# EDGAR Filing Document

**Accession Number:** 0001064046
**File Stem:** 0001398344-25-017452
**Filing Date:** 2025-9
**Character Count:** 1646275
**Document Hash:** 2191cf0ad0e6e4a38103973ff11c4798
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017452.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001398344-25-017452

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 117

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08821
- **FILM NUMBER:** 251289539

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

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

## Series and Classes Contracts Data

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

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

### Biotechnology Fund (Series ID: S000003711)

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

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

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

### Electronics Fund (Series ID: S000003713)

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

### Energy Fund (Series ID: S000003714)

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

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

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

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

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

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

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

### Internet Fund (Series ID: S000003718)

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

### Leisure Fund (Series ID: S000003719)

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

### Retailing Fund (Series ID: S000003720)

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

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

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

### Technology Fund (Series ID: S000003722)

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

### Telecommunications Fund (Series ID: S000003723)

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

### Transportation Fund (Series ID: S000003724)

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

### Utilities Fund (Series ID: S000003725)

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

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

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

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

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

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

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

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

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

### Nova Fund (Series ID: S000003732)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Banking Fund (Series ID: S000003758)

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

### Basic Materials (Series ID: S000003759)

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

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

Investment Company Act file number <u>811- 08821</u>

Rydex Variable Trust

(Exact name of registrant as specified in charter)

702 King Farm Boulevard, Suite 200

Rockville, Maryland 20850

(Address of principal executive offices) (Zip code)

Amy J. Lee

Rydex Variable Trust

702 King Farm Boulevard, Suite 200

Rockville, Maryland 20850

(Name and address of agent for service)

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

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

Date of reporting period: <u>January 1, 2025 - June 30, 2025</u>

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

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

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

### Banking Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Banking Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $93 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 7.30%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 9.23% for the same period.

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

The industries that contributed the most to performance were diversified banks, asset management & custody banks, and consumer finance. No industry detracted from performance. The holdings that contributed the most to performance were Nu Holdings Limited/Cayman Islands—Class A, JP Morgan Chase & Co, and Citigroup, Inc. Those that detracted the most were First Citizens BancShares, Inc.—Class A, Grupo Financiero Galicia SA Sponsored ADR—Class B, and U.S. Bancorp.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-1_sa101.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Banking Fund | 7.30% | 28.79% | 15.04% | 6.44% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Financials Index | 9.23% | 29.45% | 19.99% | 12.46% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $6452224 |
| Total Number of Portfolio Holdings | 82 |
| Portfolio Turnover Rate | 36% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Banking Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-1_sa102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Citigroup, Inc. | 4.1% |
| Wells Fargo & Co. | 4.1% |
| JPMorgan Chase & Co. | 4.1% |
| Capital One Financial Corp. | 4.1% |
| Bank of America Corp. | 4.0% |
| PNC Financial Services Group, Inc. | 3.1% |
| U.S. Bancorp | 3.0% |
| NU Holdings Limited/Cayman Islands — Class A | 3.0% |
| Bank of New York Mellon Corp. | 2.9% |
| Truist Financial Corp. | 2.8% |
| Top 10 Total | 35.2% |

---

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

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

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

---

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

---

SAR-C000010427-063025

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

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

### Basic Materials

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Basic Materials Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $94 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 10.01%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 6.03% for the same period.

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

The industries that contributed the most to performance were gold, steel, and fertilizers & agricultural chemicals. Those that detracted the most were specialty chemicals, commodity chemicals, and paper & plastic packaging products & materials. The holdings that contributed the most to performance were Newmont Corp., Linde plc, and Anglogold Ashanti plc. Those that detracted the most were Dow, Inc., LyondellBasell Industries N.V. - Class A, and Albemarle Corp.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-2_sa121.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic Materials Fund | 10.01% | 7.25% | 11.38% | 7.64% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Materials Index | 6.03% | 1.86% | 11.56% | 8.45% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $5513640 |
| Total Number of Portfolio Holdings | 99 |
| Portfolio Turnover Rate | 40% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Basic Materials \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-2_sa122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Linde plc | 4.5% |
| Sherwin-Williams Co. | 2.7% |
| Ecolab, Inc. | 2.5% |
| Newmont Corp. | 2.5% |
| Freeport-McMoRan, Inc. | 2.5% |
| Air Products and Chemicals, Inc. | 2.4% |
| CRH plc | 2.4% |
| Corteva, Inc. | 2.2% |
| Vulcan Materials Co. | 1.8% |
| Martin Marietta Materials, Inc. | 1.7% |
| Top 10 Total | 25.2% |

---

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

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

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

---

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

---

SAR-C000010428-063025

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

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

### Biotechnology Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Biotechnology Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $88 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -1.71%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned -1.11% for the same period.

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

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

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-3_sa81.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Biotechnology Fund | -1.71% | -5.52% | -0.01% | 1.28% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Health Care Index | -1.11% | -5.90% | 7.93% | 8.03% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $8996675 |
| Total Number of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 528% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Biotechnology Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-3_sa82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| AbbVie, Inc. | 6.8% |
| Amgen, Inc. | 4.5% |
| Gilead Sciences, Inc. | 4.5% |
| Vertex Pharmaceuticals, Inc. | 4.0% |
| Regeneron Pharmaceuticals, Inc. | 3.5% |
| Corteva, Inc. | 3.4% |
| Alnylam Pharmaceuticals, Inc. | 3.2% |
| Natera, Inc. | 2.3% |
| AstraZeneca plc ADR | 2.1% |
| Insmed, Inc. | 2.1% |
| Top 10 Total | 36.4% |

---

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

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

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

---

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

---

SAR-C000010380-063025

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

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

### Consumer Products Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Consumer Products Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $90 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 2.72%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 6.40% for the same period.

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

The industries that contributed the most to performance were tobacco, soft drinks & non-alcoholic beverages, and food retail. Those that detracted the most were packaged foods & meats, distillers & vintners, and household products. The holdings that contributed the most to performance were Phillip Morris International, Inc., Coca-Cola Co., and Celsius Holdings, Inc. Those that detracted the most were PepsiCo, Inc., Freshpet, Inc., and Constellation Brands, Inc.—Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-4_sa81.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Products Fund | 2.72% | 4.62% | 5.72% | 4.91% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Consumer Staples Index | 6.40% | 12.16% | 11.20% | 9.19% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $5687063 |
| Total Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 24% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Staples Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Consumer Products Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-4_sa82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Procter & Gamble Co. | 6.3% |
| Philip Morris International, Inc. | 5.5% |
| Coca-Cola Co. | 5.1% |
| PepsiCo, Inc. | 4.3% |
| Altria Group, Inc. | 3.4% |
| Mondelez International, Inc. — Class A | 3.2% |
| Colgate-Palmolive Co. | 2.9% |
| Kroger Co. | 2.4% |
| Keurig Dr Pepper, Inc. | 2.3% |
| Monster Beverage Corp. | 2.2% |
| Top 10 Total | 37.6% |

---

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

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

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

---

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

---

SAR-C000010381-063025

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

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

### Electronics Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Electronics Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $93 | 1.79%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 9.74%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 8.05% for the same period.

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

The industries that contributed the most to performance were semiconductors and semiconductor materials & equipment. No industries detracted from performance. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and KLA Corp. Those that detracted the most were Marvell Technology, Inc., Enphase Energy, Inc. and Teradyne, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-5_sa81.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Electronics Fund | 9.74% | -0.82% | 21.40% | 20.22% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Information Technology Index | 8.05% | 15.10% | 23.02% | 23.21% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $12776636 |
| Total Number of Portfolio Holdings | 65 |
| Portfolio Turnover Rate | 17% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Electronics Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-5_sa82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| NVIDIA Corp. | 17.3% |
| Broadcom, Inc. | 10.1% |
| Advanced Micro Devices, Inc. | 4.5% |
| Texas Instruments, Inc. | 3.8% |
| QUALCOMM, Inc. | 3.6% |
| Applied Materials, Inc. | 3.4% |
| Micron Technology, Inc. | 3.3% |
| Lam Research Corp. | 3.1% |
| KLA Corp. | 3.0% |
| Analog Devices, Inc. | 3.0% |
| Top 10 Total | 55.1% |

---

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

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

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

---

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

---

SAR-C000010382-063025

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

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

### Energy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Energy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $89 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -1.60%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 0.77% for the same period.

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

The industries that contributed the most to performance were oil & gas refining and marketing, coal & consumable fuels, and oil & gas storage and transportation. Those that detracted the most were oil & gas equipment & services, oil & gas drilling, and oil & gas exploration & production. The holdings that contributed the most to performance were EQT Corp., Cameco Corp., and SolarEdge Technologies, Inc. Those that detracted the most were Enphase Energy, Inc., ONEOK, Inc., and New Fortress Energy Inc.—Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-6_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Fund | -1.60% | -7.56% | 19.47% | 0.34% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Energy Index | 0.77% | -3.96% | 22.54% | 5.49% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $10239991 |
| Total Number of Portfolio Holdings | 88 |
| Portfolio Turnover Rate | 415% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Energy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-6_sa92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Exxon Mobil Corp. | 6.9% |
| Chevron Corp. | 4.9% |
| ConocoPhillips | 3.3% |
| Williams Companies, Inc. | 2.9% |
| EOG Resources, Inc. | 2.6% |
| Kinder Morgan, Inc. | 2.5% |
| Cheniere Energy, Inc. | 2.4% |
| Marathon Petroleum Corp. | 2.3% |
| ONEOK, Inc. | 2.3% |
| Phillips 66 | 2.2% |
| Top 10 Total | 32.3% |

---

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

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

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

---

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

---

SAR-C000010383-063025

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

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

### Energy Services Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Energy Services Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $81 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -18.50%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 0.77% for the same period.

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

No industry contributed to positive performance. The industries that detracted from performance were oil & gas drilling, and oil & gas equipment and services. The holdings that contributed the most to performance were TechnipFMC plc, Solaris Energy Infrastructure, Inc.—Class A, and Valaris Ltd. Those that detracted the most were Helmerich & Payne, Inc., SLB (formerly Schlumberger, Ltd.), and Halliburton Co.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-7_sa81.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy Services Fund | -18.50% | -28.25% | 11.49% | -10.71% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Energy Index | 0.77% | -3.96% | 22.54% | 5.49% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $2989824 |
| Total Number of Portfolio Holdings | 35 |
| Portfolio Turnover Rate | 1,273% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Energy Services Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-7_sa82.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Schlumberger N.V. | 12.6% |
| Baker Hughes Co. | 11.7% |
| Halliburton Co. | 7.3% |
| TechnipFMC plc | 4.1% |
| ChampionX Corp. | 4.0% |
| Archrock, Inc. | 3.9% |
| NOV, Inc. | 3.9% |
| Weatherford International plc | 3.5% |
| Cactus, Inc. — Class A | 3.4% |
| Noble Corporation plc | 3.3% |
| Top 10 Total | 57.7% |

---

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

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

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

---

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

---

SAR-C000010384-063025

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

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

### Financial Services Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Financial Services Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $93 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 7.72%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 9.23% for the same period.

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

The industries that contributed the most to performance were investment banking & brokerage, diversified banks, and financial exchanges & data. Those that detracted the most were data center REITs, multi-family residential REITs, and industrial REITs. The holdings that contributed the most to performance were Robinhood Markets, Inc.— Class A, JPMorgan Chase & Co., StoneCo, Ltd.—Class A. Those that detracted the most were Fiserv, Inc., Global Payments, Inc., and Blackstone, Inc.— Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-8_sa101.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Services Fund | 7.72% | 25.35% | 15.38% | 9.23% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Financials Index | 9.23% | 29.45% | 19.99% | 12.46% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $11339481 |
| Total Number of Portfolio Holdings | 160 |
| Portfolio Turnover Rate | 50% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Financial Services Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-8_sa102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Berkshire Hathaway, Inc. — Class B | 3.1% |
| JPMorgan Chase & Co. | 2.9% |
| Visa, Inc. — Class A | 2.5% |
| Mastercard, Inc. — Class A | 2.1% |
| Bank of America Corp. | 1.8% |
| Wells Fargo & Co. | 1.7% |
| Goldman Sachs Group, Inc. | 1.6% |
| Blackstone, Inc. — Class A | 1.4% |
| Morgan Stanley | 1.3% |
| S&P Global, Inc. | 1.3% |
| Top 10 Total | 19.7% |

---

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

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

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

---

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

---

SAR-C000010385-063025

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

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

### Health Care Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Health Care Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $89 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -0.11%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Health Care Index, which returned -1.11% for the same period.

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

The industries that contributed the most to performance were health care equipment, health care services, and health care distributors. Those that detracted the most were life sciences tools & services, managed health care, and biotechnology. The holdings that contributed the most to performance were CVS Health Corp., Abbott Laboratories, and Boston Scientific Corp. Those that detracted the most were UnitedHealth Group, Inc., Sarepta Therapeutics, Inc. and Thermo Fisher Scientific, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-9_sa121.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care Fund | -0.11% | -3.93% | 5.03% | 5.06% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Health Care Index | -1.11% | -5.90% | 7.93% | 8.03% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $9027393 |
| Total Number of Portfolio Holdings | 128 |
| Portfolio Turnover Rate | 43% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Health Care Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-9_sa122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Eli Lilly & Co. | 3.9% |
| Johnson & Johnson | 2.9% |
| AbbVie, Inc. | 2.7% |
| UnitedHealth Group, Inc. | 2.6% |
| Abbott Laboratories | 2.4% |
| Intuitive Surgical, Inc. | 2.2% |
| Merck & Company, Inc. | 2.1% |
| Boston Scientific Corp. | 2.1% |
| Thermo Fisher Scientific, Inc. | 1.9% |
| Stryker Corp. | 1.9% |
| Top 10 Total | 24.7% |

---

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

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

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

---

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

---

SAR-C000010386-063025

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

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

### Internet Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Internet Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $94 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 11.54%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 8.05% for the same period.

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

The industries that contributed the most to performance were movies & entertainment, interactive home entertainment and internet services & infrastructure. Those that detracted the most were application software, transaction & payment processing, and human resources & employment services. The holdings that contributed the most to performance were Netflix, Inc., Uber Technologies, Inc., and Meta Platforms, Inc.—Class A. Those that detracted the most were Salesforce, Inc., Alphabet, Inc.—Class A, and Adobe, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-10_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Internet Fund | 11.54% | 29.18% | 6.75% | 11.59% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Information Technology Index | 8.05% | 15.10% | 23.02% | 23.21% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $5640733 |
| Total Number of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 50% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Internet Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-10_sa92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Meta Platforms, Inc. — Class A | 5.5% |
| Amazon.com, Inc. | 5.3% |
| Alphabet, Inc. — Class A | 5.3% |
| Netflix, Inc. | 5.2% |
| Cisco Systems, Inc. | 3.3% |
| Salesforce, Inc. | 3.3% |
| Uber Technologies, Inc. | 3.0% |
| Adobe, Inc. | 2.5% |
| DoorDash, Inc. — Class A | 2.1% |
| Arista Networks, Inc. | 2.1% |
| Top 10 Total | 37.6% |

---

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

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

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

---

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

---

SAR-C000010387-063025

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

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

### Leisure Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Leisure Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $94 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 11.07%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned -3.87% for the same period.

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

The industries that contributed the most to performance were movies & entertainment, tobacco, and interactive home entertainment. Those that detracted the most were hotels resorts & cruise lines, distillers & vintners, and casinos & gaming. The holdings that contributed the most to performance were Netflix, Inc, Philip Morris International, Inc., Roblox Corp—Class A. Those that detracted the most were Constellation Brands, Inc.—Class A, Trip.com Group Ltd. ADR, and Starbucks Corp.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-11_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Leisure Fund | 11.07% | 26.27% | 10.00% | 7.10% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Consumer Discretionary Index | -3.87% | 18.40% | 11.65% | 12.43% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $6517889 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 154% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Leisure Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-11_sa92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Netflix, Inc. | 5.8% |
| Philip Morris International, Inc. | 4.0% |
| Walt Disney Co. | 3.6% |
| McDonald's Corp. | 3.3% |
| Comcast Corp. — Class A | 2.7% |
| DoorDash, Inc. — Class A | 2.4% |
| Starbucks Corp. | 2.3% |
| Altria Group, Inc. | 2.3% |
| Royal Caribbean Cruises Ltd. | 2.2% |
| Chipotle Mexican Grill, Inc. — Class A | 2.1% |
| Top 10 Total | 30.7% |

---

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

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

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

---

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

---

SAR-C000010388-063025

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

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

### Precious Metals Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Precious Metals Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $105 | 1.70%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 48.39%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 6.03% for the same period.

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

The industries that contributed the most to performance were gold, silver, and precious metals. No industries detracted from performance. The holdings that contributed the most to performance were Newmont Corp., Agnicio Eagle Mines Ltd., and Anglogold Ashanti plc. No holdings detracted from performance.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-12_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Precious Metals Fund | 48.39% | 46.75% | 8.40% | 11.87% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Materials Index | 6.03% | 1.86% | 11.56% | 8.45% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $25956305 |
| Total Number of Portfolio Holdings | 37 |
| Portfolio Turnover Rate | 117% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Precious Metals Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-12_sa92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Newmont Corp. | 8.7% |
| Freeport-McMoRan, Inc. | 8.6% |
| Agnico Eagle Mines Ltd. | 8.1% |
| Wheaton Precious Metals Corp. | 6.8% |
| Barrick Mining Corp. | 6.3% |
| Kinross Gold Corp. | 4.3% |
| Franco-Nevada Corp. | 4.2% |
| Gold Fields Ltd. ADR | 4.0% |
| Anglogold Ashanti plc | 4.0% |
| Alamos Gold, Inc. — Class A | 3.5% |
| Top 10 Total | 58.5% |

---

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

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

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

---

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

---

SAR-C000010412-063025

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

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

### Real Estate Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Real Estate Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $89 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -0.45%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the MSCI U.S. REIT Index, which returned -0.09% for the same period.

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

The industries that contributed the most to performance were telecom tower REITs, health care REITs, and other specialized REITs. Those that detracted the most were hotel & resort REITs, retail REITS, and office REITs. The holdings that contributed the most to performance were Welltower, Inc., American Tower Corp.— Class A, and Crown Castle, Inc. Those that detracted the most were Equinix, Inc., Alexandria Real Estate Equities, Inc., and Americold Realty Trust, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-13_sa111.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate Fund | -0.45% | 8.00% | 5.38% | 4.00% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| MSCI U.S. REIT Index | -0.09% | 8.92% | 8.63% | 6.33% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $3654812 |
| Total Number of Portfolio Holdings | 95 |
| Portfolio Turnover Rate | 144% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the MSCI U.S. REIT Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Real Estate Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-13_sa112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| American Tower Corp. — Class A | 3.4% |
| Welltower, Inc. | 3.4% |
| Prologis, Inc. | 3.3% |
| Digital Realty Trust, Inc. | 2.6% |
| Realty Income Corp. | 2.4% |
| Simon Property Group, Inc. | 2.4% |
| Equinix, Inc. | 2.3% |
| Public Storage | 2.3% |
| Crown Castle, Inc. | 2.3% |
| CBRE Group, Inc. — Class A | 2.2% |
| Top 10 Total | 26.6% |

---

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

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

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

---

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

---

SAR-C000010395-063025

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

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

### Retailing Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Retailing Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $91 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 3.65%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned -3.87% for the same period.

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

The industries that contributed the most to performance were automotive retail, broadline retail, and consumer staples merchandise retail. Those that detracted the most were apparel retail, home improvement retail, and computer & electronics retail. The holdings that contributed the most to performance were Carvana Co., MercadoLibre, Inc., and Alibaba Group Holding Ltd. ADR. Those that detracted the most were Target Corp., Global-e Online Ltd., and Abercrombie & Fitch Co.—Class A.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-14_sa101.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retailing Fund | 3.65% | 12.44% | 8.76% | 7.87% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Consumer Discretionary Index | -3.87% | 18.40% | 11.65% | 12.43% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $2242079 |
| Total Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 142% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Retailing Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-14_sa102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Amazon.com, Inc. | 10.1% |
| Walmart, Inc. | 4.6% |
| Costco Wholesale Corp. | 4.5% |
| TJX Companies, Inc. | 4.2% |
| Home Depot, Inc. | 4.1% |
| Lowe's Companies, Inc. | 4.0% |
| O'Reilly Automotive, Inc. | 3.1% |
| Carvana Co. | 3.1% |
| Coupang, Inc. | 2.6% |
| PDD Holdings, Inc.ADR | 2.6% |
| Top 10 Total | 42.9% |

---

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

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

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

---

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

---

SAR-C000010389-063025

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

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

### Technology Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Technology Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $94 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 10.26%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 8.05% for the same period.

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

The industries that contributed the most to performance were systems software, semiconductors, and application software. Those that detracted the most were technology hardware storage & peripherals, and electronic equipment & instruments. The holdings that contributed the most to performance were Palantir Technologies, Inc.—Class A, Microsoft Corp., and NVIDIA Corp. Those that detracted the most were Apple, Inc., Alphabet, Inc.—Class A, and Marvell Technology, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-15_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology Fund | 10.26% | 16.76% | 15.58% | 16.71% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Information Technology Index | 8.05% | 15.10% | 23.02% | 23.21% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $29999078 |
| Total Number of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 140% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Technology Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-15_sa92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| NVIDIA Corp. | 5.7% |
| Microsoft Corp. | 5.5% |
| Apple, Inc. | 5.0% |
| Alphabet, Inc. — Class A | 4.1% |
| Meta Platforms, Inc. — Class A | 4.0% |
| Broadcom, Inc. | 3.3% |
| Oracle Corp. | 1.7% |
| International Business Machines Corp. | 1.5% |
| Advanced Micro Devices, Inc. | 1.5% |
| Cisco Systems, Inc. | 1.4% |
| Top 10 Total | 33.7% |

---

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

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

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

---

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

---

SAR-C000010391-063025

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

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

### Telecommunications Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Telecommunications Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $94 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 10.77%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 17.87% for the same period.

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

The industries that contributed the most to performance were communications equipment, integrated telecommunication services, and wireless telecommunication services. No industries detracted from performance. The holdings that contributed the most to performance were AT&T, Inc., Liberty Broadband Corp.—Class C, and AST SpaceMobile, Inc. Those that detracted the most were Liberty Global Ltd.—Class A, Lumen Technologies, Inc., and Motorola Solutions, Inc.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-16_sa101.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Telecommunications Fund | 10.77% | 31.02% | 4.28% | 4.16% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Telecommunication Services Index | 17.87% | 33.88% | 7.58% | 6.16% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $5434626 |
| Total Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 489% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Telecommunications Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-16_sa102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Cisco Systems, Inc. | 8.1% |
| AT&T, Inc. | 7.3% |
| Verizon Communications, Inc. | 6.5% |
| Comcast Corp. — Class A | 5.8% |
| T-Mobile US, Inc. | 5.3% |
| Arista Networks, Inc. | 5.0% |
| Charter Communications, Inc. — Class A | 4.2% |
| Motorola Solutions, Inc. | 3.9% |
| Roku, Inc. | 2.8% |
| Juniper Networks, Inc. | 2.7% |
| Top 10 Total | 51.6% |

---

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

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

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

---

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

---

SAR-C000010392-063025

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

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

### Transportation Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Transportation Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $88 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -3.77%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 12.72% for the same period.

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

The industries that contributed the most to performance were passenger ground transportation, rail transportation, and automotive parts & equipment. Those that detracted the most were automobile manufacturers, air freight & logistics, and cargo transportation. The holdings that contributed the most to performance were Uber Technologies, Inc., Avis Budget Group, Inc, and Ryanair Holdings plc ADR. Those that detracted the most were Tesla, Inc, United Parcel Service, Inc. — Class B, and FedEx Corp.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-17_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transportation Fund | -3.77% | 6.29% | 8.14% | 5.68% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Industrials Index | 12.72% | 22.89% | 18.43% | 12.43% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $3357350 |
| Total Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 23% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Transportation Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-17_sa92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Tesla, Inc. | 10.9% |
| Uber Technologies, Inc. | 5.4% |
| Union Pacific Corp. | 4.3% |
| United Parcel Service, Inc. — Class B | 3.4% |
| CSX Corp. | 2.9% |
| Norfolk Southern Corp. | 2.8% |
| FedEx Corp. | 2.6% |
| General Motors Co. | 2.5% |
| Ford Motor Co. | 2.5% |
| Delta Air Lines, Inc. | 2.1% |
| Top 10 Total | 39.4% |

---

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

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

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

---

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

---

SAR-C000010393-063025

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

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

### Utilities Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Utilities Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $94 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 10.09%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 9.41% for the same period.

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

The industries that contributed the most to performance were electric utilities, multi utilities, and independent power producers & energy traders. No industries detracted from performance. The holdings that contributed the most to performance were Constellation Energy Corp., NRG Energy, Inc., and Vistra Corp. Those that detracted the most were PG&E Corp., Edison International, and Sempra.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-18_sa101.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities Fund | 10.09% | 23.16% | 9.46% | 8.31% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Utilities Index | 9.41% | 23.40% | 11.14% | 10.66% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $11199910 |
| Total Number of Portfolio Holdings | 56 |
| Portfolio Turnover Rate | 192% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Utilities Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-18_sa102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| NextEra Energy, Inc. | 4.9% |
| Constellation Energy Corp. | 4.4% |
| Southern Co. | 4.3% |
| Duke Energy Corp. | 4.1% |
| Vistra Corp. | 3.6% |
| American Electric Power Company, Inc. | 3.2% |
| Sempra | 3.0% |
| Dominion Energy, Inc. | 3.0% |
| Public Service Enterprise Group, Inc. | 2.8% |
| Exelon Corp. | 2.8% |
| Top 10 Total | 36.1% |

---

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

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

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

---

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

---

SAR-C000010394-063025

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

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

### Dow 2x Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Dow 2x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $94 | 1.87%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 3.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 4.55% for the same period.

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

The sectors that contributed the most to the return of the underlying index were financials, industrials, and information technology. Those that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Microsoft Corp., and International Business Machines Corp. Those that detracted the most were UnitedHealth Group., Inc., Salesforce, Inc., and Apple, 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 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-20_sa101.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dow 2x Strategy Fund | 3.18% | 18.43% | 19.35% | 16.16% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| Dow Jones Industrial Average | 4.55% | 14.72% | 13.52% | 12.06% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $8356478 |
| Total Number of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 600% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Dow Jones Industrial Average are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Dow 2x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-20_sa102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Goldman Sachs Group, Inc. | 6.6% |
| Microsoft Corp. | 4.6% |
| Caterpillar, Inc. | 3.6% |
| Home Depot, Inc. | 3.4% |
| Visa, Inc. — Class A | 3.3% |
| Sherwin-Williams Co. | 3.2% |
| American Express Co. | 3.0% |
| UnitedHealth Group, Inc. | 2.9% |
| International Business Machines Corp. | 2.8% |
| McDonald's Corp. | 2.7% |
| Top 10 Total | 36.1% |

---

<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.

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

---

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

---

SAR-C000010422-063025

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

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

### Inverse Dow 2x Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $88 | 1.84%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -7.98%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 4.55% for the same period.

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

The sectors that contributed the most to the return of the underlying index were financials, industrials, and information technology. Those that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Microsoft Corp., and International Business Machines Corp. Those that detracted the most were UnitedHealth Group, Inc., Salesforce, Inc., and Apple, 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 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-19_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inverse Dow 2x Strategy Fund | -7.98% | -19.73% | -22.11% | -24.32% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| Dow Jones Industrial Average | 4.55% | 14.72% | 13.52% | 12.06% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $780387 |
| Total Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Dow Jones Industrial Average are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Inverse Dow 2x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-19_sa92.jpg)

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

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

---

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

---

SAR-C000010424-063025

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

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

### Mid-Cap 1.5x Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Mid-Cap 1.5x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $87 | 1.79%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -2.99%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 0.20% for the same period.

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

The sectors that contributed the most to the return of the underlying index were industrials, consumer staples, and financials. The sectors that detracted the most were health care, consumer discretionary, and information technology. The holdings that contributed the most to the return of the underlying index were Curtiss-Wright Corp, Carpenter Technology Corp, and ATI, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Illumina, Inc., and Avantor, Inc. The fund maintained a correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-21_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mid-Cap 1.5x Strategy Fund | -2.99% | 4.83% | 15.15% | 9.09% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P MidCap 400 Index | 0.20% | 7.53% | 13.44% | 9.25% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $3403459 |
| Total Number of Portfolio Holdings | 412 |
| Portfolio Turnover Rate | 12% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Mid-Cap 1.5x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-21_sa92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 4.7% |
| Guggenheim Strategy Fund II | 2.4% |
| Interactive Brokers Group, Inc. — Class A | 0.6% |
| EMCOR Group, Inc. | 0.6% |
| Guidewire Software, Inc. | 0.5% |
| RB Global, Inc. | 0.5% |
| Flex Ltd. | 0.5% |
| Casey's General Stores, Inc. | 0.5% |
| Comfort Systems USA, Inc. | 0.5% |
| Curtiss-Wright Corp. | 0.4% |
| Top 10 Total | 11.2% |

---

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

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

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

---

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

---

SAR-C000010396-063025

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

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

### Inverse Mid-Cap Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Inverse Mid-Cap Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $91 | 1.84%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 0.17%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 0.20% for the same period.

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

The sectors that contributed the most to the return of the underlying index were industrials, consumer staples, and financials. The sectors that detracted the most were health care, consumer discretionary, and information technology. The holdings that contributed the most to the return of the underlying index were Curtiss-Wright Corp, Carpenter Technology Corp, and ATI, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Illumina, Inc., and Avantor, Inc. The fund maintained a daily correlation of 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-22_sa131.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inverse Mid-Cap Strategy Fund | 0.17% | -4.09% | -11.69% | -10.07% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P MidCap 400 Index | 0.20% | 7.53% | 13.44% | 9.25% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $135660 |
| Total Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Inverse Mid-Cap Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-22_sa132.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 18.2% |
| Guggenheim Strategy Fund II | 15.1% |
| Total | 33.3% |

---

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

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

---

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

---

SAR-C000010414-063025

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

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

### NASDAQ-100<sup>®</sup> Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the NASDAQ-100<sup>®</sup> Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $88 | 1.72%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 7.51%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 8.35% for the same period.

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

The sectors that contributed the most to the return of the underlying index were information technology, communication services, and utilities. Those that detracted the most were consumer discretionary, energy, and financials. The holdings that contributed the most to the return of the underlying index were Microsoft Corp., NVIDIA Corp., and Netflix, Inc. Those that detracted the most were Apple, Inc., Tesla, Inc. and PepsiCo, Inc. The fund maintained a daily correlation of over 99% to its benchmark of 100% of the daily price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-23_sa131.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NASDAQ-100<sup>®</sup> Fund | 7.51% | 14.27% | 16.42% | 16.91% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| NASDAQ-100 Index | 8.35% | 16.10% | 18.36% | 18.97% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $129330613 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 73% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| NASDAQ-100<sup>®</sup> Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-23_sa132.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| NVIDIA Corp. | 7.2% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.1% |
| Microsoft Corp. | 6.9% |
| Guggenheim Strategy Fund II | 6.7% |
| Apple, Inc. | 5.7% |
| Amazon.com, Inc. | 4.3% |
| Broadcom, Inc. | 4.0% |
| Meta Platforms, Inc. — Class A | 3.0% |
| Netflix, Inc. | 2.6% |
| Tesla, Inc. | 2.1% |
| Top 10 Total | 49.6% |

---

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

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

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

---

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

---

SAR-C000010425-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $98 | 1.90%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 8.50%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 8.35% for the same period.

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

The sectors that contributed the most to the return of the underlying index were information technology, communication services, and utilities. Those that detracted the most were consumer discretionary, energy, and financials. The holdings that contributed the most to the return of the underlying index were Microsoft Corp., NVIDIA Corp., and Netflix, Inc. Those that detracted the most were Apple, Inc., Tesla, Inc. and PepsiCo, Inc. The fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-24_sa141.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NASDAQ-100<sup>®</sup> 2x Strategy Fund | 8.50% | 17.31% | 25.38% | 28.35% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| NASDAQ-100 Index | 8.35% | 16.10% | 18.36% | 18.97% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $142037041 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 370% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-24_sa142.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| NVIDIA Corp. | 7.8% |
| Microsoft Corp. | 7.5% |
| Apple, Inc. | 6.2% |
| Amazon.com, Inc. | 4.7% |
| Broadcom, Inc. | 4.3% |
| Meta Platforms, Inc. — Class A | 3.2% |
| Netflix, Inc. | 2.8% |
| Tesla, Inc. | 2.3% |
| Costco Wholesale Corp. | 2.2% |
| Alphabet, Inc. — Class A | 2.1% |
| Top 10 Total | 43.1% |

---

<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 in investments in Guggenheim Ultra Short Duration Fund.

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

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

---

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

---

SAR-C000010421-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $86 | 1.82%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -8.85%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 8.35% for the same period.

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

The sectors that contributed the most to the return of the underlying index were information technology, communication services, and utilities. Those that detracted the most were consumer discretionary, energy, and financials. The holdings that contributed the most to the return of the underlying index were Microsoft Corp., NVIDIA Corp., and Netflix, Inc. Those that detracted the most were Apple, Inc., Tesla, Inc. and PepsiCo, Inc. The fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the NASDAQ-100 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-25_sa111.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inverse NASDAQ-100<sup>®</sup> Strategy Fund | -8.85% | -12.95% | -15.81% | -17.67% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| NASDAQ-100 Index | 8.35% | 16.10% | 18.36% | 18.97% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $1061736 |
| Total Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-25_sa112.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 17.8% |
| Guggenheim Strategy Fund II | 17.3% |
| Total | 35.1% |

---

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

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

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

---

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

---

SAR-C000010426-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Russell 2000<sup>®</sup> 1.5x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $87 | 1.81%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -5.94%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -1.79% for the same period.

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

The sectors that contributed the most to the return of the underlying index were industrials, financials, and materials. The sectors that detracted the most were health care, energy, and consumer discretionary. The holdings that contributed the most to the return of the underlying index were Carpenter Technology Corp., Insmed, Inc., and Hims & Hers Health, Inc. Those that detracted the most were Vaxcyte, Inc., Abercrombie & Fitch Co.—Class A, and FTAI Aviation, Ltd. The fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the Russell 2000 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-26_sa131.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> 1.5x Strategy Fund | -5.94% | 4.51% | 9.61% | 5.69% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| Russell 2000 Index | -1.79% | 7.68% | 10.04% | 8.25% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $2484166 |
| Total Number of Portfolio Holdings | 1995 |
| Portfolio Turnover Rate | 4% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 1.5x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-26_sa132.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Vanguard Russell 2000 ETF | 16.4% |
| iShares Russell 2000 Index ETF | 16.4% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.0% |
| Guggenheim Strategy Fund II | 9.8% |
| Credo Technology Group Holding Ltd. | 0.1% |
| Fabrinet | 0.1% |
| IonQ, Inc. | 0.1% |
| Hims & Hers Health, Inc. | 0.1% |
| HealthEquity, Inc. | 0.1% |
| Ensign Group, Inc. | 0.1% |
| Top 10 Total | 54.2% |

---

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

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

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

---

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

---

SAR-C000010397-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Russell 2000<sup>®</sup> 2x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $87 | 1.85%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -10.37%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -1.79% for the same period.

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

The sectors that contributed the most to the return of the underlying index were industrials, financials, and materials. The sectors that detracted the most were health care, energy, and consumer discretionary. The holdings that contributed the most to the return of the underlying index were Carpenter Technology Corp., Insmed, Inc., and Hims & Hers Health, Inc. Those that detracted the most were Vaxcyte, Inc., Abercrombie & Fitch Co.—Class A, and FTAI Aviation, Ltd. 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 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-27_sa121.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Russell 2000<sup>®</sup> 2x Strategy Fund | -10.37% | 0.71% | 9.62% | 4.43% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| Russell 2000 Index | -1.79% | 7.68% | 10.04% | 8.25% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $2015002 |
| Total Number of Portfolio Holdings | 15 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 2x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-27_sa122.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Vanguard Russell 2000 ETF | 10.0% |
| iShares Russell 2000 Index ETF | 10.0% |
| Total | 20.0% |

---

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

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

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

---

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

---

SAR-C000032290-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $92 | 1.83%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 2.34%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the Russell 2000 Index, which returned -1.79% for the same period.

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

The sectors that contributed the most to the return of the underlying index were industrials, financials, and materials. The sectors that detracted the most were health care, energy, and consumer discretionary. The holdings that contributed the most to the return of the underlying index were Carpenter Technology Corp., Insmed, Inc. and Hims & Hers Health, Inc. Those that detracted the most were Vaxcyte, Inc., Abercrombie & Fitch Co.—Class A, and FTAI Aviation, Ltd. The fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the Russell 2000 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-28_sa161.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 2.34% | -4.66% | -10.40% | -9.50% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| Russell 2000 Index | -1.79% | 7.68% | 10.04% | 8.25% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $881224 |
| Total Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-28_sa162.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.7% |
| Guggenheim Strategy Fund II | 7.2% |
| Total | 14.9% |

---

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

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

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

---

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

---

SAR-C000010415-063025

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

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

### Nova Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Nova Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $87 | 1.70%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 5.89%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period.

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

The sectors that contributed the most to the return of the underlying index were information technology, financials, and industrials. Those that detracted the most were consumer discretionary, health care, and energy. The holdings that contributed the most to the return of the underlying index were Microsoft Corp., NVIDIA Corp., and Meta Platforms, Inc., Class A. Those that detracted the most were Apple, Inc, Tesla, Inc. and UnitedHealth Group, Inc. The fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-29_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nova Fund | 5.89% | 16.40% | 20.25% | 16.03% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $37060913 |
| Total Number of Portfolio Holdings | 518 |
| Portfolio Turnover Rate | 80% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Nova Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-29_sa92.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 5.5% |
| Guggenheim Strategy Fund II | 5.3% |
| NVIDIA Corp. | 5.2% |
| Microsoft Corp. | 5.0% |
| Apple, Inc. | 4.2% |
| Amazon.com, Inc. | 2.8% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Broadcom, Inc. | 1.8% |
| Alphabet, Inc. — Class A | 1.4% |
| Berkshire Hathaway, Inc. — Class B | 1.2% |
| Top 10 Total | 34.6% |

---

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

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

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

---

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

---

SAR-C000010401-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> 2x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $99 | 1.93%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 5.93%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period.

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

The sectors that contributed the most to the return of the underlying index were information technology, financials, and industrials. Those that detracted the most were consumer discretionary, health care, and energy. The holdings that contributed the most to the return of the underlying index were Microsoft Corp., NVIDIA Corp., and Meta Platforms, Inc.- Class A. Those that detracted the most were Apple, Inc, Tesla, Inc. and UnitedHealth Group, Inc. The fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-30_sa131.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> 2x Strategy Fund | 5.93% | 18.51% | 24.82% | 19.04% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $97647562 |
| Total Number of Portfolio Holdings | 517 |
| Portfolio Turnover Rate | 67% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> 2x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-30_sa132.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| NVIDIA Corp. | 6.1% |
| Microsoft Corp. | 5.9% |
| Apple, Inc. | 4.9% |
| Amazon.com, Inc. | 3.3% |
| Meta Platforms, Inc. — Class A | 2.5% |
| Broadcom, Inc. | 2.1% |
| Alphabet, Inc. — Class A | 1.6% |
| Berkshire Hathaway, Inc. — Class B | 1.4% |
| Tesla, Inc. | 1.4% |
| Alphabet, Inc. — Class C | 1.3% |
| Top 10 Total | 30.5% |

---

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

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

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

---

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

---

SAR-C000010420-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $87 | 1.80%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -4.87%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period.

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

The sectors that contributed the most to the return of the underlying index were information technology, financials, and industrials. Those that detracted the most were consumer discretionary, health care, and energy. The holdings that contributed the most to the return of the underlying index were Microsoft Corp., NVIDIA Corp., and Meta Platforms, Inc.—Class A. Those that detracted the most were Apple, Inc, Tesla, Inc. and UnitedHealth Group, Inc. The fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-31_sa121.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inverse S&P 500<sup>®</sup> Strategy Fund | -4.87% | -8.66% | -12.94% | -12.44% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $1154354 |
| Total Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-31_sa122.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 10.0% |
| Guggenheim Strategy Fund II | 10.0% |
| Total | 20.0% |

---

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

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

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

---

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

---

SAR-C000010423-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $89 | 1.70%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 10.35%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Growth Index, which returned 11.42% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, industrials, and utilities. The sectors that detracted were financials and energy. The holdings that contributed the most to the return of the underlying index for the reporting period were Palantir Technologies, Inc. — Class A, Howmet Aerospace, Inc. and NRG Energy, Inc. Those that detracted the most were Deckers Outdoor Corp., Norwegian Cruise Line Holdings Ltd., and United Airlines Holdings, Inc. The fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-33_sa131.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Pure Growth Fund | 10.35% | 21.68% | 11.20% | 10.11% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Pure Growth Index | 11.42% | 23.89% | 13.11% | 12.01% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $34163549 |
| Total Number of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 99% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-33_sa132.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Royal Caribbean Cruises Ltd. | 2.6% |
| Vistra Corp. | 2.6% |
| Palantir Technologies, Inc. — Class A | 2.4% |
| Axon Enterprise, Inc. | 2.3% |
| Carnival Corp. | 2.3% |
| NVIDIA Corp. | 2.1% |
| Howmet Aerospace, Inc. | 2.1% |
| NRG Energy, Inc. | 1.9% |
| TKO Group Holdings, Inc. | 1.8% |
| Crowdstrike Holdings, Inc. — Class A | 1.8% |
| Top 10 Total | 21.9% |

---

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

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

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

---

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

---

SAR-C000010408-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $86 | 1.70%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 4.65%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Value Index, which returned 5.42% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were health care, consumer staples, and financials. Those that detracted the most were consumer discretionary and real estate. The holdings that contributed the most to the return of the underlying index for the reporting period were CVS Health Corporation, Mosaic Co., and Dollar General Corp. Those that detracted the most were Viatris, Inc., Dow, Inc. and Centene Corp. The fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-32_sa111.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> Pure Value Fund | 4.65% | 13.65% | 15.41% | 6.68% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P 500 Pure Value Index | 5.42% | 15.52% | 17.47% | 8.55% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $16874793 |
| Total Number of Portfolio Holdings | 109 |
| Portfolio Turnover Rate | 127% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Value Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-32_sa112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| CVS Health Corp. | 3.3% |
| Mosaic Co. | 2.7% |
| Ford Motor Co. | 2.6% |
| General Motors Co. | 2.4% |
| Archer-Daniels-Midland Co. | 2.3% |
| Centene Corp. | 2.3% |
| Bunge Global S.A. | 2.2% |
| Paramount Global — Class B | 2.1% |
| Dollar General Corp. | 2.0% |
| Valero Energy Corp. | 1.9% |
| Top 10 Total | 23.8% |

---

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

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

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

---

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

---

SAR-C000010407-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $84 | 1.70%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 0.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Growth Index, which returned 1.13% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were materials, industrials, and financials. Those that detracted the most from the return of the underlying index were health care, consumer discretionary, and energy. The holdings that contributed the most to the return of the underlying index for the reporting period were Carpenter Technology Corp., Hims & Hers Health, Inc., and ATI, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Abercrombie & Fitch Co. — Class A, and American Airlines Group, Inc. The fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-37_sa131.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P MidCap 400<sup>®</sup> Pure Growth Fund | 0.18% | -1.00% | 9.17% | 5.44% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P MidCap 400 Pure Growth Index | 1.13% | 0.84% | 11.08% | 7.24% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $9362147 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 58% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Growth Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-37_sa132.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Carpenter Technology Corp. | 2.9% |
| Hims & Hers Health, Inc. | 2.8% |
| Comfort Systems USA, Inc. | 2.4% |
| Roivant Sciences Ltd. | 2.1% |
| EMCOR Group, Inc. | 1.9% |
| Valaris Ltd. | 1.9% |
| Exelixis, Inc. | 1.8% |
| Shift4 Payments, Inc. — Class A | 1.8% |
| Interactive Brokers Group, Inc. — Class A | 1.8% |
| ATI, Inc. | 1.7% |
| Top 10 Total | 21.1% |

---

<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.

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

---

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

---

SAR-C000010413-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $85 | 1.71%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 0.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Value Index, which returned 1.01% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were industrials, materials, and information technology. Those that detracted the most were energy, consumer discretionary, and health care. The holdings that contributed the most to the return of the underlying index for the reporting period were United States Steel Corp., Avis Budget Group, Inc., and Concentrix Corp. Those that detracted the most were Macy's, Inc., Manpower Group, Inc. and Civitas Resources, Inc. The fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-34_sa111.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 0.18% | 8.68% | 19.26% | 8.53% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P MidCap 400 Pure Value Index | 1.01% | 10.47% | 21.50% | 10.46% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $6422714 |
| Total Number of Portfolio Holdings | 86 |
| Portfolio Turnover Rate | 122% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Value Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-34_sa112.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Concentrix Corp. | 4.4% |
| HF Sinclair Corp. | 3.6% |
| Goodyear Tire & Rubber Co. | 3.5% |
| Avnet, Inc. | 3.1% |
| Arrow Electronics, Inc. | 3.1% |
| TD SYNNEX Corp. | 3.0% |
| Lear Corp. | 2.7% |
| PBF Energy, Inc. — Class A | 2.4% |
| Avis Budget Group, Inc. | 2.4% |
| AutoNation, Inc. | 2.2% |
| Top 10 Total | 30.4% |

---

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

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

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

---

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

---

SAR-C000010411-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $85 | 1.70%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 1.61%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Growth Index, which returned 2.34% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, health care, and consumer discretionary. The sectors that detracted were energy, real estate, and communication services. The holdings that contributed the most to the return of the underlying index for the reporting period were TransMedics Group, Inc., Palomar Holdings, Inc. and Protagonist Therapeutics, Inc. Those that detracted the most were Atlas Energy Solutions, Inc., Pursuit Attractions and Hospitality, Inc., and Greenbrier Companies, Inc. The fund maintained a daily correlation of over 99% to the S&P 600 Pure Growth Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-35_sa121.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 1.61% | 6.00% | 8.07% | 4.69% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P SmallCap 600 Pure Growth Index | 2.34% | 7.87% | 10.01% | 6.55% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $8337547 |
| Total Number of Portfolio Holdings | 137 |
| Portfolio Turnover Rate | 164% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-35_sa122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Protagonist Therapeutics, Inc. | 2.1% |
| Palomar Holdings, Inc. | 1.9% |
| Corcept Therapeutics, Inc. | 1.7% |
| TG Therapeutics, Inc. | 1.7% |
| InterDigital, Inc. | 1.7% |
| Adtalem Global Education, Inc. | 1.6% |
| Chefs' Warehouse, Inc. | 1.6% |
| DXP Enterprises, Inc. | 1.5% |
| TransMedics Group, Inc. | 1.5% |
| Cinemark Holdings, Inc. | 1.5% |
| Top 10 Total | 16.8% |

---

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

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

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

---

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

---

SAR-C000010410-063025

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

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

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

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $82 | 1.70%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -5.86%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Value Index, which returned -5.13% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology and communication services. Those that detracted the most were health care, consumer discretionary, and consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were Par Pacific Holdings, Inc., National Vision Holdings, Inc., and ViaSat, Inc. Those that detracted the most were Kohl's Corp., B&G Foods, Inc., and Vital Energy, Inc. The fund maintained a daily correlation of over 99% to the S&P 600 Pure Value Index for the reporting period.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-36_sa121.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;S&P SmallCap 600<sup>®</sup> Pure Value Fund | -5.86% | 5.46% | 16.87% | 4.66% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P SmallCap 600 Pure Value Index | -5.13% | 7.44% | 19.17% | 6.58% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $8090401 |
| Total Number of Portfolio Holdings | 149 |
| Portfolio Turnover Rate | 18% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Value Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-36_sa122.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Par Pacific Holdings, Inc. | 2.7% |
| SpartanNash Co. | 2.2% |
| Viasat, Inc. | 2.2% |
| Titan International, Inc. | 1.9% |
| Dana, Inc. | 1.8% |
| National Vision Holdings, Inc. | 1.7% |
| Adient plc | 1.7% |
| World Kinect Corp. | 1.6% |
| Foot Locker, Inc. | 1.6% |
| Topgolf Callaway Brands Corp. | 1.6% |
| Top 10 Total | 19.0% |

---

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

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

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

---

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

---

SAR-C000010409-063025

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

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

### Government Long Bond 1.2x Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $72 | 1.44%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 1.20%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury 30 Year Bellwether Index, which returned 2.11% for the same period.

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

Despite volatility during the period, yields of long-term Treasury bonds ended the period relatively unchanged. The treasury bond market exhibited volatility throughout the period in response to tariff concerns and shifts in expectations regarding Federal Reserve policy decisions. Uncertainty about the long-term economic impacts of tariffs and fiscal policy have led to the volatility in long term treasury yields over the period. Long-term treasury yields reached their lows in April 2025 before rising steadily through the end of the period and ended the first half of the year mostly unchanged.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-39_sa81.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Government Long Bond 1.2x Strategy Fund | 1.20% | -3.06% | -14.66% | -3.03% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |
| Bloomberg U.S. Treasury 30 Year Bellwether Index | 2.11% | 0.05% | -10.37% | -0.75% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $5206907 |
| Total Number of Portfolio Holdings | 11 |
| Portfolio Turnover Rate | 5,528% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury 30 Year Bellwether Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Government Long Bond 1.2x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-39_sa82.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| U.S. Treasury Bonds | 42.0% |
| Guggenheim Strategy Fund II | 5.2% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 3.8% |
| Total | 51.0% |

---

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

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

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

---

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

---

SAR-C000010390-063025

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

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

### Inverse Government Long Bond Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $280 | 5.63%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 0.40%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury 30 Year Bellwether Index, which returned 2.11% for the same period.

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

Despite volatility during the period, yields of long-term Treasury bonds ended the period relatively unchanged. The treasury bond market exhibited volatility throughout the period in response to tariff concerns and shifts in expectations regarding Federal Reserve policy decisions. Uncertainty about the long-term economic impacts of tariffs and fiscal policy have led to the volatility in long term treasury yields over the period. Long-term treasury yields reached their lows in April 2025 before rising steadily through the end of the period and ended the first half of the year mostly unchanged.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-38_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inverse Government Long Bond Strategy Fund | 0.40% | 6.34% | 13.32% | 0.69% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |
| Bloomberg U.S. Treasury 30 Year Bellwether Index | 2.11% | 0.05% | -10.37% | -0.75% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $1563884 |
| Total Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 512% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwether 30 Yr. Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Inverse Government Long Bond Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-38_sa92.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Strategy Fund II | 33.0% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 29.9% |
| Total | 62.9% |

---

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

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

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

---

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

---

SAR-C000010404-063025

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

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

### High Yield Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the High Yield Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $86 | 1.68%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 5.86%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 4.57% for the same period.

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

High yield continued to generate positive returns for the reporting period. During the period, risk assets experienced some volatility due to macro-economic factors stemming from trade negotiations and tariffs. After the initial market shock of increased tariffs on trading partners, risk assets rebounded and continued to generate positive total returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings led contribution to returns of the Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-40_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;High Yield Strategy Fund | 5.86% | 10.87% | 4.71% | 4.20% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |
| Bloomberg U.S. Corporate High Yield Index | 4.57% | 10.28% | 5.97% | 5.38% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $7572421 |
| Total Number of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| High Yield Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-40_sa92.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.6% |
| Guggenheim Strategy Fund II | 7.6% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 1.6% |
| SPDR Bloomberg High Yield Bond ETF | 1.6% |
| Total | 18.4% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

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

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

---

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

---

SAR-C000046626-063025

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

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

### Europe 1.25x Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $96 | 1.73%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 23.18%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 17.02% for the same period and outperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 19.57% for the same period.

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

The sectors that contributed the most to the return of the secondary index for the reporting period were financials, industrials, and consumer staples. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index for the reporting period were SAP SE, Banco Santander SA, and Novartis AG. Those that detracted the most were Novo Nordisk A/S, LVMH Moet Hennessy Louis Vuitton SE, and Diageo plc. The Fund maintained a daily correlation of over 99% to its benchmark of 125% of the daily price movement of the STOXX Europe 50 Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-41_sa111.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe 1.25x Strategy Fund | 23.18% | 9.54% | 11.62% | 5.25% |
| MSCI World ex US Index | 17.02% | 15.70% | 8.69% | 3.90% |
| STOXX Europe 50 Index | 19.57% | 11.60% | 12.24% | 6.74% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $2673246 |
| Total Number of Portfolio Holdings | 59 |
| Portfolio Turnover Rate | 167% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Europe 1.25x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-41_sa112.jpg)

#### Country Diversification<sup>3</sup> (% of Total Investments) as of 6.30.25

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 54.1% |
| Denmark | 8.9% |
| France | 8.6% |
| United Kingdom | 7.4% |
| Switzerland | 6.7% |
| Germany | 5.7% |
| Netherlands | 3.5% |
| Other | 5.1% |

---

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Strategy Fund II | 8.6% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 6.8% |
| ASML Holding N.V. — Class G | 2.0% |
| SAP SE ADR | 2.0% |
| Nestle S.A. ADR | 1.6% |
| Novartis AG ADR | 1.5% |
| Roche Holding AG ADR | 1.5% |
| Novo Nordisk A/S ADR | 1.4% |
| AstraZeneca plc ADR | 1.4% |
| HSBC Holdings plc ADR | 1.4% |
| 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. The fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

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

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments.

