |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | Index exposure, Leverage, Liquidity | 71723954 |  |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Index exposure, Leverage, Liquidity |  | 98213 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 702255 |  |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | Index exposure, Leverage, Liquidity | 1241475 |  |
|  Nova Fund | Index exposure, Leverage, | 10753008 |  |
|  S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 18647741 |  |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 459054 |
|  Government Long Bond 1.2x Strategy Fund | Duration, Index exposure, Leverage, Liquidity | 3155570 |  |
|  Inverse Government Long Bond Strategy Fund | Duration, Index exposure, Liquidity |  | 470297 |
|  High Yield Strategy Fund | Duration, Index exposure, Liquidity | 6453093 |  |
|  Europe 1.25x Strategy Fund | Index exposure, Leverage, Liquidity | 4439646 |  |
|  Japan 2x Strategy Fund | Index exposure, Leverage, Liquidity | 6231405 |  |
|  Strengthening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity | 2209103 |  |
|  Weakening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 915463 |
|  Commodities Strategy Fund | Index exposure, Liquidity | 5420145 |  |
|  Global Managed Futures Strategy Fund | Hedge, Leverage, Liquidity, Speculation | 25136006 | 16706867 |
|  Multi-Hedge Strategies Fund | Duration, Hedge, Index exposure, Leverage, Liquidity, Speculation | 33095527 | 18631767 |

---

**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 and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index or custom basket of securities) for a fixed or variable interest rate. Total return and custom basket 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 or custom basket 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.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 305

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The following table represents the Funds' use and volume of total return swaps on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 2x Strategy Fund  | Index exposure, Leverage, Liquidity | $5878458 | $— |
|  Inverse Dow 2x Strategy Fund  | Index exposure, Leverage, Liquidity |  | 1444878 |
|  Mid-Cap 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 2629367 |  |
|  Inverse Mid-Cap Strategy Fund | Index exposure, Liquidity |  | 128755 |
|  NASDAQ-100<sup>®</sup> Fund | Index exposure, Liquidity | 10944931 |  |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | Index exposure, Leverage, Liquidity | 83235221 |  |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 1309953 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 1806329 |  |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | Index exposure, Leverage, Liquidity | 9860156 |  |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 621348 |
|  Nova Fund | Index exposure, Leverage, Liquidity | 17411409 |  |
|  S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 80374227 |  |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 838745 |
|  High Yield Strategy Fund | Duration, Index exposure, Liquidity | 54677 |  |

---

The following table represents the Funds' use and volume of custom basket swaps on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |
|  Multi-Hedge Strategies Fund | Hedge, Index exposure, Leverage, Liquidity, Speculation | $10914308 | $8380635 |

---

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:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 | $846050 | $— |
|  Weakening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 276774 |

---

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

306 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

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 following table represents the Funds' use and volume of credit default swaps on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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** |
|  High Yield Strategy Fund | Duration, Index exposure, Liquidity | $5983333 | $— |

---

**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 December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Derivative Investment Type** | **Asset Derivatives** | **Liability Derivatives** |
|  Commodity/Currency/Equity/Interest rate futures contracts  | Variation margin on futures contracts  | Variation margin on futures contracts  |
|  Credit/Currency/Equity swap agreements  | Unrealized appreciation on OTC swap agreements <br> Unamortized upfront premiums paid on credit default swap agreements | 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 December 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** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate Risk\*** | **Swaps <br> Interest <br> Rate Risk\*** | **Futures<br> Commodity<br> Risk\*** | **Swaps <br> Credit <br> Risk\*** | **Total Value at<br> December 31, <br> 2025** |
|  Dow 2x Strategy Fund  | $— | $70757 | $— | $— | $— | $— | $— | $— | $70757 |
|  Inverse Dow 2x Strategy Fund  |  | 2735 |  |  |  |  |  |  | 2735 |
|  Mid-Cap 1.5x Strategy Fund |  | 120342 |  |  |  |  |  |  | 120342 |
|  NASDAQ-100<sup>®</sup> Fund | 45987 | 252319 |  |  |  |  |  |  | 298306 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  |  | 615017 |  |  |  |  |  |  | 615017 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund |  | 76111 |  |  |  |  |  |  | 76111 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  |  | 66352 |  |  |  |  |  |  | 66352 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund |  | 1328 |  |  |  |  |  |  | 1328 |
|  Nova Fund | 3664 | 187740 |  |  |  |  |  |  | 191404 |
|  S&P 500<sup>®</sup> 2x Strategy Fund |  | 1829940 |  |  |  |  |  |  | 1829940 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund |  | 11802 |  |  |  |  |  |  | 11802 |
|  Inverse Government Long Bond Strategy Fund |  |  |  |  | 5071 |  |  |  | 5071 |
|  High Yield Strategy Fund |  |  |  |  |  |  |  | 21416 | 21416 |
|  Europe 1.25x Strategy Fund | 11429 |  | 13928 |  |  |  |  |  | 25357 |
|  Japan 2x Strategy Fund | 1788 |  |  |  |  |  |  |  | 1788 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 307

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate Risk\*** | **Swaps <br> Interest <br> Rate Risk\*** | **Futures<br> Commodity<br> Risk\*** | **Swaps <br> Credit <br> Risk\*** | **Total Value at<br> December 31, <br> 2025** |
|  Strengthening Dollar 2x Strategy Fund | $— | $— | $938 | $4677 | $— | $— | $— | $— | $5615 |
|  Weakening Dollar 2x Strategy Fund |  |  | 4642 | 9 |  |  |  |  | 4651 |
|  Commodities Strategy Fund |  |  |  |  |  |  | 106300 |  | 106300 |
|  Global Managed Futures Strategy Fund | 149928 |  | 12090 |  | 43179 |  | 251535 |  | 456732 |
|  Multi-Hedge Strategies Fund | 93840 | 741696 | 11849 |  | 17984 |  | 192012 |  | 1057381 |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate Risk\*** | **Swaps <br> Interest <br> Rate Risk\*** | **Futures<br> Commodity<br> Risk\*** | **Swaps <br> Credit <br> Risk\*** | **Total Value at<br> December 31, <br> 2025** |
|  Dow 2x Strategy Fund  | $55974 | $— | $— | $— | $— | $— | $— | $— | $55974 |
|  Inverse Mid-Cap Strategy Fund |  | 4013 |  |  |  |  |  |  | 4013 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | 116119 |  |  |  |  |  |  |  | 116119 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund |  | 6659 |  |  |  |  |  |  | 6659 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 26507 |  |  |  |  |  |  |  | 26507 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | 40149 | 18093 |  |  |  |  |  |  | 58242 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund |  | 6158 |  |  |  |  |  |  | 6158 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 41249 |  |  |  |  |  |  |  | 41249 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund |  | 2446 |  |  |  |  |  |  | 2446 |
|  Government Long Bond 1.2x Strategy Fund |  |  |  |  | 3575 |  |  |  | 3575 |
|  High Yield Strategy Fund |  |  |  |  | 19931 |  |  | 16 | 19947 |
|  Japan 2x Strategy Fund | 1343 |  | 13263 |  |  |  |  |  | 14606 |
|  Global Managed Futures Strategy Fund | 27270 |  | 14679 |  | 3686 |  | 68215 |  | 113850 |
|  Multi-Hedge Strategies Fund | 55756 |  | 24676 |  | 10104 |  | 113393 |  | 203929 |

---

 \* Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Funds' Schedules of Investments. For exchange-traded and centrally-cleared derivatives, variation margin is reported within the Funds' 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 December 31, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain (Loss) on Derivatives** |
|  Commodity/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  |

