# EDGAR Filing Document

**Accession Number:** 0001092720
**File Stem:** 0001398344-25-011389
**Filing Date:** 2025-6
**Character Count:** 610192
**Document Hash:** e6bd7a39463dbe4a12e9b53e682e7122
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011389.hdr.sgml**: 20250605

**ACCESSION NUMBER**: 0001398344-25-011389

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250605

**DATE AS OF CHANGE**: 20250605

**EFFECTIVENESS DATE**: 20250605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RYDEX DYNAMIC FUNDS
- **CENTRAL INDEX KEY:** 0001092720

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09525
- **FILM NUMBER:** 251027890

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEWCO TRUST
- **DATE OF NAME CHANGE:** 19990806

## Series and Classes Contracts Data

### S&P 500 2x Strategy Fund (Series ID: S000003698)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010355 | A            | RYTTX           |
| C000010356 | C            | RYCTX           |
| C000010357 | H            | RYTNX           |

### Inverse S&P 500 2x Strategy Fund (Series ID: S000003702)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010361 | A            | RYTMX           |
| C000010362 | C            | RYCBX           |
| C000010363 | H            | RYTPX           |

### NASDAQ-100(R) 2x Strategy Fund (Series ID: S000003703)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010364 | A            | RYVLX           |
| C000010365 | C            | RYCCX           |
| C000010366 | H            | RYVYX           |

### Inverse NASDAQ-100(R) 2x Strategy Fund (Series ID: S000003704)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010367 | A            | RYVTX           |
| C000010368 | C            | RYCDX           |
| C000010369 | H            | RYVNX           |

### Dow 2x Strategy Fund (Series ID: S000003705)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010370 | A            | RYLDX           |
| C000010371 | C            | RYCYX           |
| C000010372 | H            | RYCVX           |

### Inverse Dow 2x Strategy Fund (Series ID: S000003706)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010373 | A            | RYIDX           |
| C000010374 | C            | RYCZX           |
| C000010375 | H            | RYCWX           |

### Russell 2000 2x Strategy Fund (Series ID: S000012142)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000033105 | A-Class Shares | RYRUX           |
| C000033106 | C-Class Shares | RYRLX           |
| C000033107 | H-Class Shares | RYRSX           |

### Inverse Russell 2000 2x Strategy Fund (Series ID: S000012143)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000033108 | A-Class Shares | RYIUX           |
| C000033109 | C-Class Shares | RYIZX           |
| C000033110 | H-Class Shares | RYIRX           |

?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- 09525</u>

 <u>Rydex Dynamic Funds</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 Dynamic Funds

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>March 31</u>

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

**Item 1. Reports to Stockholders.**

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

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

### Dow 2x Strategy Fund

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

This annual shareholder report contains important information about the Dow 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $182 | 1.77% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 5.10%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.40% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, health care, and consumer staples. Those that detracted the most were materials, and communication services. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., UnitedHealth Group, Inc., and Visa, Inc. – Class A. Those that detracted the most were Sherwin-Williams Co., Merck & Company, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![](fp0092700-13_ar121.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 5.10% | 25.01% | 15.16% |
| Class A (with sales charge)<sup>†</sup> | 0.11% | 23.80% | 14.60% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Dow Jones Industrial Average | 7.40% | 16.20% | 11.43% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $50312057 |
| Total Number of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 1,015% |
| Total Advisory Fees Paid | $389934 |

---

---

| | |
|:---|:---|
| <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> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| Dow 2x Strategy Fund \| Class A \| RYLDX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-13_ar122.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 7.1% |
| UnitedHealth Group, Inc. | 6.8% |
| Microsoft Corp. | 4.9% |
| Home Depot, Inc. | 4.7% |
| Visa, Inc. — Class A | 4.5% |
| Sherwin-Williams Co. | 4.5% |
| Caterpillar, Inc. | 4.3% |
| McDonald's Corp. | 4.0% |
| Amgen, Inc. | 4.0% |
| American Express Co. | 3.5% |
| Top 10 Total | 48.3% |

---

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

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

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

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

---

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

---

AR-RYLDX-033125

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

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

### Dow 2x Strategy Fund

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

This annual shareholder report contains important information about the Dow 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $258 | 2.53% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 4.32%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.40% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, health care, and consumer staples. Those that detracted the most were materials, and communication services. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., UnitedHealth Group, Inc., and Visa, Inc. – Class A. Those that detracted the most were Sherwin-Williams Co., Merck & Company, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![](fp0092700-14_ar111.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 4.32% | 24.09% | 14.32% |
| Class C (with CDSC)<sup>‡</sup> | 3.32% | 24.09% | 14.32% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Dow Jones Industrial Average | 7.40% | 16.20% | 11.43% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $50312057 |
| Total Number of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 1,015% |
| Total Advisory Fees Paid | $389934 |

---

---

| | |
|:---|:---|
| <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> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Dow 2x Strategy Fund \| Class C \| RYCYX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-14_ar112.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 7.1% |
| UnitedHealth Group, Inc. | 6.8% |
| Microsoft Corp. | 4.9% |
| Home Depot, Inc. | 4.7% |
| Visa, Inc. — Class A | 4.5% |
| Sherwin-Williams Co. | 4.5% |
| Caterpillar, Inc. | 4.3% |
| McDonald's Corp. | 4.0% |
| Amgen, Inc. | 4.0% |
| American Express Co. | 3.5% |
| Top 10 Total | 48.3% |

---

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

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

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

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

---

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

---

AR-RYCYX-033125

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

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

### Dow 2x Strategy Fund

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

This annual shareholder report contains important information about the Dow 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $182 | 1.77% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 5.09%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.40% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, health care, and consumer staples. Those that detracted the most were materials, and communication services. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., UnitedHealth Group, Inc., and Visa, Inc. – Class A. Those that detracted the most were Sherwin-Williams Co., Merck & Company, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![](fp0092700-15_ar111.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 5.09% | 25.00% | 15.16% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Dow Jones Industrial Average | 7.40% | 16.20% | 11.43% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $50312057 |
| Total Number of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 1,015% |
| Total Advisory Fees Paid | $389934 |

---

<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.

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

---

| | |
|:---|:---|
| Dow 2x Strategy Fund \| Class H \| RYCVX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-15_ar112.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 7.1% |
| UnitedHealth Group, Inc. | 6.8% |
| Microsoft Corp. | 4.9% |
| Home Depot, Inc. | 4.7% |
| Visa, Inc. — Class A | 4.5% |
| Sherwin-Williams Co. | 4.5% |
| Caterpillar, Inc. | 4.3% |
| McDonald's Corp. | 4.0% |
| Amgen, Inc. | 4.0% |
| American Express Co. | 3.5% |
| Top 10 Total | 48.3% |

---

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

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

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

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

---

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

---

AR-RYCVX-033125

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

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

### Inverse Dow 2x Strategy Fund

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

This annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $170 | 1.75% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -5.55%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.40% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, health care, and consumer staples. Those that detracted the most were materials, and communication services. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., UnitedHealth Group, Inc., and Visa, Inc. – Class A. Those that detracted the most were Sherwin-Williams Co., Merck & Company, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-16_ar131.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -5.55% | -27.07% | -23.63% |
| Class A (with sales charge)<sup>†</sup> | -10.05% | -27.77% | -24.00% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Dow Jones Industrial Average | 7.40% | 16.20% | 11.43% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4659248 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $34350 |

---

---

| | |
|:---|:---|
| <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> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| Inverse Dow 2x Strategy Fund \| Class A \| RYIDX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-16_ar132.jpg)

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

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

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

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

---

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

---

AR-RYIDX-033125

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

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

### Inverse Dow 2x Strategy Fund

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

This annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $237 | 2.45% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -6.28%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.40% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, health care, and consumer staples. Those that detracted the most were materials, and communication services. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., UnitedHealth Group, Inc., and Visa, Inc. – Class A. Those that detracted the most were Sherwin-Williams Co., Merck & Company, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-17_ar131.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -6.28% | -27.62% | -24.20% |
| Class C (with CDSC)<sup>‡</sup> | -7.18% | -27.62% | -24.20% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Dow Jones Industrial Average | 7.40% | 16.20% | 11.43% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4659248 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $34350 |

---

---

| | |
|:---|:---|
| <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> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Inverse Dow 2x Strategy Fund \| Class C \| RYCZX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-17_ar132.jpg)

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

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

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

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

---

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

---

AR-RYCZX-033125

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

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

### Inverse Dow 2x Strategy Fund

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

This annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $171 | 1.76% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -5.58%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.40% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, health care, and consumer staples. Those that detracted the most were materials, and communication services. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., UnitedHealth Group, Inc., and Visa, Inc. – Class A. Those that detracted the most were Sherwin-Williams Co., Merck & Company, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-18_ar131.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -5.58% | -27.08% | -23.63% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Dow Jones Industrial Average | 7.40% | 16.20% | 11.43% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $4659248 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $34350 |

---

<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.

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

---

| | |
|:---|:---|
| Inverse Dow 2x Strategy Fund \| Class H \| RYCWX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-18_ar132.jpg)

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

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

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

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

---

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

---

AR-RYCWX-033125

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

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

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

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

This annual shareholder report contains important information about the NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $175 | 1.74% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 1.05%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-7_ar91.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 1.05% | 31.21% | 25.18% |
| Class A (with sales charge)<sup>†</sup> | -3.75% | 29.94% | 24.57% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $811227387 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 383% |
| Total Advisory Fees Paid | $8264458 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class A \| RYVLX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-7_ar92.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 7.1% |
| Microsoft Corp. | 5.9% |
| NVIDIA Corp. | 5.6% |
| Amazon.com, Inc. | 4.3% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc. — Class A | 2.7% |
| Costco Wholesale Corp. | 2.2% |
| Netflix, Inc. | 2.1% |
| Tesla, Inc. | 2.0% |
| Alphabet, Inc. — Class A | 1.9% |
| Top 10 Total | 36.5% |

---

<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.

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

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

---

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

---

AR-RYVLX-033125

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

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

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

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

This annual shareholder report contains important information about the NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $250 | 2.50% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 0.31%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-8_ar91.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 0.31% | 30.20% | 24.23% |
| Class C (with CDSC)<sup>‡</sup> | -0.63% | 30.20% | 24.23% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $811227387 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 383% |
| Total Advisory Fees Paid | $8264458 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class C \| RYCCX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-8_ar92.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 7.1% |
| Microsoft Corp. | 5.9% |
| NVIDIA Corp. | 5.6% |
| Amazon.com, Inc. | 4.3% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc. — Class A | 2.7% |
| Costco Wholesale Corp. | 2.2% |
| Netflix, Inc. | 2.1% |
| Tesla, Inc. | 2.0% |
| Alphabet, Inc. — Class A | 1.9% |
| Top 10 Total | 36.5% |

---

<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.

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

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

---

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

---

AR-RYCCX-033125

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

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

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

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

This annual shareholder report contains important information about the NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $175 | 1.74% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 1.05%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-9_ar91.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 1.05% | 31.21% | 25.18% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $811227387 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 383% |
| Total Advisory Fees Paid | $8264458 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class H \| RYVYX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-9_ar92.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 7.1% |
| Microsoft Corp. | 5.9% |
| NVIDIA Corp. | 5.6% |
| Amazon.com, Inc. | 4.3% |
| Broadcom, Inc. | 2.7% |
| Meta Platforms, Inc. — Class A | 2.7% |
| Costco Wholesale Corp. | 2.2% |
| Netflix, Inc. | 2.1% |
| Tesla, Inc. | 2.0% |
| Alphabet, Inc. — Class A | 1.9% |
| Top 10 Total | 36.5% |

---

<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.

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

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

---

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

---

AR-RYVYX-033125

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

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

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

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

This annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $180 | 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 April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -10.05%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-10_ar141.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -10.05% | -38.05% | -34.49% |
| Class A (with sales charge)<sup>†</sup> | -14.35% | -38.64% | -34.81% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $15950257 |
| Total Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $258938 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class A \| RYVTX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-10_ar142.jpg)

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

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

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

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

---

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

---

AR-RYVTX-033125

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

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

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

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

This annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $249 | 2.63% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -10.86%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-11_ar131.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -10.86% | -38.52% | -34.92% |
| Class C (with CDSC)<sup>‡</sup> | -11.68% | -38.52% | -34.92% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $15950257 |
| Total Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $258938 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class C \| RYCDX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-11_ar132.jpg)

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

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

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

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

---

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

---

AR-RYCDX-033125

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

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

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

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

This annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $170 | 1.79% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -10.24%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 6.44% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were communication services, consumer discretionary, and information technology. The sector that detracted the most was real estate. The holdings that contributed the most to the return of the underlying index were Apple, Inc., Broadcom, Inc. and NVIDIA Corp. Those that detracted the most were Advanced Micro Devices, Inc., Microsoft Corp., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-12_ar131.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -10.24% | -38.04% | -34.48% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| NASDAQ-100 Index | 6.44% | 20.76% | 17.24% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $15950257 |
| Total Number of Portfolio Holdings | 13 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $258938 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class H \| RYVNX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-12_ar132.jpg)

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

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

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

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

---

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

---

AR-RYVNX-033125

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

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

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

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

This annual shareholder report contains important information about the Russell 2000<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $168 | 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 April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -17.65%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. – Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-19_ar111.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -17.65% | 15.20% | 2.84% |
| Class A (with sales charge)<sup>†</sup> | -21.57% | 14.08% | 2.34% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $42729307 |
| Total Number of Portfolio Holdings | 1968 |
| Portfolio Turnover Rate | 105% |
| Total Advisory Fees Paid | $406513 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 2x Strategy Fund \| Class A \| RYRUX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-19_ar112.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 0.6% |
| iShares Russell 2000 Index ETF | 0.5% |
| Sprouts Farmers Market, Inc. | 0.2% |
| Insmed, Inc. | 0.2% |
| FTAI Aviation Ltd. | 0.1% |
| Corcept Therapeutics, Inc. | 0.1% |
| SouthState Corp. | 0.1% |
| Carpenter Technology Corp. | 0.1% |
| Applied Industrial Technologies, Inc. | 0.1% |
| Mueller Industries, Inc. | 0.1% |
| Top 10 Total | 2.1% |

---

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

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

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

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

---

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

---

AR-RYRUX-033125

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

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

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

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

This annual shareholder report contains important information about the Russell 2000<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $236 | 2.60% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -18.26%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. – Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-20_ar111.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -18.26% | 14.33% | 2.07% |
| Class C (with CDSC)<sup>‡</sup> | -19.06% | 14.33% | 2.07% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $42729307 |
| Total Number of Portfolio Holdings | 1968 |
| Portfolio Turnover Rate | 105% |
| Total Advisory Fees Paid | $406513 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 2x Strategy Fund \| Class C \| RYRLX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-20_ar112.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 0.6% |
| iShares Russell 2000 Index ETF | 0.5% |
| Sprouts Farmers Market, Inc. | 0.2% |
| Insmed, Inc. | 0.2% |
| FTAI Aviation Ltd. | 0.1% |
| Corcept Therapeutics, Inc. | 0.1% |
| SouthState Corp. | 0.1% |
| Carpenter Technology Corp. | 0.1% |
| Applied Industrial Technologies, Inc. | 0.1% |
| Mueller Industries, Inc. | 0.1% |
| Top 10 Total | 2.1% |

---

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

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

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

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

---

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

---

AR-RYRLX-033125

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

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

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

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

This annual shareholder report contains important information about the Russell 2000<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $168 | 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 April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -17.74%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed, Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. – Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-21_ar111.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -17.74% | 15.11% | 2.76% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $42729307 |
| Total Number of Portfolio Holdings | 1968 |
| Portfolio Turnover Rate | 105% |
| Total Advisory Fees Paid | $406513 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 2x Strategy Fund \| Class H \| RYRSX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-21_ar112.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 0.6% |
| iShares Russell 2000 Index ETF | 0.5% |
| Sprouts Farmers Market, Inc. | 0.2% |
| Insmed, Inc. | 0.2% |
| FTAI Aviation Ltd. | 0.1% |
| Corcept Therapeutics, Inc. | 0.1% |
| SouthState Corp. | 0.1% |
| Carpenter Technology Corp. | 0.1% |
| Applied Industrial Technologies, Inc. | 0.1% |
| Mueller Industries, Inc. | 0.1% |
| Top 10 Total | 2.1% |

---

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

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

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

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

---

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

---

AR-RYRSX-033125

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

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

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

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

This annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $182 | 1.75% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 8.00%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-22_ar131.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 8.00% | -31.35% | -21.89% |
| Class A (with sales charge)<sup>†</sup> | 2.87% | -32.01% | -22.27% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5540666 |
| Total Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $37531 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund \| Class A \| RYIUX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-22_ar132.jpg)

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

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

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

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

---

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

---

AR-RYIUX-033125

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

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

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

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

This annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $258 | 2.49% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 7.16%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-23_ar131.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 7.16% | -31.87% | -22.47% |
| Class C (with CDSC)<sup>‡</sup> | 6.16% | -31.87% | -22.47% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5540666 |
| Total Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $37531 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>‡</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund \| Class C \| RYIZX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-23_ar132.jpg)

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

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

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

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

---

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

---

AR-RYIZX-033125

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

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

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

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

This annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $189 | 1.82% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 7.97%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 8.25% for the same period and outperforming the fund's secondary index, the Russell 2000 Index, which returned -4.01% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were financials, consumer staples, and utilities. The sectors that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to the Sprouts Farmers Market, Inc., Insmed Inc., and Corcept Therapeutics, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-24_ar131.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 7.97% | -31.51% | -22.00% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |
| Russell 2000 Index | -4.01% | 13.27% | 7.25% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $5540666 |
| Total Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $37531 |

---

<sup>\*</sup> The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

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

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund \| Class H \| RYIRX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-24_ar132.jpg)

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

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

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

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

---

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

---

AR-RYIRX-033125

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

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

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

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

This annual shareholder report contains important information about the S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $180 | 1.74% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned 6.40%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

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

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-1_ar111.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 6.40% | 29.42% | 17.24% |
| Class A (with sales charge)<sup>†</sup> | 1.35% | 28.17% | 16.67% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $180862111 |
| Total Number of Portfolio Holdings | 516 |
| Portfolio Turnover Rate | 1,197% |
| Total Advisory Fees Paid | $1849856 |

---

---

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

---

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> 2x Strategy Fund \| Class A \| RYTTX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-1_ar112.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| NVIDIA Corp. | 4.7% |
| Amazon.com, Inc. | 3.2% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Berkshire Hathaway, Inc. — Class B | 1.7% |
| Alphabet, Inc. — Class A | 1.6% |
| Broadcom, Inc. | 1.4% |
| Alphabet, Inc. — Class C | 1.3% |
| Tesla, Inc. | 1.3% |
| Top 10 Total | 28.2% |

---

<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.

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

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

---

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

---

AR-RYTTX-033125

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

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

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

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

This annual shareholder report contains important information about the S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $256 | 2.49% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned 5.62%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

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

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-2_ar111.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 5.62% | 28.46% | 16.37% |
| Class C (with CDSC)<sup>‡</sup> | 4.63% | 28.46% | 16.37% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $180862111 |
| Total Number of Portfolio Holdings | 516 |
| Portfolio Turnover Rate | 1,197% |
| Total Advisory Fees Paid | $1849856 |

---

---

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

---

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> 2x Strategy Fund \| Class C \| RYCTX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-2_ar112.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| NVIDIA Corp. | 4.7% |
| Amazon.com, Inc. | 3.2% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Berkshire Hathaway, Inc. — Class B | 1.7% |
| Alphabet, Inc. — Class A | 1.6% |
| Broadcom, Inc. | 1.4% |
| Alphabet, Inc. — Class C | 1.3% |
| Tesla, Inc. | 1.3% |
| Top 10 Total | 28.2% |

---

<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.

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

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

---

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

---

AR-RYCTX-033125

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

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

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

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

This annual shareholder report contains important information about the S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $180 | 1.74% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned 6.39%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

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

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-3_ar111.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | 6.39% | 29.42% | 17.23% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $180862111 |
| Total Number of Portfolio Holdings | 516 |
| Portfolio Turnover Rate | 1,197% |
| Total Advisory Fees Paid | $1849856 |

---

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

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> 2x Strategy Fund \| Class H \| RYTNX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-3_ar112.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Apple, Inc. | 5.9% |
| Microsoft Corp. | 4.9% |
| NVIDIA Corp. | 4.7% |
| Amazon.com, Inc. | 3.2% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Berkshire Hathaway, Inc. — Class B | 1.7% |
| Alphabet, Inc. — Class A | 1.6% |
| Broadcom, Inc. | 1.4% |
| Alphabet, Inc. — Class C | 1.3% |
| Tesla, Inc. | 1.3% |
| Top 10 Total | 28.2% |

---

<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.

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

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

---

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

---

AR-RYTNX-033125

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

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

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

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

This annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class A | $170 | 1.77% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class A shares) returned -7.76%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

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

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-4_ar141.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -7.76% | -30.96% | -25.13% |
| Class A (with sales charge)<sup>†</sup> | -12.14% | -31.63% | -25.50% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $10616589 |
| Total Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $130869 |

---

---

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

---

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

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund \| Class A \| RYTMX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-4_ar142.jpg)

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

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

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

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

---

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

---

AR-RYTMX-033125

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

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

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

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

This annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class C | $240 | 2.51% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class C shares) returned -8.47%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

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

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-5_ar141.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -8.47% | -31.49% | -25.70% |
| Class C (with CDSC)<sup>‡</sup> | -9.31% | -31.49% | -25.70% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $10616589 |
| Total Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $130869 |

---

---

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

---

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

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund \| Class C \| RYCBX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-5_ar142.jpg)

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

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

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

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

---

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

---

AR-RYCBX-033125

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

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

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

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

This annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2024 to March 31, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Class H | $169 | 1.75% |

---

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

#### How did the fund perform over the last year?\*
For the period of April 1, 2024 to March 31, 2025, the fund (Class H shares) returned -7.41%, underperforming the fund's benchmark, the S&P 500 Index, which returned 8.25% for the same period.

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

The sectors that contributed the most to the return of the underlying index were financials, information technology, and communication services. The sector that detracted from performance was materials. The holdings that contributed the most to the return of the underlying index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Microsoft Corp., Advanced Micro Devices, Inc., and Intel Corp. The Fund maintained a daily correlation of over 99% to its benchmark of -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 3.31.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0092700-6_ar141.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
|  | **One Year** | **Five Years** | **Ten Years** |
| Class H | -7.41% | -30.90% | -25.10% |
| S&P 500 Index | 8.25% | 18.59% | 12.50% |

---

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

#### Fund Statistics as of 3.31.25

---

| | |
|:---|:---|
| Net Assets | $10616589 |
| Total Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | –% |
| Total Advisory Fees Paid | $130869 |

---

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

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

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund \| Class H \| RYTPX | Annual Shareholder Report \| **March 31, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 3.31.25
![Af Image](fp0092700-6_ar142.jpg)

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

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

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

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

---

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

---

AR-RYTPX-033125

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2. Code of Ethics.**

The registrant's Board of Trustees has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. No substantive amendments were approved or waivers were granted to the code of ethics during the period covered by this report. The code of ethics is filed as an exhibit to this Form N-CSR.

**Item 3. Audit Committee Financial Expert.**

The registrant's Board of Trustees has determined that it has at least one audit committee financial expert serving on its audit committee (the "Audit Committee"), Sandra G. Sponem. Ms. Sponem is "independent," meaning that she is not an "interested person" of the registrant (as that term is defined in Section 2(a)(19) of the Investment Company Act) and she does not accept any consulting, advisory, or other compensatory fee from the registrant (except in her capacity as a Board or committee member).

(Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an "expert" for any purpose, including without limitation for the purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the Audit Committee and Board of Trustees in the absence of such designation or identification. The designation or identification of a person as an audit committee financial expert does not affect the duties, obligations or liability of any other member of the audit committee or Board of Trustees.)

**Item 4. Principal Accountant Fees and Services.**

(a)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Fees.</u> The aggregate Audit Fees billed by the registrant's principal accountant for professional services rendered for the audit of the annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for the fiscal years ended March 31, 2025 and March 31, 2024 were $165,818 and $158,581, respectively.

(b)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Related Fees.</u> The aggregate Audit-Related Fees billed by the registrant's principal accountant for assurance and related services that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item for the fiscal years ended March 31, 2025 and March 31, 2024 were $0 and $0, respectively.

(c)&nbsp;&nbsp;&nbsp;&nbsp; <u>Tax Fees:</u> The aggregate Tax Fees billed by the registrant's principal accountant for professional services rendered for tax compliance, tax advice, and tax planning, including preparation of tax returns and distribution assistance, for the fiscal years ended March 31, 2025 and March 31, 2024 were $72,707 and $66,484, respectively. These services consisted of (i) preparation of U.S. federal, state and excise tax returns; (ii) U.S. federal and state tax planning, advice and assistance regarding statutory, regulatory or administrative developments, (iii) tax advice regarding tax qualification matters and/or treatment of various financial instruments held or proposed to be acquired and (iv) review of U.S. federal excise distribution calculations.

(d) &nbsp;&nbsp;&nbsp;&nbsp; <u>All Other Fees.</u> The aggregate All Other Fees billed by the registrant's principal accountant for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item, for the fiscal years ended March 31, 2025 and March 31, 2024 were $0 and $0, respectively.

(e)&nbsp;&nbsp;&nbsp;&nbsp; <u>Audit Committee Pre-Approval Policies and Procedures.</u>

(1) The registrant's pre-approval policy requires the Audit Committee to pre-approve any engagement of the registrant's independent auditors to provide any services, other than "prohibited non-audit services," to the registrant, including the fees and other compensation to be paid to the independent auditors (unless an exception is available under Rule 2-01 of Regulation S-X). The independent auditors or the Chief Accounting Officer of the registrant (or an officer of the registrant who reports to the Chief Accounting Officer) report to the Audit Committee at each of its regular scheduled meetings all audit, audit-related and permissible non-audit services initiated since the last such report (unless the services were contained in the initial audit plan, as previously presented to, and approved by, the Audit Committee). The report includes a general description of the services and projected fees, and the means by which such services were approved by the Audit Committee. The Audit Committee is also required to pre-approve any engagement of the registrant's independent auditors, including the fees and other compensation to be paid to the independent auditors, to provide any non-audit services to the registrant's investment adviser (or any "control affiliate" of the investment adviser providing ongoing services to the registrant), if the engagement relates directly to the operations or financial reporting of the registrant (unless an exception is available under Rule 2-01 of Regulation S-X).

(2) None of the services described in each of Items 4(b) through (d) were approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) &nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(g) &nbsp;&nbsp;&nbsp;&nbsp; <u>Non-Audit Fees.</u> The aggregate non-audit fees billed by the registrant's accountant for the most recent fiscal year and the preceding fiscal year for services rendered to the registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant were $72,707 and $66,484, respectively. These aggregate fees were less than the aggregate fees billed for the same periods by the registrant's principal accountant for audit services rendered to the registrant, the investment adviser, and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant.

(h) &nbsp;&nbsp;&nbsp;&nbsp; <u>Auditor Independence.</u> The registrant's Audit Committee was provided with information relating to the provision of non-audit services by Ernst & Young, LLP to the registrant's investment adviser (not including any sub adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved by the Audit Committee so that a determination could be made whether the provision of such services is compatible with maintaining Ernst & Young, LLP's independence.

(i)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

(j)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 5. Audit Committee of Listed Registrants.**

Not required at this time**.**

**Item 6. Investments.**

(a) The Schedule of Investments is included under Item 7 of this Form.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management**

**Investment Companies.**

![](fp0092700-26_i.jpg)<br>

**3.31.2025** 

**Rydex Funds Annual Financial Report**

---

| |
|:---|
| &nbsp;&nbsp;**Domestic Equity Funds** |
| &nbsp;&nbsp;**Dow 2x Strategy Fund** |
| &nbsp;&nbsp;**Inverse Dow 2x Strategy Fund** |
| &nbsp;&nbsp;**NASDAQ-100<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp;**Inverse NASDAQ-100<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp;**Russell 2000<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp;**Inverse Russell 2000<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp;**S&P 500<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp;**Inverse S&P 500<sup>®</sup>** **2x Strategy Fund** |

---

**GuggenheimInvestments.com**<br>

This report and the financial statements contained herein are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

Distributed by Guggenheim Funds Distributors, LLC.

**TABLE OF CONTENTS** <br>

---

| | |
|:---|:---|
| ITEM 7: FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (ANNUAL FINANCIAL REPORT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DOW 2x STRATEGY FUND  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE DOW 2x STRATEGY FUND  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;NASDAQ-100<sup>®</sup> 2x STRATEGY FUND  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE NASDAQ-100<sup>®</sup> 2x STRATEGY FUND  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;RUSSELL 2000<sup>®</sup> 2x STRATEGY FUND  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE RUSSELL 2000<sup>®</sup> 2x STRATEGY FUND  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> 2x STRATEGY FUND  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE S&P 500<sup>®</sup> 2x STRATEGY FUND  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM  | 90 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION  | 91 |
| ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 93 |
| ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 94 |
| ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 95 |
| ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT  | 96 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 1

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | March 31, 2025 |
| **DOW 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 88.3%** | **COMMON STOCKS<sup>†</sup>** **- 88.3%** | **COMMON STOCKS<sup>†</sup>** **- 88.3%** |
| **Financial - 21.7%** | **Financial - 21.7%** | **Financial - 21.7%** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 6503 | $3552524 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 6503 | 2279042 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 6503 | 1749632 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 6503 | 1719783 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 6503 | 1595186 |
| **Total Financial** |  | 10896167 |
| **Consumer, Non-cyclical - 17.2%** | **Consumer, Non-cyclical - 17.2%** | **Consumer, Non-cyclical - 17.2%** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 6503 | 3405946 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 6503 | 2026010 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 6503 | 1108241 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 6503 | 1078458 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 6503 | 583709 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 6503 | 465745 |
| **Total Consumer, Non-cyclical** |  | 8668109 |
| **Technology - 15.8%** | **Technology - 15.8%** | **Technology - 15.8%** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 6503 | 2441161 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 6503 | 1745145 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 6503 | 1617036 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 6503 | 1444512 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 6503 | 704795 |
| **Total Technology** |  | 7952649 |
| **Industrial - 11.1%** | **Industrial - 11.1%** | **Industrial - 11.1%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 6503 | 2144689 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 6503 | 1377010 |
| &nbsp;&nbsp;&nbsp;Boeing Co.\* | 6503 | 1109087 |
| &nbsp;&nbsp;&nbsp;3M Co. | 6503 | 955031 |
| **Total Industrial** |  | 5585817 |
| **Consumer, Cyclical - 10.7%** | **Consumer, Cyclical - 10.7%** | **Consumer, Cyclical - 10.7%** |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 6503 | 2383285 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 6503 | 2031342 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 6503 | 570898 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. — Class B | 6503 | 412810 |
| **Total Consumer, Cyclical** |  | 5398335 |
| **Communications - 5.1%** | **Communications - 5.1%** | **Communications - 5.1%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 6503 | 1237261 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 6503 | 641846 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 6503 | 401300 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 6503 | 294976 |
| **Total Communications** |  | 2575383 |
| **Basic Materials - 4.5%** | **Basic Materials - 4.5%** | **Basic Materials - 4.5%** |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 6503 | 2270782 |
| **Energy - 2.2%** | **Energy - 2.2%** | **Energy - 2.2%** |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 6503 | 1087887 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $31,547,203) |  | 44435129 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 6.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.7%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>1,2</sup> | $1528000 | 1526739 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>2,3</sup> | 1450000 | 1437849 |
| &nbsp;&nbsp;&nbsp;4.19% due 06/12/25<sup>2,3</sup> | 400000 | 396648 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,361,225) |  | 3361236 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 6.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 6.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 6.7%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>3</sup> | 1899626 | 1899626 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>3</sup> | 1455850 | 1455850 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,355,476) |  | 3355476 |
| **Total Investments - 101.7%** | **Total Investments - 101.7%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $38,263,904) | &nbsp;&nbsp;&nbsp;(Cost $38,263,904) | $51151841 |
| **Other Assets & Liabilities, net - (1.7)%** | **Other Assets & Liabilities, net - (1.7)%** | (839784) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $50312057 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 102 | Jun 2025 | $21559740 | $(25195) |

---

2 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 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** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Barclays Bank plc | Dow Jones Industrial Average | Pay | 5.24% (SOFR + 0.90%) | At Maturity | 06/26/25 | 315 | $13241202 | $(126900) |
| BNP Paribas | Dow Jones Industrial Average | Pay | 5.23% (Federal <br> Funds Rate +<br> 0.90%) | At Maturity | 06/26/25 | 509 | 21360654 | (230428) |
|  |  |  |  |  |  |  | $34601856 | $(357328) |

---

---

| | |
|:---|:---|
| \* | &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 March 31, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $44435129 | $— | $— | $44435129 |
| U.S. Treasury Bills |  | 3361236 |  | 3361236 |
| Repurchase Agreements |  | 3355476 |  | 3355476 |
| Total Assets | $44435129 | $6716712 | $— | $51151841 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $25195 | $— | $— | $25195 |
| Equity Index Swap Agreements\*\* |  | 357328 |  | 357328 |
| Total Liabilities | $25195 | $357328 | $— | $382523 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 3