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

---

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

---

SAR-C000010418-063025

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

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

### Japan 2x Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Japan 2x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $93 | 1.70%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 20.58%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 17.02% for the same period and outperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned 10.58% for the same period.

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

The sectors that contributed the most to the return of the secondary index for the reporting period were information technology, communication services, and industrials. The sector that detracted the most was energy. The holdings that contributed the most to the return of the underlying index were Tokyo Electron, Ltd., Advantest Corp., and SoftBank Group Corp. Those that detracted the most were Recruit Holdings Co., Ltd, TDK Corp., and Daichi Sankyo Co., Ltd. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-42_sa91.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan 2x Strategy Fund | 20.58% | 16.71% | 5.64% | 5.65% |
| MSCI World ex US Index | 17.02% | 15.70% | 8.69% | 3.90% |
| Nikkei-225 Stock Average Index | 10.58% | 14.07% | 6.31% | 5.41% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $1563031 |
| Total Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Japan 2x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-42_sa92.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

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

---

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

---

SAR-C000010419-063025

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

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

### Strengthening Dollar 2x Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Strengthening Dollar 2x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $90 | 2.00%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -18.73%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned -10.70% for the same period.

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

There were no components which positively contributed to the performance of the underlying index for the Reporting Period. The components that detracted from the U.S. Dollar Index performance were the euro, Japanese yen and British pound. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-43_sa101.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strengthening Dollar 2x Strategy Fund | -18.73% | -12.42% | 1.64% | 1.71% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |
| U.S. Dollar Index | -10.70% | -8.49% | -0.10% | 0.14% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $1173137 |
| Total Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Strengthening Dollar 2x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-43_sa102.jpg)

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

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

---

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

---

SAR-C000010402-063025

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

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

### Weakening Dollar 2x Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Weakening Dollar 2x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $114 | 2.05%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 23.81%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -10.70% for the same period.

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

There were no components which positively contributed to the performance of the underlying index for the reporting period. The components that detracted from the U.S. Dollar Index performance were the euro, Japanese yen and British pound. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-44_sa101.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Weakening Dollar 2x Strategy Fund | 23.81% | 17.49% | -2.13% | -3.18% |
| Bloomberg U.S. Aggregate Bond Index | 4.02% | 6.08% | -0.73% | 1.76% |
| U.S. Dollar Index | -10.70% | -8.49% | -0.10% | 0.14% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $1206596 |
| Total Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Weakening Dollar 2x Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-44_sa102.jpg)

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

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

---

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

---

SAR-C000010400-063025

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

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

### Commodities Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Commodities Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $81 | 1.62%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 0.42%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P Goldman Sachs Commodity Index, which returned 1.94% for the same period.

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

The fund obtained exposure to the commodities markets through futures on the S&P Goldman Sachs Commodity Index. S&P Goldman Sachs Commodity Index futures had a strong first quarter of 2025 but experienced headwinds from energy and agricultural sectors in the second quarter of 2025. Eleven of the twenty-four index components had positive returns for the period. The components with some of the largest positive returns were gold, silver, and live cattle. The components with some of the largest negative returns were cocoa, corn, and Kansas wheat.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-45_sa81.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodities Strategy Fund | 0.42% | -1.40% | 15.80% | 0.17% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| S&P Goldman Sachs Commodity Index | 1.94% | 0.25% | 17.69% | 1.45% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $5162932 |
| Total Number of Portfolio Holdings | 9 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P Goldman Sachs Commodity Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Commodities Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-45_sa82.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 22.1% |
| Guggenheim Strategy Fund II | 21.7% |
| Total | 43.8% |

---

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

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

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

---

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

---

SAR-C000010403-063025

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

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

### Global Managed Futures Strategy Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Global Managed Futures Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $108 | 2.22%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -3.99%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.09% for the same period.

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

In the first half of 2025, futures markets were marked by a mix of reversals and consolidation, presenting a challenging environment for trend-following systems. Global stock index futures saw choppy behavior, with early-year rallies in U.S. and European equities stalling amid shifting central bank policy signals and geopolitical uncertainty. Bond futures were volatile but lacked sustained directional moves, as inflation data and diverging rate expectations kept global yields in flux. In foreign exchange, the U.S. dollar strengthened modestly against major currencies in Q1 before weakening in Q2, driven by changing interest rate differentials and mixed economic signals across regions. Commodity futures were mixed—energy markets, particularly crude oil, saw sharp but short-lived moves tied to supply disruptions and OPEC policy, while metals and agricultural contracts experienced sporadic price swings without sustained trends.

This backdrop of frequent reversals and limited trend persistence across asset classes created a difficult environment for trend-following models, which typically perform best in sustained directional markets. Reflecting these conditions, the fund posted a negative return in Q1, with losses across all asset classes—Currencies and Fixed Income were the largest detractors, while Commodities and Equities also contributed to the decline. In Q2, performance improved, supported by gains in Commodities, Currencies, and Equities, though Fixed Income remained a drag. Despite the recovery in Q2, the fund ended the first half of the year with a net loss.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-46_sa111.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global Managed Futures Strategy Fund | -3.99% | -8.02% | 2.74% | 0.41% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| ICE BofA 3-Month U.S. Treasury Bill Index | 2.09% | 4.71% | 2.78% | 1.98% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $11282019 |
| Total Number of Portfolio Holdings | 70 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Global Managed Futures Strategy Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-46_sa112.jpg)

#### Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Variable Insurance Strategy Fund III | 22.2% |
| Guggenheim Strategy Fund III | 19.7% |
| Guggenheim Strategy Fund II | 1.0% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 0.6% |
| Total | 43.5% |

---

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

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

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

---

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

---

SAR-C000069235-063025

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

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

### Multi-Hedge Strategies Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the Multi-Hedge Strategies Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $78 | 1.59%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned -2.10%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 2.38% for the same period.

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

The fund's merger arbitrage strategy was the largest positive contributor in the first half of the year as several notable deals closed (e.g. Capital One / Discover). Closed-end fund arbitrage and the long/short equity strategy also made modest positive contributions. The fund's global macro strategies were a net detractor during the period as positive contributions from Flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and fixed income) and Momentum (hurt by equities and currency). Flow strategies take positions based on expected capital flows in markets which are determined through economic theory or statistical observation of market behavior. Momentum is a systematic trend-following strategy that seeks to capture momentum premia in futures markets. Carry strategies seek to capture inefficiencies in the futures curves of different markets and asset classes including commodities, fixed income, and implied volatility. Value premia strategies take positions based on expected future prices in markets as derived from economic and/or non-price data and include strategies applied to commodities, currencies, and fixed income. A market neutral strategy attempts to profit whether the market is going up or down.

#### How did the fund perform over the last 10 years?
Cumulative performance\* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0093916-47_sa101.jpg)

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Multi-Hedge Strategies Fund | -2.10% | -6.97% | 1.25% | 1.46% |
| S&P 500 Index | 6.20% | 15.16% | 16.64% | 13.65% |
| HFRX Global Hedge Fund Index | 2.38% | 4.74% | 3.52% | 2.11% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $26770973 |
| Total Number of Portfolio Holdings | 320 |
| Portfolio Turnover Rate | 75% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the HFRX Global Hedge Fund Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Multi-Hedge Strategies Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Consolidated Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-47_sa102.jpg)

#### 10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 6.30.25

---

| | |
|:---|:---|
| **Top 10** | **% of Net Assets** |
| Guggenheim Strategy Fund III | 9.3% |
| Guggenheim Variable Insurance Strategy Fund III | 8.1% |
| Guggenheim Strategy Fund II | 6.2% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 2.1% |
| Kellanova | 1.7% |
| Everi Holdings, Inc. | 1.7% |
| Hess Corp. | 1.7% |
| Redfin Corp. | 1.5% |
| Dun & Bradstreet Holdings, Inc. | 1.5% |
| Enstar Group Ltd. | 1.4% |
| Top 10 Total | 35.2% |

---

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

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

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

---

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

---

SAR-C000010416-063025

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

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

### U.S. Government Money Market Fund

#### Variable Annuity
Semi-Annual Shareholder Report \| 6.30.25

This semi-annual shareholder report contains important information about the U.S. Government Money Market Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at *GuggenheimInvestments.com/variable-insurance-funds*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

---

| | | |
|:---|:---|:---|
| **Class** | **Costs of a $10,000 Investment**  | **Costs Paid as a % of a $10,000 Investment**  |
| Variable Annuity | $75 | 1.50%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

#### How did the fund perform over the last six months?\*
For the period of January 1, 2025 to June 30, 2025, the fund returned 1.43%.

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

For the first half of 2025, resilient economic data delayed the timing of expected rate cuts and inflation remained slightly above the U.S. Federal Reserve's (the "Fed") target level. At its June 2025 meeting, the Fed noted that economic activity continued to expand at a solid pace, the labor market is solid and inflation remains somewhat elevated. Uncertainty about the economic impacts of tariffs and fiscal policy has resulted in the market pricing in two 25 basis point rate cuts for the remainder of 2025.

#### Average Annual Total Returns\*<sup>,†</sup> as of 6.30.25

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>‡</sup>** | **One Year** | **Five Years** | **Ten Years** |
| U.S. Government Money Market Fund | 1.43% | 3.32% | 1.94% | 1.12% |

---

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

#### Fund Statistics as of 6.30.25

---

| | |
|:---|:---|
| Net Assets | $48760695 |
| Total Number of Portfolio Holdings | 19 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
| <sup>†</sup> | Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. |
| <sup>‡</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| U.S. Government Money Market Fund \| Variable Annuity | Semi-Annual Shareholder Report \| **June 30, 2025** |

---

#### What did the fund invest in?

#### Holdings Diversification (Market Exposure as a % of Net Assets) as of 6.30.25
![Af Image](fp0093916-48_sa121.jpg)

FADN - Federal Agency Discount Note

FAN - Federal Agency Note

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

---

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

---

SAR-C000010379-063025

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

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

**Item 2.** **Code of Ethics.**

Not required at this time.

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

Not required at this time.

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

Not required at this time.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to this registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to this registrant.

**Item 6.** **Investments.**

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

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

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

![](fp0093916-50_i.jpg)<br>

**6.30.2025** 

**Rydex Variable Trust Semi-Annual Financial Report**

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Sector Funds** | &nbsp;&nbsp; **Domestic Equity Funds** |
| &nbsp;&nbsp; **Banking Fund** | &nbsp;&nbsp; **Dow 2x Strategy Fund** |
| &nbsp;&nbsp; **Basic Materials Fund** | &nbsp;&nbsp; **Inverse Dow 2x Strategy Fund** |
| &nbsp;&nbsp; **Biotechnology Fund** | &nbsp;&nbsp; **Mid-Cap 1.5x Strategy Fund** |
| &nbsp;&nbsp; **Consumer Products Fund** | &nbsp;&nbsp; **Inverse Mid-Cap Strategy Fund** |
| &nbsp;&nbsp; **Electronics Fund** | &nbsp;&nbsp; **NASDAQ-100<sup>®</sup>** **Fund** |
| &nbsp;&nbsp; **Energy Fund** | &nbsp;&nbsp; **NASDAQ-100<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp; **Energy Services Fund** | &nbsp;&nbsp; **Inverse NASDAQ-100<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp; **Financial Services Fund** | &nbsp;&nbsp; **Russell 2000<sup>®</sup>** **1.5x Strategy Fund** |
| &nbsp;&nbsp; **Health Care Fund** | &nbsp;&nbsp; **Russell 2000<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp; **Internet Fund** | &nbsp;&nbsp; **Inverse Russell 2000<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp; **Leisure Fund** | &nbsp;&nbsp; **Nova Fund** |
| &nbsp;&nbsp; **Precious Metals Fund** | &nbsp;&nbsp; **S&P 500<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp; **Real Estate Fund** | &nbsp;&nbsp; **Inverse S&P 500<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp; **Retailing Fund** | &nbsp;&nbsp; **S&P 500<sup>®</sup>** **Pure Growth Fund** |
| &nbsp;&nbsp; **Technology Fund** | &nbsp;&nbsp; **S&P 500<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp; **Telecommunications Fund** | &nbsp;&nbsp; **S&P MidCap 400<sup>®</sup>** **Pure Growth Fund** |
| &nbsp;&nbsp; **Transportation Fund** | &nbsp;&nbsp; **S&P MidCap 400<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp; **Utilities Fund** | &nbsp;&nbsp; **S&P SmallCap 600<sup>®</sup>** **Pure Growth Fund** |
|  | &nbsp;&nbsp; **S&P SmallCap 600<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp; **Fixed Income Funds** | &nbsp;&nbsp; **International Equity Funds** |
| &nbsp;&nbsp; **Government Long Bond 1.2x Strategy Fund** | &nbsp;&nbsp; **Europe 1.25x Strategy Fund** |
| &nbsp;&nbsp; **Inverse Government Long Bond Strategy Fund** | &nbsp;&nbsp; **Japan 2x Strategy Fund** |
| &nbsp;&nbsp; **High Yield Strategy Fund** |  |
| &nbsp;&nbsp; **Specialty Funds** | &nbsp;&nbsp; **Alternatives Funds** |
| &nbsp;&nbsp; **Strengthening Dollar 2x Strategy Fund** | &nbsp;&nbsp; **Rydex Commodities Strategy Fund** |
| &nbsp;&nbsp; **Weakening Dollar 2x Strategy Fund** | &nbsp;&nbsp; **Guggenheim Global Managed Futures Strategy Fund** |
|  | &nbsp;&nbsp; **Guggenheim Multi-Hedge Strategies Fund** |
| &nbsp;&nbsp; **Money Market Fund** |  |
| &nbsp;&nbsp; **U.S. Government Money Market Fund** |  |

---

---

| | |
|:---|:---|
| **GuggenheimInvestments.com** | &nbsp;&nbsp; RVT-SEMI-0625X1225 |

---

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 (SEMI-Annual Financial Report) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BANKING FUND  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; BASIC MATERIALS FUND  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; BIOTECHNOLOGY FUND  | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; CONSUMER PRODUCTS FUND  | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; ELECTRONICS FUND  | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENERGY FUND  | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; ENERGY SERVICES FUND  | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL SERVICES FUND  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; HEALTH CARE FUND  | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; INTERNET FUND  | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; LEISURE FUND  | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; PRECIOUS METALS FUND  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; REAL ESTATE FUND  | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; RETAILING FUND  | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; TECHNOLOGY FUND  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; TELECOMMUNICATIONS FUND  | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; TRANSPORTATION FUND  | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; UTILITIES FUND  | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp; DOW 2x STRATEGY FUND  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE DOW 2x STRATEGY FUND  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp; MID-CAP 1.5x STRATEGY FUND  | 106 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE MID-CAP STRATEGY FUND  | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ-100<sup>®</sup> FUND  | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; NASDAQ-100<sup>®</sup> 2x STRATEGY FUND  | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE NASDAQ-100<sup>®</sup> STRATEGY FUND  | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp; RUSSELL 2000<sup>®</sup> 1.5x STRATEGY FUND  | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; RUSSELL 2000<sup>®</sup> 2x STRATEGY FUND  | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE RUSSELL 2000<sup>®</sup> STRATEGY FUND  | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOVA FUND  | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> 2x STRATEGY FUND  | 182 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE S&P 500<sup>®</sup> STRATEGY FUND  | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> PURE GROWTH FUND  | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P 500<sup>®</sup> PURE VALUE FUND  | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P MIDCAP 400<sup>®</sup> PURE GROWTH FUND  | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P MIDCAP 400<sup>®</sup> PURE VALUE FUND  | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P SMALLCAP 600<sup>®</sup> PURE GROWTH FUND  | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; S&P SMALLCAP 600<sup>®</sup> PURE VALUE FUND  | 224 |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 1

**TABLE OF CONTENTS** (concluded)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; GOVERNMENT LONG BOND 1.2x STRATEGY FUND  | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp; INVERSE GOVERNMENT LONG BOND STRATEGY FUND  | 235 |
| &nbsp;&nbsp;&nbsp;&nbsp; HIGH YIELD STRATEGY FUND  | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; EUROPE 1.25x STRATEGY FUND  | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; JAPAN 2x STRATEGY FUND  | 253 |
| &nbsp;&nbsp;&nbsp;&nbsp; STRENGTHENING DOLLAR 2x STRATEGY FUND  | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEAKENING DOLLAR 2x STRATEGY FUND  | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; COMMODITIES STRATEGY FUND  | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLOBAL MANAGED FUTURES STRATEGY FUND  | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; MULTI-HEDGE STRATEGIES FUND  | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. GOVERNMENT MONEY MARKET FUND  | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; NOTES TO FINANCIAL STATEMENTS  | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; OTHER INFORMATION  | 325 |
| Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies  | 327 |
| Item 9: Proxy Disclosures for Open-End Management Investment Companies  | 328 |
| Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies  | 329 |
| Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract  | 330 |

---

2 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **BANKING FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 98.5%** | **COMMON STOCKS<sup>†</sup>** **- 98.5%** | **COMMON STOCKS<sup>†</sup>** **- 98.5%** |
|  **Banks - 90.9%** | **Banks - 90.9%** | **Banks - 90.9%** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 3136 | $266936 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 3318 | 265838 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 913 | 264688 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 5482 | 259408 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 1082 | 201706 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp | 4299 | 194530 |
| &nbsp;&nbsp;&nbsp; NU Holdings Limited/Cayman Islands — Class A\* | 14063 | 192944 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 2049 | 186684 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 4170 | 179268 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 678 | 131525 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 1206 | 128246 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 3005 | 123596 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 945 | 119817 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 6909 | 115795 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 4652 | 109415 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 5999 | 104503 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 2297 | 102791 |
| &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. ADR | 2787 | 93755 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 879 | 88761 |
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. ADR\* | 1132 | 86790 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 1079 | 79253 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | 3667 | 77740 |
| &nbsp;&nbsp;&nbsp; Popular, Inc. | 689 | 75935 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada | 558 | 73405 |
| &nbsp;&nbsp;&nbsp; SouthState Corp. | 779 | 71691 |
| &nbsp;&nbsp;&nbsp; Barclays plc ADR | 3805 | 70735 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 1293 | 70598 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia | 1262 | 69751 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorporation | 873 | 68077 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | 1104 | 65854 |
| &nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 1052 | 65403 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp North America | 1259 | 65392 |
| &nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 503 | 64656 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 595 | 62570 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 1206 | 62410 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | 2864 | 61118 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 553 | 61057 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 833 | 58510 |
| &nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 805 | 57018 |
| &nbsp;&nbsp;&nbsp; Cadence Bank | 1748 | 55901 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 442 | 54799 |
| &nbsp;&nbsp;&nbsp; FNB Corp. | 3674 | 53567 |
| &nbsp;&nbsp;&nbsp; UBS Group AG\* | 1579 | 53402 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. — Class A | 27 | 52825 |
| &nbsp;&nbsp;&nbsp; Bank OZK | 1118 | 52613 |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc ADR<sup>1</sup> | 862 | 52401 |
| &nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 1425 | 51913 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 895 | 51373 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 2190 | 51202 |
| &nbsp;&nbsp;&nbsp; Bank of Montreal | 434 | 48013 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | 5346 | 47740 |
| &nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 1325 | 47673 |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 1915 | 46707 |
| &nbsp;&nbsp;&nbsp; Grupo Financiero Galicia S.A. ADR\* | 925 | 46611 |
| &nbsp;&nbsp;&nbsp; Banco Bradesco S.A. ADR | 15073 | 46576 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 561 | 44543 |
| &nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 2338 | 42178 |
| &nbsp;&nbsp;&nbsp; First Hawaiian, Inc. | 1656 | 41334 |
| &nbsp;&nbsp;&nbsp; Cathay General Bancorp | 892 | 40613 |
| &nbsp;&nbsp;&nbsp; International Bancshares Corp. | 608 | 40468 |
| &nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 2611 | 39870 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc.\* | 683 | 38910 |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. — Class A | 1334 | 38446 |
| &nbsp;&nbsp;&nbsp; CVB Financial Corp. | 1905 | 37700 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | 584 | 36725 |
| &nbsp;&nbsp;&nbsp; Seacoast Banking Corporation of Florida | 1318 | 36403 |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp. — Class A | 1863 | 35322 |
| &nbsp;&nbsp;&nbsp; First Financial Bancorp | 1422 | 34498 |
| &nbsp;&nbsp;&nbsp; Banner Corp. | 368 | 23607 |
| &nbsp;&nbsp;&nbsp; BOK Financial Corp. | 227 | 22162 |
|  **Total Banks** |  | 5864264 |
|  **Diversified Financial Services - 4.0%** | **Diversified Financial Services - 4.0%** | **Diversified Financial Services - 4.0%** |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 1230 | 261695 |
|  **Savings & Loans - 3.6%** | **Savings & Loans - 3.6%** | **Savings & Loans - 3.6%** |
| &nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 630 | 47905 |
| &nbsp;&nbsp;&nbsp; Flagstar Financial, Inc. | 4013 | 42538 |
| &nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 748 | 41140 |
| &nbsp;&nbsp;&nbsp; WaFd, Inc. | 1205 | 35282 |
| &nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 1542 | 32521 |
| &nbsp;&nbsp;&nbsp; Banc of California, Inc. | 2192 | 30797 |
|  **Total Savings & Loans** |  | 230183 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,351,599) |  | 6356142 |
|  **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.0%** |
|  **Banks - 1.0%** | **Banks - 1.0%** | **Banks - 1.0%** |
|  Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. |
| &nbsp;&nbsp;&nbsp; ADR | 9663 | 65612 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $49,421) |  | 65612 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** |
|  J.P. Morgan Securities LLC.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $19592 | 19592 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 8454 | 8454 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 8163 | 8163 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $36,209) |  | 36209 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **BANKING FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.5%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.5%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.5%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 35483 | $35483 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $35,483) |  | 35483 |
|  **Total Investments - 100.6%** | **Total Investments - 100.6%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,472,712) | &nbsp;&nbsp;&nbsp; (Cost $4,472,712) | $6493446 |
|  **Other Assets & Liabilities, net - (0.6)%** | **Other Assets & Liabilities, net - (0.6)%** | (41222) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $6452224 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $6356142 | $— | $— | $6356142 |
|  Preferred Stocks | 65612 |  |  | 65612 |
|  Repurchase Agreements |  | 36209 |  | 36209 |
|  Securities Lending Collateral | 35483 |  |  | 35483 |
|  Total Assets | $6457237 | $36209 | $— | $6493446 |

---

4 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BANKING FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $34,650 of securities loaned (cost $4,436,503) | $6457237 |
|  Repurchase agreements, at value (cost $36,209) | 36209 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 13000 |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 584 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 24 |
| &nbsp;&nbsp;&nbsp; Interest | 4 |
|  **Total assets** | 6507058 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 35483 |
| &nbsp;&nbsp;&nbsp; Management fees | 3974 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 3485 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2034 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1169 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 491 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 44 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 8154 |
|  **Total liabilities** | 54834 |
|  **Net assets** | $6452224 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $5186239 |
|  Total distributable earnings (loss) | 1265985 |
|  Net assets | $6452224 |
|  Capital shares outstanding | 51697 |
|  Net asset value per share | $124.81 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $1,023) | $66355 |
|  Interest | 608 |
|  Income from securities lending, net | 236 |
| &nbsp;&nbsp;&nbsp; Total investment income | 67199 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 18571 |
|  Investor service fees | 5462 |
|  Transfer agent fees | 5749 |
|  Professional fees | 5357 |
|  Portfolio accounting and administration fees | 3386 |
|  Custodian fees | 297 |
|  Trustees' fees\* | 222 |
|  Miscellaneous | 1424 |
| &nbsp;&nbsp;&nbsp; Total expenses | 40468 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1092) |
|  Net expenses | 39376 |
|  Net investment income | 27823 |
|  **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 | (105193) |
|  Net realized loss | (105193) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 604984 |
|  Net change in unrealized appreciation (depreciation) | 604984 |
|  Net realized and unrealized gain | 499791 |
|  **Net increase in net assets resulting from operations** | $527614 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 5

**BANKING FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $27823 | $39311 |
|  Net realized gain (loss) on investments | (105193) | 309218 |
|  Net change in unrealized appreciation (depreciation) on investments | 604984 | (15139) |
|  Net increase in net assets resulting from operations | 527614 | 333390 |
|  Distributions to shareholders |  | (62928) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 4261083 | 4737554 |
|  Distributions reinvested |  | 62928 |
|  Cost of shares redeemed | (1764164) | (5418042) |
|  Net increase (decrease) from capital share transactions | 2496919 | (617560) |
|  Net increase (decrease) in net assets | 3024533 | (347098) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 3427691 | 3774789 |
| &nbsp;&nbsp;&nbsp; End of period | $6452224 | $3427691 |
|  **Capital share activity:** |  |  |
|  Shares sold | 37373 | 43844 |
|  Shares issued from reinvestment of distributions |  | 596 |
|  Shares redeemed | (15145) | (53926) |
|  Net increase (decrease) in shares | 22228 | (9486) |

---

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

**BANKING FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $116.32 | $96.90 | $95.16 | $116.67 | $88.04 | $97.20 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .74 | 1.54 | 1.71 | 1.01 | .82 | 1.18 |
|  Net gain (loss) on investments (realized and unrealized) | 7.75 | 20.59 | .95 | (20.83) | 28.58 | (9.63) |
|  Total from investment operations | 8.49 | 22.13 | 2.66 | (19.82) | 29.40 | (8.45) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (2.71) | (.92) | (1.69) | (.77) | (.71) |
|  Total distributions |  | (2.71) | (.92) | (1.69) | (.77) | (.71) |
|  Net asset value, end of period | $124.81 | $116.32 | $96.90 | $95.16 | $116.67 | $88.04 |
|  **Total Return<sup>c</sup>** | **7.30%** | **23.11%** | **2.97%** | **(17.02** **%)** | **33.49%** | **(8.46** **%)** |
|  **Ratios/Supplemental Data** | **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) | $6452 | $3428 | $3775 | $3650 | $6907 | $4234 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 1.27% | 1.48% | 2.02% | 0.95% | 0.73% | 1.60% |
|  Total expenses | 1.85% | 1.80% | 1.81% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.75% | 1.79% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 36% | 177% | 228% | 375% | 351% | 529% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **BASIC MATERIALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** |
|  **Chemicals - 32.4%** | **Chemicals - 32.4%** | **Chemicals - 32.4%** |
| &nbsp;&nbsp;&nbsp; Linde plc | 532 | $249604 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 431 | 147988 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | 516 | 139031 |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 466 | 131440 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 760 | 86450 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 1247 | 85532 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 965 | 70976 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 2600 | 68848 |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 707 | 65044 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. — Class A | 1108 | 64109 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 560 | 61510 |
| &nbsp;&nbsp;&nbsp; Nutrien Ltd. | 1023 | 59579 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. | 1606 | 58587 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 643 | 48006 |
| &nbsp;&nbsp;&nbsp; Albemarle Corp. | 704 | 44120 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 1429 | 42427 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. — Class A | 742 | 41055 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 1738 | 39366 |
| &nbsp;&nbsp;&nbsp; FMC Corp. | 901 | 37617 |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | 449 | 33675 |
| &nbsp;&nbsp;&nbsp; Avient Corp. | 852 | 27528 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | 356 | 27031 |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 503 | 25291 |
| &nbsp;&nbsp;&nbsp; Olin Corp. | 1254 | 25193 |
| &nbsp;&nbsp;&nbsp; Balchem Corp. | 153 | 24357 |
| &nbsp;&nbsp;&nbsp; Innospec, Inc. | 277 | 23293 |
| &nbsp;&nbsp;&nbsp; Chemours Co. | 1934 | 22144 |
| &nbsp;&nbsp;&nbsp; Huntsman Corp. | 2009 | 20934 |
| &nbsp;&nbsp;&nbsp; Hawkins, Inc. | 123 | 17478 |
|  **Total Chemicals** |  | 1788213 |
|  **Mining - 30.9%** | **Mining - 30.9%** | **Mining - 30.9%** |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 2349 | 136853 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 3123 | 135382 |
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 3752 | 78117 |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 605 | 71953 |
| &nbsp;&nbsp;&nbsp; Teck Resources Ltd. — Class B | 1658 | 66950 |
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 4262 | 66615 |
| &nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 703 | 63129 |
| &nbsp;&nbsp;&nbsp; Rio Tinto plc ADR | 1077 | 62821 |
| &nbsp;&nbsp;&nbsp; BHP Group Ltd. ADR<sup>1</sup> | 1231 | 59199 |
| &nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. | 5519 | 58557 |
| &nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 356 | 58356 |
| &nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 2001 | 56828 |
| &nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 319 | 56731 |
| &nbsp;&nbsp;&nbsp; Alamos Gold, Inc. — Class A | 2090 | 55510 |
| &nbsp;&nbsp;&nbsp; B2Gold Corp. | 15143 | 54666 |
| &nbsp;&nbsp;&nbsp; Anglogold Ashanti plc | 1196 | 54502 |
| &nbsp;&nbsp;&nbsp; First Majestic Silver Corp. | 6564 | 54284 |
| &nbsp;&nbsp;&nbsp; IAMGOLD Corp.\* | 7295 | 53618 |
| &nbsp;&nbsp;&nbsp; Gold Fields Ltd. ADR | 2210 | 52311 |
| &nbsp;&nbsp;&nbsp; Southern Copper Corp. | 511 | 51703 |
| &nbsp;&nbsp;&nbsp; Harmony Gold Mining Company Ltd. ADR | 3685 | 51480 |
| &nbsp;&nbsp;&nbsp; Eldorado Gold Corp.\* | 2486 | 50565 |
| &nbsp;&nbsp;&nbsp; Equinox Gold Corp.\* | 8239 | 47374 |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 1598 | 47157 |
| &nbsp;&nbsp;&nbsp; MP Materials Corp.\*<sup>,1</sup> | 1171 | 38959 |
| &nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 4205 | 37256 |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co. | 5270 | 31567 |
| &nbsp;&nbsp;&nbsp; SSR Mining, Inc.\* | 2108 | 26856 |
| &nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 878 | 15822 |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 94 | 7511 |
|  **Total Mining** |  | 1702632 |
|  **Packaging & Containers - 10.2%** | **Packaging & Containers - 10.2%** | **Packaging & Containers - 10.2%** |
| &nbsp;&nbsp;&nbsp; Amcor plc | 7896 | 72564 |
| &nbsp;&nbsp;&nbsp; Packaging Corporation of America | 362 | 68219 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 1191 | 66803 |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 1535 | 66235 |
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 569 | 58596 |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 345 | 53968 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 1992 | 41972 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 675 | 36572 |
| &nbsp;&nbsp;&nbsp; Sealed Air Corp. | 1137 | 35281 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | 781 | 34020 |
| &nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 1792 | 26414 |
|  **Total Packaging & Containers** |  | 560644 |
|  **Iron & Steel - 10.1%** | **Iron & Steel - 10.1%** | **Iron & Steel - 10.1%** |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 740 | 95860 |
| &nbsp;&nbsp;&nbsp; Vale S.A. ADR | 7531 | 73126 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 544 | 69637 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 236 | 65226 |
| &nbsp;&nbsp;&nbsp; Reliance, Inc. | 195 | 61210 |
| &nbsp;&nbsp;&nbsp; ATI, Inc.\* | 693 | 59834 |
| &nbsp;&nbsp;&nbsp; ArcelorMittal S.A. | 1802 | 56907 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 806 | 39421 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 4413 | 33539 |
|  **Total Iron & Steel** |  | 554760 |
|  **Building Materials - 9.2%** | **Building Materials - 9.2%** | **Building Materials - 9.2%** |
| &nbsp;&nbsp;&nbsp; CRH plc\* | 1424 | 130723 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 373 | 97286 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 175 | 96068 |
| &nbsp;&nbsp;&nbsp; Cemex SAB de CV ADR | 7991 | 55378 |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 213 | 43049 |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 443 | 38094 |
| &nbsp;&nbsp;&nbsp; Knife River Corp.\* | 431 | 35187 |
| &nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc.\* | 1897 | 11230 |
|  **Total Building Materials** |  | 507015 |
|  **Biotechnology - 2.2%** | **Biotechnology - 2.2%** | **Biotechnology - 2.2%** |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 1637 | 122006 |
|  **Forest Products & Paper - 1.5%** | **Forest Products & Paper - 1.5%** | **Forest Products & Paper - 1.5%** |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 1789 | 83779 |
|  **Coal - 1.3%** | **Coal - 1.3%** | **Coal - 1.3%** |
| &nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 445 | 31035 |
| &nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 563 | 25802 |
| &nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 123 | 13835 |
|  **Total Coal** |  | 70672 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **BASIC MATERIALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Household Products & Housewares - 1.2%** | **Household Products & Housewares - 1.2%** | **Household Products & Housewares - 1.2%** |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 352 | $61765 |
|  **Housewares - 0.5%** | **Housewares - 0.5%** | **Housewares - 0.5%** |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. — Class A | 436 | 28758 |
|  **Environmental Control - 0.5%** | **Environmental Control - 0.5%** | **Environmental Control - 0.5%** |
| &nbsp;&nbsp;&nbsp; PureCycle Technologies, Inc.\* | 1935 | 26509 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,647,549) |  | 5506753 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $19223 | 19223 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 8295 | 8295 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 8009 | 8009 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $35,527) |  | 35527 |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.0%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.0%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.0%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 56879 | $56879 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $56,879) |  | 56879 |
|  **Total Investments - 101.6%** | **Total Investments - 101.6%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,739,955) | &nbsp;&nbsp;&nbsp; (Cost $2,739,955) | $5599159 |
|  **Other Assets & Liabilities, net - (1.6)%** | **Other Assets & Liabilities, net - (1.6)%** | (85519) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5513640 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $5506753 | $— | $— | $5506753 |
|  Repurchase Agreements |  | 35527 |  | 35527 |
|  Securities Lending Collateral | 56879 |  |  | 56879 |
|  Total Assets | $5563632 | $35527 | $— | $5599159 |

---

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

**BASIC MATERIALS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $55,217 of securities loaned (cost $2,704,428) | $5563632 |
|  Repurchase agreements, at value (cost $35,527) | 35527 |
|  Cash | 125 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 4150 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 748 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 53 |
| &nbsp;&nbsp;&nbsp; Interest | 4 |
|  **Total assets** | 5604239 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 56879 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 14767 |
| &nbsp;&nbsp;&nbsp; Management fees | 3722 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2572 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1095 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 460 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 60 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 11044 |
|  **Total liabilities** | 90599 |
|  **Net assets** | $5513640 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2374173 |
|  Total distributable earnings (loss) | 3139467 |
|  Net assets | $5513640 |
|  Capital shares outstanding | 51056 |
|  Net asset value per share | $107.99 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $1,202) | $59121 |
|  Interest | 935 |
|  Income from securities lending, net | 311 |
| &nbsp;&nbsp;&nbsp; Total investment income | 60367 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 24850 |
|  Investor service fees | 7309 |
|  Transfer agent fees | 8229 |
|  Professional fees | 5481 |
|  Portfolio accounting and administration fees | 4531 |
|  Custodian fees | 413 |
|  Trustees' fees\* | 388 |
|  Line of credit fees | 55 |
|  Miscellaneous | 2820 |
| &nbsp;&nbsp;&nbsp; Total expenses | 54076 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1462) |
|  Net expenses | 52614 |
|  Net investment income | 7753 |
|  **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 | 375473 |
|  Net realized gain | 375473 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 155881 |
|  Net change in unrealized appreciation (depreciation) | 155881 |
|  Net realized and unrealized gain | 531354 |
|  **Net increase in net assets resulting from operations** | $539107 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BASIC MATERIALS FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $7753 | $19624 |
|  Net realized gain on investments | 375473 | 751953 |
|  Net change in unrealized appreciation (depreciation) on investments | 155881 | (858274) |
|  Net increase (decrease) in net assets resulting from operations | 539107 | (86697) |
|  Distributions to shareholders |  | (64199) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 2065247 | 6002036 |
|  Distributions reinvested |  | 64199 |
|  Cost of shares redeemed | (3128577) | (7074068) |
|  Net decrease from capital share transactions | (1063330) | (1007833) |
|  Net decrease in net assets | (524223) | (1158729) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 6037863 | 7196592 |
| &nbsp;&nbsp;&nbsp; End of period | $5513640 | $6037863 |
|  **Capital share activity:** |  |  |
|  Shares sold | 19602 | 58286 |
|  Shares issued from reinvestment of distributions |  | 612 |
|  Shares redeemed | (30054) | (68251) |
|  Net decrease in shares | (10452) | (9353) |

---

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

**BASIC MATERIALS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $98.16 | $101.56 | $93.20 | $105.96 | $89.05 | $75.99 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .14 | .29 | .49 | .67 | .34 | .22 |
|  Net gain (loss) on investments (realized and unrealized) | 9.69 | (2.75) | 7.87 | (11.01) | 19.78 | 14.43 |
|  Total from investment operations | 9.83 | (2.46) | 8.36 | (10.34) | 20.12 | 14.65 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.94) |  | (.56) | (.59) | (.97) |
|  Net realized gains |  |  |  | (1.86) | (2.62) | (.62) |
|  Total distributions |  | (.94) |  | (2.42) | (3.21) | (1.59) |
|  Net asset value, end of period | $107.99 | $98.16 | $101.56 | $93.20 | $105.96 | $89.05 |
|  **Total Return<sup>c</sup>** | **10.01%** | **(2.47** **%)** | **8.97%** | **(9.65** **%)** | **22.94%** | **19.75%** |
|  **Ratios/Supplemental Data** | **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) | $5514 | $6038 | $7197 | $7995 | $9249 | $8273 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.27% | 0.28% | 0.51% | 0.68% | 0.33% | 0.31% |
|  Total expenses | 1.85% | 1.78% | 1.80% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.73% | 1.79% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 40% | 100% | 141% | 185% | 149% | 194% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **BIOTECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
|  **Biotechnology - 75.9%** | **Biotechnology - 75.9%** | **Biotechnology - 75.9%** |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 1456 | $406530 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 3628 | 402236 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 807 | 359276 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 607 | 318675 |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 4161 | 310119 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 875 | 285329 |
| &nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 1851 | 186285 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc — Class A | 5114 | 184257 |
| &nbsp;&nbsp;&nbsp; BeOne Medicines Ltd. ADR\* | 754 | 182521 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 1426 | 179091 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 1788 | 170593 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 530 | 152295 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 3390 | 149414 |
| &nbsp;&nbsp;&nbsp; Incyte Corp.\* | 2058 | 140150 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 2462 | 135336 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 4845 | 133674 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.\* | 957 | 122668 |
| &nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 2776 | 119868 |
| &nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG\*<sup>,1</sup> | 2362 | 114888 |
| &nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.\* | 2820 | 111418 |
| &nbsp;&nbsp;&nbsp; Argenx SE ADR\* | 202 | 111346 |
| &nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 2124 | 110533 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 2035 | 105861 |
| &nbsp;&nbsp;&nbsp; BioNTech SE ADR\*<sup>,1</sup> | 983 | 104660 |
| &nbsp;&nbsp;&nbsp; Legend Biotech Corp. ADR\* | 2898 | 102850 |
| &nbsp;&nbsp;&nbsp; Revolution Medicines, Inc.\* | 2771 | 101945 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 2642 | 95086 |
| &nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 8021 | 90397 |
| &nbsp;&nbsp;&nbsp; Akero Therapeutics, Inc.\* | 1599 | 85323 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 2511 | 82963 |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 1686 | 82344 |
| &nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 4486 | 81690 |
| &nbsp;&nbsp;&nbsp; SpringWorks Therapeutics, Inc.\* | 1692 | 79507 |
| &nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc.\* | 2570 | 72988 |
| &nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.\* | 1959 | 71229 |
| &nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 682 | 71194 |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 3236 | 69801 |
| &nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc.\* | 2620 | 69430 |
| &nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 2353 | 63602 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 439 | 60345 |
| &nbsp;&nbsp;&nbsp; Nuvalent, Inc. — Class A\* | 779 | 59438 |
| &nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc. — Class A\*<sup>,1</sup> | 11617 | 58782 |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 3701 | 58476 |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\* | 1997 | 57434 |
| &nbsp;&nbsp;&nbsp; Summit Therapeutics, Inc.\*<sup>,1</sup> | 2659 | 56584 |
| &nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc.\* | 3250 | 56257 |
| &nbsp;&nbsp;&nbsp; Ideaya Biosciences, Inc.\* | 2619 | 55051 |
| &nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc.\* | 9593 | 54968 |
| &nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.\* | 3159 | 53735 |
| &nbsp;&nbsp;&nbsp; Denali Therapeutics, Inc.\* | 3717 | 52001 |
| &nbsp;&nbsp;&nbsp; Celldex Therapeutics, Inc.\* | 2487 | 50610 |
| &nbsp;&nbsp;&nbsp; Arcellx, Inc.\* | 768 | 50573 |
| &nbsp;&nbsp;&nbsp; Immunovant, Inc.\* | 2827 | 45232 |
| &nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 4555 | 45186 |
| &nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc.\* | 4717 | 44245 |
| &nbsp;&nbsp;&nbsp; Novavax, Inc.\*<sup>,1</sup> | 6226 | 39224 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 2146 | 36697 |
| &nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc.\* | 3541 | 33710 |
| &nbsp;&nbsp;&nbsp; Geron Corp.\* | 13571 | 19135 |
| &nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc.\*<sup>,1</sup> | 10671 | 18354 |
|  **Total Biotechnology** |  | 6823409 |
|  **Pharmaceuticals - 18.1%** | **Pharmaceuticals - 18.1%** | **Pharmaceuticals - 18.1%** |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 3284 | 609576 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc ADR | 2700 | 188676 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 1195 | 150199 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 15337 | 136959 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc\* | 1173 | 124479 |
| &nbsp;&nbsp;&nbsp; Alkermes plc\* | 3447 | 98619 |
| &nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 2565 | 83388 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 1407 | 77765 |
| &nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 1703 | 56642 |
| &nbsp;&nbsp;&nbsp; Ascendis Pharma A/S ADR\* | 301 | 51953 |
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 167 | 50541 |
|  **Total Pharmaceuticals** |  | 1628797 |
|  **Healthcare-Products - 4.5%** | **Healthcare-Products - 4.5%** | **Healthcare-Products - 4.5%** |
| &nbsp;&nbsp;&nbsp; Natera, Inc.\* | 1220 | 206107 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 2549 | 135454 |
| &nbsp;&nbsp;&nbsp; Twist Bioscience Corp.\* | 1784 | 65633 |
|  **Total Healthcare-Products** |  | 407194 |
|  **Healthcare-Services - 1.1%** | **Healthcare-Services - 1.1%** | **Healthcare-Services - 1.1%** |
| &nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 305 | 95727 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,834,270) |  | 8955127 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $40170 | 40170 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 17333 | 17333 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 16737 | 16737 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $74,240) |  | 74240 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 13

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **BIOTECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.3%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 298290 | $298290 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $298,290) |  | 298290 |
|  **Total Investments - 103.7%** | **Total Investments - 103.7%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,206,800) | &nbsp;&nbsp;&nbsp; (Cost $5,206,800) | $9327657 |
|  **Other Assets & Liabilities, net - (3.7)%** | **Other Assets & Liabilities, net - (3.7)%** | (330982) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $8996675 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $8955127 | $— | $— | $8955127 |
|  Repurchase Agreements |  | 74240 |  | 74240 |
|  Securities Lending Collateral | 298290 |  |  | 298290 |
|  Total Assets | $9253417 | $74240 | $— | $9327657 |

---

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

**BIOTECHNOLOGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $293,918 of securities loaned (cost $5,132,560) | $9253417 |
|  Repurchase agreements, at value (cost $74,240) | 74240 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 475 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 272 |
| &nbsp;&nbsp;&nbsp; Interest | 9 |
|  **Total assets** | 9328413 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 298290 |
| &nbsp;&nbsp;&nbsp; Management fees | 6159 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 4394 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1811 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1342 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 761 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 103 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 18878 |
|  **Total liabilities** | 331738 |
|  **Net assets** | $8996675 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $5091149 |
|  Total distributable earnings (loss) | 3905526 |
|  Net assets | $8996675 |
|  Capital shares outstanding | 122314 |
|  Net asset value per share | $73.55 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $96) | $40536 |
|  Interest | 1687 |
|  Income from securities lending, net | 717 |
| &nbsp;&nbsp;&nbsp; Total investment income | 42940 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 44468 |
|  Investor service fees | 13079 |
|  Transfer agent fees | 14614 |
|  Portfolio accounting and administration fees | 8109 |
|  Professional fees | 7593 |
|  Custodian fees | 734 |
|  Trustees' fees\* | 672 |
|  Miscellaneous | 7414 |
| &nbsp;&nbsp;&nbsp; Total expenses | 96683 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2616) |
|  Net expenses | 94067 |
|  Net investment loss | (51127) |
|  **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 | 870392 |
|  Net realized gain | 870392 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (847725) |
|  Net change in unrealized appreciation (depreciation) | (847725) |
|  Net realized and unrealized gain | 22667 |
|  **Net decrease in net assets resulting from operations** | $(28460) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 15

**BIOTECHNOLOGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(51127) | $(96553) |
|  Net realized gain on investments | 870392 | 1041013 |
|  Net change in unrealized appreciation (depreciation) on investments | (847725) | (1186931) |
|  Net decrease in net assets resulting from operations | (28460) | (242471) |
|  Distributions to shareholders |  | (957725) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 49475452 | 97129737 |
|  Distributions reinvested |  | 957725 |
|  Cost of shares redeemed | (50417688) | (99129808) |
|  Net decrease from capital share transactions | (942236) | (1042346) |
|  Net decrease in net assets | (970696) | (2242542) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 9967371 | 12209913 |
| &nbsp;&nbsp;&nbsp; End of period | $8996675 | $9967371 |
|  **Capital share activity:** |  |  |
|  Shares sold | 638756 | 1203256 |
|  Shares issued from reinvestment of distributions |  | 11803 |
|  Shares redeemed | (649634) | (1229202) |
|  Net decrease in shares | (10878) | (14143) |

---

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

**BIOTECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $74.83 | $82.87 | $79.37 | $99.09 | $107.01 | $94.84 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (.36) | (.67) | (.58) | (.57) | (1.04) | (.91) |
|  Net gain (loss) on investments (realized and unrealized) | (.92)<sup>f</sup> | .09 <sup>e</sup> | 4.90 | (12.71) | 3.01 | 20.68 |
|  Total from investment operations | (1.28) | (.58) | 4.32 | (13.28) | 1.97 | 19.77 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains |  | (7.46) | (.82) | (6.44) | (9.89) | (7.60) |
|  Total distributions |  | (7.46) | (.82) | (6.44) | (9.89) | (7.60) |
|  Net asset value, end of period | $73.55 | $74.83 | $82.87 | $79.37 | $99.09 | $107.01 |
|  **Total Return<sup>c</sup>** | **(1.71** **%)** | **(1.40** **%)** | **5.53%** | **(13.31** **%)** | **1.42%** | **21.31%** |
|  **Ratios/Supplemental Data** | **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) | $8997 | $9967 | $12210 | $16531 | $22626 | $24622 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (0.98 %) | (0.82 %) | (0.75%) | (0.70%) | (0.98%) | (0.94%) |
|  Total expenses | 1.85% | 1.79% | 1.80% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.74% | 1.78% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 528% | 893% | 74% | 116% | 118% | 160% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

<sup>e</sup> The amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 17

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **CONSUMER PRODUCTS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** |
|  **Food - 32.5%** | **Food - 32.5%** | **Food - 32.5%** |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. — Class A | 2696 | $181818 |
| &nbsp;&nbsp;&nbsp; Kroger Co. | 1898 | 136144 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 1565 | 118533 |
| &nbsp;&nbsp;&nbsp; Hershey Co. | 671 | 111353 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | 1960 | 101548 |
| &nbsp;&nbsp;&nbsp; Kellanova | 1162 | 92414 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 3492 | 90163 |
| &nbsp;&nbsp;&nbsp; McCormick & Company, Inc. | 1165 | 88330 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. — Class A | 1563 | 87434 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 1073 | 82632 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 495 | 81497 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 820 | 71725 |
| &nbsp;&nbsp;&nbsp; J M Smucker Co. | 635 | 62357 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 2893 | 59220 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 1898 | 57415 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | 411 | 55740 |
| &nbsp;&nbsp;&nbsp; Albertsons Companies, Inc. — Class A | 2453 | 52764 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 977 | 50657 |
| &nbsp;&nbsp;&nbsp; The Campbell's Co. | 1517 | 46496 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 406 | 44266 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 440 | 43837 |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 2151 | 34373 |
| &nbsp;&nbsp;&nbsp; Simply Good Foods Co.\* | 1032 | 32601 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 590 | 26538 |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 1650 | 20493 |
| &nbsp;&nbsp;&nbsp; Marzetti Co | 109 | 18832 |
|  **Total Food** |  | 1849180 |
|  **Beverages - 25.5%** | **Beverages - 25.5%** | **Beverages - 25.5%** |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 4137 | 292693 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 1839 | 242822 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 3880 | 128273 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 2041 | 127848 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 1088 | 100879 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. — Class A | 565 | 91914 |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp. — Class B | 2581 | 69455 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A. ADR<sup>1</sup> | 943 | 64803 |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\* | 1307 | 60632 |
| &nbsp;&nbsp;&nbsp; Diageo plc ADR | 578 | 58285 |
| &nbsp;&nbsp;&nbsp; Fomento Economico Mexicano SAB de CV ADR | 549 | 56536 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 1168 | 56169 |
| &nbsp;&nbsp;&nbsp; Primo Brands Corp. — Class A | 1839 | 54471 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 427 | 47675 |
|  **Total Beverages** |  | 1452455 |
|  **Cosmetics & Personal Care - 16.6%** | **Cosmetics & Personal Care - 16.6%** | **Cosmetics & Personal Care - 16.6%** |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 2241 | 357036 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 1831 | 166438 |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. | 5762 | 120599 |
| &nbsp;&nbsp;&nbsp; Estee Lauder Companies, Inc. — Class A | 1315 | 106252 |
| &nbsp;&nbsp;&nbsp; Unilever plc ADR | 1059 | 64779 |
| &nbsp;&nbsp;&nbsp; Haleon plc ADR | 5752 | 59648 |
| &nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 394 | 49029 |
| &nbsp;&nbsp;&nbsp; Inter Parfums, Inc. | 132 | 17333 |
|  **Total Cosmetics & Personal Care** |  | 941114 |
|  **Agriculture - 14.5%** | **Agriculture - 14.5%** | **Agriculture - 14.5%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 1724 | 313992 |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 3312 | 194183 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 1911 | 100863 |
| &nbsp;&nbsp;&nbsp; British American Tobacco plc ADR | 1581 | 74829 |
| &nbsp;&nbsp;&nbsp; Bunge Global S.A. | 812 | 65187 |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 1308 | 49625 |
| &nbsp;&nbsp;&nbsp; Vital Farms, Inc.\* | 625 | 24075 |
|  **Total Agriculture** |  | 822754 |
|  **Household Products & Housewares - 6.3%** | **Household Products & Housewares - 6.3%** | **Household Products & Housewares - 6.3%** |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 975 | 125697 |
| &nbsp;&nbsp;&nbsp; Church & Dwight Company, Inc. | 978 | 93995 |
| &nbsp;&nbsp;&nbsp; Clorox Co. | 607 | 72882 |
| &nbsp;&nbsp;&nbsp; WD-40 Co. | 99 | 22581 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 411 | 21783 |
| &nbsp;&nbsp;&nbsp; Reynolds Consumer Products, Inc. | 980 | 20992 |
|  **Total Household Products & Housewares** |  | 357930 |
|  **Retail - 2.0%** | **Retail - 2.0%** | **Retail - 2.0%** |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 159 | 81133 |
| &nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 483 | 32825 |
|  **Total Retail** |  | 113958 |
|  **Internet - 1.0%** | **Internet - 1.0%** | **Internet - 1.0%** |
| &nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 1288 | 58269 |
|  **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** | **Pharmaceuticals - 0.9%** |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 907 | 52542 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,607,410) |  | 5648202 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
|  J.P. Morgan Chase Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $20812 | 20812 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 8980 | 8980 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 8672 | 8672 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $38,464) |  | 38464 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **CONSUMER PRODUCTS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.9%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 49490 | $49490 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $49,490) |  | 49490 |
|  **Total Investments - 100.9%** | **Total Investments - 100.9%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,695,364) | &nbsp;&nbsp;&nbsp; (Cost $2,695,364) | $5736156 |
|  **Other Assets & Liabilities, net - (0.9)%** | **Other Assets & Liabilities, net - (0.9)%** | (49093) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5687063 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $5648202 | $— | $— | $5648202 |
|  Repurchase Agreements |  | 38464 |  | 38464 |
|  Securities Lending Collateral | 49490 |  |  | 49490 |
|  Total Assets | $5697692 | $38464 | $— | $5736156 |