---

308 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

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 December 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** | **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 <br> Rate <br> Risk** | **Futures <br> Commodity <br> Risk** | **Swaps <br> Credit <br> Risk** | **Total** |
|  Dow 2x Strategy Fund  | $99845 | $449200 | $— | $— | $— | $— | $— | $549045 |
|  Inverse Dow 2x Strategy Fund  | (60048) | (805412) |  |  |  |  |  | (865460) |
|  Mid-Cap 1.5x Strategy Fund | (25279) | (70300) |  |  |  |  |  | (95579) |
|  Inverse Mid-Cap Strategy Fund |  | (19043) |  |  |  |  |  | (19043) |
|  NASDAQ-100<sup>®</sup> Fund | 5714784 | 1147067 |  |  |  |  |  | 6861851 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | 4738243 | 10885652 |  |  |  |  |  | 15623895 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | (139258) | (618253) |  |  |  |  |  | (757511) |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 47723 | (150719) |  |  |  |  |  | (102996) |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | (404479) | (2830772) |  |  |  |  |  | (3235251) |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund |  | (187915) |  |  |  |  |  | (187915) |
|  Nova Fund | 140291 | 1766429 |  |  |  |  |  | 1906720 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 670919 | 14223995 |  |  |  |  |  | 14894914 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | (57512) | (10019) |  |  |  |  |  | (67531) |
|  Government Long Bond 1.2x Strategy Fund |  |  |  |  | 129266 |  |  | 129266 |
|  Inverse Government Long Bond Strategy Fund |  |  |  |  | 8058 |  |  | 8058 |
|  High Yield Strategy Fund |  |  |  |  | 109399 |  | 293085 | 402484 |
|  Europe 1.25x Strategy Fund | (13218) |  | 232099 |  |  |  |  | 218881 |
|  Japan 2x Strategy Fund | 665981 |  | (221821) |  |  |  |  | 444160 |
|  Strengthening Dollar 2x Strategy Fund |  |  | (263460) | (39765) |  |  |  | (303225) |
|  Weakening Dollar 2x Strategy Fund |  |  | 59357 | 20078 |  |  |  | 79435 |
|  Commodities Strategy Fund |  |  |  |  |  | 319080 |  | 319080 |
|  Global Managed Futures Strategy Fund | 1063564 |  | (360704) |  | (685939) | 23268 |  | 40189 |
|  Multi-Hedge Strategies Fund | (90788) | (243680) | (381543) |  | (153956) | (434226) |  | (1304193) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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 <br> Rate <br> Risk** | **Futures <br> Commodity <br> Risk** | **Swaps <br> Credit <br> Risk** | **Total** |
|  Dow 2x Strategy Fund  | $(48204) | $36255 | $— | $— | $— | $— | $— | $(11949) |
|  Inverse Dow 2x Strategy Fund  | (7388) | 7159 |  |  |  |  |  | (229) |
|  Mid-Cap 1.5x Strategy Fund | 16977 | 159062 |  |  |  |  |  | 176039 |
|  Inverse Mid-Cap Strategy Fund |  | (4824) |  |  |  |  |  | (4824) |
|  NASDAQ-100<sup>®</sup> Fund | 253621 | 768740 |  |  |  |  |  | 1022361 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | 197252 | 4866819 |  |  |  |  |  | 5064071 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund |  | (24685) |  |  |  |  |  | (24685) |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 11724 | 95689 |  |  |  |  |  | 107413 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | 86841 | 685931 |  |  |  |  |  | 772772 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund |  | (8443) |  |  |  |  |  | (8443) |
|  Nova Fund | 253249 | 409603 |  |  |  |  |  | 662852 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 168465 | 2300918 |  |  |  |  |  | 2469383 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | (4546) | 6561 |  |  |  |  |  | 2015 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 309

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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** | **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 <br> Rate <br> Risk** | **Futures <br> Commodity <br> Risk** | **Swaps <br> Credit <br> Risk** | **Total** |
|  Government Long Bond 1.2x Strategy Fund | $— | $— | $— | $— | $(3639) | $— | $— | $(3639) |
|  Inverse Government Long Bond Strategy Fund |  |  |  |  | (24090) |  |  | (24090) |
|  High Yield Strategy Fund |  |  |  |  | 21470 |  | (24026) | (2556) |
|  Europe 1.25x Strategy Fund | 47876 |  | 36140 |  |  |  |  | 84016 |
|  Japan 2x Strategy Fund | (2540) |  | 68368 |  |  |  |  | 65828 |
|  Strengthening Dollar 2x Strategy Fund |  |  | (123809) | (15654) |  |  |  | (139463) |
|  Weakening Dollar 2x Strategy Fund |  |  | 15856 | 1173 |  |  |  | 17029 |
|  Commodities Strategy Fund |  |  |  |  |  | (43884) |  | (43884) |
|  Global Managed Futures Strategy Fund | 188292 |  | (158167) |  | (6948) | 119322 |  | 142499 |
|  Multi-Hedge Strategies Fund | 58312 | 374473 | (82229) |  | (86086) | (34456) |  | 230014 |

---

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.

310 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

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 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 RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 311

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

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<sup>1</sup>** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amount <br> of Assets <br> Presented <br> on the <br> Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Received** | <br>**Net Amount** |
|  Dow 2x Strategy Fund  | Swap equity agreements | $70757 | $— | $70757 | $— | $— | $70757 |
|  Inverse Dow 2x Strategy Fund  | Swap equity agreements | 2735 |  | 2735 |  |  | 2735 |
|  Mid-Cap 1.5x Strategy Fund | Swap equity agreements | 120342 |  | 120342 |  | (66075) | 54267 |
|  NASDAQ-100<sup>®</sup> Fund | Swap equity agreements | 252319 |  | 252319 |  | (91016) | 161303 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 615017 |  | 615017 |  | (540932) | 74085 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | Swap equity agreements | 76111 |  | 76111 |  |  | 76111 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | Swap equity agreements | 66352 |  | 66352 |  | (19696) | 46656 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | Swap equity agreements | 1328 |  | 1328 |  |  | 1328 |
|  Nova Fund | Swap equity agreements | 187740 |  | 187740 |  |  | 187740 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 1829940 |  | 1829940 |  | (1829940) |  |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | Swap equity agreements | 11802 |  | 11802 |  |  | 11802 |
|  High Yield Strategy Fund | Swap index agreements | 344 |  | 344 |  |  | 344 |
|  Strengthening Dollar 2x Strategy Fund | Currency swap agreements | 4677 |  | 4677 |  |  | 4677 |
|  Weakening Dollar 2x Strategy Fund | Currency swap agreements | 9 |  | 9 |  |  | 9 |
|  Multi-Hedge Strategies Fund | Custom basket swap agreements | 741696 |  | 741696 |  |  | 741696 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **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> Liabilities<sup>1</sup>** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amounts <br> of Liabilities <br> Presented <br> on the <br> Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Pledged** | <br>**Net Amount** |
|  Inverse Mid-Cap Strategy Fund | Swap equity agreements | $4013 | $— | $4013 | $— | $(1966) | $2047 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Swap equity agreements | 6659 |  | 6659 |  | (6659) |  |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | Swap equity agreements | 18093 |  | 18093 |  | (18093) |  |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | Swap equity agreements | 6158 |  | 6158 |  | (3478) | 2680 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | Swap equity agreements | 2446 |  | 2446 |  | (2446) |  |
|  High Yield Strategy Fund | Swap index agreements | 16 |  | 16 |  |  | 16 |

---

<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 and other instruments as of December 31, 2025.