**DOW 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $34,908,428) | $47796365 |
| Repurchase agreements, at value (cost $3,355,476) | 3355476 |
| Segregated cash with broker | 195 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 380447 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 215730 |
| &nbsp;&nbsp;&nbsp;Dividends | 13366 |
| &nbsp;&nbsp;&nbsp;Interest | 406 |
| **Total assets** | 51761985 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 357328 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 938777 |
| &nbsp;&nbsp;&nbsp;Management fees | 37980 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 31068 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 19363 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 11445 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 4432 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 525 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 49010 |
| **Total liabilities** | 1449928 |
| **Net assets** | $50312057 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $41490529 |
| Total distributable earnings (loss) | 8821528 |
| Net assets | $50312057 |
| **Class A:** | **Class A:** |
| Net assets | $8367563 |
| Capital shares outstanding | 51770 |
| Net asset value per share | $161.63 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $169.69 |
| **Class C:** | **Class C:** |
| Net assets | $1484601 |
| Capital shares outstanding | 11146 |
| Net asset value per share | $133.20 |
| **Class H:** | **Class H:** |
| Net assets | $40459893 |
| Capital shares outstanding | 251411 |
| Net asset value per share | $160.93 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | 767851 |
| Interest | 345550 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1113401 |
| **Expenses:** | **Expenses:** |
| Management fees | 438635 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 21640 |
| &nbsp;&nbsp;&nbsp;Class C | 14089 |
| &nbsp;&nbsp;&nbsp;Class H | 96686 |
| Transfer agent fees | 103996 |
| Portfolio accounting and administration fees | 99925 |
| Registration fees | 65765 |
| Interest expense | 25103 |
| Professional fees | 12731 |
| Custodian fees | 6429 |
| Trustees' fees\* | 5004 |
| Miscellaneous | 32828 |
| &nbsp;&nbsp;&nbsp;Total expenses | 922831 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (48701) |
| Net expenses | 874130 |
| Net investment income | 239271 |
| **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 | 1719905 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (254431) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 433922 |
| Net realized gain | 1899396 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (758692) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (956150) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (48236) |
| Net change in unrealized appreciation (depreciation) | (1763078) |
| Net realized and unrealized gain | 136318 |
| **Net increase in net assets resulting from operations** | $375589 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

4 \| 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> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $239271 | $286718 |
| Net realized gain on investments | 1899396 | 6491380 |
| Net change in unrealized appreciation (depreciation) on investments | (1763078) | 4648779 |
| Net increase in net assets resulting from operations | 375589 | 11426877 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (287514) | (31102) |
| &nbsp;&nbsp;&nbsp;Class C | (56962) | (4450) |
| &nbsp;&nbsp;&nbsp;Class H | (1191961) | (123761) |
| Total distributions to shareholders | (1536437) | (159313) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 6636258 | 4509574 |
| &nbsp;&nbsp;&nbsp;Class C | 1458886 | 522506 |
| &nbsp;&nbsp;&nbsp;Class H | 795382268 | 470669490 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 286667 | 29277 |
| &nbsp;&nbsp;&nbsp;Class C | 56726 | 4178 |
| &nbsp;&nbsp;&nbsp;Class H | 1143368 | 117960 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (7253548) | (4488286) |
| &nbsp;&nbsp;&nbsp;Class C | (1140185) | (720598) |
| &nbsp;&nbsp;&nbsp;Class H | (801964647) | (454767856) |
| Net increase (decrease) from capital share transactions | (5394207) | 15876245 |
| Net increase (decrease) in net assets | (6555055) | 27143809 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 56867112 | 29723303 |
| &nbsp;&nbsp;&nbsp;End of year | $50312057 | $56867112 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 39369 | 35583 |
| &nbsp;&nbsp;&nbsp;Class C | 10658 | 4903 |
| &nbsp;&nbsp;&nbsp;Class H | 4749783 | 3627368 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1591 | 215 |
| &nbsp;&nbsp;&nbsp;Class C | 381 | 37 |
| &nbsp;&nbsp;&nbsp;Class H | 6373 | 869 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (43246) | (35009) |
| &nbsp;&nbsp;&nbsp;Class C | (8074) | (6969) |
| &nbsp;&nbsp;&nbsp;Class H | (4803431) | (3523215) |
| Net increase (decrease) in shares | (46596) | 103782 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 5

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $158.69 | $116.66 | $135.77 | $128.55 | $58.38 |
| Income (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> | .83 | 1.10 | .54 | (.27) | (.08) |
| Net gain (loss) on investments (realized and unrealized) | 7.86 | 41.51 | (17.13) | 13.56 | 70.25 |
| Total from investment operations | 8.69 | 42.61 | (16.59) | 13.29 | 70.17 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.08) | (.58) |  |  |  |
| Net realized gains | (4.67) |  | (2.52) | (6.07) |  |
| Total distributions | (5.75) | (.58) | (2.52) | (6.07) |  |
| Net asset value, end of period | $161.63 | $158.69 | $116.66 | $135.77 | $128.55 |
| **Total Return<sup>b</sup>** | **5.10%** | **36.66%** | **(12.23** **%)** | **10.00%** | **120.20%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $8368 | $8578 | $6214 | $9374 | $10886 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.50% | 0.85% | 0.46% | (0.19%) | (0.08%) |
| Total expenses | 1.87% | 1.93% | 1.90% | 1.79% | 1.84% |
| Net expenses<sup>c</sup> | 1.77% | 1.85% | 1.86% | 1.79% | 1.84% |
| Portfolio turnover rate | 1015% | 552% | 516% | 197% | 172% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $132.60 | $98.26 | $115.67 | $111.12 | $50.84 |
| 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> | (.33) | .14 | (.28) | (1.13) | (.64) |
| Net gain (loss) on investments (realized and unrealized) | 6.68 | 34.78 | (14.61) | 11.75 | 60.92 |
| Total from investment operations | 6.35 | 34.92 | (14.89) | 10.62 | 60.28 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.08) | (.58) |  |  |  |
| Net realized gains | (4.67) |  | (2.52) | (6.07) |  |
| Total distributions | (5.75) | (.58) | (2.52) | (6.07) |  |
| Net asset value, end of period | $133.20 | $132.60 | $98.26 | $115.67 | $111.12 |
| **Total Return<sup>b</sup>** | **4.32%** | **35.65%** | **(12.86** **%)** | **9.16%** | **118.57%** |
| **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) | $1485 | $1085 | $1003 | $1595 | $1932 |
| Ratios 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) | (0.24%) | 0.13% | (0.28%) | (0.93%) | (0.81%) |
| Total expenses | 2.62% | 2.64% | 2.65% | 2.54% | 2.59% |
| Net expenses<sup>c</sup> | 2.53% | 2.55% | 2.61% | 2.54% | 2.59% |
| Portfolio turnover rate | 1015% | 552% | 516% | 197% | 172% |

---

6 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**DOW 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $158.04 | $116.21 | $135.28 | $128.11 | $58.19 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .85 | 1.02 | .63 | (.24) | (.08) |
| Net gain (loss) on investments (realized and unrealized) | 7.79 | 41.39 | (17.18) | 13.48 | 70.00 |
| Total from investment operations | 8.64 | 42.41 | (16.55) | 13.24 | 69.92 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.08) | (.58) |  |  |  |
| Net realized gains | (4.67) |  | (2.52) | (6.07) |  |
| Total distributions | (5.75) | (.58) | (2.52) | (6.07) |  |
| Net asset value, end of period | $160.93 | $158.04 | $116.21 | $135.28 | $128.11 |
| **Total Return** | **5.09%** | **36.63%** | **(12.25** **%)** | **10.00%** | **120.16%** |
| **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) | $40460 | $47204 | $22506 | $27732 | $46513 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.52% | 0.79% | 0.54% | (0.17%) | (0.09%) |
| Total expenses | 1.87% | 1.93% | 1.91% | 1.79% | 1.84% |
| Net expenses<sup>c</sup> | 1.77% | 1.85% | 1.87% | 1.79% | 1.84% |
| Portfolio turnover rate | 1015% | 552% | 516% | 197% | 172% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 7

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | March 31, 2025 |
| **INVERSE DOW 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 37.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 37.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 37.3%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>1,2</sup> | $1700000 | $1685754 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>2,3</sup> | 51000 | 50958 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,736,692) |  | 1736712 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 38.6%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 38.6%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 38.6%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>1</sup> | 1018330 | 1018330 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>1</sup> | 780435 | 780435 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,798,765) |  | 1798765 |
| **Total Investments - 75.9%** | **Total Investments - 75.9%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,535,457) | &nbsp;&nbsp;&nbsp;(Cost $3,535,457) | $3535477 |
| **Other Assets & Liabilities, net - 24.1%** | **Other Assets & Liabilities, net - 24.1%** | 1123771 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $4659248 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 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 Mini Futures Contracts | 6 | Jun 2025 | $1268220 | $(3602) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Barclays Bank plc | Dow Jones Industrial Average | Receive | 4.94% (SOFR + 0.60%) | At Maturity | 06/26/25 | 121 | $5087829 | $46527 |
| BNP Paribas | Dow Jones Industrial Average | Receive | 4.83% (Federal <br> Funds Rate +<br> 0.50%) | At Maturity | 06/26/25 | 68 | 2842872 | 30675 |
|  |  |  |  |  |  |  | $7930701 | $77202 |

---

---

| | |
|:---|:---|
| \*\* | &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 March 31, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

8 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INVERSE DOW 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $1736712 | $— | $1736712 |
| Repurchase Agreements |  | 1798765 |  | 1798765 |
| Equity Index Swap Agreements\*\* |  | 77202 |  | 77202 |
| Total Assets | $— | $3612679 | $— | $3612679 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $3602 | $– $– $| 3602 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 9

**INVERSE DOW 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $1,736,692) | $1736712 |
| Repurchase agreements, at value (cost $1,798,765) | 1798765 |
| Cash | 6 |
| Segregated cash with broker | 31 |
| Unrealized appreciation on OTC swap agreements | 77202 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1078874 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 35063 |
| &nbsp;&nbsp;&nbsp;Interest | 218 |
| **Total assets** | 4726871 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 50005 |
| &nbsp;&nbsp;&nbsp;Management fees | 5329 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 3630 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 2051 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1542 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 622 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 49 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 4395 |
| **Total liabilities** | 67623 |
| **Net assets** | $4659248 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $54379777 |
| Total distributable earnings (loss) | (49720529) |
| Net assets | $4659248 |
| **Class A:** | **Class A:** |
| Net assets | $904763 |
| Capital shares outstanding | 6181 |
| Net asset value per share | $146.38 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $153.68 |
| **Class C:** | **Class C:** |
| Net assets | $103182 |
| Capital shares outstanding | 839 |
| Net asset value per share | $122.98 |
| **Class H:** | **Class H:** |
| Net assets | $3651303 |
| Capital shares outstanding | 24890 |
| Net asset value per share | $146.70 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $218546 |
| &nbsp;&nbsp;&nbsp;Total investment income | 218546 |
| **Expenses:** | **Expenses:** |
| Management fees | 38642 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1322 |
| &nbsp;&nbsp;&nbsp;Class C | 1669 |
| &nbsp;&nbsp;&nbsp;Class H | 8998 |
| Transfer agent fees | 9228 |
| Portfolio accounting and administration fees | 8806 |
| Registration fees | 5899 |
| Interest expense | 2425 |
| Professional fees | 1270 |
| Custodian fees | 550 |
| Trustees' fees\* | 471 |
| Miscellaneous | 1628 |
| &nbsp;&nbsp;&nbsp;Total expenses | 80908 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (4292) |
| Net expenses | 76616 |
| Net investment income | 141930 |
| **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 | (1) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (1099717) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (83642) |
| Net realized loss | (1183360) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 28 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 162487 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 12352 |
| Net change in unrealized appreciation (depreciation) | 174867 |
| Net realized and unrealized loss | (1008493) |
| **Net decrease in net assets resulting from operations** | $(866563) |

---

\* 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.

**INVERSE DOW 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $141930 | $173966 |
| Net realized loss on investments | (1183360) | (1471082) |
| Net change in unrealized appreciation (depreciation) on investments | 174867 | 131819 |
| Net decrease in net assets resulting from operations | (866563) | (1165297) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (29295) | (7283) |
| &nbsp;&nbsp;&nbsp;Class C | (6955) | (2092) |
| &nbsp;&nbsp;&nbsp;Class H | (137716) | (24284) |
| Total distributions to shareholders | (173966) | (33659) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 6465494 | 3912592 |
| &nbsp;&nbsp;&nbsp;Class C | 383253 | 472786 |
| &nbsp;&nbsp;&nbsp;Class H | 171886238 | 101320363 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 29280 | 7241 |
| &nbsp;&nbsp;&nbsp;Class C | 6800 | 1809 |
| &nbsp;&nbsp;&nbsp;Class H | 133753 | 24231 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5952491) | (4278100) |
| &nbsp;&nbsp;&nbsp;Class C | (437443) | (500056) |
| &nbsp;&nbsp;&nbsp;Class H | (170924824) | (100554091) |
| Net increase from capital share transactions | 1590060 | 406775 |
| Net increase (decrease) in net assets | 549531 | (792181) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 4109717 | 4901898 |
| &nbsp;&nbsp;&nbsp;End of year | $4659248 | $4109717 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 43355 | 19489 |
| &nbsp;&nbsp;&nbsp;Class C | 3055 | 2631 |
| &nbsp;&nbsp;&nbsp;Class H | 1149818 | 517706 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 221 | 39 |
| &nbsp;&nbsp;&nbsp;Class C | 61 | 11 |
| &nbsp;&nbsp;&nbsp;Class H | 1007 | 130 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (40133) | (21166) |
| &nbsp;&nbsp;&nbsp;Class C | (3543) | (2762) |
| &nbsp;&nbsp;&nbsp;Class H | (1147593) | (513197) |
| Net increase in shares | 6248 | 2881 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 11

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $160.98 | $216.70 | $217.48 | $266.97 | $743.47 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 5.01 | 7.10 | 1.50 | (3.50) | (1.30) |
| Net gain (loss) on investments (realized and unrealized) | (14.46) | (61.32) | (2.28) | (45.99) | (475.05) |
| Total from investment operations | (9.45) | (54.22) | (.78) | (49.49) | (476.35) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.15) | (1.50) |  |  | (.15) |
| Total distributions | (5.15) | (1.50) |  |  | (.15) |
| Net asset value, end of period | $146.38 | $160.98 | $216.70 | $217.48 | $266.97 |
| **Total Return<sup>b</sup>** | **(5.55** **%)** | **(25.16** **%)** | **(0.37** **%)** | **(18.52** **%)** | **(64.07** **%)** |
| **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) | $905 | $441 | $948 | $629 | $387 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.33% | 3.55% | 0.64% | (1.56%) | (1.66%) |
| Total expenses | 1.85% | 1.85% | 2.03% | 1.77% | 1.85% |
| Net expenses<sup>c</sup> | 1.75% | 1.77% | 2.00% | 1.77% | 1.85% |
| Portfolio turnover rate |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $137.31 | $186.38 | $188.52 | $233.24 | $653.69 |
| 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> | 3.58 | 4.90 | (2.25) | (4.50) | (1.50) |
| Net gain (loss) on investments (realized and unrealized) | (12.76) | (52.47) | .11 <sup>e</sup> | (40.22) | (418.80) |
| Total from investment operations | (9.18) | (47.57) | (2.14) | (44.72) | (420.30) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.15) | (1.50) |  |  | (.15) |
| Total distributions | (5.15) | (1.50) |  |  | (.15) |
| Net asset value, end of period | $122.98 | $137.31 | $186.38 | $188.52 | $233.24 |
| **Total Return<sup>b</sup>** | **(6.28** **%)** | **(25.71** **%)** | **(1.11** **%)** | **(19.19** **%)** | **(64.32** **%)** |
| **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) | $103 | $174 | $258 | $1380 | $259 |
| Ratios 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) | 2.77% | 2.86% | (1.10 %) | (2.33%) | (2.41%) |
| Total expenses | 2.55% | 2.59% | 2.72% | 2.52% | 2.59% |
| Net expenses<sup>c</sup> | 2.45% | 2.51% | 2.70% | 2.52% | 2.59% |
| Portfolio turnover rate |  |  |  |  |  |

---

12 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE DOW 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $161.38 | $217.14 | $218.03 | $267.98 | $745.63 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.70 | 7.00 | 1.85 | (3.45) | (1.10) |
| Net gain (loss) on investments (realized and unrealized) | (14.23) | (61.26) | (2.74) | (46.50) | (476.40) |
| Total from investment operations | (9.53) | (54.26) | (.89) | (49.95) | (477.50) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.15) | (1.50) |  |  | (.15) |
| Total distributions | (5.15) | (1.50) |  |  | (.15) |
| Net asset value, end of period | $146.70 | $161.38 | $217.14 | $218.03 | $267.98 |
| **Total Return** | **(5.58** **%)** | **(25.13** **%)** | **(0.41** **%)** | **(18.64** **%)** | **(64.04** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3651 | $3495 | $3695 | $2653 | $2531 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.33% | 3.61% | 0.82% | (1.58%) | (1.66%) |
| Total expenses | 1.86% | 1.90% | 2.04% | 1.80% | 1.84% |
| Net expenses<sup>c</sup> | 1.76% | 1.82% | 2.01% | 1.80% | 1.84% |
| Portfolio turnover rate |  |  |  |  |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

<sup>e</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 \| 13

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | March 31, 2025 |
| **NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 75.3%** | **COMMON STOCKS<sup>†</sup>** **- 75.3%** | **COMMON STOCKS<sup>†</sup>** **- 75.3%** |
| **Technology - 35.8%** | **Technology - 35.8%** | **Technology - 35.8%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 258344 | $57385953 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 127847 | 47992485 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 419622 | 45478632 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 133324 | 22322437 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 95154 | 8030998 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 11828 | 7262274 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 46796 | 7188334 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 18401 | 7057336 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 68563 | 7044163 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 38517 | 6921505 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 34375 | 4988500 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 20985 | 4232045 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 183205 | 4160586 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 47141 | 4096081 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 54312 | 3948482 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 5622 | 3821836 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 9894 | 3488427 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 13085 | 3467132 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 32536 | 3131915 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 11598 | 2949719 |
| &nbsp;&nbsp;&nbsp;MicroStrategy, Inc. — Class A\* | 10058 | 2899420 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 6542 | 2805537 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 4544 | 2679051 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 3821 | 2531909 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 9097 | 2381595 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 15234 | 2350301 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 36611 | 2254139 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 9054 | 2114381 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 10731 | 2039534 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 20927 | 1600915 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 11027 | 1593622 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 7468 | 1547743 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. — Class A\* | 6939 | 1472525 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 13423 | 1331696 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* | 6492 | 1288143 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 3709 | 1174121 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 22755 | 1101570 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc.\* | 23383 | 863066 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 17831 | 725543 |
| &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR\*<sup>,1</sup> | 5539 | 591510 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.\* | 3151 | 552685 |
| **Total Technology** |  | 290867846 |
| **Communications - 20.0%** | **Communications - 20.0%** | **Communications - 20.0%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 182256 | 34676027 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 37661 | 21706294 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 18099 | 16877860 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 100314 | 15512557 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 94535 | 14769203 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 48308 | 12884227 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 168324 | 10387274 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 1388 | 6394391 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 159578 | 5888428 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 28014 | 4780309 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 2145 | 4184616 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR\* | 28260 | 3344571 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 16691 | 3050614 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 6006 | 2213391 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 18315 | 2187910 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 103863 | 1114450 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. — Class A\* | 19142 | 1047450 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 5606 | 898418 |
| **Total Communications** |  | 161917990 |
| **Consumer, Non-cyclical - 8.5%** | **Consumer, Non-cyclical - 8.5%** | **Consumer, Non-cyclical - 8.5%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 58029 | 8700868 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 15090 | 7473624 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 22729 | 7081220 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 52691 | 5904027 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 10865 | 5267569 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 17215 | 5259699 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 54730 | 3713431 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 17074 | 3509219 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 4549 | 2885112 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 41855 | 2731039 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 41175 | 2409561 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 57405 | 1964399 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 24638 | 1810893 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 5935 | 1766375 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 19503 | 1697346 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 19349 | 1561658 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 50561 | 1538571 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 3441 | 1445048 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 16534 | 1129107 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 6193 | 847450 |
| **Total Consumer, Non-cyclical** |  | 68696216 |
| **Consumer, Cyclical - 6.7%** | **Consumer, Cyclical - 6.7%** | **Consumer, Cyclical - 6.7%** |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 18782 | 17763640 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 62507 | 16199314 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 48061 | 4714304 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 2423 | 3471141 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 11665 | 2778603 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 40876 | 2313173 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 22205 | 2162101 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 24263 | 1881595 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 13959 | 1783821 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 4920 | 1392655 |
| **Total Consumer, Cyclical** |  | 54460347 |
| **Industrial - 1.4%** | **Industrial - 1.4%** | **Industrial - 1.4%** |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 27498 | 5822701 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 80162 | 2359168 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 3242 | 1705130 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 8993 | 1487892 |
| **Total Industrial** |  | 11374891 |
| **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 20009 | 9316991 |

---

14 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Utilities - 1.1%** | **Utilities - 1.1%** | **Utilities - 1.1%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 13237 | $2668976 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 22560 | 2465131 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 42531 | 1959829 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 24310 | 1720905 |
| **Total Utilities** |  | 8814841 |
| **Energy - 0.5%** | **Energy - 0.5%** | **Energy - 0.5%** |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 12246 | 1957891 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 41892 | 1841153 |
| **Total Energy** |  | 3799044 |
| **Financial - 0.2%** | **Financial - 0.2%** | **Financial - 0.2%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 17353 | 1374878 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $272,942,915) |  | 610623044 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 15.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 15.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 15.8%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.16% due 06/05/25<sup>2,3</sup> | $59000000 | 58553116 |
| &nbsp;&nbsp;&nbsp;4.21% due 04/01/25<sup>3</sup> | 40000000 | 40000000 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>3,4</sup> | 20913000 | 20895734 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>2,3</sup> | 9150000 | 9073323 |
| &nbsp;&nbsp;&nbsp;4.19% due 06/12/25<sup>2,3</sup> | 150000 | 148743 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $128,669,754) |  | 128670916 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 9.9%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 9.9%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 9.9%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>2</sup> | 45525465 | 45525465 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>2</sup> | 34890166 | 34890166 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $80,415,631) |  | 80415631 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.1%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.1%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.1%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>7</sup> | 418220 | 418220 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $418,220) |  | 418220 |
| **Total Investments - 101.1%** | **Total Investments - 101.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $482,446,520) | &nbsp;&nbsp;&nbsp;(Cost $482,446,520) | $820127811 |
| **Other Assets & Liabilities, net - (1.1)%** | **Other Assets & Liabilities, net - (1.1)%** | (8900424) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $811227387 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 1425 | Jun 2025 | $554317875 | $(9142407) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 5.34% (SOFR + 1.00%) | At Maturity | 06/26/25 | 1944 | $37472649 | $(1241171) |
| BNP Paribas | NASDAQ-100 Index | Pay | 5.23% (Federal <br> Funds Rate +<br> 0.90%) | At Maturity | 06/26/25 | 5526 | 106529977 | (3099010) |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.93% (Federal <br> Funds Rate +<br> 0.60%) | At Maturity | 06/25/25 | 16338 | 314977345 | (16162506) |
|  |  |  |  |  |  |  | $458979971 | $(20502687) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 15

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 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. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $610623044 | $— | $— | $610623044 |
| U.S. Treasury Bills |  | 128670916 |  | 128670916 |
| Repurchase Agreements |  | 80415631 |  | 80415631 |
| Securities Lending Collateral | 418220 |  |  | 418220 |
| Total Assets | $611041264 | $209086547 | $— | $820127811 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $9142407 | $— | $— | $9142407 |
| Equity Index Swap Agreements\*\* |  | 20502687 |  | 20502687 |
| Total Liabilities | $9142407 | $20502687 | $— | $29645094 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

16 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $406,016 of securities loaned (cost $402,030,889) | $739712180 |
| Repurchase agreements, at value (cost $80,415,631) | 80415631 |
| Segregated cash with broker | 12507230 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 6145216 |
| &nbsp;&nbsp;&nbsp;Dividends | 115063 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 10656 |
| &nbsp;&nbsp;&nbsp;Interest | 9729 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 17 |
| **Total assets** | 838915722 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 20502687 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 2783323 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 2083984 |
| &nbsp;&nbsp;&nbsp;Management fees | 549342 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 418220 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 345006 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 206625 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 156050 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 64090 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 10016 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 568992 |
| **Total liabilities** | 27688335 |
| **Net assets** | $811227387 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $585707212 |
| Total distributable earnings (loss) | 225520175 |
| Net assets | $811227387 |
| **Class A:** | **Class A:** |
| Net assets | $97246073 |
| Capital shares outstanding | 215284 |
| Net asset value per share | $451.71 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $474.24 |
| **Class C:** | **Class C:** |
| Net assets | $5443703 |
| Capital shares outstanding | 17169 |
| Net asset value per share | $317.07 |
| **Class H:** | **Class H:** |
| Net assets | $708537611 |
| Capital shares outstanding | 1569074 |
| Net asset value per share | $451.56 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $9,848) | $6899055 |
| Interest | 10587744 |
| Income from securities lending, net | 15109 |
| &nbsp;&nbsp;&nbsp;Total investment income | 17501908 |
| **Expenses:** | **Expenses:** |
| Management fees | 9617810 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 286085 |
| &nbsp;&nbsp;&nbsp;Class C | 80104 |
| &nbsp;&nbsp;&nbsp;Class H | 2365540 |
| Transfer agent fees | 2280119 |
| Portfolio accounting and administration fees | 2190978 |
| Registration fees | 1509861 |
| Interest expense | 580325 |
| Professional fees | 272462 |
| Custodian fees | 140918 |
| Trustees' fees\* | 118964 |
| Line of credit fees | 2200 |
| Miscellaneous | 609606 |
| &nbsp;&nbsp;&nbsp;Total expenses | 20054972 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (1069073) |
| Expenses waived by Adviser | (284279) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (1353352) |
| Net expenses | 18701620 |
| Net investment loss | (1199712) |
| **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 | 56091274 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 13362532 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1395619) |
| Net realized gain | 68058187 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (34809958) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (27987986) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (11144294) |
| Net change in unrealized appreciation (depreciation) | (73942238) |
| Net realized and unrealized loss | (5884051) |
| **Net decrease in net assets resulting from operations** | $(7083763) |

---

\* 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 \| 17

**NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(1199712) | $(1956014) |
| Net realized gain on investments | 68058187 | 251408583 |
| Net change in unrealized appreciation (depreciation) on investments | (73942238) | 164588838 |
| Net increase (decrease) in net assets resulting from operations | (7083763) | 414041407 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6755490) |  |
| &nbsp;&nbsp;&nbsp;Class C | (634331) |  |
| &nbsp;&nbsp;&nbsp;Class H | (71155885) |  |
| Total distributions to shareholders | (78545706) |  |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 25606846 | 22627601 |
| &nbsp;&nbsp;&nbsp;Class C | 2004264 | 1164335 |
| &nbsp;&nbsp;&nbsp;Class H | 8162398400 | 6354054603 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 6582426 |  |
| &nbsp;&nbsp;&nbsp;Class C | 586442 |  |
| &nbsp;&nbsp;&nbsp;Class H | 68994557 |  |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (36615890) | (25432583) |
| &nbsp;&nbsp;&nbsp;Class C | (5376749) | (4836077) |
| &nbsp;&nbsp;&nbsp;Class H | (8336814395) | (6311015699) |
| Net increase (decrease) from capital share transactions | (112634099) | 36562180 |
| Net increase (decrease) in net assets | (198263568) | 450603587 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 1009490955 | 558887368 |
| &nbsp;&nbsp;&nbsp;End of year | $811227387 | $1009490955 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 48932 | 64010 |
| &nbsp;&nbsp;&nbsp;Class C | 5225 | 4443 |
| &nbsp;&nbsp;&nbsp;Class H | 15277884 | 17782561 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 11233 |  |
| &nbsp;&nbsp;&nbsp;Class C | 1423 |  |
| &nbsp;&nbsp;&nbsp;Class H | 117780 |  |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (70417) | (70979) |
| &nbsp;&nbsp;&nbsp;Class C | (13843) | (18813) |
| &nbsp;&nbsp;&nbsp;Class H | (15726401) | (17709059) |
| Net increase (decrease) in shares | (348184) | 52163 |

---

18 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $471.20 | $267.88 | $386.62 | $336.16 | $141.52 |
| 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> | (.46) | (.94) | (1.30) | (4.89) | (3.18) |
| Net gain (loss) on investments (realized and unrealized) | 12.67 <sup>d</sup> | 204.26 | (117.44) | 83.35 | 227.34 |
| Total from investment operations | 12.21 | 203.32 | (118.74) | 78.46 | 224.16 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (31.70) |  |  | (28.00) | (29.52) |
| Total distributions | (31.70) |  |  | (28.00) | (29.52) |
| Net asset value, end of period | $451.71 | $471.20 | $267.88 | $386.62 | $336.16 |
| **Total Return<sup>b</sup>** | **1.05%** | **75.90%** | **(30.71** **%)** | **21.73%** | **159.40%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $97246 | $106273 | $62284 | $90897 | $79610 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.09 %) | (0.26%) | (0.53%) | (1.17%) | (1.13%) |
| Total expenses | 1.87% | 2.01% | 1.90% | 1.79% | 1.84% |
| Net expenses<sup>c</sup> | 1.74% | 1.90% | 1.87% | 1.79% | 1.84% |
| Portfolio turnover rate | 383% | 392% | 461% | 252% | 251% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $340.40 | $194.97 | $283.53 | $253.57 | $110.50 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (3.15) | (2.61) | (2.32) | (5.97) | (4.02) |
| Net gain (loss) on investments (realized and unrealized) | 11.52 <sup>d</sup> | 148.04 | (86.24) | 63.93 | 176.61 |
| Total from investment operations | 8.37 | 145.43 | (88.56) | 57.96 | 172.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (31.70) |  |  | (28.00) | (29.52) |
| Total distributions | (31.70) |  |  | (28.00) | (29.52) |
| Net asset value, end of period | $317.07 | $340.40 | $194.97 | $283.53 | $253.57 |
| **Total Return<sup>b</sup>** | **0.31%** | **74.59%** | **(31.23** **%)** | **20.70%** | **157.42%** |
| **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) | $5444 | $8294 | $7552 | $13760 | $15545 |
| Ratios 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) | (0.84 %) | (1.03%) | (1.29%) | (1.92%) | (1.88%) |
| Total expenses | 2.62% | 2.75% | 2.64% | 2.54% | 2.59% |
| Net expenses<sup>c</sup> | 2.50% | 2.65% | 2.61% | 2.54% | 2.59% |
| Portfolio turnover rate | 383% | 392% | 461% | 252% | 251% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 19

**NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $471.06 | $267.78 | $386.47 | $336.03 | $141.47 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (.58) | (.84) | (1.29) | (4.89) | (3.14) |
| Net gain (loss) on investments (realized and unrealized) | 12.78 <sup>d</sup> | 204.12 | (117.40) | 83.33 | 227.22 |
| Total from investment operations | 12.20 | 203.28 | (118.69) | 78.44 | 224.08 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains | (31.70) |  |  | (28.00) | (29.52) |
| Total distributions | (31.70) |  |  | (28.00) | (29.52) |
| Net asset value, end of period | $451.56 | $471.06 | $267.78 | $386.47 | $336.03 |
| **Total Return** | **1.05%** | **75.91%** | **(30.71** **%)** | **21.73%** | **159.40%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $708538 | $894924 | $489052 | $706126 | $566649 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.11 %) | (0.23%) | (0.53%) | (1.17%) | (1.13%) |
| Total expenses | 1.87% | 2.00% | 1.90% | 1.79% | 1.84% |
| Net expenses<sup>c</sup> | 1.74% | 1.89% | 1.87% | 1.79% | 1.84% |
| Portfolio turnover rate | 383% | 392% | 461% | 252% | 251% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> The amount shown for a share outstanding throughout the 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.