---

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

**CONSUMER PRODUCTS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $48,585 of securities loaned (cost $2,656,900) | $5697692 |
|  Repurchase agreements, at value (cost $38,464) | 38464 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 12953 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 7637 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 14 |
| &nbsp;&nbsp;&nbsp; Interest | 5 |
|  **Total assets** | 5756765 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 49490 |
| &nbsp;&nbsp;&nbsp; Management fees | 3877 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2610 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1140 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1058 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 479 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 60 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 10988 |
|  **Total liabilities** | 69702 |
|  **Net assets** | $5687063 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2198089 |
|  Total distributable earnings (loss) | 3488974 |
|  Net assets | $5687063 |
|  Capital shares outstanding | 78784 |
|  Net asset value per share | $72.19 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $85351 |
|  Interest | 731 |
|  Income from securities lending, net | 86 |
| &nbsp;&nbsp;&nbsp; Total investment income | 86168 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 24386 |
|  Investor service fees | 7172 |
|  Transfer agent fees | 8039 |
|  Professional fees | 5522 |
|  Portfolio accounting and administration fees | 4447 |
|  Custodian fees | 406 |
|  Trustees' fees\* | 378 |
|  Line of credit fees | 5 |
|  Miscellaneous | 2684 |
| &nbsp;&nbsp;&nbsp; Total expenses | 53039 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1435) |
|  Net expenses | 51604 |
|  Net investment income | 34564 |
|  **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 | 278103 |
|  Net realized gain | 278103 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (167648) |
|  Net change in unrealized appreciation (depreciation) | (167648) |
|  Net realized and unrealized gain | 110455 |
|  **Net increase in net assets resulting from operations** | $145019 |

---

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

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

**CONSUMER PRODUCTS FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $34564 | $81209 |
|  Net realized gain on investments | 278103 | 1460699 |
|  Net change in unrealized appreciation (depreciation) on investments | (167648) | (1288294) |
|  Net increase in net assets resulting from operations | 145019 | 253614 |
|  Distributions to shareholders |  | (101574) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 1152125 | 41746626 |
|  Distributions reinvested |  | 101574 |
|  Cost of shares redeemed | (1594844) | (44593098) |
|  Net decrease from capital share transactions | (442719) | (2744898) |
|  Net decrease in net assets | (297700) | (2592858) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 5984763 | 8577621 |
| &nbsp;&nbsp;&nbsp; End of period | $5687063 | $5984763 |
|  **Capital share activity:** |  |  |
|  Shares sold | 15941 | 582865 |
|  Shares issued from reinvestment of distributions |  | 1439 |
|  Shares redeemed | (22310) | (624659) |
|  Net decrease in shares | (6369) | (40355) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 21

**CONSUMER PRODUCTS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $70.28 | $68.34 | $71.96 | $77.68 | $70.88 | $67.43 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .43 | .75 | .65 | .81 | .50 | .51 |
|  Net gain (loss) on investments (realized and unrealized) | 1.48 | 2.27 | (2.99) | (1.66) | 7.00 | 4.44 |
|  Total from investment operations | 1.91 | 3.02 | (2.34) | (.85) | 7.50 | 4.95 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (1.08) | (.93) | (.54) | (.64) | (.59) |
|  Net realized gains |  |  | (.35) | (4.33) | (.06) | (.91) |
|  Total distributions |  | (1.08) | (1.28) | (4.87) | (.70) | (1.50) |
|  Net asset value, end of period | $72.19 | $70.28 | $68.34 | $71.96 | $77.68 | $70.88 |
|  **Total Return<sup>c</sup>** | **2.72%** | **4.42%** | **(3.30** **%)** | **(0.91** **%)** | **10.62%** | **7.58%** |
|  **Ratios/Supplemental Data** | **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) | $5687 | $5985 | $8578 | $12833 | $15675 | $15787 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 1.20% | 1.05% | 0.92% | 1.10% | 0.68% | 0.79% |
|  Total expenses | 1.85% | 1.78% | 1.80% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.73% | 1.79% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 24% | 558% | 126% | 149% | 162% | 155% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **ELECTRONICS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 98.8%** | **COMMON STOCKS<sup>†</sup>** **- 98.8%** | **COMMON STOCKS<sup>†</sup>** **- 98.8%** |
|  **Semiconductors - 91.9%** | **Semiconductors - 91.9%** | **Semiconductors - 91.9%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 13997 | $2211386 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 4682 | 1290593 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 4044 | 573844 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 2351 | 488115 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 2893 | 460739 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 2350 | 430215 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 3431 | 422871 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 4105 | 399581 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 428 | 383377 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 1608 | 382736 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 15148 | 339315 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 3839 | 297139 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 3097 | 217936 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Company Ltd. ADR | 943 | 213580 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 939 | 205162 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 280 | 204786 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V. — Class G | 237 | 189929 |
| &nbsp;&nbsp;&nbsp; ARM Holdings plc ADR\* | 1142 | 184707 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 3056 | 160165 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 1511 | 135869 |
| &nbsp;&nbsp;&nbsp; STMicroelectronics N.V. — Class Y<sup>1</sup> | 4141 | 125928 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. | 1513 | 122023 |
| &nbsp;&nbsp;&nbsp; ASE Technology Holding Company Ltd. ADR | 11629 | 120128 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 1591 | 118561 |
| &nbsp;&nbsp;&nbsp; Astera Labs, Inc.\* | 1305 | 117998 |
| &nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 3360 | 116256 |
| &nbsp;&nbsp;&nbsp; United Microelectronics Corp. ADR<sup>1</sup> | 14808 | 113281 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 772 | 110620 |
| &nbsp;&nbsp;&nbsp; Nova Ltd.\* | 401 | 110355 |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 1174 | 99684 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 1459 | 93405 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. | 925 | 91908 |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 1823 | 89309 |
| &nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 777 | 81006 |
| &nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 772 | 77918 |
| &nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 515 | 75890 |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.\* | 2213 | 75662 |
| &nbsp;&nbsp;&nbsp; Semtech Corp.\* | 1588 | 71682 |
| &nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\* | 1818 | 69448 |
| &nbsp;&nbsp;&nbsp; Ambarella, Inc.\*<sup>,1</sup> | 951 | 62828 |
| &nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 544 | 60422 |
| &nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 1073 | 59981 |
| &nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 1655 | 56949 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 851 | 55162 |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 2619 | 54973 |
| &nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 1037 | 54847 |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 749 | 52198 |
| &nbsp;&nbsp;&nbsp; SiTime Corp.\* | 238 | 50713 |
| &nbsp;&nbsp;&nbsp; ACM Research, Inc. — Class A\* | 1606 | 41595 |
| &nbsp;&nbsp;&nbsp; MaxLinear, Inc. — Class A\* | 2764 | 39276 |
| &nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 1807 | 36718 |
| &nbsp;&nbsp;&nbsp; Penguin Solutions, Inc.\* | 1747 | 34608 |
| &nbsp;&nbsp;&nbsp; Wolfspeed, Inc.\*<sup>,1</sup> | 7717 | 3078 |
|  **Total Semiconductors** |  | 11736455 |
|  **Energy-Alternate Sources - 3.5%** | **Energy-Alternate Sources - 3.5%** | **Energy-Alternate Sources - 3.5%** |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 865 | 143192 |
| &nbsp;&nbsp;&nbsp; Canadian Solar, Inc.\*<sup>,1</sup> | 10591 | 116925 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc.\*<sup>,1</sup> | 5682 | 115913 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 1883 | 74661 |
|  **Total Energy-Alternate Sources** |  | 450691 |
|  **Telecommunications - 1.1%** | **Telecommunications - 1.1%** | **Telecommunications - 1.1%** |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 1499 | 138792 |
|  **Electronics - 1.1%** | **Electronics - 1.1%** | **Electronics - 1.1%** |
| &nbsp;&nbsp;&nbsp; Camtek Ltd.\*<sup>,1</sup> | 1575 | 133182 |
|  **Electrical Components & Equipment - 0.7%** | **Electrical Components & Equipment - 0.7%** | **Electrical Components & Equipment - 0.7%** |
| &nbsp;&nbsp;&nbsp; Universal Display Corp. | 579 | 89432 |
|  **Computers - 0.5%** | **Computers - 0.5%** | **Computers - 0.5%** |
| &nbsp;&nbsp;&nbsp; Rigetti Computing, Inc.\*<sup>,1</sup> | 5502 | 65254 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,715,592) |  | 12613806 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $55775 | 55775 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 24067 | 24067 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 23240 | 23240 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $103,082) |  | 103082 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.1%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.1%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.1%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 529680 | 529680 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $529,680) |  | 529680 |
|  **Total Investments - 103.7%** | **Total Investments - 103.7%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,348,354) | &nbsp;&nbsp;&nbsp; (Cost $4,348,354) | $13246568 |
|  **Other Assets & Liabilities, net - (3.7)%** | **Other Assets & Liabilities, net - (3.7)%** | (469932) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $12776636 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 23

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **ELECTRONICS FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $12613806 | $— | $— | $12613806 |
|  Repurchase Agreements |  | 103082 |  | 103082 |
|  Securities Lending Collateral | 529680 |  |  | 529680 |
|  Total Assets | $13143486 | $103082 | $— | $13246568 |

---

24 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ELECTRONICS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $515,346 of securities loaned (cost $4,245,272) | $13143486 |
|  Repurchase agreements, at value (cost $103,082) | 103082 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 104839 |
| &nbsp;&nbsp;&nbsp; Dividends | 9343 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 3518 |
| &nbsp;&nbsp;&nbsp; Interest | 13 |
|  **Total assets** | 13364281 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 529680 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 8006 |
| &nbsp;&nbsp;&nbsp; Management fees | 7934 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2333 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 980 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 308 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 209 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 38195 |
|  **Total liabilities** | 587645 |
|  **Net assets** | $12776636 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2793078 |
|  Total distributable earnings (loss) | 9983558 |
|  Net assets | $12776636 |
|  Capital shares outstanding | 49679 |
|  Net asset value per share | $257.18 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $678) | $74498 |
|  Interest | 3415 |
|  Income from securities lending, net | 10622 |
| &nbsp;&nbsp;&nbsp; Total investment income | 88535 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 82410 |
|  Investor service fees | 24238 |
|  Transfer agent fees | 29882 |
|  Portfolio accounting and administration fees | 15027 |
|  Professional fees | 12718 |
|  Printing expenses | 9158 |
|  Trustees' fees\* | 1753 |
|  Custodian fees | 1433 |
|  Line of credit fees | 36 |
|  Miscellaneous | 2102 |
| &nbsp;&nbsp;&nbsp; Total expenses | 178757 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (4848) |
|  Net expenses | 173909 |
|  Net investment loss | (85374) |
|  **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 | 2042346 |
|  Net realized gain | 2042346 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (5269560) |
|  Net change in unrealized appreciation (depreciation) | (5269560) |
|  Net realized and unrealized loss | (3227214) |
|  **Net decrease in net assets resulting from operations** | $(3312588) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 25

**ELECTRONICS FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(85374) | $(300801) |
|  Net realized gain on investments | 2042346 | 6547055 |
|  Net change in unrealized appreciation (depreciation) on investments | (5269560) | (398798) |
|  Net increase (decrease) in net assets resulting from operations | (3312588) | 5847456 |
|  Distributions to shareholders |  | (459070) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 2866540 | 14157280 |
|  Distributions reinvested |  | 459070 |
|  Cost of shares redeemed | (15684038) | (26449667) |
|  Net decrease from capital share transactions | (12817498) | (11833317) |
|  Net decrease in net assets | (16130086) | (6444931) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 28906722 | 35351653 |
| &nbsp;&nbsp;&nbsp; End of period | $12776636 | $28906722 |
|  **Capital share activity:** |  |  |
|  Shares sold | 12148 | 59399 |
|  Shares issued from reinvestment of distributions |  | 1776 |
|  Shares redeemed | (85811) | (110795) |
|  Net decrease in shares | (73663) | (49620) |

---

26 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ELECTRONICS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $234.36 | $204.39 | $135.09 | $210.77 | $162.39 | $105.84 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (.98) | (2.01) | (1.04) | (.99) | (1.50) | (.73) |
|  Net gain (loss) on investments (realized and unrealized) | 23.80 <sup>e</sup> | 35.29 | 74.72 | (67.42) | 60.92 | 59.27 |
|  Total from investment operations | 22.82 | 33.28 | 73.68 | (68.41) | 59.42 | 58.54 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains |  | (3.31) | (4.38) | (7.27) | (11.04) | (1.99) |
|  Total distributions |  | (3.31) | (4.38) | (7.27) | (11.04) | (1.99) |
|  Net asset value, end of period | $257.18 | $234.36 | $204.39 | $135.09 | $210.77 | $162.39 |
|  **Total Return<sup>c</sup>** | **9.74%** | **16.13%** | **54.75%** | **(32.70** **%)** | **38.25%** | **55.96%** |
|  **Ratios/Supplemental Data** | **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) | $12777 | $28907 | $35352 | $10807 | $16564 | $12151 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (0.88 %) | (0.85%) | (0.60%) | (0.62%) | (0.82%) | (0.62%) |
|  Total expenses | 1.84% | 1.78% | 1.81% | 1.77% | 1.70% | 1.82% |
|  Net expenses<sup>d</sup> | 1.79% | 1.73% | 1.78% | 1.77% | 1.70% | 1.82% |
|  Portfolio turnover rate | 17% | 52% | 70% | 115% | 197% | 158% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 27

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **ENERGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
|  **Oil & Gas - 62.1%** | **Oil & Gas - 62.1%** | **Oil & Gas - 62.1%** |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 6535 | $704473 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 3507 | 502167 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 3807 | 341640 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 2221 | 265654 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 1425 | 236707 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 1905 | 227266 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 1607 | 216013 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | 1480 | 205039 |
| &nbsp;&nbsp;&nbsp; Equities Corp. | 3431 | 200096 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 4199 | 176400 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 1482 | 173305 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 1178 | 161857 |
| &nbsp;&nbsp;&nbsp; BP plc ADR | 5237 | 156743 |
| &nbsp;&nbsp;&nbsp; Shell plc ADR | 2072 | 145889 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 4531 | 144131 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. — Class A | 5557 | 141037 |
| &nbsp;&nbsp;&nbsp; Canadian Natural Resources Ltd. | 4167 | 130844 |
| &nbsp;&nbsp;&nbsp; Petroleo Brasileiro S.A. ADR | 10167 | 127189 |
| &nbsp;&nbsp;&nbsp; Suncor Energy, Inc. | 3184 | 119241 |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 2827 | 113872 |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc. | 2775 | 105811 |
| &nbsp;&nbsp;&nbsp; Cenovus Energy, Inc. | 7719 | 104978 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. | 2534 | 103058 |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. | 7433 | 101237 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 2635 | 100262 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 2136 | 87747 |
| &nbsp;&nbsp;&nbsp; Equinor ASA ADR<sup>1</sup> | 3421 | 86004 |
| &nbsp;&nbsp;&nbsp; APA Corp. | 4430 | 81025 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | 1602 | 76447 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | 780 | 75543 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 2170 | 73086 |
| &nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 63 | 66553 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. — Class A | 2954 | 66406 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. | 1377 | 62888 |
| &nbsp;&nbsp;&nbsp; Weatherford International plc | 1217 | 61227 |
| &nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 22427 | 58086 |
| &nbsp;&nbsp;&nbsp; Noble Corporation plc | 2174 | 57720 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 2448 | 55080 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | 2142 | 52929 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 1846 | 52334 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.\* | 1821 | 50387 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 1811 | 49839 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 1177 | 49563 |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 8085 | 47944 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc. — Class A | 2100 | 45507 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Co. — Class A | 4624 | 39766 |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 2293 | 34762 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc.\*<sup>,1</sup> | 1287 | 20708 |
|  **Total Oil & Gas** |  | 6356460 |
|  **Pipelines - 18.3%** | **Pipelines - 18.3%** | **Pipelines - 18.3%** |
| &nbsp;&nbsp;&nbsp; Williams Companies, Inc. | 4724 | 296714 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 8797 | 258632 |
| &nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 999 | 243276 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 2876 | 234768 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 1185 | 206285 |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. | 2996 | 135779 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 1031 | 113317 |
| &nbsp;&nbsp;&nbsp; Golar LNG Ltd. | 2468 | 101657 |
| &nbsp;&nbsp;&nbsp; TC Energy Corp. | 2078 | 101385 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 4494 | 85161 |
| &nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. | 1964 | 73670 |
| &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc.\*<sup>,1</sup> | 7652 | 25405 |
|  **Total Pipelines** |  | 1876049 |
|  **Oil & Gas Services - 8.6%** | **Oil & Gas Services - 8.6%** | **Oil & Gas Services - 8.6%** |
| &nbsp;&nbsp;&nbsp; Schlumberger N.V. | 6500 | 219700 |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 5331 | 204390 |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 6255 | 127477 |
| &nbsp;&nbsp;&nbsp; TechnipFMC plc | 3022 | 104078 |
| &nbsp;&nbsp;&nbsp; ChampionX Corp. | 2809 | 69776 |
| &nbsp;&nbsp;&nbsp; NOV, Inc. | 5494 | 68290 |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 984 | 45392 |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. — Class A | 3647 | 41868 |
|  **Total Oil & Gas Services** |  | 880971 |
|  **Energy-Alternate Sources - 3.8%** | **Energy-Alternate Sources - 3.8%** | **Energy-Alternate Sources - 3.8%** |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 819 | 135577 |
| &nbsp;&nbsp;&nbsp; SolarEdge Technologies, Inc.\*<sup>,1</sup> | 4111 | 83864 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 1784 | 70736 |
| &nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 5307 | 43411 |
| &nbsp;&nbsp;&nbsp; Plug Power, Inc.\*<sup>,1</sup> | 18802 | 28015 |
| &nbsp;&nbsp;&nbsp; Green Plains, Inc.\* | 3815 | 23005 |
|  **Total Energy-Alternate Sources** |  | 384608 |
|  **Mining - 2.4%** | **Mining - 2.4%** | **Mining - 2.4%** |
| &nbsp;&nbsp;&nbsp; Cameco Corp. | 1842 | 136731 |
| &nbsp;&nbsp;&nbsp; Uranium Energy Corp.\* | 8709 | 59221 |
| &nbsp;&nbsp;&nbsp; Centrus Energy Corp. — Class A\* | 243 | 44513 |
|  **Total Mining** |  | 240465 |
|  **Transportation - 1.2%** | **Transportation - 1.2%** | **Transportation - 1.2%** |
| &nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 1669 | 65308 |
| &nbsp;&nbsp;&nbsp; Frontline plc<sup>1</sup> | 3950 | 64819 |
|  **Total Transportation** |  | 130127 |
|  **Coal - 1.0%** | **Coal - 1.0%** | **Coal - 1.0%** |
| &nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 871 | 60744 |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 3141 | 42152 |
|  **Total Coal** |  | 102896 |
|  **Metal Fabricate & Hardware - 0.8%** | **Metal Fabricate & Hardware - 0.8%** | **Metal Fabricate & Hardware - 0.8%** |
| &nbsp;&nbsp;&nbsp; Tenaris S.A. ADR | 2176 | 81382 |
|  **Retail - 0.7%** | **Retail - 0.7%** | **Retail - 0.7%** |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 177 | 72004 |
|  **Machinery-Diversified - 0.6%** | **Machinery-Diversified - 0.6%** | **Machinery-Diversified - 0.6%** |
| &nbsp;&nbsp;&nbsp; Cactus, Inc. — Class A | 1373 | 60028 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,341,857) |  | 10184990 |

---

28 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **ENERGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $20848 | $20848 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 8996 | 8996 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 8687 | 8687 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $38,531) |  | 38531 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.2%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.2%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 2.2%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 227949 | 227949 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $227,949) |  | 227949 |
|  **Total Investments - 102.1%** | **Total Investments - 102.1%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,608,337) | &nbsp;&nbsp;&nbsp; (Cost $5,608,337) | $10451470 |
|  **Other Assets & Liabilities, net - (2.1)%** | **Other Assets & Liabilities, net - (2.1)%** | (211479) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $10239991 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $10184990 | $— | $— | $10184990 |
|  Repurchase Agreements |  | 38531 |  | 38531 |
|  Securities Lending Collateral | 227949 |  |  | 227949 |
|  Total Assets | $10412939 | $38531 | $— | $10451470 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 29

**ENERGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $229,387 of securities loaned (cost $5,569,806) | $10412939 |
|  Repurchase agreements, at value (cost $38,531) | 38531 |
|  Cash | 1927 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 61493 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 12648 |
| &nbsp;&nbsp;&nbsp; Dividends | 9271 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 363 |
| &nbsp;&nbsp;&nbsp; Interest | 5 |
|  **Total assets** | 10537177 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 227949 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 36000 |
| &nbsp;&nbsp;&nbsp; Management fees | 6833 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 4537 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2010 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 844 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 103 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 18910 |
|  **Total liabilities** | 297186 |
|  **Net assets** | $10239991 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $7728226 |
|  Total distributable earnings (loss) | 2511765 |
|  Net assets | $10239991 |
|  Capital shares outstanding | 43363 |
|  Net asset value per share | $236.15 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $2,508) | $147895 |
|  Interest | 1521 |
|  Income from securities lending, net | 1378 |
| &nbsp;&nbsp;&nbsp; Total investment income | 150794 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 43159 |
|  Investor service fees | 12694 |
|  Transfer agent fees | 14234 |
|  Professional fees | 10515 |
|  Portfolio accounting and administration fees | 7870 |
|  Custodian fees | 721 |
|  Trustees' fees\* | 674 |
|  Line of credit fees | 7 |
|  Miscellaneous | 3957 |
| &nbsp;&nbsp;&nbsp; Total expenses | 93831 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2539) |
|  Net expenses | 91292 |
|  Net investment income | 59502 |
|  **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 | (186549) |
|  Net realized loss | (186549) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (996915) |
|  Net change in unrealized appreciation (depreciation) | (996915) |
|  Net realized and unrealized loss | (1183464) |
|  **Net decrease in net assets resulting from operations** | $(1123962) |

---

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

30 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $59502 | $189213 |
|  Net realized gain (loss) on investments | (186549) | 2155145 |
|  Net change in unrealized appreciation (depreciation) on investments | (996915) | (1945872) |
|  Net increase (decrease) in net assets resulting from operations | (1123962) | 398486 |
|  Distributions to shareholders |  | (356907) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 42208525 | 169034724 |
|  Distributions reinvested |  | 356907 |
|  Cost of shares redeemed | (40671332) | (176181571) |
|  Net increase (decrease) from capital share transactions | 1537193 | (6789940) |
|  Net increase (decrease) in net assets | 413231 | (6748361) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 9826760 | 16575121 |
| &nbsp;&nbsp;&nbsp; End of period | $10239991 | $9826760 |
|  **Capital share activity:** |  |  |
|  Shares sold | 169060 | 650246 |
|  Shares issued from reinvestment of distributions |  | 1369 |
|  Shares redeemed | (166641) | (678172) |
|  Net increase (decrease) in shares | 2419 | (26557) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 31

**ENERGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020<sup>f</sup>** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $240.00 | $245.55 | $251.65 | $171.83 | $114.99 | $176.90 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 1.38 | 3.13 | 4.00 | 5.48 | 2.42 | .96 |
|  Net gain (loss) on investments (realized and unrealized) | (5.23) | (2.47)<sup>e</sup> | (.13) | 77.00 | 55.43 | (62.41) |
|  Total from investment operations | (3.85) | .66 | 3.87 | 82.48 | 57.85 | (61.45) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (6.21) | (9.97) | (2.66) | (1.01) | (.46) |
|  Total distributions |  | (6.21) | (9.97) | (2.66) | (1.01) | (.46) |
|  Net asset value, end of period | $236.15 | $240.00 | $245.55 | $251.65 | $171.83 | $114.99 |
|  **Total Return<sup>c</sup>** | **(1.60** **%)** | **0.07%** | **1.61%** | **48.29%** | **50.46%** | **(34.17** **%)** |
|  **Ratios/Supplemental Data** | **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) | $10240 | $9827 | $16575 | $23477 | $16714 | $6189 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 1.17% | 1.23% | 1.63% | 2.38% | 1.51% | 2.04% |
|  Total expenses | 1.85% | 1.78% | 1.81% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.73% | 1.79% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 415% | 1179% | 229% | 307% | 316% | 317% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>f</sup> Reverse share split — Per share amounts for the years presented through December 31, 2020 have been restated to reflect a 1:3 reverse share split effective August 24, 2020.

32 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **ENERGY SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** |
|  **Oil & Gas Services - 72.5%** | **Oil & Gas Services - 72.5%** | **Oil & Gas Services - 72.5%** |
| &nbsp;&nbsp;&nbsp; Schlumberger N.V. | 11122 | $375924 |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 9121 | 349699 |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 10702 | 218107 |
| &nbsp;&nbsp;&nbsp; TechnipFMC plc | 3512 | 120953 |
| &nbsp;&nbsp;&nbsp; ChampionX Corp. | 4807 | 119406 |
| &nbsp;&nbsp;&nbsp; Archrock, Inc. | 4747 | 117868 |
| &nbsp;&nbsp;&nbsp; NOV, Inc. | 9400 | 116842 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 3828 | 79316 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 2307 | 79061 |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 1683 | 77637 |
| &nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. — Class A | 2731 | 77260 |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. — Class A | 6240 | 71635 |
| &nbsp;&nbsp;&nbsp; Aris Water Solutions, Inc. — Class A | 2640 | 62436 |
| &nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc.<sup>1</sup> | 3977 | 53173 |
| &nbsp;&nbsp;&nbsp; Expro Group Holdings N.V.\* | 5900 | 50681 |
| &nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. — Class A | 5849 | 50535 |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 8039 | 50163 |
| &nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 6689 | 39933 |
| &nbsp;&nbsp;&nbsp; RPC, Inc. | 8157 | 38583 |
| &nbsp;&nbsp;&nbsp; ProFrac Holding Corp. — Class A\*<sup>,1</sup> | 2176 | 16886 |
|  **Total Oil & Gas Services** |  | 2166098 |
|  **Oil & Gas - 20.5%** | **Oil & Gas - 20.5%** | **Oil & Gas - 20.5%** |
| &nbsp;&nbsp;&nbsp; Weatherford International plc | 2084 | 104846 |
| &nbsp;&nbsp;&nbsp; Noble Corporation plc | 3721 | 98792 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 2015 | 84852 |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 13834 | 82036 |
| &nbsp;&nbsp;&nbsp; Seadrill Ltd.\* | 2537 | 66596 |
| &nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 24859 | 64385 |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 3925 | 59503 |
| &nbsp;&nbsp;&nbsp; Borr Drilling Ltd.\* | 19009 | 34786 |
| &nbsp;&nbsp;&nbsp; Nabors Industries Ltd.\* | 656 | 18381 |
|  **Total Oil & Gas** |  | 614177 |
|  **Machinery-Diversified - 3.4%** | **Machinery-Diversified - 3.4%** | **Machinery-Diversified - 3.4%** |
| &nbsp;&nbsp;&nbsp; Cactus, Inc. — Class A | 2349 | 102698 |
|  **Metal Fabricate & Hardware - 3.3%** | **Metal Fabricate & Hardware - 3.3%** | **Metal Fabricate & Hardware - 3.3%** |
| &nbsp;&nbsp;&nbsp; Tenaris S.A. ADR | 2591 | 96904 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,891,846) |  | 2979877 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $12071 | 12071 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 5209 | 5209 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 5030 | 5030 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $22,310) |  | 22310 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.7%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 49980 | 49980 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $49,980) |  | 49980 |
|  **Total Investments - 102.1%** | **Total Investments - 102.1%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,964,136) | &nbsp;&nbsp;&nbsp; (Cost $1,964,136) | $3052167 |
|  **Other Assets & Liabilities, net - (2.1)%** | **Other Assets & Liabilities, net - (2.1)%** | (62343) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2989824 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 33

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **ENERGY SERVICES FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $2979877 | $— | $— | $2979877 |
|  Repurchase Agreements |  | 22310 |  | 22310 |
|  Securities Lending Collateral | 49980 |  |  | 49980 |
|  Total Assets | $3029857 | $22310 | $— | $3052167 |

---

34 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY SERVICES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $48,508 of securities loaned (cost $1,941,826) | $3029857 |
|  Repurchase agreements, at value (cost $22,310) | 22310 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 10422 |
| &nbsp;&nbsp;&nbsp; Dividends | 2693 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 150 |
| &nbsp;&nbsp;&nbsp; Interest | 3 |
|  **Total assets** | 3065435 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 49980 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 14204 |
| &nbsp;&nbsp;&nbsp; Management fees | 2001 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1554 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 588 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 247 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 38 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 6999 |
|  **Total liabilities** | 75611 |
|  **Net assets** | $2989824 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $12501338 |
|  Total distributable earnings (loss) | (9511514) |
|  Net assets | $2989824 |
|  Capital shares outstanding | 12116 |
|  Net asset value per share | $246.77 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $8) | $37337 |
|  Interest | 934 |
|  Income from securities lending, net | 310 |
| &nbsp;&nbsp;&nbsp; Total investment income | 38581 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 17828 |
|  Transfer agent fees | 5871 |
|  Investor service fees | 5243 |
|  Professional fees | 3745 |
|  Portfolio accounting and administration fees | 3251 |
|  Custodian fees | 295 |
|  Trustees' fees\* | 269 |
|  Line of credit fees | 47 |
|  Miscellaneous | 2239 |
| &nbsp;&nbsp;&nbsp; Total expenses | 38788 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1049) |
|  Net expenses | 37739 |
|  Net investment income | 842 |
|  **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 | (273011) |
|  Net realized loss | (273011) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (820876) |
|  Net change in unrealized appreciation (depreciation) | (820876) |
|  Net realized and unrealized loss | (1093887) |
|  **Net decrease in net assets resulting from operations** | $(1093045) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 35

**ENERGY SERVICES FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $842 | $1990 |
|  Net realized gain (loss) on investments | (273011) | 945153 |
|  Net change in unrealized appreciation (depreciation) on investments | (820876) | (1283912) |
|  Net decrease in net assets resulting from operations | (1093045) | (336769) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 64528336 | 14405185 |
|  Cost of shares redeemed | (64616526) | (15646899) |
|  Net decrease from capital share transactions | (88190) | (1241714) |
|  Net decrease in net assets | (1181235) | (1578483) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 4171059 | 5749542 |
| &nbsp;&nbsp;&nbsp; End of period | $2989824 | $4171059 |
|  **Capital share activity:** |  |  |
|  Shares sold | 209890 | 43723 |
|  Shares redeemed | (211549) | (47435) |
|  Net decrease in shares | (1659) | (3712) |

---

36 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020<sup>e</sup>** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $302.80 | $328.79 | $314.84 | $220.84 | $188.21 | $302.92 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .06 | .12 | (1.88) | (2.27) | .37 | .11 |
|  Net gain (loss) on investments (realized and unrealized) | (56.09) | (26.11) | 15.83 | 96.27 | 32.56 | (114.69) |
|  Total from investment operations | (56.03) | (25.99) | 13.95 | 94.00 | 32.93 | (114.58) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  |  |  |  | (.30) | (.13) |
|  Total distributions |  |  |  |  | (.30) | (.13) |
|  Net asset value, end of period | $246.77 | $302.80 | $328.79 | $314.84 | $220.84 | $188.21 |
|  **Total Return<sup>c</sup>** | **(18.50** **%)** | **(7.90** **%)** | **4.43%** | **42.56%** | **17.50%** | **(37.33** **%)** |
|  **Ratios/Supplemental Data** | **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) | $2990 | $4171 | $5750 | $17546 | $8693 | $3825 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.04% | 0.04% | (0.58%) | (0.80%) | 0.16% | 0.44% |
|  Total expenses | 1.85% | 1.78% | 1.80% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.73% | 1.78% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 1273% | 252% | 290% | 337% | 301% | 817% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

<sup>e</sup> Reverse share split — Per share amounts for the years presented through December 31, 2020 have been restated to reflect a 1:10 reverse share split effective August 24, 2020.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 37

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 98.9%** | **COMMON STOCKS<sup>†</sup>** **- 98.9%** | **COMMON STOCKS<sup>†</sup>** **- 98.9%** |
|  **Banks - 25.6%** | **Banks - 25.6%** | **Banks - 25.6%** |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 1122 | $325279 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 4350 | 205842 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 2343 | 187721 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 249 | 176230 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 1062 | 149593 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 1707 | 145300 |
| &nbsp;&nbsp;&nbsp; NU Holdings Limited/Cayman Islands — Class A\* | 7270 | 99744 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 520 | 96938 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp | 2067 | 93532 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 986 | 89834 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 2004 | 86152 |
| &nbsp;&nbsp;&nbsp; ICICI Bank Ltd. ADR | 2067 | 69534 |
| &nbsp;&nbsp;&nbsp; HDFC Bank Ltd. ADR | 885 | 67853 |
| &nbsp;&nbsp;&nbsp; Toronto-Dominion Bank | 918 | 67427 |
| &nbsp;&nbsp;&nbsp; Popular, Inc. | 608 | 67008 |
| &nbsp;&nbsp;&nbsp; Royal Bank of Canada | 497 | 65380 |
| &nbsp;&nbsp;&nbsp; Bank of Nova Scotia | 1162 | 64224 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 326 | 63241 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 580 | 61677 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 1445 | 59433 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 454 | 57563 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 3322 | 55677 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 2237 | 52614 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 2884 | 50239 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 1105 | 49449 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 422 | 42613 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | 1763 | 37376 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorporation | 420 | 32751 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | 531 | 31674 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp North America | 606 | 31476 |
| &nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 505 | 31396 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 286 | 30076 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | 1377 | 29385 |
| &nbsp;&nbsp;&nbsp; Bank OZK | 537 | 25271 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 1053 | 24619 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | 2571 | 22959 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 192 | 21199 |
| &nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc. — Class A | 10 | 19565 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 153 | 18969 |
|  **Total Banks** |  | 2906813 |
|  **Diversified Financial Services - 24.1%** | **Diversified Financial Services - 24.1%** | **Diversified Financial Services - 24.1%** |
| &nbsp;&nbsp;&nbsp; Visa, Inc. — Class A | 807 | 286525 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc. — Class A | 413 | 232081 |
| &nbsp;&nbsp;&nbsp; American Express Co. | 455 | 145136 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 1560 | 142334 |
| &nbsp;&nbsp;&nbsp; Blackrock, Inc. | 132 | 138501 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 624 | 132762 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. — Class A\* | 356 | 124774 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 621 | 113935 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. — Class A | 403 | 111075 |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. — Class A | 1978 | 109601 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 596 | 84555 |
| &nbsp;&nbsp;&nbsp; Ares Management Corp. — Class A | 473 | 81924 |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 148 | 78992 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 824 | 73682 |
| &nbsp;&nbsp;&nbsp; XP, Inc. — Class A | 3574 | 72195 |
| &nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc. — Class A | 433 | 63391 |
| &nbsp;&nbsp;&nbsp; Blue Owl Capital, Inc. | 3120 | 59935 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 385 | 59048 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 867 | 57864 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 236 | 55038 |
| &nbsp;&nbsp;&nbsp; SoFi Technologies, Inc.\* | 2908 | 52955 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 528 | 50952 |
| &nbsp;&nbsp;&nbsp; LPL Financial Holdings, Inc. | 135 | 50621 |
| &nbsp;&nbsp;&nbsp; TPG, Inc. | 889 | 46628 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 961 | 37431 |
| &nbsp;&nbsp;&nbsp; SEI Investments Co. | 405 | 36393 |
| &nbsp;&nbsp;&nbsp; Mr Cooper Group, Inc.\* | 215 | 32080 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 580 | 31720 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 1295 | 30886 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 1907 | 30073 |
| &nbsp;&nbsp;&nbsp; Virtu Financial, Inc. — Class A | 651 | 29158 |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 873 | 28626 |
| &nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.\* | 427 | 27618 |
| &nbsp;&nbsp;&nbsp; Hamilton Lane, Inc. — Class A | 182 | 25866 |
|  **Total Diversified Financial Services** |  | 2734355 |
|  **REIT** **s** **- 17.7%** | **REIT** **s** **- 17.7%** | **REIT** **s** **- 17.7%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. — Class A | 513 | 113383 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 723 | 111147 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 1034 | 108694 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 115 | 91479 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 483 | 84201 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | 1379 | 79444 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 491 | 78933 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 729 | 74890 |
| &nbsp;&nbsp;&nbsp; Public Storage | 255 | 74822 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 1991 | 64907 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 413 | 60893 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 588 | 60311 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 929 | 58666 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 287 | 58404 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 240 | 56362 |
| &nbsp;&nbsp;&nbsp; Equity Residential | 799 | 53925 |
| &nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 1431 | 46937 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 1801 | 46268 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 307 | 45439 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 350 | 44272 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 1958 | 41157 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | 565 | 40245 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | 980 | 40013 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 535 | 38857 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co. — Class A | 320 | 38835 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 2204 | 38592 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 824 | 38464 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | 330 | 37188 |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent — Class A | 1025 | 36972 |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. | 1937 | 36454 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 579 | 35707 |

---

38 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 2311 | $35497 |
| &nbsp;&nbsp;&nbsp; BXP, Inc.<sup>1</sup> | 513 | 34612 |
| &nbsp;&nbsp;&nbsp; AGNC Investment Corp.<sup>1</sup> | 3609 | 33167 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 881 | 31337 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 1249 | 23032 |
| &nbsp;&nbsp;&nbsp; Lineage, Inc.<sup>1</sup> | 436 | 18975 |
|  **Total REITs** |  | 2012481 |
|  **Insurance - 17.6%** | **Insurance - 17.6%** | **Insurance - 17.6%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. — Class B\* | 729 | 354126 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 515 | 137433 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Companies, Inc. | 522 | 114130 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 310 | 99237 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson plc | 310 | 95015 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 978 | 89047 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 297 | 86047 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. | 320 | 85613 |
| &nbsp;&nbsp;&nbsp; Aon plc — Class A | 238 | 84909 |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | 799 | 84263 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 396 | 79719 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 903 | 77288 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 931 | 74871 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 643 | 69084 |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. | 523 | 66353 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 560 | 62087 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 182 | 61853 |
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 356 | 53016 |
| &nbsp;&nbsp;&nbsp; W R Berkley Corp. | 686 | 50400 |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 842 | 47236 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 594 | 47181 |
| &nbsp;&nbsp;&nbsp; Corebridge Financial, Inc. | 961 | 34115 |
| &nbsp;&nbsp;&nbsp; Erie Indemnity Co. — Class A | 62 | 21501 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 201 | 17417 |
|  **Total Insurance** |  | 1991941 |
|  **Commercial Services - 6.6%** | **Commercial Services - 6.6%** | **Commercial Services - 6.6%** |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 276 | 145532 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 196 | 98311 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 1250 | 92900 |
| &nbsp;&nbsp;&nbsp; Block, Inc. — Class A\* | 1063 | 72209 |
| &nbsp;&nbsp;&nbsp; StoneCo Ltd. — Class A\* | 4494 | 72084 |
| &nbsp;&nbsp;&nbsp; Toast, Inc. — Class A\* | 1266 | 56071 |
| &nbsp;&nbsp;&nbsp; Affirm Holdings, Inc.\* | 755 | 52201 |
| &nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 154 | 51100 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 619 | 49545 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. — Class A\*<sup>,1</sup> | 334 | 33103 |
| &nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 138 | 30821 |
|  **Total Commercial Services** |  | 753877 |
|  **Private Equity - 3.3%** | **Private Equity - 3.3%** | **Private Equity - 3.3%** |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. — Class A | 1028 | 153768 |
| &nbsp;&nbsp;&nbsp; KKR & Company, Inc. — Class A | 815 | 108419 |
| &nbsp;&nbsp;&nbsp; Brookfield Corp. | 1083 | 66984 |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. | 810 | 41634 |
|  **Total Private Equity** |  | 370805 |
|  **Software - 2.6%** | **Software - 2.6%** | **Software - 2.6%** |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 634 | 109308 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. — Class A | 129 | 74399 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 889 | 72374 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 222 | 39998 |
|  **Total Software** |  | 296079 |
|  **Internet - 1.0%** | **Internet - 1.0%** | **Internet - 1.0%** |
| &nbsp;&nbsp;&nbsp; Robinhood Markets, Inc. — Class A\* | 1192 | 111607 |
|  **Investment Companies - 0.4%** | **Investment Companies - 0.4%** | **Investment Companies - 0.4%** |
| &nbsp;&nbsp;&nbsp; Ares Capital Corp. | 1952 | 42866 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,611,273) |  | 11220824 |
|  **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** |
|  **Banks - 0.6%** | **Banks - 0.6%** | **Banks - 0.6%** |
|  Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. |
| &nbsp;&nbsp;&nbsp; ADR | 9366 | 63595 |
|  **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $38,327) |  | 63595 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $44910 | 44910 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 19379 | 19379 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 18713 | 18713 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $83,002) |  | 83002 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.8%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 90492 | 90492 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $90,492) |  | 90492 |
|  **Total Investments - 101.0%** | **Total Investments - 101.0%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,823,094) | &nbsp;&nbsp;&nbsp; (Cost $4,823,094) | $11457913 |
|  **Other Assets & Liabilities, net - (1.0)%** | **Other Assets & Liabilities, net - (1.0)%** | (118432) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $11339481 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 39

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $11220824 | $— | $— | $11220824 |
|  Preferred Stocks | 63595 |  |  | 63595 |
|  Repurchase Agreements |  | 83002 |  | 83002 |
|  Securities Lending Collateral | 90492 |  |  | 90492 |
|  Total Assets | $11374911 | $83002 | $— | $11457913 |

---

40 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**FINANCIAL SERVICES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $87,971 of securities loaned (cost $4,740,092) | $11374911 |
|  Repurchase agreements, at value (cost $83,002) | 83002 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 18063 |
| &nbsp;&nbsp;&nbsp; Interest | 10 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 8 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 8 |
|  **Total assets** | 11476002 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 90492 |
| &nbsp;&nbsp;&nbsp; Management fees | 8611 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 5553 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 5322 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2533 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 1064 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 124 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 22822 |
|  **Total liabilities** | 136521 |
|  **Net assets** | $11339481 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $5278417 |
|  Total distributable earnings (loss) | 6061064 |
|  Net assets | $11339481 |
|  Capital shares outstanding | 91254 |
|  Net asset value per share | $124.26 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $997) | $125529 |
|  Interest | 1894 |
|  Income from securities lending, net | 92 |
| &nbsp;&nbsp;&nbsp; Total investment income | 127515 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 48019 |
|  Investor service fees | 14123 |
|  Transfer agent fees | 16199 |
|  Professional fees | 10118 |
|  Portfolio accounting and administration fees | 8756 |
|  Trustees' fees\* | 809 |
|  Custodian fees | 801 |
|  Miscellaneous | 5649 |
| &nbsp;&nbsp;&nbsp; Total expenses | 104474 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2825) |
|  Net expenses | 101649 |
|  Net investment income | 25866 |
|  **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 | 602778 |
|  Net realized gain | 602778 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 164882 |
|  Net change in unrealized appreciation (depreciation) | 164882 |
|  Net realized and unrealized gain | 767660 |
|  **Net increase in net assets resulting from operations** | $793526 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 41

**FINANCIAL SERVICES FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $25866 | $64619 |
|  Net realized gain on investments | 602778 | 871102 |
|  Net change in unrealized appreciation (depreciation) on investments | 164882 | 1082546 |
|  Net increase in net assets resulting from operations | 793526 | 2018267 |
|  Distributions to shareholders |  | (143245) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 6363952 | 24972160 |
|  Distributions reinvested |  | 143245 |
|  Cost of shares redeemed | (7373881) | (29137763) |
|  Net decrease from capital share transactions | (1009929) | (4022358) |
|  Net decrease in net assets | (216403) | (2147336) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 11555884 | 13703220 |
| &nbsp;&nbsp;&nbsp; End of period | $11339481 | $11555884 |
|  **Capital share activity:** |  |  |
|  Shares sold | 53819 | 232295 |
|  Shares issued from reinvestment of distributions |  | 1374 |
|  Shares redeemed | (62744) | (276826) |
|  Net decrease in shares | (8925) | (43157) |

---

42 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**FINANCIAL SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $115.35 | $95.60 | $83.94 | $112.74 | $85.52 | $89.79 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .27 | .56 | .70 | .65 | .40 | .70 |
|  Net gain (loss) on investments (realized and unrealized) | 8.64 | 20.58 | 10.96 | (20.97) | 29.49 | (1.47) |
|  Total from investment operations | 8.91 | 21.14 | 11.66 | (20.32) | 29.89 | (.77) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.96) |  | (.58) | (.38) | (.74) |
|  Net realized gains |  | (.43) |  | (7.90) | (2.29) | (2.76) |
|  Total distributions |  | (1.39) |  | (8.48) | (2.67) | (3.50) |
|  Net asset value, end of period | $124.26 | $115.35 | $95.60 | $83.94 | $112.74 | $85.52 |
|  **Total Return<sup>c</sup>** | **7.72%** | **22.26%** | **13.89%** | **(18.11** **%)** | **35.26%** | **(0.11** **%)** |
|  **Ratios/Supplemental Data** | **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) | $11339 | $11556 | $13703 | $10179 | $18140 | $10367 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.46% | 0.53% | 0.82% | 0.67% | 0.39% | 0.92% |
|  Total expenses | 1.85% | 1.79% | 1.80% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.74% | 1.78% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 50% | 201% | 95% | 101% | 170% | 339% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 43

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **HEALTH CARE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
|  **Pharmaceuticals - 31.4%** | **Pharmaceuticals - 31.4%** | **Pharmaceuticals - 31.4%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 450 | $350789 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 1738 | 265480 |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 1341 | 248916 |
| &nbsp;&nbsp;&nbsp; Merck & Company, Inc. | 2428 | 192200 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 6641 | 160978 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 1924 | 132718 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 181 | 132633 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 2794 | 129334 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 685 | 106826 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. — Class A | 347 | 104048 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 563 | 96977 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc ADR | 1340 | 93639 |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 531 | 89208 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 963 | 84060 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S ADR<sup>1</sup> | 1099 | 75853 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc\* | 661 | 70145 |
| &nbsp;&nbsp;&nbsp; Novartis AG ADR | 555 | 67161 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Industries Ltd. ADR\* | 3902 | 65398 |
| &nbsp;&nbsp;&nbsp; GSK plc ADR<sup>1</sup> | 1621 | 62246 |
| &nbsp;&nbsp;&nbsp; Alkermes plc\* | 2075 | 59366 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 391 | 49145 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 5009 | 44730 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 537 | 39228 |
| &nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\* | 501 | 36773 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 993 | 32253 |
| &nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 838 | 27243 |
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 57 | 17250 |
|  **Total Pharmaceuticals** |  | 2834597 |
|  **Healthcare-Products - 29.2%** | **Healthcare-Products - 29.2%** | **Healthcare-Products - 29.2%** |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 1569 | 213400 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 373 | 202692 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 1723 | 185067 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 420 | 170293 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 426 | 168538 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 793 | 156649 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 1164 | 101466 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 1218 | 95260 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 173 | 92787 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | 337 | 86946 |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 684 | 80719 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 1089 | 80662 |
| &nbsp;&nbsp;&nbsp; STERIS plc | 281 | 67502 |
| &nbsp;&nbsp;&nbsp; Natera, Inc.\* | 399 | 67407 |
| &nbsp;&nbsp;&nbsp; Insulet Corp.\* | 212 | 66606 |
| &nbsp;&nbsp;&nbsp; Waters Corp.\* | 179 | 62478 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 648 | 59104 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 249 | 54481 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | 1796 | 54383 |
| &nbsp;&nbsp;&nbsp; Cooper Companies, Inc.\* | 742 | 52801 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 810 | 52780 |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 277 | 52444 |
| &nbsp;&nbsp;&nbsp; Exact Sciences Corp.\* | 833 | 44266 |
| &nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 3058 | 41161 |
| &nbsp;&nbsp;&nbsp; Masimo Corp.\* | 244 | 41046 |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 765 | 39359 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 403 | 32990 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 351 | 32811 |
| &nbsp;&nbsp;&nbsp; Repligen Corp.\* | 263 | 32712 |
| &nbsp;&nbsp;&nbsp; Bruker Corp. | 713 | 29376 |
| &nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 213 | 28544 |
| &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. | 1553 | 24662 |
| &nbsp;&nbsp;&nbsp; PROCEPT BioRobotics Corp.\* | 409 | 23558 |
| &nbsp;&nbsp;&nbsp; Twist Bioscience Corp.\* | 583 | 21449 |
| &nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 796 | 14837 |
|  **Total Healthcare-Products** |  | 2631236 |
|  **Biotechnology - 21.0%** | **Biotechnology - 21.0%** | **Biotechnology - 21.0%** |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 594 | 165851 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 1482 | 164309 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 330 | 146916 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 198 | 103950 |
| &nbsp;&nbsp;&nbsp; Alnylam Pharmaceuticals, Inc.\* | 286 | 93262 |
| &nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG\*<sup>,1</sup> | 1470 | 71501 |
| &nbsp;&nbsp;&nbsp; Argenx SE ADR\* | 117 | 64493 |
| &nbsp;&nbsp;&nbsp; BioNTech SE ADR\*<sup>,1</sup> | 597 | 63563 |
| &nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 605 | 60887 |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc — Class A | 1671 | 60206 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 466 | 58525 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 584 | 55719 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 173 | 49712 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 1108 | 48835 |
| &nbsp;&nbsp;&nbsp; Incyte Corp.\* | 672 | 45763 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 804 | 44196 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 1582 | 43647 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.\* | 313 | 40120 |
| &nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 907 | 39164 |
| &nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.\* | 921 | 36389 |
| &nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 694 | 36116 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 665 | 34593 |
| &nbsp;&nbsp;&nbsp; Legend Biotech Corp. ADR\* | 947 | 33609 |
| &nbsp;&nbsp;&nbsp; Revolution Medicines, Inc.\* | 905 | 33295 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 863 | 31059 |
| &nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 2620 | 29527 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 820 | 27093 |
| &nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 1466 | 26696 |
| &nbsp;&nbsp;&nbsp; SpringWorks Therapeutics, Inc.\* | 552 | 25939 |
| &nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 234 | 24427 |
| &nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc.\* | 840 | 23856 |
| &nbsp;&nbsp;&nbsp; Viking Therapeutics, Inc.\* | 855 | 22658 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 151 | 20757 |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\* | 685 | 19701 |
| &nbsp;&nbsp;&nbsp; Apellis Pharmaceuticals, Inc.\* | 1062 | 18383 |
| &nbsp;&nbsp;&nbsp; Novavax, Inc.\*<sup>,1</sup> | 2034 | 12814 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 702 | 12004 |
| &nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc.\*<sup>,1</sup> | 3663 | 6300 |
|  **Total Biotechnology** |  | 1895835 |
|  **Healthcare-Services - 15.6%** | **Healthcare-Services - 15.6%** | **Healthcare-Services - 15.6%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 742 | 231482 |
| &nbsp;&nbsp;&nbsp; Cigna Group | 407 | 134546 |

---

44 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **HEALTH CARE FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 338 | $| 131468 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 298 |  | 114164 |
| &nbsp;&nbsp;&nbsp; ICON plc\* | 544 |  | 79125 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 316 |  | 77256 |
| &nbsp;&nbsp;&nbsp; Centene Corp.\* | 1336 |  | 72518 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 453 |  | 71388 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 251 |  | 65890 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 350 |  | 62871 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 326 |  | 57376 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 191 |  | 56899 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. — Class B | 262 |  | 47461 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 401 |  | 42009 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. | 269 |  | 41496 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 250 |  | 37932 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 234 |  | 33333 |
| &nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 105 |  | 32955 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Company, Inc.\* | 894 |  | 20285 |
|  **Total Healthcare-Services** |  |  | 1410454 |
|  **Software - 1.7%** | **Software - 1.7%** | **Software - 1.7%** | **Software - 1.7%** |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc. — Class A\* | 320 |  | 92154 |
| &nbsp;&nbsp;&nbsp; Tempus AI, Inc.\*<sup>,1</sup> | 545 |  | 34629 |
| &nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 679 |  | 27751 |
|  **Total Software** |  |  | 154534 |
|  **Internet - 0.5%** | **Internet - 0.5%** | **Internet - 0.5%** | **Internet - 0.5%** |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\*<sup>,1</sup> | 806 |  | 40179 |
|  **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,508,370) |  |  | 8966835 |
|  **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** |
|  **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** |
|  Johnson & Johnson | 307 |  |  |
|  **Total Rights** | **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $39567 | 39567 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 17073 | 17073 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 16486 | 16486 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $73,126) |  | 73126 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.1%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.1%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.1%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 282360 | 282360 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $282,360) |  | 282360 |
|  **Total Investments - 103.3%** | **Total Investments - 103.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,863,856) | &nbsp;&nbsp;&nbsp; (Cost $3,863,856) | $9322321 |
|  **Other Assets & Liabilities, net - (3.3)%** | **Other Assets & Liabilities, net - (3.3)%** | (294928) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $9027393 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 3 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 45

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **HEALTH CARE FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $8966835 | $— | $— | $8966835 |
|  Rights |  |  | — \* |  |
|  Repurchase Agreements |  | 73126 |  | 73126 |
|  Securities Lending Collateral | 282360 |  |  | 282360 |
|  Total Assets | $9249195 | $73126 | $— | $9322321 |

---

\* Security has a market value of $0.