312 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
|  Dow 2x Strategy Fund  | Barclays Bank plc | Total return swap agreements | $137000 | $— |
|  | BNP Paribas | Total return swap agreements | 61922 |  |
|  | Goldman Sachs International | Futures contracts | 28410 |  |
|  |  |  | 227332 |  |
|  Inverse Dow 2x Strategy Fund  | Barclays Bank plc | Total return swap agreements | 59000 |  |
|  | BNP Paribas | Total return swap agreements | 18278 |  |
|  |  |  | 77278 |  |
|  Mid-Cap 1.5x Strategy Fund | Barclays Bank plc | Total return swap agreements | 65491 |  |
|  | BNP Paribas | Total return swap agreements | 32183 |  |
|  | Goldman Sachs International | Total return swap agreements | 160000 |  |
|  |  |  | 257674 |  |
|  Inverse Mid-Cap Strategy Fund | BNP Paribas | Total return swap agreements | 1845 |  |
|  | Goldman Sachs International | Total return swap agreements | 20000 |  |
|  |  |  | 21845 |  |
|  NASDAQ-100<sup>®</sup> Fund | Barclays Bank plc | Total return swap agreements | 116000 |  |
|  | BNP Paribas | Total return swap agreements | 87676 |  |
|  | Goldman Sachs International | Futures contracts | 165378 |  |
|  | Goldman Sachs International | Total return swap agreements | 450000 |  |
|  |  |  | 819054 |  |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | Barclays Bank plc | Total return swap agreements | 343000 |  |
|  | BNP Paribas | Total return swap agreements | 218647 |  |
|  | Goldman Sachs International | Futures contracts | 174432 |  |
|  | Goldman Sachs International | Total return swap agreements |  | 870000 |
|  |  |  | 736079 | 870000 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Barclays Bank plc | Total return swap agreements | 16000 |  |
|  | BNP Paribas | Total return swap agreements | 17723 |  |
|  | Goldman Sachs International | Total return swap agreements | 40000 |  |
|  |  |  | 73723 |  |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | Barclays Bank plc | Total return swap agreements | 16393 |  |
|  | BNP Paribas | Total return swap agreements | 29386 |  |
|  | Goldman Sachs International | Futures contracts | 209 |  |
|  | Goldman Sachs International | Total return swap agreements | 40000 |  |
|  |  |  | 85988 |  |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | Barclays Bank plc | Total return swap agreements | 260280 |  |
|  | BNP Paribas | Total return swap agreements | 70666 |  |
|  | Goldman Sachs International | Futures contracts | 210136 |  |
|  | Goldman Sachs International | Total return swap agreements | 832357 | 140000 |
|  |  |  | 1373439 | 140000 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | Barclays Bank plc | Total return swap agreements | 10000 |  |
|  | BNP Paribas | Total return swap agreements | 9865 |  |
|  |  |  | 19865 |  |
|  Nova Fund | Barclays Bank plc | Total return swap agreements | 85000 |  |
|  | BNP Paribas | Total return swap agreements | 143614 |  |
|  | Goldman Sachs International | Futures contracts | 14346 |  |
|  | Goldman Sachs International | Total return swap agreements | 503000 |  |
|  |  |  | 745960 |  |
|  S&P 500<sup>®</sup> 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | 821000 | 1000000 |
|  | BNP Paribas | Total return swap agreements | 1591304 | 1180000 |
|  | Goldman Sachs International | Futures contracts | 515079 |  |
|  | Goldman Sachs International | Total return swap agreements |  | 470000 |
|  |  |  | 2927384 | 2650000 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | Barclays Bank plc | Total return swap agreements | 82000 |  |
|  | BNP Paribas | Total return swap agreements | 8952 |  |
|  | Goldman Sachs International | Total return swap agreements | 480000 |  |
|  |  |  | 570952 |  |
|  Government Long Bond 1.2x Strategy Fund | Goldman Sachs International | Futures contracts | 83071 |  |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 313

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
|  High Yield Strategy Fund | Barclays Bank plc | Credit default swap agreements | $28646 | $— |
|  | BNP Paribas | Total return swap agreements | 2392 |  |
|  | Goldman Sachs International | Futures contracts | 18186 |  |
|  |  |  | 49224 |  |
|  Europe 1.25x Strategy Fund | Goldman Sachs International | Futures contracts | 10267 |  |
|  Japan 2x Strategy Fund | Goldman Sachs International | Futures contracts | 55340 |  |
|  Strengthening Dollar 2x Strategy Fund | Goldman Sachs International | Total return swap agreements | 50000 |  |
|  Weakening Dollar 2x Strategy Fund | Goldman Sachs International | Futures contracts | 923 |  |
|  | Goldman Sachs International | Total return swap agreements | 19999 |  |
|  |  |  | 20922 |  |
|  Commodities Strategy Fund | Goldman Sachs International | Futures contracts | 147928 |  |
|  Global Managed Futures Strategy Fund | Goldman Sachs International | Futures contracts | 322630 |  |
|  Multi-Hedge Strategies Fund | Goldman Sachs International | Short equity positions | 543314 |  |
|  | Goldman Sachs International | Futures contracts | 267568 |  |
|  | Morgan Stanley Capital Services LLC | Custom basket swap agreements | 86520 |  |
|  |  |  | 897402 |  |

---

**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.

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.

314 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**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 2x Strategy Fund  | 0.90% |
|  Inverse Dow 2x Strategy Fund  | 0.90% |
|  Mid-Cap 1.5x Strategy Fund | 0.90% |
|  Inverse Mid-Cap Strategy Fund | 0.90% |
|  NASDAQ-100<sup>®</sup> Fund | 0.75% |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | 0.90% |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 0.90% |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 0.90% |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | 0.90% |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | 0.90% |
|  Nova Fund | 0.75% |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 0.90% |
|  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% |
|  Government Long Bond 1.2x Strategy Fund | 0.50% |
|  Inverse Government Long Bond Strategy Fund | 0.90% |
|  High Yield Strategy Fund | 0.75% |
|  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% |
|  Commodities Strategy Fund | 0.75% |
|  Global Managed Futures Strategy Fund | 0.90% |
|  Multi-Hedge Strategies Fund | 1.15% |
|  U.S. Government Money Market Fund | 0.50% |

---

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 RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 315

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The Board has adopted an Investor Services Plan for which GFD and other firms that provide investor services ("Service Providers") may receive compensation. The Funds will pay investor service fees to GFD at an annual rate not to exceed 0.25% of average daily net assets. GFD, in turn, will compensate Service Providers for providing such services, while retaining a portion of such payments to compensate itself for investor services it performs.

The Commodities Strategy Fund, Global Managed Futures Strategy Fund, and Multi-Hedge Strategies Fund invest in their respective Subsidiaries. Each Subsidiary has entered into a separate advisory agreement with the Advisor for the management of that Subsidiary's portfolio pursuant to which the Subsidiary pays the Advisor a management fee at the same rate that the Subsidiary's corresponding Fund pays the Advisor for services provided to that Fund. The Advisor has contractually agreed to waive the management fee it receives from each Fund in an amount equal to the management fee paid to the Advisor by the Fund's Subsidiary. Fees waived under this arrangement are not subject to reimbursement to GI. For the year ended December 31, 2025, the Commodities Strategy Fund, Global Managed Futures Strategy Fund, and Multi-Hedge Strategies Fund waived $7,695, $15,872 and $12,272, respectively, related to advisory fees in its respective Subsidiary.

For the Multi-Hedge Strategies Fund, the Advisor has contractually agreed to pay all operating expenses of the Fund, excluding interest expense and taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, short sales dividend and interest expense, and extraordinary expenses.

For the U.S. Government Money Market Fund, the Advisor and/or one or more of its affiliates may reimburse expenses or waive fees of the Fund to the extent necessary to maintain the Fund's net yield at a certain level as determined by the Advisor. Any such waiver or expense reimbursement would be voluntary and could be discontinued at any time. There is no guarantee that the Fund will be able to avoid a negative yield or to continue paying periodic dividends when the yield is not positive.

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 December 31, 2025, the following Funds waived fees related to investments in affiliated funds:

---

| | |
|:---|:---|
| **Fund** | **Amount Waived** |
|  Mid-Cap 1.5x Strategy Fund | $401 |
|  Inverse Mid-Cap Strategy Fund | 62 |
|  NASDAQ-100<sup>®</sup> Fund | 22847 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 471 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 635 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | 170 |
|  Nova Fund | 5084 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | 291 |
|  Government Long Bond 1.2x Strategy Fund | 513 |
|  Inverse Government Long Bond Strategy Fund | 1062 |
|  High Yield Strategy Fund | 1439 |
|  Europe 1.25x Strategy Fund | 455 |
|  Commodities Strategy Fund | 3216 |
|  Global Managed Futures Strategy Fund | 183 |
|  Multi-Hedge Strategies Fund | 1373 |

---

Effective June 1, 2021, GI has contractually agreed to waive and/or reimburse expenses for the Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Mid Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, NASDAQ-100<sup>®</sup> 2x Strategy Fund, Inverse NASDAQ-100<sup>®</sup> Strategy Fund, Russell 2000<sup>®</sup> 1.5x Strategy Fund, Russell 2000<sup>®</sup> 2x Strategy Fund, Inverse Russell 2000<sup>®</sup> Strategy Fund, S&P 500<sup>®</sup> 2x Strategy Fund, Inverse S&P 500<sup>®</sup> Strategy Fund, Inverse Government Long Bond 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 fee waiver will be honored by the Adviser through May 1, 2026 and shall automatically renew for additional one-year terms, unless GI provides written notice to the Funds of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated

316 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

at any time by the Funds' 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, 2023, GI has 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 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, NASDAQ-100<sup>®</sup> Fund, NASDAQ-100<sup>®</sup> 2x Strategy Fund, Inverse NASDAQ-100<sup>®</sup> Strategy Fund, Russell 2000<sup>®</sup> 1.5x Fund, Russell 2000<sup>®</sup> 2x Strategy Fund, Inverse Russell 2000<sup>®</sup> Strategy Fund, Nova Fund, S&P 500<sup>®</sup> 2x Strategy Fund, Inverse S&P 500<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, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund, Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund, Weakening Dollar 2x Strategy Fund and Commodities Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund's average daily net assets. This fee waiver will be honored by the Adviser through May 1, 2026 and 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 Funds' 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, 2024, GI has agreed to waive and/or reimburse, in addition to 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 fee waiver will be honored by the Adviser through May 1, 2026 and shall automatically renew for additional 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 Board upon sixty days written notice to GI. 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.