20 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | March 31, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 42.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 42.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 42.4%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>1,2</sup> | $1650000 | $1636173 |
| &nbsp;&nbsp;&nbsp;4.23% due 04/24/25<sup>1</sup> | 1600000 | 1595671 |
| &nbsp;&nbsp;&nbsp;4.22% due 04/01/25<sup>1</sup> | 1200000 | 1200000 |
| &nbsp;&nbsp;&nbsp;4.22% due 05/06/25<sup>1</sup> | 1100000 | 1095469 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>1,3</sup> | 242000 | 241800 |
| &nbsp;&nbsp;&nbsp;4.19% due 06/12/25<sup>1,2</sup> | 1000000 | 991620 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,760,750) |  | 6760733 |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.3%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.02%, Rate Floor: 0.00%) due 05/07/25<sup>◊</sup> | 1000000 | 999995 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,000,000) |  | 999995 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 74.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 74.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 74.7%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>2</sup> | 6749427 | 6749427 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>2</sup> | 5172680 | 5172680 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,922,107) |  | 11922107 |
| **Total Investments - 123.4%** | **Total Investments - 123.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,682,857) | &nbsp;&nbsp;&nbsp;(Cost $19,682,857) | $19682835 |
| **Other Assets & Liabilities, net - (23.4)%** | **Other Assets & Liabilities, net - (23.4)%** | (3732578) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $15950257 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** |
| NASDAQ-100 Index Mini Futures Contracts | 7 | Jun 2025 | $2722965 | $49377 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| BNP Paribas | NASDAQ-100 Index | Receive | 4.83% (Federal<br> Funds Rate +<br> 0.50%) | At Maturity | 06/26/25 | 803 | $15485527 | $512911 |
| Goldman Sachs International | NASDAQ-100 Index | Receive | 4.73% (Federal<br> Funds Rate +<br> 0.40%) | At Maturity | 06/25/25 | 393 | 7574808 | 302347 |
| Barclays Bank plc | NASDAQ-100 Index | Receive | 4.99% (SOFR + 0.65%) | At Maturity | 06/26/25 | 313 | 6037954 | 199988 |
|  |  |  |  |  |  |  | $29098289 | $1015246 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>◊</sup> | &nbsp;&nbsp;&nbsp;Variable rate security. Rate indicated is the rate effective at March 31, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;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 equity index swap collateral at March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;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 \| 21

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $6760733 | $— | $6760733 |
| Federal Agency Notes |  | 999995 |  | 999995 |
| Repurchase Agreements |  | 11922107 |  | 11922107 |
| Equity Futures Contracts\*\* | 49377 |  |  | 49377 |
| Equity Index Swap Agreements\*\* |  | 1015246 |  | 1015246 |
| Total Assets | $49377 | $20698081 | $— | $20747458 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

22 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $7,760,750) | $7760728 |
| Repurchase agreements, at value (cost $11,922,107) | 11922107 |
| Segregated cash with broker | 214 |
| Unrealized appreciation on OTC swap agreements | 1015246 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 2273575 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 1615285 |
| &nbsp;&nbsp;&nbsp;Interest | 7845 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1015 |
| **Total assets** | 24596015 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 590003 |
| Segregated cash due to broker | 2030000 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 5942795 |
| &nbsp;&nbsp;&nbsp;Management fees | 31896 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 13110 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 8933 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 3722 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 311 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 24988 |
| **Total liabilities** | 8645758 |
| **Net assets** | $15950257 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $156492443 |
| Total distributable earnings (loss) | (140542186) |
| Net assets | $15950257 |
| **Class A:** | **Class A:** |
| Net assets | $1868847 |
| Capital shares outstanding | 12305 |
| Net asset value per share | $151.88 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $159.45 |
| **Class C:** | **Class C:** |
| Net assets | $126040 |
| Capital shares outstanding | 1012 |
| Net asset value per share | $124.55 |
| **Class H:** | **Class H:** |
| Net assets | $13955370 |
| Capital shares outstanding | 91825 |
| Net asset value per share | $151.98 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $1685331 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1685331 |
| **Expenses:** | **Expenses:** |
| Management fees | 291266 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 2423 |
| &nbsp;&nbsp;&nbsp;Class C | 1869 |
| &nbsp;&nbsp;&nbsp;Class H | 78022 |
| Transfer agent fees | 69218 |
| Portfolio accounting and administration fees | 66354 |
| Registration fees | 39533 |
| Interest expense | 24326 |
| Professional fees | 8908 |
| Custodian fees | 4184 |
| Trustees' fees\* | 3288 |
| Line of credit fees | 91 |
| Miscellaneous | 24196 |
| &nbsp;&nbsp;&nbsp;Total expenses | 613678 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (32328) |
| Net expenses | 581350 |
| Net investment income | 1103981 |
| **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 | 1019 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (15286692) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (11709410) |
| Net realized loss | (26995083) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (15) |
| &nbsp;&nbsp;&nbsp;Swap agreements | 990431 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 74121 |
| Net change in unrealized appreciation (depreciation) | 1064537 |
| Net realized and unrealized loss | (25930546) |
| **Net decrease in net assets resulting from operations** | $(24826565) |

---

\* 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 \| 23

**INVERSE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $1103981 | $1201442 |
| Net realized loss on investments | (26995083) | (32210068) |
| Net change in unrealized appreciation (depreciation) on investments | 1064537 | 1482706 |
| Net decrease in net assets resulting from operations | (24826565) | (29525920) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (42658) | (28945) |
| &nbsp;&nbsp;&nbsp;Class C | (15685) | (17590) |
| &nbsp;&nbsp;&nbsp;Class H | (911112) | (634202) |
| Total distributions to shareholders | (969455) | (680737) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 9471123 | 7222864 |
| &nbsp;&nbsp;&nbsp;Class C | 2647920 | 4224257 |
| &nbsp;&nbsp;&nbsp;Class H | 2714968196 | 1138936552 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 42658 | 28945 |
| &nbsp;&nbsp;&nbsp;Class C | 15685 | 17590 |
| &nbsp;&nbsp;&nbsp;Class H | 867346 | 630718 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (8435243) | (6867044) |
| &nbsp;&nbsp;&nbsp;Class C | (2711541) | (3990671) |
| &nbsp;&nbsp;&nbsp;Class H | (2689533167) | (1116455263) |
| Net increase from capital share transactions | 27332977 | 23747948 |
| Net increase (decrease) in net assets | 1536957 | (6458709) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 14413300 | 20872009 |
| &nbsp;&nbsp;&nbsp;End of year | $15950257 | $14413300 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 61061 | 29327 |
| &nbsp;&nbsp;&nbsp;Class C | 20193 | 19612 |
| &nbsp;&nbsp;&nbsp;Class H | 17947232 | 4402717 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 349 | 132 |
| &nbsp;&nbsp;&nbsp;Class C | 156 | 95 |
| &nbsp;&nbsp;&nbsp;Class H | 7092 | 2859 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (54071) | (27576) |
| &nbsp;&nbsp;&nbsp;Class C | (21036) | (18908) |
| &nbsp;&nbsp;&nbsp;Class H | (17936148) | (4388652) |
| Net increase in shares | 24828 | 19606 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:10 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

24 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $179.64 | $343.99 | $342.79 | $518.00 | $1850.65 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 5.73 | 10.50 | .90 | (5.80) | (4.80) |
| Net gain (loss) on investments (realized and unrealized) | (25.70) | (165.35) | .30 | (169.41)<sup>d</sup> | (1326.45) |
| Total from investment operations | (19.97) | (154.85) | 1.20 | (175.21) | (1331.25) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (7.79) | (9.50) |  |  | (1.40) |
| Total distributions | (7.79) | (9.50) |  |  | (1.40) |
| Net asset value, end of period | $151.88 | $179.64 | $343.99 | $342.79 | $518.00 |
| **Total Return<sup>b</sup>** | **(10.05** **%)** | **(45.56** **%)** | **0.35%** | **(33.82** **%)** | **(71.95** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1869 | $892 | $1061 | $617 | $301 |
| Ratios 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) | 3.75% | 4.26% | 0.20% | (1.58 %) | (1.69%) |
| Total expenses | 1.99% | 1.83% | 3.02% | 1.78% | 1.81% |
| Net expenses<sup>c</sup> | 1.90% | 1.75% | 2.98% | 1.78% | 1.81% |
| Portfolio turnover rate |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $150.52 | $292.65 | $293.70 | $447.39 | $1611.27 |
| 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> | 3.86 | 7.70 | (1.90) | (7.80) | (4.80) |
| Net gain (loss) on investments (realized and unrealized) | (22.04) | (140.33) | .85 | (145.89)<sup>d</sup> | (1157.68) |
| Total from investment operations | (18.18) | (132.63) | (1.05) | (153.69) | (1162.48) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (7.79) | (9.50) |  |  | (1.40) |
| Total distributions | (7.79) | (9.50) |  |  | (1.40) |
| Net asset value, end of period | $124.55 | $150.52 | $292.65 | $293.70 | $447.39 |
| **Total Return<sup>b</sup>** | **(10.86** **%)** | **(45.95** **%)** | **(0.34** **%)** | **(34.35** **%)** | **(72.15** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $126 | $256 | $263 | $158 | $237 |
| Ratios 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) | 2.95% | 3.56% | (0.52%) | (2.32 %) | (2.44%) |
| Total expenses | 2.73% | 2.58% | 3.80% | 2.52% | 2.55% |
| Net expenses<sup>c</sup> | 2.63% | 2.50% | 3.76% | 2.52% | 2.55% |
| Portfolio turnover rate |  |  |  |  |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 25

**INVERSE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $180.12 | $344.61 | $343.34 | $518.34 | $1851.26 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 5.11 | 10.40 | .40 | (6.30) | (3.60) |
| Net gain (loss) on investments (realized and unrealized) | (25.46) | (165.39) | .87 | (168.70)<sup>d</sup> | (1327.92) |
| Total from investment operations | (20.35) | (154.99) | 1.27 | (175.00) | (1331.52) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (7.79) | (9.50) |  |  | (1.40) |
| Total distributions | (7.79) | (9.50) |  |  | (1.40) |
| Net asset value, end of period | $151.98 | $180.12 | $344.61 | $343.34 | $518.34 |
| **Total Return** | **(10.24** **%)** | **(45.51** **%)** | **0.38%** | **(33.76** **%)** | **(71.93** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $13955 | $13266 | $19548 | $12931 | $6190 |
| Ratios 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) | 3.40% | 4.09% | 0.09% | (1.70 %) | (1.70%) |
| Total expenses | 1.89% | 1.85% | 2.53% | 1.81% | 1.85% |
| Net expenses<sup>c</sup> | 1.79% | 1.77% | 2.49% | 1.81% | 1.85% |
| Portfolio turnover rate |  |  |  |  |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> The amount shown for a share outstanding throughout the year does not agree with the aggregate net gain on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>e</sup> Reverse share split — Per share amounts have been restated to reflect a 1:10 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

26 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 28.3%** | **COMMON STOCKS<sup>†</sup>** **- 28.3%** | **COMMON STOCKS<sup>†</sup>** **- 28.3%** |
| **Financial - 7.3%** | **Financial - 7.3%** | **Financial - 7.3%** |
| &nbsp;&nbsp;&nbsp;FTAI Aviation Ltd. | 511 | $56736 |
| &nbsp;&nbsp;&nbsp;SouthState Corp. | 492 | 45667 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group, Inc.\* | 318 | 38033 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 343 | 34677 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 1584 | 33565 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. REIT | 497 | 31420 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc. — Class A | 368 | 30831 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 525 | 30303 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. — Class A | 200 | 29734 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. REIT | 883 | 28821 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 306 | 28011 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 917 | 27840 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. REIT | 295 | 26975 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 937 | 26779 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 938 | 26517 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 573 | 25338 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 750 | 24803 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust REIT | 1093 | 24450 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. REIT | 1138 | 24160 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 655 | 23528 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 765 | 23180 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 666 | 23090 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 437 | 22921 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Company, Inc. REIT | 618 | 22551 |
| &nbsp;&nbsp;&nbsp;Macerich Co. REIT | 1256 | 21566 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 87 | 21546 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 514 | 21408 |
| &nbsp;&nbsp;&nbsp;Enstar Group Ltd.\* | 64 | 21272 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 2380 | 21158 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 255 | 21063 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 1193 | 20842 |
| &nbsp;&nbsp;&nbsp;Moelis & Co. — Class A | 356 | 20776 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. REIT | 359 | 20714 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.\*<sup>,1</sup> | 1717 | 19745 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 331 | 19056 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 824 | 18565 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\* | 403 | 18550 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. REIT | 542 | 18314 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. REIT | 396 | 17868 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 275 | 17743 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.\* | 129 | 17683 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. — Class A REIT | 874 | 17480 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 233 | 17405 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. — Class A | 330 | 17236 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 272 | 17152 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | 582 | 17018 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 602 | 16934 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* | 221 | 16842 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 914 | 16534 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc. — Class A | 1789 | 16405 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. REIT | 220 | 16249 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. REIT | 949 | 16171 |
| &nbsp;&nbsp;&nbsp;Compass, Inc. — Class A\* | 1849 | 16142 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc. — Class A | 117 | 16132 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | 971 | 15924 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 815 | 15624 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties REIT | 567 | 15462 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 295 | 15302 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. — Class A\* | 2132 | 15116 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. — Class A\* | 336 | 15016 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | 263 | 14954 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 1276 | 14827 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 1147 | 14808 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 342 | 14716 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. — Class A\* | 395 | 14240 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 450 | 14013 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. REIT | 486 | 13948 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 163 | 13914 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 123 | 13702 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 197 | 13587 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 135 | 13515 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 435 | 13468 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 214 | 13407 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. — Class A | 113 | 13341 |
| &nbsp;&nbsp;&nbsp;Burford Capital Ltd. | 1009 | 13329 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. REIT | 813 | 13008 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 375 | 12915 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. — Class A | 625 | 12831 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust REIT | 1463 | 12655 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 250 | 12520 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc. — Class A | 317 | 12395 |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust REIT | 590 | 12361 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.\* | 128 | 12360 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 667 | 12313 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.\* | 230 | 12153 |
| &nbsp;&nbsp;&nbsp;TowneBank | 354 | 12103 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties REIT | 635 | 12065 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc. — Class A | 207 | 11979 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | 294 | 11889 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 475 | 11866 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc\* | 1153 | 11784 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. REIT | 727 | 11734 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | 407 | 11632 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. REIT | 478 | 11563 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. — Class A | 403 | 11546 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. REIT | 390 | 11454 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* | 1565 | 11143 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 101 | 11097 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 138 | 11074 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 73 | 11052 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 173 | 11032 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 425 | 10935 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. REIT | 927 | 10892 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 634 | 10886 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 315 | 10688 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 306 | 10554 |
| &nbsp;&nbsp;&nbsp;Pacific Premier Bancorp, Inc. | 482 | 10276 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 234 | 10039 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 27

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 707 | $10032 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.\* | 188 | 9949 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 184 | 9888 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 137 | 9775 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. REIT | 1010 | 9504 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.\*<sup>,1</sup> | 1389 | 9334 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | 424 | 9158 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 226 | 9045 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | 130 | 8978 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 209 | 8931 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 122 | 8900 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 226 | 8796 |
| &nbsp;&nbsp;&nbsp;Farmer Mac — Class C | 46 | 8625 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | 183 | 8592 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 73 | 8575 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | 181 | 8391 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.\* | 264 | 8297 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. REIT | 1020 | 8201 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd.\* | 474 | 8195 |
| &nbsp;&nbsp;&nbsp;First BanCorp Puerto Rico | 204 | 8189 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc. — Class A | 670 | 8154 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. REIT | 1053 | 8129 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 515 | 8003 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc. — Class A | 72 | 7987 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. REIT | 225 | 7976 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. REIT | 255 | 7951 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 649 | 7801 |
| &nbsp;&nbsp;&nbsp;Elme Communities REIT | 448 | 7795 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. REIT | 142 | 7681 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 135 | 7546 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.\* | 150 | 7530 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 126 | 7489 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | 68 | 7409 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 237 | 7217 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. — Class A | 188 | 7195 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 194 | 7188 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital Ltd. — Class A\* | 927 | 7073 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. REIT | 529 | 7067 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 250 | 6915 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. REIT | 364 | 6807 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. REIT | 400 | 6768 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. REIT | 705 | 6747 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties REIT | 416 | 6702 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 267 | 6667 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 131 | 6633 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. — Class A REIT | 578 | 6595 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* | 908 | 6574 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. REIT | 413 | 6546 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.\* | 113 | 6531 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 163 | 6515 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust REIT | 442 | 6475 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 126 | 6381 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. REIT | 370 | 6375 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | 339 | 6329 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 42 | 6268 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.\* | 168 | 6261 |
| &nbsp;&nbsp;&nbsp;Sandy Spring Bancorp, Inc. | 224 | 6261 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management Co. — Class A REIT | 708 | 6230 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc. REIT\* | 1226 | 6179 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 590 | 6177 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust REIT | 607 | 6149 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. REIT | 519 | 6103 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.\* | 259 | 6048 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 676 | 6030 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust REIT | 755 | 5957 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 83 | 5920 |
| &nbsp;&nbsp;&nbsp;Root, Inc. — Class A\* | 44 | 5871 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 34 | 5860 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 74 | 5837 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.\* | 558 | 5759 |
| &nbsp;&nbsp;&nbsp;Berkshire Hills Bancorp, Inc. | 219 | 5714 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.\* | 63 | 5696 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. REIT | 426 | 5649 |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | 94 | 5622 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 200 | 5576 |
| &nbsp;&nbsp;&nbsp;Redfin Corp.\* | 602 | 5544 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc. REIT | 423 | 5508 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | 145 | 5438 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc. — Class A REIT | 688 | 5380 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. REIT | 521 | 5345 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. REIT | 418 | 5325 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. | 287 | 5261 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. REIT | 410 | 5260 |
| &nbsp;&nbsp;&nbsp;Centerspace REIT | 81 | 5245 |
| &nbsp;&nbsp;&nbsp;First Bancshares, Inc. | 155 | 5241 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. REIT | 494 | 5236 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | 150 | 5201 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | 175 | 5191 |
| &nbsp;&nbsp;&nbsp;Preferred Bank/Los Angeles CA | 62 | 5187 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 97 | 5097 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 579 | 5026 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 143 | 4969 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 292 | 4967 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. REIT | 264 | 4942 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | 49 | 4936 |
| &nbsp;&nbsp;&nbsp;Brookline Bancorp, Inc. | 449 | 4894 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. REIT | 243 | 4894 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | 263 | 4839 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | 282 | 4822 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.\* | 411 | 4776 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 374 | 4724 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | 176 | 4692 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc. — Class A REIT | 628 | 4628 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. REIT | 114 | 4506 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | 185 | 4497 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 146 | 4228 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. — Class B\* | 202 | 4187 |

---

28 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 172 | $4185 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. REIT<sup>1</sup> | 822 | 4184 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 147 | 4169 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 159 | 4159 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 120 | 4134 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 65 | 4094 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.\* | 119 | 4079 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | 416 | 4068 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 670 | 4067 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.\* | 197 | 4062 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | 116 | 4048 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. REIT\* | 939 | 4038 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 249 | 4034 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 78 | 3928 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust REIT | 862 | 3845 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | 186 | 3839 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | 68 | 3815 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 222 | 3694 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 136 | 3677 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.\* | 1347 | 3677 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. REIT | 657 | 3653 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT — Class B | 250 | 3643 |
| &nbsp;&nbsp;&nbsp;NB Bancorp, Inc.\* | 198 | 3578 |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 138 | 3569 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 631 | 3534 |
| &nbsp;&nbsp;&nbsp;Brookfield Business Corp. — Class A | 132 | 3514 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 80 | 3475 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 153 | 3467 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 95 | 3425 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | 84 | 3399 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 91 | 3367 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 204 | 3325 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | 220 | 3318 |
| &nbsp;&nbsp;&nbsp;Dave, Inc.\* | 40 | 3306 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.\* | 80 | 3252 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | 86 | 3241 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc. — Class A | 82 | 3231 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. REIT | 299 | 3229 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 35 | 3204 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. REIT | 213 | 3191 |
| &nbsp;&nbsp;&nbsp;Patria Investments Ltd. — Class A | 282 | 3184 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 107 | 3152 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 150 | 3150 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 101 | 3110 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. — Class A | 129 | 3108 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. REIT | 242 | 3107 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. REIT | 114 | 3030 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp.\* | 54 | 3023 |
| &nbsp;&nbsp;&nbsp;New York Mortgage Trust, Inc. REIT | 462 | 2998 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 123 | 2995 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. REIT | 397 | 2982 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 96 | 2963 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corporation NY | 95 | 2896 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. REIT | 535 | 2894 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | 59 | 2890 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 303 | 2885 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | 97 | 2872 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc. — Class A | 215 | 2844 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 120 | 2844 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | 94 | 2821 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc. REIT | 375 | 2820 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. REIT | 145 | 2800 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 36 | 2714 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | 310 | 2713 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc. — Class A | 42 | 2680 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust REIT | 1111 | 2666 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust REIT | 65 | 2662 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 91 | 2616 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings, Inc.\* | 101 | 2582 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 75 | 2571 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | 93 | 2564 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.\* | 51 | 2564 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 49 | 2549 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | 81 | 2517 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | 70 | 2517 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. REIT | 138 | 2506 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc. REIT | 224 | 2498 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. REIT | 301 | 2453 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 86 | 2442 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 44 | 2436 |
| &nbsp;&nbsp;&nbsp;P10, Inc. — Class A | 207 | 2432 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. REIT | 308 | 2430 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | 185 | 2414 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | 96 | 2396 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | 85 | 2363 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties REIT\* | 75 | 2354 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust REIT | 186 | 2344 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 105 | 2336 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure, Inc. | 513 | 2324 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. REIT | 11 | 2301 |
| &nbsp;&nbsp;&nbsp;Selectquote, Inc.\* | 685 | 2288 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 76 | 2242 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust REIT | 840 | 2192 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.\* | 953 | 2192 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | 83 | 2182 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.\* | 17 | 2151 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 197 | 2149 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. REIT | 81 | 2128 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 156 | 2112 |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | 114 | 2104 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc.\* | 140 | 2100 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.\* | 507 | 2058 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. REIT\* | 696 | 2053 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services Corp. | 46 | 2046 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc. | 195 | 2022 |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc.\* | 229 | 2004 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 60 | 1987 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | 27 | 1977 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | 76 | 1969 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. REIT | 54 | 1948 |
| &nbsp;&nbsp;&nbsp;Enterprise Bancorp, Inc. | 50 | 1947 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.\* | 68 | 1943 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 29

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.\* | 152 | $1918 |
| &nbsp;&nbsp;&nbsp;Hingham Institution For Savings | 8 | 1902 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.\* | 57 | 1902 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re Ltd. — Class A\* | 140 | 1897 |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | 40 | 1886 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc.\* | 116 | 1877 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | 109 | 1866 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 13 | 1857 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 66 | 1840 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp. REIT | 171 | 1799 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 81 | 1788 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | 140 | 1778 |
| &nbsp;&nbsp;&nbsp;California BanCorp\* | 123 | 1763 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust REIT | 245 | 1747 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | 279 | 1747 |
| &nbsp;&nbsp;&nbsp;ACNB Corp. | 42 | 1729 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. | 7 | 1688 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.\* | 116 | 1673 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc. | 321 | 1666 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.\* | 500 | 1665 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc. — Class A\* | 182 | 1647 |
| &nbsp;&nbsp;&nbsp;Claros Mortgage Trust, Inc. REIT\* | 440 | 1641 |
| &nbsp;&nbsp;&nbsp;West BanCorp, Inc. | 82 | 1635 |
| &nbsp;&nbsp;&nbsp;Guaranty Bancshares, Inc. | 40 | 1601 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | 86 | 1589 |
| &nbsp;&nbsp;&nbsp;First Bank/Hamilton NJ | 107 | 1585 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc. — Class A REIT | 110 | 1571 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | 35 | 1568 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp Incorporated/Archbold OH | 65 | 1554 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc. — Class A | 79 | 1551 |
| &nbsp;&nbsp;&nbsp;Southern States Bancshares, Inc. | 43 | 1537 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | 78 | 1524 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | 75 | 1509 |
| &nbsp;&nbsp;&nbsp;NewtekOne, Inc. | 123 | 1471 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | 36 | 1465 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | 65 | 1457 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp, Inc. | 62 | 1453 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp.\* | 57 | 1437 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | 87 | 1436 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.\* | 28 | 1432 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | 123 | 1423 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.\* | 101 | 1403 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | 85 | 1373 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. | 55 | 1360 |
| &nbsp;&nbsp;&nbsp;First of Long Island Corp. | 109 | 1346 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services, Inc. | 23 | 1335 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | 53 | 1334 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc. — Class A | 79 | 1315 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | 46 | 1303 |
| &nbsp;&nbsp;&nbsp;FS Bancorp, Inc. | 34 | 1292 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares, Inc. | 25 | 1291 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc.\* | 39 | 1284 |
| &nbsp;&nbsp;&nbsp;Chicago Atlantic Real Estate Finance, Inc. REIT | 87 | 1279 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | 42 | 1265 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. REIT | 272 | 1259 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group, Inc.\* | 98 | 1242 |
| &nbsp;&nbsp;&nbsp;Bit Digital, Inc.\* | 605 | 1222 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp, Inc. | 52 | 1216 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 28 | 1212 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc. | 42 | 1208 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp, Inc. | 38 | 1146 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust REIT | 333 | 1146 |
| &nbsp;&nbsp;&nbsp;MBIA, Inc.\* | 227 | 1130 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial, Inc. | 82 | 1103 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | 41 | 1098 |
| &nbsp;&nbsp;&nbsp;HomeStreet, Inc.\* | 93 | 1092 |
| &nbsp;&nbsp;&nbsp;AG Mortgage Investment Trust, Inc. REIT | 147 | 1073 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. REIT | 64 | 1070 |
| &nbsp;&nbsp;&nbsp;Onity Group, Inc.\* | 33 | 1067 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp, Inc. | 64 | 1057 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc Corp. | 37 | 1034 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | 55 | 1029 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | 198 | 1028 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | 59 | 1022 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp, Inc. | 54 | 1017 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | 103 | 1006 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp, Inc. | 24 | 999 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | 33 | 996 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings, Inc. | 53 | 984 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. REIT | 57 | 969 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp\* | 105 | 966 |
| &nbsp;&nbsp;&nbsp;LCNB Corp. | 65 | 961 |
| &nbsp;&nbsp;&nbsp;Norwood Financial Corp. | 39 | 943 |
| &nbsp;&nbsp;&nbsp;FrontView REIT, Inc. | 73 | 934 |
| &nbsp;&nbsp;&nbsp;Provident Bancorp, Inc.\* | 80 | 918 |
| &nbsp;&nbsp;&nbsp;OppFi, Inc. | 96 | 893 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp, Inc.\* | 84 | 888 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. REIT | 496 | 883 |
| &nbsp;&nbsp;&nbsp;Crawford & Co. — Class A | 77 | 879 |
| &nbsp;&nbsp;&nbsp;Oak Valley Bancorp | 35 | 874 |
| &nbsp;&nbsp;&nbsp;Virginia National Bankshares Corp. | 24 | 866 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.\* | 46 | 861 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp, Inc. | 35 | 844 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc. REIT | 336 | 837 |
| &nbsp;&nbsp;&nbsp;Investar Holding Corp. | 47 | 828 |
| &nbsp;&nbsp;&nbsp;Princeton Bancorp, Inc. | 27 | 825 |
| &nbsp;&nbsp;&nbsp;Medallion Financial Corp. | 94 | 819 |
| &nbsp;&nbsp;&nbsp;Bank7 Corp. | 21 | 814 |
| &nbsp;&nbsp;&nbsp;Seven Hills Realty Trust REIT | 65 | 812 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.\* | 41 | 806 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc. — Class A | 49 | 802 |
| &nbsp;&nbsp;&nbsp;First Financial Northwest, Inc. | 35 | 793 |
| &nbsp;&nbsp;&nbsp;ESSA Bancorp, Inc. | 42 | 792 |
| &nbsp;&nbsp;&nbsp;National Bankshares, Inc. | 29 | 772 |
| &nbsp;&nbsp;&nbsp;Ames National Corp. | 44 | 771 |
| &nbsp;&nbsp;&nbsp;LINKBANCORP, Inc. | 113 | 766 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc. — Class A\* | 91 | 762 |
| &nbsp;&nbsp;&nbsp;Chemung Financial Corp. | 16 | 761 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp, Inc. | 76 | 749 |

---

30 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Sky Harbour Group Corp.\* | 57 | $| 741 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp, Inc.\* | 60 |  | 703 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | 164 |  | 689 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple Company, Inc.\* | 38 |  | 668 |
| &nbsp;&nbsp;&nbsp;Granite Point Mortgage Trust, Inc. REIT | 256 |  | 666 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust REIT | 170 |  | 651 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance, Inc. REIT | 42 |  | 642 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina, Inc. | 23 |  | 627 |
| &nbsp;&nbsp;&nbsp;Orion Properties, Inc. REIT | 287 |  | 614 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage REIT, Inc. | 60 |  | 572 |
| &nbsp;&nbsp;&nbsp;Star Holdings\* | 66 |  | 562 |
| &nbsp;&nbsp;&nbsp;NI Holdings, Inc.\* | 39 |  | 556 |
| &nbsp;&nbsp;&nbsp;AlTi Global, Inc.\* | 174 |  | 529 |
| &nbsp;&nbsp;&nbsp;Kingsway Financial Services, Inc.\* | 65 |  | 515 |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc.\* | 29 |  | 515 |
| &nbsp;&nbsp;&nbsp;Advanced Flower Capital, Inc. REIT | 86 |  | 479 |
| &nbsp;&nbsp;&nbsp;B Riley Financial, Inc.\* | 104 |  | 402 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc.\* | 43 |  | 373 |
| &nbsp;&nbsp;&nbsp;Strawberry Fields REIT, Inc. | 31 |  | 369 |
| &nbsp;&nbsp;&nbsp;Paysign, Inc.\* | 167 |  | 354 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings, Inc.\* | 588 |  | 330 |
| &nbsp;&nbsp;&nbsp;Sunrise Realty Trust, Inc. REIT | 29 |  | 321 |
| &nbsp;&nbsp;&nbsp;Resolute Holdings Management, Inc.\* | 10 |  | 313 |
| &nbsp;&nbsp;&nbsp;SWK Holdings Corp.\* | 17 |  | 296 |
| &nbsp;&nbsp;&nbsp;GoHealth, Inc. — Class A\* | 23 |  | 282 |
| &nbsp;&nbsp;&nbsp;Maiden Holdings Ltd.\* | 448 |  | 255 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. REIT | 60 |  | 230 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors, Inc.\* | 6 |  | 168 |
| &nbsp;&nbsp;&nbsp;Offerpad Solutions, Inc.\* | 53 |  | 88 |
| &nbsp;&nbsp;&nbsp;American Realty Investors, Inc.\* | 8 |  | 88 |
| &nbsp;&nbsp;&nbsp;Roadzen, Inc.\* | 67 |  | 70 |
| **Total Financial** |  |  | 3140354 |
| **Consumer, Non-cyclical - 6.7%** | **Consumer, Non-cyclical - 6.7%** | **Consumer, Non-cyclical - 6.7%** | **Consumer, Non-cyclical - 6.7%** |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 507 |  | 77388 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.\* | 868 |  | 66220 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.\* | 407 |  | 46488 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 628 |  | 40073 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 433 |  | 38264 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 279 |  | 36103 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. — Class A | 1006 |  | 35703 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 347 |  | 33867 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* | 288 |  | 30444 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.\* | 857 |  | 30304 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 864 |  | 30197 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 90 |  | 29811 |
| &nbsp;&nbsp;&nbsp;Blueprint Medicines Corp.\* | 321 |  | 28412 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 703 |  | 27719 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.\* | 214 |  | 27071 |
| &nbsp;&nbsp;&nbsp;Alkermes plc\* | 811 |  | 26779 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 601 |  | 25603 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 707 |  | 24441 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\* | 246 |  | 24211 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 626 |  | 23638 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 575 |  | 23109 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 1146 |  | 22737 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 125 |  | 22538 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.\* | 186 |  | 21693 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | 249 |  | 21407 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* | 168 |  | 19826 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.\* | 383 |  | 19518 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 142 |  | 19066 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | 221 |  | 19041 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.\* | 189 |  | 19021 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 206 |  | 18725 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.\* | 641 |  | 18724 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\* | 829 |  | 18661 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.\* | 241 |  | 18282 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 258 |  | 17500 |
| &nbsp;&nbsp;&nbsp;Lancaster Colony Corp. | 98 |  | 17150 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 572 |  | 16885 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 69 |  | 16836 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.\* | 333 |  | 16557 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.\* | 157 |  | 16435 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 181 |  | 16151 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.\* | 465 |  | 16038 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.\* | 250 |  | 15887 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.\* | 753 |  | 15662 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 461 |  | 15462 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. — Class B | 16 |  | 15374 |
| &nbsp;&nbsp;&nbsp;SpringWorks Therapeutics, Inc.\* | 346 |  | 15269 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.\* | 375 |  | 15180 |
| &nbsp;&nbsp;&nbsp;StoneCo Ltd. — Class A\* | 1441 |  | 15102 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.\* | 134 |  | 15004 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\* | 108 |  | 14997 |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 313 |  | 14824 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.\* | 276 |  | 14620 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.\* | 219 |  | 14366 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 297 |  | 14363 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 568 |  | 13774 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc. — Class A\* | 657 |  | 13436 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.\* | 239 |  | 13300 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc. — Class A\* | 1004 |  | 13162 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.\* | 224 |  | 13050 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.\* | 405 |  | 13021 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | 161 |  | 12758 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.\* | 88 |  | 12624 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc. — Class A\* | 177 |  | 12553 |
| &nbsp;&nbsp;&nbsp;Alight, Inc. — Class A | 2112 |  | 12524 |
| &nbsp;&nbsp;&nbsp;Patterson Companies, Inc. | 399 |  | 12465 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | 558 |  | 12109 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 1477 |  | 12052 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 321 |  | 11803 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.\* | 391 |  | 11593 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.\* | 295 |  | 11582 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.\* | 548 |  | 11119 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 165 |  | 11101 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.\* | 248 |  | 11066 |
| &nbsp;&nbsp;&nbsp;LivaNova plc\* | 277 |  | 10881 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 92 |  | 10476 |
| &nbsp;&nbsp;&nbsp;Biohaven Ltd.\* | 434 |  | 10433 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 77 |  | 10142 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 602 |  | 9999 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 31

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.\* | 1364 | $9971 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc. — Class A\* | 2357 | 9711 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.\* | 178 | 9694 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.\* | 186 | 9555 |
| &nbsp;&nbsp;&nbsp;Novocure Ltd.\* | 536 | 9551 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 1098 | 9520 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | 157 | 9481 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. — Class B\* | 90 | 9463 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 112 | 9404 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.\* | 387 | 9191 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 548 | 9152 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.\* | 201 | 9055 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.\* | 461 | 9003 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.\* | 463 | 8931 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc.\* | 123 | 8788 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.\* | 88 | 8702 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. — Class A | 195 | 8689 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 103 | 8642 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.\* | 633 | 8606 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.\* | 663 | 8599 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.\* | 542 | 8477 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.\* | 323 | 8443 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.\* | 377 | 8422 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. — Class A\* | 257 | 8412 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 334 | 8410 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.\* | 256 | 8384 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 284 | 8321 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* | 299 | 8190 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.\* | 370 | 8140 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.\* | 232 | 8111 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 95 | 8072 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.\* | 1052 | 7890 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 608 | 7746 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.\* | 240 | 7742 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | 345 | 7587 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.\* | 423 | 7580 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 242 | 7553 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.\* | 37 | 7463 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc.\* | 192 | 7173 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 166 | 7126 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 426 | 6978 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.\* | 868 | 6909 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 122 | 6838 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.\* | 1358 | 6831 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.\* | 811 | 6796 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.\* | 219 | 6791 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.\* | 1567 | 6785 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc. — Class A\*<sup>,1</sup> | 1266 | 6697 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc.\* | 272 | 6661 |
| &nbsp;&nbsp;&nbsp;WK Kellogg Co. | 333 | 6637 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 274 | 6565 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.\* | 236 | 6459 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | 83 | 6395 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 192 | 6373 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 331 | 6342 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.\* | 234 | 6339 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.\* | 435 | 6303 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 93 | 6226 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd.\* | 116 | 6205 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.\* | 648 | 6150 |
| &nbsp;&nbsp;&nbsp;Vita Coco Company, Inc.\* | 199 | 6099 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc. — Class A\* | 973 | 6091 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.\* | 234 | 6009 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 329 | 5971 |
| &nbsp;&nbsp;&nbsp;National Healthcare Corp. | 64 | 5939 |
| &nbsp;&nbsp;&nbsp;Inmode Ltd.\* | 330 | 5854 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.\* | 614 | 5833 |
| &nbsp;&nbsp;&nbsp;Ardelyx, Inc.\* | 1187 | 5828 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.\* | 792 | 5805 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.\* | 233 | 5790 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 33 | 5716 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc.\* | 115 | 5709 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.\* | 64 | 5668 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.\* | 519 | 5626 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.\* | 191 | 5537 |
| &nbsp;&nbsp;&nbsp;Dole plc | 382 | 5520 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 207 | 5506 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy, Inc. | 76 | 5499 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.\* | 682 | 5483 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.\* | 228 | 5477 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.\* | 635 | 5467 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 130 | 5349 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* | 525 | 5323 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 172 | 5303 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 88 | 5231 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.\* | 305 | 5228 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.\* | 418 | 5135 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.\* | 168 | 5119 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.\* | 282 | 5113 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.\* | 376 | 5068 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.\* | 295 | 5042 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp. | 120 | 4985 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.\* | 274 | 4957 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.\* | 201 | 4941 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.\* | 493 | 4866 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 163 | 4866 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.\* | 757 | 4852 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc. — Class A | 74 | 4820 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.\* | 194 | 4745 |
| &nbsp;&nbsp;&nbsp;Geron Corp.\* | 2983 | 4743 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | 333 | 4689 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc.\* | 704 | 4689 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.\* | 701 | 4669 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.\* | 183 | 4621 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.\* | 313 | 4617 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.\* | 603 | 4583 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 93 | 4547 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.\* | 256 | 4544 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 1360 | 4529 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.\* | 379 | 4503 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.\* | 251 | 4425 |