46 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HEALTH CARE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $276,644 of securities loaned (cost $3,790,730) | $9249195 |
|  Repurchase agreements, at value (cost $73,126) | 73126 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 18251 |
| &nbsp;&nbsp;&nbsp; Dividends | 6086 |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 925 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 37 |
| &nbsp;&nbsp;&nbsp; Interest | 9 |
|  **Total assets** | 9347629 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 282360 |
| &nbsp;&nbsp;&nbsp; Management fees | 6708 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 4919 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 2178 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1973 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 829 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 115 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 21154 |
|  **Total liabilities** | 320236 |
|  **Net assets** | $9027393 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2248332 |
|  Total distributable earnings (loss) | 6779061 |
|  Net assets | $9027393 |
|  Capital shares outstanding | 114309 |
|  Net asset value per share | $78.97 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $970) | $73615 |
|  Interest | 1749 |
|  Income from securities lending, net | 357 |
| &nbsp;&nbsp;&nbsp; Total investment income | 75721 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 48888 |
|  Investor service fees | 14379 |
|  Transfer agent fees | 16009 |
|  Professional fees | 10002 |
|  Portfolio accounting and administration fees | 8915 |
|  Custodian fees | 808 |
|  Trustees' fees\* | 731 |
|  Miscellaneous | 6529 |
| &nbsp;&nbsp;&nbsp; Total expenses | 106261 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2876) |
|  Net expenses | 103385 |
|  Net investment loss | (27664) |
|  **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 | 1066164 |
|  Net realized gain | 1066164 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (1187586) |
|  Net change in unrealized appreciation (depreciation) | (1187586) |
|  Net realized and unrealized loss | (121422) |
|  **Net decrease in net assets resulting from operations** | $(149086) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 47

**HEALTH CARE FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(27664) | $(72168) |
|  Net realized gain on investments | 1066164 | 2193327 |
|  Net change in unrealized appreciation (depreciation) on investments | (1187586) | (1944740) |
|  Net increase (decrease) in net assets resulting from operations | (149086) | 176419 |
|  Distributions to shareholders |  | (393635) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 4806223 | 12746756 |
|  Distributions reinvested |  | 393635 |
|  Cost of shares redeemed | (6900364) | (15362305) |
|  Net decrease from capital share transactions | (2094141) | (2221914) |
|  Net decrease in net assets | (2243227) | (2439130) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 11270620 | 13709750 |
| &nbsp;&nbsp;&nbsp; End of period | $9027393 | $11270620 |
|  **Capital share activity:** |  |  |
|  Shares sold | 58100 | 149794 |
|  Shares issued from reinvestment of distributions |  | 4723 |
|  Shares redeemed | (86345) | (180936) |
|  Net decrease in shares | (28245) | (26419) |

---

48 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HEALTH CARE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $79.06 | $81.14 | $80.37 | $96.58 | $86.44 | $74.88 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (.19) | (.45) | (.47) | (.47) | (.61) | (.55) |
|  Net gain (loss) on investments (realized and unrealized) | .10 <sup>e</sup> | .67 | 4.39 | (11.24) | 16.61 | 14.32 |
|  Total from investment operations | (.09) | .22 | 3.92 | (11.71) | 16.00 | 13.77 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains |  | (2.30) | (3.15) | (4.50) | (5.86) | (2.21) |
|  Total distributions |  | (2.30) | (3.15) | (4.50) | (5.86) | (2.21) |
|  Net asset value, end of period | $78.97 | $79.06 | $81.14 | $80.37 | $96.58 | $86.44 |
|  **Total Return<sup>c</sup>** | **(0.11** **%)** | **0.14%** | **5.03%** | **(12.00** **%)** | **18.84%** | **18.68%** |
|  **Ratios/Supplemental Data** | **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) | $9027 | $11271 | $13710 | $17447 | $23841 | $21049 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (0.48 %) | (0.54%) | (0.59%) | (0.57%) | (0.66%) | (0.71%) |
|  Total expenses | 1.85% | 1.78% | 1.80% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.73% | 1.79% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 43% | 105% | 136% | 158% | 114% | 171% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 49

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **INTERNET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
|  **Internet - 55.5%** | **Internet - 55.5%** | **Internet - 55.5%** |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 422 | $311474 |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 1362 | 298809 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 1686 | 297124 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 217 | 290591 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 1836 | 171299 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 480 | 118325 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 733 | 97005 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 15 | 86839 |
| &nbsp;&nbsp;&nbsp; Coupang, Inc.\* | 2813 | 84277 |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. ADR | 694 | 78707 |
| &nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 97 | 74432 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc. — Class A\* | 645 | 74401 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | 899 | 66940 |
| &nbsp;&nbsp;&nbsp; Reddit, Inc. — Class A\* | 430 | 64745 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc. — Class A\* | 327 | 58880 |
| &nbsp;&nbsp;&nbsp; Sea Ltd. ADR\* | 366 | 58538 |
| &nbsp;&nbsp;&nbsp; Pinterest, Inc. — Class A\* | 1607 | 57627 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. | 195 | 56316 |
| &nbsp;&nbsp;&nbsp; JD.com, Inc. ADR | 1718 | 56075 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 21 | 54886 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 317 | 53472 |
| &nbsp;&nbsp;&nbsp; Baidu, Inc. ADR\* | 590 | 50598 |
| &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. ADR | 843 | 49433 |
| &nbsp;&nbsp;&nbsp; F5, Inc.\* | 159 | 46797 |
| &nbsp;&nbsp;&nbsp; Chewy, Inc. — Class A\* | 1075 | 45816 |
| &nbsp;&nbsp;&nbsp; Bilibili, Inc. ADR\* | 2119 | 45453 |
| &nbsp;&nbsp;&nbsp; Roku, Inc.\* | 515 | 45263 |
| &nbsp;&nbsp;&nbsp; Zillow Group, Inc. — Class C\* | 637 | 44622 |
| &nbsp;&nbsp;&nbsp; Wix.com Ltd.\* | 260 | 41200 |
| &nbsp;&nbsp;&nbsp; Snap, Inc. — Class A\* | 4570 | 39713 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. | 1046 | 32311 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc. — Class A\* | 599 | 30633 |
| &nbsp;&nbsp;&nbsp; Lyft, Inc. — Class A\* | 1881 | 29645 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 479 | 24027 |
| &nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 635 | 21253 |
| &nbsp;&nbsp;&nbsp; IAC, Inc.\* | 521 | 19454 |
| &nbsp;&nbsp;&nbsp; Trump Media & Technology Group Corp.\*<sup>,1</sup> | 1050 | 18942 |
| &nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 1087 | 14185 |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 413 | 12501 |
| &nbsp;&nbsp;&nbsp; Bumble, Inc. — Class A\* | 1478 | 9740 |
|  **Total Internet** |  | 3132348 |
|  **Software - 25.7%** | **Software - 25.7%** | **Software - 25.7%** |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 686 | 187065 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 371 | 143533 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp. — Class A\* | 950 | 99940 |
| &nbsp;&nbsp;&nbsp; Cloudflare, Inc. — Class A\* | 495 | 96936 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc. — Class A\* | 428 | 95774 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 377 | 90480 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. — Class A\* | 589 | 79120 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 318 | 77226 |
| &nbsp;&nbsp;&nbsp; Veeva Systems, Inc. — Class A\* | 266 | 76603 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 477 | 76177 |
| &nbsp;&nbsp;&nbsp; Zoom Communications, Inc. — Class A\* | 697 | 54352 |
| &nbsp;&nbsp;&nbsp; Nutanix, Inc. — Class A\* | 689 | 52667 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc. — Class A\* | 404 | 50242 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 223 | 46828 |
| &nbsp;&nbsp;&nbsp; NetEase, Inc. ADR | 346 | 46565 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc.\* | 591 | 46033 |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 490 | 39082 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. — Class A\* | 1129 | 32289 |
| &nbsp;&nbsp;&nbsp; Box, Inc. — Class A\* | 723 | 24705 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc. — Class A\* | 1966 | 19896 |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 565 | 16136 |
|  **Total Software** |  | 1451649 |
|  **Telecommunications - 11.4%** | **Telecommunications - 11.4%** | **Telecommunications - 11.4%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 2717 | 188505 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 1154 | 118066 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 233 | 97967 |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson ADR | 5316 | 45080 |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 1114 | 44482 |
| &nbsp;&nbsp;&nbsp; Nokia Oyj ADR | 7951 | 41186 |
| &nbsp;&nbsp;&nbsp; Ciena Corp.\* | 502 | 40828 |
| &nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 1018 | 18273 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 1767 | 17794 |
| &nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 1216 | 17754 |
| &nbsp;&nbsp;&nbsp; Applied Digital Corp.\*<sup>,1</sup> | 1321 | 13302 |
|  **Total Telecommunications** |  | 643237 |
|  **Commercial Services - 2.2%** | **Commercial Services - 2.2%** | **Commercial Services - 2.2%** |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 1320 | 98103 |
| &nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 144 | 26091 |
|  **Total Commercial Services** |  | 124194 |
|  **Computers - 1.4%** | **Computers - 1.4%** | **Computers - 1.4%** |
| &nbsp;&nbsp;&nbsp; Okta, Inc.\* | 484 | 48385 |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 318 | 30229 |
|  **Total Computers** |  | 78614 |
|  **Real Estate - 1.2%** | **Real Estate - 1.2%** | **Real Estate - 1.2%** |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 820 | 65928 |
|  **Entertainment - 1.0%** | **Entertainment - 1.0%** | **Entertainment - 1.0%** |
| &nbsp;&nbsp;&nbsp; DraftKings, Inc. — Class A\* | 1308 | 56100 |
|  **Investment Companies - 0.5%** | **Investment Companies - 0.5%** | **Investment Companies - 0.5%** |
| &nbsp;&nbsp;&nbsp; Core Scientific, Inc.\* | 1704 | 29088 |
|  **Electronics - 0.3%** | **Electronics - 0.3%** | **Electronics - 0.3%** |
| &nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.\* | 622 | 15979 |
|  **Healthcare-Services - 0.3%** | **Healthcare-Services - 0.3%** | **Healthcare-Services - 0.3%** |
| &nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 1819 | 15843 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,932,283) |  | 5612980 |

---

50 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **INTERNET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $22792 | $22792 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 9835 | 9835 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 9496 | 9496 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $42,123) |  | 42123 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.4%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.4%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.4%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 24084 | 24084 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $24,084) |  | 24084 |
|  **Total Investments - 100.6%** | **Total Investments - 100.6%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,998,490) | &nbsp;&nbsp;&nbsp; (Cost $1,998,490) | $5679187 |
|  **Other Assets & Liabilities, net - (0.6)%** | **Other Assets & Liabilities, net - (0.6)%** | (38454) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5640733 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $5612980 | $— | $— | $5612980 |
|  Repurchase Agreements |  | 42123 |  | 42123 |
|  Securities Lending Collateral | 24084 |  |  | 24084 |
|  Total Assets | $5637064 | $42123 | $— | $5679187 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 51

**INTERNET FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value- including $23,649 of securities loaned (cost $1,956,367) | $5637064 |
|  Repurchase agreements, at value (cost $42,123) | 42123 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 123818 |
| &nbsp;&nbsp;&nbsp; Dividends | 1588 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 73 |
| &nbsp;&nbsp;&nbsp; Interest | 5 |
|  **Total assets** | 5804671 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 120608 |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 24084 |
| &nbsp;&nbsp;&nbsp; Management fees | 3817 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2527 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1123 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 590 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 472 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 58 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 10659 |
|  **Total liabilities** | 163938 |
|  **Net assets** | $5640733 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $1757825 |
|  Total distributable earnings (loss) | 3882908 |
|  Net assets | $5640733 |
|  Capital shares outstanding | 48240 |
|  Net asset value per share | $116.93 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $285) | $12435 |
|  Interest | 963 |
|  Income from securities lending, net | 209 |
| &nbsp;&nbsp;&nbsp; Total investment income | 13607 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 24711 |
|  Investor service fees | 7268 |
|  Transfer agent fees | 7985 |
|  Professional fees | 5463 |
|  Portfolio accounting and administration fees | 4506 |
|  Custodian fees | 406 |
|  Trustees' fees\* | 353 |
|  Miscellaneous | 3035 |
| &nbsp;&nbsp;&nbsp; Total expenses | 53727 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1453) |
|  Net expenses | 52274 |
|  Net investment loss | (38667) |
|  **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 | 316099 |
|  Net realized gain | 316099 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 191155 |
|  Net change in unrealized appreciation (depreciation) | 191155 |
|  Net realized and unrealized gain | 507254 |
|  **Net increase in net assets resulting from operations** | $468587 |

---

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

52 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INTERNET FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(38667) | $(81030) |
|  Net realized gain on investments | 316099 | 1731832 |
|  Net change in unrealized appreciation (depreciation) on investments | 191155 | (380409) |
|  Net increase in net assets resulting from operations | 468587 | 1270393 |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 2621747 | 6570504 |
|  Cost of shares redeemed | (2801413) | (10381910) |
|  Net decrease from capital share transactions | (179666) | (3811406) |
|  Net increase (decrease) in net assets | 288921 | (2541013) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 5351812 | 7892825 |
| &nbsp;&nbsp;&nbsp; End of period | $5640733 | $5351812 |
|  **Capital share activity:** |  |  |
|  Shares sold | 23450 | 69526 |
|  Shares redeemed | (26261) | (111377) |
|  Net decrease in shares | (2811) | (41851) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 53

**INTERNET FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $104.83 | $84.96 | $57.64 | $139.50 | $164.44 | $104.02 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (.70) | (1.19) | (1.04) | (1.28) | (2.50) | (1.95) |
|  Net gain (loss) on investments (realized and unrealized) | 12.80 | 21.06 | 28.36 | (59.04) | (2.98) | 64.22 |
|  Total from investment operations | 12.10 | 19.87 | 27.32 | (60.32) | (5.48) | 62.27 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains |  |  |  | (21.54) | (19.46) | (1.85) |
|  Total distributions |  |  |  | (21.54) | (19.46) | (1.85) |
|  Net asset value, end of period | $116.93 | $104.83 | $84.96 | $57.64 | $139.50 | $164.44 |
|  **Total Return<sup>c</sup>** | **11.54%** | **23.39%** | **47.40%** | **(44.84** **%)** | **(4.66** **%)** | **60.21%** |
|  **Ratios/Supplemental Data** | **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) | $5641 | $5352 | $7893 | $4424 | $9131 | $14066 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (1.33%) | (1.30%) | (1.45%) | (1.55%) | (1.53%) | (1.54%) |
|  Total expenses | 1.85% | 1.79% | 1.81% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.74% | 1.79% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 50% | 113% | 240% | 58% | 139% | 243% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

54 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **LEISURE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
|  **Retail - 19.5%** | **Retail - 19.5%** | **Retail - 19.5%** |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 742 | $216790 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 1661 | 152197 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. — Class A\* | 2473 | 138859 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 671 | 99429 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 353 | 76943 |
| &nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. | 886 | 58733 |
| &nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. | 1287 | 57542 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 127 | 57226 |
| &nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. — Class A | 287 | 53787 |
| &nbsp;&nbsp;&nbsp; Dutch Bros, Inc. — Class A\* | 717 | 49021 |
| &nbsp;&nbsp;&nbsp; Cava Group, Inc.\* | 542 | 45653 |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 242 | 43640 |
| &nbsp;&nbsp;&nbsp; Wingstop, Inc. | 114 | 38388 |
| &nbsp;&nbsp;&nbsp; Shake Shack, Inc. — Class A\* | 271 | 38103 |
| &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. | 424 | 26568 |
| &nbsp;&nbsp;&nbsp; Wendy's Co. | 1821 | 20796 |
| &nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 334 | 20401 |
| &nbsp;&nbsp;&nbsp; Sweetgreen, Inc. — Class A\* | 1347 | 20043 |
| &nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 376 | 18401 |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\* | 448 | 13476 |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 1376 | 11847 |
| &nbsp;&nbsp;&nbsp; Jack in the Box, Inc.\* | 441 | 7700 |
| &nbsp;&nbsp;&nbsp; Krispy Kreme, Inc.\*<sup>,1</sup> | 2084 | 6065 |
|  **Total Retail** |  | 1271608 |
|  **Internet - 18.6%** | **Internet - 18.6%** | **Internet - 18.6%** |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 283 | 378974 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 626 | 154315 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 956 | 126517 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 21 | 121574 |
| &nbsp;&nbsp;&nbsp; Spotify Technology S.A.\* | 135 | 103591 |
| &nbsp;&nbsp;&nbsp; Sea Ltd. ADR\* | 494 | 79010 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 413 | 69665 |
| &nbsp;&nbsp;&nbsp; Trip.com Group Ltd. ADR | 1121 | 65736 |
| &nbsp;&nbsp;&nbsp; Roku, Inc.\* | 673 | 59150 |
| &nbsp;&nbsp;&nbsp; MakeMyTrip Ltd.\* | 562 | 55087 |
|  **Total Internet** |  | 1213619 |
|  **Media - 14.3%** | **Media - 14.3%** | **Media - 14.3%** |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 1887 | 234007 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 4936 | 176166 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\* | 244 | 99750 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 7045 | 80736 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class A | 1280 | 71731 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class A | 2231 | 66305 |
| &nbsp;&nbsp;&nbsp; Liberty Broadband Corp. — Class C\* | 575 | 56568 |
| &nbsp;&nbsp;&nbsp; New York Times Co. — Class A | 800 | 44784 |
| &nbsp;&nbsp;&nbsp; Paramount Global — Class B | 3455 | 44570 |
| &nbsp;&nbsp;&nbsp; Sirius XM Holdings, Inc. | 1429 | 32824 |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. — Class A | 146 | 25251 |
|  **Total Media** |  | 932692 |
|  **Entertainment - 10.6%** | **Entertainment - 10.6%** | **Entertainment - 10.6%** |
| &nbsp;&nbsp;&nbsp; Flutter Entertainment plc\* | 387 | 110589 |
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 472 | 85880 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 514 | 77758 |
| &nbsp;&nbsp;&nbsp; DraftKings, Inc. — Class A\* | 1708 | 73256 |
| &nbsp;&nbsp;&nbsp; Warner Music Group Corp. — Class A | 2100 | 57204 |
| &nbsp;&nbsp;&nbsp; Light & Wonder, Inc. — Class A\* | 475 | 45724 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 385 | 38885 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 235 | 36926 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 1295 | 36765 |
| &nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc. — Class A | 650 | 33819 |
| &nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 903 | 27253 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 1446 | 25840 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.\* | 825 | 25105 |
| &nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.\* | 383 | 18058 |
|  **Total Entertainment** |  | 693062 |
|  **Lodging - 8.2%** | **Lodging - 8.2%** | **Lodging - 8.2%** |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 463 | 123316 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 440 | 120212 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 1343 | 58434 |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp. — Class A | 400 | 55860 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 458 | 42901 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International\* | 1157 | 39789 |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 463 | 37600 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 418 | 32700 |
| &nbsp;&nbsp;&nbsp; Choice Hotels International, Inc.<sup>1</sup> | 194 | 24615 |
|  **Total Lodging** |  | 535427 |
|  **Leisure Time - 8.0%** | **Leisure Time - 8.0%** | **Leisure Time - 8.0%** |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 454 | 142166 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.\* | 3392 | 95383 |
| &nbsp;&nbsp;&nbsp; Viking Holdings Ltd.\* | 1248 | 66506 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 2361 | 47881 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc. — Class A\* | 434 | 47328 |
| &nbsp;&nbsp;&nbsp; Brunswick Corp. | 517 | 28559 |
| &nbsp;&nbsp;&nbsp; Peloton Interactive, Inc. — Class A\* | 3545 | 24602 |
| &nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 777 | 24491 |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 1012 | 23883 |
| &nbsp;&nbsp;&nbsp; Polaris, Inc. | 539 | 21910 |
|  **Total Leisure Time** |  | 522709 |
|  **Agriculture - 7.2%** | **Agriculture - 7.2%** | **Agriculture - 7.2%** |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 1412 | 257167 |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 2571 | 150738 |
| &nbsp;&nbsp;&nbsp; British American Tobacco plc ADR | 1269 | 60062 |
|  **Total Agriculture** |  | 467967 |
|  **Software - 6.0%** | **Software - 6.0%** | **Software - 6.0%** |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp. — Class A\* | 1240 | 130448 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 415 | 100783 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 623 | 99493 |
| &nbsp;&nbsp;&nbsp; NetEase, Inc. ADR | 451 | 60695 |
|  **Total Software** |  | 391419 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 55

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **LEISURE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Beverages - 4.2%** | **Beverages - 4.2%** | **Beverages - 4.2%** |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. — Class A | 438 | $71254 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A. ADR<sup>1</sup> | 794 | 54564 |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp. — Class B | 2003 | 53901 |
| &nbsp;&nbsp;&nbsp; Diageo plc ADR | 504 | 50823 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 906 | 43569 |
|  **Total Beverages** |  | 274111 |
|  **Toys, Games & Hobbies - 1.4%** | **Toys, Games & Hobbies - 1.4%** | **Toys, Games & Hobbies - 1.4%** |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 665 | 49090 |
| &nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 1957 | 38592 |
|  **Total Toys, Games & Hobbies** |  | 87682 |
|  **Food Service - 0.8%** | **Food Service - 0.8%** | **Food Service - 0.8%** |
| &nbsp;&nbsp;&nbsp; Aramark | 1225 | 51291 |
|  **Telecommunications - 0.8%** | **Telecommunications - 0.8%** | **Telecommunications - 0.8%** |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. — Class A\* | 1742 | 48253 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,157,997) |  | 6489840 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $12423 | 12423 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 5361 | 5361 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 5176 | 5176 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $22,960) |  | 22960 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.0%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.0%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.0%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 67270 | 67270 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $67,270) |  | 67270 |
|  **Total Investments - 101.0%** | **Total Investments - 101.0%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,248,227) | &nbsp;&nbsp;&nbsp; (Cost $4,248,227) | $6580070 |
|  **Other Assets & Liabilities, net - (1.0)%** | **Other Assets & Liabilities, net - (1.0)%** | (62181) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $6517889 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $6489840 | $— | $— | $6489840 |
|  Repurchase Agreements |  | 22960 |  | 22960 |
|  Securities Lending Collateral | 67270 |  |  | 67270 |
|  Total Assets | $6557110 | $22960 | $— | $6580070 |

---

56 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**LEISURE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $66,167 of securities loaned (cost $4,225,267) | $6557110 |
|  Repurchase agreements, at value (cost $22,960) | 22960 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 275120 |
| &nbsp;&nbsp;&nbsp; Dividends | 8609 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 22 |
| &nbsp;&nbsp;&nbsp; Interest | 3 |
|  **Total assets** | 6863824 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 258651 |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 67270 |
| &nbsp;&nbsp;&nbsp; Management fees | 4115 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2546 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1210 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 508 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 63 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 11572 |
|  **Total liabilities** | 345935 |
|  **Net assets** | $6517889 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $4738960 |
|  Total distributable earnings (loss) | 1778929 |
|  Net assets | $6517889 |
|  Capital shares outstanding | 46614 |
|  Net asset value per share | $139.83 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $157) | $44982 |
|  Interest | 940 |
|  Income from securities lending, net | 1889 |
| &nbsp;&nbsp;&nbsp; Total investment income | 47811 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 25084 |
|  Investor service fees | 7378 |
|  Transfer agent fees | 8642 |
|  Professional fees | 5851 |
|  Portfolio accounting and administration fees | 4574 |
|  Trustees' fees\* | 450 |
|  Custodian fees | 418 |
|  Line of credit fees | 35 |
|  Miscellaneous | 2054 |
| &nbsp;&nbsp;&nbsp; Total expenses | 54486 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1476) |
|  Net expenses | 53010 |
|  Net investment loss | (5199) |
|  **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 | 275971 |
|  Net realized gain | 275971 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 816 |
|  Net change in unrealized appreciation (depreciation) | 816 |
|  Net realized and unrealized gain | 276787 |
|  **Net increase in net assets resulting from operations** | $271588 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 57

**LEISURE FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(5199) | $(6400) |
|  Net realized gain on investments | 275971 | 414550 |
|  Net change in unrealized appreciation (depreciation) on investments | 816 | 182301 |
|  Net increase in net assets resulting from operations | 271588 | 590451 |
|  Distributions to shareholders |  | (2061) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 10216805 | 10073625 |
|  Distributions reinvested |  | 2061 |
|  Cost of shares redeemed | (8829730) | (10744803) |
|  Net increase (decrease) from capital share transactions | 1387075 | (669117) |
|  Net increase (decrease) in net assets | 1658663 | (80727) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 4859226 | 4939953 |
| &nbsp;&nbsp;&nbsp; End of period | $6517889 | $4859226 |
|  **Capital share activity:** |  |  |
|  Shares sold | 78075 | 85066 |
|  Shares issued from reinvestment of distributions |  | 19 |
|  Shares redeemed | (70060) | (92171) |
|  Net increase (decrease) in shares | 8015 | (7086) |

---

58 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**LEISURE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $125.89 | $108.13 | $88.27 | $121.87 | $122.53 | $106.03 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (.11) | (.15) | .02 | (.44) | (1.02) | (.56) |
|  Net gain (loss) on investments (realized and unrealized) | 14.05 | 17.98 | 19.84 | (33.16) | 2.25 | 21.48 |
|  Total from investment operations | 13.94 | 17.83 | 19.86 | (33.60) | 1.23 | 20.92 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.07) |  |  |  |  |
|  Net realized gains |  |  |  |  | (1.89) | (4.42) |
|  Total distributions |  | (.07) |  |  | (1.89) | (4.42) |
|  Net asset value, end of period | $139.83 | $125.89 | $108.13 | $88.27 | $121.87 | $122.53 |
|  **Total Return<sup>c</sup>** | **11.07%** | **16.50%** | **22.50%** | **(27.57** **%)** | **0.92%** | **21.01%** |
|  **Ratios/Supplemental Data** | **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) | $6518 | $4859 | $4940 | $3736 | $6104 | $10822 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (0.18%) | (0.13%) | 0.02% | (0.45%) | (0.78%) | (0.56%) |
|  Total expenses | 1.85% | 1.79% | 1.81% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.74% | 1.79% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 154% | 231% | 351% | 103% | 194% | 257% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 59

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **PRECIOUS METALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.9%** | **COMMON STOCKS<sup>†</sup>** **- 99.9%** | **COMMON STOCKS<sup>†</sup>** **- 99.9%** |
|  **Mining - 99.9%** | **Mining - 99.9%** | **Mining - 99.9%** |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 38852 | $2263518 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 51653 | 2239158 |
| &nbsp;&nbsp;&nbsp; Agnico Eagle Mines Ltd. | 17698 | 2104823 |
| &nbsp;&nbsp;&nbsp; Wheaton Precious Metals Corp. | 19623 | 1762145 |
| &nbsp;&nbsp;&nbsp; Barrick Mining Corp. | 78440 | 1633121 |
| &nbsp;&nbsp;&nbsp; Kinross Gold Corp. | 70764 | 1106041 |
| &nbsp;&nbsp;&nbsp; Franco-Nevada Corp. | 6603 | 1082364 |
| &nbsp;&nbsp;&nbsp; Gold Fields Ltd. ADR | 43784 | 1036367 |
| &nbsp;&nbsp;&nbsp; Anglogold Ashanti plc | 22659 | 1032571 |
| &nbsp;&nbsp;&nbsp; Alamos Gold, Inc. — Class A | 33944 | 901553 |
| &nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 30823 | 875373 |
| &nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 4023 | 715450 |
| &nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 69553 | 616238 |
| &nbsp;&nbsp;&nbsp; Harmony Gold Mining Company Ltd. ADR | 43423 | 606619 |
| &nbsp;&nbsp;&nbsp; OR Royalties, Inc. | 23105 | 594030 |
| &nbsp;&nbsp;&nbsp; Eldorado Gold Corp.\* | 27061 | 550421 |
| &nbsp;&nbsp;&nbsp; IAMGOLD Corp.\* | 74610 | 548384 |
| &nbsp;&nbsp;&nbsp; First Majestic Silver Corp. | 65532 | 541950 |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co. | 87176 | 522184 |
| &nbsp;&nbsp;&nbsp; New Gold, Inc.\* | 101034 | 500118 |
| &nbsp;&nbsp;&nbsp; Sibanye Stillwater Ltd. ADR\* | 65885 | 475690 |
| &nbsp;&nbsp;&nbsp; Sandstorm Gold Ltd. | 48561 | 456473 |
| &nbsp;&nbsp;&nbsp; SSR Mining, Inc.\* | 34864 | 444167 |
| &nbsp;&nbsp;&nbsp; B2Gold Corp. | 115856 | 418240 |
| &nbsp;&nbsp;&nbsp; Equinox Gold Corp.\* | 71711 | 412338 |
| &nbsp;&nbsp;&nbsp; MAG Silver Corp. | 18908 | 399526 |
| &nbsp;&nbsp;&nbsp; Fortuna Mining Corp.\* | 57642 | 376979 |
| &nbsp;&nbsp;&nbsp; Centerra Gold, Inc. | 47145 | 339915 |
| &nbsp;&nbsp;&nbsp; Seabridge Gold, Inc.\* | 21898 | 317959 |
| &nbsp;&nbsp;&nbsp; Endeavour Silver Corp.\* | 61195 | 301079 |
| &nbsp;&nbsp;&nbsp; Novagold Resources, Inc.\* | 59340 | 242701 |
| &nbsp;&nbsp;&nbsp; Silvercorp Metals, Inc. | 50380 | 212604 |
| &nbsp;&nbsp;&nbsp; McEwen Mining, Inc.\* | 19327 | 185733 |
| &nbsp;&nbsp;&nbsp; Perpetua Resources Corp.\* | 10916 | 132520 |
|  **Total Mining** |  | 25948352 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,903,146) |  | 25948352 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 1.1%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 1.1%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 1.1%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $149596 | 149596 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 64550 | 64550 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 62332 | 62332 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $276,478) |  | 276478 |
|  **Total Investments - 101.0%** | **Total Investments - 101.0%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $9,179,624) | &nbsp;&nbsp;&nbsp; (Cost $9,179,624) | $26224830 |
|  **Other Assets & Liabilities, net - (1.0)%** | **Other Assets & Liabilities, net - (1.0)%** | (268525) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $25956305 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

60 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **PRECIOUS METALS FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $25948352 | $— | $— | $25948352 |
|  Repurchase Agreements |  | 276478 |  | 276478 |
|  Total Assets | $25948352 | $276478 | $— | $26224830 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 61

**PRECIOUS METALS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $8,903,146) | $25948352 |
|  Repurchase agreements, at value (cost $276,478) | 276478 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 5946 |
| &nbsp;&nbsp;&nbsp; Dividends | 1080 |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 964 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 40 |
| &nbsp;&nbsp;&nbsp; Interest | 33 |
|  **Total assets** | 26232893 |
|  **Liabilities:** | **Liabilities:** |
|  Overdraft due to custodian bank | 263 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 199745 |
| &nbsp;&nbsp;&nbsp; Management fees | 16934 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 10598 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 5645 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 2371 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 221 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 40811 |
|  **Total liabilities** | 276588 |
|  **Net assets** | $25956305 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $30676455 |
|  Total distributable earnings (loss) | (4720150) |
|  Net assets | $25956305 |
|  Capital shares outstanding | 434504 |
|  Net asset value per share | $59.74 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $14,892) | $137889 |
|  Interest | 3506 |
|  Income from securities lending, net | 332 |
| &nbsp;&nbsp;&nbsp; Total investment income | 141727 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 82514 |
|  Investor service fees | 27505 |
|  Transfer agent fees | 29252 |
|  Professional fees | 23060 |
|  Portfolio accounting and administration fees | 17053 |
|  Custodian fees | 1518 |
|  Trustees' fees\* | 1173 |
|  Line of credit fees | 5 |
|  Miscellaneous | 10452 |
| &nbsp;&nbsp;&nbsp; Total expenses | 192532 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (5501) |
|  Net expenses | 187031 |
|  Net investment loss | (45304) |
|  **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 | 618493 |
|  Net realized gain | 618493 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 7570057 |
|  Net change in unrealized appreciation (depreciation) | 7570057 |
|  Net realized and unrealized gain | 8188550 |
|  **Net increase in net assets resulting from operations** | $8143246 |

---

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

62 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**PRECIOUS METALS FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(45304) | $(99728) |
|  Net realized gain on investments | 618493 | 294842 |
|  Net change in unrealized appreciation (depreciation) on investments | 7570057 | 453930 |
|  Net increase in net assets resulting from operations | 8143246 | 649044 |
|  Distributions to shareholders |  | (292332) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 27660741 | 421796083 |
|  Distributions reinvested |  | 292332 |
|  Cost of shares redeemed | (26026092) | (439012518) |
|  Net increase (decrease) from capital share transactions | 1634649 | (16924103) |
|  Net increase (decrease) in net assets | 9777895 | (16567391) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 16178410 | 32745801 |
| &nbsp;&nbsp;&nbsp; End of period | $25956305 | $16178410 |
|  **Capital share activity:** |  |  |
|  Shares sold | 550338 | 9997315 |
|  Shares issued from reinvestment of distributions |  | 6521 |
|  Shares redeemed | (517724) | (10469375) |
|  Net increase (decrease) in shares | 32614 | (465539) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 63

**PRECIOUS METALS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $40.26 | $37.75 | $36.48 | $41.25 | $47.27 | $36.75 |
|  Income (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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (.10) | (.19) | (.04) | .05 | .06 | (.37) |
|  Net gain (loss) on investments (realized and unrealized) | 19.58 | 3.33 | 1.43 | (4.64) | (4.40) | 13.03 |
|  Total from investment operations | 19.48 | 3.14 | 1.39 | (4.59) | (4.34) | 12.66 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.63) | (.12) | (.18) | (1.68) | (2.14) |
|  Total distributions |  | (.63) | (.12) | (.18) | (1.68) | (2.14) |
|  Net asset value, end of period | $59.74 | $40.26 | $37.75 | $36.48 | $41.25 | $47.27 |
|  **Total Return<sup>c</sup>** | **48.39%** | **8.12%** | **3.83%** | **(11.08** **%)** | **(9.19** **%)** | **34.30%** |
|  **Ratios/Supplemental Data** | **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) | $25956 | $16178 | $32746 | $24977 | $21158 | $23246 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (0.41%) | (0.47%) | (0.12%) | 0.13% | 0.13% | (0.88%) |
|  Total expenses | 1.75% | 1.69% | 1.70% | 1.67% | 1.59% | 1.72% |
|  Net expenses<sup>d</sup> | 1.70% | 1.64% | 1.68% | 1.67% | 1.59% | 1.72% |
|  Portfolio turnover rate | 117% | 2009% | 427% | 188% | 133% | 163% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

64 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **REAL ESTATE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.2%** | **COMMON STOCKS<sup>†</sup>** **- 99.2%** | **COMMON STOCKS<sup>†</sup>** **- 99.2%** |
|  **REIT** **s** **- 90.3%** | **REIT** **s** **- 90.3%** | **REIT** **s** **- 90.3%** |
|  **REIT** **s** **-Diversified - 21.9%** | **REIT** **s** **-Diversified - 21.9%** | **REIT** **s** **-Diversified - 21.9%** |
| &nbsp;&nbsp;&nbsp; American Tower Corp. — Class A | 570 | $125981 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 536 | 93441 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. | 105 | 83524 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 809 | 83109 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. | 2211 | 72079 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. | 246 | 57771 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 2000 | 51380 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc. | 717 | 44726 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co. — Class A | 355 | 43083 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. | 916 | 42759 |
| &nbsp;&nbsp;&nbsp; EPR Properties<sup>1</sup> | 440 | 25634 |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. | 1309 | 21009 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 540 | 20720 |
| &nbsp;&nbsp;&nbsp; Outfront Media, Inc.<sup>1</sup> | 1168 | 19062 |
| &nbsp;&nbsp;&nbsp; Uniti Group, Inc.\* | 2643 | 11418 |
|  **Total REITs-Diversified** |  | 795696 |
|  **REIT** **s** **-Health Care - 12.2%** | **REIT** **s** **-Health Care - 12.2%** | **REIT** **s** **-Health Care - 12.2%** |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 803 | 123445 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. | 1031 | 65108 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 595 | 43215 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. | 2448 | 42864 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. | 1092 | 40022 |
| &nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 998 | 30539 |
| &nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 820 | 30127 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. | 1884 | 29880 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 1387 | 25576 |
| &nbsp;&nbsp;&nbsp; Medical Properties Trust, Inc.<sup>1</sup> | 3740 | 16119 |
|  **Total REITs-Health Care** |  | 446895 |
|  **REIT** **s** **-Apartments - 11.2%** | **REIT** **s** **-Apartments - 11.2%** | **REIT** **s** **-Apartments - 11.2%** |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 319 | 64917 |
| &nbsp;&nbsp;&nbsp; Equity Residential | 887 | 59864 |
| &nbsp;&nbsp;&nbsp; Invitation Homes, Inc. | 1589 | 52119 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 340 | 50323 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. | 1088 | 44423 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust | 367 | 41357 |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent — Class A | 1138 | 41048 |
| &nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. | 121 | 34291 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 1372 | 24271 |
|  **Total REITs-Apartments** |  | 412613 |
|  **REIT** **s** **-Warehouse/Industries - 9.3%** | **REIT** **s** **-Warehouse/Industries - 9.3%** | **REIT** **s** **-Warehouse/Industries - 9.3%** |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. | 1148 | 120678 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. | 979 | 34823 |
| &nbsp;&nbsp;&nbsp; STAG Industrial, Inc. | 883 | 32035 |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 630 | 30322 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. | 508 | 28484 |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. | 164 | 27408 |
| &nbsp;&nbsp;&nbsp; Americold Realty Trust, Inc. | 1572 | 26142 |
| &nbsp;&nbsp;&nbsp; Lineage, Inc.<sup>1</sup> | 440 | 19149 |
| &nbsp;&nbsp;&nbsp; LXP Industrial Trust | 2235 | 18461 |
|  **Total REITs-Warehouse/Industries** |  | 337502 |
|  **REIT** **s** **-Storage - 7.6%** | **REIT** **s** **-Storage - 7.6%** | **REIT** **s** **-Storage - 7.6%** |
| &nbsp;&nbsp;&nbsp; Public Storage | 284 | 83331 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 459 | 67675 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 653 | 66978 |
| &nbsp;&nbsp;&nbsp; CubeSmart | 888 | 37740 |
| &nbsp;&nbsp;&nbsp; National Storage Affiliates Trust | 727 | 23257 |
|  **Total REITs-Storage** |  | 278981 |
|  **REIT** **s** **-Shopping Centers - 7.1%** | **REIT** **s** **-Shopping Centers - 7.1%** | **REIT** **s** **-Shopping Centers - 7.1%** |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. | 2175 | 45719 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. | 628 | 44732 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust | 366 | 34766 |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. | 1329 | 34607 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 1206 | 27316 |
| &nbsp;&nbsp;&nbsp; Phillips Edison & Company, Inc. | 767 | 26868 |
| &nbsp;&nbsp;&nbsp; Urban Edge Properties | 1006 | 18772 |
| &nbsp;&nbsp;&nbsp; Acadia Realty Trust | 1002 | 18607 |
| &nbsp;&nbsp;&nbsp; SITE Centers Corp. | 798 | 9025 |
|  **Total REITs-Shopping Centers** |  | 260412 |
|  **REIT** **s** **-Office Property - 5.7%** | **REIT** **s** **-Office Property - 5.7%** | **REIT** **s** **-Office Property - 5.7%** |
| &nbsp;&nbsp;&nbsp; BXP, Inc.<sup>1</sup> | 569 | 38390 |
| &nbsp;&nbsp;&nbsp; Vornado Realty Trust | 804 | 30745 |
| &nbsp;&nbsp;&nbsp; Cousins Properties, Inc. | 909 | 27297 |
| &nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 406 | 25131 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty Corp.<sup>1</sup> | 700 | 24017 |
| &nbsp;&nbsp;&nbsp; Highwoods Properties, Inc. | 707 | 21981 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties | 767 | 21154 |
| &nbsp;&nbsp;&nbsp; Douglas Emmett, Inc.<sup>1</sup> | 1267 | 19056 |
|  **Total REITs-Office Property** |  | 207771 |
|  **REIT** **s** **-Single Tenant - 5.1%** | **REIT** **s** **-Single Tenant - 5.1%** | **REIT** **s** **-Single Tenant - 5.1%** |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. | 1531 | 88201 |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 814 | 35149 |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. | 468 | 34192 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 964 | 30761 |
|  **Total REITs-Single Tenant** |  | 188303 |
|  **REIT** **s** **-Hotels - 4.1%** | **REIT** **s** **-Hotels - 4.1%** | **REIT** **s** **-Hotels - 4.1%** |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. | 2566 | 39414 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 304 | 29996 |
| &nbsp;&nbsp;&nbsp; Apple Hospitality REIT, Inc.<sup>1</sup> | 1655 | 19314 |
| &nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. | 1631 | 16685 |
| &nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 1822 | 15815 |
| &nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. | 1985 | 15205 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust | 1367 | 13656 |
|  **Total REITs-Hotels** |  | 150085 |
|  **REIT** **s** **-Regional Malls - 3.7%** | **REIT** **s** **-Regional Malls - 3.7%** | **REIT** **s** **-Regional Malls - 3.7%** |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 546 | 87775 |
| &nbsp;&nbsp;&nbsp; Macerich Co. | 1535 | 24836 |
| &nbsp;&nbsp;&nbsp; Tanger, Inc. | 746 | 22813 |
|  **Total REITs-Regional Malls** |  | 135424 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 65

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **REAL ESTATE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **REIT** **s** **-Manufactured Homes - 2.4%** | **REIT** **s** **-Manufactured Homes - 2.4%** | **REIT** **s** **-Manufactured Homes - 2.4%** |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 389 | $49205 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 642 | 39592 |
|  **Total REITs-Manufactured Homes** |  | 88797 |
|  **Total REITs** |  | 3302479 |
|  **Real Estate - 7.4%** | **Real Estate - 7.4%** | **Real Estate - 7.4%** |
|  **Real Estate Management/Services - 7.4%** | **Real Estate Management/Services - 7.4%** | **Real Estate Management/Services - 7.4%** |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. — Class A\* | 564 | 79028 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 863 | 69385 |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 129 | 32996 |
| &nbsp;&nbsp;&nbsp; Compass, Inc. — Class A\* | 3555 | 22325 |
| &nbsp;&nbsp;&nbsp; Newmark Group, Inc. — Class A | 1726 | 20971 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield plc\* | 1774 | 19638 |
| &nbsp;&nbsp;&nbsp; Redfin Corp.\*<sup>,1</sup> | 1295 | 14491 |
| &nbsp;&nbsp;&nbsp; eXp World Holdings, Inc. | 1147 | 10438 |
|  **Total Real Estate Management/Services** |  | 269272 |
|  **Total Real Estate** |  | 269272 |
|  **Internet - 1.5%** | **Internet - 1.5%** | **Internet - 1.5%** |
|  **E-Commerce/Services - 1.5%** | **E-Commerce/Services - 1.5%** | **E-Commerce/Services - 1.5%** |
| &nbsp;&nbsp;&nbsp; Zillow Group, Inc. — Class C\* | 671 | 47004 |
| &nbsp;&nbsp;&nbsp; Opendoor Technologies, Inc.\*<sup>,1</sup> | 12515 | 6670 |
|  **Total E-Commerce/Services** |  | 53674 |
|  **Total Internet** |  | 53674 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,565,420) |  | 3625425 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $14366 | 14366 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 6199 | 6199 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 5986 | 5986 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $26,551) |  | 26551 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.3%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 157132 | 157132 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $157,132) |  | 157132 |
|  **Total Investments - 104.2%** | **Total Investments - 104.2%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,749,103) | &nbsp;&nbsp;&nbsp; (Cost $1,749,103) | $3809108 |
|  **Other Assets & Liabilities, net - (4.2)%** | **Other Assets & Liabilities, net - (4.2)%** | (154296) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3654812 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $3625425 | $— | $— | $3625425 |
|  Repurchase Agreements |  | 26551 |  | 26551 |
|  Securities Lending Collateral | 157132 |  |  | 157132 |
|  Total Assets | $3782557 | $26551 | $— | $3809108 |

---

66 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**REAL ESTATE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $147,445 of securities loaned (cost $1,722,552) | $3782557 |
|  Repurchase agreements, at value (cost $26,551) | 26551 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 16808 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 28 |
| &nbsp;&nbsp;&nbsp; Interest | 3 |
|  **Total assets** | 3825947 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 157132 |
| &nbsp;&nbsp;&nbsp; Management fees | 2521 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1772 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1203 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 741 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 311 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 40 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 7415 |
|  **Total liabilities** | 171135 |
|  **Net assets** | $3654812 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2186353 |
|  Total distributable earnings (loss) | 1468459 |
|  Net assets | $3654812 |
|  Capital shares outstanding | 97373 |
|  Net asset value per share | $37.53 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $62095 |
|  Interest | 613 |
|  Income from securities lending, net | 72 |
| &nbsp;&nbsp;&nbsp; Total investment income | 62780 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 16607 |
|  Investor service fees | 4884 |
|  Transfer agent fees | 5483 |
|  Professional fees | 3705 |
|  Portfolio accounting and administration fees | 3028 |
|  Custodian fees | 276 |
|  Trustees' fees\* | 260 |
|  Miscellaneous | 1856 |
| &nbsp;&nbsp;&nbsp; Total expenses | 36099 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (977) |
|  Net expenses | 35122 |
|  Net investment income | 27658 |
|  **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 | 74485 |
|  Net realized gain | 74485 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (215021) |
|  Net change in unrealized appreciation (depreciation) | (215021) |
|  Net realized and unrealized loss | (140536) |
|  **Net decrease in net assets resulting from operations** | $(112878) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 67

**REAL ESTATE FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $27658 | $62305 |
|  Net realized gain on investments | 74485 | 276725 |
|  Net change in unrealized appreciation (depreciation) on investments | (215021) | (219360) |
|  Net increase (decrease) in net assets resulting from operations | (112878) | 119670 |
|  Distributions to shareholders |  | (57969) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 5804477 | 16147869 |
|  Distributions reinvested |  | 57969 |
|  Cost of shares redeemed | (5996395) | (17043501) |
|  Net decrease from capital share transactions | (191918) | (837663) |
|  Net decrease in net assets | (304796) | (775962) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 3959608 | 4735570 |
| &nbsp;&nbsp;&nbsp; End of period | $3654812 | $3959608 |
|  **Capital share activity:** |  |  |
|  Shares sold | 152582 | 431924 |
|  Shares issued from reinvestment of distributions |  | 1571 |
|  Shares redeemed | (160251) | (458695) |
|  Net decrease in shares | (7669) | (25200) |

---

68 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**REAL ESTATE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $37.70 | $36.36 | $34.71 | $51.05 | $38.31 | $43.46 |
|  Income (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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .26 | .48 | .50 | .38 | .31 | .28 |
|  Net gain (loss) on investments (realized and unrealized) | (.43) | 1.35 | 3.02 | (14.10) | 12.70 | (3.19) |
|  Total from investment operations | (.17) | 1.83 | 3.52 | (13.72) | 13.01 | (2.91) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.49) | (.47) | (.41) | (.27) | (1.16) |
|  Net realized gains |  |  | (1.40) | (2.21) |  | (1.08) |
|  Total distributions |  | (.49) | (1.87) | (2.62) | (.27) | (2.24) |
|  Net asset value, end of period | $37.53 | $37.70 | $36.36 | $34.71 | $51.05 | $38.31 |
|  **Total Return<sup>c</sup>** | **(0.45** **%)** | **5.03%** | **10.32%** | **(27.40** **%)** | **34.07%** | **(5.82** **%)** |
|  **Ratios/Supplemental Data** | **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) | $3655 | $3960 | $4736 | $4772 | $14706 | $6518 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 1.42% | 1.31% | 1.45% | 0.90% | 0.69% | 0.76% |
|  Total expenses | 1.85% | 1.79% | 1.81% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.74% | 1.79% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 144% | 343% | 125% | 134% | 136% | 173% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 69

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **RETAILING FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
|  **Retail - 68.4%** | **Retail - 68.4%** | **Retail - 68.4%** |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 1045 | $102180 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 102 | 100974 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. | 765 | 94470 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 253 | 92760 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc. | 405 | 89857 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 780 | 70301 |
| &nbsp;&nbsp;&nbsp; Carvana Co.\* | 205 | 69077 |
| &nbsp;&nbsp;&nbsp; Target Corp. | 545 | 53764 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 399 | 50904 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 811 | 42796 |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 361 | 41291 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 80 | 37426 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 10 | 37122 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 226 | 36922 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 367 | 36348 |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | 273 | 33118 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 166 | 32836 |
| &nbsp;&nbsp;&nbsp; GameStop Corp. — Class A\* | 1266 | 30878 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 132 | 30708 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 280 | 30192 |
| &nbsp;&nbsp;&nbsp; Best Buy Company, Inc. | 422 | 28329 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 389 | 26145 |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 184 | 24248 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc.\* | 2026 | 23258 |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. — Class A\* | 297 | 22560 |
| &nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 167 | 21907 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 731 | 21901 |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 108 | 21454 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. | 877 | 19127 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 45 | 18306 |
| &nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 248 | 17990 |
| &nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 110 | 16720 |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. — Class A\* | 198 | 16404 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. — Class A | 46 | 15540 |
| &nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 180 | 14319 |
| &nbsp;&nbsp;&nbsp; RH\* | 75 | 14176 |
| &nbsp;&nbsp;&nbsp; Macy's, Inc. | 1195 | 13934 |
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 305 | 13667 |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 275 | 12785 |
| &nbsp;&nbsp;&nbsp; Foot Locker, Inc.\* | 502 | 12299 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 485 | 11160 |
| &nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 1014 | 9755 |
| &nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 513 | 9501 |
| &nbsp;&nbsp;&nbsp; Kohl's Corp.<sup>1</sup> | 902 | 7649 |
| &nbsp;&nbsp;&nbsp; ODP Corp.\* | 319 | 5783 |
|  **Total Retail** |  | 1532841 |
|  **Internet - 26.8%** | **Internet - 26.8%** | **Internet - 26.8%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 1032 | 226410 |
| &nbsp;&nbsp;&nbsp; Coupang, Inc.\* | 1953 | 58512 |
| &nbsp;&nbsp;&nbsp; PDD Holdings, Inc. ADR\* | 548 | 57354 |
| &nbsp;&nbsp;&nbsp; Alibaba Group Holding Ltd. ADR | 467 | 52962 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 19 | 49659 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | 625 | 46538 |
| &nbsp;&nbsp;&nbsp; JD.com, Inc. ADR | 1189 | 38809 |
| &nbsp;&nbsp;&nbsp; Chewy, Inc. — Class A\* | 746 | 31795 |
| &nbsp;&nbsp;&nbsp; Wayfair, Inc. — Class A\* | 416 | 21274 |
| &nbsp;&nbsp;&nbsp; Etsy, Inc.\* | 333 | 16703 |
|  **Total Internet** |  | 600016 |
|  **Distribution & Wholesale - 2.2%** | **Distribution & Wholesale - 2.2%** | **Distribution & Wholesale - 2.2%** |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 88 | 25650 |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 658 | 24353 |
|  **Total Distribution & Wholesale** |  | 50003 |
|  **Software - 1.4%** | **Software - 1.4%** | **Software - 1.4%** |
| &nbsp;&nbsp;&nbsp; Global-e Online Ltd\* | 948 | 31796 |
|  **Commercial Services - 0.8%** | **Commercial Services - 0.8%** | **Commercial Services - 0.8%** |
| &nbsp;&nbsp;&nbsp; Valvoline, Inc.\* | 477 | 18064 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $939,354) |  | 2232720 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $8559 | 8559 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 3693 | 3693 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 3566 | 3566 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $15,818) |  | 15818 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.3%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.3%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 5915 | 5915 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,915) |  | 5915 |
|  **Total Investments - 100.6%** | **Total Investments - 100.6%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $961,087) | &nbsp;&nbsp;&nbsp; (Cost $961,087) | $2254453 |
|  **Other Assets & Liabilities, net - (0.6)%** | **Other Assets & Liabilities, net - (0.6)%** | (12374) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2242079 |