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.

At December 31, 2025, GI and its affiliates owned over twenty percent of the outstanding shares of the Funds, as follows:

---

| | |
|:---|:---|
| **Fund** | **Percent of <br> Outstanding Shares <br> Owned** |
|  High Yield Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38% |

---

MUFG Investor Services (US), LLC ("MUIS") serves 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. The Bank of New York Mellon ("BNY") serves as the Funds' custodian. Prior to September 29, 2025, U.S. Bank, N.A. ("U.S. Bank") served as the Funds' custodian. As custodian, BNY is responsible for the custody of the Funds' assets. For providing the aforementioned administrative, transfer agent and accounting services, MUIS is entitled to receive a monthly fee equal to a percentage of the Funds' average daily net assets and reimbursement for certain out of pocket expenses. For providing the aforementioned custodian services, BNY is entitled to receive a monthly fee equal to a percentage of each Fund's average daily net assets and reimbursement for certain out of pocket expenses. Subsequent to the Funds' year end, effective February 23, 2026, BNY replaced MUIS as the Funds' administrator, transfer agent and accounting agent.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 317

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**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 December 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** |
|  BofA Securities, Inc. |  |  | U.S. Treasury Strip |  |  |
| &nbsp;&nbsp; 3.81% |  |  | &nbsp;&nbsp; 0.00% |  |  |
| &nbsp;&nbsp; Due 01/02/26 | $35973716 | $35981330 | &nbsp;&nbsp; Due 08/15/51 | $130856500 | $36693209 |
|  J.P. Morgan Securities LLC |  |  | U.S. Treasury Floating Rate Note |  |  |
| &nbsp;&nbsp; 3.82% |  |  | &nbsp;&nbsp; 3.76% |  |  |
| &nbsp;&nbsp; Due 01/02/26 | 35973715 | 35981350 | &nbsp;&nbsp; Due 04/30/27 | 36438400 | 36693261 |

---

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, BNY acts as the lending agent (prior to September 29, 2025, U.S. Bank acted 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 BNY, cash collateral and proceeds are invested in the Dreyfus Treasury Obligations Cash Management Fund – Institutional Shares. 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.

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.

At December 31, 2025, none of the Funds had securities out on loan.

318 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**Note 8 – Federal Income Tax Information** 

The Funds intend to comply with the provisions of Subchapter M of 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 Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund intend to invest up to 25% of their assets in their respective Subsidiaries which is expected to provide the Funds with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. Each Fund has received a private letter ruling from the IRS that concludes that the income each Fund receives from its Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. Each Subsidiary is classified as a corporation for U.S. federal income tax purposes. Foreign corporations, such as the Subsidiaries, will generally not be subject to U.S. federal income taxation unless they are deemed to be engaged in a U.S. trade or business. If, during a taxable year, a Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the respective Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

The tax character of distributions paid during the year ended December 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Total <br> Distributions** |
|  Banking Fund | $39311 | $— | $39311 |
|  Basic Materials Fund | 82938 | 461457 | 544395 |
|  Biotechnology Fund | 149377 | 295743 | 445120 |
|  Consumer Products Fund | 81209 | 454779 | 535988 |
|  Electronics Fund | 741281 | 4398904 | 5140185 |
|  Energy Fund | 194317 |  | 194317 |
|  Energy Services Fund | 1990 |  | 1990 |
|  Financial Services Fund | 303341 |  | 303341 |
|  Health Care Fund | 138883 | 876858 | 1015741 |
|  Internet Fund | 214951 | 388457 | 603408 |
|  Precious Metals Fund | 658692 |  | 658692 |
|  Real Estate Fund | 60926 |  | 60926 |
|  Retailing Fund |  | 41004 | 41004 |
|  Technology Fund | 766428 | 1756960 | 2523388 |
|  Telecommunications Fund | 12316 |  | 12316 |
|  Utilities Fund | 164262 |  | 164262 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 319

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Total <br> Distributions** |
|  Dow 2x Strategy Fund | $64046 | $— | $64046 |
|  Inverse Dow 2x Strategy Fund | 49696 |  | 49696 |
|  Mid-Cap 1.5x Strategy Fund | 27931 |  | 27931 |
|  Inverse Mid-Cap Strategy Fund | 4727 |  | 4727 |
|  NASDAQ-100<sup>®</sup> Fund | 4186778 | 2885683 | 7072461 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | 10280229 |  | 10280229 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 37615 |  | 37615 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 43942 |  | 43942 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund | 342757 |  | 342757 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | 25607 |  | 25607 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 97896 |  | 97896 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | 103991 |  | 103991 |
|  S&P 500<sup>®</sup> Pure Growth Fund | 1359286 | 2218533 | 3577819 |
|  S&P 500<sup>®</sup> Pure Value Fund | 207714 | 814095 | 1021809 |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | 512239 |  | 512239 |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 8323 | 679840 | 688163 |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund |  | 295618 | 295618 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Total <br> Distributions** |
|  Government Long Bond 1.2x Strategy Fund | $242014 | $— | $242014 |
|  Inverse Government Long Bond Strategy Fund | 126347 |  | 126347 |
|  High Yield Strategy Fund | 497872 |  | 497872 |
|  Europe 1.25x Strategy Fund | 59949 |  | 59949 |
|  Japan 2x Strategy Fund | 57308 |  | 57308 |
|  Strengthening Dollar 2x Strategy Fund | 91331 |  | 91331 |
|  Weakening Dollar 2x Strategy Fund | 41737 |  | 41737 |
|  Commodities Strategy Fund | 214784 |  | 214784 |
|  Global Managed Futures Strategy Fund | 212863 |  | 212863 |
|  Multi-Hedge Strategies Fund | 622986 |  | 622986 |
|  U.S. Government Money Market Fund | 1288532 | 7 | 1288539 |

---

The tax character of distributions paid during the year ended December 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Total <br> Distributions** |
|  Banking Fund | $62928 | $— | $62928 |
|  Basic Materials Fund | 64199 |  | 64199 |
|  Biotechnology Fund | 18640 | 939085 | 957725 |
|  Consumer Products Fund | 101574 |  | 101574 |
|  Electronics Fund | 459070 |  | 459070 |
|  Energy Fund | 356907 |  | 356907 |
|  Financial Services Fund | 143097 | 148 | 143245 |
|  Health Care Fund | 373241 | 20394 | 393635 |
|  Leisure Fund | 2061 |  | 2061 |
|  Precious Metals Fund | 292332 |  | 292332 |
|  Real Estate Fund | 57969 |  | 57969 |
|  Technology Fund | 519273 | 360793 | 880066 |
|  Telecommunications Fund | 14001 |  | 14001 |
|  Transportation Fund | 7975 |  | 7975 |
|  Utilities Fund | 161312 |  | 161312 |

---

320 \| 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 2x Strategy Fund | $96119 | $— | $96119 |
|  Inverse Dow 2x Strategy Fund | 58940 |  | 58940 |
|  Mid-Cap 1.5x Strategy Fund | 25946 |  | 25946 |
|  Inverse Mid-Cap Strategy Fund | 6469 |  | 6469 |
|  NASDAQ-100<sup>®</sup> Fund | 499809 | 2364693 | 2864502 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 91254 |  | 91254 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 42928 |  | 42928 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund | 306807 | 5284 | 312091 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | 37982 |  | 37982 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 183943 |  | 183943 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | 193469 |  | 193469 |
|  S&P 500<sup>®</sup> Pure Growth Fund | 15298 | 107013 | 122311 |
|  S&P 500<sup>®</sup> Pure Value Fund | 247566 |  | 247566 |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund |  | 981 | 981 |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 164106 | 197742 | 361848 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary <br> Income** | **Long-Term <br> Capital Gain** | **Total <br> Distributions** |
|  Government Long Bond 1.2x Strategy Fund | $229414 | $— | $229414 |
|  Inverse Government Long Bond Strategy Fund | 143890 |  | 143890 |
|  High Yield Strategy Fund | 386203 |  | 386203 |
|  Europe 1.25x Strategy Fund | 119505 |  | 119505 |
|  Japan 2x Strategy Fund | 55630 |  | 55630 |
|  Strengthening Dollar 2x Strategy Fund | 94410 |  | 94410 |
|  Weakening Dollar 2x Strategy Fund | 35982 |  | 35982 |
|  Commodities Strategy Fund | 280887 |  | 280887 |
|  Global Managed Futures Strategy Fund | 584520 |  | 584520 |
|  Multi-Hedge Strategies Fund | 1863918 |  | 1863918 |
|  U.S. Government Money Market Fund | 1565227 | 10158 | 1575385 |