---

32 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 103 | $4411 |
| &nbsp;&nbsp;&nbsp;Herbalife Ltd.\* | 510 | 4401 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.\* | 589 | 4376 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 416 | 4351 |
| &nbsp;&nbsp;&nbsp;Kiniksa Pharmaceuticals International plc\* | 194 | 4309 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.\*<sup>,1</sup> | 305 | 4297 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.\* | 159 | 4293 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 228 | 4239 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.\* | 182 | 4157 |
| &nbsp;&nbsp;&nbsp;Harrow, Inc.\* | 155 | 4123 |
| &nbsp;&nbsp;&nbsp;89bio, Inc.\* | 563 | 4093 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.\* | 455 | 4036 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.\* | 216 | 3996 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc.\* | 157 | 3948 |
| &nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd.\* | 486 | 3927 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.\* | 713 | 3914 |
| &nbsp;&nbsp;&nbsp;Cimpress plc\* | 85 | 3845 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.\* | 297 | 3813 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.\* | 375 | 3780 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.\* | 478 | 3771 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 129 | 3769 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | 295 | 3761 |
| &nbsp;&nbsp;&nbsp;Moneylion, Inc.\* | 43 | 3720 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals plc\* | 470 | 3680 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.\* | 511 | 3633 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 225 | 3557 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.\* | 458 | 3554 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics, Inc.\* | 179 | 3523 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc.\* | 384 | 3468 |
| &nbsp;&nbsp;&nbsp;SpartanNash Co. | 171 | 3464 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.\* | 46 | 3425 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.\* | 282 | 3392 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp. — Class A | 152 | 3380 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.\* | 317 | 3373 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.\* | 345 | 3364 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc.\* | 280 | 3335 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.\* | 231 | 3310 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.\* | 87 | 3295 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 46 | 3260 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.\*<sup>,1</sup> | 379 | 3252 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc.\* | 201 | 3243 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc.\* | 251 | 3158 |
| &nbsp;&nbsp;&nbsp;Paragon 28, Inc.\* | 240 | 3134 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | 69 | 2984 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.\* | 455 | 2948 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.\* | 209 | 2932 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.\* | 173 | 2822 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc.\* | 468 | 2803 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.\* | 1653 | 2744 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc.<sup>1</sup> | 396 | 2721 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. — Class A | 70 | 2712 |
| &nbsp;&nbsp;&nbsp;Prothena Corporation plc\* | 217 | 2685 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.\* | 65 | 2647 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.\* | 132 | 2643 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma, Inc.\* | 142 | 2626 |
| &nbsp;&nbsp;&nbsp;Accolade, Inc.\* | 372 | 2596 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 129 | 2592 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc.\* | 388 | 2588 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp.\* | 737 | 2572 |
| &nbsp;&nbsp;&nbsp;Paysafe Ltd.\* | 163 | 2557 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.\* | 454 | 2529 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.\* | 72 | 2512 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.\* | 618 | 2478 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.\*<sup>,1</sup> | 625 | 2462 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.\* | 165 | 2457 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.\* | 369 | 2435 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.\* | 357 | 2403 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics, Inc.\* | 375 | 2359 |
| &nbsp;&nbsp;&nbsp;Omeros Corp.\* | 284 | 2334 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc.\* | 222 | 2327 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.\* | 476 | 2313 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.\* | 145 | 2303 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.\* | 328 | 2303 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp. — Class A\* | 272 | 2296 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.\* | 197 | 2285 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc.\* | 382 | 2235 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.\* | 254 | 2233 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. — Class A | 104 | 2221 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | 153 | 2214 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc.\* | 122 | 2213 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc.\*<sup>,1</sup> | 732 | 2203 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.\* | 196 | 2203 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc.\* | 277 | 2202 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 277 | 2174 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc.\* | 187 | 2158 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma Ltd.\* | 195 | 2157 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 41 | 2152 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc. — Class A\* | 365 | 2150 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc. | 436 | 2145 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 73 | 2145 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.\* | 70 | 2137 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp. — Class A\* | 24 | 2137 |
| &nbsp;&nbsp;&nbsp;Metsera, Inc.\* | 78 | 2123 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.\* | 132 | 2095 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.\* | 264 | 2094 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc. — Class A | 158 | 2081 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.\* | 248 | 2081 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp.\* | 84 | 2069 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | 85 | 2039 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc.\* | 1059 | 2033 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics, Inc.\* | 270 | 2022 |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 476 | 1994 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.\* | 107 | 1989 |
| &nbsp;&nbsp;&nbsp;Cullinan Therapeutics, Inc.\* | 262 | 1983 |
| &nbsp;&nbsp;&nbsp;Honest Company, Inc.\* | 417 | 1960 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc.\* | 457 | 1897 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 47 | 1889 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.\* | 196 | 1840 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc.\* | 298 | 1836 |
| &nbsp;&nbsp;&nbsp;Altimmune, Inc.\* | 362 | 1810 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* | 49 | 1796 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc.\* | 80 | 1786 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 33

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.\* | 329 | $1783 |
| &nbsp;&nbsp;&nbsp;Tourmaline Bio, Inc.\* | 117 | 1780 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc. — Class A\* | 194 | 1775 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.\* | 104 | 1758 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.\* | 313 | 1747 |
| &nbsp;&nbsp;&nbsp;Capricor Therapeutics, Inc.\* | 184 | 1746 |
| &nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc.\* | 251 | 1732 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.\* | 639 | 1725 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co.\* | 107 | 1696 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.\* | 234 | 1673 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc. — Class A | 44 | 1672 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.\* | 186 | 1661 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.\* | 633 | 1658 |
| &nbsp;&nbsp;&nbsp;Verve Therapeutics, Inc.\* | 362 | 1654 |
| &nbsp;&nbsp;&nbsp;Ardent Health Partners, Inc.\* | 120 | 1650 |
| &nbsp;&nbsp;&nbsp;LENZ Therapeutics, Inc.\* | 64 | 1645 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.\*<sup>,1</sup> | 1389 | 1639 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Companies, Inc.\* | 141 | 1634 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co.\* | 59 | 1630 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.\* | 921 | 1621 |
| &nbsp;&nbsp;&nbsp;Savara, Inc.\* | 582 | 1612 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.\* | 121 | 1600 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.\* | 88 | 1583 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.\* | 154 | 1569 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc.\* | 55 | 1540 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.\* | 57 | 1537 |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | 85 | 1506 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences, Inc.\* | 93 | 1496 |
| &nbsp;&nbsp;&nbsp;Zimvie, Inc.\* | 138 | 1490 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.\* | 345 | 1490 |
| &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc.\* | 254 | 1461 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.\* | 532 | 1452 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.\* | 266 | 1442 |
| &nbsp;&nbsp;&nbsp;Nano-X Imaging Ltd.\*<sup>,1</sup> | 278 | 1389 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics, Inc.\*<sup>,1</sup> | 961 | 1384 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.\* | 236 | 1383 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc\* | 203 | 1376 |
| &nbsp;&nbsp;&nbsp;Celcuity, Inc.\* | 136 | 1375 |
| &nbsp;&nbsp;&nbsp;DocGo, Inc.\* | 517 | 1365 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous, Inc. | 14 | 1349 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc. — Class A | 124 | 1348 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.\* | 290 | 1331 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.\*<sup>,1</sup> | 597 | 1313 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.\* | 193 | 1299 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc.\* | 236 | 1293 |
| &nbsp;&nbsp;&nbsp;Cerus Corp.\* | 918 | 1276 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare, Inc.\* | 175 | 1274 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.\* | 926 | 1269 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics, Inc.\* | 97 | 1264 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.\* | 234 | 1250 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Co.\* | 173 | 1249 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc. — Class A\* | 563 | 1244 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.\* | 367 | 1237 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc.\* | 34 | 1231 |
| &nbsp;&nbsp;&nbsp;2seventy bio, Inc.\* | 249 | 1230 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.\* | 884 | 1229 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.\* | 116 | 1228 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.\* | 183 | 1217 |
| &nbsp;&nbsp;&nbsp;Quanterix Corp.\* | 183 | 1191 |
| &nbsp;&nbsp;&nbsp;Ceribell, Inc.\* | 62 | 1191 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.\* | 393 | 1175 |
| &nbsp;&nbsp;&nbsp;Verastem, Inc.\* | 193 | 1164 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.\* | 182 | 1141 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics, Inc.\*<sup>,1</sup> | 126 | 1139 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.\* | 672 | 1129 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.\* | 469 | 1126 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp.\* | 167 | 1099 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | 168 | 1099 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics, Inc.\* | 378 | 1096 |
| &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.\* | 167 | 1087 |
| &nbsp;&nbsp;&nbsp;Nevro Corp.\* | 186 | 1086 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.\* | 256 | 1080 |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | 36 | 1074 |
| &nbsp;&nbsp;&nbsp;Performant Healthcare, Inc.\* | 359 | 1063 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc. — Class A\* | 720 | 1058 |
| &nbsp;&nbsp;&nbsp;Avita Medical, Inc.\* | 130 | 1058 |
| &nbsp;&nbsp;&nbsp;Absci Corp.\* | 406 | 1019 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.\* | 678 | 1010 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.\* | 67 | 1007 |
| &nbsp;&nbsp;&nbsp;HF Foods Group, Inc.\* | 205 | 1005 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.\* | 520 | 988 |
| &nbsp;&nbsp;&nbsp;National Research Corp. — Class A | 77 | 986 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.\* | 208 | 965 |
| &nbsp;&nbsp;&nbsp;Ocugen, Inc.\* | 1357 | 958 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.\* | 103 | 958 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | 17 | 953 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.\* | 492 | 950 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.\* | 648 | 946 |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.\*<sup>,1</sup> | 304 | 927 |
| &nbsp;&nbsp;&nbsp;Cardiff Oncology, Inc.\* | 293 | 920 |
| &nbsp;&nbsp;&nbsp;ACELYRIN, Inc.\* | 372 | 919 |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. — Class A\* | 43 | 914 |
| &nbsp;&nbsp;&nbsp;Spire Global, Inc.\* | 113 | 914 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings, Inc.\* | 705 | 895 |
| &nbsp;&nbsp;&nbsp;Accuray, Inc.\* | 489 | 875 |
| &nbsp;&nbsp;&nbsp;SoundThinking, Inc.\* | 51 | 864 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.\* | 121 | 863 |
| &nbsp;&nbsp;&nbsp;NeuroPace, Inc.\* | 70 | 860 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics, Inc.\* | 85 | 853 |
| &nbsp;&nbsp;&nbsp;Quad/Graphics, Inc. | 156 | 850 |
| &nbsp;&nbsp;&nbsp;Y-mAbs Therapeutics, Inc.\* | 189 | 837 |
| &nbsp;&nbsp;&nbsp;CVRx, Inc.\* | 68 | 832 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc.\* | 299 | 825 |
| &nbsp;&nbsp;&nbsp;Beta Bionics, Inc.\*<sup>,1</sup> | 67 | 820 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty Corp.\* | 41 | 817 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.\* | 65 | 816 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences, Inc.\* | 58 | 811 |
| &nbsp;&nbsp;&nbsp;iTeos Therapeutics, Inc.\* | 135 | 806 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc.\* | 114 | 803 |

---

34 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Blade Air Mobility, Inc.\* | 293 | $800 |
| &nbsp;&nbsp;&nbsp;Voyager Therapeutics, Inc.\* | 235 | 794 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.\* | 148 | 786 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics, Inc.\* | 271 | 780 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.\* | 207 | 778 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.\* | 447 | 762 |
| &nbsp;&nbsp;&nbsp;CPI Card Group, Inc.\* | 26 | 758 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc.\* | 55 | 741 |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.\* | 227 | 733 |
| &nbsp;&nbsp;&nbsp;Fennec Pharmaceuticals, Inc.\* | 119 | 725 |
| &nbsp;&nbsp;&nbsp;Cargo Therapeutics, Inc.\* | 175 | 712 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | 181 | 708 |
| &nbsp;&nbsp;&nbsp;Joint Corp.\* | 55 | 687 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc. — Class A\* | 170 | 671 |
| &nbsp;&nbsp;&nbsp;MediWound Ltd.\* | 42 | 652 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc. | 137 | 643 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings, Inc.\* | 94 | 641 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology, Inc.\* | 213 | 630 |
| &nbsp;&nbsp;&nbsp;Cadiz, Inc.\* | 215 | 630 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics, Inc.\* | 160 | 618 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech, Inc.\* | 20 | 617 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics\* | 907 | 617 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics, Inc.\* | 109 | 616 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.\* | 192 | 614 |
| &nbsp;&nbsp;&nbsp;Quantum-Si, Inc.\* | 510 | 612 |
| &nbsp;&nbsp;&nbsp;Neurogene, Inc.\* | 52 | 609 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma, Inc.\* | 77 | 608 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics, Inc.\* | 273 | 582 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics S.A.\* | 410 | 578 |
| &nbsp;&nbsp;&nbsp;Prime Medicine, Inc.\* | 289 | 575 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.\* | 103 | 569 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.\* | 61 | 564 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods, Inc.\* | 23 | 562 |
| &nbsp;&nbsp;&nbsp;Regulus Therapeutics, Inc.\* | 321 | 562 |
| &nbsp;&nbsp;&nbsp;BRC, Inc. — Class A\* | 267 | 558 |
| &nbsp;&nbsp;&nbsp;InfuSystem Holdings, Inc.\* | 101 | 543 |
| &nbsp;&nbsp;&nbsp;Korro Bio, Inc.\* | 31 | 540 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.\* | 88 | 539 |
| &nbsp;&nbsp;&nbsp;Septerna, Inc.\* | 93 | 538 |
| &nbsp;&nbsp;&nbsp;Inmune Bio, Inc.\* | 68 | 531 |
| &nbsp;&nbsp;&nbsp;Orchestra BioMed Holdings, Inc.\* | 124 | 531 |
| &nbsp;&nbsp;&nbsp;Sera Prognostics, Inc. — Class A\* | 142 | 523 |
| &nbsp;&nbsp;&nbsp;Beauty Health Co.\* | 380 | 509 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.\* | 411 | 506 |
| &nbsp;&nbsp;&nbsp;Stereotaxis, Inc.\* | 285 | 502 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.\* | 269 | 495 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Inc.\* | 422 | 490 |
| &nbsp;&nbsp;&nbsp;Quipt Home Medical Corp.\* | 209 | 487 |
| &nbsp;&nbsp;&nbsp;C4 Therapeutics, Inc.\* | 304 | 486 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics, Inc.\* | 44 | 484 |
| &nbsp;&nbsp;&nbsp;Achieve Life Sciences, Inc.\* | 176 | 470 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics, Inc.\* | 128 | 467 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc.\* | 166 | 466 |
| &nbsp;&nbsp;&nbsp;Adverum Biotechnologies, Inc.\* | 106 | 463 |
| &nbsp;&nbsp;&nbsp;Zentalis Pharmaceuticals, Inc.\* | 291 | 463 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.\*<sup>,1</sup> | 35 | 461 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics, Inc.\* | 214 | 460 |
| &nbsp;&nbsp;&nbsp;Biote Corp. — Class A\* | 137 | 456 |
| &nbsp;&nbsp;&nbsp;Coherus Biosciences, Inc.\* | 565 | 456 |
| &nbsp;&nbsp;&nbsp;Lyell Immunopharma, Inc.\* | 818 | 440 |
| &nbsp;&nbsp;&nbsp;Atossa Therapeutics, Inc.\* | 644 | 433 |
| &nbsp;&nbsp;&nbsp;Alumis, Inc.\* | 70 | 430 |
| &nbsp;&nbsp;&nbsp;Solid Biosciences, Inc.\* | 116 | 429 |
| &nbsp;&nbsp;&nbsp;Neumora Therapeutics, Inc.\* | 429 | 429 |
| &nbsp;&nbsp;&nbsp;ProKidney Corp.\* | 487 | 427 |
| &nbsp;&nbsp;&nbsp;MBX Biosciences, Inc.\* | 57 | 421 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics, Inc.\* | 119 | 413 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.\* | 509 | 402 |
| &nbsp;&nbsp;&nbsp;MacroGenics, Inc.\* | 313 | 398 |
| &nbsp;&nbsp;&nbsp;Sonida Senior Living, Inc.\* | 17 | 396 |
| &nbsp;&nbsp;&nbsp;Pliant Therapeutics, Inc.\* | 290 | 392 |
| &nbsp;&nbsp;&nbsp;Caribou Biosciences, Inc.\* | 419 | 383 |
| &nbsp;&nbsp;&nbsp;Waldencast plc — Class A\* | 125 | 375 |
| &nbsp;&nbsp;&nbsp;scPharmaceuticals, Inc.\* | 137 | 360 |
| &nbsp;&nbsp;&nbsp;Ventyx Biosciences, Inc.\* | 310 | 357 |
| &nbsp;&nbsp;&nbsp;Third Harmonic Bio, Inc.\* | 101 | 350 |
| &nbsp;&nbsp;&nbsp;Lineage Cell Therapeutics, Inc.\* | 752 | 340 |
| &nbsp;&nbsp;&nbsp;HireQuest, Inc. | 28 | 333 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.\* | 243 | 333 |
| &nbsp;&nbsp;&nbsp;Veru, Inc.\* | 672 | 329 |
| &nbsp;&nbsp;&nbsp;Chegg, Inc.\* | 508 | 325 |
| &nbsp;&nbsp;&nbsp;XBiotech, Inc.\* | 100 | 324 |
| &nbsp;&nbsp;&nbsp;Cabaletta Bio, Inc.\* | 227 | 314 |
| &nbsp;&nbsp;&nbsp;Telomir Pharmaceuticals, Inc.\* | 97 | 313 |
| &nbsp;&nbsp;&nbsp;Black Diamond Therapeutics, Inc.\* | 201 | 312 |
| &nbsp;&nbsp;&nbsp;Renovaro, Inc.\* | 571 | 310 |
| &nbsp;&nbsp;&nbsp;Cassava Sciences, Inc.\* | 206 | 309 |
| &nbsp;&nbsp;&nbsp;Emerald Holding, Inc. | 77 | 303 |
| &nbsp;&nbsp;&nbsp;Biomea Fusion, Inc.\* | 140 | 298 |
| &nbsp;&nbsp;&nbsp;Greenwich Lifesciences, Inc.\* | 31 | 296 |
| &nbsp;&nbsp;&nbsp;Corbus Pharmaceuticals Holdings, Inc.\* | 55 | 292 |
| &nbsp;&nbsp;&nbsp;Innovage Holding Corp.\* | 96 | 286 |
| &nbsp;&nbsp;&nbsp;Gyre Therapeutics, Inc.\* | 36 | 278 |
| &nbsp;&nbsp;&nbsp;Anteris Technologies Global Corp.\* | 76 | 277 |
| &nbsp;&nbsp;&nbsp;Sutro Biopharma, Inc.\* | 416 | 271 |
| &nbsp;&nbsp;&nbsp;Lexicon Pharmaceuticals, Inc.\* | 584 | 269 |
| &nbsp;&nbsp;&nbsp;TScan Therapeutics, Inc.\* | 195 | 269 |
| &nbsp;&nbsp;&nbsp;Ispire Technology, Inc.\* | 98 | 268 |
| &nbsp;&nbsp;&nbsp;CervoMed, Inc.\* | 28 | 256 |
| &nbsp;&nbsp;&nbsp;FiscalNote Holdings, Inc.\* | 317 | 256 |
| &nbsp;&nbsp;&nbsp;Actinium Pharmaceuticals, Inc.\* | 158 | 254 |
| &nbsp;&nbsp;&nbsp;Jasper Therapeutics, Inc.\* | 57 | 245 |
| &nbsp;&nbsp;&nbsp;Invivyd, Inc.\* | 403 | 244 |
| &nbsp;&nbsp;&nbsp;Pyxis Oncology, Inc.\* | 248 | 243 |
| &nbsp;&nbsp;&nbsp;Inozyme Pharma, Inc.\* | 265 | 241 |
| &nbsp;&nbsp;&nbsp;Forafric Global plc\* | 28 | 241 |
| &nbsp;&nbsp;&nbsp;Bluebird Bio, Inc.\* | 49 | 239 |
| &nbsp;&nbsp;&nbsp;Applied Therapeutics, Inc.\* | 489 | 239 |
| &nbsp;&nbsp;&nbsp;Zura Bio Ltd.\* | 184 | 237 |
| &nbsp;&nbsp;&nbsp;Acumen Pharmaceuticals, Inc.\* | 214 | 235 |
| &nbsp;&nbsp;&nbsp;HilleVax, Inc.\* | 161 | 233 |
| &nbsp;&nbsp;&nbsp;Alto Neuroscience, Inc.\* | 107 | 231 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 35

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Artiva Biotherapeutics, Inc.\* | 74 | $| 222 |
| &nbsp;&nbsp;&nbsp;Inovio Pharmaceuticals, Inc.\* | 131 |  | 214 |
| &nbsp;&nbsp;&nbsp;Nautilus Biotechnology, Inc.\* | 248 |  | 214 |
| &nbsp;&nbsp;&nbsp;X4 Pharmaceuticals, Inc.\* | 855 |  | 202 |
| &nbsp;&nbsp;&nbsp;Mersana Therapeutics, Inc.\* | 577 |  | 199 |
| &nbsp;&nbsp;&nbsp;Shattuck Labs, Inc.\* | 199 |  | 189 |
| &nbsp;&nbsp;&nbsp;Akoya Biosciences, Inc.\* | 135 |  | 188 |
| &nbsp;&nbsp;&nbsp;RAPT Therapeutics, Inc.\* | 152 |  | 185 |
| &nbsp;&nbsp;&nbsp;Contineum Therapeutics, Inc. — Class A\* | 26 |  | 181 |
| &nbsp;&nbsp;&nbsp;Climb Bio, Inc.\* | 148 |  | 181 |
| &nbsp;&nbsp;&nbsp;DLH Holdings Corp.\* | 43 |  | 174 |
| &nbsp;&nbsp;&nbsp;Aerovate Therapeutics, Inc.\* | 69 |  | 173 |
| &nbsp;&nbsp;&nbsp;Zynex, Inc.\*<sup>,1</sup> | 78 |  | 172 |
| &nbsp;&nbsp;&nbsp;Agenus, Inc.\* | 109 |  | 164 |
| &nbsp;&nbsp;&nbsp;Tenaya Therapeutics, Inc.\* | 281 |  | 160 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies, Inc.\*<sup>,1</sup> | 68 |  | 159 |
| &nbsp;&nbsp;&nbsp;Werewolf Therapeutics, Inc.\* | 155 |  | 151 |
| &nbsp;&nbsp;&nbsp;Cibus, Inc.\* | 80 |  | 150 |
| &nbsp;&nbsp;&nbsp;Kyverna Therapeutics, Inc.\* | 77 |  | 149 |
| &nbsp;&nbsp;&nbsp;Skye Bioscience, Inc.\* | 92 |  | 146 |
| &nbsp;&nbsp;&nbsp;Galectin Therapeutics, Inc.\*<sup>,1</sup> | 104 |  | 127 |
| &nbsp;&nbsp;&nbsp;Fibrobiologics, Inc.\* | 140 |  | 126 |
| &nbsp;&nbsp;&nbsp;Tevogen Bio Holdings, Inc.\* | 114 |  | 123 |
| &nbsp;&nbsp;&nbsp;Acrivon Therapeutics, Inc.\* | 60 |  | 122 |
| &nbsp;&nbsp;&nbsp;Harvard Bioscience, Inc.\* | 207 |  | 117 |
| &nbsp;&nbsp;&nbsp;Century Therapeutics, Inc.\* | 237 |  | 113 |
| &nbsp;&nbsp;&nbsp;PepGen, Inc.\* | 79 |  | 111 |
| &nbsp;&nbsp;&nbsp;ALX Oncology Holdings, Inc.\* | 173 |  | 108 |
| &nbsp;&nbsp;&nbsp;Generation Bio Co.\* | 251 |  | 102 |
| &nbsp;&nbsp;&nbsp;MarketWise, Inc. | 199 |  | 98 |
| &nbsp;&nbsp;&nbsp;Ovid therapeutics, Inc.\* | 300 |  | 94 |
| &nbsp;&nbsp;&nbsp;IGM Biosciences, Inc.\* | 78 |  | 90 |
| &nbsp;&nbsp;&nbsp;Fractyl Health, Inc.\* | 69 |  | 82 |
| &nbsp;&nbsp;&nbsp;Outlook Therapeutics, Inc.\* | 67 |  | 82 |
| &nbsp;&nbsp;&nbsp;ModivCare, Inc.\* | 57 |  | 75 |
| &nbsp;&nbsp;&nbsp;Elevation Oncology, Inc.\* | 284 |  | 74 |
| &nbsp;&nbsp;&nbsp;Scilex Holding Co.\* | 243 |  | 60 |
| &nbsp;&nbsp;&nbsp;Prelude Therapeutics, Inc.\* | 67 |  | 51 |
| &nbsp;&nbsp;&nbsp;Q32 Bio, Inc.\* | 31 |  | 51 |
| &nbsp;&nbsp;&nbsp;Verrica Pharmaceuticals, Inc.\* | 96 |  | 42 |
| &nbsp;&nbsp;&nbsp;Boundless Bio, Inc.\* | 28 |  | 42 |
| &nbsp;&nbsp;&nbsp;Metagenomi, Inc.\* | 28 |  | 38 |
| &nbsp;&nbsp;&nbsp;Lyra Therapeutics, Inc.\* | 246 |  | 31 |
| &nbsp;&nbsp;&nbsp;Conduit Pharmaceuticals, Inc.\* | 1 |  | 1 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 23 |  |  |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 23 |  |  |
| **Total Consumer, Non-cyclical** |  |  | 2855373 |
| **Industrial - 4.5%** | **Industrial - 4.5%** | **Industrial - 4.5%** | **Industrial - 4.5%** |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 194 |  | 43716 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 562 |  | 42791 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 184 |  | 36342 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. — Class A\* | 315 |  | 35126 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 301 |  | 32219 |
| &nbsp;&nbsp;&nbsp;Rocket Lab USA, Inc.\* | 1760 |  | 31469 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 217 |  | 31326 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\* | 862 |  | 30877 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc. — Class A\* | 726 |  | 30594 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.\* | 227 |  | 29233 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | 237 |  | 28961 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 148 |  | 28157 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. — Class A | 138 |  | 28141 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 180 |  | 27949 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 286 |  | 25800 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 84 |  | 24488 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. — Class A | 141 |  | 24442 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 725 |  | 23911 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.\* | 227 |  | 23781 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 181 |  | 23144 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 303 |  | 22286 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\* | 745 |  | 22119 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.\* | 143 |  | 21785 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Company, Inc. | 228 |  | 21405 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 165 |  | 21148 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 130 |  | 20686 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.\* | 271 |  | 20645 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 254 |  | 20589 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 204 |  | 20451 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\* | 260 |  | 19955 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp. — Class A\* | 1014 |  | 19935 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. — Class A | 782 |  | 19878 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 59 |  | 19878 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 193 |  | 18931 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | 498 |  | 18919 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 244 |  | 18817 |
| &nbsp;&nbsp;&nbsp;EnerSys | 198 |  | 18133 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 188 |  | 17918 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.\* | 135 |  | 17298 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | 106 |  | 17150 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.\* | 150 |  | 16982 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 223 |  | 16814 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.\* | 141 |  | 16806 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc. — Class A\* | 233 |  | 16746 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.\* | 80 |  | 15547 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | 422 |  | 15500 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 269 |  | 15443 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 336 |  | 15399 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.\* | 806 |  | 15395 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* | 1041 |  | 15095 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.\* | 388 |  | 14907 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 198 |  | 14157 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.\*<sup>,1</sup> | 2166 |  | 13039 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 335 |  | 12656 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 148 |  | 12374 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 274 |  | 12292 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | 371 |  | 12198 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc. — Class A\* | 1625 |  | 11554 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 411 |  | 11533 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.\* | 263 |  | 11333 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. — Class A | 303 |  | 11263 |
| &nbsp;&nbsp;&nbsp;Albany International Corp. — Class A | 158 |  | 10908 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 362 |  | 10831 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | 175 |  | 10498 |

---

36 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* | 508 | $10419 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 627 | 9969 |
| &nbsp;&nbsp;&nbsp;AAR Corp.\* | 176 | 9854 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 59 | 9522 |
| &nbsp;&nbsp;&nbsp;Triumph Group, Inc.\* | 370 | 9376 |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 52 | 9267 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 314 | 9200 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.\* | 81 | 9160 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 788 | 9038 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.\* | 154 | 9034 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.\* | 1000 | 8790 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 357 | 8618 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 104 | 8486 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 225 | 8456 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.\* | 645 | 8424 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | 395 | 8413 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 119 | 8399 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 64 | 8395 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 290 | 8224 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 114 | 8157 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | 160 | 8014 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 47 | 8005 |
| &nbsp;&nbsp;&nbsp;Greenbrier Companies, Inc. | 156 | 7990 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 96 | 7656 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 687 | 7213 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class A | 127 | 6984 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.\* | 42 | 6935 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 181 | 6883 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | 207 | 6872 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 54 | 6832 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.\* | 442 | 6718 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.\* | 455 | 6443 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | 153 | 6357 |
| &nbsp;&nbsp;&nbsp;Enovix Corp.\* | 827 | 6070 |
| &nbsp;&nbsp;&nbsp;Air Transport Services Group, Inc.\* | 261 | 5857 |
| &nbsp;&nbsp;&nbsp;NV5 Global, Inc.\* | 291 | 5608 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 170 | 5455 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.\* | 116 | 5426 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc. — Class A\* | 217 | 5408 |
| &nbsp;&nbsp;&nbsp;SFL Corporation Ltd. | 635 | 5207 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 111 | 5143 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.\* | 62 | 5100 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.\* | 220 | 5100 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.\* | 690 | 4968 |
| &nbsp;&nbsp;&nbsp;Golden Ocean Group Ltd. | 619 | 4940 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 206 | 4826 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.\* | 170 | 4735 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. — Class A | 121 | 4631 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.\* | 289 | 4592 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.\* | 76 | 4471 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.\* | 124 | 4345 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.\* | 626 | 4332 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | 165 | 4179 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | 179 | 4121 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 184 | 4111 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | 295 | 4047 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.\* | 69 | 4004 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 116 | 3996 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class B | 53 | 3968 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings, Inc. | 133 | 3938 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.\* | 52 | 3872 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd.\* | 167 | 3776 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | 107 | 3756 |
| &nbsp;&nbsp;&nbsp;Pactiv Evergreen, Inc. | 207 | 3728 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.\* | 148 | 3577 |
| &nbsp;&nbsp;&nbsp;FLEX LNG Ltd.<sup>1</sup> | 155 | 3563 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp.\* | 149 | 3397 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.\* | 217 | 3331 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Company, Inc. | 83 | 3261 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.\*<sup>,1</sup> | 123 | 3255 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 140 | 3214 |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp.\* | 176 | 3193 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 26 | 3085 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* | 336 | 2923 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 215 | 2872 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.\* | 209 | 2792 |
| &nbsp;&nbsp;&nbsp;Enviri Corp.\* | 403 | 2680 |
| &nbsp;&nbsp;&nbsp;FARO Technologies, Inc.\* | 98 | 2675 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.\* | 430 | 2567 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.\* | 127 | 2551 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers Ltd. | 1035 | 2546 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 96 | 2525 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 145 | 2455 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | 59 | 2451 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | 144 | 2448 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.\* | 162 | 2310 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | 26 | 2286 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging S.A. | 735 | 2220 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 186 | 2219 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | 14 | 2211 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 237 | 2185 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | 219 | 2155 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. | 228 | 2125 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* | 83 | 2106 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.\* | 668 | 2084 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | 211 | 2066 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.\* | 124 | 2040 |
| &nbsp;&nbsp;&nbsp;Northwest Pipe Co.\* | 49 | 2024 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.\* | 311 | 1987 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Co.\* | 307 | 1940 |
| &nbsp;&nbsp;&nbsp;Teekay Corporation Ltd. | 285 | 1872 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. — Class A | 83 | 1843 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.\* | 236 | 1834 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc.\* | 271 | 1786 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | 75 | 1648 |
| &nbsp;&nbsp;&nbsp;Standard BioTools, Inc.\* | 1501 | 1621 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings plc | 136 | 1613 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | 50 | 1576 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines, Inc.\* | 210 | 1565 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | 24 | 1530 |
| &nbsp;&nbsp;&nbsp;Manitowoc Company, Inc.\* | 176 | 1512 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group Ltd.\* | 69 | 1506 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 37