---

70 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **RETAILING FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $2232720 | $— | $— | $2232720 |
|  Repurchase Agreements |  | 15818 |  | 15818 |
|  Securities Lending Collateral | 5915 |  |  | 5915 |
|  Total Assets | $2238635 | $15818 | $— | $2254453 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 71

**RETAILING FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $5,732 of securities loaned (cost $945,269) | $2238635 |
|  Repurchase agreements, at value (cost $15,818) | 15818 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 2023 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 671 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 27 |
| &nbsp;&nbsp;&nbsp; Interest | 2 |
|  **Total assets** | 2257176 |
|  **Liabilities:** | **Liabilities:** |
|  Overdraft due to custodian bank | 15 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 5915 |
| &nbsp;&nbsp;&nbsp; Professional fees | 2150 |
| &nbsp;&nbsp;&nbsp; Management fees | 1807 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1185 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 531 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 350 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 223 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 27 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 2894 |
|  **Total liabilities** | 15097 |
|  **Net assets** | $2242079 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $1102546 |
|  Total distributable earnings (loss) | 1139533 |
|  Net assets | $2242079 |
|  Capital shares outstanding | 16554 |
|  Net asset value per share | $135.44 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $45) | $16052 |
|  Interest | 480 |
|  Income from securities lending, net | 53 |
| &nbsp;&nbsp;&nbsp; Total investment income | 16585 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 11909 |
|  Investor service fees | 3503 |
|  Transfer agent fees | 3833 |
|  Professional fees | 2615 |
|  Portfolio accounting and administration fees | 2171 |
|  Custodian fees | 195 |
|  Trustees' fees\* | 168 |
|  Miscellaneous | 1477 |
| &nbsp;&nbsp;&nbsp; Total expenses | 25871 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (701) |
|  Net expenses | 25170 |
|  Net investment loss | (8585) |
|  **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 | 3831 |
|  Net realized gain | 3831 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (85907) |
|  Net change in unrealized appreciation (depreciation) | (85907) |
|  Net realized and unrealized loss | (82076) |
|  **Net decrease in net assets resulting from operations** | $(90661) |

---

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

72 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RETAILING FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(8585) | $(16379) |
|  Net realized gain on investments | 3831 | 802117 |
|  Net change in unrealized appreciation (depreciation) on investments | (85907) | (251591) |
|  Net increase (decrease) in net assets resulting from operations | (90661) | 534147 |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 3806233 | 8149757 |
|  Cost of shares redeemed | (3932795) | (9240685) |
|  Net decrease from capital share transactions | (126562) | (1090928) |
|  Net decrease in net assets | (217223) | (556781) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 2459302 | 3016083 |
| &nbsp;&nbsp;&nbsp; End of period | $2242079 | $2459302 |
|  **Capital share activity:** |  |  |
|  Shares sold | 28286 | 68942 |
|  Shares redeemed | (30552) | (77033) |
|  Net decrease in shares | (2266) | (8091) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 73

**RETAILING FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $130.67 | $112.08 | $96.16 | $134.27 | $128.69 | $89.57 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (.40) | (.67) | (.40) | (.71) | (1.27) | (.95) |
|  Net gain (loss) on investments (realized and unrealized) | 5.17 <sup>e</sup> | 19.26 | 16.32 | (34.86) | 16.53 | 40.07 |
|  Total from investment operations | 4.77 | 18.59 | 15.92 | (35.57) | 15.26 | 39.12 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains |  |  |  | (2.54) | (9.68) |  |
|  Total distributions |  |  |  | (2.54) | (9.68) |  |
|  Net asset value, end of period | $135.44 | $130.67 | $112.08 | $96.16 | $134.27 | $128.69 |
|  **Total Return<sup>c</sup>** | **3.65%** | **16.59%** | **16.56%** | **(26.52** **%)** | **11.75%** | **43.68%** |
|  **Ratios/Supplemental Data** | **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) | $2242 | $2459 | $3016 | $3220 | $6622 | $7196 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (0.61 %) | (0.55%) | (0.39%) | (0.68%) | (0.92%) | (0.91%) |
|  Total expenses | 1.85% | 1.79% | 1.81% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.74% | 1.79% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 142% | 273% | 212% | 193% | 375% | 250% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

74 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **TECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
|  **Software - 31.4%** | **Software - 31.4%** | **Software - 31.4%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 3334 | $1658365 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 2281 | 498695 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 3163 | 431180 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 1577 | 430032 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 503 | 396178 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 380 | 390670 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 853 | 330009 |
| &nbsp;&nbsp;&nbsp; MicroStrategy, Inc. — Class A\* | 715 | 289024 |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. — Class A\* | 727 | 254508 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 793 | 244363 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 472 | 241985 |
| &nbsp;&nbsp;&nbsp; ROBLOX Corp. — Class A\* | 2187 | 230072 |
| &nbsp;&nbsp;&nbsp; Cloudflare, Inc. — Class A\* | 1138 | 222855 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 713 | 220723 |
| &nbsp;&nbsp;&nbsp; Snowflake, Inc. — Class A\* | 985 | 220413 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 868 | 208320 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 364 | 206330 |
| &nbsp;&nbsp;&nbsp; Atlassian Corp. — Class A\* | 1002 | 203496 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. — Class A\* | 1356 | 182151 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 730 | 177281 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 1097 | 175191 |
| &nbsp;&nbsp;&nbsp; NetEase, Inc. ADR | 1201 | 161631 |
| &nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 426 | 149620 |
| &nbsp;&nbsp;&nbsp; Zoom Communications, Inc. — Class A\* | 1603 | 125002 |
| &nbsp;&nbsp;&nbsp; Samsara, Inc. — Class A\* | 3064 | 121886 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.\* | 704 | 121327 |
| &nbsp;&nbsp;&nbsp; Nutanix, Inc. — Class A\* | 1586 | 121234 |
| &nbsp;&nbsp;&nbsp; Twilio, Inc. — Class A\* | 928 | 115406 |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc.\* | 489 | 115135 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 1980 | 109316 |
| &nbsp;&nbsp;&nbsp; HubSpot, Inc.\* | 195 | 108543 |
| &nbsp;&nbsp;&nbsp; MongoDB, Inc.\* | 515 | 108145 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc.\* | 1359 | 105853 |
| &nbsp;&nbsp;&nbsp; Monday.com Ltd.\* | 314 | 98747 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 469 | 92613 |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 1130 | 90129 |
| &nbsp;&nbsp;&nbsp; IonQ, Inc.\* | 1977 | 84952 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. — Class A\* | 2598 | 74303 |
| &nbsp;&nbsp;&nbsp; Confluent, Inc. — Class A\* | 2922 | 72845 |
| &nbsp;&nbsp;&nbsp; Unity Software, Inc.\* | 2957 | 71559 |
| &nbsp;&nbsp;&nbsp; Gitlab, Inc. — Class A\* | 1526 | 68838 |
| &nbsp;&nbsp;&nbsp; SoundHound AI, Inc. — Class A\*<sup>,1</sup> | 5434 | 58307 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc. — Class A\* | 4524 | 45783 |
|  **Total Software** |  | 9433015 |
|  **Semiconductors - 27.4%** | **Semiconductors - 27.4%** | **Semiconductors - 27.4%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 10739 | 1696655 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 3592 | 990135 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 3104 | 440458 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 1805 | 374754 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 2218 | 353239 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 1802 | 329892 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 2632 | 324394 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 3150 | 306621 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 328 | 293803 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 1233 | 293479 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 11621 | 260310 |
| &nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Company Ltd. ADR | 1077 | 243930 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 1071 | 234003 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 2945 | 227943 |
| &nbsp;&nbsp;&nbsp; ARM Holdings plc ADR\* | 1379 | 223039 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V. — Class G | 275 | 220382 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 2376 | 167199 |
| &nbsp;&nbsp;&nbsp; STMicroelectronics N.V. — Class Y<sup>1</sup> | 5342 | 162450 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 2344 | 122849 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 1161 | 104397 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 132 | 96542 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. | 1161 | 93635 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 1222 | 91063 |
| &nbsp;&nbsp;&nbsp; Astera Labs, Inc.\* | 1001 | 90510 |
| &nbsp;&nbsp;&nbsp; Qorvo, Inc.\* | 902 | 76589 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 1121 | 71766 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. | 710 | 70546 |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 1399 | 68537 |
| &nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 543 | 56610 |
| &nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\* | 1397 | 53365 |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 575 | 40072 |
| &nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 255 | 28323 |
|  **Total Semiconductors** |  | 8207490 |
|  **Computers - 16.6%** | **Computers - 16.6%** | **Computers - 16.6%** |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 7268 | 1491175 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 1537 | 453077 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 589 | 299984 |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. — Class C | 1943 | 238212 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 2103 | 222329 |
| &nbsp;&nbsp;&nbsp; Accenture plc — Class A | 592 | 176943 |
| &nbsp;&nbsp;&nbsp; Check Point Software Technologies Ltd.\* | 761 | 168371 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. — Class A | 2092 | 163239 |
| &nbsp;&nbsp;&nbsp; Infosys Ltd. ADR | 8791 | 162897 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 1101 | 158907 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc.\* | 477 | 149749 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 7228 | 147813 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 2873 | 140806 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | 2106 | 134763 |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 5210 | 127437 |
| &nbsp;&nbsp;&nbsp; CyberArk Software Ltd.\* | 308 | 125319 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 1173 | 124983 |
| &nbsp;&nbsp;&nbsp; Pure Storage, Inc. — Class A\* | 2009 | 115678 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.\* | 1111 | 111067 |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 733 | 69679 |
| &nbsp;&nbsp;&nbsp; Sandisk Corp.\* | 1517 | 68796 |
| &nbsp;&nbsp;&nbsp; Varonis Systems, Inc.\* | 1244 | 63133 |
| &nbsp;&nbsp;&nbsp; Rigetti Computing, Inc.\*<sup>,1</sup> | 4221 | 50061 |
|  **Total Computers** |  | 4964418 |
|  **Internet - 14.5%** | **Internet - 14.5%** | **Internet - 14.5%** |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 7055 | 1243303 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 1620 | 1195706 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 75

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **TECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 1526 | $312281 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc. — Class A\* | 1759 | 202901 |
| &nbsp;&nbsp;&nbsp; Sea Ltd. ADR\* | 1133 | 181212 |
| &nbsp;&nbsp;&nbsp; Baidu, Inc. ADR\* | 1908 | 163630 |
| &nbsp;&nbsp;&nbsp; Reddit, Inc. — Class A\* | 988 | 148763 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc. — Class A\* | 753 | 135585 |
| &nbsp;&nbsp;&nbsp; Pinterest, Inc. — Class A\* | 3701 | 132718 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 733 | 130906 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. | 449 | 129671 |
| &nbsp;&nbsp;&nbsp; F5, Inc.\* | 373 | 109781 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 3537 | 103988 |
| &nbsp;&nbsp;&nbsp; Snap, Inc. — Class A\* | 10521 | 91427 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. | 2409 | 74414 |
|  **Total Internet** |  | 4356286 |
|  **Telecommunications - 4.2%** | **Telecommunications - 4.2%** | **Telecommunications - 4.2%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 6253 | 433833 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 2658 | 271940 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 535 | 224946 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 3322 | 174704 |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 1150 | 106479 |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. | 195 | 43725 |
|  **Total Telecommunications** |  | 1255627 |
|  **Electronics - 3.6%** | **Electronics - 3.6%** | **Electronics - 3.6%** |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. — Class A | 3005 | 296744 |
| &nbsp;&nbsp;&nbsp; TE Connectivity plc | 979 | 165128 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 865 | 141739 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 638 | 139148 |
| &nbsp;&nbsp;&nbsp; Flex Ltd.\* | 2455 | 122553 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 1531 | 116325 |
| &nbsp;&nbsp;&nbsp; Coherent Corp.\* | 1158 | 103305 |
|  **Total Electronics** |  | 1084942 |
|  **Investment Companies - 0.8%** | **Investment Companies - 0.8%** | **Investment Companies - 0.8%** |
| &nbsp;&nbsp;&nbsp; Core Scientific, Inc.\* | 3923 | 66965 |
| &nbsp;&nbsp;&nbsp; MARA Holdings, Inc.\* | 3883 | 60885 |
| &nbsp;&nbsp;&nbsp; Riot Platforms, Inc.\* | 4779 | 54003 |
| &nbsp;&nbsp;&nbsp; Cleanspark, Inc.\*<sup>,1</sup> | 4459 | 49183 |
|  **Total Investment Companies** |  | 231036 |
|  **Energy-Alternate Sources - 0.5%** | **Energy-Alternate Sources - 0.5%** | **Energy-Alternate Sources - 0.5%** |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 664 | 109919 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 1445 | 57294 |
|  **Total Energy-Alternate Sources** |  | 167213 |
|  **Office & Business Equipment - 0.3%** | **Office & Business Equipment - 0.3%** | **Office & Business Equipment - 0.3%** |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. — Class A\* | 337 | 103917 |
|  **Electrical Components & Equipment - 0.2%** | **Electrical Components & Equipment - 0.2%** | **Electrical Components & Equipment - 0.2%** |
| &nbsp;&nbsp;&nbsp; Universal Display Corp. | 347 | 53598 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $13,962,032) |  | 29857542 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $111248 | 111248 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 48004 | 48004 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 46354 | 46354 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $205,606) |  | 205606 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.7%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 211415 | 211415 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $211,415) |  | 211415 |
|  **Total Investments - 100.9%** | **Total Investments - 100.9%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $14,379,053) | &nbsp;&nbsp;&nbsp; (Cost $14,379,053) | $30274563 |
|  **Other Assets & Liabilities, net - (0.9)%** | **Other Assets & Liabilities, net - (0.9)%** | (275485) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $29999078 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

76 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **TECHNOLOGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $29857542 | $— | $— | $29857542 |
|  Repurchase Agreements |  | 205606 |  | 205606 |
|  Securities Lending Collateral | 211415 |  |  | 211415 |
|  Total Assets | $30068957 | $205606 | $— | $30274563 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 77

**TECHNOLOGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $213,342 of securities loaned (cost $14,173,447) | $30068957 |
|  Repurchase agreements, at value (cost $205,606) | 205606 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 277175 |
| &nbsp;&nbsp;&nbsp; Dividends | 8563 |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 496 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 64 |
| &nbsp;&nbsp;&nbsp; Interest | 25 |
|  **Total assets** | 30560886 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 256555 |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 211415 |
| &nbsp;&nbsp;&nbsp; Management fees | 17730 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 17291 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 9924 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 5215 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 2190 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 225 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 41263 |
|  **Total liabilities** | 561808 |
|  **Net assets** | $29999078 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $12423896 |
|  Total distributable earnings (loss) | 17575182 |
|  Net assets | $29999078 |
|  Capital shares outstanding | 127897 |
|  Net asset value per share | $234.56 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $261) | $68034 |
|  Interest | 3561 |
|  Income from securities lending, net | 226 |
| &nbsp;&nbsp;&nbsp; Total investment income | 71821 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 90509 |
|  Transfer agent fees | 29608 |
|  Investor service fees | 26620 |
|  Professional fees | 23340 |
|  Portfolio accounting and administration fees | 16504 |
|  Custodian fees | 1493 |
|  Trustees' fees\* | 1365 |
|  Line of credit fees | 37 |
|  Miscellaneous | 7551 |
| &nbsp;&nbsp;&nbsp; Total expenses | 197027 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (5324) |
|  Net expenses | 191703 |
|  Net investment loss | (119882) |
|  **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 | 1017645 |
|  Net realized gain | 1017645 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 2129936 |
|  Net change in unrealized appreciation (depreciation) | 2129936 |
|  Net realized and unrealized gain | 3147581 |
|  **Net increase in net assets resulting from operations** | $3027699 |

---

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

78 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TECHNOLOGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(119882) | $(233397) |
|  Net realized gain on investments | 1017645 | 5705994 |
|  Net change in unrealized appreciation (depreciation) on investments | 2129936 | (836779) |
|  Net increase in net assets resulting from operations | 3027699 | 4635818 |
|  Distributions to shareholders |  | (880066) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 34681430 | 30734805 |
|  Distributions reinvested |  | 880066 |
|  Cost of shares redeemed | (30657343) | (36493392) |
|  Net increase (decrease) from capital share transactions | 4024087 | (4878521) |
|  Net increase (decrease) in net assets | 7051786 | (1122769) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 22947292 | 24070061 |
| &nbsp;&nbsp;&nbsp; End of period | $29999078 | $22947292 |
|  **Capital share activity:** |  |  |
|  Shares sold | 161937 | 152420 |
|  Shares issued from reinvestment of distributions |  | 4411 |
|  Shares redeemed | (141909) | (183294) |
|  Net increase (decrease) in shares | 20028 | (26463) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 79

**TECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $212.73 | $179.18 | $122.14 | $207.63 | $184.01 | $125.88 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (1.17) | (2.06) | (1.43) | (1.65) | (1.82) | (.99) |
|  Net gain (loss) on investments (realized and unrealized) | 23.00 | 44.42 | 61.07 | (72.52) | 38.58 | 62.21 |
|  Total from investment operations | 21.83 | 42.36 | 59.64 | (74.17) | 36.76 | 61.22 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains |  | (8.81) | (2.60) | (11.32) | (13.14) | (3.09) |
|  Total distributions |  | (8.81) | (2.60) | (11.32) | (13.14) | (3.09) |
|  Net asset value, end of period | $234.56 | $212.73 | $179.18 | $122.14 | $207.63 | $184.01 |
|  **Total Return<sup>c</sup>** | **10.26%** | **23.97%** | **49.01%** | **(36.25** **%)** | **20.50%** | **49.25%** |
|  **Ratios/Supplemental Data** | **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) | $29999 | $22947 | $24070 | $15460 | $30389 | $25233 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (1.13%) | (1.03%) | (0.94%) | (1.10%) | (0.92%) | (0.69%) |
|  Total expenses | 1.85% | 1.78% | 1.81% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.73% | 1.78% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 140% | 141% | 100% | 78% | 113% | 192% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

80 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **TELECOMMUNICATIONS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.8%** | **COMMON STOCKS<sup>†</sup>** **- 99.8%** | **COMMON STOCKS<sup>†</sup>** **- 99.8%** |
|  **Telecommunications - 73.6%** | **Telecommunications - 73.6%** | **Telecommunications - 73.6%** |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 6315 | $438135 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 13732 | 397404 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 8180 | 353949 |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 1213 | 289009 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 2683 | 274498 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 502 | 211071 |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 3700 | 147741 |
| &nbsp;&nbsp;&nbsp; AST SpaceMobile, Inc.\*<sup>,1</sup> | 3107 | 145190 |
| &nbsp;&nbsp;&nbsp; Ciena Corp.\* | 1666 | 135496 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. — Class A\* | 4432 | 122766 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 3184 | 115898 |
| &nbsp;&nbsp;&nbsp; Telefonaktiebolaget LM Ericsson ADR | 12695 | 107654 |
| &nbsp;&nbsp;&nbsp; Vodafone Group plc ADR | 9721 | 103626 |
| &nbsp;&nbsp;&nbsp; BCE, Inc. | 4468 | 99055 |
| &nbsp;&nbsp;&nbsp; Rogers Communications, Inc. — Class B | 3267 | 96899 |
| &nbsp;&nbsp;&nbsp; TELUS Corp. | 5895 | 94674 |
| &nbsp;&nbsp;&nbsp; Nokia Oyj ADR | 17920 | 92826 |
| &nbsp;&nbsp;&nbsp; America Movil SAB de CV ADR | 5158 | 92534 |
| &nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc. | 2034 | 72370 |
| &nbsp;&nbsp;&nbsp; Calix, Inc.\* | 1333 | 70902 |
| &nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 2190 | 66072 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.\* | 14784 | 64754 |
| &nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 3380 | 60671 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 5867 | 59081 |
| &nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 4039 | 58969 |
| &nbsp;&nbsp;&nbsp; CommScope Holding Company, Inc.\* | 6958 | 57612 |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. | 220 | 49330 |
| &nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 2986 | 43834 |
| &nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 4146 | 39263 |
| &nbsp;&nbsp;&nbsp; Globalstar, Inc.\* | 1565 | 36856 |
|  **Total Telecommunications** |  | 3998139 |
|  **Media - 15.0%** | **Media - 15.0%** | **Media - 15.0%** |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 8801 | 314108 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\* | 557 | 227707 |
| &nbsp;&nbsp;&nbsp; Liberty Broadband Corp. — Class C\* | 1463 | 143930 |
| &nbsp;&nbsp;&nbsp; Liberty Global Ltd. — Class A\* | 9470 | 94795 |
| &nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. — Class C\* | 6025 | 37475 |
|  **Total Media** |  | 818015 |
|  **Internet - 6.1%** | **Internet - 6.1%** | **Internet - 6.1%** |
| &nbsp;&nbsp;&nbsp; Roku, Inc.\* | 1711 | 150380 |
| &nbsp;&nbsp;&nbsp; F5, Inc.\* | 423 | 124497 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 1190 | 57370 |
|  **Total Internet** |  | 332247 |
|  **Computers - 2.8%** | **Computers - 2.8%** | **Computers - 2.8%** |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 1056 | 100383 |
| &nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 2092 | 51903 |
|  **Total Computers** |  | 152286 |
|  **Software - 1.3%** | **Software - 1.3%** | **Software - 1.3%** |
| &nbsp;&nbsp;&nbsp; Nice Ltd. ADR\* | 441 | 74489 |
|  **Electronics - 1.0%** | **Electronics - 1.0%** | **Electronics - 1.0%** |
| &nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.\* | 2065 | 53050 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,377,831) |  | 5428226 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $10822 | 10822 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 4670 | 4670 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 4509 | 4509 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $20,001) |  | 20001 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.2%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.2%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.2%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 64287 | 64287 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $64,287) |  | 64287 |
|  **Total Investments - 101.4%** | **Total Investments - 101.4%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,462,119) | &nbsp;&nbsp;&nbsp; (Cost $4,462,119) | $5512514 |
|  **Other Assets & Liabilities, net - (1.4)%** | **Other Assets & Liabilities, net - (1.4)%** | (77888) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5434626 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 81

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **TELECOMMUNICATIONS FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $5428226 | $— | $— | $5428226 |
|  Repurchase Agreements |  | 20001 |  | 20001 |
|  Securities Lending Collateral | 64287 |  |  | 64287 |
|  Total Assets | $5492513 | $20001 | $— | $5512514 |

---

82 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TELECOMMUNICATIONS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $59,487 of securities loaned (cost $4,442,118) | $5492513 |
|  Repurchase agreements, at value (cost $20,001) | 20001 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 2458183 |
| &nbsp;&nbsp;&nbsp; Dividends | 3115 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 126 |
| &nbsp;&nbsp;&nbsp; Interest | 3 |
|  **Total assets** | 7973941 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 2462288 |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 64287 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 2139 |
| &nbsp;&nbsp;&nbsp; Management fees | 1816 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1364 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 534 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 224 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 36 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 6627 |
|  **Total liabilities** | 2539315 |
|  **Net assets** | $5434626 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $5457505 |
|  Total distributable earnings (loss) | (22879) |
|  Net assets | $5434626 |
|  Capital shares outstanding | 77150 |
|  Net asset value per share | $70.44 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $946) | $26713 |
|  Interest | 558 |
|  Income from securities lending, net | 1056 |
| &nbsp;&nbsp;&nbsp; Total investment income | 28327 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 12531 |
|  Investor service fees | 3685 |
|  Transfer agent fees | 4694 |
|  Professional fees | 2920 |
|  Portfolio accounting and administration fees | 2285 |
|  Trustees' fees\* | 292 |
|  Custodian fees | 218 |
|  Line of credit fees | 12 |
|  Miscellaneous | 600 |
| &nbsp;&nbsp;&nbsp; Total expenses | 27237 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (737) |
|  Net expenses | 26500 |
|  Net investment income | 1827 |
|  **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 | 95209 |
|  Net realized gain | 95209 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 113935 |
|  Net change in unrealized appreciation (depreciation) | 113935 |
|  Net realized and unrealized gain | 209144 |
|  **Net increase in net assets resulting from operations** | $210971 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 83

**TELECOMMUNICATIONS FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $1827 | $11213 |
|  Net realized gain on investments | 95209 | 204814 |
|  Net change in unrealized appreciation (depreciation) on investments | 113935 | 259882 |
|  Net increase in net assets resulting from operations | 210971 | 475909 |
|  Distributions to shareholders |  | (14001) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 16261865 | 12909159 |
|  Distributions reinvested |  | 14001 |
|  Cost of shares redeemed | (15245512) | (11154022) |
|  Net increase from capital share transactions | 1016353 | 1769138 |
|  Net increase in net assets | 1227324 | 2231046 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 4207302 | 1976256 |
| &nbsp;&nbsp;&nbsp; End of period | $5434626 | $4207302 |
|  **Capital share activity:** |  |  |
|  Shares sold | 260025 | 210072 |
|  Shares issued from reinvestment of distributions |  | 251 |
|  Shares redeemed | (249042) | (179774) |
|  Net increase in shares | 10983 | 30549 |

---

84 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TELECOMMUNICATIONS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $63.59 | $55.48 | $52.62 | $71.41 | $66.03 | $60.85 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .04 | .22 | .32 | .37 | .44 | .48 |
|  Net gain (loss) on investments (realized and unrealized) | 6.81 | 8.44 | 2.98 <sup>e</sup> | (18.80) | 5.48 | 5.27 <sup>e</sup> |
|  Total from investment operations | 6.85 | 8.66 | 3.30 | (18.43) | 5.92 | 5.75 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.55) | (.44) | (.36) | (.54) | (.57) |
|  Total distributions |  | (.55) | (.44) | (.36) | (.54) | (.57) |
|  Net asset value, end of period | $70.44 | $63.59 | $55.48 | $52.62 | $71.41 | $66.03 |
|  **Total Return<sup>c</sup>** | **10.77%** | **15.73%** | **6.30%** | **(25.85** **%)** | **8.98%** | **9.49%** |
|  **Ratios/Supplemental Data** | **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) | $5435 | $4207 | $1976 | $2051 | $6987 | $3254 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.12% | 0.37% | 0.59% | 0.62% | 0.62% | 0.81% |
|  Total expenses | 1.85% | 1.82% | 1.81% | 1.77% | 1.70% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.77% | 1.79% | 1.77% | 1.70% | 1.82% |
|  Portfolio turnover rate | 489% | 381% | 260% | 113% | 237% | 258% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 85

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **TRANSPORTATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** |
|  **Transportation - 39.3%** | **Transportation - 39.3%** | **Transportation - 39.3%** |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 633 | $145641 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. — Class B | 1131 | 114163 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 2975 | 97074 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 370 | 94709 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 384 | 87287 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 421 | 68328 |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 425 | 48556 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.\* | 372 | 46980 |
| &nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City Ltd. | 569 | 45105 |
| &nbsp;&nbsp;&nbsp; Canadian National Railway Co. | 426 | 44321 |
| &nbsp;&nbsp;&nbsp; Star Bulk Carriers Corp.<sup>1</sup> | 2526 | 43573 |
| &nbsp;&nbsp;&nbsp; ZTO Express Cayman, Inc. ADR | 2438 | 43275 |
| &nbsp;&nbsp;&nbsp; ZIM Integrated Shipping Services Ltd. | 2667 | 42912 |
| &nbsp;&nbsp;&nbsp; TFI International, Inc. | 474 | 42504 |
| &nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 290 | 41644 |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 430 | 41258 |
| &nbsp;&nbsp;&nbsp; Golden Ocean Group Ltd.<sup>1</sup> | 5410 | 39601 |
| &nbsp;&nbsp;&nbsp; Saia, Inc.\* | 125 | 34249 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 739 | 32686 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc. | 199 | 31641 |
| &nbsp;&nbsp;&nbsp; Kirby Corp.\* | 275 | 31188 |
| &nbsp;&nbsp;&nbsp; Matson, Inc. | 207 | 23049 |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 150 | 20853 |
| &nbsp;&nbsp;&nbsp; Hub Group, Inc. — Class A | 521 | 17417 |
| &nbsp;&nbsp;&nbsp; ArcBest Corp. | 213 | 16403 |
| &nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 571 | 15623 |
| &nbsp;&nbsp;&nbsp; Forward Air Corp.\* | 381 | 9350 |
|  **Total Transportation** |  | 1319390 |
|  **Auto Manufacturers - 24.0%** | **Auto Manufacturers - 24.0%** | **Auto Manufacturers - 24.0%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 1151 | 365627 |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 1732 | 85232 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 7619 | 82666 |
| &nbsp;&nbsp;&nbsp; Ferrari N.V. | 91 | 44657 |
| &nbsp;&nbsp;&nbsp; Stellantis N.V.<sup>1</sup> | 4349 | 43620 |
| &nbsp;&nbsp;&nbsp; Rivian Automotive, Inc. — Class A\* | 3103 | 42635 |
| &nbsp;&nbsp;&nbsp; NIO, Inc. ADR\*<sup>,1</sup> | 12163 | 41719 |
| &nbsp;&nbsp;&nbsp; Li Auto, Inc. ADR\* | 1536 | 41641 |
| &nbsp;&nbsp;&nbsp; Toyota Motor Corp. ADR | 237 | 40826 |
| &nbsp;&nbsp;&nbsp; Lucid Group, Inc.\*<sup>,1</sup> | 7482 | 15787 |
|  **Total Auto Manufacturers** |  | 804410 |
|  **Airlines - 11.5%** | **Airlines - 11.5%** | **Airlines - 11.5%** |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 1434 | 70524 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 815 | 64898 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 1634 | 53007 |
| &nbsp;&nbsp;&nbsp; Ryanair Holdings plc ADR | 771 | 44463 |
| &nbsp;&nbsp;&nbsp; Copa Holdings S.A. — Class A | 400 | 43988 |
| &nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 3035 | 34053 |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 608 | 30084 |
| &nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 230 | 23683 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 3016 | 12758 |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co. — Class A\* | 164 | 9012 |
|  **Total Airlines** |  | 386470 |
|  **Auto Parts & Equipment - 11.3%** | **Auto Parts & Equipment - 11.3%** | **Auto Parts & Equipment - 11.3%** |
| &nbsp;&nbsp;&nbsp; Mobileye Global, Inc. — Class A\* | 2746 | 49373 |
| &nbsp;&nbsp;&nbsp; Autoliv, Inc. | 394 | 44089 |
| &nbsp;&nbsp;&nbsp; Aptiv plc\* | 645 | 44002 |
| &nbsp;&nbsp;&nbsp; Magna International, Inc. | 1128 | 43552 |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 998 | 33413 |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 294 | 27924 |
| &nbsp;&nbsp;&nbsp; Gentex Corp. | 1227 | 26982 |
| &nbsp;&nbsp;&nbsp; QuantumScape Corp.\* | 3795 | 25502 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co.\* | 1879 | 19485 |
| &nbsp;&nbsp;&nbsp; Visteon Corp.\* | 208 | 19406 |
| &nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 142 | 17419 |
| &nbsp;&nbsp;&nbsp; Adient plc\* | 808 | 15724 |
| &nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.\* | 456 | 11829 |
|  **Total Auto Parts & Equipment** |  | 378700 |
|  **Internet - 7.8%** | **Internet - 7.8%** | **Internet - 7.8%** |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 1943 | 181282 |
| &nbsp;&nbsp;&nbsp; Grab Holdings Ltd. — Class A\* | 9844 | 49515 |
| &nbsp;&nbsp;&nbsp; Lyft, Inc. — Class A\* | 1991 | 31378 |
|  **Total Internet** |  | 262175 |
|  **Commercial Services - 2.0%** | **Commercial Services - 2.0%** | **Commercial Services - 2.0%** |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 621 | 30243 |
| &nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\* | 142 | 24005 |
| &nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc.\* | 1746 | 11925 |
|  **Total Commercial Services** |  | 66173 |
|  **Home Builders - 1.1%** | **Home Builders - 1.1%** | **Home Builders - 1.1%** |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 296 | 26288 |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 354 | 10266 |
|  **Total Home Builders** |  | 36554 |
|  **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** | **Aerospace & Defense - 0.8%** |
| &nbsp;&nbsp;&nbsp; Joby Aviation, Inc.\*<sup>,1</sup> | 2715 | 28643 |
|  **Building Materials - 0.8%** | **Building Materials - 0.8%** | **Building Materials - 0.8%** |
| &nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\* | 280 | 27580 |
|  **Leisure Time - 0.6%** | **Leisure Time - 0.6%** | **Leisure Time - 0.6%** |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 821 | 19376 |
|  **Retail - 0.5%** | **Retail - 0.5%** | **Retail - 0.5%** |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 189 | 17439 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,666,939) |  | 3346910 |

---

86 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **TRANSPORTATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.6%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $11826 | $11826 |
|  Barclays Capital, Inc<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 5103 | 5103 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 4927 | 4927 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $21,856) |  | 21856 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 4.7%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 156235 | 156235 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $156,235) |  | 156235 |
|  **Total Investments - 105.0%** | **Total Investments - 105.0%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,845,030) | &nbsp;&nbsp;&nbsp; (Cost $1,845,030) | $3525001 |
|  **Other Assets & Liabilities, net - (5.0)%** | **Other Assets & Liabilities, net - (5.0)%** | (167651) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3357350 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $3346910 | $— | $— | $3346910 |
|  Repurchase Agreements |  | 21856 |  | 21856 |
|  Securities Lending Collateral | 156235 |  |  | 156235 |
|  Total Assets | $3503145 | $21856 | $— | $3525001 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 87

**TRANSPORTATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $150,735 of securities loaned (cost $1,823,174) | $3503145 |
|  Repurchase agreements, at value (cost $21,856) | 21856 |
|  Cash | 110 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 1303 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 246 |
| &nbsp;&nbsp;&nbsp; Interest | 2 |
|  **Total assets** | 3526662 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 156235 |
| &nbsp;&nbsp;&nbsp; Management fees | 2113 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1883 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1472 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 622 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 261 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 37 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 6689 |
|  **Total liabilities** | 169312 |
|  **Net assets** | $3357350 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2436464 |
|  Total distributable earnings (loss) | 920886 |
|  Net assets | $3357350 |
|  Capital shares outstanding | 38758 |
|  Net asset value per share | $86.62 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $3,588) | $35045 |
|  Interest | 607 |
|  Income from securities lending, net | 830 |
| &nbsp;&nbsp;&nbsp; Total investment income | 36482 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 14452 |
|  Investor service fees | 4251 |
|  Transfer agent fees | 4941 |
|  Professional fees | 3138 |
|  Portfolio accounting and administration fees | 2635 |
|  Trustees' fees\* | 252 |
|  Custodian fees | 242 |
|  Miscellaneous | 1507 |
| &nbsp;&nbsp;&nbsp; Total expenses | 31418 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (850) |
|  Net expenses | 30568 |
|  Net investment income | 5914 |
|  **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 | 4104 |
|  Net realized gain | 4104 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (208270) |
|  Net change in unrealized appreciation (depreciation) | (208270) |
|  Net realized and unrealized loss | (204166) |
|  **Net decrease in net assets resulting from operations** | $(198252) |

---

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

88 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TRANSPORTATION FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income (loss) | $5914 | $(4782) |
|  Net realized gain on investments | 4104 | 474103 |
|  Net change in unrealized appreciation (depreciation) on investments | (208270) | (562202) |
|  Net decrease in net assets resulting from operations | (198252) | (92881) |
|  Distributions to shareholders |  | (7975) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 623314 | 3499921 |
|  Distributions reinvested |  | 7975 |
|  Cost of shares redeemed | (1066610) | (5005820) |
|  Net decrease from capital share transactions | (443296) | (1497924) |
|  Net decrease in net assets | (641548) | (1598780) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 3998898 | 5597678 |
| &nbsp;&nbsp;&nbsp; End of period | $3357350 | $3998898 |
|  **Capital share activity:** |  |  |
|  Shares sold | 7084 | 41126 |
|  Shares issued from reinvestment of distributions |  | 93 |
|  Shares redeemed | (12753) | (59811) |
|  Net decrease in shares | (5669) | (18592) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 89

**TRANSPORTATION FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $90.01 | $88.83 | $71.36 | $124.83 | $109.37 | $80.67 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .15 | (.12) | .15 | (.16) | (.02) | (.72) |
|  Net gain (loss) on investments (realized and unrealized) | (3.54) | 1.48 <sup>e</sup> | 17.32 | (42.05) | 23.27 | 32.30 |
|  Total from investment operations | (3.39) | 1.36 | 17.47 | (42.21) | 23.25 | 31.58 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.18) |  |  |  | (.14) |
|  Net realized gains |  |  |  | (11.26) | (7.79) | (2.74) |
|  Total distributions |  | (.18) |  | (11.26) | (7.79) | (2.88) |
|  Net asset value, end of period | $86.62 | $90.01 | $88.83 | $71.36 | $124.83 | $109.37 |
|  **Total Return<sup>c</sup>** | **(3.77** **%)** | **1.56%** | **24.48%** | **(35.03** **%)** | **22.17%** | **40.62%** |
|  **Ratios/Supplemental Data** | **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) | $3357 | $3999 | $5598 | $3329 | $6872 | $7900 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.35% | (0.14 %) | 0.17% | (0.17%) | (0.02%) | (0.86%) |
|  Total expenses | 1.85% | 1.79% | 1.81% | 1.77% | 1.70% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.74% | 1.79% | 1.77% | 1.70% | 1.82% |
|  Portfolio turnover rate | 23% | 112% | 318% | 343% | 326% | 373% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

90 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **UTILITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** |
|  **Electric - 87.5%** | **Electric - 87.5%** | **Electric - 87.5%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 7924 | $550084 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1512 | 488013 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 5228 | 480087 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 3861 | 455598 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 2056 | 398473 |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, Inc. | 3403 | 353095 |
| &nbsp;&nbsp;&nbsp; Sempra | 4402 | 333540 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 5882 | 332451 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 3710 | 312308 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 7190 | 312190 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 4334 | 295145 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 3402 | 282774 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 2795 | 280478 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 2603 | 271233 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 1683 | 270256 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 18771 | 261668 |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 2520 | 242021 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 6392 | 234842 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 1739 | 230348 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 6785 | 229944 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 3534 | 224833 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 5471 | 220263 |
| &nbsp;&nbsp;&nbsp; Edison International | 4171 | 215224 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 3071 | 212759 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 2738 | 188730 |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 3063 | 185220 |
| &nbsp;&nbsp;&nbsp; National Grid plc ADR<sup>1</sup> | 2271 | 168985 |
| &nbsp;&nbsp;&nbsp; Fortis, Inc. | 3445 | 164430 |
| &nbsp;&nbsp;&nbsp; Brookfield Renewable Corp. | 4709 | 154361 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 1713 | 153262 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. | 3180 | 141128 |
| &nbsp;&nbsp;&nbsp; Talen Energy Corp.\* | 439 | 127648 |
| &nbsp;&nbsp;&nbsp; AES Corp. | 11588 | 121906 |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 1025 | 118336 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc. — Class C | 3696 | 118272 |
| &nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 1294 | 108385 |
| &nbsp;&nbsp;&nbsp; Oklo, Inc.\*<sup>,1</sup> | 1897 | 106213 |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 1821 | 102559 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 2438 | 99056 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 1618 | 83003 |
| &nbsp;&nbsp;&nbsp; Otter Tail Corp. | 950 | 73236 |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc.\* | 6067 | 64492 |
| &nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 396 | 35022 |
|  **Total Electric** |  | 9801871 |
|  **Gas - 7.9%** | **Gas - 7.9%** | **Gas - 7.9%** |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 1516 | 233631 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | 5152 | 207832 |
| &nbsp;&nbsp;&nbsp; UGI Corp. | 3624 | 131986 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 1535 | 130030 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 1374 | 98735 |
| &nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 5255 | 87601 |
|  **Total Gas** |  | 889815 |
|  **Water - 3.5%** | **Water - 3.5%** | **Water - 3.5%** |
| &nbsp;&nbsp;&nbsp; American Water Works Company, Inc. | 1764 | 245390 |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 4047 | 150305 |
|  **Total Water** |  | 395695 |
|  **Energy-Alternate Sources - 0.4%** | **Energy-Alternate Sources - 0.4%** | **Energy-Alternate Sources - 0.4%** |
| &nbsp;&nbsp;&nbsp; XPLR Infrastructure, LP\* | 4912 | 40278 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,786,723) |  | 11127659 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 1.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 1.0%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 1.0%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $58215 | 58215 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 25120 | 25120 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 24256 | 24256 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $107,591) |  | 107591 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.9%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 1.9%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 208068 | 208068 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $208,068) |  | 208068 |
|  **Total Investments - 102.2%** | **Total Investments - 102.2%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,102,382) | &nbsp;&nbsp;&nbsp; (Cost $5,102,382) | $11443318 |
|  **Other Assets & Liabilities, net - (2.2)%** | **Other Assets & Liabilities, net - (2.2)%** | (243408) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $11199910 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 91

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **UTILITIES FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $11127659 | $— | $— | $11127659 |
|  Repurchase Agreements |  | 107591 |  | 107591 |
|  Securities Lending Collateral | 208068 |  |  | 208068 |
|  Total Assets | $11335727 | $107591 | $— | $11443318 |

---

92 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**UTILITIES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $206,338 of securities loaned (cost $4,994,791) | $11335727 |
|  Repurchase agreements, at value (cost $107,591) | 107591 |
|  Cash | 1595 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 18931 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 202 |
| &nbsp;&nbsp;&nbsp; Interest | 13 |
|  **Total assets** | 11464059 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 208068 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 18292 |
| &nbsp;&nbsp;&nbsp; Management fees | 7804 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 5123 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2295 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 964 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 117 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 21486 |
|  **Total liabilities** | 264149 |
|  **Net assets** | $11199910 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $10868924 |
|  Total distributable earnings (loss) | 330986 |
|  Net assets | $11199910 |
|  Capital shares outstanding | 271647 |
|  Net asset value per share | $41.23 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $1,016) | $177051 |
|  Interest | 1555 |
|  Income from securities lending, net | 647 |
| &nbsp;&nbsp;&nbsp; Total investment income | 179253 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 48052 |
|  Investor service fees | 14133 |
|  Transfer agent fees | 15771 |
|  Professional fees | 11089 |
|  Portfolio accounting and administration fees | 8762 |
|  Custodian fees | 793 |
|  Trustees' fees\* | 726 |
|  Line of credit fees | 62 |
|  Miscellaneous | 5172 |
| &nbsp;&nbsp;&nbsp; Total expenses | 104560 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2827) |
|  Net expenses | 101733 |
|  Net investment income | 77520 |
|  **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 | 460943 |
|  Net realized gain | 460943 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 666039 |
|  Net change in unrealized appreciation (depreciation) | 666039 |
|  Net realized and unrealized gain | 1126982 |
|  **Net increase in net assets resulting from operations** | $1204502 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 93

**UTILITIES FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $77520 | $158794 |
|  Net realized gain on investments | 460943 | 1007950 |
|  Net change in unrealized appreciation (depreciation) on investments | 666039 | 743746 |
|  Net increase in net assets resulting from operations | 1204502 | 1910490 |
|  Distributions to shareholders |  | (161312) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 22288706 | 47376005 |
|  Distributions reinvested |  | 161312 |
|  Cost of shares redeemed | (23045079) | (48043551) |
|  Net decrease from capital share transactions | (756373) | (506234) |
|  Net increase in net assets | 448129 | 1242944 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 10751781 | 9508837 |
| &nbsp;&nbsp;&nbsp; End of period | $11199910 | $10751781 |
|  **Capital share activity:** |  |  |
|  Shares sold | 569711 | 1262610 |
|  Shares issued from reinvestment of distributions |  | 4649 |
|  Shares redeemed | (585185) | (1280410) |
|  Net decrease in shares | (15474) | (13151) |

---

94 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**UTILITIES FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $37.45 | $31.67 | $34.65 | $34.86 | $30.93 | $33.76 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .27 | .50 | .46 | .29 | .43 | .41 |
|  Net gain (loss) on investments (realized and unrealized) | 3.51 | 5.76 | (2.92) | .07 | 4.02 | (2.20) |
|  Total from investment operations | 3.78 | 6.26 | (2.46) | .36 | 4.45 | (1.79) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.48) | (.52) | (.31) | (.52) | (.55) |
|  Net realized gains |  |  |  | (.26) |  | (.49) |
|  Total distributions |  | (.48) | (.52) | (.57) | (.52) | (1.04) |
|  Net asset value, end of period | $41.23 | $37.45 | $31.67 | $34.65 | $34.86 | $30.93 |
|  **Total Return<sup>c</sup>** | **10.09%** | **19.86%** | **(7.12** **%)** | **1.04%** | **14.52%** | **(5.13** **%)** |
|  **Ratios/Supplemental Data** | **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) | $11200 | $10752 | $9509 | $17137 | $13444 | $11801 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 1.37% | 1.41% | 1.40% | 0.83% | 1.32% | 1.34% |
|  Total expenses | 1.85% | 1.79% | 1.80% | 1.77% | 1.69% | 1.82% |
|  Net expenses<sup>d</sup> | 1.80% | 1.74% | 1.79% | 1.77% | 1.69% | 1.82% |
|  Portfolio turnover rate | 192% | 425% | 102% | 387% | 110% | 151% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 95

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **DOW 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 66.9%** | **COMMON STOCKS<sup>†</sup>** **- 66.9%** | **COMMON STOCKS<sup>†</sup>** **- 66.9%** |
|  **Financial - 18.1%** | **Financial - 18.1%** | **Financial - 18.1%** |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 779 | $551337 |
| &nbsp;&nbsp;&nbsp; Visa, Inc. — Class A | 779 | 276584 |
| &nbsp;&nbsp;&nbsp; American Express Co. | 779 | 248485 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 779 | 225840 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. | 779 | 208414 |
|  **Total Financial** |  | 1510660 |
|  **Technology - 13.3%** | **Technology - 13.3%** | **Technology - 13.3%** |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 779 | 387482 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 779 | 229634 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 779 | 212426 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 779 | 159827 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 779 | 123074 |
|  **Total Technology** |  | 1112443 |
|  **Consumer, Non-cyclical - 9.8%** | **Consumer, Non-cyclical - 9.8%** | **Consumer, Non-cyclical - 9.8%** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 779 | 243025 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 779 | 217505 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 779 | 124110 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 779 | 118992 |
| &nbsp;&nbsp;&nbsp; Merck & Company, Inc. | 779 | 61666 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 779 | 55114 |
|  **Total Consumer, Non-cyclical** |  | 820412 |
|  **Industrial - 9.2%** | **Industrial - 9.2%** | **Industrial - 9.2%** |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 779 | 302416 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 779 | 181413 |
| &nbsp;&nbsp;&nbsp; Boeing Co.\* | 779 | 163224 |
| &nbsp;&nbsp;&nbsp; 3M Co. | 779 | 118595 |
|  **Total Industrial** |  | 765648 |
|  **Consumer, Cyclical - 7.7%** | **Consumer, Cyclical - 7.7%** | **Consumer, Cyclical - 7.7%** |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 779 | 285613 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 779 | 227600 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 779 | 76171 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc. — Class B | 779 | 55340 |
|  **Total Consumer, Cyclical** |  | 644724 |
|  **Communications - 4.3%** | **Communications - 4.3%** | **Communications - 4.3%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 779 | 170905 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 779 | 96604 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 779 | 54047 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 779 | 33707 |
|  **Total Communications** |  | 355263 |
|  **Basic Materials - 3.2%** | **Basic Materials - 3.2%** | **Basic Materials - 3.2%** |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 779 | 267477 |
|  **Energy - 1.3%** | **Energy - 1.3%** | **Energy - 1.3%** |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 779 | 111545 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,459,361) |  | 5588172 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 5.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 5.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 5.4%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 4.23% due 09/18/25<sup>1,2</sup> | $350000 | 346760 |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>2,3</sup> | 108000 | 107913 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $454,664) |  | 454673 |
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 16.5%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 16.5%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 16.5%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>1</sup> | 746800 | 746800 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>1</sup> | 322244 | 322244 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>1</sup> | 311167 | 311167 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,380,211) |  | 1380211 |
|  **Total Investments - 88.8%** | **Total Investments - 88.8%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,294,236) | &nbsp;&nbsp;&nbsp; (Cost $5,294,236) | $7423056 |
|  **Other Assets & Liabilities, net - 11.2%** | **Other Assets & Liabilities, net - 11.2%** | 933422 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $8356478 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
|  Dow Jones Industrial Average Mini Futures Contracts | 8 | Sep 2025 | $1775040 | $74067 |

---

96 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 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> Appreciation** |
|  **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
|  Barclays Bank plc | Dow Jones Industrial Average | Pay | 5.29% (SOFR + 0.90%) | At Maturity | 09/25/25 | 146 | $6432576 | $97015 |
|  BNP Paribas | Dow Jones Industrial Average | Pay | 5.23% (Federal <br> Funds Rate + 0.90%) | At Maturity | 09/25/25 | 66 | 2900263 | 70840 |
|  |  |  |  |  |  |  | $9332839 | $167855 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 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 June 30, 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 June 30, 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 | $5588172 | $— | $— | $5588172 |
|  U.S. Treasury Bills |  | 454673 |  | 454673 |
|  Repurchase Agreements |  | 1380211 |  | 1380211 |
|  Equity Futures Contracts\*\* | 74067 |  |  | 74067 |
|  Equity Index Swap Agreements\*\* |  | 167855 |  | 167855 |
|  Total Assets | $5662239 | $2002739 | $— | $7664978 |

---

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 97

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

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $3,914,025) | $6042845 |
|  Repurchase agreements, at value (cost $1,380,211) | 1380211 |
|  Segregated cash with broker | 40764 |
|  Unrealized appreciation on OTC swap agreements | 167855 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1747402 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 10040 |
| &nbsp;&nbsp;&nbsp; Dividends | 1691 |
| &nbsp;&nbsp;&nbsp; Interest | 167 |
|  **Total assets** | 9390975 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 1004324 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 4771 |
| &nbsp;&nbsp;&nbsp; Management fees | 4427 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 3314 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1230 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 271 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 83 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 9 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 16068 |
|  **Total liabilities** | 1034497 |
|  **Net assets** | $8356478 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $6593939 |
|  Total distributable earnings (loss) | 1762539 |
|  Net assets | $8356478 |
|  Capital shares outstanding | 35277 |
|  Net asset value per share | $236.88 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $55899 |
|  Interest | 40814 |
| &nbsp;&nbsp;&nbsp; Total investment income | 96713 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 37682 |
|  Investor service fees | 10467 |
|  Transfer agent fees | 11992 |
|  Professional fees | 7900 |
|  Portfolio accounting and administration fees | 6490 |
|  Interest expense | 2005 |
|  Custodian fees | 596 |
|  Trustees' fees\* | 591 |
|  Miscellaneous | 4935 |
| &nbsp;&nbsp;&nbsp; Total expenses | 82658 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (4187) |
|  Net expenses | 78471 |
|  Net investment income | 18242 |
|  **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 | 189668 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (213) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (301648) |
|  Net realized loss | (112193) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (44451) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 133353 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 81837 |
|  Net change in unrealized appreciation (depreciation) | 170739 |
|  Net realized and unrealized gain | 58546 |
|  **Net increase in net assets resulting from operations** | $76788 |

---

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

98 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $18242 | $76837 |
|  Net realized gain (loss) on investments | (112193) | 2510120 |
|  Net change in unrealized appreciation (depreciation) on investments | 170739 | (931693) |
|  Net increase in net assets resulting from operations | 76788 | 1655264 |
|  Distributions to shareholders |  | (96119) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 53782507 | 127103691 |
|  Distributions reinvested |  | 96119 |
|  Cost of shares redeemed | (55969707) | (136247669) |
|  Net decrease from capital share transactions | (2187200) | (9047859) |
|  Net decrease in net assets | (2110412) | (7488714) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 10466890 | 17955604 |
| &nbsp;&nbsp;&nbsp; End of period | $8356478 | $10466890 |
|  **Capital share activity:** |  |  |
|  Shares sold | 228195 | 593096 |
|  Shares issued from reinvestment of distributions |  | 446 |
|  Shares redeemed | (238511) | (641241) |
|  Net decrease in shares | (10316) | (47699) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 99

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

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $229.57 | $192.47 | $156.26 | $207.85 | $147.84 | $163.38 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .49 | 1.60 | 1.21 | .42 | (.68) | (.53) |
|  Net gain (loss) on investments (realized and unrealized) | 6.82 | 37.94 | 35.49 | (43.46) | 60.69 | (.73) |
|  Total from investment operations | 7.31 | 39.54 | 36.70 | (43.04) | 60.01 | (1.26) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (2.44) | (.49) |  |  | (.92) |
|  Net realized gains |  |  |  | (8.55) |  | (13.36) |
|  Total distributions |  | (2.44) | (.49) | (8.55) |  | (14.28) |
|  Net asset value, end of period | $236.88 | $229.57 | $192.47 | $156.26 | $207.85 | $147.84 |
|  **Total Return<sup>c</sup>** | **3.18%** | **20.63%** | **23.57%** | **(20.49** **%)** | **40.59%** | **1.73%** |
|  **Ratios/Supplemental Data** | **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) | $8356 | $10467 | $17956 | $14372 | $19882 | $14253 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.44% | 0.76% | 0.75% | 0.25% | (0.37%) | (0.42%) |
|  Total expenses<sup>d</sup> | 1.97% | 1.89% | 1.97% | 1.88% | 1.78% | 1.91% |
|  Net expenses<sup>e</sup> | 1.87% | 1.79% | 1.90% | 1.81% | 1.72% | 1.85% |
|  Portfolio turnover rate | 600% | 853% | 316% | 458% | 489% | 607% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products. 