---

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 December 31, 2025 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-Term <br> Capital Gain**  | **Net Unrealized <br> Appreciation <br> (Depreciation)** | **Accumulated <br> Capital and <br> Other Losses** | **Other <br> Temporary <br> Differences** | **Total** |
|  Banking Fund | $62039 | $— | $2402132 | $(279432) | $— | $2184739 |
|  Basic Materials Fund | 404760 | 336605 | 2994513 |  |  | 3735878 |
|  Biotechnology Fund |  | 416207 | 5269296 |  |  | 5685503 |
|  Consumer Products Fund | 71372 | 397539 | 2052893 |  |  | 2521804 |
|  Electronics Fund |  |  | 10927793 |  |  | 10927793 |
|  Energy Fund | 114789 |  | 3239069 | (284284) |  | 3069574 |
|  Energy Services Fund | 7847 |  | 780320 | (9767275) |  | (8979108) |
|  Financial Services Fund | 43959 | 505154 | 5058859 |  |  | 5607972 |
|  Health Care Fund |  | 770647 | 5649764 |  |  | 6420411 |
|  Internet Fund |  | 571056 | 2808159 |  |  | 3379215 |
|  Leisure Fund |  | 188857 | 1361443 |  |  | 1550300 |
|  Precious Metals Fund | 2579078 |  | 23316112 | (13935234) |  | 11959956 |
|  Real Estate Fund | 53679 | 83717 | 1288141 |  | 8922 | 1434459 |
|  Retailing Fund |  | 41437 | 1186122 |  |  | 1227559 |
|  Technology Fund | 385845 |  | 16101894 |  |  | 16487739 |
|  Telecommunications Fund | 70375 |  | 770197 |  |  | 840572 |
|  Transportation Fund | 992 |  | 1661886 | (306483) |  | 1356395 |
|  Utilities Fund | 131346 |  | 5662153 | (4906008) |  | 887491 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 321

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-Term <br> Capital Gain**  | **Net Unrealized <br> Appreciation <br> (Depreciation)** | **Accumulated <br> Capital and <br> Other Losses** | **Other <br> Temporary <br> Differences** | **Total** |
|  Dow 2x Strategy Fund | $145637 | $— | $2104010 | $— | $— | $2249647 |
|  Inverse Dow 2x Strategy Fund | 28821 |  | 2736 | (25945530) |  | (25913973) |
|  Mid-Cap 1.5x Strategy Fund | 11193 | 136796 | 793896 |  |  | 941885 |
|  Inverse Mid-Cap Strategy Fund | 3152 |  | (3281) | (2074960) |  | (2075089) |
|  NASDAQ-100<sup>®</sup> Fund | 7383796 | 209346 | 56141553 |  |  | 63734695 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | 8941127 |  | 21805954 |  |  | 30747081 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 40851 |  | (5554) | (10502148) |  | (10466851) |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 19679 |  | 271237 | (1184623) | 1 | (893706) |
|  Russell 2000<sup>®</sup> 2x Strategy Fund | 139289 |  | 98283 | (4537591) |  | (4300019) |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | 17410 |  | (3133) | (8653829) |  | (8639552) |
|  Nova Fund | 1457419 |  | 8633662 |  |  | 10091081 |
|  S&P 500<sup>®</sup> 2x Strategy Fund |  |  | 22228663 | (253) |  | 22228410 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | 35821 |  | 11271 | (19944391) |  | (19897299) |
|  S&P 500<sup>®</sup> Pure Growth Fund | 346482 |  | 4250028 |  |  | 4596510 |
|  S&P 500<sup>®</sup> Pure Value Fund | 872451 | 537428 | 1218258 |  |  | 2628137 |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund |  | 760195 | 807343 |  |  | 1567538 |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund |  |  | 384632 |  |  | 384632 |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund |  |  | 781285 | (273146) |  | 508139 |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund | 383960 |  | (283549) |  |  | 100411 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund**  | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-Term <br> Capital Gain**  | **Net Unrealized <br> Appreciation <br> (Depreciation)** | **Accumulated <br> Capital and <br> Other Losses** | **Other <br> Temporary <br> Differences** | **Total** |
|  Government Long Bond 1.2x Strategy Fund | $— | $– $| (49068) | $(22525690) | $— | $(22574758) |
|  Inverse Government Long Bond Strategy Fund | 48508 | – | 16912 | (6222939) |  | (6157519) |
|  High Yield Strategy Fund | 411235 | – | 20606 | (710025) |  | (278184) |
|  Europe 1.25x Strategy Fund | 53528 | – | 312411 | (293275) |  | 72664 |
|  Japan 2x Strategy Fund | 36387 | – | 97 | (1512283) |  | (1475799) |
|  Strengthening Dollar 2x Strategy Fund | 41079 | – | 5 | (1091173) |  | (1050089) |
|  Weakening Dollar 2x Strategy Fund | 14793 | – | 3 | (2026010) |  | (2011214) |
|  Commodities Strategy Fund | 668874 | – | (6892689) | (584786) | (269059) | (7077660) |
|  Global Managed Futures Strategy Fund | 359843 | – | (2275814) | (106258) | 788339 | (1233890) |
|  Multi-Hedge Strategies Fund | 722151 | – | (3533555) | (2109845) | 307319 | (4613930) |
|  U.S. Government Money Market Fund | 153 | – |  |  |  | 153 |

---

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 December 31, 2025, capital loss carryforwards for the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Unlimited** | **Unlimited** | |
| <br>**Fund**  | **Short-Term** | **Long-Term** | <br>**Total <br> Capital Loss <br> Carryforward** |
|  Banking Fund | $(279432) | $— | $(279432) |
|  Energy Fund | (284284) |  | (284284) |
|  Energy Services Fund | (1963837) | (7803438) | (9767275) |
|  Precious Metals Fund | (4041598) | (9893636) | (13935234) |
|  Transportation Fund | (306483) |  | (306483) |
|  Utilities Fund | (4906008) |  | (4906008) |

---

322 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| | **Unlimited** | **Unlimited** | |
| <br>**Fund**  | **Short-Term** | **Long-Term** | <br>**Total <br> Capital Loss <br> Carryforward** |
|  Inverse Dow 2x Strategy Fund | $(23468328) | $(2477202) | $(25945530) |
|  Inverse Mid-Cap Strategy Fund | (1945793) | (129167) | (2074960) |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | (9572801) | (929347) | (10502148) |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | (1027209) | (157414) | (1184623) |
|  Russell 2000<sup>®</sup> 2x Strategy Fund | (4334807) | (202784) | (4537591) |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | (7795036) | (858793) | (8653829) |
|  S&P 500<sup>®</sup> 2x Strategy Fund |  | (253) | (253) |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | (18062658) | (1881733) | (19944391) |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | (273146) |  | (273146) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Unlimited** | **Unlimited** | |
| <br>**Fund**  | **Short-Term** | **Long-Term** | <br>**Total <br> Capital Loss <br> Carryforward** |
|  Government Long Bond 1.2x Strategy Fund | $(17620959) | $(4904731) | $(22525690) |
|  Inverse Government Long Bond Strategy Fund | (4317765) | (1905174) | (6222939) |
|  High Yield Strategy Fund | (186209) | (523816) | (710025) |
|  Europe 1.25x Strategy Fund | (293275) |  | (293275) |
|  Japan 2x Strategy Fund | (595412) | (916871) | (1512283) |
|  Strengthening Dollar 2x Strategy Fund | (458802) | (632371) | (1091173) |
|  Weakening Dollar 2x Strategy Fund | (828556) | (1197454) | (2026010) |
|  Commodities Strategy Fund | (584786) |  | (584786) |
|  Global Managed Futures Strategy Fund |  | (106258) | (106258) |
|  Multi-Hedge Strategies Fund | (899878) | (1201163) | (2101041) |