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Graham Corp.\* | 52 | $| 1499 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies, Inc.\* | 88 |  | 1482 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class B | 24 |  | 1423 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.\* | 221 |  | 1344 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.\* | 206 |  | 1325 |
| &nbsp;&nbsp;&nbsp;MicroVision, Inc.\* | 1061 |  | 1316 |
| &nbsp;&nbsp;&nbsp;AerSale Corp.\* | 171 |  | 1281 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | 93 |  | 1251 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.\* | 87 |  | 1241 |
| &nbsp;&nbsp;&nbsp;ChargePoint Holdings, Inc.\* | 1996 |  | 1208 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp.\* | 219 |  | 1187 |
| &nbsp;&nbsp;&nbsp;SmartRent, Inc.\* | 971 |  | 1175 |
| &nbsp;&nbsp;&nbsp;GrafTech International Ltd.\* | 1314 |  | 1149 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings, Inc.\* | 70 |  | 1147 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | 308 |  | 1137 |
| &nbsp;&nbsp;&nbsp;Mistras Group, Inc.\* | 107 |  | 1132 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.\* | 181 |  | 1113 |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp.\* | 106 |  | 1110 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp.\* | 135 |  | 1040 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | 45 |  | 972 |
| &nbsp;&nbsp;&nbsp;Redwire Corp.\*<sup>,1</sup> | 115 |  | 953 |
| &nbsp;&nbsp;&nbsp;L B Foster Co. — Class A\* | 47 |  | 925 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. | 35 |  | 918 |
| &nbsp;&nbsp;&nbsp;Karat Packaging, Inc. | 34 |  | 904 |
| &nbsp;&nbsp;&nbsp;Eve Holding, Inc.\* | 264 |  | 876 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Company, Inc.\* | 65 |  | 873 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings, Inc.\* | 162 |  | 847 |
| &nbsp;&nbsp;&nbsp;Himalaya Shipping Ltd. | 152 |  | 833 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions Ltd. | 160 |  | 762 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class A | 10 |  | 721 |
| &nbsp;&nbsp;&nbsp;Smith-Midland Corp.\* | 23 |  | 714 |
| &nbsp;&nbsp;&nbsp;Proficient Auto Logistics, Inc.\* | 79 |  | 661 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings, Inc. | 121 |  | 661 |
| &nbsp;&nbsp;&nbsp;Eastern Co. | 26 |  | 658 |
| &nbsp;&nbsp;&nbsp;Stoneridge, Inc.\* | 139 |  | 638 |
| &nbsp;&nbsp;&nbsp;Gencor Industries, Inc.\* | 52 |  | 632 |
| &nbsp;&nbsp;&nbsp;AMMO, Inc.\* | 457 |  | 631 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc. | 18 |  | 626 |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies, Inc.\* | 38 |  | 577 |
| &nbsp;&nbsp;&nbsp;Arq, Inc.\* | 132 |  | 550 |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\* | 121 |  | 542 |
| &nbsp;&nbsp;&nbsp;NN, Inc.\* | 237 |  | 536 |
| &nbsp;&nbsp;&nbsp;Perma-Fix Environmental Services, Inc.\* | 73 |  | 531 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.\* | 180 |  | 432 |
| &nbsp;&nbsp;&nbsp;Twin Disc, Inc. | 57 |  | 431 |
| &nbsp;&nbsp;&nbsp;GoPro, Inc. — Class A\* | 637 |  | 422 |
| &nbsp;&nbsp;&nbsp;Taylor Devices, Inc.\* | 12 |  | 387 |
| &nbsp;&nbsp;&nbsp;PAMT CORP\* | 31 |  | 376 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | 42 |  | 332 |
| &nbsp;&nbsp;&nbsp;Net Power, Inc.\* | 108 |  | 284 |
| &nbsp;&nbsp;&nbsp;Virgin Galactic Holdings, Inc.\*<sup>,1</sup> | 91 |  | 276 |
| &nbsp;&nbsp;&nbsp;Ultralife Corp.\* | 51 |  | 274 |
| &nbsp;&nbsp;&nbsp;Caesarstone Ltd.\* | 105 |  | 255 |
| &nbsp;&nbsp;&nbsp;Quest Resource Holding Corp.\* | 88 |  | 229 |
| &nbsp;&nbsp;&nbsp;VirTra, Inc.\* | 55 |  | 224 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies, Inc.\* | 82 |  | 220 |
| &nbsp;&nbsp;&nbsp;Southland Holdings, Inc.\* | 51 |  | 152 |
| &nbsp;&nbsp;&nbsp;LanzaTech Global, Inc.\* | 568 |  | 138 |
| &nbsp;&nbsp;&nbsp;374Water, Inc.\* | 333 |  | 113 |
| &nbsp;&nbsp;&nbsp;Bridger Aerospace Group Holdings, Inc.\* | 49 |  | 55 |
| &nbsp;&nbsp;&nbsp;Solidion Technology, Inc.\* | 250 |  | 30 |
| **Total Industrial** |  |  | 1904432 |
| **Consumer, Cyclical - 3.0%** | **Consumer, Cyclical - 3.0%** | **Consumer, Cyclical - 3.0%** | **Consumer, Cyclical - 3.0%** |
| &nbsp;&nbsp;&nbsp;Beacon Roofing Supply, Inc.\* | 312 |  | 38594 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 222 |  | 33089 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.\* | 4841 |  | 32556 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. — Class A\* | 515 |  | 30921 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 362 |  | 25658 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.\* | 270 |  | 25585 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 66 |  | 25209 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 194 |  | 23342 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 99 |  | 21863 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.\* | 40 |  | 20785 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 119 |  | 20404 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 250 |  | 19092 |
| &nbsp;&nbsp;&nbsp;KB Home | 322 |  | 18715 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 277 |  | 17764 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 199 |  | 17387 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. — Class A\* | 191 |  | 16840 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.\* | 319 |  | 16716 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\* | 467 |  | 16658 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class A | 306 |  | 16344 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 149 |  | 16007 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 131 |  | 15791 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 342 |  | 15599 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.\* | 135 |  | 15414 |
| &nbsp;&nbsp;&nbsp;H&E Equipment Services, Inc. | 162 |  | 15356 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.\* | 464 |  | 14811 |
| &nbsp;&nbsp;&nbsp;GMS, Inc.\* | 196 |  | 14341 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 164 |  | 13868 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 556 |  | 13839 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 1434 |  | 13250 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 76 |  | 13224 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 349 |  | 13056 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.\* | 735 |  | 13010 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.\* | 424 |  | 12805 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc. — Class A\* | 505 |  | 12635 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 210 |  | 12193 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc.<sup>1</sup> | 245 |  | 11922 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. — Class A\* | 1775 |  | 11218 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 127 |  | 11157 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 125 |  | 10929 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc. — Class A | 250 |  | 10842 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 241 |  | 10689 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | 89 |  | 10679 |
| &nbsp;&nbsp;&nbsp;Visteon Corp.\* | 137 |  | 10634 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 894 |  | 10388 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.\* | 1794 |  | 10351 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.\* | 533 |  | 10276 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class C\* | 252 |  | 10082 |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 140 |  | 9612 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 359 |  | 9564 |

---

38 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;International Game Technology plc | 579 | $9414 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 139 | 9327 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.\* | 158 | 9213 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | 212 | 8995 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 664 | 8851 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 511 | 8580 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 261 | 8248 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 210 | 8209 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc. — Class A\* | 447 | 8149 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.\* | 1580 | 7616 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.\* | 400 | 7432 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.\* | 156 | 7092 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.\* | 106 | 7046 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 167 | 6860 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp.\* | 202 | 6613 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 343 | 6565 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.\* | 613 | 6541 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | 157 | 6016 |
| &nbsp;&nbsp;&nbsp;Foot Locker, Inc.\* | 424 | 5978 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc. — Class A\* | 2034 | 5838 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. — Class A | 292 | 5793 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.\* | 218 | 5744 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 404 | 5620 |
| &nbsp;&nbsp;&nbsp;Everi Holdings, Inc.\* | 409 | 5591 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.\* | 1929 | 5421 |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 421 | 5414 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.\* | 197 | 5388 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.\* | 163 | 5276 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc. — Class A | 471 | 5162 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 65 | 5054 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 395 | 5048 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 215 | 5018 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp. — Class B\* | 630 | 4990 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.\* | 429 | 4925 |
| &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | 763 | 4914 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 140 | 4824 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | 15 | 4768 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 722 | 4758 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 522 | 4714 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I\* | 638 | 4632 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc. — Class A | 286 | 4622 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 75 | 4400 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 113 | 4387 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. — Class A | 75 | 4272 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.\* | 158 | 4225 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.\* | 387 | 4149 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. — Class A\* | 79 | 4080 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.\* | 117 | 3979 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.\* | 128 | 3761 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality, Inc.\* | 104 | 3681 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 58 | 3620 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.\* | 96 | 3289 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc. — Class A\*<sup>,1</sup> | 275 | 3270 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.\* | 193 | 3213 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 116 | 3213 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc. — Class A\* | 142 | 3203 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.\* | 42 | 3149 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.\* | 149 | 3038 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc. — Class A\* | 98 | 3007 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 164 | 2826 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 392 | 2811 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 158 | 2776 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 116 | 2695 |
| &nbsp;&nbsp;&nbsp;Lions Gate Entertainment Corp. — Class A\* | 303 | 2682 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 107 | 2667 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc. — Class A\* | 25 | 2618 |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.\* | 263 | 2609 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | 95 | 2583 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class B | 45 | 2543 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | 96 | 2533 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 201 | 2476 |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.\* | 201 | 2448 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | 219 | 2420 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | 57 | 2415 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 586 | 2385 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.\* | 110 | 2365 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. — Class A | 63 | 2342 |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | 90 | 2283 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class A\* | 52 | 2281 |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc.\* | 261 | 2271 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.\* | 256 | 2148 |
| &nbsp;&nbsp;&nbsp;ODP Corp.\* | 148 | 2121 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* | 96 | 2029 |
| &nbsp;&nbsp;&nbsp;Marcus Corp. | 121 | 2020 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 91 | 2001 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc. | 44 | 1889 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc. — Class A | 253 | 1837 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.\* | 107 | 1823 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | 77 | 1792 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.\* | 231 | 1783 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Inc. — Class A\*<sup>,1</sup> | 834 | 1697 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* | 182 | 1687 |
| &nbsp;&nbsp;&nbsp;Arko Corp. | 410 | 1619 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 70 | 1568 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc. — Class A\* | 30 | 1536 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.\* | 33 | 1498 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Companies, Inc. | 74 | 1459 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.\* | 84 | 1446 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.\* | 226 | 1395 |
| &nbsp;&nbsp;&nbsp;Shyft Group, Inc. | 172 | 1391 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.\* | 513 | 1365 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.\* | 131 | 1349 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.\* | 869 | 1347 |
| &nbsp;&nbsp;&nbsp;Lovesac Co.\* | 73 | 1327 |
| &nbsp;&nbsp;&nbsp;Potbelly Corp.\* | 139 | 1322 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc.\* | 86 | 1317 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Company, Inc.\* | 426 | 1299 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 39

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | 77 | $| 1287 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.\* | 84 |  | 1251 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.\* | 54 |  | 1146 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 178 |  | 1136 |
| &nbsp;&nbsp;&nbsp;Funko, Inc. — Class A\* | 157 |  | 1077 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Inc. — Class A\* | 123 |  | 1025 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific, Inc. | 41 |  | 1012 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp.\* | 710 |  | 994 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Inc. — Class A\* | 61 |  | 987 |
| &nbsp;&nbsp;&nbsp;ThredUp, Inc. — Class A\* | 401 |  | 966 |
| &nbsp;&nbsp;&nbsp;Weyco Group, Inc. | 31 |  | 945 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings, Inc.\* | 145 |  | 940 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.\* | 256 |  | 940 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.\* | 215 |  | 933 |
| &nbsp;&nbsp;&nbsp;Landsea Homes Corp.\* | 145 |  | 931 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Co. — Class A | 45 |  | 874 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc. — Class B\* | 4 |  | 866 |
| &nbsp;&nbsp;&nbsp;Flexsteel Industries, Inc. | 23 |  | 840 |
| &nbsp;&nbsp;&nbsp;Savers Value Village, Inc.\* | 119 |  | 821 |
| &nbsp;&nbsp;&nbsp;Solid Power, Inc.\* | 781 |  | 820 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.\* | 117 |  | 819 |
| &nbsp;&nbsp;&nbsp;Escalade, Inc. | 51 |  | 780 |
| &nbsp;&nbsp;&nbsp;Reservoir Media, Inc.\* | 99 |  | 755 |
| &nbsp;&nbsp;&nbsp;Superior Group of Companies, Inc. | 66 |  | 722 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.\* | 32 |  | 708 |
| &nbsp;&nbsp;&nbsp;Full House Resorts, Inc.\* | 168 |  | 702 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.\* | 109 |  | 691 |
| &nbsp;&nbsp;&nbsp;Leslie's, Inc.\* | 914 |  | 672 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc. — Class A<sup>1</sup> | 172 |  | 628 |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | 36 |  | 625 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.\* | 237 |  | 609 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.\* | 112 |  | 604 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc. — Class A | 24 |  | 596 |
| &nbsp;&nbsp;&nbsp;Webtoon Entertainment, Inc.\* | 77 |  | 591 |
| &nbsp;&nbsp;&nbsp;Clarus Corp. | 155 |  | 581 |
| &nbsp;&nbsp;&nbsp;J Jill, Inc. | 29 |  | 566 |
| &nbsp;&nbsp;&nbsp;Hooker Furnishings Corp. | 54 |  | 542 |
| &nbsp;&nbsp;&nbsp;Virco Mfg. Corp. | 55 |  | 520 |
| &nbsp;&nbsp;&nbsp;Wheels Up Experience, Inc.\* | 457 |  | 462 |
| &nbsp;&nbsp;&nbsp;Blink Charging Co.\* | 490 |  | 450 |
| &nbsp;&nbsp;&nbsp;EVI Industries, Inc. | 26 |  | 436 |
| &nbsp;&nbsp;&nbsp;iRobot Corp.\* | 150 |  | 405 |
| &nbsp;&nbsp;&nbsp;Destination XL Group, Inc.\* | 273 |  | 399 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp. | 44 |  | 369 |
| &nbsp;&nbsp;&nbsp;SES AI Corp.\* | 663 |  | 345 |
| &nbsp;&nbsp;&nbsp;ONE Group Hospitality, Inc.\* | 106 |  | 317 |
| &nbsp;&nbsp;&nbsp;Lifetime Brands, Inc. | 64 |  | 316 |
| &nbsp;&nbsp;&nbsp;GrowGeneration Corp.\* | 285 |  | 308 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings, Inc.\*<sup>,1</sup> | 54 |  | 296 |
| &nbsp;&nbsp;&nbsp;Traeger, Inc.\* | 175 |  | 294 |
| &nbsp;&nbsp;&nbsp;Vera Bradley, Inc.\* | 127 |  | 286 |
| &nbsp;&nbsp;&nbsp;Purple Innovation, Inc.\* | 289 |  | 220 |
| &nbsp;&nbsp;&nbsp;Commercial Vehicle Group, Inc.\* | 171 |  | 197 |
| &nbsp;&nbsp;&nbsp;Livewire Group, Inc.\* | 93 |  | 186 |
| &nbsp;&nbsp;&nbsp;CompX International, Inc. | 8 |  | 166 |
| &nbsp;&nbsp;&nbsp;Tilly's, Inc. — Class A\* | 75 |  | 165 |
| &nbsp;&nbsp;&nbsp;United Homes Group, Inc.\* | 27 |  | 76 |
| &nbsp;&nbsp;&nbsp;QVC Group, Inc. — Class B\* | 5 |  | 33 |
| **Total Consumer, Cyclical** |  |  | 1271581 |
| **Technology - 2.6%** | **Technology - 2.6%** | **Technology - 2.6%** | **Technology - 2.6%** |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.\* | 791 |  | 37343 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 220 |  | 34707 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 531 |  | 29051 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 539 |  | 27907 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. — Class A\* | 941 |  | 25219 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 190 |  | 25219 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | 187 |  | 23549 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* | 555 |  | 22450 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.\*<sup>,1</sup> | 1015 |  | 22401 |
| &nbsp;&nbsp;&nbsp;Box, Inc. — Class A\* | 709 |  | 21880 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.\* | 600 |  | 20988 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.\* | 137 |  | 20549 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.\* | 258 |  | 19585 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 287 |  | 19571 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 161 |  | 18124 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.\* | 269 |  | 15704 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.\* | 397 |  | 14832 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc. — Class A\* | 1041 |  | 14688 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 285 |  | 14392 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.\* | 94 |  | 14370 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.\* | 294 |  | 14235 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.\* | 218 |  | 13738 |
| &nbsp;&nbsp;&nbsp;WNS Holdings Ltd.\* | 217 |  | 13343 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc. — Class A\*<sup>,1</sup> | 1630 |  | 13236 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 199 |  | 12680 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 367 |  | 12625 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 198 |  | 12286 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp. — Class A\* | 906 |  | 12285 |
| &nbsp;&nbsp;&nbsp;Braze, Inc. — Class A\* | 332 |  | 11979 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc. — Class A\* | 559 |  | 11767 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.\* | 520 |  | 11674 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. — Class A | 447 |  | 11582 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | 217 |  | 11178 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 333 |  | 11119 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.\* | 390 |  | 11033 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 116 |  | 10521 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc. — Class A\* | 745 |  | 10497 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.\* | 171 |  | 10489 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.\* | 230 |  | 9929 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.\* | 194 |  | 9764 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.\* | 367 |  | 9682 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc. — Class A\* | 276 |  | 9663 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.\* | 509 |  | 9478 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc.\* | 650 |  | 9386 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 146 |  | 8829 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 263 |  | 8674 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.\* | 315 |  | 8351 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 114 |  | 8270 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 165 |  | 8196 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* | 305 |  | 8006 |

---

40 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.\* | 437 | $7984 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.\*<sup>,1</sup> | 951 | 7532 |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.\* | 884 | 7496 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 818 | 7403 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.\* | 352 | 7396 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 554 | 7324 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.\* | 741 | 7225 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.\* | 279 | 7131 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.\*<sup>,1</sup> | 919 | 6984 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.\* | 314 | 6519 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.\* | 141 | 6163 |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc. — Class A\* | 259 | 6045 |
| &nbsp;&nbsp;&nbsp;Asana, Inc. — Class A\* | 410 | 5974 |
| &nbsp;&nbsp;&nbsp;Appian Corp. — Class A\* | 205 | 5906 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.\* | 283 | 5683 |
| &nbsp;&nbsp;&nbsp;Schrodinger Incorporated/United States\* | 284 | 5606 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.\* | 128 | 5596 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc. — Class A\* | 254 | 5585 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc. — Class A\* | 587 | 5559 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.\* | 311 | 5551 |
| &nbsp;&nbsp;&nbsp;SolarWinds Corp. | 277 | 5105 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.\* | 182 | 5065 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp.\* | 413 | 5018 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc.\* | 137 | 4918 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.\* | 225 | 4817 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc.\* | 390 | 4746 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.\* | 263 | 4568 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.\* | 291 | 4554 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.\* | 232 | 4415 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc. — Class A\* | 406 | 4409 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corporation N.V. | 157 | 4253 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc. — Class A\* | 660 | 4178 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.\* | 84 | 4120 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc. — Class A\* | 394 | 4015 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc. — Class A\* | 1196 | 4007 |
| &nbsp;&nbsp;&nbsp;Vimeo, Inc.\* | 740 | 3892 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC\* | 1088 | 3677 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.\* | 236 | 3472 |
| &nbsp;&nbsp;&nbsp;Ibotta, Inc. — Class A\*<sup>,1</sup> | 79 | 3334 |
| &nbsp;&nbsp;&nbsp;Yext, Inc.\* | 536 | 3302 |
| &nbsp;&nbsp;&nbsp;Olo, Inc. — Class A\* | 533 | 3219 |
| &nbsp;&nbsp;&nbsp;MeridianLink, Inc.\* | 165 | 3057 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.\* | 119 | 3048 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.\* | 158 | 3019 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd.\* | 120 | 2983 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.\* | 369 | 2974 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | 193 | 2943 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.\* | 398 | 2901 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc. — Class A\* | 116 | 2862 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp.<sup>1</sup> | 592 | 2859 |
| &nbsp;&nbsp;&nbsp;Enfusion, Inc. — Class A\* | 251 | 2799 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp.\* | 7 | 2784 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.\* | 364 | 2581 |
| &nbsp;&nbsp;&nbsp;PlayAGS, Inc.\* | 198 | 2398 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.\* | 297 | 2337 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | 21 | 2326 |
| &nbsp;&nbsp;&nbsp;Logility Supply Chain Solutions, Inc. — Class A | 160 | 2282 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.\* | 201 | 2229 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.\* | 805 | 2174 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.\* | 93 | 2146 |
| &nbsp;&nbsp;&nbsp;Red Violet, Inc. | 56 | 2105 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.\* | 234 | 2101 |
| &nbsp;&nbsp;&nbsp;BigCommerce Holdings, Inc.\* | 360 | 2074 |
| &nbsp;&nbsp;&nbsp;E2open Parent Holdings, Inc.\* | 1033 | 2066 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.\* | 53 | 2035 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.\* | 228 | 2020 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc. | 81 | 1986 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. — Class A\*<sup>,1</sup> | 183 | 1918 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.\* | 232 | 1914 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc. — Class A\* | 200 | 1828 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc. — Class A\* | 186 | 1735 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc. — Class A\*<sup>,1</sup> | 121 | 1718 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc. — Class A\* | 127 | 1664 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.\* | 209 | 1651 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.\* | 625 | 1600 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.\* | 336 | 1542 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.\* | 62 | 1494 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.\* | 521 | 1490 |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.\* | 649 | 1376 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.\* | 302 | 1368 |
| &nbsp;&nbsp;&nbsp;Domo, Inc. — Class B\* | 174 | 1350 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.\* | 489 | 1328 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.\* | 643 | 1318 |
| &nbsp;&nbsp;&nbsp;8x8, Inc.\* | 645 | 1290 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc. — Class A | 237 | 1221 |
| &nbsp;&nbsp;&nbsp;ReposiTrak, Inc.<sup>1</sup> | 59 | 1196 |
| &nbsp;&nbsp;&nbsp;Immersion Corp. | 156 | 1182 |
| &nbsp;&nbsp;&nbsp;Asure Software, Inc.\* | 122 | 1165 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd.\* | 47 | 1144 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc.\* | 108 | 1089 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems\*<sup>,1</sup> | 143 | 1042 |
| &nbsp;&nbsp;&nbsp;Digimarc Corp.\* | 77 | 987 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology, Inc.\* | 139 | 985 |
| &nbsp;&nbsp;&nbsp;Arteris, Inc.\* | 142 | 981 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Inc. — Class A\* | 78 | 968 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc.\* | 111 | 948 |
| &nbsp;&nbsp;&nbsp;Rimini Street, Inc.\* | 271 | 943 |
| &nbsp;&nbsp;&nbsp;Kaltura, Inc.\* | 492 | 925 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp.\* | 271 | 783 |
| &nbsp;&nbsp;&nbsp;Outbrain, Inc.\* | 198 | 738 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.\* | 140 | 728 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics Ltd. | 62 | 692 |
| &nbsp;&nbsp;&nbsp;Telos Corp.\* | 279 | 664 |
| &nbsp;&nbsp;&nbsp;CS Disco, Inc.\* | 147 | 601 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology, Inc.\* | 341 | 576 |
| &nbsp;&nbsp;&nbsp;Playstudios, Inc.\* | 447 | 568 |
| &nbsp;&nbsp;&nbsp;Everspin Technologies, Inc.\* | 100 | 510 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.\* | 435 | 492 |
| &nbsp;&nbsp;&nbsp;eGain Corp.\* | 96 | 466 |
| &nbsp;&nbsp;&nbsp;QuickLogic Corp.\* | 70 | 358 |
| &nbsp;&nbsp;&nbsp;Rekor Systems, Inc.\* | 372 | 330 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 41

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc.\* | 100 | $| 329 |
| &nbsp;&nbsp;&nbsp;Golden Matrix Group, Inc.\* | 103 |  | 203 |
| &nbsp;&nbsp;&nbsp;Airship AI Holdings, Inc.\* | 28 |  | 108 |
| &nbsp;&nbsp;&nbsp;GCT Semiconductor Holding, Inc.\* | 39 |  | 64 |
| &nbsp;&nbsp;&nbsp;System1, Inc.\* | 119 |  | 45 |
| **Total Technology** |  |  | 1101474 |
| **Energy - 1.3%** | **Energy - 1.3%** | **Energy - 1.3%** | **Energy - 1.3%** |
| &nbsp;&nbsp;&nbsp;ChampionX Corp. | 960 |  | 28608 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 735 |  | 23138 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 840 |  | 22042 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. — Class A | 872 |  | 22027 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 265 |  | 20432 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 698 |  | 19823 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 576 |  | 17251 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 1959 |  | 16103 |
| &nbsp;&nbsp;&nbsp;Noble Corporation plc | 669 |  | 15855 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 351 |  | 15433 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 493 |  | 14903 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 491 |  | 12825 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. — Class A | 797 |  | 12617 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 261 |  | 12455 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 310 |  | 12171 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.\* | 64 |  | 11785 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.\* | 3671 |  | 11637 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 509 |  | 11101 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 248 |  | 10483 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. — Class A | 193 |  | 10024 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 507 |  | 9679 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.\* | 470 |  | 9560 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. — Class A | 827 |  | 9295 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.\* | 536 |  | 9155 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | 227 |  | 8467 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 615 |  | 8333 |
| &nbsp;&nbsp;&nbsp;Seadrill Ltd.\* | 329 |  | 8225 |
| &nbsp;&nbsp;&nbsp;Sitio Royalties Corp. — Class A | 400 |  | 7948 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.\* | 738 |  | 7173 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.\* | 56 |  | 7014 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc.<sup>1</sup> | 374 |  | 6672 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 1109 |  | 6499 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp.\* | 256 |  | 6495 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 733 |  | 6091 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd.\* | 2377 |  | 5420 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.\*<sup>,1</sup> | 4013 |  | 5418 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. — Class A | 465 |  | 4883 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings N.V.\* | 483 |  | 4801 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | 315 |  | 4747 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.\* | 588 |  | 4575 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. — Class A | 137 |  | 4389 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 277 |  | 3950 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.\* | 125 |  | 3948 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 427 |  | 3928 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.\* | 777 |  | 3784 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 239 |  | 3583 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.\* | 173 |  | 3356 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. — Class A | 154 |  | 3351 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 442 |  | 3249 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Company plc | 239 |  | 3231 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc. | 127 |  | 3123 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.\* | 173 |  | 3107 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.\* | 146 |  | 3098 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.\* | 78 |  | 2931 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. — Class A\* | 854 |  | 2835 |
| &nbsp;&nbsp;&nbsp;Borr Drilling Ltd.<sup>1</sup> | 1203 |  | 2635 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc. — Class A\* | 99 |  | 2539 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.\* | 424 |  | 2463 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc. — Class A | 83 |  | 2381 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 432 |  | 2376 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.\* | 639 |  | 2147 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc. | 530 |  | 1993 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\* | 46 |  | 1919 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc. | 163 |  | 1861 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co.\* | 135 |  | 1678 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | 57 |  | 1663 |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources, Inc. | 268 |  | 1629 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.\* | 307 |  | 1581 |
| &nbsp;&nbsp;&nbsp;Hallador Energy Co.\* | 128 |  | 1572 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.\* | 324 |  | 1571 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.\* | 312 |  | 1513 |
| &nbsp;&nbsp;&nbsp;BKV Corp.\* | 72 |  | 1512 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | 390 |  | 1252 |
| &nbsp;&nbsp;&nbsp;ASP Isotopes, Inc.\* | 264 |  | 1238 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc.\* | 55 |  | 1208 |
| &nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc. — Class A\* | 64 |  | 1200 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.\* | 59 |  | 1186 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc. — Class A | 80 |  | 1135 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc. — Class A | 134 |  | 1103 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc. | 75 |  | 950 |
| &nbsp;&nbsp;&nbsp;Ring Energy, Inc.\* | 755 |  | 868 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp. — Class A\*<sup>,1</sup> | 114 |  | 865 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.\* | 100 |  | 842 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | 156 |  | 808 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc. | 501 |  | 777 |
| &nbsp;&nbsp;&nbsp;Amplify Energy Corp.\* | 200 |  | 748 |
| &nbsp;&nbsp;&nbsp;T1 Energy, Inc.\* | 571 |  | 720 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables, Inc.\* | 335 |  | 700 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corp.\* | 3 |  | 684 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc. — Class A | 20 |  | 675 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings, Inc.\* | 125 |  | 633 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | 132 |  | 515 |
| &nbsp;&nbsp;&nbsp;Empire Petroleum Corp.\* | 76 |  | 477 |
| &nbsp;&nbsp;&nbsp;Geospace Technologies Corp.\* | 63 |  | 454 |
| &nbsp;&nbsp;&nbsp;FuelCell Energy, Inc.\*<sup>,1</sup> | 87 |  | 399 |
| &nbsp;&nbsp;&nbsp;Energy Vault Holdings, Inc.\* | 529 |  | 368 |
| &nbsp;&nbsp;&nbsp;Aemetis, Inc.\* | 184 |  | 320 |
| &nbsp;&nbsp;&nbsp;Stem, Inc.\* | 772 |  | 270 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services, Inc.\* | 124 |  | 253 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc. — Class B | 30 |  | 213 |
| &nbsp;&nbsp;&nbsp;Sunnova Energy International, Inc.\*<sup>,1</sup> | 553 |  | 206 |
| &nbsp;&nbsp;&nbsp;TPI Composites, Inc.\*<sup>,1</sup> | 235 |  | 189 |
| &nbsp;&nbsp;&nbsp;Drilling Tools International Corp.\* | 59 |  | 140 |

---

42 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Prairie Operating Co.\* | 21 | $| 112 |
| &nbsp;&nbsp;&nbsp;Verde Clean Fuels, Inc.\* | 17 |  | 57 |
| &nbsp;&nbsp;&nbsp;SolarMax Technology, Inc.\* | 22 |  | 26 |
| **Total Energy** |  |  | 567650 |
| **Communications - 1.1%** | **Communications - 1.1%** | **Communications - 1.1%** | **Communications - 1.1%** |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 965 |  | 28516 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 707 |  | 28393 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 127 |  | 26257 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.\* | 296 |  | 23683 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.\* | 5095 |  | 19972 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | 496 |  | 19215 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 613 |  | 15681 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\*<sup>,1</sup> | 674 |  | 15327 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 812 |  | 14795 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 222 |  | 13611 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.\* | 437 |  | 12730 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 1108 |  | 12399 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc. — Class A\* | 320 |  | 11850 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.\* | 299 |  | 10597 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 650 |  | 8600 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.\* | 633 |  | 8261 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc.\* | 134 |  | 8178 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.\* | 212 |  | 7967 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | 28 |  | 7442 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.\* | 640 |  | 7302 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 809 |  | 7135 |
| &nbsp;&nbsp;&nbsp;Despegar.com Corp.\* | 359 |  | 6746 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 625 |  | 6512 |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 361 |  | 5899 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Company, Inc.\* | 1083 |  | 5751 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.\*<sup>,1</sup> | 968 |  | 5440 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.\* | 563 |  | 5399 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.\* | 247 |  | 5152 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc. — Class A\* | 589 |  | 4918 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.\* | 272 |  | 4852 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.\* | 1571 |  | 4587 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co.\* | 137 |  | 4483 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.\* | 196 |  | 4212 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class C\* | 658 |  | 4086 |
| &nbsp;&nbsp;&nbsp;IDT Corp. — Class B | 78 |  | 4002 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | 124 |  | 3990 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.\* | 324 |  | 3652 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.\* | 400 |  | 3488 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.\* | 142 |  | 3473 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.\* | 109 |  | 3380 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc. — Class A\* | 127 |  | 3326 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc.\* | 3178 |  | 3242 |
| &nbsp;&nbsp;&nbsp;Couchbase, Inc.\* | 201 |  | 3166 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 248 |  | 3117 |
| &nbsp;&nbsp;&nbsp;Figs, Inc. — Class A\* | 662 |  | 3039 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.\* | 330 |  | 2845 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.\* | 505 |  | 2722 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.\* | 437 |  | 2644 |
| &nbsp;&nbsp;&nbsp;Powerfleet Incorporated NJ\* | 476 |  | 2613 |
| &nbsp;&nbsp;&nbsp;Sinclair, Inc. | 163 |  | 2597 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.\* | 192 |  | 2460 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc.<sup>1</sup> | 126 |  | 2347 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 118 |  | 2228 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.\* | 124 |  | 2220 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.\* | 118 |  | 2215 |
| &nbsp;&nbsp;&nbsp;Gannett Company, Inc.\* | 722 |  | 2087 |
| &nbsp;&nbsp;&nbsp;National CineMedia, Inc. | 354 |  | 2067 |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc.\* | 1790 |  | 1987 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.\* | 133 |  | 1970 |
| &nbsp;&nbsp;&nbsp;Anterix, Inc.\* | 52 |  | 1903 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | 436 |  | 1883 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.\* | 62 |  | 1843 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp. — Class A\* | 126 |  | 1837 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc.\* | 464 |  | 1819 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc. — Class A\* | 415 |  | 1801 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 12 |  | 1681 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.\* | 127 |  | 1662 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc. — Class A\* | 476 |  | 1547 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | 93 |  | 1529 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp. — Class A\* | 520 |  | 1435 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc. — Class A\* | 150 |  | 1386 |
| &nbsp;&nbsp;&nbsp;Beyond, Inc.\* | 232 |  | 1346 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings, Inc.\* | 876 |  | 1340 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc.\* | 254 |  | 1257 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc. — Class A\* | 393 |  | 1163 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc. — Class A\* | 163 |  | 1121 |
| &nbsp;&nbsp;&nbsp;Aviat Networks, Inc.\* | 58 |  | 1112 |
| &nbsp;&nbsp;&nbsp;Gambling.com Group Ltd.\* | 88 |  | 1111 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | 54 |  | 1097 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class A\* | 160 |  | 1013 |
| &nbsp;&nbsp;&nbsp;LifeMD, Inc.\* | 184 |  | 1001 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Inc.\*<sup>,1</sup> | 129 |  | 997 |
| &nbsp;&nbsp;&nbsp;Backblaze, Inc. — Class A\* | 204 |  | 985 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. — Class A\* | 312 |  | 923 |
| &nbsp;&nbsp;&nbsp;BARK, Inc.\* | 661 |  | 919 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings, Inc.\* | 511 |  | 884 |
| &nbsp;&nbsp;&nbsp;iHeartMedia, Inc. — Class A\* | 530 |  | 874 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc. — Class A\* | 405 |  | 855 |
| &nbsp;&nbsp;&nbsp;Advantage Solutions, Inc.\* | 539 |  | 814 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.\* | 90 |  | 779 |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc. — Class A\* | 129 |  | 761 |
| &nbsp;&nbsp;&nbsp;Lands' End, Inc.\* | 73 |  | 743 |
| &nbsp;&nbsp;&nbsp;Tucows, Inc. — Class A\* | 40 |  | 675 |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp. — Class A | 313 |  | 657 |
| &nbsp;&nbsp;&nbsp;Townsquare Media, Inc. — Class A | 68 |  | 553 |
| &nbsp;&nbsp;&nbsp;Nerdy, Inc.\* | 382 |  | 542 |
| &nbsp;&nbsp;&nbsp;AudioEye, Inc.\* | 36 |  | 400 |
| &nbsp;&nbsp;&nbsp;1stdibs.com, Inc.\* | 129 |  | 392 |
| &nbsp;&nbsp;&nbsp;Cardlytics, Inc.\* | 209 |  | 380 |
| &nbsp;&nbsp;&nbsp;LiveOne, Inc.\* | 378 |  | 264 |
| &nbsp;&nbsp;&nbsp;Vacasa, Inc. — Class A\* | 49 |  | 264 |
| &nbsp;&nbsp;&nbsp;RumbleON, Inc. — Class B\* | 86 |  | 243 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | 4 |  | 155 |
| &nbsp;&nbsp;&nbsp;aka Brands Holding Corp.\* | 3 |  | 40 |
| &nbsp;&nbsp;&nbsp;Solo Brands, Inc. — Class A\* | 132 |  | 22 |
| **Total Communications** |  |  | 492833 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 43