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

100 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **INVERSE DOW 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 25.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 25.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 25.6%** |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 4.23% due 07/02/25<sup>1</sup> | $100000 | $99989 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 4.15% due 07/10/25<sup>1</sup> | 100000 | 99896 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $199,885) |  | 199885 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 12.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 12.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 12.7%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 4.23% due 09/18/25<sup>1,2</sup> | 50000 | 49537 |
| &nbsp;&nbsp;&nbsp; 4.20% due 09/18/25<sup>1,2</sup> | 50000 | 49537 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $99,075) |  | 99074 |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.4%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.4%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.4%** |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 4.32% due 02/27/26 | 50000 | 49967 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $49,998) |  | 49967 |
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 61.3%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 61.3%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 61.3%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>2</sup> | 258985 | 258985 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>2</sup> | 111752 | 111752 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>2</sup> | 107911 | 107911 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $478,648) |  | 478648 |
|  **Total Investments - 106.0%** | **Total Investments - 106.0%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $827,606) | &nbsp;&nbsp;&nbsp; (Cost $827,606) | $827574 |
|  **Other Assets & Liabilities, net - (6.0)%** | **Other Assets & Liabilities, net - (6.0)%** | (47187) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $780387 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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 Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
|  BNP Paribas | Dow Jones Industrial Average | Receive | 4.83% (Federal <br> Funds Rate +<br> 0.50%) | At Maturity | 09/25/25 | 15 | $666470 | $(16838) |
|  Barclays Bank plc | Dow Jones Industrial Average | Receive | 4.99% (SOFR + 0.60%) | At Maturity | 09/25/25 | 20 | 886605 | (22386) |
|  |  |  |  |  |  |  | $1553075 | $(39224) |

---

---

| | |
|:---|:---|
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| <sup>3</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 SEMI-ANNUAL FINANCIAL REPORT \| 101

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **INVERSE DOW 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Federal Agency Discount Notes | $— | $199885 | $— | $199885 |
|  U.S. Treasury Bills |  | 99074 |  | 99074 |
|  Federal Agency Notes |  | 49967 |  | 49967 |
|  Repurchase Agreements |  | 478648 |  | 478648 |
|  Total Assets | $— | $827574 | $— | $827574 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Equity Index Swap Agreements\*\* | $– $| 39224 | $– $| 39224 |

---

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

102 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $348,958) | $348926 |
|  Repurchase agreements, at value (cost $478,648) | 478648 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Interest | 802 |
|  **Total assets** | 828376 |
|  **Liabilities:** | **Liabilities:** |
|  Unrealized depreciation on OTC swap agreements | 39224 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 2394 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 2265 |
| &nbsp;&nbsp;&nbsp; Management fees | 673 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 550 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 187 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 41 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 14 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 2641 |
|  **Total liabilities** | 47989 |
|  **Net assets** | $780387 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $26442050 |
|  Total distributable earnings (loss) | (25661663) |
|  Net assets | $780387 |
|  Capital shares outstanding | 5565 |
|  Net asset value per share | $140.23 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Interest | $31085 |
| &nbsp;&nbsp;&nbsp; Total investment income | 31085 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 5919 |
|  Investor service fees | 1644 |
|  Transfer agent fees | 1893 |
|  Professional fees | 1051 |
|  Portfolio accounting and administration fees | 1019 |
|  Trustees' fees\* | 95 |
|  Custodian fees | 93 |
|  Miscellaneous | 1035 |
| &nbsp;&nbsp;&nbsp; Total expenses | 12749 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (658) |
|  Net expenses | 12091 |
|  Net investment income | 18994 |
|  **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 | 8 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (566551) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (44483) |
|  Net realized loss | (611026) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (95) |
| &nbsp;&nbsp;&nbsp; Swap agreements | (34800) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (7388) |
|  Net change in unrealized appreciation (depreciation) | (42283) |
|  Net realized and unrealized loss | (653309) |
|  **Net decrease in net assets resulting from operations** | $(634315) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 103

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $18994 | $49696 |
|  Net realized loss on investments | (611026) | (1120702) |
|  Net change in unrealized appreciation (depreciation) on investments | (42283) | 20739 |
|  Net decrease in net assets resulting from operations | (634315) | (1050267) |
|  Distributions to shareholders |  | (58940) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 21170441 | 60891775 |
|  Distributions reinvested |  | 58940 |
|  Cost of shares redeemed | (21193511) | (59477986) |
|  Net increase (decrease) from capital share transactions | (23070) | 1472729 |
|  Net increase (decrease) in net assets | (657385) | 363522 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1437772 | 1074250 |
| &nbsp;&nbsp;&nbsp; End of period | $780387 | $1437772 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 130814 | 339573 |
|  Shares issued from reinvestment of distributions |  | 363 |
|  Shares redeemed | (134684) | (335999) |
|  Net increase (decrease) in shares | (3870) | 3937 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

104 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a,g</sup>** | **Year Ended <br> December 31, <br> 2024<sup>g</sup>** | **Year Ended <br> December 31, <br> 2023<sup>g</sup>** | **Year Ended <br> December 31, <br> 2022<sup>g</sup>** | **Year Ended <br> December 31, <br> 2021<sup>g</sup>** | **Year Ended <br> December 31, <br> 2020<sup>g</sup>** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $152.39 | $195.40 | $239.52 | $228.09 | $352.71 | $655.03 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 2.23 | 6.55 | 7.35 | .40 | (3.15) | (1.70) |
|  Net gain (loss) on investments (realized and unrealized) | (14.39) | (36.81) | (51.02) | 11.03 <sup>f</sup> | (121.47) | (299.92) |
|  Total from investment operations | (12.16) | (30.26) | (43.67) | 11.43 | (124.62) | (301.62) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (12.75) | (.45) |  |  | (.70) |
|  Total distributions |  | (12.75) | (.45) |  |  | (.70) |
|  Net asset value, end of period | $140.23 | $152.39 | $195.40 | $239.52 | $228.09 | $352.71 |
|  **Total Return<sup>c</sup>** | **(7.98** **%)** | **(15.94** **%)** | **(18.26** **%)** | **5.00%** | **(35.33** **%)** | **(45.76** **%)** |
|  **Ratios/Supplemental Data** | **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) | $780 | $1438 | $1074 | $2220 | $3283 | $3431 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.89% | 3.86% | 3.17% | 0.16% | (1.15%) | (1.04%) |
|  Total expenses<sup>d</sup> | 1.94% | 1.88% | 1.91% | 1.90% | 1.79% | 1.92% |
|  Net expenses<sup>e</sup> | 1.84% | 1.78% | 1.84% | 1.83% | 1.70% | 1.86% |
|  Portfolio turnover rate |  |  |  |  | 116% | 616% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests, if any.

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

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments in the Fund.

<sup>g</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 105

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 70.9%** | **COMMON STOCKS<sup>†</sup>** **- 70.9%** | **COMMON STOCKS<sup>†</sup>** **- 70.9%** |
|  **Financial - 17.1%** | **Financial - 17.1%** | **Financial - 17.1%** |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. — Class A | 362 | $20058 |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 252 | 14137 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 217 | 12165 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 114 | 11512 |
| &nbsp;&nbsp;&nbsp; WP Carey, Inc. REIT | 182 | 11353 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. — Class A | 55 | 10910 |
| &nbsp;&nbsp;&nbsp; Unum Group | 133 | 10741 |
| &nbsp;&nbsp;&nbsp; Gaming and Leisure Properties, Inc. REIT | 228 | 10643 |
| &nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 39 | 9975 |
| &nbsp;&nbsp;&nbsp; Equity LifeStyle Properties, Inc. REIT | 159 | 9806 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 40 | 9716 |
| &nbsp;&nbsp;&nbsp; American Homes 4 Rent — Class A REIT | 264 | 9523 |
| &nbsp;&nbsp;&nbsp; Annaly Capital Management, Inc. REIT | 501 | 9429 |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. | 177 | 9098 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 230 | 8959 |
| &nbsp;&nbsp;&nbsp; First Horizon Corp. | 421 | 8925 |
| &nbsp;&nbsp;&nbsp; Lamar Advertising Co. — Class A REIT | 73 | 8859 |
| &nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 85 | 8821 |
| &nbsp;&nbsp;&nbsp; Omega Healthcare Investors, Inc. REIT | 240 | 8796 |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 18 | 8710 |
| &nbsp;&nbsp;&nbsp; Evercore, Inc. — Class A | 30 | 8101 |
| &nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 45 | 8098 |
| &nbsp;&nbsp;&nbsp; CubeSmart REIT | 189 | 8033 |
| &nbsp;&nbsp;&nbsp; Webster Financial Corp. | 140 | 7644 |
| &nbsp;&nbsp;&nbsp; American Financial Group, Inc. | 60 | 7573 |
| &nbsp;&nbsp;&nbsp; SouthState Corp. | 82 | 7547 |
| &nbsp;&nbsp;&nbsp; Primerica, Inc. | 27 | 7389 |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 135 | 7383 |
| &nbsp;&nbsp;&nbsp; EastGroup Properties, Inc. REIT | 44 | 7353 |
| &nbsp;&nbsp;&nbsp; Old Republic International Corp. | 189 | 7265 |
| &nbsp;&nbsp;&nbsp; SEI Investments Co. | 79 | 7099 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorporation | 91 | 7096 |
| &nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 64 | 7066 |
| &nbsp;&nbsp;&nbsp; Rexford Industrial Realty, Inc. REIT | 196 | 6972 |
| &nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 56 | 6943 |
| &nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 53 | 6813 |
| &nbsp;&nbsp;&nbsp; NNN REIT, Inc. REIT | 156 | 6736 |
| &nbsp;&nbsp;&nbsp; Agree Realty Corp. REIT | 91 | 6649 |
| &nbsp;&nbsp;&nbsp; Brixmor Property Group, Inc. REIT | 254 | 6614 |
| &nbsp;&nbsp;&nbsp; Comerica, Inc. | 109 | 6502 |
| &nbsp;&nbsp;&nbsp; Zions Bancorp North America | 123 | 6389 |
| &nbsp;&nbsp;&nbsp; Commerce Bancshares, Inc. | 101 | 6279 |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 59 | 6204 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 89 | 6051 |
| &nbsp;&nbsp;&nbsp; Synovus Financial Corp. | 115 | 5951 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | 270 | 5762 |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 174 | 5705 |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 80 | 5680 |
| &nbsp;&nbsp;&nbsp; STAG Industrial, Inc. REIT | 155 | 5623 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 79 | 5549 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 197 | 5485 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. REIT | 268 | 5379 |
| &nbsp;&nbsp;&nbsp; Vornado Realty Trust REIT | 139 | 5315 |
| &nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. REIT | 110 | 5294 |
| &nbsp;&nbsp;&nbsp; First American Financial Corp. | 85 | 5218 |
| &nbsp;&nbsp;&nbsp; Hamilton Lane, Inc. — Class A | 36 | 5116 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 84 | 5101 |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. | 30 | 5096 |
| &nbsp;&nbsp;&nbsp; RLI Corp. | 69 | 4983 |
| &nbsp;&nbsp;&nbsp; Cadence Bank | 155 | 4957 |
| &nbsp;&nbsp;&nbsp; Affiliated Managers Group, Inc. | 24 | 4723 |
| &nbsp;&nbsp;&nbsp; Healthcare Realty Trust, Inc. REIT | 292 | 4631 |
| &nbsp;&nbsp;&nbsp; FNB Corp. | 299 | 4359 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 50 | 4333 |
| &nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 152 | 4326 |
| &nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 118 | 4299 |
| &nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 98 | 4222 |
| &nbsp;&nbsp;&nbsp; Cousins Properties, Inc. REIT | 139 | 4174 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust REIT | 183 | 4145 |
| &nbsp;&nbsp;&nbsp; Bank OZK | 88 | 4141 |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 175 | 4092 |
| &nbsp;&nbsp;&nbsp; Janus Henderson Group plc | 105 | 4078 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 71 | 4075 |
| &nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 107 | 3850 |
| &nbsp;&nbsp;&nbsp; EPR Properties REIT<sup>1</sup> | 63 | 3670 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. REIT | 198 | 3651 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | 395 | 3527 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. REIT | 194 | 3432 |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 136 | 3317 |
| &nbsp;&nbsp;&nbsp; Kemper Corp. | 50 | 3227 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 82 | 3164 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty Corp. REIT<sup>1</sup> | 88 | 3019 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 38 | 3017 |
| &nbsp;&nbsp;&nbsp; International Bancshares Corp. | 44 | 2929 |
| &nbsp;&nbsp;&nbsp; Federated Hermes, Inc. — Class B | 63 | 2792 |
| &nbsp;&nbsp;&nbsp; Flagstar Financial, Inc. | 252 | 2671 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties REIT | 94 | 2593 |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 48 | 2581 |
| &nbsp;&nbsp;&nbsp; Rayonier, Inc. REIT | 116 | 2573 |
| &nbsp;&nbsp;&nbsp; Western Union Co. | 274 | 2307 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. REIT | 59 | 2264 |
| &nbsp;&nbsp;&nbsp; National Storage Affiliates Trust REIT | 58 | 1855 |
| &nbsp;&nbsp;&nbsp; Park Hotels & Resorts, Inc. REIT | 166 | 1698 |
|  **Total Financial** |  | 581884 |
|  **Industrial - 15.9%** | **Industrial - 15.9%** | **Industrial - 15.9%** |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 37 | 19791 |
| &nbsp;&nbsp;&nbsp; Flex Ltd.\* | 318 | 15875 |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 29 | 15550 |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 31 | 15145 |
| &nbsp;&nbsp;&nbsp; Carlisle Companies, Inc. | 36 | 13442 |
| &nbsp;&nbsp;&nbsp; AECOM | 110 | 12414 |
| &nbsp;&nbsp;&nbsp; XPO, Inc.\* | 98 | 12376 |
| &nbsp;&nbsp;&nbsp; Woodward, Inc. | 49 | 12009 |
| &nbsp;&nbsp;&nbsp; Graco, Inc. | 139 | 11950 |
| &nbsp;&nbsp;&nbsp; Coherent Corp.\* | 129 | 11508 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 76 | 10948 |
| &nbsp;&nbsp;&nbsp; ITT, Inc. | 65 | 10194 |
| &nbsp;&nbsp;&nbsp; nVent Electric plc | 137 | 10035 |
| &nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 26 | 10005 |

---

106 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Crown Holdings, Inc. | 96 | $| 9886 |
| &nbsp;&nbsp;&nbsp; Owens Corning | 71 |  | 9764 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 42 |  | 9710 |
| &nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 46 |  | 9537 |
| &nbsp;&nbsp;&nbsp; CNH Industrial N.V. | 726 |  | 9409 |
| &nbsp;&nbsp;&nbsp; Fabrinet\* | 30 |  | 8840 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 51 |  | 8692 |
| &nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 55 |  | 8604 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 62 |  | 8413 |
| &nbsp;&nbsp;&nbsp; Regal Rexnord Corp.<sup>1</sup> | 55 |  | 7973 |
| &nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 219 |  | 7875 |
| &nbsp;&nbsp;&nbsp; Crane Co. | 41 |  | 7786 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 24 |  | 7770 |
| &nbsp;&nbsp;&nbsp; Acuity, Inc. | 25 |  | 7459 |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 32 |  | 7438 |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 92 |  | 7311 |
| &nbsp;&nbsp;&nbsp; Fluor Corp.\* | 137 |  | 7024 |
| &nbsp;&nbsp;&nbsp; Donaldson Company, Inc. | 99 |  | 6866 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 59 |  | 6777 |
| &nbsp;&nbsp;&nbsp; NEXTracker, Inc. — Class A\* | 119 |  | 6470 |
| &nbsp;&nbsp;&nbsp; Middleby Corp.\* | 44 |  | 6336 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 37 |  | 6092 |
| &nbsp;&nbsp;&nbsp; Saia, Inc.\* | 22 |  | 6028 |
| &nbsp;&nbsp;&nbsp; Oshkosh Corp. | 53 |  | 6018 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 135 |  | 5971 |
| &nbsp;&nbsp;&nbsp; Toro Co. | 83 |  | 5866 |
| &nbsp;&nbsp;&nbsp; Universal Display Corp. | 37 |  | 5715 |
| &nbsp;&nbsp;&nbsp; Flowserve Corp. | 109 |  | 5706 |
| &nbsp;&nbsp;&nbsp; Esab Corp. | 47 |  | 5666 |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 28 |  | 5659 |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. — Class A | 23 |  | 5656 |
| &nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 17 |  | 5552 |
| &nbsp;&nbsp;&nbsp; MSA Safety, Inc. | 33 |  | 5528 |
| &nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 43 |  | 5480 |
| &nbsp;&nbsp;&nbsp; Simpson Manufacturing Company, Inc. | 35 |  | 5436 |
| &nbsp;&nbsp;&nbsp; Ryder System, Inc. | 34 |  | 5406 |
| &nbsp;&nbsp;&nbsp; Kirby Corp.\* | 47 |  | 5330 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 251 |  | 5288 |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | 51 |  | 5261 |
| &nbsp;&nbsp;&nbsp; Fortune Brands Innovations, Inc. | 100 |  | 5148 |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 50 |  | 4968 |
| &nbsp;&nbsp;&nbsp; Trex Company, Inc.\* | 89 |  | 4840 |
| &nbsp;&nbsp;&nbsp; Littelfuse, Inc. | 21 |  | 4761 |
| &nbsp;&nbsp;&nbsp; GATX Corp. | 30 |  | 4607 |
| &nbsp;&nbsp;&nbsp; Vontier Corp. | 123 |  | 4539 |
| &nbsp;&nbsp;&nbsp; Cognex Corp. | 139 |  | 4409 |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 51 |  | 4385 |
| &nbsp;&nbsp;&nbsp; AAON, Inc. | 56 |  | 4130 |
| &nbsp;&nbsp;&nbsp; Landstar System, Inc. | 29 |  | 4032 |
| &nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 30 |  | 3868 |
| &nbsp;&nbsp;&nbsp; Timken Co. | 53 |  | 3845 |
| &nbsp;&nbsp;&nbsp; Knife River Corp.\* | 47 |  | 3837 |
| &nbsp;&nbsp;&nbsp; Belden, Inc. | 33 |  | 3821 |
| &nbsp;&nbsp;&nbsp; Hexcel Corp. | 67 |  | 3785 |
| &nbsp;&nbsp;&nbsp; Avnet, Inc. | 70 |  | 3716 |
| &nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 68 |  | 3684 |
| &nbsp;&nbsp;&nbsp; Sensata Technologies Holding plc | 121 |  | 3643 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | 82 |  | 3572 |
| &nbsp;&nbsp;&nbsp; Exponent, Inc. | 42 |  | 3138 |
| &nbsp;&nbsp;&nbsp; EnerSys | 33 |  | 2831 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | 54 |  | 2521 |
| &nbsp;&nbsp;&nbsp; Greif, Inc. — Class A | 22 |  | 1430 |
|  **Total Industrial** |  |  | 542350 |
|  **Consumer, Non-cyclical - 11.3%** | **Consumer, Non-cyclical - 11.3%** | **Consumer, Non-cyclical - 11.3%** | **Consumer, Non-cyclical - 11.3%** |
| &nbsp;&nbsp;&nbsp; RB Global, Inc. | 154 |  | 16353 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 192 |  | 14786 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.\* | 77 |  | 13552 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 81 |  | 13336 |
| &nbsp;&nbsp;&nbsp; Illumina, Inc.\* | 131 |  | 12499 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 130 |  | 11371 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 37 |  | 10632 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 82 |  | 10307 |
| &nbsp;&nbsp;&nbsp; Encompass Health Corp. | 84 |  | 10301 |
| &nbsp;&nbsp;&nbsp; API Group Corp.\* | 201 |  | 10261 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 226 |  | 9961 |
| &nbsp;&nbsp;&nbsp; Service Corporation International | 118 |  | 9605 |
| &nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 159 |  | 8740 |
| &nbsp;&nbsp;&nbsp; Penumbra, Inc.\* | 32 |  | 8212 |
| &nbsp;&nbsp;&nbsp; Avantor, Inc.\* | 566 |  | 7618 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 72 |  | 7543 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. | 47 |  | 7250 |
| &nbsp;&nbsp;&nbsp; Albertsons Companies, Inc. — Class A | 335 |  | 7206 |
| &nbsp;&nbsp;&nbsp; Ingredion, Inc. | 53 |  | 7188 |
| &nbsp;&nbsp;&nbsp; Morningstar, Inc. | 22 |  | 6906 |
| &nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 36 |  | 6523 |
| &nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 20 |  | 6277 |
| &nbsp;&nbsp;&nbsp; Masimo Corp.\* | 37 |  | 6224 |
| &nbsp;&nbsp;&nbsp; H&R Block, Inc. | 111 |  | 6093 |
| &nbsp;&nbsp;&nbsp; BellRing Brands, Inc.\* | 105 |  | 6083 |
| &nbsp;&nbsp;&nbsp; Celsius Holdings, Inc.\* | 131 |  | 6077 |
| &nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 47 |  | 5849 |
| &nbsp;&nbsp;&nbsp; Chemed Corp. | 12 |  | 5843 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. — Class A\*<sup>,1</sup> | 56 |  | 5550 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc. — Class A\* | 94 |  | 5548 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 49 |  | 5471 |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc\* | 51 |  | 5412 |
| &nbsp;&nbsp;&nbsp; Repligen Corp.\* | 43 |  | 5348 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 102 |  | 5306 |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 131 |  | 4970 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 57 |  | 4666 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 95 |  | 4627 |
| &nbsp;&nbsp;&nbsp; FTI Consulting, Inc.\* | 28 |  | 4522 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 136 |  | 4417 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 23 |  | 4347 |
| &nbsp;&nbsp;&nbsp; WEX, Inc.\* | 28 |  | 4113 |
| &nbsp;&nbsp;&nbsp; Post Holdings, Inc.\* | 37 |  | 4034 |
| &nbsp;&nbsp;&nbsp; Valvoline, Inc.\* | 106 |  | 4014 |
| &nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 350 |  | 3944 |
| &nbsp;&nbsp;&nbsp; Bruker Corp. | 92 |  | 3791 |
| &nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc. — Class A\* | 15 |  | 3620 |
| &nbsp;&nbsp;&nbsp; Euronet Worldwide, Inc.\* | 34 |  | 3447 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 99 |  | 3271 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 107

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 42 | $| 3134 |
| &nbsp;&nbsp;&nbsp; Brink's Co. | 35 |  | 3125 |
| &nbsp;&nbsp;&nbsp; Perrigo Company plc | 114 |  | 3046 |
| &nbsp;&nbsp;&nbsp; Graham Holdings Co. — Class B | 3 |  | 2839 |
| &nbsp;&nbsp;&nbsp; Marzetti Co | 16 |  | 2764 |
| &nbsp;&nbsp;&nbsp; Envista Holdings Corp.\* | 141 |  | 2755 |
| &nbsp;&nbsp;&nbsp; Amedisys, Inc.\* | 27 |  | 2657 |
| &nbsp;&nbsp;&nbsp; Dentsply Sirona, Inc. | 165 |  | 2620 |
| &nbsp;&nbsp;&nbsp; Flowers Foods, Inc. | 163 |  | 2605 |
| &nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\* | 14 |  | 2367 |
| &nbsp;&nbsp;&nbsp; LivaNova plc\* | 45 |  | 2026 |
| &nbsp;&nbsp;&nbsp; Insperity, Inc. | 30 |  | 1804 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Company, Inc.\* | 76 |  | 1724 |
| &nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 38 |  | 1535 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 33 |  | 1484 |
| &nbsp;&nbsp;&nbsp; Coty, Inc. — Class A\* | 304 |  | 1413 |
| &nbsp;&nbsp;&nbsp; Sotera Health Co.\* | 127 |  | 1412 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 82 |  | 1402 |
| &nbsp;&nbsp;&nbsp; Boston Beer Company, Inc. — Class A\* | 7 |  | 1336 |
|  **Total Consumer, Non-cyclical** |  |  | 385062 |
|  **Consumer, Cyclical - 10.3%** | **Consumer, Cyclical - 10.3%** | **Consumer, Cyclical - 10.3%** | **Consumer, Cyclical - 10.3%** |
| &nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 31 |  | 15818 |
| &nbsp;&nbsp;&nbsp; Watsco, Inc. | 29 |  | 12807 |
| &nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 52 |  | 12097 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 110 |  | 11861 |
| &nbsp;&nbsp;&nbsp; Somnigroup International, Inc. | 171 |  | 11637 |
| &nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. — Class A | 55 |  | 10308 |
| &nbsp;&nbsp;&nbsp; Core & Main, Inc. — Class A\* | 157 |  | 9475 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 83 |  | 9473 |
| &nbsp;&nbsp;&nbsp; Dick's Sporting Goods, Inc. | 47 |  | 9297 |
| &nbsp;&nbsp;&nbsp; Aramark | 218 |  | 9128 |
| &nbsp;&nbsp;&nbsp; GameStop Corp. — Class A\* | 338 |  | 8244 |
| &nbsp;&nbsp;&nbsp; Wingstop, Inc. | 23 |  | 7745 |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc. — Class A\* | 70 |  | 7633 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. — Class A | 22 |  | 7432 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 37 |  | 6852 |
| &nbsp;&nbsp;&nbsp; Skechers USA, Inc. — Class A\* | 108 |  | 6815 |
| &nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc. — Class A\* | 89 |  | 6760 |
| &nbsp;&nbsp;&nbsp; Light & Wonder, Inc. — Class A\* | 70 |  | 6738 |
| &nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 51 |  | 6721 |
| &nbsp;&nbsp;&nbsp; Autoliv, Inc. | 59 |  | 6602 |
| &nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 548 |  | 6149 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 15 |  | 6102 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 60 |  | 6060 |
| &nbsp;&nbsp;&nbsp; Five Below, Inc.\* | 46 |  | 6034 |
| &nbsp;&nbsp;&nbsp; Cava Group, Inc.\* | 68 |  | 5728 |
| &nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | 177 |  | 5303 |
| &nbsp;&nbsp;&nbsp; Mattel, Inc.\* | 268 |  | 5285 |
| &nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 64 |  | 5197 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. — Class A\* | 83 |  | 5098 |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 101 |  | 4997 |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp. — Class A | 35 |  | 4888 |
| &nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 31 |  | 4871 |
| &nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 47 |  | 4760 |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. | 46 |  | 4665 |
| &nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 32 |  | 4325 |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 44 |  | 4179 |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 21 |  | 4172 |
| &nbsp;&nbsp;&nbsp; Gentex Corp. | 187 |  | 4112 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. | 184 |  | 4013 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 51 |  | 3990 |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 44 |  | 3908 |
| &nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc. — Class A | 51 |  | 3787 |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. — Class A\* | 40 |  | 3314 |
| &nbsp;&nbsp;&nbsp; Warner Music Group Corp. — Class A | 121 |  | 3296 |
| &nbsp;&nbsp;&nbsp; VF Corp. | 275 |  | 3231 |
| &nbsp;&nbsp;&nbsp; KB Home | 60 |  | 3178 |
| &nbsp;&nbsp;&nbsp; MSC Industrial Direct Company, Inc. — Class A | 37 |  | 3146 |
| &nbsp;&nbsp;&nbsp; Brunswick Corp. | 55 |  | 3038 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 55 |  | 2839 |
| &nbsp;&nbsp;&nbsp; PVH Corp. | 40 |  | 2744 |
| &nbsp;&nbsp;&nbsp; Macy's, Inc. | 231 |  | 2693 |
| &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 15 |  | 2577 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co.\* | 237 |  | 2458 |
| &nbsp;&nbsp;&nbsp; RH\* | 13 |  | 2457 |
| &nbsp;&nbsp;&nbsp; Scotts Miracle-Gro Co. — Class A | 36 |  | 2375 |
| &nbsp;&nbsp;&nbsp; Choice Hotels International, Inc.<sup>1</sup> | 18 |  | 2284 |
| &nbsp;&nbsp;&nbsp; YETI Holdings, Inc.\* | 69 |  | 2175 |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 91 |  | 2148 |
| &nbsp;&nbsp;&nbsp; Visteon Corp.\* | 23 |  | 2146 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 48 |  | 1993 |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 26 |  | 1880 |
| &nbsp;&nbsp;&nbsp; Polaris, Inc. | 44 |  | 1789 |
| &nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 98 |  | 1735 |
| &nbsp;&nbsp;&nbsp; Wendy's Co. | 134 |  | 1530 |
| &nbsp;&nbsp;&nbsp; Columbia Sportswear Co. | 25 |  | 1527 |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. — Class A\* | 157 |  | 1072 |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. — Class C\* | 106 |  | 688 |
|  **Total Consumer, Cyclical** |  |  | 349379 |
|  **Technology - 7.3%** | **Technology - 7.3%** | **Technology - 7.3%** | **Technology - 7.3%** |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc.\* | 70 |  | 16481 |
| &nbsp;&nbsp;&nbsp; Pure Storage, Inc. — Class A\* | 258 |  | 14856 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.\* | 139 |  | 13896 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 249 |  | 13747 |
| &nbsp;&nbsp;&nbsp; Duolingo, Inc.\* | 33 |  | 13531 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc.\* | 168 |  | 13086 |
| &nbsp;&nbsp;&nbsp; Entegris, Inc. | 126 |  | 10162 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 50 |  | 9873 |
| &nbsp;&nbsp;&nbsp; CACI International, Inc. — Class A\* | 18 |  | 8581 |
| &nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 193 |  | 8098 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 49 |  | 7021 |
| &nbsp;&nbsp;&nbsp; Doximity, Inc. — Class A\* | 111 |  | 6809 |
| &nbsp;&nbsp;&nbsp; CommVault Systems, Inc.\* | 37 |  | 6450 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 135 |  | 5912 |
| &nbsp;&nbsp;&nbsp; Genpact Ltd. | 134 |  | 5897 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 89 |  | 5698 |
| &nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.\* | 114 |  | 5585 |
| &nbsp;&nbsp;&nbsp; MKS, Inc. | 56 |  | 5564 |
| &nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.\* | 58 |  | 5513 |
| &nbsp;&nbsp;&nbsp; KBR, Inc. | 108 |  | 5178 |

---

108 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. — Class A\* | 163 | $| 4662 |
| &nbsp;&nbsp;&nbsp; Cirrus Logic, Inc.\* | 44 |  | 4587 |
| &nbsp;&nbsp;&nbsp; Science Applications International Corp. | 39 |  | 4392 |
| &nbsp;&nbsp;&nbsp; Appfolio, Inc. — Class A\* | 19 |  | 4375 |
| &nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 30 |  | 4286 |
| &nbsp;&nbsp;&nbsp; Onto Innovation, Inc.\* | 41 |  | 4138 |
| &nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 74 |  | 4006 |
| &nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 27 |  | 3979 |
| &nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.\* | 109 |  | 3727 |
| &nbsp;&nbsp;&nbsp; BILL Holdings, Inc.\* | 79 |  | 3655 |
| &nbsp;&nbsp;&nbsp; Maximus, Inc. | 47 |  | 3299 |
| &nbsp;&nbsp;&nbsp; Parsons Corp.\* | 39 |  | 2799 |
| &nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 47 |  | 2627 |
| &nbsp;&nbsp;&nbsp; Crane NXT Co. | 41 |  | 2210 |
| &nbsp;&nbsp;&nbsp; ZoomInfo Technologies, Inc. — Class A\* | 216 |  | 2186 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 32 |  | 2074 |
| &nbsp;&nbsp;&nbsp; Concentrix Corp. | 38 |  | 2008 |
| &nbsp;&nbsp;&nbsp; Blackbaud, Inc.\* | 31 |  | 1991 |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 94 |  | 1973 |
| &nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 36 |  | 1797 |
| &nbsp;&nbsp;&nbsp; IPG Photonics Corp.\* | 22 |  | 1510 |
|  **Total Technology** |  |  | 248219 |
|  **Basic Materials - 2.7%** | **Basic Materials - 2.7%** | **Basic Materials - 2.7%** | **Basic Materials - 2.7%** |
| &nbsp;&nbsp;&nbsp; Reliance, Inc. | 44 |  | 13812 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 107 |  | 11753 |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 41 |  | 11331 |
| &nbsp;&nbsp;&nbsp; ATI, Inc.\* | 117 |  | 10102 |
| &nbsp;&nbsp;&nbsp; Royal Gold, Inc. | 55 |  | 9781 |
| &nbsp;&nbsp;&nbsp; Alcoa Corp. | 215 |  | 6345 |
| &nbsp;&nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 181 |  | 5374 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 94 |  | 4597 |
| &nbsp;&nbsp;&nbsp; NewMarket Corp. | 6 |  | 4145 |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | 45 |  | 3375 |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 402 |  | 3055 |
| &nbsp;&nbsp;&nbsp; Avient Corp. | 76 |  | 2455 |
| &nbsp;&nbsp;&nbsp; Westlake Corp. | 28 |  | 2126 |
| &nbsp;&nbsp;&nbsp; Olin Corp. | 96 |  | 1929 |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 38 |  | 1911 |
|  **Total Basic Materials** |  |  | 92091 |
|  **Energy - 2.7%** | **Energy - 2.7%** | **Energy - 2.7%** | **Energy - 2.7%** |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 242 |  | 9748 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 84 |  | 9232 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 216 |  | 8219 |
| &nbsp;&nbsp;&nbsp; Range Resources Corp. | 198 |  | 8053 |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. | 529 |  | 7205 |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 133 |  | 5464 |
| &nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 279 |  | 5287 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | 48 |  | 4649 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | 97 |  | 4629 |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc. | 109 |  | 4156 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 120 |  | 4041 |
| &nbsp;&nbsp;&nbsp; ChampionX Corp. | 159 |  | 3950 |
| &nbsp;&nbsp;&nbsp; NOV, Inc. | 312 |  | 3878 |
| &nbsp;&nbsp;&nbsp; Weatherford International plc | 60 |  | 3018 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 111 |  | 2497 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 54 |  | 2274 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 71 |  | 1954 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc. — Class A | 82 |  | 1777 |
|  **Total Energy** |  |  | 90031 |
|  **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** |
| &nbsp;&nbsp;&nbsp; Essential Utilities, Inc. | 214 |  | 7948 |
| &nbsp;&nbsp;&nbsp; OGE Energy Corp. | 167 |  | 7412 |
| &nbsp;&nbsp;&nbsp; UGI Corp. | 178 |  | 6483 |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 75 |  | 6353 |
| &nbsp;&nbsp;&nbsp; IDACORP, Inc. | 45 |  | 5195 |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 77 |  | 4337 |
| &nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 48 |  | 4021 |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 83 |  | 3720 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 50 |  | 3719 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 91 |  | 3697 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 50 |  | 3593 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | 49 |  | 3577 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 60 |  | 3366 |
| &nbsp;&nbsp;&nbsp; ALLETE, Inc. | 48 |  | 3075 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 51 |  | 2616 |
|  **Total Utilities** |  |  | 69112 |
|  **Communications - 1.6%** | **Communications - 1.6%** | **Communications - 1.6%** | **Communications - 1.6%** |
| &nbsp;&nbsp;&nbsp; Ciena Corp.\* | 118 |  | 9597 |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\*<sup>,1</sup> | 163 |  | 8125 |
| &nbsp;&nbsp;&nbsp; Chewy, Inc. — Class A\* | 182 |  | 7757 |
| &nbsp;&nbsp;&nbsp; New York Times Co. — Class A | 135 |  | 7557 |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 185 |  | 6734 |
| &nbsp;&nbsp;&nbsp; Maplebear, Inc.\* | 136 |  | 6153 |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. — Class A | 24 |  | 4151 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. — Class A\* | 111 |  | 3075 |
| &nbsp;&nbsp;&nbsp; Iridium Communications, Inc. | 90 |  | 2715 |
|  **Total Communications** |  |  | 55864 |
|  **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,554,217) |  |  | 2413992 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 7.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 7.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 7.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 7.1%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 15965 |  | 160450 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>2</sup> | 3259 |  | 81072 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $231,938) |  |  | 241522 |
|  | **Face<br> Amount** |  |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 2.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 4.23% due 09/18/25<sup>3,4</sup> | $50000 |  | 49537 |
| &nbsp;&nbsp;&nbsp; 4.20% due 09/18/25<sup>3,4</sup> | 50000 |  | 49537 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $99,075) |  |  | 99074 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 109

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.3%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.3%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.3%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>3</sup> | $337633 | $337633 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>3</sup> | 145688 | 145688 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>3</sup> | 140680 | 140680 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $624,001) |  | 624001 |
|  | **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, 4.25%<sup>7</sup> | 23302 | 23302 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $23,302) |  | 23302 |
|  **Total Investments - 99.9%** | **Total Investments - 99.9%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,532,533) | &nbsp;&nbsp;&nbsp; (Cost $2,532,533) | $3401891 |
|  **Other Assets & Liabilities, net - 0.1%** | **Other Assets & Liabilities, net - 0.1%** | 1568 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3403459 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
|  Goldman Sachs International | S&P MidCap 400 Index | Pay | 4.58% (Federal <br> Funds Rate + <br> 0.25%) | At Maturity | 09/24/25 | 482 | $1494896 | $14071 |
|  Barclays Bank plc | S&P MidCap 400 Index | Pay | 5.24% (SOFR + <br> 0.85%) | At Maturity | 09/25/25 | 198 | 612961 | 9611 |
|  BNP Paribas | S&P MidCap 400 Index | Pay | 4.88% (Federal <br> Funds Rate +<br> 0.55%) | At Maturity | 09/25/25 | 189 | 585186 | 9173 |
|  |  |  |  |  |  |  | $2693043 | $32855 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 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. |

---

110 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $2413992 | $— | $— | $2413992 |
|  Mutual Funds | 241522 |  |  | 241522 |
|  U.S. Treasury Bills |  | 99074 |  | 99074 |
|  Repurchase Agreements |  | 624001 |  | 624001 |
|  Securities Lending Collateral | 23302 |  |  | 23302 |
|  Equity Index Swap Agreements\*\* |  | 32855 |  | 32855 |
|  Total Assets | $2678816 | $755930 | $— | $3434746 |

---

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

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $80974 | $— | $— | $— | $98 | $81072 | 3259 | $2168 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 159811 |  |  |  | 639 | 160450 | 15965 | 3487 |
|  | $240785 | $— | $— | $— | $737 | $241522 |  | $5655 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 111

**MID-CAP 1.5x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value - including $22,840 of securities loaned (cost $1,676,594) | $2536368 |
|  Investments in affiliated issuers, at value (cost $231,938) | 241522 |
|  Repurchase agreements, at value (cost $624,001) | 624001 |
|  Cash | 33 |
|  Unrealized appreciation on OTC swap agreements | 32855 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 3352 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1895 |
| &nbsp;&nbsp;&nbsp; Interest | 76 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 2 |
|  **Total assets** | 3440104 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 23302 |
| &nbsp;&nbsp;&nbsp; Professional fees | 2712 |
| &nbsp;&nbsp;&nbsp; Management fees | 2433 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1617 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 764 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 685 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 303 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 151 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 38 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 4640 |
|  **Total liabilities** | 36645 |
|  **Net assets** | $3403459 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2695345 |
|  Total distributable earnings (loss) | 708114 |
|  Net assets | $3403459 |
|  Capital shares outstanding | 14818 |
|  Net asset value per share | $229.68 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $17) | $23129 |
|  Dividends from securities of affiliated issuers | 5655 |
|  Interest | 11605 |
|  Income from securities lending, net | 11 |
| &nbsp;&nbsp;&nbsp; Total investment income | 40400 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 16418 |
|  Investor service fees | 4561 |
|  Transfer agent fees | 5217 |
|  Professional fees | 3482 |
|  Portfolio accounting and administration fees | 2827 |
|  Custodian fees | 259 |
|  Trustees' fees\* | 258 |
|  Interest expense | 14 |
|  Miscellaneous | 1696 |
| &nbsp;&nbsp;&nbsp; Total expenses | 34732 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1824) |
|  Expenses waived by Adviser | (199) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (2023) |
|  Net expenses | 32709 |
|  Net investment income | 7691 |
|  **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
|  Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 248002 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (99179) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (25279) |
|  Net realized gain | 123544 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (284967) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 737 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 71575 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 16977 |
|  Net change in unrealized appreciation (depreciation) | (195678) |
|  Net realized and unrealized loss | (72134) |
|  **Net decrease in net assets resulting from operations** | $(64443) |

---

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

112 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MID-CAP 1.5x STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $7691 | $16954 |
|  Net realized gain on investments | 123544 | 488667 |
|  Net change in unrealized appreciation (depreciation) on investments | (195678) | 162252 |
|  Net increase (decrease) in net assets resulting from operations | (64443) | 667873 |
|  Distributions to shareholders |  | (25946) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 1516146 | 2467556 |
|  Distributions reinvested |  | 25946 |
|  Cost of shares redeemed | (1992079) | (3539887) |
|  Net decrease from capital share transactions | (475933) | (1046385) |
|  Net decrease in net assets | (540376) | (404458) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 3943835 | 4348293 |
| &nbsp;&nbsp;&nbsp; End of period | $3403459 | $3943835 |
|  **Capital share activity:** |  |  |
|  Shares sold | 7214 | 11130 |
|  Shares issued from reinvestment of distributions |  | 112 |
|  Shares redeemed | (9053) | (15625) |
|  Net decrease in shares | (1839) | (4383) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 113

**MID-CAP 1.5x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $236.77 | $206.67 | $173.92 | $242.90 | $205.26 | $193.99 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .47 | .90 | 1.04 | (.22) | (1.55) | (.12) |
|  Net gain (loss) on investments (realized and unrealized) | (7.56) | 30.61 | 31.71 | (56.21) | 70.95 | 12.09 |
|  Total from investment operations | (7.09) | 31.51 | 32.75 | (56.43) | 69.40 | 11.97 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (1.41) |  |  |  | (.15) |
|  Net realized gains |  |  |  | (12.55) | (31.76) | (.55) |
|  Total distributions |  | (1.41) |  | (12.55) | (31.76) | (.70) |
|  Net asset value, end of period | $229.68 | $236.77 | $206.67 | $173.92 | $242.90 | $205.26 |
|  **Total Return<sup>c</sup>** | **(2.99** **%)** | **15.26%** | **18.83%** | **(23.20** **%)** | **35.25%** | **10.69%** |
|  **Ratios/Supplemental Data** | **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) | $3403 | $3944 | $4348 | $4516 | $6038 | $4756 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.42% | 0.40% | 0.56% | (0.11%) | (0.65%) | (0.47%) |
|  Total expenses<sup>d</sup> | 1.90% | 1.86% | 1.89% | 1.83% | 1.75% | 1.87% |
|  Net expenses<sup>e</sup> | 1.79% | 1.76% | 1.81% | 1.77% | 1.69% | 1.81% |
|  Portfolio turnover rate | 12% | 34% | 18% | 154% | 56% | 472% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

114 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **INVERSE MID-CAP STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 33.3%** | **MUTUAL FUNDS<sup>†</sup>** **- 33.3%** | **MUTUAL FUNDS<sup>†</sup>** **- 33.3%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 2464 | $24761 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 822 | 20445 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $43,902) |  | 45206 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 60.9%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 60.9%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 60.9%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>3</sup> | $44710 | 44710 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>3</sup> | 19293 | 19293 |

---

---

| | | |
|:---|:---|:---|
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>3</sup> | 18629 | 18629 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $82,632) |  | 82632 |
|  **Total Investments - 94.2%** | **Total Investments - 94.2%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $126,534) | &nbsp;&nbsp;&nbsp; (Cost $126,534) | $127838 |
|  **Other Assets & Liabilities, net - 5.8%** | **Other Assets & Liabilities, net - 5.8%** | 7822 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $135660 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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 Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
|  Goldman Sachs International | S&P MidCap 400 Index | Receive | 4.28% (Federal <br> Funds Rate -<br> 0.05%) | At Maturity | 09/24/25 | 13 | $40740 | $(279) |
|  BNP Paribas | S&P MidCap 400 Index | Receive | 4.48% (Federal <br> Funds Rate +<br> 0.15%) | At Maturity | 09/25/25 | 12 | 36812 | (578) |
|  Barclays Bank plc | S&P MidCap 400 Index | Receive | 4.94% (SOFR +<br> 0.55%) | At Maturity | 09/25/25 | 19 | 58165 | (911) |
|  |  |  |  |  |  |  | $135717 | $(1768) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 115

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **INVERSE MID-CAP STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Mutual Funds | $45206 | $— | $— | $45206 |
|  Repurchase Agreements |  | 82632 |  | 82632 |
|  Total Assets | $45206 | $82632 | $— | $127838 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Equity Index Swap Agreements\*\* | $– $| 1768 | $– $| 1768 |

---

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

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $20421 | $— | $— | $— | $24 | $20445 | 822 | $547 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 24662 |  |  |  | 99 | 24761 | 2464 | 538 |
|  | $45083 | $— | $— | $— | $123 | $45206 |  | $1085 |

---

116 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE MID-CAP STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in affiliated issuers, at value (cost $43,902) | $45206 |
|  Repurchase agreements, at value (cost $82,632) | 82632 |
|  Segregated cash with broker | 10000 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 172 |
| &nbsp;&nbsp;&nbsp; Interest | 10 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1 |
|  **Total assets** | 138021 |
|  **Liabilities:** | **Liabilities:** |
|  Unrealized depreciation on OTC swap agreements | 1768 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 155 |
| &nbsp;&nbsp;&nbsp; Management fees | 83 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 59 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 24 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 9 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 6 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 1 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 256 |
|  **Total liabilities** | 2361 |
|  **Net assets** | $135660 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2198523 |
|  Total distributable earnings (loss) | (2062863) |
|  Net assets | $135660 |
|  Capital shares outstanding | 905 |
|  Net asset value per share | $149.90 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $1085 |
|  Interest | 1966 |
| &nbsp;&nbsp;&nbsp; Total investment income | 3051 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 612 |
|  Investor service fees | 170 |
|  Transfer agent fees | 182 |
|  Professional fees | 116 |
|  Portfolio accounting and administration fees | 105 |
|  Printing expenses | 45 |
|  Custodian fees | 10 |
|  Trustees' fees\* | 7 |
|  Miscellaneous | 102 |
| &nbsp;&nbsp;&nbsp; Total expenses | 1349 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (68) |
|  Expenses waived by Adviser | (31) |
| &nbsp;&nbsp;&nbsp; Total waived expenses | (99) |
|  Net expenses | 1250 |
|  Net investment income | 1801 |
|  **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 | (12422) |
|  Net realized loss | (12422) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (1) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 123 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (2579) |
|  Net change in unrealized appreciation (depreciation) | (2457) |
|  Net realized and unrealized loss | (14879) |
|  **Net decrease in net assets resulting from operations** | $(13078) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 117

**INVERSE MID-CAP STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $1801 | $4727 |
|  Net realized loss on investments | (12422) | (19154) |
|  Net change in unrealized appreciation (depreciation) on investments | (2457) | 2481 |
|  Net decrease in net assets resulting from operations | (13078) | (11946) |
|  Distributions to shareholders |  | (6469) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 367354 | 596013 |
|  Distributions reinvested |  | 6469 |
|  Cost of shares redeemed | (334650) | (596818) |
|  Net increase from capital share transactions | 32704 | 5664 |
|  Net increase (decrease) in net assets | 19626 | (12751) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 116034 | 128785 |
| &nbsp;&nbsp;&nbsp; End of period | $135660 | $116034 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 2271 | 3655 |
|  Shares issued from reinvestment of distributions |  | 43 |
|  Shares redeemed | (2141) | (3684) |
|  Net increase in shares | 130 | 14 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

118 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE MID-CAP STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a,f</sup>** | **Year Ended <br> December 31, <br> 2024<sup>f</sup>** | **Year Ended <br> December 31, <br> 2023<sup>f</sup>** | **Year Ended <br> December 31, <br> 2022<sup>f</sup>** | **Year Ended <br> December 31, <br> 2021<sup>f</sup>** | **Year Ended <br> December <br> 31, 2020<sup>f</sup>** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $149.65 | $169.24 | $187.00 | $171.52 | $223.44 | $300.22 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 2.05 | 5.55 | 5.80 | .40 | (2.20) | (3.05) |
|  Net gain (loss) on investments (realized and unrealized) | (1.80) | (16.19) | (22.66) | 15.08 <sup>g</sup> | (49.72) | (71.03) |
|  Total from investment operations | .25 | (10.64) | (16.86) | 15.48 | (51.92) | (74.08) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (8.95) | (.90) |  |  | (2.70) |
|  Total distributions |  | (8.95) | (.90) |  |  | (2.70) |
|  Net asset value, end of period | $149.90 | $149.65 | $169.24 | $187.00 | $171.52 | $223.44 |
|  **Total Return<sup>c</sup>** | **0.17%** | **(6.36** **%)** | **(9.04** **%)** | **9.01%** | **(23.21** **%)** | **(24.89** **%)** |
|  **Ratios/Supplemental Data** | **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) | $136 | $116 | $129 | $240 | $89 | $137 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.65% | 3.50% | 3.20% | 0.21% | (1.18%) | (1.01%) |
|  Total expenses<sup>d</sup> | 1.99% | 1.82% | 1.85% | 1.78% | 1.74% | 1.88% |
|  Net expenses<sup>e</sup> | 1.84% | 1.68% | 1.75% | 1.71% | 1.67% | 1.83% |
|  Portfolio turnover rate |  |  |  | 9% | 29% | 281% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

<sup>f</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

<sup>g</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments in the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 119

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 78.2%** | **COMMON STOCKS<sup>†</sup>** **- 78.2%** | **COMMON STOCKS<sup>†</sup>** **- 78.2%** |
|  **Technology - 39.4%** | **Technology - 39.4%** | **Technology - 39.4%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 58681 | $9271011 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 17874 | 8890706 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 35920 | 7369706 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 18702 | 5155206 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 13389 | 1825189 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 9594 | 1361389 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 1650 | 1299590 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 5375 | 1115957 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 6496 | 1034553 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 2522 | 975711 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 4748 | 869216 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 6612 | 814929 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 1474 | 750723 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 7569 | 736766 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 782 | 700469 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 2936 | 698827 |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. — Class A\* | 1821 | 637496 |
| &nbsp;&nbsp;&nbsp; MicroStrategy, Inc. — Class A\* | 1502 | 607154 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 25809 | 578122 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 1616 | 497970 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 4529 | 478806 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 918 | 470640 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V. — Class G | 517 | 414319 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 5102 | 394895 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 1266 | 391916 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 636 | 360510 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 1494 | 326424 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | 2131 | 309975 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 1278 | 306720 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc.\* | 921 | 289139 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 1078 | 261792 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. — Class A\* | 1890 | 253884 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 1484 | 236995 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. — Class A | 2917 | 227613 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 3192 | 224621 |
| &nbsp;&nbsp;&nbsp; Atlassian Corp. — Class A\* | 978 | 198622 |
| &nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 520 | 182634 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 2472 | 129558 |
| &nbsp;&nbsp;&nbsp; ARM Holdings plc ADR\* | 791 | 127936 |
| &nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\* | 3271 | 124952 |
|  **Total Technology** |  | 50902641 |
|  **Communications - 21.1%** | **Communications - 21.1%** | **Communications - 21.1%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 25531 | 5601246 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 5222 | 3854306 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 2517 | 3370590 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 13997 | 2466691 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class C | 13129 | 2328953 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 23429 | 1625504 |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 6718 | 1600631 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 193 | 1117323 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc. — Class A\* | 7208 | 831443 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 3945 | 807305 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 22035 | 786429 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 300 | 784089 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 2359 | 581517 |
| &nbsp;&nbsp;&nbsp; PDD Holdings, Inc. ADR\* | 3952 | 413616 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\*<sup>,1</sup> | 831 | 339721 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 2554 | 337997 |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. — Class A\* | 2652 | 190917 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 14638 | 167752 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 779 | 139122 |
|  **Total Communications** |  | 27345152 |
|  **Consumer, Non-cyclical - 7.3%** | **Consumer, Non-cyclical - 7.3%** | **Consumer, Non-cyclical - 7.3%** |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 2121 | 1152572 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 8113 | 1071241 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 3182 | 888446 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 7360 | 816003 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 2401 | 740468 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 1519 | 676259 |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 2389 | 532437 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. — Class A | 7661 | 516658 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 5754 | 427637 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 5771 | 361495 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 628 | 329700 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 8036 | 265670 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. — Class A | 828 | 257922 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 476 | 255298 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 2717 | 251920 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc ADR | 3527 | 246467 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 2320 | 202513 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 2709 | 200656 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 7003 | 180817 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 867 | 108887 |
|  **Total Consumer, Non-cyclical** |  | 9483066 |
|  **Consumer, Cyclical - 6.3%** | **Consumer, Cyclical - 6.3%** | **Consumer, Cyclical - 6.3%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 8754 | 2780796 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 2625 | 2598592 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 6724 | 616120 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 5058 | 455878 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 1620 | 442600 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 3105 | 295161 |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | 6788 | 285096 |
| &nbsp;&nbsp;&nbsp; Copart, Inc.\* | 5715 | 280435 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 1946 | 248271 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 680 | 161554 |
|  **Total Consumer, Cyclical** |  | 8164503 |
|  **Industrial - 1.4%** | **Industrial - 1.4%** | **Industrial - 1.4%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 3802 | 885410 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 461 | 381680 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 11115 | 362683 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 1250 | 202875 |
|  **Total Industrial** |  | 1832648 |