---

For the year ended December 31, 2025, the following capital loss carryforward amounts were utilized:

---

| | |
|:---|:---|
| **Fund** | **Utilized** |
|  Banking Fund | $66014 |
|  Leisure Fund | 170155 |
|  Precious Metals Fund | 2437498 |
|  Real Estate Fund | 26467 |
|  Telecommunications Fund | 490495 |
|  Transportation Fund | 88291 |
|  Utilities Fund | 657284 |

---

---

| | |
|:---|:---|
| **Fund** | **Utilized** |
|  Nova Fund | $1605717 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 15657161 |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 377703 |

---

---

| | |
|:---|:---|
| **Fund** | **Utilized** |
|  Government Long Bond 1.2x Strategy Fund | $412257 |
|  Inverse Government Long Bond Strategy Fund | 21835 |
|  High Yield Strategy Fund | 184135 |
|  Europe 1.25x Strategy Fund | 291337 |
|  Japan 2x Strategy Fund | 509996 |
|  Weakening Dollar 2x Strategy Fund | 96463 |
|  Commodities Strategy Fund | 1520 |
|  Global Managed Futures Strategy Fund | 80352 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 323

**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, 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), net operating losses, and foreign taxes. Additional differences may result from investments in swap agreements and the "mark-to-market" of certain derivatives. Further differences may be due to foreign currency gains and losses, distribution reclasses, investments in securities sold short, and straddles loss deferrals. In Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund, differences may also result from transactions with the Funds' wholly owned subsidiaries.

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, and with respect to Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund on the Consolidated Statements of Assets and Liabilities, as of December 31, 2025 for permanent book/tax differences:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Paid In <br> Capital** | **Total <br> Distributable <br> Earnings/(Loss)** |
|  Basic Materials Fund | $197949 | $(197949) |
|  Biotechnology Fund | 595006 | (595006) |
|  Consumer Products Fund | 91334 | (91334) |
|  Electronics Fund | 1492555 | (1492555) |
|  Energy Fund | 5649 | (5649) |
|  Financial Services Fund | 418319 | (418319) |
|  Health Care Fund | 719263 | (719263) |
|  Internet Fund | 236711 | (236711) |
|  Leisure Fund | 114734 | (114734) |
|  Precious Metals Fund | (887) | 887 |
|  Real Estate Fund | 103989 | (103989) |
|  Retailing Fund | 12163 | (12163) |
|  Technology Fund | 1932283 | (1932283) |

---

---

| | | |
|:---|:---|:---|
| **Fund**  | **Paid In <br> Capital** | **Total <br> Distributable <br> Earnings/(Loss)** |
|  Dow 2x Strategy Fund | $485399 | $(485399) |
|  Mid-Cap 1.5x Strategy Fund | 17147 | (17147) |
|  NASDAQ-100<sup>®</sup> Fund | 13360887 | (13360887) |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | 19464363 | (19464363) |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 1 | (1) |
|  Nova Fund | 1779908 | (1779908) |
|  S&P 500<sup>®</sup> 2x Strategy Fund | (95170) | 95170 |
|  S&P 500<sup>®</sup> Pure Growth Fund | 2391883 | (2391883) |
|  S&P 500<sup>®</sup> Pure Value Fund | 285982 | (285982) |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | 86916 | (86916) |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 359787 | (359787) |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | (66059) | 66059 |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund | 26230 | (26230) |

---

---

| | | |
|:---|:---|:---|
| **Fund**  | **Paid In <br> Capital** | **Total <br> Distributable <br> Earnings/(Loss)** |
|  Government Long Bond 1.2x Strategy Fund | $(19) | $19 |
|  Commodities Strategy Fund | 344991 | (344991) |
|  Global Managed Futures Strategy Fund | 63678 | (63678) |
|  Multi-Hedge Strategies Fund | (424057) | 424057 |

---

324 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

At December 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Tax <br> Cost** | **Tax <br> Unrealized <br> Appreciation** | **Tax <br> Unrealized <br> Depreciation** | **Net Tax <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
|  Banking Fund | $4781614 | $2406119 | $(3987) | $2402132 |
|  Basic Materials Fund | 4884637 | 3071913 | (77400) | 2994513 |
|  Biotechnology Fund | 6449633 | 5419871 | (150575) | 5269296 |
|  Consumer Products Fund | 2982284 | 2213145 | (160252) | 2052893 |
|  Electronics Fund | 10964457 | 10978417 | (50624) | 10927793 |
|  Energy Fund | 4855387 | 3274375 | (35306) | 3239069 |
|  Energy Services Fund | 1951367 | 783916 | (3596) | 780320 |
|  Financial Services Fund | 6067668 | 5147450 | (88591) | 5058859 |
|  Health Care Fund | 5033749 | 5772950 | (123186) | 5649764 |
|  Internet Fund | 2406206 | 2826687 | (18528) | 2808159 |
|  Leisure Fund | 3750380 | 1404373 | (42930) | 1361443 |
|  Precious Metals Fund | 17631458 | 23334817 | (18705) | 23316112 |
|  Real Estate Fund | 2477759 | 1296526 | (8385) | 1288141 |
|  Retailing Fund | 1924717 | 1212305 | (26183) | 1186122 |
|  Technology Fund | 12812538 | 16408822 | (306928) | 16101894 |
|  Telecommunications Fund | 3019348 | 829060 | (58863) | 770197 |
|  Transportation Fund | 1805502 | 1663040 | (1154) | 1661886 |
|  Utilities Fund | 4267616 | 5669897 | (7744) | 5662153 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Tax <br> Cost** | **Tax <br> Unrealized <br> Appreciation** | **Tax <br> Unrealized <br> Depreciation** | **Net Tax <br> Unrealized <br> Appreciation/ <br> (Depreciation)** |
|  Dow 2x Strategy Fund | $5650884 | $2138605 | $(34595) | $2104010 |
|  Inverse Dow 2x Strategy Fund | 448711 | 2736 |  | 2736 |
|  Mid-Cap 1.5x Strategy Fund | 2577493 | 913472 | (119576) | 793896 |
|  Inverse Mid-Cap Strategy Fund | 94816 | 732 | (4013) | (3281) |
|  NASDAQ-100<sup>®</sup> Fund | 65379353 | 56437742 | (296189) | 56141553 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | 129976679 | 22649552 | (843598) | 21805954 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 447988 | 1105 | (6659) | (5554) |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 2494050 | 417028 | (145791) | 271237 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund | 5268414 | 137757 | (39474) | 98283 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | 218822 | 3025 | (6158) | (3133) |
|  Nova Fund | 32568736 | 8692860 | (59198) | 8633662 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 86919195 | 23188273 | (959610) | 22228663 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | 3309250 | 13717 | (2446) | 11271 |
|  S&P 500<sup>®</sup> Pure Growth Fund | 20516146 | 4434711 | (184683) | 4250028 |
|  S&P 500<sup>®</sup> Pure Value Fund | 16324788 | 1328679 | (110421) | 1218258 |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | 8264997 | 956909 | (149566) | 807343 |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 6615328 | 521924 | (137292) | 384632 |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 9970663 | 971355 | (190070) | 781285 |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund | 12196050 | 276905 | (560454) | (283549) |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 325

**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)** |
|  Government Long Bond 1.2x Strategy Fund | $6026545 | $— | $(49068) | $(49068) |
|  Inverse Government Long Bond Strategy Fund | 1328539 | 16912 |  | 16912 |
|  High Yield Strategy Fund | 6713773 | 51214 | (30608) | 20606 |
|  Europe 1.25x Strategy Fund | 2419326 | 314619 | (2187) | 312432 |
|  Japan 2x Strategy Fund | 1648453 | 3283 | (3186) | 97 |
|  Strengthening Dollar 2x Strategy Fund | 1110860 | 5 |  | 5 |
|  Weakening Dollar 2x Strategy Fund | 379902 | 3 |  | 3 |
|  Commodities Strategy Fund | 11930910 |  | (6892689) | (6892689) |
|  Global Managed Futures Strategy Fund | 16553664 |  | (2275865) | (2275865) |
|  Multi-Hedge Strategies Fund | 25131629 |  | (3533572) | (3533572) |
|  U.S. Government Money Market Fund | 44475263 |  |  |  |