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Basic Materials - 0.9%** | **Basic Materials - 0.9%** | **Basic Materials - 0.9%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 242 | $43845 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 163 | 27058 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 573 | 26364 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 267 | 22198 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.\* | 3146 | 18624 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 455 | 16908 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 2976 | 16546 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 212 | 15779 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. | 276 | 15489 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 125 | 11844 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 175 | 11737 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 97 | 10274 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.\* | 1021 | 10241 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 161 | 10235 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.\* | 2022 | 9665 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 70 | 8653 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.\* | 185 | 7324 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.\* | 682 | 6868 |
| &nbsp;&nbsp;&nbsp;Constellium SE\* | 659 | 6649 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.\* | 96 | 6483 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 109 | 5999 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 269 | 4993 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 81 | 4910 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 53 | 4684 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp. — Class A\* | 73 | 4541 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings plc — Class A | 605 | 4259 |
| &nbsp;&nbsp;&nbsp;Radius Recycling, Inc. — Class A | 134 | 3870 |
| &nbsp;&nbsp;&nbsp;Orion S.A. | 292 | 3776 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.\* | 592 | 3670 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.\* | 1240 | 3621 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.\* | 946 | 3529 |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 130 | 2945 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 99 | 2772 |
| &nbsp;&nbsp;&nbsp;MAC Copper Ltd. — Class A\* | 274 | 2614 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric Incorporated / US\* | 426 | 2475 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corporation of America | 51 | 2342 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.\* | 196 | 2095 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.\* | 326 | 1875 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | 275 | 1713 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.\* | 56 | 1646 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc.\* | 176 | 1635 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.\* | 919 | 1259 |
| &nbsp;&nbsp;&nbsp;Ur-Energy, Inc.\* | 1781 | 1201 |
| &nbsp;&nbsp;&nbsp;Caledonia Mining Corporation plc | 83 | 1037 |
| &nbsp;&nbsp;&nbsp;Codexis, Inc.\* | 365 | 982 |
| &nbsp;&nbsp;&nbsp;Dakota Gold Corp.\* | 354 | 938 |
| &nbsp;&nbsp;&nbsp;i-80 Gold Corp.\* | 1597 | 929 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | 111 | 830 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals Ltd.\* | 186 | 777 |
| &nbsp;&nbsp;&nbsp;Lightwave Logic, Inc.\* | 612 | 627 |
| &nbsp;&nbsp;&nbsp;Piedmont Lithium, Inc.\* | 92 | 580 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp. | 129 | 568 |
| &nbsp;&nbsp;&nbsp;Contango ORE, Inc.\* | 53 | 541 |
| &nbsp;&nbsp;&nbsp;Northern Technologies International Corp. | 40 | 416 |
| &nbsp;&nbsp;&nbsp;Valhi, Inc. | 12 | 195 |
| &nbsp;&nbsp;&nbsp;Critical Metals Corp.\* | 40 | 56 |
| **Total Basic Materials** |  | 383684 |
| **Utilities - 0.9%** | **Utilities - 0.9%** | **Utilities - 0.9%** |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 500 | 24530 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 453 | 24227 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 524 | 23370 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 287 | 22458 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 307 | 22043 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 362 | 21955 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp. — Class A | 604 | 21859 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 284 | 21467 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 290 | 20523 |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 292 | 19185 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 310 | 17940 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 183 | 17012 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 208 | 16717 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 398 | 16664 |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 189 | 14871 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 301 | 14586 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 113 | 14513 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.\* | 875 | 9581 |
| &nbsp;&nbsp;&nbsp;SJW Group | 168 | 9188 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 195 | 8330 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | 90 | 5769 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 80 | 4615 |
| &nbsp;&nbsp;&nbsp;York Water Co. | 72 | 2497 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc. — Class A\* | 163 | 1969 |
| &nbsp;&nbsp;&nbsp;Altus Power, Inc.\* | 387 | 1916 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Company Ltd. | 77 | 1886 |
| &nbsp;&nbsp;&nbsp;Genie Energy Ltd. — Class B | 64 | 963 |
| &nbsp;&nbsp;&nbsp;RGC Resources, Inc. | 42 | 876 |
| &nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | 59 | 608 |
| **Total Utilities** |  | 382118 |
| **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. — Class E | 139 | 5087 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,933,478) |  | 12104586 |
| **WARRANT<sup>†</sup>** **- 0.0%** | **WARRANT<sup>†</sup>** **- 0.0%** | **WARRANT<sup>†</sup>** **- 0.0%** |
| Danimer Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;Expiring 07/15/25\* | 1 |  |
| **Total Warrant** | **Total Warrant** |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  |  |
| **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** |
| **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
| Cartesian Therapeutics, Inc.\* | 525 |  |
| Oncternal Therapeutics, Inc.\* | 2 |  |
| Sanofi SA\* | 160 |  |
| Tobira Therapeutics, Inc.\* | 80 |  |
| Novartis AG\* | 262 |  |
| **Total Consumer, Non-cyclical** |  |  |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $106) |  |  |

---

44 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 1.1%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 1.1%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 1.1%** |
| &nbsp;&nbsp;&nbsp;Vanguard Russell 2000 ETF | 2883 | $232514 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Index ETF<sup>1</sup> | 1164 | 232206 |
| **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $509,845) |  | 464720 |
|  | **Face<br> Amount<sup>~</sup>** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 5.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 5.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 5.6%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>2,3</sup> | $1153000 | 1152048 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>3,4</sup> | 1100000 | 1090782 |
| &nbsp;&nbsp;&nbsp;4.19% due 06/12/25<sup>3,4</sup> | 150000 | 148743 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,391,565) |  | 2391573 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 67.2%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 67.2%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 67.2%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>4</sup> | 16255898 | 16255898 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>4</sup> | 12458324 | 12458324 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,714,222) |  | 28714222 |
|  | **Shares** |  |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.7%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.7%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.7%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>7</sup> | 311945 | 311945 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $311,945) |  | 311945 |
| **Total Investments - 102.9%** | **Total Investments - 102.9%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,861,161) | &nbsp;&nbsp;&nbsp;(Cost $41,861,161) | $43987046 |
| **Other Assets & Liabilities, net - (2.9)%** | **Other Assets & Liabilities, net - (2.9)%** | (1257739) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $42729307 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 88 | Jun 2025 | $8919240 | $(188384) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Barclays Bank plc | Russell 2000 Index | Pay | 5.09% (SOFR + 0.75%) | At Maturity | 06/26/25 | 2780 | $5593409 | $(139408) |
| BNP Paribas | Russell 2000 Index | Pay | 4.88% (Federal <br> Funds Rate + <br> 0.55%) | At Maturity | 06/26/25 | 7749 | 15591054 | (441462) |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.68% (Federal <br> Funds Rate + <br> 0.35%) | At Maturity | 06/25/25 | 21238 | 42729167 | (1211613) |
|  |  |  |  |  |  |  | $63913630 | $(1792483) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 45

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| <sup>~</sup> | &nbsp;&nbsp;&nbsp;The face amount is denominated in U.S. dollars unless otherwise indicated. |
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 3 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $12104586 | $— | $— \* | $12104586 |
| Warrant | — \* |  |  |  |
| Rights |  |  | — \* |  |
| Exchange-Traded Funds | 464720 |  |  | 464720 |
| U.S. Treasury Bills |  | 2391573 |  | 2391573 |
| Repurchase Agreements |  | 28714222 |  | 28714222 |
| Securities Lending Collateral | 311945 |  |  | 311945 |
| Total Assets | $12881251 | $31105795 | $— | $43987046 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $188384 | $— | $— | $188384 |
| Equity Index Swap Agreements\*\* |  | 1792483 |  | 1792483 |
| Total Liabilities | $188384 | $1792483 | $— | $1980867 |

---

---

| | |
|:---|:---|
| \* | &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. |

---

46 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $299,021 of securities loaned (cost $13,146,939) | $15272824 |
| Repurchase agreements, at value (cost $28,714,222) | 28714222 |
| Cash | 271 |
| Segregated cash with broker | 483 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1988671 |
| &nbsp;&nbsp;&nbsp;Dividends | 12376 |
| &nbsp;&nbsp;&nbsp;Interest | 3474 |
| &nbsp;&nbsp;&nbsp;Securities sold | 530 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 354 |
| **Total assets** | 45993205 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 1792483 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Swap settlement | 535657 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 486901 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 311945 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 44000 |
| &nbsp;&nbsp;&nbsp;Management fees | 27815 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 16093 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 7833 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 3246 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 463 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 37462 |
| **Total liabilities** | 3263898 |
| **Net assets** | $42729307 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $70198478 |
| Total distributable earnings (loss) | (27469171) |
| Net assets | $42729307 |
| **Class A:** | **Class A:** |
| Net assets | $2458789 |
| Capital shares outstanding | 18824 |
| Net asset value per share | $130.62 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $137.13 |
| **Class C:** | **Class C:** |
| Net assets | $170627 |
| Capital shares outstanding | 1533 |
| Net asset value per share | $111.30 |
| **Class H:** | **Class H:** |
| Net assets | $40099891 |
| Capital shares outstanding | 310154 |
| Net asset value per share | $129.29 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025  |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $624) | $216495 |
| Interest | 1681625 |
| Income from securities lending, net | 7479 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1905599 |
| **Expenses:** | **Expenses:** |
| Management fees | 457346 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 7424 |
| &nbsp;&nbsp;&nbsp;Class C | 2599 |
| &nbsp;&nbsp;&nbsp;Class H | 118972 |
| Transfer agent fees | 108373 |
| Portfolio accounting and administration fees | 104189 |
| Registration fees | 74669 |
| Interest expense | 63646 |
| Professional fees | 13688 |
| Custodian fees | 6859 |
| Trustees' fees\* | 5757 |
| Miscellaneous | 24106 |
| &nbsp;&nbsp;&nbsp;Total expenses | 987628 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (50833) |
| Net expenses | 936795 |
| Net investment income | 968804 |
| **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 | 258288 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (4561686) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1147963) |
| Net realized loss | (5451361) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 430577 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (4917747) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (335291) |
| Net change in unrealized appreciation (depreciation) | (4822461) |
| Net realized and unrealized loss | (10273822) |
| **Net decrease in net assets resulting from operations** | $(9305018) |

---

\* 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

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $968804 | $1046201 |
| Net realized gain (loss) on investments | (5451361) | 2320619 |
| Net change in unrealized appreciation (depreciation) on investments | (4822461) | 3651488 |
| Net increase (decrease) in net assets resulting from operations | (9305018) | 7018308 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (82758) | (9839) |
| &nbsp;&nbsp;&nbsp;Class C | (7395) | (1330) |
| &nbsp;&nbsp;&nbsp;Class H | (974538) | (145101) |
| Total distributions to shareholders | (1064691) | (156270) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3968881 | 3532630 |
| &nbsp;&nbsp;&nbsp;Class C | 496893 | 222650 |
| &nbsp;&nbsp;&nbsp;Class H | 711284119 | 492038872 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 82001 | 9769 |
| &nbsp;&nbsp;&nbsp;Class C | 6588 | 1240 |
| &nbsp;&nbsp;&nbsp;Class H | 969470 | 143726 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3846587) | (4277624) |
| &nbsp;&nbsp;&nbsp;Class C | (590653) | (274243) |
| &nbsp;&nbsp;&nbsp;Class H | (710016218) | (477029453) |
| Net increase from capital share transactions | 2354494 | 14367567 |
| Net increase (decrease) in net assets | (8015215) | 21229605 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 50744522 | 29514917 |
| &nbsp;&nbsp;&nbsp;End of year | $42729307 | $50744522 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 24188 | 26281 |
| &nbsp;&nbsp;&nbsp;Class C | 3323 | 1882 |
| &nbsp;&nbsp;&nbsp;Class H | 4478966 | 3768377 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 444 | 75 |
| &nbsp;&nbsp;&nbsp;Class C | 42 | 11 |
| &nbsp;&nbsp;&nbsp;Class H | 5307 | 1107 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (23355) | (32263) |
| &nbsp;&nbsp;&nbsp;Class C | (4081) | (2349) |
| &nbsp;&nbsp;&nbsp;Class H | (4469049) | (3682558) |
| Net increase in shares | 15785 | 80563 |

---

48 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $162.74 | $127.13 | $183.91 | $227.30 | $67.63 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 3.04 | 3.27 | .63 | (3.04) | (2.33) |
| Net gain (loss) on investments (realized and unrealized) | (30.37) | 32.88 | (57.41) | (36.22) | 162.00 |
| Total from investment operations | (27.33) | 36.15 | (56.78) | (39.26) | 159.67 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (4.79) | (.54) |  |  |  |
| Net realized gains |  |  |  | (4.13) |  |
| Total distributions | (4.79) | (.54) |  | (4.13) |  |
| Net asset value, end of period | $130.62 | $162.74 | $127.13 | $183.91 | $227.30 |
| **Total Return<sup>b</sup>** | **(17.65** **%)** | **28.57%** | **(30.87** **%)** | **(17.50** **%)** | **236.09%** |
| **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) | $2459 | $2856 | $2982 | $4025 | $8661 |
| Ratios 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) | 1.87% | 2.46% | 0.45% | (1.36%) | (1.57%) |
| Total expenses<sup>c</sup> | 1.94% | 1.94% | 1.89% | 1.78% | 1.81% |
| Net expenses<sup>d</sup> | 1.84% | 1.86% | 1.86% | 1.78% | 1.81% |
| Portfolio turnover rate | 105% | 11% | 43% | 574% |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $140.29 | $110.50 | $161.04 | $201.10 | $60.28 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 1.58 | 2.05 | (.36) | (3.95) | (2.85) |
| Net gain (loss) on investments (realized and unrealized) | (25.78) | 28.28 | (50.18) | (31.98) | 143.67 |
| Total from investment operations | (24.20) | 30.33 | (50.54) | (35.93) | 140.82 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (4.79) | (.54) |  |  |  |
| Net realized gains |  |  |  | (4.13) |  |
| Total distributions | (4.79) | (.54) |  | (4.13) |  |
| Net asset value, end of period | $111.30 | $140.29 | $110.50 | $161.04 | $201.10 |
| **Total Return<sup>b</sup>** | **(18.26** **%)** | **27.63%** | **(31.38** **%)** | **(18.13** **%)** | **233.61%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $171 | $316 | $299 | $540 | $673 |
| Ratios 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) | 1.14% | 1.79% | (0.30%) | (2.04%) | (2.31%) |
| Total expenses<sup>c</sup> | 2.70% | 2.68% | 2.64% | 2.53% | 2.57% |
| Net expenses<sup>d</sup> | 2.60% | 2.60% | 2.60% | 2.53% | 2.57% |
| Portfolio turnover rate | 105% | 11% | 43% | 574% |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 49

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $161.30 | $126.12 | $182.59 | $225.73 | $67.21 |
| 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> | 3.02 | 3.39 | .81 | (2.97) | (2.22) |
| Net gain (loss) on investments (realized and unrealized) | (30.24) | 32.33 | (57.28) | (36.04) | 160.74 |
| Total from investment operations | (27.22) | 35.72 | (56.47) | (39.01) | 158.52 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (4.79) | (.54) |  |  |  |
| Net realized gains |  |  |  | (4.13) |  |
| Total distributions | (4.79) | (.54) |  | (4.13) |  |
| Net asset value, end of period | $129.29 | $161.30 | $126.12 | $182.59 | $225.73 |
| **Total Return** | **(17.74** **%)** | **28.46%** | **(30.93** **%)** | **(17.52** **%)** | **235.86%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $40100 | $47573 | $26234 | $33076 | $71754 |
| Ratios 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) | 1.91% | 2.58% | 0.61% | (1.40%) | (1.75%) |
| Total expenses<sup>c</sup> | 1.94% | 1.93% | 1.91% | 1.80% | 1.85% |
| Net expenses<sup>d</sup> | 1.84% | 1.85% | 1.88% | 1.80% | 1.85% |
| Portfolio turnover rate | 105% | 11% | 43% | 574% |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

50 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | March 31, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 9.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 9.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 9.2%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>1,2</sup> | $450000 | $446229 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>2,3</sup> | 60000 | 59950 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $506,174) |  | 506179 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 76.2%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 76.2%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 76.2%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>1</sup> | 2390632 | 2390632 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>1</sup> | 1832152 | 1832152 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,222,784) |  | 4222784 |
| **Total Investments - 85.4%** | **Total Investments - 85.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,728,958) | &nbsp;&nbsp;&nbsp;(Cost $4,728,958) | $4728963 |
| **Other Assets & Liabilities, net - 14.6%** | **Other Assets & Liabilities, net - 14.6%** | 811703 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5540666 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** |
| Russell 2000 Index Mini Futures Contracts | 17 | Jun 2025 | $1723035 | $13389 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Goldman Sachs International | Russell 2000 Index | Receive | 4.43% (Federal <br> Funds Rate + <br> 0.10%) | At Maturity | 06/25/25 | 1358 | $2731778 | $113329 |
| Barclays Bank plc | Russell 2000 Index | Receive | 4.69% (SOFR + 0.35%) | At Maturity | 06/26/25 | 1729 | 3478840 | 106182 |
| BNP Paribas | Russell 2000 Index | Receive | 4.48% (Federal <br> Funds Rate +<br> 0.15%) | At Maturity | 06/26/25 | 1563 | 3143695 | 64925 |
|  |  |  |  |  |  |  | $9354313 | $284436 |

---

---

| | |
|:---|:---|
| \*\* | &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 March 31, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;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 \| 51

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $506179 | $— | $506179 |
| Repurchase Agreements |  | 4222784 |  | 4222784 |
| Equity Futures Contracts\*\* | 13389 |  |  | 13389 |
| Equity Index Swap Agreements\*\* |  | 284436 |  | 284436 |
| Total Assets | $13389 | $5013399 | $— | $5026788 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

52 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $506,174) | $506179 |
| Repurchase agreements, at value (cost $4,222,784) | 4222784 |
| Unrealized appreciation on OTC swap agreements | 284436 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1777451 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 26229 |
| &nbsp;&nbsp;&nbsp;Interest | 511 |
| **Total assets** | 6817590 |
| **Liabilities:** | **Liabilities:** |
| Segregated cash due to broker | 100000 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1159202 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 7224 |
| &nbsp;&nbsp;&nbsp;Management fees | 3142 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1505 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 892 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 367 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 41 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 4551 |
| **Total liabilities** | 1276924 |
| **Net assets** | $5540666 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $85838647 |
| Total distributable earnings (loss) | (80297981) |
| Net assets | $5540666 |
| **Class A:** | **Class A:** |
| Net assets | $238080 |
| Capital shares outstanding | 1519 |
| Net asset value per share | $156.73 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $164.55 |
| **Class C:** | **Class C:** |
| Net assets | $35997 |
| Capital shares outstanding | 269 |
| Net asset value per share | $133.82 |
| **Class H:** | **Class H:** |
| Net assets | $5266589 |
| Capital shares outstanding | 34273 |
| Net asset value per share | $153.67 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $243235 |
| &nbsp;&nbsp;&nbsp;Total investment income | 243235 |
| **Expenses:** | **Expenses:** |
| Management fees | 42211 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 498 |
| &nbsp;&nbsp;&nbsp;Class C | 541 |
| &nbsp;&nbsp;&nbsp;Class H | 11096 |
| Transfer agent fees | 10010 |
| Portfolio accounting and administration fees | 9619 |
| Registration fees | 7681 |
| Interest expense | 5745 |
| Professional fees | 1358 |
| Custodian fees | 846 |
| Trustees' fees\* | 616 |
| Miscellaneous | 91 |
| &nbsp;&nbsp;&nbsp;Total expenses | 90312 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (4680) |
| Net expenses | 85632 |
| Net investment income | 157603 |
| **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 | (261278) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (10387) |
| Net realized loss | (271665) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (43) |
| &nbsp;&nbsp;&nbsp;Swap agreements | 560148 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 15021 |
| Net change in unrealized appreciation (depreciation) | 575126 |
| Net realized and unrealized gain | 303461 |
| **Net increase in net assets resulting from operations** | $461064 |

---

\* 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 \| 53

**INVERSE RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $157603 | $273848 |
| Net realized loss on investments | (271665) | (3388789) |
| Net change in unrealized appreciation (depreciation) on investments | 575126 | 24016 |
| Net increase (decrease) in net assets resulting from operations | 461064 | (3090925) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6502) | (18391) |
| &nbsp;&nbsp;&nbsp;Class C | (1781) | (1874) |
| &nbsp;&nbsp;&nbsp;Class H | (187776) | (211675) |
| Total distributions to shareholders | (196059) | (231940) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2254242 | 2307662 |
| &nbsp;&nbsp;&nbsp;Class C | 525675 | 185073 |
| &nbsp;&nbsp;&nbsp;Class H | 354161894 | 296772405 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 6305 | 18231 |
| &nbsp;&nbsp;&nbsp;Class C | 1668 | 1778 |
| &nbsp;&nbsp;&nbsp;Class H | 180723 | 159258 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2334772) | (2527999) |
| &nbsp;&nbsp;&nbsp;Class C | (539673) | (183352) |
| &nbsp;&nbsp;&nbsp;Class H | (357003712) | (291713723) |
| Voluntary capital contribution from adviser |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 8493 |  |
| &nbsp;&nbsp;&nbsp;Class C | 6102 |  |
| &nbsp;&nbsp;&nbsp;Class H | 112052 |  |
| Net increase (decrease) from capital share transactions | (2621003) | 5019333 |
| Net increase (decrease) in net assets | (2355998) | 1696468 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 7896664 | 6200196 |
| &nbsp;&nbsp;&nbsp;End of year | $5540666 | $7896664 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 15960 | 11281 |
| &nbsp;&nbsp;&nbsp;Class C | 4251 | 1040 |
| &nbsp;&nbsp;&nbsp;Class H | 2531568 | 1534346 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 55 | 93 |
| &nbsp;&nbsp;&nbsp;Class C | 17 | 10 |
| &nbsp;&nbsp;&nbsp;Class H | 1602 | 826 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (16456) | (12688) |
| &nbsp;&nbsp;&nbsp;Class C | (4393) | (1043) |
| &nbsp;&nbsp;&nbsp;Class H | (2549289) | (1509801) |
| Net increase (decrease) in shares | (16685) | 24064 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:20 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

54 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>d,f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $152.60 | $220.03 | $201.80 | $210.60 | $1105.88 |
| 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> | 4.68 | 8.20 | 1.00 | (3.00) | (7.80) |
| Net gain (loss) on investments (realized and unrealized) | (.05) | (71.03) | 17.23 <sup>e</sup> | (5.80)<sup>e</sup> | (887.48) |
| Total from investment operations | 4.63 | (62.83) | 18.23 | (8.80) | (895.28) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.93) | (4.60) |  |  |  |
| Total distributions | (5.93) | (4.60) |  |  |  |
| Voluntary capital contribution from adviser | 5.43 |  |  |  |  |
| Net asset value, end of period | $156.73 | $152.60 | $220.03 | $201.80 | $210.60 |
| **Total Return<sup>b</sup>** | **8.00%** | **(29.03** **%)** | **9.02%** | **(4.18** **%)** | **(80.95** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $238 | $299 | $720 | $1662 | $2286 |
| Ratios 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) | 3.24% | 3.92% | 0.47% | (1.51 %) | (1.61%) |
| Total expenses | 1.84% | 1.86% | 2.08% | 1.76% | 1.82% |
| Net expenses<sup>c</sup> | 1.75% | 1.79% | 2.05% | 1.76% | 1.82% |
| Portfolio turnover rate |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>d,f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $132.40 | $192.94 | $178.16 | $187.40 | $992.20 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 3.90 | 5.60 |  | (4.00) | (10.00) |
| Net gain (loss) on investments (realized and unrealized) | (1.15) | (61.54) | 14.78 <sup>e</sup> | (5.24)<sup>e</sup> | (794.80) |
| Total from investment operations | 2.75 | (55.94) | 14.78 | (9.24) | (804.80) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.93) | (4.60) |  |  |  |
| Total distributions | (5.93) | (4.60) |  |  |  |
| Voluntary capital contribution from adviser | 4.60 |  |  |  |  |
| Net asset value, end of period | $133.82 | $132.40 | $192.94 | $178.16 | $187.40 |
| **Total Return<sup>b</sup>** | **7.16%** | **(29.57** **%)** | **8.31%** | **(4.91** **%)** | **(81.11** **%)** |
| **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) | $36 | $52 | $75 | $68 | $86 |
| Ratios 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) | 3.08% | 3.18% | 0.01% | (2.26 %) | (2.36%) |
| Total expenses | 2.57% | 2.60% | 2.80% | 2.51% | 2.57% |
| Net expenses<sup>c</sup> | 2.49% | 2.53% | 2.77% | 2.51% | 2.57% |
| Portfolio turnover rate |  |  |  |  |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 55

**INVERSE RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>d,f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $149.74 | $216.02 | $198.34 | $208.21 | $1099.09 |
| 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> | 3.96 | 6.60 | 1.40 | (2.60) | (6.60) |
| Net gain (loss) on investments (realized and unrealized) | 2.43 | (68.28) | 16.28 <sup>e</sup> | (7.27)<sup>e</sup> | (884.28) |
| Total from investment operations | 6.39 | (61.68) | 17.68 | (9.87) | (890.88) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (5.93) | (4.60) |  |  |  |
| Total distributions | (5.93) | (4.60) |  |  |  |
| Voluntary capital contribution from adviser | 3.47 |  |  |  |  |
| Net asset value, end of period | $153.67 | $149.74 | $216.02 | $198.34 | $208.21 |
| **Total Return** | **7.97%** | **(29.01** **%)** | **8.87%** | **(4.71** **%)** | **(81.06** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $5267 | $7546 | $5405 | $4598 | $3923 |
| Ratios 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) | 3.37% | 3.71% | 0.69% | (1.62 %) | (1.70%) |
| Total expenses | 1.92% | 1.90% | 2.10% | 1.82% | 1.89% |
| Net expenses<sup>c</sup> | 1.82% | 1.82% | 2.06% | 1.82% | 1.89% |
| Portfolio turnover rate |  |  |  |  |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Reverse share split – Per share amounts have been restated to reflect a 1:20 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

<sup>e</sup> The amount shown for a share outstanding throughout the year 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.

<sup>f</sup> On August 5, 2024, the Adviser made a voluntary capital contribution to the Fund, relating to an operational issue. The impact of the capital contribution to the total return for the year ended March 31, 2025 was 3.50%, 3.41% and 2.27% for Class A, Class C and Class H, respectively. See Note 5 in the Notes to Financial Statements.