---

120 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities - 1.1%** | **Utilities - 1.1%** | **Utilities - 1.1%** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1854 | $598397 |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, Inc. | 3160 | 327882 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 5973 | 259348 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 3413 | 232425 |
|  **Total Utilities** |  | 1418052 |
|  **Basic Materials - 1.0%** | **Basic Materials - 1.0%** | **Basic Materials - 1.0%** |
| &nbsp;&nbsp;&nbsp; Linde plc | 2785 | 1306666 |
|  **Energy - 0.4%** | **Energy - 0.4%** | **Energy - 0.4%** |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 1729 | 237565 |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 5862 | 224749 |
|  **Total Energy** |  | 462314 |
|  **Financial - 0.2%** | **Financial - 0.2%** | **Financial - 0.2%** |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 2495 | 200598 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $48,856,273) |  | 101115640 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 13.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 13.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 13.8%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 909569 | 9141164 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>2</sup> | 347696 | 8650682 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $17,605,877) |  | 17791846 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 1.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.5%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>3,4</sup> | $1744000 | 1742594 |
| &nbsp;&nbsp;&nbsp; 4.23% due 09/18/25<sup>4,5</sup> | 250000 | 247686 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,990,279) |  | 1990280 |
|  **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 8.9%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 8.9%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 8.9%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>5</sup> | 6223848 | 6223848 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>5</sup> | 2685588 | 2685588 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>5</sup> | 2593270 | 2593270 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $11,502,706) |  | 11502706 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.2%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.2%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.2%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>8</sup> | 247036 | 247036 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $247,036) |  | 247036 |
|  **Total Investments - 102.6%** | **Total Investments - 102.6%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $80,202,171) | &nbsp;&nbsp;&nbsp; (Cost $80,202,171) | $132647508 |
|  **Other Assets & Liabilities, net - (2.6)%** | **Other Assets & Liabilities, net - (2.6)%** | (3316895) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $129330613 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
|  NASDAQ-100 Index Mini Futures Contracts | 36 | Sep 2025 | $16477920 | $734612 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
|  Goldman Sachs International | NASDAQ-100 Index | Pay | 4.93% (Federal <br> Funds Rate +<br> 0.60%) | At Maturity | 09/24/25 | 222 | $5038022 | $108517 |
|  BNP Paribas | NASDAQ-100 Index | Pay | 5.23% (Federal <br> Funds Rate +<br> 0.90%) | At Maturity | 09/25/25 | 178 | 4047777 | 78774 |
|  Barclays Bank plc | NASDAQ-100 Index | Pay | 5.39% (SOFR +<br> 1.00%) | At Maturity | 09/25/25 | 126 | 2859363 | 55640 |
|  |  |  |  |  |  |  | $11945162 | $242931 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 121

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 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 June 30, 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 | $101115640 | $— | $— | $101115640 |
|  Mutual Funds | 17791846 |  |  | 17791846 |
|  U.S. Treasury Bills |  | 1990280 |  | 1990280 |
|  Repurchase Agreements |  | 11502706 |  | 11502706 |
|  Securities Lending Collateral | 247036 |  |  | 247036 |
|  Equity Futures Contracts\*\* | 734612 |  |  | 734612 |
|  Equity Index Swap Agreements\*\* |  | 242931 |  | 242931 |
|  Total Assets | $119889134 | $13735917 | $— | $133625051 |

---

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

122 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $8640252 | $— | $— | $— | $10430 | $8650682 | 347696 | $231366 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 9104781 |  |  |  | 36383 | 9141164 | 909569 | 198633 |
|  | $17745033 | $— | $— | $— | $46813 | $17791846 |  | $429999 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 123

**NASDAQ-100<sup>®</sup>** **FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value - including $246,921 of securities loaned (cost $51,093,588) | $103352956 |
|  Investments in affiliated issuers, at value (cost $17,605,877) | 17791846 |
|  Repurchase agreements, at value (cost $11,502,706) | 11502706 |
|  Segregated cash with broker | 25000 |
|  Unrealized appreciation on OTC swap agreements | 242931 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 513775 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 96840 |
| &nbsp;&nbsp;&nbsp; Dividends | 81395 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 57818 |
| &nbsp;&nbsp;&nbsp; Interest | 1398 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 9 |
|  **Total assets** | 133666674 |
|  **Liabilities:** | **Liabilities:** |
|  Segregated cash due to broker | 650000 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 3001559 |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 247036 |
| &nbsp;&nbsp;&nbsp; Management fees | 68961 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 51914 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 47630 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 23592 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 9908 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 1206 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 234255 |
|  **Total liabilities** | 4336061 |
|  **Net assets** | $129330613 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $59904593 |
|  Total distributable earnings (loss) | 69426020 |
|  Net assets | $129330613 |
|  Capital shares outstanding | 1397746 |
|  Net asset value per share | $92.53 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $528) | $341953 |
|  Dividends from securities of affiliated issuers | 429999 |
|  Interest | 235943 |
|  Income from securities lending, net | 28 |
| &nbsp;&nbsp;&nbsp; Total investment income | 1007923 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 438807 |
|  Investor service fees | 146269 |
|  Transfer agent fees | 164259 |
|  Professional fees | 112615 |
|  Portfolio accounting and administration fees | 90685 |
|  Custodian fees | 8233 |
|  Trustees' fees\* | 7717 |
|  Interest expense | 2171 |
|  Miscellaneous | 77748 |
| &nbsp;&nbsp;&nbsp; Total expenses | 1048504 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (29255) |
|  Expenses waived by Adviser | (11306) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (40561) |
|  Net expenses | 1007943 |
|  Net investment loss | (20) |
|  **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 | 9826162 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 144669 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 3524209 |
|  Net realized gain | 13495040 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (6087168) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 46813 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 759352 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 942246 |
|  Net change in unrealized appreciation (depreciation) | (4338757) |
|  Net realized and unrealized gain | 9156283 |
|  **Net increase in net assets resulting from operations** | $9156263 |

---

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

124 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NASDAQ-100<sup>®</sup>** **FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income (loss) | $(20) | $38683 |
|  Net realized gain on investments | 13495040 | 12335081 |
|  Net change in unrealized appreciation (depreciation) on investments | (4338757) | 14633482 |
|  Net increase in net assets resulting from operations | 9156263 | 27007246 |
|  Distributions to shareholders |  | (2864502) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 162076010 | 291322507 |
|  Distributions reinvested |  | 2864502 |
|  Cost of shares redeemed | (166752771) | (311142110) |
|  Net decrease from capital share transactions | (4676761) | (16955101) |
|  Net increase in net assets | 4479502 | 7187643 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 124851111 | 117663468 |
| &nbsp;&nbsp;&nbsp; End of period | $129330613 | $124851111 |
|  **Capital share activity:** |  |  |
|  Shares sold | 1998432 | 3781913 |
|  Shares issued from reinvestment of distributions |  | 35351 |
|  Shares redeemed | (2051311) | (4025970) |
|  Net decrease in shares | (52879) | (208706) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 125

**NASDAQ-100<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $86.07 | $70.91 | $46.28 | $72.89 | $62.81 | $48.86 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> |  | .02 | .16 | (.17) | (.56) | (.31) |
|  Net gain (loss) on investments (realized and unrealized) | 6.46 | 16.84 | 24.47 | (24.48) | 16.09 | 21.04 |
|  Total from investment operations | 6.46 | 16.86 | 24.63 | (24.65) | 15.53 | 20.73 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.17) |  |  |  | (.17) |
|  Net realized gains |  | (1.53) |  | (1.96) | (5.45) | (6.61) |
|  Total distributions |  | (1.70) |  | (1.96) | (5.45) | (6.78) |
|  Net asset value, end of period | $92.53 | $86.07 | $70.91 | $46.28 | $72.89 | $62.81 |
|  **Total Return<sup>c</sup>** | **7.51%** | **23.91%** | **53.22%** | **(34.14** **%)** | **25.54%** | **44.96%** |
|  **Ratios/Supplemental Data** | **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) | $129331 | $124851 | $117663 | $64960 | $139405 | $112787 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) |  | 0.03% | 0.27% | (0.30%) | (0.83%) | (0.58%) |
|  Total expenses<sup>d</sup> | 1.79% | 1.73% | 1.78% | 1.71% | 1.63% | 1.76% |
|  Net expenses<sup>e</sup> | 1.72% | 1.67% | 1.73% | 1.68% | 1.61% | 1.72% |
|  Portfolio turnover rate | 73% | 107% | 151% | 168% | 57% | 142% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

126 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 84.7%** | **COMMON STOCKS<sup>†</sup>** **- 84.7%** | **COMMON STOCKS<sup>†</sup>** **- 84.7%** |
|  **Technology - 42.7%** | **Technology - 42.7%** | **Technology - 42.7%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 69840 | $11034022 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 21274 | 10581900 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 42751 | 8771222 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 22259 | 6135693 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 15935 | 2172259 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 11418 | 1620214 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 1964 | 1546905 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 6398 | 1328353 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 7732 | 1231398 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 3001 | 1161027 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 5651 | 1034529 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 7870 | 969978 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 1754 | 893330 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 9007 | 876741 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 932 | 834830 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 3495 | 831880 |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. — Class A\* | 2167 | 758623 |
| &nbsp;&nbsp;&nbsp; MicroStrategy, Inc. — Class A\* | 1787 | 722359 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 30718 | 688083 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 1923 | 592573 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 5390 | 569831 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 1093 | 560359 |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V. — Class G | 616 | 493656 |
| &nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 6071 | 469895 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 1507 | 466522 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 757 | 429098 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 1779 | 388694 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | 2536 | 368887 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 1521 | 365040 |
| &nbsp;&nbsp;&nbsp; Zscaler, Inc.\* | 1097 | 344392 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 1283 | 311577 |
| &nbsp;&nbsp;&nbsp; Datadog, Inc. — Class A\* | 2250 | 302243 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 1766 | 282030 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. — Class A | 3471 | 270842 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 3798 | 267265 |
| &nbsp;&nbsp;&nbsp; Atlassian Corp. — Class A\* | 1164 | 236397 |
| &nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 620 | 217756 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 2943 | 154243 |
| &nbsp;&nbsp;&nbsp; ARM Holdings plc ADR\* | 942 | 152359 |
| &nbsp;&nbsp;&nbsp; GLOBALFOUNDRIES, Inc.\* | 3894 | 148751 |
|  **Total Technology** |  | 60585756 |
|  **Communications - 22.9%** | **Communications - 22.9%** | **Communications - 22.9%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 30387 | 6666604 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 6215 | 4587229 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 2997 | 4013372 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 16658 | 2935639 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class C | 15625 | 2771719 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 27887 | 1934800 |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 7996 | 1905127 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 229 | 1325736 |
| &nbsp;&nbsp;&nbsp; Shopify, Inc. — Class A\* | 8579 | 989588 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 4695 | 960785 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 26227 | 936042 |
| &nbsp;&nbsp;&nbsp; MercadoLibre, Inc.\* | 357 | 933066 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 2808 | 692200 |
| &nbsp;&nbsp;&nbsp; PDD Holdings, Inc. ADR\* | 4704 | 492321 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\*<sup>,1</sup> | 988 | 403904 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 3039 | 402181 |
| &nbsp;&nbsp;&nbsp; Trade Desk, Inc. — Class A\* | 3156 | 227201 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 17422 | 199656 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 927 | 165553 |
|  **Total Communications** |  | 32542723 |
|  **Consumer, Non-cyclical - 7.9%** | **Consumer, Non-cyclical - 7.9%** | **Consumer, Non-cyclical - 7.9%** |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 2524 | 1371567 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 9655 | 1274846 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 3787 | 1057368 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 8760 | 971221 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 2858 | 881407 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 1809 | 805367 |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 2843 | 633620 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. — Class A | 9119 | 614985 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 6848 | 508943 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 6867 | 430149 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 748 | 392700 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 9565 | 316219 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. — Class A | 985 | 306828 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 566 | 303568 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Europacific Partners plc | 3234 | 299856 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc ADR | 4197 | 293286 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 2761 | 241008 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 3225 | 238876 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 8334 | 215184 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 1032 | 129609 |
|  **Total Consumer, Non-cyclical** |  | 11286607 |
|  **Consumer, Cyclical - 6.8%** | **Consumer, Cyclical - 6.8%** | **Consumer, Cyclical - 6.8%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 10418 | 3309382 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 3124 | 3092572 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 8002 | 733223 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 6021 | 542673 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 1929 | 527022 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 3697 | 351437 |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | 8079 | 339318 |
| &nbsp;&nbsp;&nbsp; Copart, Inc.\* | 6803 | 333823 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 2316 | 295475 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 810 | 192440 |
|  **Total Consumer, Cyclical** |  | 9717365 |
|  **Industrial - 1.5%** | **Industrial - 1.5%** | **Industrial - 1.5%** |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 4526 | 1054015 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 548 | 453711 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 13229 | 431662 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 1488 | 241503 |
|  **Total Industrial** |  | 2180891 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 127

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Utilities - 1.2%** | **Utilities - 1.2%** | **Utilities - 1.2%** |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 2207 | $712332 |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, Inc. | 3762 | 390345 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 7110 | 308716 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 4061 | 276554 |
|  **Total Utilities** |  | 1687947 |
|  **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** |
| &nbsp;&nbsp;&nbsp; Linde plc | 3315 | 1555332 |
|  **Energy - 0.4%** | **Energy - 0.4%** | **Energy - 0.4%** |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 2057 | 282632 |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 6977 | 267498 |
|  **Total Energy** |  | 550130 |
|  **Financial - 0.2%** | **Financial - 0.2%** | **Financial - 0.2%** |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 2971 | 238868 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $85,106,871) |  | 120345619 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 8.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.4%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 4.20% due 09/04/25<sup>2,3</sup> | $7000000 | 6946174 |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>3,4</sup> | 4329000 | 4325511 |
| &nbsp;&nbsp;&nbsp; 4.23% due 09/18/25<sup>2,3</sup> | 500000 | 495372 |
| &nbsp;&nbsp;&nbsp; 4.20% due 09/18/25<sup>2,3</sup> | 100000 | 99074 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $11,866,333) |  | 11866131 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 3.8%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 3.8%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 3.8%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>2</sup> | 2896889 | 2896889 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>2</sup> | 1250006 | 1250006 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>2</sup> | 1207037 | 1207037 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,353,932) |  | 5353932 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.2%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.2%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 0.2%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>7</sup> | 328427 | 328427 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $328,427) |  | 328427 |
|  **Total Investments - 97.1%** | **Total Investments - 97.1%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $102,655,563) | &nbsp;&nbsp;&nbsp; (Cost $102,655,563) | $137894109 |
|  **Other Assets & Liabilities, net - 2.9%** | **Other Assets & Liabilities, net - 2.9%** | 4142932 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $142037041 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
|  NASDAQ-100 Index Mini Futures Contracts | 119 | Sep 2025 | $54468680 | $2428302 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
|  Goldman Sachs International | NASDAQ-100 Index | Pay | 4.93% (Federal <br> Funds Rate +<br> 0.60%) | At Maturity | 09/24/25 | 3218 | $72976729 | $1497855 |
|  BNP Paribas | NASDAQ-100 Index | Pay | 5.23% (Federal<br> Funds Rate +<br> 0.90%) | At Maturity | 09/25/25 | 1357 | 30773555 | 598750 |
|  Barclays Bank plc | NASDAQ-100 Index | Pay | 5.39% (SOFR +<br> 1.00%) | At Maturity | 09/25/25 | 247 | 5596395 | 108889 |
|  |  |  |  |  |  |  | $109346679 | $2205494 |

---

128 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 June 30, 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 | $120345619 | $— | $— | $120345619 |
|  U.S. Treasury Bills |  | 11866131 |  | 11866131 |
|  Repurchase Agreements |  | 5353932 |  | 5353932 |
|  Securities Lending Collateral | 328427 |  |  | 328427 |
|  Equity Futures Contracts\*\* | 2428302 |  |  | 2428302 |
|  Equity Index Swap Agreements\*\* |  | 2205494 |  | 2205494 |
|  Total Assets | $123102348 | $19425557 | $— | $142527905 |

---

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 129

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

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $328,274 of securities loaned (cost $97,301,631) | $132540177 |
|  Repurchase agreements, at value (cost $5,353,932) | 5353932 |
|  Cash | 333 |
|  Unrealized appreciation on OTC swap agreements | 2205494 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 10012220 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 320110 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 163003 |
| &nbsp;&nbsp;&nbsp; Dividends | 19610 |
| &nbsp;&nbsp;&nbsp; Interest | 651 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 219 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 12 |
|  **Total assets** | 150615761 |
|  **Liabilities:** | **Liabilities:** |
|  Line of credit | 71000 |
|  Segregated cash due to broker | 1420000 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 6289296 |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 328427 |
| &nbsp;&nbsp;&nbsp; Management fees | 108280 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 55954 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 30078 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 6617 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 1260 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 267808 |
|  **Total liabilities** | 8578720 |
|  **Net assets** | $142037041 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $104256490 |
|  Total distributable earnings (loss) | 37780551 |
|  Net assets | $142037041 |
|  Capital shares outstanding | 704572 |
|  Net asset value per share | $201.59 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $548) | $394216 |
|  Interest | 503742 |
|  Income from securities lending, net | 32 |
| &nbsp;&nbsp;&nbsp; Total investment income | 897990 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 534206 |
|  Investor service fees | 148391 |
|  Transfer agent fees | 164740 |
|  Professional fees | 129810 |
|  Portfolio accounting and administration fees | 92001 |
|  Interest expense | 40696 |
|  Custodian fees | 8479 |
|  Trustees' fees\* | 7570 |
|  Miscellaneous | 60880 |
| &nbsp;&nbsp;&nbsp; Total expenses | 1186773 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (59356) |
|  Net expenses | 1127417 |
|  Net investment loss | (229427) |
|  **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 | 8170101 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 2007032 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (2479201) |
|  Net realized gain | 7697932 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (1492149) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 6457296 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 2741673 |
|  Net change in unrealized appreciation (depreciation) | 7706820 |
|  Net realized and unrealized gain | 15404752 |
|  **Net increase in net assets resulting from operations** | $15175325 |

---

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

130 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(229427) | $(239987) |
|  Net realized gain on investments | 7697932 | 32283911 |
|  Net change in unrealized appreciation (depreciation) on investments | 7706820 | 3588579 |
|  Net increase in net assets resulting from operations | 15175325 | 35632503 |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 516150678 | 1160498367 |
|  Distributions reinvested |  |  |
|  Cost of shares redeemed | (526015465) | (1179071524) |
|  Net decrease from capital share transactions | (9864787) | (18573157) |
|  Net increase in net assets | 5310538 | 17059346 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 136726503 | 119667157 |
| &nbsp;&nbsp;&nbsp; End of period | $142037041 | $136726503 |
|  **Capital share activity:** |  |  |
|  Shares sold | 3060564 | 7384669 |
|  Shares redeemed | (3091876) | (7562684) |
|  Net decrease in shares | (31312) | (178015) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 131

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

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $185.80 | $130.94 | $60.60 | $191.98 | $141.54 | $91.34 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (.34) | (.32) | (.24) | (.49) | (1.74) | (.88) |
|  Net gain (loss) on investments (realized and unrealized) | 16.13 | 55.18 | 70.58 | (111.42) | 73.37 | 72.46 |
|  Total from investment operations | 15.79 | 54.86 | 70.34 | (111.91) | 71.63 | 71.58 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  |  |  |  |  | (.30) |
|  Net realized gains |  |  |  | (19.47) | (21.19) | (21.08) |
|  Total distributions |  |  |  | (19.47) | (21.19) | (21.38) |
|  Net asset value, end of period | $201.59 | $185.80 | $130.94 | $60.60 | $191.98 | $141.54 |
|  **Total Return<sup>c</sup>** | **8.50%** | **41.90%** | **116.07%** | **(61.04** **%)** | **53.45%** | **86.87%** |
|  **Ratios/Supplemental Data** | **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) | $142037 | $136727 | $119667 | $32228 | $151069 | $131049 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (0.39%) | (0.20%) | (0.25%) | (0.47%) | (1.05%) | (0.83%) |
|  Total expenses<sup>d</sup> | 2.00% | 1.97% | 2.08% | 1.86% | 1.78% | 1.91% |
|  Net expenses<sup>e</sup> | 1.90% | 1.87% | 2.01% | 1.79% | 1.74% | 1.87% |
|  Portfolio turnover rate | 370% | 623% | 564% | 860% | 392% | 663% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

132 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 35.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 35.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 35.1%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 18765 | $188585 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 7386 | 183765 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $368,699) |  | 372350 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 18.8%** |
|  Farmer Mac | Farmer Mac | Farmer Mac |
| &nbsp;&nbsp;&nbsp; 4.17% due 07/16/25<sup>2</sup> | $100000 | 99826 |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 4.20% due 07/22/25<sup>2</sup> | 100000 | 99756 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $199,582) |  | 199582 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 43.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 43.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 43.8%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 251790 | 251790 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>4</sup> | 108647 | 108647 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 104912 | 104912 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $465,349) |  | 465349 |
|  **Total Investments - 97.7%** | **Total Investments - 97.7%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,033,630) | &nbsp;&nbsp;&nbsp; (Cost $1,033,630) | $1037281 |
|  **Other Assets & Liabilities, net - 2.3%** | **Other Assets & Liabilities, net - 2.3%** | 24455 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1061736 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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 Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
|  Goldman Sachs International | NASDAQ-100 Index | Receive | 4.73% (Federal<br> Funds Rate +<br> 0.40%) | At Maturity | 09/24/25 | 9 | $209012 | $(4512) |
|  BNP Paribas | NASDAQ-100 Index | Receive | 4.83% (Federal<br> Funds Rate +<br> 0.50%) | At Maturity | 09/25/25 | 15 | 349112 | (6786) |
|  Barclays Bank plc | NASDAQ-100 Index | Receive | 5.04% (SOFR +<br> 0.65%) | At Maturity | 09/25/25 | 21 | 482970 | (9393) |
|  |  |  |  |  |  |  | $1041094 | $(20691) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 133

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Mutual Funds | $372350 | $— | $— | $372350 |
|  Federal Agency Discount Notes |  | 199582 |  | 199582 |
|  Repurchase Agreements |  | 465349 |  | 465349 |
|  Total Assets | $372350 | $664931 | $— | $1037281 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Equity Index Swap Agreements\*\* | $– $| 20691 | $– $| 20691 |

---

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

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $183543 | $— | $— | $— | $222 | $183765 | 7386 | $4915 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 187834 |  |  |  | 751 | 188585 | 18765 | 4098 |
|  | $371377 | $— | $— | $— | $973 | $372350 |  | $9013 |

---

134 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $199,582) | $199582 |
|  Investments in affiliated issuers, at value (cost $368,699) | 372350 |
|  Repurchase agreements, at value (cost $465,349) | 465349 |
|  Segregated cash with broker | 54000 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 1429 |
| &nbsp;&nbsp;&nbsp; Interest | 56 |
|  **Total assets** | 1092766 |
|  **Liabilities:** | **Liabilities:** |
|  Unrealized depreciation on OTC swap agreements | 20691 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 4704 |
| &nbsp;&nbsp;&nbsp; Management fees | 818 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 720 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 561 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 238 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 52 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 16 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 3230 |
|  **Total liabilities** | 31030 |
|  **Net assets** | $1061736 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $11336959 |
|  Total distributable earnings (loss) | (10275223) |
|  Net assets | $1061736 |
|  Capital shares outstanding | 9042 |
|  Net asset value per share | $117.42 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $9013 |
|  Interest | 32881 |
| &nbsp;&nbsp;&nbsp; Total investment income | 41894 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 8070 |
|  Investor service fees | 2242 |
|  Transfer agent fees | 2257 |
|  Portfolio accounting and administration fees | 1390 |
|  Professional fees | 1157 |
|  Printing Expenses | 496 |
|  Custodian fees | 120 |
|  Trustees' fees\* | 67 |
|  Miscellaneous | 1619 |
| &nbsp;&nbsp;&nbsp; Total expenses | 17418 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (897) |
|  Expenses waived by Adviser | (233) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (1130) |
|  Net expenses | 16288 |
|  Net investment income | 25606 |
|  **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 | (464997) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (109152) |
|  Net realized loss | (574149) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (16) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 973 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (38717) |
|  Net change in unrealized appreciation (depreciation) | (37760) |
|  Net realized and unrealized loss | (611909) |
|  **Net decrease in net assets resulting from operations** | $(586303) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 135

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $25606 | $37615 |
|  Net realized loss on investments | (574149) | (160939) |
|  Net change in unrealized appreciation (depreciation) on investments | (37760) | 28790 |
|  Net decrease in net assets resulting from operations | (586303) | (94534) |
|  Distributions to shareholders |  | (91254) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 23560553 | 14170122 |
|  Distributions reinvested |  | 91254 |
|  Cost of shares redeemed | (22962189) | (14044929) |
|  Net increase from capital share transactions | 598364 | 216447 |
|  Net increase in net assets | 12061 | 30659 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1049675 | 1019016 |
| &nbsp;&nbsp;&nbsp; End of period | $1061736 | $1049675 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 179268 | 98606 |
|  Shares issued from reinvestment of distributions |  | 674 |
|  Shares redeemed | (178374) | (97058) |
|  Net increase in shares | 894 | 2222 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

136 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a,f</sup>** | **Year Ended <br> December 31, <br> 2024 <sup>f</sup>** | **Year Ended <br> December 31, <br> 2023 <sup>f</sup>** | **Year Ended <br> December 31, <br> 2022<sup>f</sup>** | **Year Ended <br> December 31, <br> 2021<sup>f</sup>** | **Year Ended <br> December 31, <br> 2020<sup>f</sup>** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $128.82 | $171.96 | $254.18 | $188.58 | $252.98 | $412.15 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 1.86 | 5.20 | 6.90 | .30 | (2.70) | (3.30) |
|  Net gain (loss) on investments (realized and unrealized) | (13.26) | (31.44) | (87.72) | 65.30 | (61.70) | (152.87) |
|  Total from investment operations | (11.40) | (26.24) | (80.82) | 65.60 | (64.40) | (156.17) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (16.90) | (1.40) |  |  | (3.00) |
|  Total distributions |  | (16.90) | (1.40) |  |  | (3.00) |
|  Net asset value, end of period | $117.42 | $128.82 | $171.96 | $254.18 | $188.58 | $252.98 |
|  **Total Return<sup>c</sup>** | **(8.85** **%)** | **(15.79** **%)** | **(31.85** **%)** | **34.78%** | **(25.45** **%)** | **(38.00** **%)** |
|  **Ratios/Supplemental Data** | **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) | $1062 | $1050 | $1019 | $8699 | $1653 | $464 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.86% | 3.52% | 3.25% | 0.12% | (1.23%) | (0.93%) |
|  Total expenses<sup>d</sup> | 1.94% | 1.86% | 1.90% | 1.94% | 1.78% | 1.92% |
|  Net expenses<sup>e</sup> | 1.82% | 1.72% | 1.81% | 1.88% | 1.71% | 1.87% |
|  Portfolio turnover rate |  |  |  | 63% | 430% | 681% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

<sup>f</sup> Reverse share split — Per share amounts have been restated to reflect a 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 137

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 27.6%** | **COMMON STOCKS<sup>†</sup>** **- 27.6%** | **COMMON STOCKS<sup>†</sup>** **- 27.6%** |
|  **Financial - 6.9%** | **Financial - 6.9%** | **Financial - 6.9%** |
| &nbsp;&nbsp;&nbsp; UMB Financial Corp. | 20 | $2103 |
| &nbsp;&nbsp;&nbsp; Old National Bancorp | 86 | 1835 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. REIT | 53 | 1691 |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. — Class A | 19 | 1687 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 27 | 1640 |
| &nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 43 | 1580 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. REIT | 16 | 1579 |
| &nbsp;&nbsp;&nbsp; Terreno Realty Corp. REIT | 28 | 1570 |
| &nbsp;&nbsp;&nbsp; CareTrust REIT, Inc. | 51 | 1561 |
| &nbsp;&nbsp;&nbsp; Cadence Bank | 47 | 1503 |
| &nbsp;&nbsp;&nbsp; Upstart Holdings, Inc.\* | 23 | 1488 |
| &nbsp;&nbsp;&nbsp; MARA Holdings, Inc.\* | 93 | 1458 |
| &nbsp;&nbsp;&nbsp; Home BancShares, Inc. | 51 | 1451 |
| &nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 5 | 1390 |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 16 | 1386 |
| &nbsp;&nbsp;&nbsp; United Bankshares, Inc. | 38 | 1384 |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc. | 38 | 1369 |
| &nbsp;&nbsp;&nbsp; Kite Realty Group Trust REIT | 59 | 1336 |
| &nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 31 | 1335 |
| &nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 23 | 1320 |
| &nbsp;&nbsp;&nbsp; First Financial Bankshares, Inc. | 36 | 1295 |
| &nbsp;&nbsp;&nbsp; Core Scientific, Inc.\* | 74 | 1263 |
| &nbsp;&nbsp;&nbsp; Moelis & Co. — Class A | 20 | 1246 |
| &nbsp;&nbsp;&nbsp; Phillips Edison & Company, Inc. REIT | 34 | 1191 |
| &nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 38 | 1189 |
| &nbsp;&nbsp;&nbsp; Sabra Health Care REIT, Inc. | 64 | 1180 |
| &nbsp;&nbsp;&nbsp; SL Green Realty Corp. REIT | 19 | 1176 |
| &nbsp;&nbsp;&nbsp; Ameris Bancorp | 18 | 1165 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | 130 | 1161 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. REIT | 63 | 1114 |
| &nbsp;&nbsp;&nbsp; Macerich Co. REIT | 68 | 1100 |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 45 | 1098 |
| &nbsp;&nbsp;&nbsp; StoneX Group, Inc.\* | 12 | 1094 |
| &nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 14 | 1085 |
| &nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\* | 7 | 1080 |
| &nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 14 | 1065 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 27 | 1042 |
| &nbsp;&nbsp;&nbsp; Enstar Group Ltd.\* | 3 | 1009 |
| &nbsp;&nbsp;&nbsp; Riot Platforms, Inc.\* | 89 | 1006 |
| &nbsp;&nbsp;&nbsp; International Bancshares Corp. | 15 | 998 |
| &nbsp;&nbsp;&nbsp; PJT Partners, Inc. — Class A | 6 | 990 |
| &nbsp;&nbsp;&nbsp; BGC Group, Inc. — Class A | 96 | 982 |
| &nbsp;&nbsp;&nbsp; United Community Banks, Inc. | 32 | 953 |
| &nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 12 | 953 |
| &nbsp;&nbsp;&nbsp; StepStone Group, Inc. — Class A | 17 | 943 |
| &nbsp;&nbsp;&nbsp; Tanger, Inc. REIT | 30 | 917 |
| &nbsp;&nbsp;&nbsp; Renasant Corp. | 25 | 898 |
| &nbsp;&nbsp;&nbsp; First BanCorp | 43 | 896 |
| &nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. | 33 | 886 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc. — Class A\* | 21 | 886 |
| &nbsp;&nbsp;&nbsp; Fulton Financial Corp. | 49 | 884 |
| &nbsp;&nbsp;&nbsp; WSFS Financial Corp. | 16 | 880 |
| &nbsp;&nbsp;&nbsp; Flagstar Financial, Inc. | 82 | 869 |
| &nbsp;&nbsp;&nbsp; Genworth Financial, Inc. — Class A\* | 111 | 864 |
| &nbsp;&nbsp;&nbsp; COPT Defense Properties REIT | 31 | 855 |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc. — Class A REIT<sup>1</sup> | 44 | 847 |
| &nbsp;&nbsp;&nbsp; National Health Investors, Inc. REIT | 12 | 841 |
| &nbsp;&nbsp;&nbsp; Cleanspark, Inc.\* | 75 | 827 |
| &nbsp;&nbsp;&nbsp; Cathay General Bancorp | 18 | 819 |
| &nbsp;&nbsp;&nbsp; Broadstone Net Lease, Inc. REIT | 51 | 819 |
| &nbsp;&nbsp;&nbsp; Baldwin Insurance Group, Inc. — Class A\* | 19 | 813 |
| &nbsp;&nbsp;&nbsp; McGrath RentCorp | 7 | 812 |
| &nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 53 | 809 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. REIT | 21 | 806 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 8 | 797 |
| &nbsp;&nbsp;&nbsp; Community Financial System, Inc. | 14 | 796 |
| &nbsp;&nbsp;&nbsp; WesBanco, Inc. | 25 | 791 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 7 | 781 |
| &nbsp;&nbsp;&nbsp; Compass, Inc. — Class A\* | 123 | 773 |
| &nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc. — Class A | 12 | 764 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | 12 | 755 |
| &nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Inc. — Class A | 17 | 754 |
| &nbsp;&nbsp;&nbsp; Bank of Hawaii Corp. | 11 | 743 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 13 | 743 |
| &nbsp;&nbsp;&nbsp; BancFirst Corp. | 6 | 742 |
| &nbsp;&nbsp;&nbsp; Burford Capital Ltd. | 52 | 741 |
| &nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc. REIT | 27 | 727 |
| &nbsp;&nbsp;&nbsp; CVB Financial Corp. | 36 | 712 |
| &nbsp;&nbsp;&nbsp; BankUnited, Inc. | 20 | 712 |
| &nbsp;&nbsp;&nbsp; Apple Hospitality, Inc. REIT<sup>1</sup> | 60 | 700 |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc. — Class A | 24 | 692 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield plc\* | 62 | 686 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc.\* | 12 | 684 |
| &nbsp;&nbsp;&nbsp; Park National Corp. | 4 | 669 |
| &nbsp;&nbsp;&nbsp; Acadia Realty Trust REIT | 36 | 668 |
| &nbsp;&nbsp;&nbsp; Douglas Emmett, Inc. REIT<sup>1</sup> | 44 | 662 |
| &nbsp;&nbsp;&nbsp; Lemonade, Inc.\* | 15 | 657 |
| &nbsp;&nbsp;&nbsp; TowneBank | 19 | 649 |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp. — Class A | 34 | 645 |
| &nbsp;&nbsp;&nbsp; LXP Industrial Trust REIT | 78 | 644 |
| &nbsp;&nbsp;&nbsp; WaFd, Inc. | 22 | 644 |
| &nbsp;&nbsp;&nbsp; Seacoast Banking Corporation of Florida | 23 | 635 |
| &nbsp;&nbsp;&nbsp; Urban Edge Properties REIT | 34 | 634 |
| &nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 9 | 634 |
| &nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc. — Class A | 6 | 633 |
| &nbsp;&nbsp;&nbsp; First Financial Bancorp | 26 | 631 |
| &nbsp;&nbsp;&nbsp; Provident Financial Services, Inc. | 35 | 614 |
| &nbsp;&nbsp;&nbsp; First Merchants Corp. | 16 | 613 |
| &nbsp;&nbsp;&nbsp; Outfront Media, Inc. REIT | 37 | 604 |
| &nbsp;&nbsp;&nbsp; Curbline Properties Corp. REIT | 26 | 594 |
| &nbsp;&nbsp;&nbsp; Farmer Mac — Class C | 3 | 583 |
| &nbsp;&nbsp;&nbsp; NBT Bancorp, Inc. | 14 | 582 |
| &nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 10 | 578 |
| &nbsp;&nbsp;&nbsp; Banner Corp. | 9 | 577 |
| &nbsp;&nbsp;&nbsp; InvenTrust Properties Corp. REIT | 21 | 575 |
| &nbsp;&nbsp;&nbsp; SiriusPoint Ltd.\* | 28 | 571 |
| &nbsp;&nbsp;&nbsp; Trupanion, Inc.\* | 10 | 553 |
| &nbsp;&nbsp;&nbsp; Stock Yards Bancorp, Inc. | 7 | 553 |

---

138 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 10 | $551 |
| &nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 26 | 548 |
| &nbsp;&nbsp;&nbsp; Trustmark Corp. | 15 | 547 |
| &nbsp;&nbsp;&nbsp; Arbor Realty Trust, Inc. REIT<sup>1</sup> | 51 | 546 |
| &nbsp;&nbsp;&nbsp; Dave, Inc.\* | 2 | 537 |
| &nbsp;&nbsp;&nbsp; Bank of NT Butterfield & Son Ltd. | 12 | 531 |
| &nbsp;&nbsp;&nbsp; Cohen & Steers, Inc. | 7 | 527 |
| &nbsp;&nbsp;&nbsp; First Busey Corp. | 23 | 526 |
| &nbsp;&nbsp;&nbsp; Banc of California, Inc. | 37 | 520 |
| &nbsp;&nbsp;&nbsp; OFG Bancorp | 12 | 514 |
| &nbsp;&nbsp;&nbsp; FB Financial Corp. | 11 | 498 |
| &nbsp;&nbsp;&nbsp; Nicolet Bankshares, Inc. | 4 | 494 |
| &nbsp;&nbsp;&nbsp; City Holding Co. | 4 | 490 |
| &nbsp;&nbsp;&nbsp; First Bancorp | 11 | 485 |
| &nbsp;&nbsp;&nbsp; Nelnet, Inc. — Class A | 4 | 484 |
| &nbsp;&nbsp;&nbsp; St. Joe Co. | 10 | 477 |
| &nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 6 | 475 |
| &nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 11 | 473 |
| &nbsp;&nbsp;&nbsp; Mercury General Corp. | 7 | 471 |
| &nbsp;&nbsp;&nbsp; Customers Bancorp, Inc.\* | 8 | 470 |
| &nbsp;&nbsp;&nbsp; Hut 8 Corp.\*<sup>,1</sup> | 25 | 465 |
| &nbsp;&nbsp;&nbsp; Pagseguro Digital Ltd. — Class A | 48 | 463 |
| &nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 7 | 456 |
| &nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. REIT | 52 | 451 |
| &nbsp;&nbsp;&nbsp; Newmark Group, Inc. — Class A | 37 | 450 |
| &nbsp;&nbsp;&nbsp; First Commonwealth Financial Corp. | 27 | 438 |
| &nbsp;&nbsp;&nbsp; Northwest Bancshares, Inc. | 34 | 435 |
| &nbsp;&nbsp;&nbsp; Lakeland Financial Corp. | 7 | 430 |
| &nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. REIT | 56 | 429 |
| &nbsp;&nbsp;&nbsp; LTC Properties, Inc. REIT | 12 | 415 |
| &nbsp;&nbsp;&nbsp; Global Net Lease, Inc. REIT | 53 | 400 |
| &nbsp;&nbsp;&nbsp; Getty Realty Corp. REIT | 14 | 387 |
| &nbsp;&nbsp;&nbsp; Innovative Industrial Properties, Inc. REIT | 7 | 387 |
| &nbsp;&nbsp;&nbsp; German American Bancorp, Inc. | 10 | 385 |
| &nbsp;&nbsp;&nbsp; Root, Inc. — Class A\* | 3 | 384 |
| &nbsp;&nbsp;&nbsp; Elme Communities REIT | 24 | 382 |
| &nbsp;&nbsp;&nbsp; S&T Bancorp, Inc. | 10 | 378 |
| &nbsp;&nbsp;&nbsp; National Bank Holdings Corp. — Class A | 10 | 376 |
| &nbsp;&nbsp;&nbsp; NETSTREIT Corp. REIT | 22 | 372 |
| &nbsp;&nbsp;&nbsp; ARMOUR Residential REIT, Inc.<sup>1</sup> | 22 | 370 |
| &nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 32 | 368 |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. REIT | 38 | 368 |
| &nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 14 | 365 |
| &nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 12 | 364 |
| &nbsp;&nbsp;&nbsp; Stellar Bancorp, Inc. | 13 | 364 |
| &nbsp;&nbsp;&nbsp; Virtus Investment Partners, Inc. | 2 | 363 |
| &nbsp;&nbsp;&nbsp; LendingClub Corp.\* | 30 | 361 |
| &nbsp;&nbsp;&nbsp; Alexander & Baldwin, Inc. REIT | 20 | 357 |
| &nbsp;&nbsp;&nbsp; Marex Group plc | 9 | 355 |
| &nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc. REIT | 15 | 355 |
| &nbsp;&nbsp;&nbsp; UMH Properties, Inc. REIT | 21 | 353 |
| &nbsp;&nbsp;&nbsp; JBG SMITH Properties REIT | 20 | 346 |
| &nbsp;&nbsp;&nbsp; Dynex Capital, Inc. REIT | 28 | 342 |
| &nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. REIT | 27 | 339 |
| &nbsp;&nbsp;&nbsp; Cipher Mining, Inc.\* | 71 | 339 |
| &nbsp;&nbsp;&nbsp; Westamerica BanCorp | 7 | 339 |
| &nbsp;&nbsp;&nbsp; Ladder Capital Corp. — Class A REIT | 31 | 333 |
| &nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 31 | 333 |
| &nbsp;&nbsp;&nbsp; Triumph Financial, Inc.\* | 6 | 331 |
| &nbsp;&nbsp;&nbsp; Ellington Financial, Inc. REIT<sup>1</sup> | 25 | 325 |
| &nbsp;&nbsp;&nbsp; TriCo Bancshares | 8 | 324 |
| &nbsp;&nbsp;&nbsp; Pebblebrook Hotel Trust REIT | 32 | 320 |
| &nbsp;&nbsp;&nbsp; ProAssurance Corp.\* | 14 | 320 |
| &nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | 4 | 318 |
| &nbsp;&nbsp;&nbsp; Terawulf, Inc.\* | 72 | 315 |
| &nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 15 | 313 |
| &nbsp;&nbsp;&nbsp; Veris Residential, Inc. REIT | 21 | 313 |
| &nbsp;&nbsp;&nbsp; Apartment Investment and Management Co. — Class A REIT | 36 | 311 |
| &nbsp;&nbsp;&nbsp; Perella Weinberg Partners | 16 | 311 |
| &nbsp;&nbsp;&nbsp; 1st Source Corp. | 5 | 310 |
| &nbsp;&nbsp;&nbsp; Paramount Group, Inc. REIT\* | 50 | 305 |
| &nbsp;&nbsp;&nbsp; HCI Group, Inc. | 2 | 304 |
| &nbsp;&nbsp;&nbsp; Two Harbors Investment Corp. REIT | 28 | 302 |
| &nbsp;&nbsp;&nbsp; ConnectOne Bancorp, Inc. | 13 | 301 |
| &nbsp;&nbsp;&nbsp; Centerspace REIT | 5 | 301 |
| &nbsp;&nbsp;&nbsp; Berkshire Hills Bancorp, Inc. | 12 | 301 |
| &nbsp;&nbsp;&nbsp; Empire State Realty Trust, Inc. — Class A REIT | 37 | 299 |
| &nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 10 | 298 |
| &nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 8 | 297 |
| &nbsp;&nbsp;&nbsp; Dime Community Bancshares, Inc. | 11 | 296 |
| &nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust REIT | 23 | 296 |
| &nbsp;&nbsp;&nbsp; Chimera Investment Corp. REIT | 21 | 291 |
| &nbsp;&nbsp;&nbsp; RLJ Lodging Trust REIT | 40 | 291 |
| &nbsp;&nbsp;&nbsp; Coastal Financial Corp.\* | 3 | 291 |
| &nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc. | 8 | 290 |
| &nbsp;&nbsp;&nbsp; Origin Bancorp, Inc. | 8 | 286 |
| &nbsp;&nbsp;&nbsp; Employers Holdings, Inc. | 6 | 283 |
| &nbsp;&nbsp;&nbsp; American Assets Trust, Inc. REIT | 14 | 276 |
| &nbsp;&nbsp;&nbsp; Uniti Group, Inc. REIT\* | 64 | 276 |
| &nbsp;&nbsp;&nbsp; Bitdeer Technologies Group — Class A\* | 24 | 276 |
| &nbsp;&nbsp;&nbsp; Peoples Bancorp, Inc. | 9 | 275 |
| &nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 4 | 272 |
| &nbsp;&nbsp;&nbsp; Navient Corp. | 19 | 268 |
| &nbsp;&nbsp;&nbsp; Fidelis Insurance Holdings Ltd. | 16 | 265 |
| &nbsp;&nbsp;&nbsp; MFA Financial, Inc. REIT | 28 | 265 |
| &nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 15 | 264 |
| &nbsp;&nbsp;&nbsp; Preferred Bank/Los Angeles CA | 3 | 260 |
| &nbsp;&nbsp;&nbsp; Hamilton Insurance Group Ltd. — Class B\* | 12 | 259 |
| &nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | 24 | 253 |
| &nbsp;&nbsp;&nbsp; Tompkins Financial Corp. | 4 | 251 |
| &nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 7 | 247 |
| &nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc. REIT | 11 | 244 |
| &nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. — Class A REIT\* | 33 | 241 |
| &nbsp;&nbsp;&nbsp; Univest Financial Corp. | 8 | 240 |
| &nbsp;&nbsp;&nbsp; Burke & Herbert Financial Services Corp. | 4 | 239 |
| &nbsp;&nbsp;&nbsp; Hudson Pacific Properties, Inc. REIT\* | 86 | 236 |
| &nbsp;&nbsp;&nbsp; Southside Bancshares, Inc. | 8 | 235 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 139

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Bank First Corp. | 2 | $235 |
| &nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. REIT<sup>1</sup> | 22 | 235 |
| &nbsp;&nbsp;&nbsp; Safehold, Inc. REIT | 15 | 233 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 6 | 232 |
| &nbsp;&nbsp;&nbsp; Merchants Bancorp | 7 | 231 |
| &nbsp;&nbsp;&nbsp; Alexander's, Inc. REIT | 1 | 225 |
| &nbsp;&nbsp;&nbsp; Patria Investments Ltd. — Class A | 16 | 225 |
| &nbsp;&nbsp;&nbsp; First Mid Bancshares, Inc. | 6 | 225 |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 33 | 224 |
| &nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 5 | 219 |
| &nbsp;&nbsp;&nbsp; Heritage Financial Corp. | 9 | 215 |
| &nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 12 | 213 |
| &nbsp;&nbsp;&nbsp; Redwood Trust, Inc. REIT | 36 | 213 |
| &nbsp;&nbsp;&nbsp; Community Trust Bancorp, Inc. | 4 | 212 |
| &nbsp;&nbsp;&nbsp; Diversified Healthcare Trust REIT | 59 | 211 |
| &nbsp;&nbsp;&nbsp; Metropolitan Bank Holding Corp.\* | 3 | 210 |
| &nbsp;&nbsp;&nbsp; Orchid Island Capital, Inc. REIT | 29 | 203 |
| &nbsp;&nbsp;&nbsp; Camden National Corp. | 5 | 203 |
| &nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 33 | 201 |
| &nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. REIT | 6 | 200 |
| &nbsp;&nbsp;&nbsp; Hanmi Financial Corp. | 8 | 197 |
| &nbsp;&nbsp;&nbsp; Brandywine Realty Trust REIT | 46 | 197 |
| &nbsp;&nbsp;&nbsp; Business First Bancshares, Inc. | 8 | 197 |
| &nbsp;&nbsp;&nbsp; Ready Capital Corp. REIT | 45 | 197 |
| &nbsp;&nbsp;&nbsp; Central Pacific Financial Corp. | 7 | 196 |
| &nbsp;&nbsp;&nbsp; Universal Insurance Holdings, Inc. | 7 | 194 |
| &nbsp;&nbsp;&nbsp; F&G Annuities & Life, Inc. | 6 | 192 |
| &nbsp;&nbsp;&nbsp; eXp World Holdings, Inc. | 21 | 191 |
| &nbsp;&nbsp;&nbsp; Esquire Financial Holdings, Inc. | 2 | 189 |
| &nbsp;&nbsp;&nbsp; Amalgamated Financial Corp. | 6 | 187 |
| &nbsp;&nbsp;&nbsp; Brookfield Business Corp. — Class A | 6 | 187 |
| &nbsp;&nbsp;&nbsp; Byline Bancorp, Inc. | 7 | 187 |
| &nbsp;&nbsp;&nbsp; Mercantile Bank Corp. | 4 | 186 |
| &nbsp;&nbsp;&nbsp; Horizon Bancorp, Inc. | 12 | 185 |
| &nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 6 | 184 |
| &nbsp;&nbsp;&nbsp; Amerant Bancorp, Inc. | 10 | 182 |
| &nbsp;&nbsp;&nbsp; Northeast Bank | 2 | 178 |
| &nbsp;&nbsp;&nbsp; BrightSpire Capital, Inc. REIT | 35 | 177 |
| &nbsp;&nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 11 | 177 |
| &nbsp;&nbsp;&nbsp; MidWestOne Financial Group, Inc. | 6 | 173 |
| &nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 6 | 172 |
| &nbsp;&nbsp;&nbsp; Gladstone Commercial Corp. REIT | 12 | 172 |
| &nbsp;&nbsp;&nbsp; TrustCo Bank Corporation NY | 5 | 167 |
| &nbsp;&nbsp;&nbsp; World Acceptance Corp.\* | 1 | 165 |
| &nbsp;&nbsp;&nbsp; Southern Missouri Bancorp, Inc. | 3 | 164 |
| &nbsp;&nbsp;&nbsp; Equity Bancshares, Inc. — Class A | 4 | 163 |
| &nbsp;&nbsp;&nbsp; First Financial Corp. | 3 | 163 |
| &nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 11 | 162 |
| &nbsp;&nbsp;&nbsp; Independent Bank Corp. | 5 | 162 |
| &nbsp;&nbsp;&nbsp; NB Bancorp, Inc.\* | 9 | 161 |
| &nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc. | 26 | 161 |
| &nbsp;&nbsp;&nbsp; Orrstown Financial Services, Inc. | 5 | 159 |
| &nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 16 | 159 |
| &nbsp;&nbsp;&nbsp; SITE Centers Corp. REIT | 14 | 158 |
| &nbsp;&nbsp;&nbsp; Capital City Bank Group, Inc. | 4 | 157 |
| &nbsp;&nbsp;&nbsp; First Community Bankshares, Inc. | 4 | 157 |
| &nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 8 | 156 |
| &nbsp;&nbsp;&nbsp; New York Mortgage Trust, Inc. REIT | 23 | 154 |
| &nbsp;&nbsp;&nbsp; P10, Inc. — Class A | 15 | 153 |
| &nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc. REIT | 30 | 153 |
| &nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc. REIT<sup>1</sup> | 22 | 151 |
| &nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc.\* | 4 | 150 |
| &nbsp;&nbsp;&nbsp; Whitestone REIT — Class B | 12 | 150 |
| &nbsp;&nbsp;&nbsp; HomeTrust Bancshares, Inc. | 4 | 150 |
| &nbsp;&nbsp;&nbsp; Heritage Insurance Holdings, Inc.\* | 6 | 150 |
| &nbsp;&nbsp;&nbsp; Peoples Financial Services Corp. | 3 | 148 |
| &nbsp;&nbsp;&nbsp; Republic Bancorp, Inc. — Class A | 2 | 146 |
| &nbsp;&nbsp;&nbsp; Diamond Hill Investment Group, Inc. | 1 | 145 |
| &nbsp;&nbsp;&nbsp; Metrocity Bankshares, Inc. | 5 | 143 |
| &nbsp;&nbsp;&nbsp; Tiptree, Inc. — Class A | 6 | 141 |
| &nbsp;&nbsp;&nbsp; Washington Trust Bancorp, Inc. | 5 | 141 |
| &nbsp;&nbsp;&nbsp; Invesco Mortgage Capital, Inc. REIT | 18 | 141 |
| &nbsp;&nbsp;&nbsp; Mid Penn Bancorp, Inc. | 5 | 141 |
| &nbsp;&nbsp;&nbsp; Hippo Holdings, Inc.\* | 5 | 140 |
| &nbsp;&nbsp;&nbsp; TPG RE Finance Trust, Inc. REIT | 18 | 139 |
| &nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc. — Class A | 12 | 139 |
| &nbsp;&nbsp;&nbsp; CTO Realty Growth, Inc. REIT | 8 | 138 |
| &nbsp;&nbsp;&nbsp; Farmers National Banc Corp. | 10 | 138 |
| &nbsp;&nbsp;&nbsp; CNB Financial Corp. | 6 | 137 |
| &nbsp;&nbsp;&nbsp; SmartFinancial, Inc. | 4 | 135 |
| &nbsp;&nbsp;&nbsp; Peakstone Realty Trust REIT | 10 | 132 |
| &nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. REIT | 15 | 132 |
| &nbsp;&nbsp;&nbsp; Real Brokerage, Inc.\* | 29 | 131 |
| &nbsp;&nbsp;&nbsp; NET Lease Office Properties REIT\* | 4 | 130 |
| &nbsp;&nbsp;&nbsp; Alerus Financial Corp. | 6 | 130 |
| &nbsp;&nbsp;&nbsp; ACNB Corp. | 3 | 128 |
| &nbsp;&nbsp;&nbsp; Financial Institutions, Inc. | 5 | 128 |
| &nbsp;&nbsp;&nbsp; CBL & Associates Properties, Inc. REIT | 5 | 127 |
| &nbsp;&nbsp;&nbsp; Farmland Partners, Inc. REIT | 11 | 127 |
| &nbsp;&nbsp;&nbsp; Shore Bancshares, Inc. | 8 | 126 |
| &nbsp;&nbsp;&nbsp; NerdWallet, Inc. — Class A\* | 11 | 121 |
| &nbsp;&nbsp;&nbsp; Universal Health Realty Income Trust REIT | 3 | 120 |
| &nbsp;&nbsp;&nbsp; Bar Harbor Bankshares | 4 | 120 |
| &nbsp;&nbsp;&nbsp; One Liberty Properties, Inc. REIT | 5 | 119 |
| &nbsp;&nbsp;&nbsp; Enterprise Bancorp, Inc. | 3 | 119 |
| &nbsp;&nbsp;&nbsp; Global Medical REIT, Inc. | 17 | 118 |
| &nbsp;&nbsp;&nbsp; Great Southern Bancorp, Inc. | 2 | 118 |
| &nbsp;&nbsp;&nbsp; HarborOne Bancorp, Inc. | 10 | 117 |
| &nbsp;&nbsp;&nbsp; Community Healthcare Trust, Inc. REIT | 7 | 116 |
| &nbsp;&nbsp;&nbsp; ChoiceOne Financial Services, Inc. | 4 | 115 |
| &nbsp;&nbsp;&nbsp; Northfield Bancorp, Inc. | 10 | 115 |
| &nbsp;&nbsp;&nbsp; Five Star Bancorp | 4 | 114 |
| &nbsp;&nbsp;&nbsp; Compass Diversified Holdings\* | 18 | 113 |
| &nbsp;&nbsp;&nbsp; Peapack-Gladstone Financial Corp. | 4 | 113 |
| &nbsp;&nbsp;&nbsp; LendingTree, Inc.\* | 3 | 111 |
| &nbsp;&nbsp;&nbsp; South Plains Financial, Inc. | 3 | 108 |
| &nbsp;&nbsp;&nbsp; Bit Digital, Inc.\* | 49 | 107 |
| &nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 9 | 107 |
| &nbsp;&nbsp;&nbsp; Arrow Financial Corp. | 4 | 106 |
| &nbsp;&nbsp;&nbsp; Firstsun Capital Bancorp\* | 3 | 104 |
| &nbsp;&nbsp;&nbsp; Carter Bankshares, Inc.\* | 6 | 104 |
| &nbsp;&nbsp;&nbsp; Midland States Bancorp, Inc. | 6 | 104 |