---

**Note 9 – Securities Transactions**

For the year ended December 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 | $6674644 | $4356662 |
|  Basic Materials Fund | 6647290 | 6698667 |
|  Biotechnology Fund | 55557196 | 56779641 |
|  Consumer Products Fund | 2734262 | 3395839 |
|  Electronics Fund | 15391696 | 24914566 |
|  Energy Fund | 50003061 | 51231710 |
|  Energy Services Fund | 82363842 | 83234372 |
|  Financial Services Fund | 10973738 | 12397863 |
|  Health Care Fund | 9934253 | 11921982 |
|  Internet Fund | 4165267 | 5208253 |
|  Leisure Fund | 15105933 | 15022373 |
|  Precious Metals Fund | 49175289 | 50277680 |
|  Real Estate Fund | 10322147 | 10443033 |
|  Retailing Fund | 8290010 | 7722034 |
|  Technology Fund | 47849795 | 48716849 |
|  Telecommunications Fund | 23034573 | 24535883 |
|  Transportation Fund | 45467474 | 46304857 |
|  Utilities Fund | 27641596 | 30254658 |

---

326 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Dow 2x Strategy Fund  | $58855147 | $60324403 |
|  Inverse Dow 2x Strategy Fund  |  |  |
|  Mid-Cap 1.5x Strategy Fund | 602321 | 1492675 |
|  Inverse Mid-Cap Strategy Fund |  |  |
|  NASDAQ-100<sup>®</sup> Fund | 174980186 | 198886110 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | 568680572 | 563228408 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund |  | 135000 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 100771 | 824251 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  |  |  |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund |  | 35000 |
|  Nova Fund | 66138417 | 64476730 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 89547201 | 47681027 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund |  |  |
|  S&P 500<sup>®</sup> Pure Growth Fund | 56501874 | 63562586 |
|  S&P 500<sup>®</sup> Pure Value Fund | 46741200 | 49702605 |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | 18290998 | 21855402 |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 17517280 | 18314407 |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 26859080 | 24169289 |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund | 24772669 | 22671319 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Government Long Bond 1.2x Strategy Fund | $— | $50000 |
|  Inverse Government Long Bond Strategy Fund |  | 350000 |
|  High Yield Strategy Fund |  |  |
|  Europe 1.25x Strategy Fund | 7809989 | 7401861 |
|  Japan 2x Strategy Fund |  |  |
|  Strengthening Dollar 2x Strategy Fund |  |  |
|  Weakening Dollar 2x Strategy Fund |  |  |
|  Commodities Strategy Fund |  | 600000 |
|  Global Managed Futures Strategy Fund |  |  |
|  Multi-Hedge Strategies Fund | 33703221 | 35343731 |
|  U.S. Government Money Market Fund |  |  |

---

For the year ended December 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 | $370962797 | $370747203 |
|  Inverse Government Long Bond Strategy Fund | 28247703 | 25154688 |

---

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 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 December 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 Gain (Loss)** |
|  Banking Fund | $932352 | $1088072 | $(20491) |
|  Basic Materials Fund | 1108468 | 778017 | (4869) |
|  Biotechnology Fund | 1305380 | 1963820 | 86955 |
|  Consumer Products Fund | 394018 | 286306 | 29212 |
|  Electronics Fund | 3196188 | 2073642 | 161945 |
|  Energy Fund | 10078150 | 9173379 | (7236) |
|  Energy Services Fund | 5062224 | 4858598 | 64086 |
|  Financial Services Fund | 2024177 | 1831779 | 96320 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 327

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Realized Gain (Loss)** |
|  Health Care Fund | $2029880 | $3761136 | $(1493) |
|  Internet Fund | 1091973 | 816135 | 121087 |
|  Leisure Fund | 1232787 | 2429035 | 130246 |
|  Precious Metals Fund | 11718238 | 9234119 | 680725 |
|  Real Estate Fund | 1981614 | 2074324 | 29427 |
|  Retailing Fund | 1128692 | 1189109 | 10550 |
|  Technology Fund | 6071675 | 5763981 | 90198 |
|  Telecommunications Fund | 3335693 | 1409110 | 8580 |
|  Transportation Fund | 2310055 | 1210047 | 2750 |
|  Utilities Fund | 3082447 | 3709336 | 230848 |
|  Dow 2x Strategy Fund | 7592550 | 7457555 | 88573 |
|  Mid-Cap 1.5x Strategy Fund | 193338 | 693740 | 135456 |
|  NASDAQ-100<sup>®</sup> Fund | 120357181 | 125099320 | 8553967 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | 130765013 | 160069923 | 5703552 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund |  | 410629 | (19468) |
|  Nova Fund | 35060963 | 23093939 | 1266473 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 46786862 | 28179164 | (333431) |
|  S&P 500<sup>®</sup> Pure Growth Fund | 7498560 | 7541665 | 697914 |
|  S&P 500<sup>®</sup> Pure Value Fund | 4163280 | 3279590 | (12855) |
|  S&P MidCap 400 Pure Growth Fund | 1678564 | 3254979 | 355159 |
|  S&P MidCap 400 Pure Value Fund | 907292 | 952906 | (76418) |
|  S&P SmallCap 600 Pure Growth Fund | 1541998 | 1553762 | 130279 |
|  S&P SmallCap 600 Pure Value Fund | 1525383 | 4371230 | 29246 |
|  Europe 1.25x Strategy Fund | 843624 | 1278362 | 75670 |

---

**Note 10 – Line of Credit** 

The Trust, along with other affiliated trusts, previously secured an uncommitted $200,000,000 line of credit from U.S. Bank that terminated on September 23, 2025. On September 26, 2025, a new, uncommitted $200,000,000 line of credit agreement was entered into with BNY, which expires on September 25, 2026. This line of credit is reserved for temporary or emergency purposes, and the Funds' general business purposes. Borrowings, if any, under this arrangement bear interest which varies between the greater of BNY's "overnight rate", the secured overnight financing rate ("SOFR"), the Federal Funds Rate, or 0%, plus 1%, which shall be paid monthly. The effective interest rate averaged 5.50% for the year ended December 31, 2025. The Funds did not have any borrowings outstanding under this agreement at December 31, 2025.

The average daily balances borrowed for the year ended December 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Daily Balance** |
|  Banking Fund | $247 |
|  Basic Materials Fund | 1099 |
|  Biotechnology Fund | 167 |
|  Consumer Products Fund | 90 |
|  Electronics Fund | 655 |
|  Energy Fund | 233 |
|  Energy Services Fund | 841 |
|  Financial Services Fund |  |
|  Health Care Fund | 99 |
|  Internet Fund | 367 |
|  Leisure Fund | 636 |
|  Precious Metals Fund | 88 |
|  Real Estate Fund | 115 |
|  Retailing Fund |  |
|  Technology Fund | 3249 |
|  Telecommunications Fund | 1564 |
|  Transportation Fund |  |
|  Utilities Fund | 1151 |
|  Inverse Mid-Cap Strategy Fund | 5 |
|  NASDAQ-100<sup>®</sup> Fund | 2181 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | 195 |

---

328 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | |
|:---|:---|
| **Fund** | **Average Daily Balance** |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | $49 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund | 641 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 1449 |
|  S&P 500<sup>®</sup> Pure Growth Fund | 170 |
|  S&P 500<sup>®</sup> Pure Value Fund | 52 |
|  S&P MidCap 400 Pure Growth Fund | 301 |
|  S&P MidCap 400 Pure Value Fund | 1800 |
|  S&P SmallCap 600 Pure Growth Fund | 329 |
|  S&P SmallCap 600 Pure Value Fund | 132 |

---

**Note 11 – Reverse Share Splits** 

Effective February 18, 2025, a reverse share split occurred for the following Funds:

---

| | |
|:---|:---|
| **Fund** | **Split Type** |
|  Inverse Dow 2x Strategy Fund | One-for-five reverse split |
|  Inverse Mid-Cap Strategy Fund | One-for-five reverse split |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | One-for-ten reverse split |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | One-for-five reverse split |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | One-for-five reverse split |
|  Government Long Bond 1.2x Strategy Fund | One-for-ten 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 Funds' Statements of Changes in Net Assets and the per share data in the financial highlights reflect the reverse share split effective February 18, 2025. There were no changes in net assets, results of operations or total return as a result of the transactions.