56 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | March 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 83.9%** | **COMMON STOCKS<sup>†</sup>** **- 83.9%** | **COMMON STOCKS<sup>†</sup>** **- 83.9%** |
| **Technology - 24.0%** | **Technology - 24.0%** | **Technology - 24.0%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 47940 | $10648912 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 23724 | 8905752 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 78155 | 8470439 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 14959 | 2504585 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 3054 | 819571 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2951 | 733796 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 5177 | 723796 |
| &nbsp;&nbsp;&nbsp;Accenture plc — Class A | 1996 | 622832 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 6542 | 552145 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 893 | 548293 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 3530 | 542243 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 1389 | 532723 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 5171 | 531269 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 659 | 524656 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 2905 | 522028 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 1816 | 401027 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 2594 | 376441 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 1583 | 319244 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 13818 | 313807 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 3556 | 308981 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 4097 | 297852 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 425 | 288915 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 787 | 277481 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 876 | 222793 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 493 | 211423 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 342 | 201636 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 2030 | 195408 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 686 | 179595 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 684 | 159735 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 1023 | 157828 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 811 | 154139 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* | 78 | 143845 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. — Class A | 248 | 140244 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 1690 | 126209 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 1578 | 120717 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 757 | 109402 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 524 | 108599 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.\* | 245 | 102836 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc. — Class C | 996 | 90785 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 374 | 90680 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 153 | 88737 |
| &nbsp;&nbsp;&nbsp;ANSYS, Inc.\* | 279 | 88320 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 1717 | 83120 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 2993 | 82876 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 138 | 80232 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 4191 | 64667 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 384 | 59501 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 676 | 57426 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 649 | 57008 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 419 | 56540 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\*<sup>,1</sup> | 1607 | 55024 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 1345 | 54728 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. — Class A\* | 164 | 46340 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp.\* | 1110 | 44877 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 520 | 42952 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 233 | 42546 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 480 | 38640 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 513 | 33155 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 150 | 32772 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 181 | 30560 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.\* | 508 | 29632 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.\* | 1 | 48 |
| **Total Technology** |  | 43452363 |
| **Consumer, Non-cyclical - 14.2%** | **Consumer, Non-cyclical - 14.2%** | **Consumer, Non-cyclical - 14.2%** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2515 | 2077164 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 2937 | 1538254 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 7483 | 1275253 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 7683 | 1274149 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 5634 | 1180436 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 12356 | 884937 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 4962 | 787618 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 5535 | 734218 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 8073 | 724632 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 4377 | 656287 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1221 | 607570 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 1138 | 563617 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1714 | 533997 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1007 | 511657 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 4703 | 474439 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 18085 | 458274 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3977 | 445623 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 2042 | 418610 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 1097 | 408358 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 819 | 397068 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1299 | 396883 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 6476 | 394971 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 4092 | 367707 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 5409 | 324648 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 740 | 321871 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 874 | 287546 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 4128 | 280085 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 4024 | 272626 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 400 | 269196 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 2590 | 242683 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 1429 | 235285 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 494 | 230051 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 1095 | 225055 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 336 | 213101 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 916 | 209819 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 3157 | 205994 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 571 | 197309 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. — Class A | 551 | 153227 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 1059 | 150611 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 6119 | 146733 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 2125 | 143841 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 2188 | 137691 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 1882 | 136407 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 451 | 134227 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 2235 | 130792 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 57

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 3810 | $| 130378 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 208 |  | 130354 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 471 |  | 119719 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 1460 |  | 117837 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 1561 |  | 117137 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 261 |  | 109607 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 911 |  | 106569 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 771 |  | 106221 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 1759 |  | 105171 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 469 |  | 104986 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 385 |  | 101871 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 396 |  | 96450 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 1583 |  | 96104 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 534 |  | 94144 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. — Class A | 496 |  | 91026 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 785 |  | 86421 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 1247 |  | 85158 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 2784 |  | 84717 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 472 |  | 80726 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.\* | 223 |  | 77764 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 790 |  | 77357 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1527 |  | 73312 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 635 |  | 71869 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 314 |  | 71168 |
| &nbsp;&nbsp;&nbsp;Kellanova | 858 |  | 70776 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 190 |  | 70028 |
| &nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 806 |  | 66342 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 467 |  | 63904 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 266 |  | 61909 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 355 |  | 60066 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 225 |  | 59087 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 177 |  | 58302 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. — Class A | 913 |  | 58259 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 393 |  | 57869 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 1629 |  | 55761 |
| &nbsp;&nbsp;&nbsp;Cooper Companies, Inc.\* | 637 |  | 53731 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 231 |  | 51716 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. — Class A | 748 |  | 49368 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 896 |  | 48411 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 257 |  | 45738 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 717 |  | 44289 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 388 |  | 41050 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 1523 |  | 40618 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | 340 |  | 40259 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 225 |  | 35744 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. — Class B | 187 |  | 35137 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.\* | 441 |  | 33534 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 549 |  | 33418 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 3809 |  | 33176 |
| &nbsp;&nbsp;&nbsp;Bunge Global S.A. | 426 |  | 32555 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 513 |  | 31062 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 1081 |  | 30646 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 505 |  | 29608 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 929 |  | 28743 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 398 |  | 27259 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 120 |  | 25962 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 628 |  | 25070 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 164 |  | 24685 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 455 |  | 24252 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 140 |  | 21416 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. — Class B | 581 |  | 19719 |
| **Total Consumer, Non-cyclical** |  |  | 25686055 |
| **Financial - 13.2%** | **Financial - 13.2%** | **Financial - 13.2%** | **Financial - 13.2%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. — Class B\* | 5850 |  | 3115593 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 8924 |  | 2189057 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 5500 |  | 1927530 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. — Class A | 2600 |  | 1425112 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 21131 |  | 881797 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 10496 |  | 753508 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 996 |  | 544105 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 1870 |  | 529229 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 1771 |  | 476488 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 3949 |  | 460730 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 465 |  | 440113 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 5438 |  | 425687 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 5991 |  | 425301 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 1567 |  | 382395 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 1189 |  | 359066 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. REIT | 2958 |  | 330675 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. — Class A | 2336 |  | 326526 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. — Class A REIT | 1492 |  | 324659 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 1834 |  | 316365 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. — Class A | 1150 |  | 305083 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. REIT | 1944 |  | 297840 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 812 |  | 280335 |
| &nbsp;&nbsp;&nbsp;Aon plc — Class A | 690 |  | 275372 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. REIT | 311 |  | 253574 |
| &nbsp;&nbsp;&nbsp;KKR & Company, Inc. — Class A | 2154 |  | 249024 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 1264 |  | 222173 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1217 |  | 218208 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 4978 |  | 210171 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 1427 |  | 195413 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 2290 |  | 192062 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 725 |  | 191734 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 1580 |  | 175680 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 846 |  | 175181 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 4200 |  | 172830 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 1894 |  | 164664 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. REIT | 979 |  | 162592 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. REIT | 2793 |  | 162022 |
| &nbsp;&nbsp;&nbsp;Public Storage REIT | 503 |  | 150543 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 308 |  | 149106 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 1848 |  | 148376 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. REIT | 1010 |  | 144723 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. REIT | 1387 |  | 144567 |
| &nbsp;&nbsp;&nbsp;Discover Financial Services | 801 |  | 136731 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1130 |  | 126198 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. — Class A\* | 944 |  | 123456 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 1196 |  | 115031 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 918 |  | 113584 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 3364 |  | 109734 |

---

58 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 319 | $| 107806 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 1345 |  | 106565 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. REIT | 677 |  | 100528 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 1321 |  | 100211 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. REIT | 453 |  | 97223 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. REIT | 1395 |  | 95920 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 530 |  | 94738 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 757 |  | 94171 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 2138 |  | 83810 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 921 |  | 82457 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 589 |  | 81818 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 937 |  | 80620 |
| &nbsp;&nbsp;&nbsp;Equity Residential REIT | 1091 |  | 78094 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 334 |  | 75581 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. REIT | 343 |  | 75463 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 500 |  | 73860 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 4639 |  | 69631 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 959 |  | 68243 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. REIT | 2316 |  | 67812 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 1241 |  | 65698 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 711 |  | 65320 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. REIT | 1818 |  | 63357 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 2901 |  | 63039 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. REIT | 205 |  | 62847 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | 374 |  | 62675 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 626 |  | 61755 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 1395 |  | 57153 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 672 |  | 56697 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 564 |  | 51837 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 3179 |  | 50832 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 137 |  | 49776 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. REIT | 2168 |  | 46048 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 492 |  | 45515 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. REIT | 2233 |  | 45151 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. REIT | 961 |  | 43408 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust REIT | 340 |  | 41582 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. REIT | 521 |  | 38429 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 268 |  | 35301 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 164 |  | 34399 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. — Class A | 80 |  | 33524 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. REIT | 2231 |  | 31703 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. REIT | 464 |  | 31176 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust REIT | 246 |  | 24064 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 1430 |  | 21693 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 989 |  | 19038 |
| **Total Financial** |  |  | 23836511 |
| **Communications - 12.7%** | **Communications - 12.7%** | **Communications - 12.7%** | **Communications - 12.7%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 30100 |  | 5726826 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 6989 |  | 4028180 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 18615 |  | 2878624 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 15087 |  | 2357042 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 1365 |  | 1272903 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 12710 |  | 784334 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 22908 |  | 647838 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 13434 |  | 609366 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 5769 |  | 569400 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 106 |  | 488332 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 6667 |  | 485758 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 12036 |  | 444128 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 1530 |  | 408066 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 2113 |  | 360562 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 3297 |  | 255452 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 534 |  | 233790 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 1083 |  | 197940 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 1382 |  | 165094 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 308 |  | 113507 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 2460 |  | 112619 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 1529 |  | 103559 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 451 |  | 81243 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 7124 |  | 76441 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 425 |  | 68111 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 394 |  | 66231 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc.\* | 260 |  | 66006 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 121 |  | 55012 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 627 |  | 51985 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 184 |  | 48994 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 1731 |  | 45941 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class A | 697 |  | 39450 |
| &nbsp;&nbsp;&nbsp;Juniper Networks, Inc. | 1057 |  | 38253 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class A | 1207 |  | 32855 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Companies, Inc. | 1189 |  | 32293 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 801 |  | 24991 |
| &nbsp;&nbsp;&nbsp;Paramount Global — Class B | 1899 |  | 22712 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class B | 421 |  | 22191 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class B | 357 |  | 10842 |
| **Total Communications** |  |  | 23026871 |
| **Consumer, Cyclical - 7.0%** | **Consumer, Cyclical - 7.0%** | **Consumer, Cyclical - 7.0%** | **Consumer, Cyclical - 7.0%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 8930 |  | 2314299 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1417 |  | 1340170 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 13844 |  | 1215365 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 3170 |  | 1161773 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 2287 |  | 714390 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. | 3588 |  | 437018 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 1802 |  | 420280 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 3625 |  | 355576 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 184 |  | 263595 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. — Class B | 3770 |  | 239320 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. — Class A\* | 4325 |  | 217158 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 54 |  | 205890 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 768 |  | 174759 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 730 |  | 173886 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 1674 |  | 162997 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 791 |  | 162503 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 2798 |  | 158339 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 1462 |  | 152574 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 3175 |  | 149320 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 1830 |  | 141917 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 142 |  | 140272 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 891 |  | 140208 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 439 |  | 137600 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 1053 |  | 134563 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 59

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 12422 | $| 124593 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 905 |  | 115053 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 358 |  | 101336 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 1705 |  | 93946 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 2048 |  | 89293 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. — Class A | 745 |  | 85511 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 375 |  | 77910 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 1050 |  | 72503 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 10 |  | 72444 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 647 |  | 66511 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 501 |  | 65420 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 3344 |  | 65308 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 1892 |  | 63533 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 394 |  | 62291 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 703 |  | 61815 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 149 |  | 54615 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.\* | 485 |  | 54228 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 444 |  | 52898 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 111 |  | 50999 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 645 |  | 48420 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 661 |  | 46541 |
| &nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | 621 |  | 45712 |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 732 |  | 43554 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 1097 |  | 42377 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 121 |  | 38520 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 491 |  | 38259 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 830 |  | 35308 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 212 |  | 32396 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. — Class A | 127 |  | 28034 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 1404 |  | 26620 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 419 |  | 25764 |
| &nbsp;&nbsp;&nbsp;Walgreens Boots Alliance, Inc.\* | 2289 |  | 25568 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 286 |  | 23881 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International\* | 714 |  | 21163 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 678 |  | 16950 |
| **Total Consumer, Cyclical** |  |  | 12683046 |
| **Industrial - 6.2%** | **Industrial - 6.2%** | **Industrial - 6.2%** | **Industrial - 6.2%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 3425 |  | 685514 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 4251 |  | 563087 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1526 |  | 503275 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 1928 |  | 455471 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 2075 |  | 439381 |
| &nbsp;&nbsp;&nbsp;Boeing Co.\* | 2394 |  | 408297 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 809 |  | 379704 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 1261 |  | 342778 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 669 |  | 298849 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1166 |  | 269941 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 880 |  | 268646 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. — Class B | 2334 |  | 256717 |
| &nbsp;&nbsp;&nbsp;3M Co. | 1733 |  | 254508 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. — Class A | 3865 |  | 253505 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 411 |  | 249826 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 179 |  | 247609 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 716 |  | 241235 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 434 |  | 222212 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 810 |  | 220790 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 852 |  | 211305 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 1800 |  | 197352 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 6154 |  | 181112 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 707 |  | 172352 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 724 |  | 171479 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 2107 |  | 168792 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 1293 |  | 167741 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 2577 |  | 163382 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. — Class A | 648 |  | 156920 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 952 |  | 134537 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 1265 |  | 130548 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 738 |  | 127039 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 601 |  | 125795 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 232 |  | 122020 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 490 |  | 106394 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 1286 |  | 102919 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 600 |  | 99270 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 546 |  | 99017 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 421 |  | 98219 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 361 |  | 93275 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 195 |  | 93235 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 776 |  | 92701 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 553 |  | 82823 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 1089 |  | 79693 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 67 |  | 79121 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 790 |  | 76985 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 438 |  | 76948 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.\* | 149 |  | 74159 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 1578 |  | 71105 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 102 |  | 57205 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 172 |  | 56917 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 168 |  | 56618 |
| &nbsp;&nbsp;&nbsp;Packaging Corporation of America | 285 |  | 56436 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 447 |  | 53752 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 785 |  | 51535 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 952 |  | 49570 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 350 |  | 47624 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 392 |  | 47389 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 677 |  | 47078 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 527 |  | 46102 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.\* | 368 |  | 45978 |
| &nbsp;&nbsp;&nbsp;Amcor plc | 4613 |  | 44746 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 242 |  | 43795 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 583 |  | 42122 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 379 |  | 38810 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 492 |  | 37825 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 254 |  | 37579 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 278 |  | 36268 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 173 |  | 34897 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 125 |  | 25505 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 377 |  | 24641 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 190 |  | 24064 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 168 |  | 19182 |
| **Total Industrial** |  |  | 11143221 |

---

60 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy - 3.1%** | **Energy - 3.1%** | **Energy - 3.1%** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 13892 | $1652176 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 5334 | 892325 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 4072 | 427641 |
| &nbsp;&nbsp;&nbsp;Williams Companies, Inc. | 3890 | 232466 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 1795 | 230191 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 1980 | 196456 |
| &nbsp;&nbsp;&nbsp;Schlumberger N.V. | 4471 | 186888 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 6169 | 176002 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 1318 | 162747 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 1009 | 147001 |
| &nbsp;&nbsp;&nbsp;Hess Corp. | 882 | 140882 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 696 | 139527 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 3160 | 138882 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1010 | 133391 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 2156 | 106420 |
| &nbsp;&nbsp;&nbsp;Equities Corp. | 1905 | 101784 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 597 | 95448 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 61 | 80824 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 2096 | 78390 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 671 | 74696 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 2770 | 70275 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. — Class A | 2350 | 67915 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 342 | 43239 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 423 | 26247 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 1181 | 24825 |
| **Total Energy** |  | 5626638 |
| **Utilities - 2.1%** | **Utilities - 2.1%** | **Utilities - 2.1%** |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 6563 | 465251 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 3497 | 321549 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2477 | 302120 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 998 | 201227 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 1702 | 185977 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 2681 | 150324 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 3208 | 147825 |
| &nbsp;&nbsp;&nbsp;Sempra | 2022 | 144290 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 1590 | 130857 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 1833 | 129758 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 1086 | 127540 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1106 | 122312 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 7000 | 120260 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 1369 | 117036 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 1014 | 110506 |
| &nbsp;&nbsp;&nbsp;American Water Works Company, Inc. | 622 | 91757 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 662 | 91535 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 861 | 86444 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 2356 | 85075 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 507 | 78372 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 2080 | 75358 |
| &nbsp;&nbsp;&nbsp;Edison International | 1236 | 72825 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1171 | 72731 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 954 | 71655 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 1637 | 66167 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 647 | 61763 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 1500 | 60135 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 819 | 52703 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 735 | 50678 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 363 | 34576 |
| &nbsp;&nbsp;&nbsp;AES Corp. | 2269 | 28181 |
| **Total Utilities** |  | 3856787 |
| **Basic Materials - 1.4%** | **Basic Materials - 1.4%** | **Basic Materials - 1.4%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 1520 | 707773 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 739 | 258051 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 710 | 209393 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 804 | 203830 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 3633 | 175401 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 4586 | 173626 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 1334 | 99623 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 749 | 90135 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 1683 | 89788 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 740 | 80919 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 2246 | 78430 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 816 | 63330 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. — Class A | 827 | 58221 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 452 | 56536 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 556 | 43451 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 368 | 32425 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 1014 | 27388 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 375 | 27008 |
| **Total Basic Materials** |  | 2475328 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $81,558,616) |  | 151786820 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 15.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 15.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 15.6%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.16% due 06/05/25<sup>2,3</sup> | $15000000 | 14886385 |
| &nbsp;&nbsp;&nbsp;4.19% due 06/05/25<sup>2,3</sup> | 5000000 | 4962129 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>2,3</sup> | 4500000 | 4462290 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>3,4</sup> | 3270000 | 3267300 |
| &nbsp;&nbsp;&nbsp;4.19% due 06/12/25<sup>2,3</sup> | 550000 | 545391 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,123,260) |  | 28123495 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 4.0%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 4.0%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 4.0%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>2</sup> | 4059003 | 4059003 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>2</sup> | 3110770 | 3110770 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,169,773) |  | 7169773 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 61

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (continued) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.0%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.0%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.0%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp;First American Government Obligations Fund - Class X, 4.27%<sup>7</sup> | 42175 | $42175 |
| **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp;(Cost $42,175) |  | 42175 |
| **Total Investments - 103.5%** | **Total Investments - 103.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $116,893,824) | &nbsp;&nbsp;&nbsp;(Cost $116,893,824) | $187122263 |
| **Other Assets & Liabilities, net - (3.5)%** | **Other Assets & Liabilities, net - (3.5)%** | (6260152) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $180862111 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 148 | Jun 2025 | $41856250 | $(277330) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| BNP Paribas | S&P 500 Index | Pay | 5.18% (Federal <br> Funds Rate +<br> 0.85%) | At Maturity | 06/26/25 | 5085 | $28534474 | $(510248) |
| Barclays Bank plc | S&P 500 Index | Pay | 5.24% (SOFR + 0.90%) | At Maturity | 06/26/25 | 5362 | 30089126 | (538050) |
| Goldman Sachs International | S&P 500 Index | Pay | 4.93% (Federal <br> Funds Rate + <br> 0.60%) | At Maturity | 06/25/25 | 19584 | 109901120 | (3126955) |
|  |  |  |  |  |  |  | $168524720 | $(4175253) |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is on loan at March 31, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp;Securities lending collateral — See Note 7. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of March 31, 2025. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

62 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $151786820 | $— | $— | $151786820 |
| U.S. Treasury Bills |  | 28123495 |  | 28123495 |
| Repurchase Agreements |  | 7169773 |  | 7169773 |
| Securities Lending Collateral | 42175 |  |  | 42175 |
| Total Assets | $151828995 | $35293268 | $— | $187122263 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $277330 | $— | $— | $277330 |
| Equity Index Swap Agreements\*\* |  | 4175253 |  | 4175253 |
| Total Liabilities | $277330 | $4175253 | $— | $4452583 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 63

**S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value - including $41,259 of securities loaned (cost $109,724,051) | $179952490 |
| Repurchase agreements, at value (cost $7,169,773) | 7169773 |
| Cash | 153 |
| Segregated cash with broker | 437 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 2180361 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 246050 |
| &nbsp;&nbsp;&nbsp;Dividends | 86172 |
| &nbsp;&nbsp;&nbsp;Interest | 867 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 12 |
| **Total assets** | 189636315 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 4175253 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 3558007 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 601248 |
| &nbsp;&nbsp;&nbsp;Management fees | 137076 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 78485 |
| &nbsp;&nbsp;&nbsp;Return of securities lending collateral | 42175 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 39033 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 15993 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 2225 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 124709 |
| **Total liabilities** | 8774204 |
| **Net assets** | $180862111 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $149109804 |
| Total distributable earnings (loss) | 31752307 |
| Net assets | $180862111 |
| **Class A:** | **Class A:** |
| Net assets | $24829553 |
| Capital shares outstanding | 85594 |
| Net asset value per share | $290.09 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $304.56 |
| **Class C:** | **Class C:** |
| Net assets | $1945712 |
| Capital shares outstanding | 8371 |
| Net asset value per share | $232.43 |
| **Class H:** | **Class H:** |
| Net assets | $154086846 |
| Capital shares outstanding | 532189 |
| Net asset value per share | $289.53 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $551) | $2539165 |
| Interest | 1947506 |
| Income from securities lending, net | 82 |
| &nbsp;&nbsp;&nbsp;Total investment income | 4486753 |
| **Expenses:** | **Expenses:** |
| Management fees | 2081175 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 64325 |
| &nbsp;&nbsp;&nbsp;Class C | 17458 |
| &nbsp;&nbsp;&nbsp;Class H | 509426 |
| Transfer agent fees | 493230 |
| Portfolio accounting and administration fees | 474102 |
| Registration fees | 325136 |
| Interest expense | 124941 |
| Professional fees | 60356 |
| Custodian fees | 29827 |
| Trustees' fees\* | 24927 |
| Line of credit fees | 248 |
| Miscellaneous | 51993 |
| &nbsp;&nbsp;&nbsp;Total expenses | 4257144 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (231319) |
| Net expenses | 4025825 |
| Net investment income | 460928 |
| **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 | 2151670 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 9848218 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 3963844 |
| Net realized gain | 15963732 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 8282372 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (5500482) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1542245) |
| Net change in unrealized appreciation (depreciation) | 1239645 |
| Net realized and unrealized gain | 17203377 |
| **Net increase in net assets resulting from operations** | $17664305 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

64 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $460928 | $722620 |
| Net realized gain on investments | 15963732 | 45300034 |
| Net change in unrealized appreciation (depreciation) on investments | 1239645 | 30294884 |
| Net increase in net assets resulting from operations | 17664305 | 76317538 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1391849) | (28390) |
| &nbsp;&nbsp;&nbsp;Class C | (114813) | (2164) |
| &nbsp;&nbsp;&nbsp;Class H | (9197234) | (207315) |
| Total distributions to shareholders | (10703896) | (237869) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 8084411 | 6084963 |
| &nbsp;&nbsp;&nbsp;Class C | 1676373 | 897471 |
| &nbsp;&nbsp;&nbsp;Class H | 3865491204 | 3957107761 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1362270 | 27412 |
| &nbsp;&nbsp;&nbsp;Class C | 111585 | 1695 |
| &nbsp;&nbsp;&nbsp;Class H | 8077064 | 179251 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (8334806) | (7728261) |
| &nbsp;&nbsp;&nbsp;Class C | (1563657) | (1894512) |
| &nbsp;&nbsp;&nbsp;Class H | (3960151740) | (3898800693) |
| Net increase (decrease) from capital share transactions | (85247296) | 55875087 |
| Net increase (decrease) in net assets | (78286887) | 131954756 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 259148998 | 127194242 |
| &nbsp;&nbsp;&nbsp;End of year | $180862111 | $259148998 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 25587 | 28594 |
| &nbsp;&nbsp;&nbsp;Class C | 6658 | 4931 |
| &nbsp;&nbsp;&nbsp;Class H | 12365403 | 18101898 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3952 | 120 |
| &nbsp;&nbsp;&nbsp;Class C | 403 | 9 |
| &nbsp;&nbsp;&nbsp;Class H | 23475 | 787 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (26506) | (36493) |
| &nbsp;&nbsp;&nbsp;Class C | (6179) | (11330) |
| &nbsp;&nbsp;&nbsp;Class H | (12673740) | (17866387) |
| Net increase (decrease) in shares | (280947) | 222129 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 65

**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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $286.56 | $186.61 | $244.03 | $195.48 | $86.56 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | .70 | .90 | .31 | (1.47) | (.75) |
| Net gain (loss) on investments (realized and unrealized) | 20.45 | 99.39 | (57.73) | 55.90 | 110.89 |
| Total from investment operations | 21.15 | 100.29 | (57.42) | 54.43 | 110.14 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.19) | (.34) |  |  |  |
| Net realized gains | (16.43) |  |  | (5.88) | (1.22) |
| Total distributions | (17.62) | (.34) |  | (5.88) | (1.22) |
| Net asset value, end of period | $290.09 | $286.56 | $186.61 | $244.03 | $195.48 |
| **Total Return<sup>b</sup>** | **6.40%** | **53.82%** | **(23.53** **%)** | **27.59%** | **127.44%** |
| **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) | $24830 | $23659 | $16858 | $25694 | $21176 |
| Ratios 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% | 0.41% | 0.17% | (0.61%) | (0.51%) |
| Total expenses | 1.84% | 1.94% | 1.85% | 1.75% | 1.81% |
| Net expenses<sup>c</sup> | 1.74% | 1.86% | 1.82% | 1.75% | 1.81% |
| Portfolio turnover rate | 1197% | 1312% | 554% | 610% | 634% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $234.07 | $153.62 | $202.40 | $164.10 | $73.30 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | (1.35) | (.62) | (.99) | (2.70) | (1.51) |
| Net gain (loss) on investments (realized and unrealized) | 17.33 | 81.41 | (47.79) | 46.88 | 93.53 |
| Total from investment operations | 15.98 | 80.79 | (48.78) | 44.18 | 92.02 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.19) | (.34) |  |  |  |
| Net realized gains | (16.43) |  |  | (5.88) | (1.22) |
| Total distributions | (17.62) | (.34) |  | (5.88) | (1.22) |
| Net asset value, end of period | $232.43 | $234.07 | $153.62 | $202.40 | $164.10 |
| **Total Return<sup>b</sup>** | **5.62%** | **52.68%** | **(24.10** **%)** | **26.62%** | **125.76%** |
| **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) | $1946 | $1753 | $2132 | $4317 | $2919 |
| Ratios 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) | (0.53%) | (0.35%) | (0.65%) | (1.36%) | (1.23%) |
| Total expenses | 2.59% | 2.69% | 2.59% | 2.50% | 2.56% |
| Net expenses<sup>c</sup> | 2.49% | 2.61% | 2.57% | 2.50% | 2.56% |
| Portfolio turnover rate | 1197% | 1312% | 554% | 610% | 634% |

---

66 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $286.07 | $186.32 | $243.65 | $195.18 | $86.43 |
| 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> | .64 | .89 | .31 | (1.46) | (.78) |
| Net gain (loss) on investments (realized and unrealized) | 20.44 | 99.20 | (57.64) | 55.81 | 110.75 |
| Total from investment operations | 21.08 | 100.09 | (57.33) | 54.35 | 109.97 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.19) | (.34) |  |  |  |
| Net realized gains | (16.43) |  |  | (5.88) | (1.22) |
| Total distributions | (17.62) | (.34) |  | (5.88) | (1.22) |
| Net asset value, end of period | $289.53 | $286.07 | $186.32 | $243.65 | $195.18 |
| **Total Return** | **6.39%** | **53.81%** | **(23.53** **%)** | **27.59%** | **127.44%** |
| **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) | $154087 | $233737 | $108204 | $219097 | $123790 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.20% | 0.40% | 0.17% | (0.61%) | (0.53%) |
| Total expenses | 1.84% | 1.94% | 1.85% | 1.75% | 1.81% |
| Net expenses<sup>c</sup> | 1.74% | 1.85% | 1.82% | 1.75% | 1.81% |
| Portfolio turnover rate | 1197% | 1312% | 554% | 610% | 634% |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 67

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS**  | March 31, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 46.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 46.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 46.9%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.23% due 04/15/25<sup>1</sup> | $2000000 | $1996701 |
| &nbsp;&nbsp;&nbsp;4.19% due 06/12/25<sup>1,2</sup> | 1650000 | 1636173 |
| &nbsp;&nbsp;&nbsp;4.20% due 06/12/25<sup>1,2</sup> | 1300000 | 1289106 |
| &nbsp;&nbsp;&nbsp;4.08% due 04/08/25<sup>1,3</sup> | 58000 | 57952 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,979,946) |  | 4979932 |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 28.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 28.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 28.3%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.36% (SOFR + 0.02%, Rate Floor: 0.00%) due 05/07/25<sup>◊</sup> | 3000000 | 2999985 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,000,000) |  | 2999985 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 41.4%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 41.4%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 41.4%** |
| J.P. Morgan Securities LLC<br> issued 03/31/25 at 4.36% <br> due 04/01/25<sup>2</sup> | 2487989 | 2487989 |
| BofA Securities, Inc.<br> issued 03/31/25 at 4.35% <br> due 04/01/25<sup>2</sup> | 1906765 | 1906765 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,394,754) |  | 4394754 |
| **Total Investments - 116.6%** | **Total Investments - 116.6%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,374,700) | &nbsp;&nbsp;&nbsp;(Cost $12,374,700) | $12374671 |
| **Other Assets & Liabilities, net - (16.6)%** | **Other Assets & Liabilities, net - (16.6)%** | (1758082) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $10616589 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** |
| S&P 500 Index Mini Futures Contracts | 14 | Jun 2025 | $3959375 | $62497 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Goldman Sachs International | S&P 500 Index | Receive | 4.73% (Federal <br> Funds Rate + <br> 0.40%) | At Maturity | 06/25/25 | 1691 | $9488361 | $240138 |
| BNP Paribas | S&P 500 Index | Receive | 4.78% (Federal <br> Funds Rate +<br> 0.45%) | At Maturity | 06/26/25 | 784 | 4397781 | 78641 |
| Barclays Bank plc | S&P 500 Index | Receive | 4.94% (SOFR + 0.60%) | At Maturity | 06/26/25 | 592 | 3320819 | 59382 |
|  |  |  |  |  |  |  | $17206961 | $378161 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>◊</sup> | &nbsp;&nbsp;&nbsp;Variable rate security. Rate indicated is the rate effective at March 31, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;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 equity index swap collateral at March 31, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at March 31, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

68 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (concluded) | March 31, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at March 31, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Treasury Bills | $— | $4979932 | $— | $4979932 |
| Federal Agency Notes |  | 2999985 |  | 2999985 |
| Repurchase Agreements |  | 4394754 |  | 4394754 |
| Equity Futures Contracts\*\* | 62497 |  |  | 62497 |
| Equity Index Swap Agreements\*\* |  | 378161 |  | 378161 |
| Total Assets | $62497 | $12752832 | $— | $12815329 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 69

**INVERSE S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** |
| March 31, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $7,979,946) | $7979917 |
| Repurchase agreements, at value (cost $4,394,754) | 4394754 |
| Cash | 6 |
| Segregated cash with broker | 147304 |
| Unrealized appreciation on OTC swap agreements | 378161 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 834012 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 710246 |
| &nbsp;&nbsp;&nbsp;Interest | 19736 |
| **Total assets** | 14464136 |
| **Liabilities:** | **Liabilities:** |
| Segregated cash due to broker | 999847 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 2786872 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 23275 |
| &nbsp;&nbsp;&nbsp;Management fees | 12656 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 5814 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 3712 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1477 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 155 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 13739 |
| **Total liabilities** | 3847547 |
| **Net assets** | $10616589 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $256153916 |
| Total distributable earnings (loss) | (245537327) |
| Net assets | $10616589 |
| **Class A:** | **Class A:** |
| Net assets | $881938 |
| Capital shares outstanding | 7419 |
| Net asset value per share | $118.88 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $124.81 |
| **Class C:** | **Class C:** |
| Net assets | $345754 |
| Capital shares outstanding | 3569 |
| Net asset value per share | $96.88 |
| **Class H:** | **Class H:** |
| Net assets | $9388897 |
| Capital shares outstanding | 78278 |
| Net asset value per share | $119.94 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** |
| Year Ended March 31, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $831478 |
| &nbsp;&nbsp;&nbsp;Total investment income | 831478 |
| **Expenses:** | **Expenses:** |
| Management fees | 147228 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1569 |
| &nbsp;&nbsp;&nbsp;Class C | 3710 |
| &nbsp;&nbsp;&nbsp;Class H | 38404 |
| Transfer agent fees | 34879 |
| Portfolio accounting and administration fees | 33543 |
| Registration fees | 21648 |
| Interest expense | 11039 |
| Professional fees | 5338 |
| Trustees' fees\* | 2193 |
| Custodian fees | 2104 |
| Line of credit fees | 24 |
| Miscellaneous | 3787 |
| &nbsp;&nbsp;&nbsp;Total expenses | 305466 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (16359) |
| Net expenses | 289107 |
| Net investment income | 542371 |
| **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) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (2125009) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (516381) |
| Net realized loss | (2641542) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (4) |
| &nbsp;&nbsp;&nbsp;Swap agreements | 447623 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 64111 |
| Net change in unrealized appreciation (depreciation) | 511730 |
| Net realized and unrealized loss | (2129812) |
| **Net decrease in net assets resulting from operations** | $(1587441) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

70 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br> March 31, <br> 2025** | **Year Ended<br> March 31, <br> 2024** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $542371 | $1056298 |
| Net realized loss on investments | (2641542) | (14599817) |
| Net change in unrealized appreciation (depreciation) on investments | 511730 | 2779772 |
| Net decrease in net assets resulting from operations | (1587441) | (10763747) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (40967) | (17623) |
| &nbsp;&nbsp;&nbsp;Class C | (26388) | (18867) |
| &nbsp;&nbsp;&nbsp;Class H | (596905) | (456022) |
| Total distributions to shareholders | (664260) | (492512) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3433037 | 2973456 |
| &nbsp;&nbsp;&nbsp;Class C | 820249 | 710100 |
| &nbsp;&nbsp;&nbsp;Class H | 827752272 | 1167522343 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 40918 | 17569 |
| &nbsp;&nbsp;&nbsp;Class C | 26388 | 18724 |
| &nbsp;&nbsp;&nbsp;Class H | 578519 | 448819 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (3124364) | (2891868) |
| &nbsp;&nbsp;&nbsp;Class C | (809831) | (696203) |
| &nbsp;&nbsp;&nbsp;Class H | (829427361) | (1200619495) |
| Net decrease from capital share transactions | (710173) | (32516555) |
| Net decrease in net assets | (2961874) | (43772814) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of year | 13578463 | 57351277 |
| &nbsp;&nbsp;&nbsp;End of year | $10616589 | $13578463 |
| **Capital share activity\*:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 27687 | 15989 |
| &nbsp;&nbsp;&nbsp;Class C | 8138 | 4425 |
| &nbsp;&nbsp;&nbsp;Class H | 6947998 | 6327532 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 402 | 101 |
| &nbsp;&nbsp;&nbsp;Class C | 317 | 129 |
| &nbsp;&nbsp;&nbsp;Class H | 5628 | 2582 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (24978) | (15457) |
| &nbsp;&nbsp;&nbsp;Class C | (8133) | (4544) |
| &nbsp;&nbsp;&nbsp;Class H | (6966061) | (6495362) |
| Net decrease in shares | (9002) | (164605) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 71

**INVERSE 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class A** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $138.42 | $217.58 | $204.13 | $296.23 | $839.94 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 4.02 | 7.05 | (.20) | (3.55) | (2.90) |
| Net gain (loss) on investments (realized and unrealized) | (16.05) | (80.66) | 13.65 | (88.55) | (540.81) |
| Total from investment operations | (12.03) | (73.61) | 13.45 | (92.10) | (543.71) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (7.51) | (5.55) |  |  |  |
| Total distributions | (7.51) | (5.55) |  |  |  |
| Net asset value, end of period | $118.88 | $138.42 | $217.58 | $204.13 | $296.23 |
| **Total Return<sup>b</sup>** | **(7.76** **%)** | **(34.38** **%)** | **6.59%** | **(31.09** **%)** | **(64.73** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $882 | $596 | $799 | $2399 | $911 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.33% | 3.83% | (0.09%) | (1.56%) | (1.67%) |
| Total expenses | 1.87% | 1.85% | 2.14% | 1.77% | 1.81% |
| Net expenses<sup>c</sup> | 1.77% | 1.77% | 2.12% | 1.77% | 1.81% |
| Portfolio turnover rate |  |  |  |  |  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class C** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $115.42 | $183.90 | $173.85 | $254.16 | $726.40 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>a</sup> | 2.70 | 4.80 | (.35) | (4.40) | (4.15) |
| Net gain (loss) on investments (realized and unrealized) | (13.73) | (67.73) | 10.40 | (75.91) | (468.09) |
| Total from investment operations | (11.03) | (62.93) | 10.05 | (80.31) | (472.24) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (7.51) | (5.55) |  |  |  |
| Total distributions | (7.51) | (5.55) |  |  |  |
| Net asset value, end of period | $96.88 | $115.42 | $183.90 | $173.85 | $254.16 |
| **Total Return<sup>b</sup>** | **(8.47** **%)** | **(34.87** **%)** | **5.78%** | **31.61%** | **(65.01** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $346 | $375 | $595 | $193 | $276 |
| Ratios 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) | 2.68% | 3.07% | (0.17%) | (2.24%) | (2.43%) |
| Total expenses | 2.60% | 2.60% | 2.99% | 2.50% | 2.55% |
| Net expenses<sup>c</sup> | 2.51% | 2.52% | 2.96% | 2.50% | 2.55% |
| Portfolio turnover rate |  |  |  |  |  |

---

72 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Class H** | **Year Ended <br> March 31, <br> 2025<sup>d</sup>** | **Year Ended <br> March 31, <br> 2024<sup>d</sup>** | **Year Ended <br> March 31, <br> 2023<sup>d</sup>** | **Year Ended <br> March 31, <br> 2022<sup>d</sup>** | **Year Ended <br> March 31, <br> 2021<sup>d</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $138.98 | $218.61 | $205.03 | $297.24 | $842.81 |
| 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> | 3.96 | 6.80 | 1.45 | (3.55) | (2.75) |
| Net gain (loss) on investments (realized and unrealized) | (15.49) | (80.88) | 12.13 | (88.66) | (542.82) |
| Total from investment operations | (11.53) | (74.08) | 13.58 | (92.21) | (545.57) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (7.51) | (5.55) |  |  |  |
| Total distributions | (7.51) | (5.55) |  |  |  |
| Net asset value, end of period | $119.94 | $138.98 | $218.61 | $205.03 | $297.24 |
| **Total Return** | **(7.41** **%)** | **(34.41** **%)** | **6.61%** | **(31.02** **%)** | **(64.73** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $9389 | $12607 | $55957 | $13017 | $12747 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.33% | 3.71% | 0.59% | (1.55%) | (1.65%) |
| Total expenses | 1.85% | 1.84% | 2.20% | 1.75% | 1.81% |
| Net expenses<sup>c</sup> | 1.75% | 1.76% | 2.16% | 1.75% | 1.81% |
| Portfolio turnover rate |  |  |  |  |  |

---

<sup>a</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>b</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>c</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 24, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 73

**NOTES TO FINANCIAL STATEMENTS** <br>

**Note 1 – Organization and Significant Accounting Policies** 

**Organization** 

Rydex Dynamic Funds (the "Trust"), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the "Funds"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of three separate classes of shares: Class A shares, Class C shares and Class H shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share ("NAV"), with the exception of Class A shares. Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Class A share purchases of $1 million or more are exempt from the front-end sales charge but are subject to a 1% contingent deferred sales charge ("CDSC") if shares are redeemed within 12 months of purchase. Class C shares are subject to a 1% CDSC if shares are redeemed within 12 months of purchase. Class C shares of each Fund automatically convert to Class A shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the Class C shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of Class A shares. At March 31, 2025, the Trust consisted of eight Funds.