**Note 12 – Segment Reporting** 

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) as a component of a public entity 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 – Recent Accounting Pronouncements**

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740)—Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect any Fund's financial position or the results of its operations.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 329

**NOTES TO FINANCIAL STATEMENTS** (concluded)<br>

**Note 14 – 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, environmental or man-made disasters, or geological events, governmental actions, actual or threatened imposition of 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 15 – 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.

330 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

To the Shareholders and the Board of Trustees of Rydex Variable Trust

**Opinion on the Financial Statements** 

We have audited the accompanying consolidated statements of assets and liabilities of Guggenheim Global Managed Futures Strategy Fund, Guggenheim Multi-Hedge Strategies Fund and Rydex Commodities Strategy Fund (three of the funds constituting Rydex Variable Trust (the "Trust")), including the consolidated schedules of investments, as of December 31, 2025, and the related consolidated statements of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "consolidated financial statements"). We have also 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, Nova Fund, Inverse S&P 500<sup>®</sup> Strategy Fund, NASDAQ-100<sup>®</sup> Fund, Inverse NASDAQ-100<sup>®</sup> Strategy Fund, S&P 500<sup>®</sup> 2x Strategy Fund, NASDAQ-100<sup>®</sup> 2x Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000<sup>®</sup> 2x Strategy Fund, Russell 2000<sup>®</sup> 1.5x Strategy Fund, Inverse Russell 2000<sup>®</sup> Strategy Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund, U.S. Government Money Market 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, Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund (forty-five of the funds constituting the Trust) (collectively, together with Guggenheim Global Managed Futures Strategy Fund, Guggenheim Multi-Hedge Strategies Fund and Rydex Commodities Strategy Fund, referred to as the "Funds"), including the schedules of investments, as of December 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, together with the consolidated financial statements, referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position, or the consolidated financial position, of each of the Funds at December 31, 2025, and the results, or the consolidated results, of their operations for the year then ended, the changes, or the consolidated changes in net assets for each of the two years in the period then ended and the financial highlights or consolidated 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 December 31, 2025, by

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 331

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** (concluded)<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.

![](fp0096640-50_332.jpg)

We have served as the auditor of one or more Guggenheim investment companies since 1979.

Tysons, Virginia

February 26, 2026

332 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**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 $31,046 of foreign tax withholding on foreign source income of $186,199.

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 December 31, 2025, the following Funds had the corresponding percentages qualify for the dividends received deduction for corporations.

---

| | |
|:---|:---|
| **Fund** | **Dividend <br> Received <br> Deduction** |
|  Banking Fund | 100.00% |
|  Basic Materials Fund | 99.93% |
|  Biotechnology Fund | 60.72% |
|  Consumer Products Fund | 100.00% |
|  Electronics Fund | 30.17% |
|  Energy Fund | 100.00% |
|  Energy Services Fund | 100.00% |
|  Financial Services Fund | 47.76% |
|  Health Care Fund | 95.88% |
|  Internet Fund | 5.68% |
|  Precious Metals Fund | 10.77% |
|  Real Estate Fund | 5.24% |
|  Technology Fund | 16.48% |
|  Telecommunications Fund | 100.00% |
|  Utilities Fund | 100.00% |

---

---

| | |
|:---|:---|
| **Fund** | **Dividend <br> Received <br> Deduction** |
|  Dow 2x Strategy Fund | 100.00% |
|  Mid-Cap 1.5x Strategy Fund | 100.00% |
|  NASDAQ-100<sup>®</sup> Fund | 19.07% |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | 6.29% |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 36.29% |
|  Russell 2000<sup>®</sup> 2x Strategy Fund | 0.82% |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 100.00% |
|  S&P 500<sup>®</sup> Pure Growth Fund | 10.48% |
|  S&P 500<sup>®</sup> Pure Value Fund | 100.00% |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | 15.25% |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 100.00% |

---

---

| | |
|:---|:---|
| **Fund** | **Dividend <br> Received <br> Deduction** |
|  Multi-Hedge Strategies Fund | 37.40% |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 333

**OTHER INFORMATION** (Unaudited)(continued)<br>

With respect to the taxable year ended December 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 <br> long-term <br> capital gain:**  | **From long-term capital <br> gain, using proceeds <br> from shareholder <br> redemptions:** |
|  Basic Materials Fund | $461457 | $197949 |
|  Biotechnology Fund | 295743 | 608621 |
|  Consumer Products Fund | 454779 | 91334 |
|  Electronics Fund | 4398904 | 1661269 |
|  Financial Services Fund |  | 418319 |
|  Health Care Fund | 876858 | 730119 |
|  Internet Fund | 388457 | 268943 |
|  Leisure Fund |  | 125075 |
|  Real Estate Fund |  | 103989 |
|  Retailing Fund | 41004 | 14465 |
|  Technology Fund | 1756960 | 1077007 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **From <br> long-term <br> capital gain:**  | **From long-term capital <br> gain, using proceeds <br> from shareholder <br> redemptions:** |
|  Dow 2x Strategy Fund | $— | $297924 |
|  Mid-Cap 1.5x Strategy Fund |  | 17154 |
|  NASDAQ-100<sup>®</sup> Fund | 2885683 | 13360887 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund |  | 10218823 |
|  Nova Fund |  | 1378873 |
|  S&P 500<sup>®</sup> Pure Growth Fund | 2218533 | 2078967 |
|  S&P 500<sup>®</sup> Pure Value Fund | 814095 | 286014 |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund |  | 107009 |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 679840 | 215945 |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund | 295618 |  |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **From <br> long-term <br> capital gain:**  | **From long-term capital <br> gain, using proceeds <br> from shareholder <br> redemptions:** |
|  U.S. Government Money Market Fund | $7 | $— |

---

**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.

334 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**OTHER INFORMATION** (Unaudited)(concluded)<br>

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 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.

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, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds' Forms N-PORT and N-Q are available on the SEC's website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 335

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**<br>

Note: This is not applicable for any fund included in this document.

336 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**<br>

Note: This is not applicable for any fund included in this document.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 337

**Item 10: Remuneration 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.

338 \| 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 \| 339

This page intentionally left blank.

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.](fp0096640-51_ex99code.htm)

(a)(2) Not applicable.

[(a)(3) 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.](fp0096640-51_ex99cert.htm)

(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.](fp0096640-51_ex99906cert.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 Binder |
|  | Brian Binder, President and Chief Executive Officer (Principal Executive Officer) |

---

Date <u> March 6, 2026</u>

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 Binder |
|  | Brian Binder, President and Chief Executive Officer (Principal Executive Officer) |

---

Date <u> March 6, 2026</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ James Howley |
|  | James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer<br> (Principal Financial and Accounting Officer) |

---

Date <u> March 6, 2026</u>

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

<u>Procedure Number: IC23.4</u>

**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 5

    <u>Procedure Number: IC23.4</u>

\* \* \*

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 5

    <u>Procedure Number: IC23.4</u>

**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 5

    <u>Procedure Number: IC23.4</u>

**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 5

    <u>Procedure Number: IC23.4</u>

**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**

**Rydex Series Funds**

**Rydex Dynamic Funds**

**Rydex Variable Trust**

**Guggenheim Investments Private Credit Fund**

Page 5 of 5

## Ex-99.Cert

EX.-19(a)(2)(i)

**CERTIFICATION**

I, Brian Binder, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Variable Trust;

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: March 6, 2026 |  |
|  | /s/ Brian Binder |
|  | Brian Binder |
|  | President and Chief Executive Officer |
|  | (Principal 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 Variable Trust;

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: March 6, 2026 |  |
|  | /s/ James Howley |
|  | James Howley, |
|  | Chief Financial Officer, Chief Accounting Officer, and Treasurer |
|  | (Principal Financial and Accounting Officer) |

---

## 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 Variable Trust (the "Registrant") each certify that:

&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;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Registrant.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ Brian E. Binder |
|  | Brian E. Binder<br> President and Chief Executive Officer <br> (Principal Executive Officer) |

---

---

| | |
|:---|:---|
| Date: March 6, 2026 | /s/ James Howley |
|  | James Howley<br> Chief Financial Officer, Chief Accounting Officer and Treasurer<br> (Principal Financial and Accounting Officer) |

---