This report covers the following Funds:

---

| | |
|:---|:---|
| **Fund Name** | **Investment<br> Company Type** |
| Dow 2x Strategy Fund | Non-diversified |
| Inverse Dow 2x Strategy Fund | Non-diversified |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Non-diversified |
| S&P 500<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | Non-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.

Security Investors, LLC (the "Adviser"), which operates under the name Guggenheim Investments ("GI"), provides advisory services to the Funds. Guggenheim Funds Distributors, LLC ("GFD") serves as distributor of the Funds' shares. GI and GFD are affiliated entities.

**Significant Accounting Policies** 

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The NAV of each share class of each Fund is calculated by dividing the current value of the Fund's securities and other assets, less all liabilities attributable to the share class by the number of outstanding shares of the share class on the specified date.

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange ("NYSE"), usually 4:00 p.m. The NAV is calculated using the current market value of each Fund's total assets as of the respective time of calculation. These financial statements are based on the March 31, 2025, afternoon NAV.

**(a) Valuation of Investments** 

The Board of Trustees of the Trust (the "Board") has adopted policies and procedures for the valuation of the Funds' investments (the "Fund Valuation Procedures").

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds' valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the "Valuation Designee Procedures" and collectively with the Fund Valuation Procedures, the "Valuation Procedures") reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim's investment

74 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

management, fund administration, legal and compliance departments (the "Valuation Committee"), in determining the fair value of the Funds' securities and/or other assets.

Valuations of the Funds' securities and other assets are supplied primarily by independent third-party pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services.

If the independent third-party pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market ("NASDAQ") will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.

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.

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.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

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.

Swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value". Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

**(b) U.S. Government and Agency Obligations** 

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Funds' Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

**(c) 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.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 75

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**(d) 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.

**(e) Foreign Taxes** 

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of March 31, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**(f) 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.

**(g) Distributions** 

Distributions of net investment income and distributions of net realized gains, if any, 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.

**(h) Class Allocations** 

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the share classes based upon the value of the outstanding shares in each share class. Certain costs, such as distribution and service fees are charged directly to specific share classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

**(i) Cash** 

The Funds may leave cash overnight in their cash account with their custodian. Periodically, a Fund may have cash due to their custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.33% at March 31, 2025.

**(j) 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 – Derivatives** 

As part of their investment strategies, the Funds may utilize 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.

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

76 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The Funds utilized derivatives for the following purposes:

**Index Exposure:** the use of an instrument to obtain exposure to a listed or other type of index.

**Leverage:** gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

**Liquidity:** the ability to buy or sell exposure with little price/market impact.

If a Fund's investment strategy consistently involves applying leverage, the value of the Fund's shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. A Fund's use of leverage, through borrowings or instruments such as derivatives, may cause an investment in the Fund to be more volatile and riskier than if the Fund had not been leveraged.

**Futures Contracts** 

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are 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 | $17512962 | $— |
| Inverse Dow 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 922195 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 356252972 |  |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 16165036 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 14693200 |  |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 1032883 |
| S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 73247271 |  |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 3622139 |

---

**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.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 77

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

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 | $38476421 | $— |
| Inverse Dow 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 7095531 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 893580403 |  |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 26346615 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 74642466 |  |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 8097109 |
| S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 189374917 |  |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 20598195 |

---

**Derivative Investment Holdings Categorized by Risk Exposure** 

The following is a summary of the location of derivative investments on the Funds' Statements of Assets and Liabilities as of March 31, 2025:

---

| | | |
|:---|:---|:---|
| **Derivative Investment Type** | **Asset Derivatives** | **Liability Derivatives** |
| Equity futures contracts | Variation margin on futures contracts  | Variation margin on futures contracts  |
| Equity swap agreements | Unrealized appreciation on OTC swap agreements | Unrealized depreciation on OTC swap agreements  |

---

The following tables set forth the fair value of the Funds' derivative investments categorized by primary risk exposure at March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** |
| **Fund** | **Futures<br> Equity <br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Total Value at <br> March 31, <br> 2025** |
| Inverse Dow 2x Strategy Fund | $— | $77202 | $77202 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 49377 | 1015246 | 1064623 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 13389 | 284436 | 297825 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 62497 | 378161 | 440658 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity<br> Risk** | **Total Value at<br> March 31, <br> 2025** |
| Dow 2x Strategy Fund | $25195 | $357328 | $382523 |
| Inverse Dow 2x Strategy Fund | 3602 |  | 3602 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 9142407 | 20502687 | 29645094 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 188384 | 1792483 | 1980867 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 277330 | 4175253 | 4452583 |

---

<sup>\*</sup> Includes cumulative appreciation (depreciation) of futures contracts as reported on the Funds' Schedules of Investments. Variation margin is reported within the Funds' Statements of Assets and Liabilities.

78 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the year ended March 31, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain (Loss) on Derivatives** |
| Equity futures contracts  | Net realized gain (loss) on futures contracts |
|  | Net change in unrealized appreciation (depreciation) on futures contracts  |
| Equity swap agreements | Net realized gain (loss) on swap agreements |
|  | Net change in unrealized appreciation (depreciation) on swap agreements  |

---

The following is a summary of the Funds' realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds' Statements of Operations categorized by primary risk exposure for the year ended March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** |
| **Fund** | **Futures<br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Total** |
| Dow 2x Strategy Fund | $433922 | $(254431) | $179491 |
| Inverse Dow 2x Strategy Fund | (83642) | (1099717) | (1183359) |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | (1395619) | 13362532 | 11966913 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | (11709410) | (15286692) | (26996102) |
| Russell 2000<sup>®</sup> 2x Strategy Fund | (1147963) | (4561686) | (5709649) |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | (10387) | (261278) | (271665) |
| S&P 500<sup>®</sup> 2x Strategy Fund | 3963844 | 9848218 | 13812062 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | (516381) | (2125009) | (2641390) |

---

---

| | | | |
|:---|:---|:---|:---|
| **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** | **Total** |
| Dow 2x Strategy Fund | $(48236) | $(956150) | $(1004386) |
| Inverse Dow 2x Strategy Fund | 12352 | 162487 | 174839 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | (11144294) | (27987986) | (39132280) |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 74121 | 990431 | 1064552 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | (335291) | (4917747) | (5253038) |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 15021 | 560148 | 575169 |
| S&P 500<sup>®</sup> 2x Strategy Fund | (1542245) | (5500482) | (7042727) |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 64111 | 447623 | 511734 |

---

In conjunction with 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.

**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.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 79

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

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 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 on <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Received** | <br>**Net Amount** |
| Inverse Dow 2x Strategy Fund | Swap equity agreements | $77202 | $— | $77202 | $— | $— | $77202 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 1015246 |  | 1015246 |  | (815258) | 199988 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 284436 |  | 284436 |  | (100000) | 184436 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 378161 |  | 378161 |  | (279985) | 98176 |

---

80 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross <br> Amounts of <br> Recognized <br> Liabilities<sup>1</sup>** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amount <br> of Liabilities <br> Presented on <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Pledged** | <br>**Net Amount** |
| Dow 2x Strategy Fund | Swap equity agreements | $357328 | $— | $357328 | $(357133) | $(195) | $— |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 20502687 |  | 20502687 | (20502687) |  |  |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 1792483 |  | 1792483 | (1792000) | (483) |  |
| S&P 500<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 4175253 |  | 4175253 | (4174816) | (437) |  |

---

<sup>1</sup> Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of March 31, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
| Dow 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | $195 | $— |
| Inverse Dow 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | 31 |  |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Goldman Sachs International | Futures contracts | 12507230 |  |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | 214 |  |
|  | BNP Paribas | Total return swap agreements |  | 1070000 |
|  | Goldman Sachs International | Total return swap agreements |  | 960000 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund Total |  |  | 214 | 2030000 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | 483 |  |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Barclays Bank plc | Total return swap agreements |  | 20000 |
|  | Goldman Sachs International | Total return swap agreements |  | 80000 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund Total |  |  |  | 100000 |
| S&P 500<sup>®</sup> 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | 437 |  |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | Barclays Bank plc | Total return swap agreements |  | 19847 |
|  | BNP Paribas | Total return swap agreements |  | 20000 |
|  | Goldman Sachs International | Futures contracts | 147304 |  |
|  | Goldman Sachs International | Total return swap agreements |  | 960000 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund Total |  |  | 147304 | 999847 |

---

**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.).

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 81

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

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.

**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)** |
| Dow 2x Strategy Fund | 0.90% |
| Inverse Dow 2x Strategy Fund | 0.90% |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 0.90% |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 0.90% |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 0.90% |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 0.90% |
| S&P 500<sup>®</sup> 2x Strategy Fund | 0.90% |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 0.90% |

---

When the aggregate assets of each series of the Trust and each series of Rydex Series Funds (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) will be reduced in accordance with the asset level and breakpoint schedule set forth below.

---

| | |
|:---|:---|
| **Fund Assets Under Management** | **Fund Asset-Based <br> Breakpoint Reductions** |
| $500 million - $1 billion | 0.025% |
| > $1 billion - $2 billion | 0.050% |
| > $2 billion | 0.075% |

---

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted separate Distribution Plans applicable to Class A shares and Class H shares for which GFD and other firms that provide distribution and/or shareholder services ("Service Providers") may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Providers out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services it performs.

82 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to Class C shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds' Class C shares average daily net assets. The annual 0.25% service fee compensates a shareholder's financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder's financial adviser an ongoing sales commission. GFD advances the first year's service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

For the year ended March 31, 2025, GFD retained sales charges of $50,893 relating to sales of Class A shares of the Trust.

Effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for the NASDAQ-100 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of the Fund's average daily net assets in excess of $500,000,000. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Additionally, effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for S&P 500<sup>®</sup> 2x Strategy Fund, Inverse S&P 500<sup>®</sup> 2x Strategy Fund, NASDAQ-100<sup>®</sup> 2x Strategy Fund, Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Russell 2000<sup>®</sup> 2x Strategy Fund and Inverse Russell 2000<sup>®</sup> 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund's average daily net assets (in addition to any other contractual waiver and/or reimbursement arrangements). This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Further, effective August 1, 2023, GI has contractually agreed to waive and/or reimburse expenses for S&P 500<sup>®</sup> 2x Strategy Fund, Inverse S&P 500<sup>®</sup> 2x Strategy Fund, NASDAQ-100<sup>®</sup> 2x Strategy Fund, Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Russell 2000<sup>®</sup> 2x Strategy Fund and Inverse Russell 2000<sup>®</sup> 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund's average daily net assets (in addition to any other contractual waiver and/or reimbursement arrangements). This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

On August 5, 2024, the Adviser made a one-time, voluntary capital contribution to the Inverse Russell 2000<sup>®</sup> 2x Strategy Fund in the amount of $126,647, relating to an operational issue. The amount is recorded as a voluntary capital contribution from adviser within the Fund's Statements of Changes in Net Assets and the impact of the voluntary capital contribution to the Fund's total return is included within the Financial Highlights.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

MUFG Investor Services (US), LLC ("MUIS") acts as the Funds' administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Funds' securities and cash. U.S. Bank, N.A. ("U.S. Bank") acts as the Funds' custodian. As custodian, U.S. Bank is responsible for the custody of the Funds' assets. For providing the aforementioned administrative and accounting services, MUIS is entitled to receive a monthly fee equal to a percentage of the Funds' average daily net assets and out of pocket expenses. For providing the aforementioned transfer agent and custodian services, MUIS and U.S. Bank are entitled to receive a monthly fee based on the number of transactions during the month and the number of accounts under management, subject to certain minimum monthly fees, and out of pocket expenses.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 83

**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 March 31, 2025, the repurchase agreements in the joint account were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and <br> Terms of Agreement** | **Face Value** | **Repurchase Price** | **Collateral** | **Par Value** | **Fair Value** |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Strip |  |  |
| &nbsp;&nbsp;4.36% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | $80386371 | $80396106 | &nbsp;&nbsp;Due 08/15/25 | $83232516 | $81994099 |
| BofA Securities, Inc. |  |  | U.S. Treasury Inflation Indexed Bonds |  |  |
| &nbsp;&nbsp;4.35% |  |  | &nbsp;&nbsp;0.75% - 1.63% |  |  |
| &nbsp;&nbsp;Due 04/01/25 | 61607142 | 61614586 | &nbsp;&nbsp;Due 10/15/27 - 07/15/28 | 44195424 | 44811239 |
|  |  |  | U.S. Treasury Notes |  |  |
|  |  |  | &nbsp;&nbsp;0.38% - 4.38% |  |  |
|  |  |  | &nbsp;&nbsp;Due 12/31/25 - 01/31/32 | 12881400 | 12915637 |
|  |  |  | U.S. Treasury Strips |  |  |
|  |  |  | &nbsp;&nbsp;0.00% |  |  |
|  |  |  | &nbsp;&nbsp;Due 05/15/41 - 02/15/45 | 13447658 | 5111683 |
|  |  |  | U.S. Treasury Bond |  |  |
|  |  |  | &nbsp;&nbsp;4.00% |  |  |
|  |  |  | &nbsp;&nbsp;Due 11/15/52 | 800 | 727 |
|  |  |  |  | 70525282 | 62839286 |

---

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

**Note 7 – Portfolio Securities Loaned** 

The Funds may lend their securities to approved brokers to earn additional income. Securities lending income shown on the Funds' Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds' securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund — Class X. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering their securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand, including if a Fund determines it would like to vote a security on loan. The Adviser will vote such securities where the benefit of voting outweighs the costs to the Fund or administrative inconvenience of retrieving securities then on loan. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

84 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

At March 31, 2025, the following Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Securities Lending Collateral** | **Securities Lending Collateral** | **Securities Lending Collateral** |
| <br>**Fund** | **Value of <br> Securities <br> Loaned** | **Collateral <br> Received<sup>(a)</sup>** | **Net <br> Amount** | **Cash <br> Collateral <br> Invested** | **Cash <br> Collateral <br> Uninvested** | **Total <br> Collateral** |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | $406016 | $(406016) | $— | $418220 | $— | $418220 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 299021 | (299021) |  | 311945 |  | 311945 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 41259 | (41259) |  | 42175 |  | 42175 |

---

<sup>(a)</sup> Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of such counterparties to evaluate potential risks.

**Note 8 – Federal Income Tax Information** 

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

If a Fund makes a distribution to its shareholders in excess of its current and accumulated "earnings and profits" in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder's basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder's basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

The tax character of distributions paid during the year ended March 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term <br> Capital Gain** | **Total<br> Distributions** |
| Dow 2x Strategy Fund | $1536437 | $– $| 1536437 |
| Inverse Dow 2x Strategy Fund | 173966 | – | 173966 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 78545706 | – | 78545706 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 969455 | – | 969455 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 1064691 | – | 1064691 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 196059 | – | 196059 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 10703896 | – | 10703896 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 664260 | – | 664260 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 85

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The tax character of distributions paid during the year ended March 31, 2024 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Ordinary<br> Income** | **Long-Term <br> Capital Gain** | **Total<br> Distributions** |
| Dow 2x Strategy Fund | $159313 | $– $| 159313 |
| Inverse Dow 2x Strategy Fund | 33659 | – | 33659 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 680737 | – | 680737 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 156270 | – | 156270 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 231940 | – | 231940 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 237869 | – | 237869 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 492512 | – | 492512 |

---

Note: For U.S. federal income tax purposes, short-term capital gain distributions are treated as ordinary income distributions.

The tax components of distributable earnings/(loss) as of March 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br> Ordinary <br> Income**  | **Undistributed <br> Long-Term <br> Capital Gain**  | **Net Unrealized <br> Appreciation<br> (Depreciation)** | **Accumulated<br> Capital and<br> Other Losses** | **Total** |
| Dow 2x Strategy Fund | $672661 | $– $| 8148867 | $— | $8821528 |
| Inverse Dow 2x Strategy Fund | 141930 | – | 77222 | (49939681) | (49720529) |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund |  | – | 225520175 |  | 225520175 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 521151 | – | 1015224 | (142078561) | (140542186) |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 975686 | – | (236906) | (28207951) | (27469171) |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 7952 | – | 284442 | (80590375) | (80297981) |
| S&P 500<sup>®</sup> 2x Strategy Fund |  | – | 31752307 |  | 31752307 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 421340 | – | 378132 | (246336799) | (245537327) |

---

For U.S. federal income tax purposes, capital loss carryforwards represent realized losses of the Funds that may be carried forward and applied against future capital gains. The Funds are permitted to carry forward capital losses for an unlimited period and such capital loss carryforwards retain their character as either short-term or long-term capital losses. As of March 31, 2025, capital loss carryforwards for the Funds were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Unlimited** | **Unlimited** | |
| <br>**Fund** | **Short-Term** | **Long-Term** | <br>**Total<br> Capital Loss <br> Carryforward** |
| Inverse Dow 2x Strategy Fund | $(45282162) | $(4657519) | $(49939681) |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | (127957790) | (14120771) | (142078561) |
| Russell 2000<sup>®</sup> 2x Strategy Fund | (23627536) | (4580415) | (28207951) |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | (73547212) | (7043163) | (80590375) |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | (218223666) | (28113133) | (246336799) |

---

For the year ended March 31, 2025, no capital loss carryforward amounts were utilized.

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 losses deferred due to wash sales, distributions in connection with redemption of fund shares, and the "mark-to-market," recharacterization, or disposition of certain Passive Foreign Investment Companies (PFICs). Additional differences may result from the tax treatment of net operating losses and the "mark-to-market" of certain derivatives. 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.

86 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

The following adjustments were made on the Statements of Assets and Liabilities as of March 31, 2025 for permanent book/tax differences:

---

| | | |
|:---|:---|:---|
| **Fund** | **Paid In<br> Capital** | **Total<br> Distributable<br> Earnings/(Loss)** |
| Dow 2x Strategy Fund | $3195305 | $(3195305) |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 42479100 | (42479100) |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | (226492) | 226492 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 10395012 | (10395012) |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | (291407) | 291407 |

---

At March 31, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | $42645646 | $8559266 | $(410399) | $8148867 |
| Inverse Dow 2x Strategy Fund | 3535457 | 80663 | (3441) | 77222 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 574104949 | 248464542 | (22944367) | 225520175 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 19682857 | 1015261 | (37) | 1015224 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 42431469 | 2480208 | (2717114) | (236906) |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 4728957 | 284442 |  | 284442 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 151194703 | 36185023 | (4432716) | 31752307 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 12374700 | 378161 | (29) | 378132 |

---

**Note 9 – Securities Transactions** 

For the year ended March 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Dow 2x Strategy Fund | $446375558 | $449147835 |
| Inverse Dow 2x Strategy Fund |  |  |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 3350364473 | 3618257270 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund |  |  |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 18460661 | 18900814 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund |  |  |
| S&P 500<sup>®</sup> 2x Strategy Fund | 2313985593 | 2348229800 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund |  |  |

---

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 March 31, 2025, the Funds engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases**  | **Sales**  | **Realized Gain (Loss)**  |
| Dow 2x Strategy Fund | $34510319 | $25545494 | $(97967) |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 636191818 | 1032156097 | 609787 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 15893354 | 924170 | (140201) |
| S&P 500<sup>®</sup> 2x Strategy Fund | 515350465 | 553414291 | 1693122 |

---

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 87

**NOTES TO FINANCIAL STATEMENTS** (continued)<br>

**Note 10 – Line of Credit** 

The Trust, along with other affiliated trusts, secured an uncommitted $200,000,000 line of credit from U.S. Bank, N.A. On November 18, 2024, a new line of credit agreement was entered into which expires on November 17, 2025. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 6.07% for the year ended March 31, 2025. The Funds did not have any borrowings outstanding under this agreement at March 31, 2025.

The average daily balances borrowed for the year ended March 31, 2025, were as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Daily Balance** |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | $35052 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 1493 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 19 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 4079 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 427 |

---

**Note 11 – Reverse Share Splits** 

Effective February 24, 2025, a reverse share split occurred for the following Funds:

---

| | |
|:---|:---|
| **Fund** | **Split Type** |
| Inverse Dow 2x Strategy Fund | One-for-five reverse split  |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | One-for-ten reverse split  |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | One-for-twenty reverse split |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | One-for-five reverse split |

---

The effect of the transactions was to divide the number of outstanding shares of each Fund by the noted split ratio, resulting in a corresponding increase in the NAV per share. The share transactions presented in the Statements of Changes in Net Assets and the per share data in the financial highlights have been given retroactive effect to reflect the reverse share split effective February 24, 2025. There were no changes in net assets, results of operations or total return as a result of the transactions.

**Note 12 – Segment Reporting** 

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity 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.

88 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (concluded)<br>

**Note 13 – Market Risks** 

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, natural/environmental or man-made disasters, or geological events, governmental actions, tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds' investments and performance of the Funds.

**Note 14 – Subsequent Events** 

The Funds evaluated subsequent events through the date the financial statements are issued and determined there were no material events that would require adjustment to or disclosure in the Funds' financial statements.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 89

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**<br>

To the Shareholders and the Board of Trustees of Rydex Dynamic Funds

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of Rydex Dynamic Funds (the "Trust") (comprising S&P 500<sup>®</sup> 2x Strategy Fund, Inverse S&P 500<sup>®</sup> 2x Strategy Fund, NASDAQ-100<sup>®</sup>2x Strategy Fund, Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Russell 2000<sup>®</sup> 2x Strategy Fund and Inverse Russell 2000<sup>®</sup> 2x Strategy Fund), (collectively referred to as the "Funds"), including the schedules of investments, as of March 31, 2025, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds constituting Rydex Dynamic Funds at March 31, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended and their financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Trust's management. Our responsibility is to express an opinion on each of the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of the Trust's internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trust's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2025, by correspondence with the custodian 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.

![](fp0092700-26_90.jpg)

We have served as the auditor of one or more Guggenheim investment companies since 1979.

Tysons, Virginia

May 28, 2025

90 \| 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.

The Funds' investment income (dividend income plus short-term capital gains, if any) qualifies as follows:

Of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2025, the following funds had the corresponding percentages qualify for the reduced tax rate pursuant to the Jobs and Growth Tax Relief and Reconciliation Act of 2003 or for the dividends received deduction for corporations. See the qualified dividend income and dividend received deduction columns, respectively, in the table below.

Additionally, of the taxable ordinary income distributions paid during the fiscal year ended March 31, 2025, the following funds had the corresponding percentages qualify as interest related dividends and qualified short-term capital gains as permitted by IRC Section 871(k)(1) and IRC Section 871(k)(2), respectively. See the qualified interest income and qualified short-term capital gain columns, respectively, in the table below.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Qualified<br> Dividend<br> Income** | **Dividend<br> Received<br> Deduction** | **Qualified<br> Interest<br> Income** | **Qualified<br> Short-Term<br> Capital Gain** |
| Dow 2x Strategy Fund | 23.35% | 23.55% | 11.69% | 100.00% |
| Inverse Dow 2x Strategy Fund | 0.00% | 0.00% | 75.00% | 0.00% |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 3.09% | 3.11% | 12.88% | 100.00% |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 0.00% | 0.00% | 100.00% | 0.00% |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 12.74% | 12.17% | 66.51% | 0.00% |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 0.00% | 0.00% | 97.74% | 0.00% |
| S&P 500<sup>®</sup> 2x Strategy Fund | 9.42% | 9.45% | 8.75% | 100.00% |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 0.00% | 0.00% | 93.74% | 0.00% |

---

With respect to the taxable year ended March 31, 2025, the Funds hereby designate as capital gain dividends the amounts listed below, or, if subsequently determined to be different, the net capital gain of such year:

---

| | | |
|:---|:---|:---|
| **Fund** | **From long-term <br> capital gain:**  | **From long-term capital <br> gain, using proceeds <br> from shareholder <br> redemptions:** |
| Dow 2x Strategy Fund | $– $| 1849429 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | – | 20376908 |

---

**A Brief Note on The Compounding of Returns** 

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.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 91

**OTHER INFORMATION** (Unaudited)(concluded)<br>

**An Example of Compounding** 

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund's net asset value per share ("NAV") increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Index <br> Level** | **Index <br> Performance** | **Fund <br> Expectation** | **Fund <br> NAV** | **Fund <br> Performance** | **Assessment** |
| Start | 100 |  |  | $10.00 |  |  |
| Day 1 | 106 | 6.0% | 9.0% | $10.90 | 9.0% | In line |
| Day 2 | 99 | -6.6% | -9.9% | $9.82 | -9.9% | In line |
| Cumulative |  | -1.0% | -1.5% |  | -1.8% | -0.3% |

---

As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.

Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds' returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds' holdings to ensure that they are consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund's shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more information on correlation, leverage and other risks, please read the prospectus.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor's favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

**Sector Classification** 

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund's registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

**Quarterly Portfolio Schedules Information** 

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds' Form N-PORT is available on the SEC's website at https://www.sec.gov. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on our website at www.guggenheiminvestments.com, and will be made available, upon request and without charge, by calling 800.820.0888.

92 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**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.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 93

**ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**<br>

Note: This is not applicable for any fund included in this document.

94 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

**ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES**

The remuneration paid to directors, officers, and others, if applicable, are included as part of the financial statements included under Item 7 of this Form.

THE RYDEX FUNDS ANNUAL FINANCIAL REPORT \| 95

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

Note: This is not applicable for any fund included in this document.

96 \| THE RYDEX FUNDS ANNUAL FINANCIAL REPORT

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.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's President (principal executive officer) and Treasurer (principal financial officer)
have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act)
as of a date within 90 days of this filing and have concluded that based on such evaluation as required by Rule 30a-3(b) under the Investment
Company Act, that the registrant's disclosure controls and procedures were effective as of that date in ensuring that information
required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods
specified in the Securities and Exchange Commission's rules and forms.

(b)&nbsp;&nbsp;&nbsp;&nbsp; There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that the officers listed above believe to have materially affected, or to be reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to this registrant.

**Item 18. Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19. Exhibits.**

[(a)(1) The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](fp0092700-27_ex99code.htm)

[(a)(2) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) are attached.](fp0092700-27_ex99cert.htm)

(a)(3) Not applicable.

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) 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.](fp0092700-27_ex9906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Rydex Dynamic Funds |
| By (Signature and Title)\* | /s/ Brian E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |
| Date | June 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |
| Date | June 5, 2025 |
| By (Signature and Title)\* | /s/ James Howley |
|  | James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date | June 5, 2025 |

---

\* Print the name and title of each signing officer under his or her signature.

## Ex-99.Code

**APPENDIX A**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

**I. Covered Officers/Purpose of the Code**

This code of ethics (the "Code") is applicable to Guggenheim Funds (each a "Company" and together the "Companies," each set forth in Exhibit A) and applies to the Companies' President/CEO (Principal Executive Officer), and CFO/Treasurer (Principal Financial and Accounting Officer) (the "Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant
files with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Covered Officers are expected to dedicate their best efforts to advancing the Trust's interests and to use objective and unbiased standards when making decisions that affect the Trust, while being sensitive to situations that may give rise to actual conflicts of interest, as well as apparent conflicts of interest.

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Company. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as "affiliated persons" of the Company. The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or result from, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this code.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. **The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.**

\*\*\*

Page 1 of 15

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Company to take action, or fail to take action, for the individual personal benefit of the
Covered Officer rather than the benefit the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually his or her affiliations or other relationships which may give rise to conflicts
of interest with the Funds (provided that annual completion of the Funds' Trustees and Officers Questionnaire shall satisfy the
requirements of this bullet point).

There are some conflict of interest situations that should always be discussed with the Secretary of the Funds (the "Secretary"), or other senior legal officer, if material. Examples of these include:<u><sup>1</sup></u>

&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-de minimus gifts;

&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which the Company has current or prospective business
dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to
raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship with, any of the Company's
service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;

&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company
for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's
employment, such as compensation or equity ownership.

**III. Disclosure and Compliance**

&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself or herself with the disclosure requirements generally
applicable to the Company;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the
Company to others, whether within or outside the Company, including to the Company's directors and auditors, and to governmental
regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;· each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult
with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable
disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds;
and

&nbsp;&nbsp;&nbsp;&nbsp;· it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

<u><sup>1</sup></u> Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer's family engages in such an activity or has such a relationship.

Page 2 of 15

**IV. Reporting and Accountability**

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
to the Board that he or she has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he or she has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;· notify the Secretary promptly if he or she knows of any violation of this Code. Failure to do so is itself
a violation of this Code.

The Secretary, or other designated senior legal officer of the Funds' investment adviser, is responsible for applying this **Code** to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.<u><sup>2</sup></u> However, any approvals or waivers<u><sup>3</sup></u> sought by the President/ CEO will be considered by the Audit Committee of the Funds (the "Committee"). The Chair of the Audit Committee of the Trust is authorized and encouraged to consult, as appropriate, with the Chair of the Board of Trustees of the Trust, the Independent Trustees or the Board of Trustees of the Trust and/or with counsel to the Trust, the Investment Adviser(s) or the Independent Trustees.

The Independent Trustees are responsible for granting waivers of this Code of Ethics, as appropriate. Any changes to or waivers of this Code of Ethics will be disclosed on Form N-CSR<u><sup>3</sup></u> to the extent required by Securities and Exchange Commission rules.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;· the Secretary or other designated senior legal officer will take all appropriate action to investigate
any potential violations reported to him or her;

&nbsp;&nbsp;&nbsp;&nbsp;· if, after such investigation, the Secretary believes that no violation has occurred, the Secretary is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;· any matter that the Secretary believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;· if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the
Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and
procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer
as an officer of the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;· the Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;· any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

Nothing in this Code, any agreement between the Audit Committee and Covered Officers or any other person serving the Trusts, or any Trust policy or program, prohibits or restricts any person in any way from reporting possible violations of law or regulation to any governmental agency or entity, or otherwise prevents anyone from participating, assisting, or testifying in any proceeding or investigation by any such agency or entity or from making other disclosures that are protected and/or permitted under law or regulation. For more information, please refer to the Guggenheim Capital, LLC Code of Conduct, available on OneGuggenheim.

<u><sup>2</sup></u> The Secretary or other designated senior legal officer is authorized to consult, as appropriate, with counsel to the Company and counsel to the Independent Trustees, and is encouraged to do so.

<u><sup>3</sup></u> Item 2 of Form N-CSR defines "waiver" as "the approval by the registrant of a material departure from a provision of the code of ethics" and "implicit waiver," which must also be disclosed, as "the registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the registrant.

Page 3 of 15

**V. Other Policies and Procedures**

This **Code** shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment advisers' and principal underwriters' codes of ethics under Rule 17j-1 under the Investment Company Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments**

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of independent directors/trustees.

**VII Confidentiality**

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board and its counsel, the Funds' counsel, the Adviser and its counsel and any other advisers, consultants or counsel retained by the Board of Trustees.

**VIII. Internal Use**

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Page 4 of 15

**Exhibit A - Covered Entities**

**Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust**

**Guggenheim Strategic Opportunities Fund**

**Guggenheim Active Allocation Fund**

**Guggenheim Funds Trust**

**Guggenheim Variable Funds Trust**

**Guggenheim Strategy Funds Trust**

**Transparent Value Trust**

**Rydex Series Funds**

**Rydex Dynamic Funds**

**Rydex Variable Trust**

Page 5 of 15

## Ex-99.Cert

EX.-19(a)(2)(i)

**CERTIFICATION**

I, Brian E. Binder, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Dynamic Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 5, 2025 | /s/ Brian E. Binder |
|  |  | Brian E. Binder |
|  |  | President and Chief Executive Officer |

---

EX.-19(a)(2)(ii)

**CERTIFICATION**

I, James Howley, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Dynamic Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | June 5, 2025 | /s/ James Howley |
|  |  | James Howley, |
|  |  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

EX.-19(b)

**CERTIFICATION**

I, Brian E. Binder, President and Chief Executive Officer, and I, James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer of Rydex Dynamic Funds (the "Registrant") each certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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: | June 5, 2025 | /s/ Brian E. Binder |
|  |  | Brian E. Binder |
|  |  | President and Chief Executive Officer |
| Date: | June 5, 2025 | /s/ James Howley |
|  |  | James Howley, |
|  |  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---