---

140 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Home Bancorp, Inc. | 2 | $104 |
| &nbsp;&nbsp;&nbsp; Saul Centers, Inc. REIT | 3 | 102 |
| &nbsp;&nbsp;&nbsp; Columbia Financial, Inc.\* | 7 | 102 |
| &nbsp;&nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 28 | 101 |
| &nbsp;&nbsp;&nbsp; First Business Financial Services, Inc. | 2 | 101 |
| &nbsp;&nbsp;&nbsp; Capital Bancorp, Inc. | 3 | 101 |
| &nbsp;&nbsp;&nbsp; Greenlight Capital Re Ltd. — Class A\* | 7 | 101 |
| &nbsp;&nbsp;&nbsp; Service Properties Trust REIT | 42 | 100 |
| &nbsp;&nbsp;&nbsp; Third Coast Bancshares, Inc.\* | 3 | 98 |
| &nbsp;&nbsp;&nbsp; OppFi, Inc. | 7 | 98 |
| &nbsp;&nbsp;&nbsp; Community West Bancshares | 5 | 98 |
| &nbsp;&nbsp;&nbsp; Kearny Financial Corp. | 15 | 97 |
| &nbsp;&nbsp;&nbsp; Bridgewater Bancshares, Inc.\* | 6 | 95 |
| &nbsp;&nbsp;&nbsp; California BanCorp\* | 6 | 95 |
| &nbsp;&nbsp;&nbsp; Unity Bancorp, Inc. | 2 | 94 |
| &nbsp;&nbsp;&nbsp; Northrim BanCorp, Inc. | 1 | 93 |
| &nbsp;&nbsp;&nbsp; First Bank/Hamilton NJ | 6 | 93 |
| &nbsp;&nbsp;&nbsp; Civista Bancshares, Inc. | 4 | 93 |
| &nbsp;&nbsp;&nbsp; Ambac Financial Group, Inc.\* | 13 | 92 |
| &nbsp;&nbsp;&nbsp; Gladstone Land Corp. REIT | 9 | 92 |
| &nbsp;&nbsp;&nbsp; Bank of Marin Bancorp | 4 | 91 |
| &nbsp;&nbsp;&nbsp; Chatham Lodging Trust REIT | 13 | 91 |
| &nbsp;&nbsp;&nbsp; Sierra Bancorp | 3 | 89 |
| &nbsp;&nbsp;&nbsp; Postal Realty Trust, Inc. — Class A REIT | 6 | 88 |
| &nbsp;&nbsp;&nbsp; Selectquote, Inc.\* | 37 | 88 |
| &nbsp;&nbsp;&nbsp; First Foundation, Inc.\* | 17 | 87 |
| &nbsp;&nbsp;&nbsp; RBB Bancorp | 5 | 86 |
| &nbsp;&nbsp;&nbsp; Guaranty Bancshares, Inc. | 2 | 85 |
| &nbsp;&nbsp;&nbsp; BayCom Corp. | 3 | 83 |
| &nbsp;&nbsp;&nbsp; Colony Bankcorp, Inc. | 5 | 82 |
| &nbsp;&nbsp;&nbsp; International Money Express, Inc.\* | 8 | 81 |
| &nbsp;&nbsp;&nbsp; FRP Holdings, Inc.\* | 3 | 81 |
| &nbsp;&nbsp;&nbsp; Donegal Group, Inc. — Class A | 4 | 80 |
| &nbsp;&nbsp;&nbsp; NewtekOne, Inc. | 7 | 79 |
| &nbsp;&nbsp;&nbsp; FS Bancorp, Inc. | 2 | 79 |
| &nbsp;&nbsp;&nbsp; West BanCorp, Inc. | 4 | 78 |
| &nbsp;&nbsp;&nbsp; American Coastal Insurance Corp. | 7 | 78 |
| &nbsp;&nbsp;&nbsp; Orange County Bancorp, Inc. | 3 | 77 |
| &nbsp;&nbsp;&nbsp; Onity Group, Inc.\* | 2 | 76 |
| &nbsp;&nbsp;&nbsp; First Bancorp, Inc. | 3 | 76 |
| &nbsp;&nbsp;&nbsp; Southern First Bancshares, Inc.\* | 2 | 76 |
| &nbsp;&nbsp;&nbsp; Farmers & Merchants Bancorp Incorporated/Archbold OH | 3 | 76 |
| &nbsp;&nbsp;&nbsp; Citizens & Northern Corp. | 4 | 76 |
| &nbsp;&nbsp;&nbsp; HBT Financial, Inc. | 3 | 76 |
| &nbsp;&nbsp;&nbsp; Bankwell Financial Group, Inc. | 2 | 72 |
| &nbsp;&nbsp;&nbsp; Claros Mortgage Trust, Inc. REIT\* | 25 | 71 |
| &nbsp;&nbsp;&nbsp; GBank Financial Holdings, Inc.\* | 2 | 71 |
| &nbsp;&nbsp;&nbsp; Chicago Atlantic Real Estate Finance, Inc. REIT | 5 | 70 |
| &nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 3 | 70 |
| &nbsp;&nbsp;&nbsp; Ponce Financial Group, Inc.\* | 5 | 69 |
| &nbsp;&nbsp;&nbsp; Kingsway Financial Services, Inc.\* | 5 | 68 |
| &nbsp;&nbsp;&nbsp; MVB Financial Corp. | 3 | 68 |
| &nbsp;&nbsp;&nbsp; Ares Commercial Real Estate Corp. REIT | 14 | 67 |
| &nbsp;&nbsp;&nbsp; RMR Group, Inc. — Class A | 4 | 65 |
| &nbsp;&nbsp;&nbsp; HomeStreet, Inc.\* | 5 | 65 |
| &nbsp;&nbsp;&nbsp; Primis Financial Corp. | 6 | 65 |
| &nbsp;&nbsp;&nbsp; Paysign, Inc.\* | 9 | 65 |
| &nbsp;&nbsp;&nbsp; Oportun Financial Corp.\* | 9 | 64 |
| &nbsp;&nbsp;&nbsp; Industrial Logistics Properties Trust REIT | 14 | 64 |
| &nbsp;&nbsp;&nbsp; PCB Bancorp | 3 | 63 |
| &nbsp;&nbsp;&nbsp; Timberland Bancorp, Inc. | 2 | 62 |
| &nbsp;&nbsp;&nbsp; First United Corp. | 2 | 62 |
| &nbsp;&nbsp;&nbsp; C&F Financial Corp. | 1 | 62 |
| &nbsp;&nbsp;&nbsp; Parke Bancorp, Inc. | 3 | 61 |
| &nbsp;&nbsp;&nbsp; Blue Ridge Bankshares, Inc.\* | 17 | 61 |
| &nbsp;&nbsp;&nbsp; Penns Woods Bancorp, Inc. | 2 | 61 |
| &nbsp;&nbsp;&nbsp; Middlefield Banc Corp. | 2 | 60 |
| &nbsp;&nbsp;&nbsp; FrontView REIT, Inc. | 5 | 60 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Services, Inc. | 1 | 59 |
| &nbsp;&nbsp;&nbsp; City Office REIT, Inc. | 11 | 59 |
| &nbsp;&nbsp;&nbsp; Red River Bancshares, Inc. | 1 | 59 |
| &nbsp;&nbsp;&nbsp; Sky Harbour Group Corp.\* | 6 | 59 |
| &nbsp;&nbsp;&nbsp; James River Group Holdings Ltd. | 10 | 59 |
| &nbsp;&nbsp;&nbsp; Regional Management Corp. | 2 | 58 |
| &nbsp;&nbsp;&nbsp; Hawthorn Bancshares, Inc. | 2 | 58 |
| &nbsp;&nbsp;&nbsp; LCNB Corp. | 4 | 58 |
| &nbsp;&nbsp;&nbsp; Forge Global Holdings, Inc.\* | 3 | 57 |
| &nbsp;&nbsp;&nbsp; FB Bancorp, Inc.\* | 5 | 56 |
| &nbsp;&nbsp;&nbsp; Velocity Financial, Inc.\* | 3 | 56 |
| &nbsp;&nbsp;&nbsp; John Marshall Bancorp, Inc. | 3 | 56 |
| &nbsp;&nbsp;&nbsp; Waterstone Financial, Inc. | 4 | 55 |
| &nbsp;&nbsp;&nbsp; Atlanticus Holdings Corp.\* | 1 | 55 |
| &nbsp;&nbsp;&nbsp; Oak Valley Bancorp | 2 | 54 |
| &nbsp;&nbsp;&nbsp; National Bankshares, Inc. | 2 | 54 |
| &nbsp;&nbsp;&nbsp; First Internet Bancorp | 2 | 54 |
| &nbsp;&nbsp;&nbsp; AG Mortgage Investment Trust, Inc. REIT | 7 | 53 |
| &nbsp;&nbsp;&nbsp; MBIA, Inc.\* | 12 | 52 |
| &nbsp;&nbsp;&nbsp; Norwood Financial Corp. | 2 | 52 |
| &nbsp;&nbsp;&nbsp; Provident Bancorp, Inc.\* | 4 | 50 |
| &nbsp;&nbsp;&nbsp; USCB Financial Holdings, Inc. | 3 | 50 |
| &nbsp;&nbsp;&nbsp; First Community Corp. | 2 | 49 |
| &nbsp;&nbsp;&nbsp; Chemung Financial Corp. | 1 | 48 |
| &nbsp;&nbsp;&nbsp; Seven Hills Realty Trust REIT | 4 | 48 |
| &nbsp;&nbsp;&nbsp; Blue Foundry Bancorp\* | 5 | 48 |
| &nbsp;&nbsp;&nbsp; FVCBankcorp, Inc.\* | 4 | 47 |
| &nbsp;&nbsp;&nbsp; BRT Apartments Corp. REIT | 3 | 47 |
| &nbsp;&nbsp;&nbsp; Douglas Elliman, Inc.\* | 20 | 47 |
| &nbsp;&nbsp;&nbsp; Kingstone Companies, Inc.\* | 3 | 46 |
| &nbsp;&nbsp;&nbsp; Western New England Bancorp, Inc. | 5 | 46 |
| &nbsp;&nbsp;&nbsp; Fidelity D&D Bancorp, Inc. | 1 | 46 |
| &nbsp;&nbsp;&nbsp; Sound Financial Bancorp, Inc. | 1 | 46 |
| &nbsp;&nbsp;&nbsp; AlTi Global, Inc.\* | 11 | 46 |
| &nbsp;&nbsp;&nbsp; Legacy Housing Corp.\* | 2 | 45 |
| &nbsp;&nbsp;&nbsp; First Western Financial, Inc.\* | 2 | 45 |
| &nbsp;&nbsp;&nbsp; Plumas Bancorp | 1 | 44 |
| &nbsp;&nbsp;&nbsp; Greene County Bancorp, Inc. | 2 | 44 |
| &nbsp;&nbsp;&nbsp; Alpine Income Property Trust, Inc. REIT | 3 | 44 |
| &nbsp;&nbsp;&nbsp; LINKBANCORP, Inc. | 6 | 44 |
| &nbsp;&nbsp;&nbsp; Transcontinental Realty Investors, Inc.\* | 1 | 43 |
| &nbsp;&nbsp;&nbsp; Crawford & Co. — Class A | 4 | 42 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 141

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Modiv Industrial, Inc. REIT | 3 | $| 42 |
| &nbsp;&nbsp;&nbsp; Citizens, Inc.\* | 12 |  | 42 |
| &nbsp;&nbsp;&nbsp; Bank7 Corp. | 1 |  | 42 |
| &nbsp;&nbsp;&nbsp; Citizens Community Bancorp, Inc. | 3 |  | 41 |
| &nbsp;&nbsp;&nbsp; First Capital, Inc. | 1 |  | 41 |
| &nbsp;&nbsp;&nbsp; Northpointe Bancshares, Inc. | 3 |  | 41 |
| &nbsp;&nbsp;&nbsp; RE/MAX Holdings, Inc. — Class A\* | 5 |  | 41 |
| &nbsp;&nbsp;&nbsp; Security National Financial Corp. — Class A\* | 4 |  | 39 |
| &nbsp;&nbsp;&nbsp; Old Point Financial Corp. | 1 |  | 39 |
| &nbsp;&nbsp;&nbsp; Braemar Hotels & Resorts, Inc. REIT | 16 |  | 39 |
| &nbsp;&nbsp;&nbsp; OP Bancorp | 3 |  | 39 |
| &nbsp;&nbsp;&nbsp; First National Corp. | 2 |  | 39 |
| &nbsp;&nbsp;&nbsp; ESSA Bancorp, Inc. | 2 |  | 39 |
| &nbsp;&nbsp;&nbsp; Investar Holding Corp. | 2 |  | 39 |
| &nbsp;&nbsp;&nbsp; SB Financial Group, Inc. | 2 |  | 38 |
| &nbsp;&nbsp;&nbsp; Medallion Financial Corp. | 4 |  | 38 |
| &nbsp;&nbsp;&nbsp; MainStreet Bancshares, Inc. | 2 |  | 38 |
| &nbsp;&nbsp;&nbsp; Stratus Properties, Inc.\* | 2 |  | 38 |
| &nbsp;&nbsp;&nbsp; NexPoint Diversified Real Estate Trust REIT | 9 |  | 38 |
| &nbsp;&nbsp;&nbsp; Seaport Entertainment Group, Inc.\* | 2 |  | 37 |
| &nbsp;&nbsp;&nbsp; Virginia National Bankshares Corp. | 1 |  | 37 |
| &nbsp;&nbsp;&nbsp; Maui Land & Pineapple Company, Inc.\* | 2 |  | 36 |
| &nbsp;&nbsp;&nbsp; Pioneer Bancorp, Inc.\* | 3 |  | 36 |
| &nbsp;&nbsp;&nbsp; ACRES Commercial Realty Corp. REIT\* | 2 |  | 36 |
| &nbsp;&nbsp;&nbsp; Ames National Corp. | 2 |  | 36 |
| &nbsp;&nbsp;&nbsp; eHealth, Inc.\* | 8 |  | 35 |
| &nbsp;&nbsp;&nbsp; BankFinancial Corp. | 3 |  | 35 |
| &nbsp;&nbsp;&nbsp; Franklin Financial Services Corp. | 1 |  | 35 |
| &nbsp;&nbsp;&nbsp; United Security Bancshares | 4 |  | 35 |
| &nbsp;&nbsp;&nbsp; BCB Bancorp, Inc. | 4 |  | 34 |
| &nbsp;&nbsp;&nbsp; Eagle Bancorp Montana, Inc. | 2 |  | 33 |
| &nbsp;&nbsp;&nbsp; Franklin Street Properties Corp. REIT | 20 |  | 33 |
| &nbsp;&nbsp;&nbsp; Ohio Valley Banc Corp. | 1 |  | 32 |
| &nbsp;&nbsp;&nbsp; Resolute Holdings Management, Inc.\* | 1 |  | 32 |
| &nbsp;&nbsp;&nbsp; Sunrise Realty Trust, Inc. REIT | 3 |  | 32 |
| &nbsp;&nbsp;&nbsp; Silvercrest Asset Management Group, Inc. — Class A | 2 |  | 32 |
| &nbsp;&nbsp;&nbsp; Westwood Holdings Group, Inc. | 2 |  | 31 |
| &nbsp;&nbsp;&nbsp; ECB Bancorp, Inc.\* | 2 |  | 31 |
| &nbsp;&nbsp;&nbsp; Eagle Financial Services, Inc. | 1 |  | 31 |
| &nbsp;&nbsp;&nbsp; Princeton Bancorp, Inc. | 1 |  | 31 |
| &nbsp;&nbsp;&nbsp; BV Financial, Inc.\* | 2 |  | 30 |
| &nbsp;&nbsp;&nbsp; Finwise Bancorp\* | 2 |  | 30 |
| &nbsp;&nbsp;&nbsp; Rithm Property Trust, Inc. REIT | 11 |  | 30 |
| &nbsp;&nbsp;&nbsp; Consumer Portfolio Services, Inc.\* | 3 |  | 29 |
| &nbsp;&nbsp;&nbsp; Peoples Bancorp of North Carolina, Inc. | 1 |  | 29 |
| &nbsp;&nbsp;&nbsp; CB Financial Services, Inc. | 1 |  | 28 |
| &nbsp;&nbsp;&nbsp; Angel Oak Mortgage REIT, Inc. | 3 |  | 28 |
| &nbsp;&nbsp;&nbsp; loanDepot, Inc. — Class A\* | 22 |  | 28 |
| &nbsp;&nbsp;&nbsp; Finward Bancorp | 1 |  | 28 |
| &nbsp;&nbsp;&nbsp; Richmond Mutual BanCorp, Inc. | 2 |  | 28 |
| &nbsp;&nbsp;&nbsp; Nexpoint Real Estate Finance, Inc. REIT | 2 |  | 28 |
| &nbsp;&nbsp;&nbsp; Riverview Bancorp, Inc. | 5 |  | 28 |
| &nbsp;&nbsp;&nbsp; SR Bancorp, Inc. | 2 |  | 27 |
| &nbsp;&nbsp;&nbsp; Union Bankshares, Inc. | 1 |  | 27 |
| &nbsp;&nbsp;&nbsp; Lument Finance Trust, Inc. REIT | 12 |  | 27 |
| &nbsp;&nbsp;&nbsp; Landmark Bancorp Incorporated/Manhattan KS | 1 |  | 26 |
| &nbsp;&nbsp;&nbsp; Meridian Corp. | 2 |  | 26 |
| &nbsp;&nbsp;&nbsp; Chain Bridge Bancorp, Inc. — Class A\* | 1 |  | 26 |
| &nbsp;&nbsp;&nbsp; NI Holdings, Inc.\* | 2 |  | 25 |
| &nbsp;&nbsp;&nbsp; First Savings Financial Group, Inc. | 1 |  | 25 |
| &nbsp;&nbsp;&nbsp; CF Bankshares, Inc. | 1 |  | 24 |
| &nbsp;&nbsp;&nbsp; Finance of America Companies, Inc. — Class A\* | 1 |  | 23 |
| &nbsp;&nbsp;&nbsp; Hanover Bancorp, Inc. | 1 |  | 23 |
| &nbsp;&nbsp;&nbsp; Advanced Flower Capital, Inc. REIT | 5 |  | 22 |
| &nbsp;&nbsp;&nbsp; Strawberry Fields REIT, Inc. | 2 |  | 21 |
| &nbsp;&nbsp;&nbsp; Patriot National Bancorp, Inc.\* | 12 |  | 18 |
| &nbsp;&nbsp;&nbsp; Mobile Infrastructure Corp.\* | 4 |  | 18 |
| &nbsp;&nbsp;&nbsp; Siebert Financial Corp.\* | 4 |  | 18 |
| &nbsp;&nbsp;&nbsp; SWK Holdings Corp. | 1 |  | 15 |
| &nbsp;&nbsp;&nbsp; Clipper Realty, Inc. REIT | 4 |  | 15 |
| &nbsp;&nbsp;&nbsp; Bakkt Holdings, Inc.\* | 1 |  | 14 |
| &nbsp;&nbsp;&nbsp; Better Home & Finance Holding Co.\* | 1 |  | 12 |
| &nbsp;&nbsp;&nbsp; Rhinebeck Bancorp, Inc.\* | 1 |  | 12 |
| &nbsp;&nbsp;&nbsp; Logistic Properties of The Americas\* | 1 |  | 7 |
| &nbsp;&nbsp;&nbsp; GoHealth, Inc. — Class A\* | 1 |  | 5 |
|  **Total Financial** |  |  | 170368 |
|  **Consumer, Non-cyclical - 6.0%** | **Consumer, Non-cyclical - 6.0%** | **Consumer, Non-cyclical - 6.0%** | **Consumer, Non-cyclical - 6.0%** |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 23 |  | 2409 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. | 15 |  | 2314 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.\* | 17 |  | 2179 |
| &nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\* | 42 |  | 1814 |
| &nbsp;&nbsp;&nbsp; Guardant Health, Inc.\* | 32 |  | 1665 |
| &nbsp;&nbsp;&nbsp; Stride, Inc.\* | 11 |  | 1597 |
| &nbsp;&nbsp;&nbsp; Glaukos Corp.\* | 15 |  | 1549 |
| &nbsp;&nbsp;&nbsp; Madrigal Pharmaceuticals, Inc.\* | 5 |  | 1513 |
| &nbsp;&nbsp;&nbsp; Merit Medical Systems, Inc.\* | 16 |  | 1496 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 18 |  | 1473 |
| &nbsp;&nbsp;&nbsp; Option Care Health, Inc.\* | 44 |  | 1429 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 39 |  | 1404 |
| &nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.\* | 9 |  | 1386 |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 10 |  | 1272 |
| &nbsp;&nbsp;&nbsp; Alkermes plc\* | 44 |  | 1259 |
| &nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 9 |  | 1206 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 12 |  | 1196 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 9 |  | 1185 |
| &nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.\* | 11 |  | 1148 |
| &nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 62 |  | 1129 |
| &nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 9 |  | 1107 |
| &nbsp;&nbsp;&nbsp; Vaxcyte, Inc.\* | 34 |  | 1105 |
| &nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 43 |  | 1092 |
| &nbsp;&nbsp;&nbsp; Brink's Co. | 12 |  | 1071 |
| &nbsp;&nbsp;&nbsp; CRISPR Therapeutics AG\* | 22 |  | 1070 |
| &nbsp;&nbsp;&nbsp; Oscar Health, Inc. — Class A\* | 49 |  | 1051 |
| &nbsp;&nbsp;&nbsp; Haemonetics Corp.\* | 14 |  | 1045 |
| &nbsp;&nbsp;&nbsp; StoneCo Ltd. — Class A\* | 65 |  | 1043 |
| &nbsp;&nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 13 |  | 1038 |
| &nbsp;&nbsp;&nbsp; Korn Ferry | 14 |  | 1027 |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc.\* | 21 |  | 1026 |

---

142 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; RadNet, Inc.\* | 18 | $1024 |
| &nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 31 | 1024 |
| &nbsp;&nbsp;&nbsp; Akero Therapeutics, Inc.\* | 19 | 1014 |
| &nbsp;&nbsp;&nbsp; CBIZ, Inc.\* | 14 | 1004 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 7 | 962 |
| &nbsp;&nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 15 | 948 |
| &nbsp;&nbsp;&nbsp; Graham Holdings Co. — Class B | 1 | 946 |
| &nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 7 | 925 |
| &nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc.\* | 11 | 922 |
| &nbsp;&nbsp;&nbsp; Nuvalent, Inc. — Class A\* | 12 | 916 |
| &nbsp;&nbsp;&nbsp; WD-40 Co. | 4 | 912 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc.\* | 37 | 886 |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 16 | 884 |
| &nbsp;&nbsp;&nbsp; Avidity Biosciences, Inc.\* | 31 | 880 |
| &nbsp;&nbsp;&nbsp; Marzetti Co | 5 | 864 |
| &nbsp;&nbsp;&nbsp; CorVel Corp.\* | 8 | 822 |
| &nbsp;&nbsp;&nbsp; Laureate Education, Inc. — Class A\* | 35 | 818 |
| &nbsp;&nbsp;&nbsp; PROCEPT BioRobotics Corp.\* | 14 | 806 |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 17 | 803 |
| &nbsp;&nbsp;&nbsp; Simply Good Foods Co.\* | 25 | 790 |
| &nbsp;&nbsp;&nbsp; Remitly Global, Inc.\* | 42 | 788 |
| &nbsp;&nbsp;&nbsp; Scholar Rock Holding Corp.\* | 22 | 779 |
| &nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc.\* | 13 | 735 |
| &nbsp;&nbsp;&nbsp; Sezzle, Inc.\* | 4 | 717 |
| &nbsp;&nbsp;&nbsp; Privia Health Group, Inc.\* | 31 | 713 |
| &nbsp;&nbsp;&nbsp; ACADIA Pharmaceuticals, Inc.\* | 33 | 712 |
| &nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\* | 24 | 690 |
| &nbsp;&nbsp;&nbsp; Huron Consulting Group, Inc.\* | 5 | 688 |
| &nbsp;&nbsp;&nbsp; LivaNova plc\* | 15 | 675 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 31 | 673 |
| &nbsp;&nbsp;&nbsp; Arcellx, Inc.\* | 10 | 658 |
| &nbsp;&nbsp;&nbsp; Alight, Inc. — Class A | 116 | 657 |
| &nbsp;&nbsp;&nbsp; Inter Parfums, Inc. | 5 | 657 |
| &nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc.\* | 10 | 638 |
| &nbsp;&nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 31 | 638 |
| &nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals, Inc.\* | 20 | 626 |
| &nbsp;&nbsp;&nbsp; EVERTEC, Inc. | 17 | 613 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc.\* | 29 | 611 |
| &nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc.\* | 12 | 611 |
| &nbsp;&nbsp;&nbsp; Insperity, Inc. | 10 | 601 |
| &nbsp;&nbsp;&nbsp; Marqeta, Inc. — Class A\* | 103 | 601 |
| &nbsp;&nbsp;&nbsp; Vericel Corp.\* | 14 | 596 |
| &nbsp;&nbsp;&nbsp; Twist Bioscience Corp.\* | 16 | 589 |
| &nbsp;&nbsp;&nbsp; TriNet Group, Inc. | 8 | 585 |
| &nbsp;&nbsp;&nbsp; Addus HomeCare Corp.\* | 5 | 576 |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc. — Class B\* | 5 | 568 |
| &nbsp;&nbsp;&nbsp; Veracyte, Inc.\* | 21 | 568 |
| &nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc.\* | 13 | 567 |
| &nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 17 | 556 |
| &nbsp;&nbsp;&nbsp; Premier, Inc. — Class A | 25 | 548 |
| &nbsp;&nbsp;&nbsp; BrightSpring Health Services, Inc.\* | 23 | 543 |
| &nbsp;&nbsp;&nbsp; QuidelOrtho Corp.\* | 18 | 519 |
| &nbsp;&nbsp;&nbsp; Payoneer Global, Inc.\* | 75 | 514 |
| &nbsp;&nbsp;&nbsp; Strategic Education, Inc. | 6 | 511 |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 32 | 506 |
| &nbsp;&nbsp;&nbsp; Denali Therapeutics, Inc.\* | 36 | 504 |
| &nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\* | 56 | 502 |
| &nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 15 | 499 |
| &nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 6 | 498 |
| &nbsp;&nbsp;&nbsp; John Wiley & Sons, Inc. — Class A | 11 | 491 |
| &nbsp;&nbsp;&nbsp; UFP Technologies, Inc.\* | 2 | 488 |
| &nbsp;&nbsp;&nbsp; Indivior plc\* | 33 | 486 |
| &nbsp;&nbsp;&nbsp; Ideaya Biosciences, Inc.\* | 23 | 483 |
| &nbsp;&nbsp;&nbsp; Novocure Ltd.\* | 27 | 481 |
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 15 | 473 |
| &nbsp;&nbsp;&nbsp; Enovis Corp.\* | 15 | 470 |
| &nbsp;&nbsp;&nbsp; Surgery Partners, Inc.\* | 21 | 467 |
| &nbsp;&nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 40 | 466 |
| &nbsp;&nbsp;&nbsp; GeneDx Holdings Corp.\* | 5 | 462 |
| &nbsp;&nbsp;&nbsp; Recursion Pharmaceuticals, Inc. — Class A\*<sup>,1</sup> | 91 | 460 |
| &nbsp;&nbsp;&nbsp; Arlo Technologies, Inc.\* | 27 | 458 |
| &nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 30 | 455 |
| &nbsp;&nbsp;&nbsp; J & J Snack Foods Corp. | 4 | 454 |
| &nbsp;&nbsp;&nbsp; Beam Therapeutics, Inc.\* | 26 | 442 |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. — Class A\* | 14 | 438 |
| &nbsp;&nbsp;&nbsp; Brookdale Senior Living, Inc. — Class A\* | 62 | 432 |
| &nbsp;&nbsp;&nbsp; Amicus Therapeutics, Inc.\* | 75 | 430 |
| &nbsp;&nbsp;&nbsp; AtriCure, Inc.\* | 13 | 426 |
| &nbsp;&nbsp;&nbsp; ICF International, Inc. | 5 | 424 |
| &nbsp;&nbsp;&nbsp; CONMED Corp. | 8 | 417 |
| &nbsp;&nbsp;&nbsp; GRAIL, Inc.\* | 8 | 411 |
| &nbsp;&nbsp;&nbsp; Teladoc Health, Inc.\* | 47 | 409 |
| &nbsp;&nbsp;&nbsp; Universal Corp. | 7 | 407 |
| &nbsp;&nbsp;&nbsp; Universal Technical Institute, Inc.\* | 12 | 407 |
| &nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 29 | 407 |
| &nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\* | 10 | 405 |
| &nbsp;&nbsp;&nbsp; Vita Coco Company, Inc.\* | 11 | 397 |
| &nbsp;&nbsp;&nbsp; Progyny, Inc.\* | 18 | 396 |
| &nbsp;&nbsp;&nbsp; Apogee Therapeutics, Inc.\* | 9 | 391 |
| &nbsp;&nbsp;&nbsp; CG oncology, Inc.\* | 15 | 390 |
| &nbsp;&nbsp;&nbsp; Omnicell, Inc.\* | 13 | 382 |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 12 | 379 |
| &nbsp;&nbsp;&nbsp; Turning Point Brands, Inc. | 5 | 379 |
| &nbsp;&nbsp;&nbsp; CRA International, Inc. | 2 | 375 |
| &nbsp;&nbsp;&nbsp; Flywire Corp.\* | 32 | 374 |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 16 | 373 |
| &nbsp;&nbsp;&nbsp; Spectrum Brands Holdings, Inc. | 7 | 371 |
| &nbsp;&nbsp;&nbsp; Disc Medicine, Inc.\* | 7 | 371 |
| &nbsp;&nbsp;&nbsp; Celldex Therapeutics, Inc.\* | 18 | 366 |
| &nbsp;&nbsp;&nbsp; Travere Therapeutics, Inc.\* | 24 | 355 |
| &nbsp;&nbsp;&nbsp; Ocular Therapeutix, Inc.\* | 38 | 353 |
| &nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 14 | 351 |
| &nbsp;&nbsp;&nbsp; First Advantage Corp.\* | 21 | 349 |
| &nbsp;&nbsp;&nbsp; Vital Farms, Inc.\* | 9 | 347 |
| &nbsp;&nbsp;&nbsp; Alphatec Holdings, Inc.\* | 31 | 344 |
| &nbsp;&nbsp;&nbsp; Innoviva, Inc.\* | 17 | 341 |
| &nbsp;&nbsp;&nbsp; Biohaven Ltd.\* | 24 | 339 |
| &nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 11 | 339 |
| &nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 18 | 336 |
| &nbsp;&nbsp;&nbsp; 89bio, Inc.\* | 34 | 334 |
| &nbsp;&nbsp;&nbsp; Andersons, Inc. | 9 | 331 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 143

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 23 | $330 |
| &nbsp;&nbsp;&nbsp; Vera Therapeutics, Inc.\* | 14 | 330 |
| &nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 5 | 326 |
| &nbsp;&nbsp;&nbsp; 10X Genomics, Inc. — Class A\* | 28 | 324 |
| &nbsp;&nbsp;&nbsp; Coursera, Inc.\* | 37 | 324 |
| &nbsp;&nbsp;&nbsp; Amneal Pharmaceuticals, Inc.\* | 40 | 324 |
| &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 11 | 323 |
| &nbsp;&nbsp;&nbsp; National Healthcare Corp. | 3 | 321 |
| &nbsp;&nbsp;&nbsp; US Physical Therapy, Inc. | 4 | 313 |
| &nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 10 | 311 |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 25 | 310 |
| &nbsp;&nbsp;&nbsp; Acuren Corp.\* | 28 | 309 |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 13 | 304 |
| &nbsp;&nbsp;&nbsp; Clover Health Investments Corp.\* | 109 | 304 |
| &nbsp;&nbsp;&nbsp; MannKind Corp.\* | 81 | 303 |
| &nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.\* | 20 | 301 |
| &nbsp;&nbsp;&nbsp; CareDx, Inc.\* | 15 | 293 |
| &nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | 7 | 292 |
| &nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 9 | 292 |
| &nbsp;&nbsp;&nbsp; Weis Markets, Inc. | 4 | 290 |
| &nbsp;&nbsp;&nbsp; Immunovant, Inc.\* | 18 | 288 |
| &nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 12 | 287 |
| &nbsp;&nbsp;&nbsp; Neogen Corp.\* | 59 | 282 |
| &nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc.\* | 16 | 281 |
| &nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\* | 28 | 278 |
| &nbsp;&nbsp;&nbsp; Heidrick & Struggles International, Inc. | 6 | 275 |
| &nbsp;&nbsp;&nbsp; Astrana Health, Inc.\* | 11 | 274 |
| &nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 14 | 272 |
| &nbsp;&nbsp;&nbsp; Aurinia Pharmaceuticals, Inc.\* | 32 | 271 |
| &nbsp;&nbsp;&nbsp; WK Kellogg Co. | 17 | 271 |
| &nbsp;&nbsp;&nbsp; Pennant Group, Inc.\* | 9 | 269 |
| &nbsp;&nbsp;&nbsp; Legalzoom.com, Inc.\* | 30 | 267 |
| &nbsp;&nbsp;&nbsp; BrightView Holdings, Inc.\* | 16 | 266 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 9 | 266 |
| &nbsp;&nbsp;&nbsp; Viridian Therapeutics, Inc.\* | 19 | 266 |
| &nbsp;&nbsp;&nbsp; Intellia Therapeutics, Inc.\* | 28 | 263 |
| &nbsp;&nbsp;&nbsp; Edgewise Therapeutics, Inc.\* | 20 | 262 |
| &nbsp;&nbsp;&nbsp; ARS Pharmaceuticals, Inc.\* | 15 | 262 |
| &nbsp;&nbsp;&nbsp; National Beverage Corp.\* | 6 | 260 |
| &nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 35 | 256 |
| &nbsp;&nbsp;&nbsp; Janux Therapeutics, Inc.\* | 11 | 254 |
| &nbsp;&nbsp;&nbsp; Ingles Markets, Inc. — Class A | 4 | 254 |
| &nbsp;&nbsp;&nbsp; Novavax, Inc.\*<sup>,1</sup> | 40 | 252 |
| &nbsp;&nbsp;&nbsp; Dole plc | 18 | 252 |
| &nbsp;&nbsp;&nbsp; Willdan Group, Inc.\* | 4 | 250 |
| &nbsp;&nbsp;&nbsp; Ardelyx, Inc.\* | 63 | 247 |
| &nbsp;&nbsp;&nbsp; Quanex Building Products Corp. | 13 | 246 |
| &nbsp;&nbsp;&nbsp; Harrow, Inc.\* | 8 | 244 |
| &nbsp;&nbsp;&nbsp; Akebia Therapeutics, Inc.\* | 67 | 244 |
| &nbsp;&nbsp;&nbsp; Cidara Therapeutics, Inc.\* | 5 | 244 |
| &nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 19 | 238 |
| &nbsp;&nbsp;&nbsp; SpartanNash Co. | 9 | 238 |
| &nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc.\* | 25 | 238 |
| &nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 25 | 236 |
| &nbsp;&nbsp;&nbsp; Herbalife Ltd.\* | 27 | 233 |
| &nbsp;&nbsp;&nbsp; Geron Corp.\* | 163 | 230 |
| &nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 10 | 230 |
| &nbsp;&nbsp;&nbsp; Nurix Therapeutics, Inc.\* | 20 | 228 |
| &nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 18 | 221 |
| &nbsp;&nbsp;&nbsp; Hertz Global Holdings, Inc.\* | 32 | 219 |
| &nbsp;&nbsp;&nbsp; STAAR Surgical Co.\* | 13 | 218 |
| &nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 10 | 215 |
| &nbsp;&nbsp;&nbsp; Syndax Pharmaceuticals, Inc.\* | 23 | 215 |
| &nbsp;&nbsp;&nbsp; Avadel Pharmaceuticals plc\* | 24 | 212 |
| &nbsp;&nbsp;&nbsp; Liquidia Corp.\* | 17 | 212 |
| &nbsp;&nbsp;&nbsp; Praxis Precision Medicines, Inc.\* | 5 | 210 |
| &nbsp;&nbsp;&nbsp; CorMedix, Inc.\* | 17 | 209 |
| &nbsp;&nbsp;&nbsp; Cogent Biosciences, Inc.\* | 29 | 208 |
| &nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc.\* | 10 | 207 |
| &nbsp;&nbsp;&nbsp; Kforce, Inc. | 5 | 206 |
| &nbsp;&nbsp;&nbsp; Anavex Life Sciences Corp.\*<sup>,1</sup> | 22 | 203 |
| &nbsp;&nbsp;&nbsp; Verve Therapeutics, Inc.\* | 18 | 202 |
| &nbsp;&nbsp;&nbsp; Niagen Bioscience, Inc.\* | 14 | 202 |
| &nbsp;&nbsp;&nbsp; MiMedx Group, Inc.\* | 32 | 196 |
| &nbsp;&nbsp;&nbsp; WaVe Life Sciences Ltd.\* | 30 | 195 |
| &nbsp;&nbsp;&nbsp; Spyre Therapeutics, Inc.\* | 13 | 195 |
| &nbsp;&nbsp;&nbsp; Matthews International Corp. — Class A | 8 | 191 |
| &nbsp;&nbsp;&nbsp; Deluxe Corp. | 12 | 191 |
| &nbsp;&nbsp;&nbsp; agilon health, Inc.\* | 83 | 191 |
| &nbsp;&nbsp;&nbsp; SI-BONE, Inc.\* | 10 | 188 |
| &nbsp;&nbsp;&nbsp; Cimpress plc\* | 4 | 188 |
| &nbsp;&nbsp;&nbsp; Xeris Biopharma Holdings, Inc.\* | 40 | 187 |
| &nbsp;&nbsp;&nbsp; LifeStance Health Group, Inc.\* | 36 | 186 |
| &nbsp;&nbsp;&nbsp; Immunome, Inc.\* | 20 | 186 |
| &nbsp;&nbsp;&nbsp; Lincoln Educational Services Corp.\* | 8 | 184 |
| &nbsp;&nbsp;&nbsp; Carriage Services, Inc. — Class A | 4 | 183 |
| &nbsp;&nbsp;&nbsp; Udemy, Inc.\* | 26 | 183 |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.\* | 20 | 182 |
| &nbsp;&nbsp;&nbsp; Enliven Therapeutics, Inc.\* | 9 | 180 |
| &nbsp;&nbsp;&nbsp; Hackett Group, Inc. | 7 | 178 |
| &nbsp;&nbsp;&nbsp; Vestis Corp. | 31 | 178 |
| &nbsp;&nbsp;&nbsp; Transcat, Inc.\* | 2 | 172 |
| &nbsp;&nbsp;&nbsp; Helen of Troy Ltd.\* | 6 | 170 |
| &nbsp;&nbsp;&nbsp; CompoSecure, Inc. — Class A\* | 12 | 169 |
| &nbsp;&nbsp;&nbsp; Tootsie Roll Industries, Inc. | 5 | 167 |
| &nbsp;&nbsp;&nbsp; Replimune Group, Inc.\* | 18 | 167 |
| &nbsp;&nbsp;&nbsp; ImmunityBio, Inc.\* | 62 | 164 |
| &nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.\* | 8 | 163 |
| &nbsp;&nbsp;&nbsp; Zymeworks, Inc.\* | 13 | 163 |
| &nbsp;&nbsp;&nbsp; Mister Car Wash, Inc.\* | 27 | 162 |
| &nbsp;&nbsp;&nbsp; EyePoint Pharmaceuticals, Inc.\* | 17 | 160 |
| &nbsp;&nbsp;&nbsp; Embecta Corp. | 16 | 155 |
| &nbsp;&nbsp;&nbsp; PACS Group, Inc.\* | 12 | 155 |
| &nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc.\* | 19 | 155 |
| &nbsp;&nbsp;&nbsp; Mission Produce, Inc.\* | 13 | 152 |
| &nbsp;&nbsp;&nbsp; American Public Education, Inc.\* | 5 | 152 |
| &nbsp;&nbsp;&nbsp; Green Dot Corp. — Class A\* | 14 | 151 |
| &nbsp;&nbsp;&nbsp; SunOpta, Inc.\* | 26 | 151 |
| &nbsp;&nbsp;&nbsp; Xencor, Inc.\* | 19 | 149 |
| &nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc.\* | 11 | 149 |
| &nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 12 | 147 |
| &nbsp;&nbsp;&nbsp; LENZ Therapeutics, Inc.\* | 5 | 147 |

---

144 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Metsera, Inc.\*<sup>,1</sup> | 5 | $142 |
| &nbsp;&nbsp;&nbsp; UroGen Pharma Ltd.\* | 10 | 137 |
| &nbsp;&nbsp;&nbsp; Sage Therapeutics, Inc.\* | 15 | 137 |
| &nbsp;&nbsp;&nbsp; Calavo Growers, Inc. | 5 | 133 |
| &nbsp;&nbsp;&nbsp; Arvinas, Inc.\* | 18 | 132 |
| &nbsp;&nbsp;&nbsp; Zevra Therapeutics, Inc.\* | 15 | 132 |
| &nbsp;&nbsp;&nbsp; Ceribell, Inc.\* | 7 | 131 |
| &nbsp;&nbsp;&nbsp; Nuvation Bio, Inc.\* | 67 | 131 |
| &nbsp;&nbsp;&nbsp; ArriVent Biopharma, Inc.\* | 6 | 131 |
| &nbsp;&nbsp;&nbsp; Cass Information Systems, Inc. | 3 | 130 |
| &nbsp;&nbsp;&nbsp; Axogen, Inc.\* | 12 | 130 |
| &nbsp;&nbsp;&nbsp; RxSight, Inc.\* | 10 | 130 |
| &nbsp;&nbsp;&nbsp; Mind Medicine MindMed, Inc.\* | 20 | 130 |
| &nbsp;&nbsp;&nbsp; Evolus, Inc.\* | 14 | 129 |
| &nbsp;&nbsp;&nbsp; OPKO Health, Inc.\* | 97 | 128 |
| &nbsp;&nbsp;&nbsp; Phibro Animal Health Corp. — Class A | 5 | 128 |
| &nbsp;&nbsp;&nbsp; Myriad Genetics, Inc.\* | 24 | 127 |
| &nbsp;&nbsp;&nbsp; Honest Company, Inc.\* | 25 | 127 |
| &nbsp;&nbsp;&nbsp; Ennis, Inc. | 7 | 127 |
| &nbsp;&nbsp;&nbsp; Arbutus Biopharma Corp.\* | 41 | 127 |
| &nbsp;&nbsp;&nbsp; John B Sanfilippo & Son, Inc. | 2 | 126 |
| &nbsp;&nbsp;&nbsp; Enhabit, Inc.\* | 13 | 125 |
| &nbsp;&nbsp;&nbsp; Stoke Therapeutics, Inc.\* | 11 | 125 |
| &nbsp;&nbsp;&nbsp; Relay Therapeutics, Inc.\* | 36 | 125 |
| &nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc.\* | 25 | 123 |
| &nbsp;&nbsp;&nbsp; Day One Biopharmaceuticals, Inc.\* | 19 | 123 |
| &nbsp;&nbsp;&nbsp; ORIC Pharmaceuticals, Inc.\* | 12 | 122 |
| &nbsp;&nbsp;&nbsp; Amylyx Pharmaceuticals, Inc.\* | 19 | 122 |
| &nbsp;&nbsp;&nbsp; Kura Oncology, Inc.\* | 21 | 121 |
| &nbsp;&nbsp;&nbsp; Vir Biotechnology, Inc.\* | 24 | 121 |
| &nbsp;&nbsp;&nbsp; Keros Therapeutics, Inc.\* | 9 | 120 |
| &nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 4 | 120 |
| &nbsp;&nbsp;&nbsp; iRadimed Corp. | 2 | 120 |
| &nbsp;&nbsp;&nbsp; Monro, Inc. | 8 | 119 |
| &nbsp;&nbsp;&nbsp; Fulgent Genetics, Inc.\* | 6 | 119 |
| &nbsp;&nbsp;&nbsp; Community Health Systems, Inc.\* | 35 | 119 |
| &nbsp;&nbsp;&nbsp; Surmodics, Inc.\* | 4 | 119 |
| &nbsp;&nbsp;&nbsp; Iovance Biotherapeutics, Inc.\*<sup>,1</sup> | 69 | 119 |
| &nbsp;&nbsp;&nbsp; Natural Grocers by Vitamin Cottage, Inc. | 3 | 118 |
| &nbsp;&nbsp;&nbsp; aTyr Pharma, Inc.\* | 23 | 117 |
| &nbsp;&nbsp;&nbsp; Paysafe Ltd.\* | 9 | 114 |
| &nbsp;&nbsp;&nbsp; KalVista Pharmaceuticals, Inc.\* | 10 | 113 |
| &nbsp;&nbsp;&nbsp; Ginkgo Bioworks Holdings, Inc.\* | 10 | 112 |
| &nbsp;&nbsp;&nbsp; Orthofix Medical, Inc.\* | 10 | 112 |
| &nbsp;&nbsp;&nbsp; AnaptysBio, Inc.\* | 5 | 111 |
| &nbsp;&nbsp;&nbsp; Nathan's Famous, Inc. | 1 | 111 |
| &nbsp;&nbsp;&nbsp; Theravance Biopharma, Inc.\* | 10 | 110 |
| &nbsp;&nbsp;&nbsp; Trevi Therapeutics, Inc.\* | 20 | 109 |
| &nbsp;&nbsp;&nbsp; Delcath Systems, Inc.\* | 8 | 109 |
| &nbsp;&nbsp;&nbsp; Cytek Biosciences, Inc.\* | 32 | 109 |
| &nbsp;&nbsp;&nbsp; Tango Therapeutics, Inc.\* | 21 | 107 |
| &nbsp;&nbsp;&nbsp; OrthoPediatrics Corp.\* | 5 | 107 |
| &nbsp;&nbsp;&nbsp; Celcuity, Inc.\* | 8 | 107 |
| &nbsp;&nbsp;&nbsp; REGENXBIO, Inc.\* | 13 | 107 |
| &nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc.\* | 11 | 105 |
| &nbsp;&nbsp;&nbsp; Cullinan Therapeutics, Inc.\* | 14 | 105 |
| &nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 8 | 104 |
| &nbsp;&nbsp;&nbsp; Butterfly Network, Inc.\* | 52 | 104 |
| &nbsp;&nbsp;&nbsp; Taysha Gene Therapies, Inc.\* | 45 | 104 |
| &nbsp;&nbsp;&nbsp; Tejon Ranch Co.\* | 6 | 102 |
| &nbsp;&nbsp;&nbsp; Seneca Foods Corp. — Class A\* | 1 | 101 |
| &nbsp;&nbsp;&nbsp; Repay Holdings Corp.\* | 21 | 101 |
| &nbsp;&nbsp;&nbsp; Eton Pharmaceuticals, Inc.\* | 7 | 100 |
| &nbsp;&nbsp;&nbsp; Capricor Therapeutics, Inc.\*<sup>,1</sup> | 10 | 99 |
| &nbsp;&nbsp;&nbsp; AngioDynamics, Inc.\* | 10 | 99 |
| &nbsp;&nbsp;&nbsp; Upstream Bio, Inc.\* | 9 | 99 |
| &nbsp;&nbsp;&nbsp; Sana Biotechnology, Inc.\* | 36 | 98 |
| &nbsp;&nbsp;&nbsp; Fulcrum Therapeutics, Inc.\* | 14 | 96 |
| &nbsp;&nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 15 | 96 |
| &nbsp;&nbsp;&nbsp; Varex Imaging Corp.\* | 11 | 95 |
| &nbsp;&nbsp;&nbsp; Kelly Services, Inc. — Class A | 8 | 94 |
| &nbsp;&nbsp;&nbsp; Rigel Pharmaceuticals, Inc.\* | 5 | 94 |
| &nbsp;&nbsp;&nbsp; Dianthus Therapeutics, Inc.\* | 5 | 93 |
| &nbsp;&nbsp;&nbsp; Pacific Biosciences of California, Inc.\* | 74 | 92 |
| &nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 3 | 92 |
| &nbsp;&nbsp;&nbsp; Arcturus Therapeutics Holdings, Inc.\* | 7 | 91 |
| &nbsp;&nbsp;&nbsp; ZipRecruiter, Inc. — Class A\* | 18 | 90 |
| &nbsp;&nbsp;&nbsp; Jade Biosciences, Inc. | 9 | 90 |
| &nbsp;&nbsp;&nbsp; B&G Foods, Inc.<sup>1</sup> | 21 | 89 |
| &nbsp;&nbsp;&nbsp; Nano-X Imaging Ltd.\*<sup>,1</sup> | 17 | 88 |
| &nbsp;&nbsp;&nbsp; Solid Biosciences, Inc.\* | 18 | 88 |
| &nbsp;&nbsp;&nbsp; Personalis, Inc.\* | 13 | 85 |
| &nbsp;&nbsp;&nbsp; Heron Therapeutics, Inc.\*<sup>,1</sup> | 41 | 85 |
| &nbsp;&nbsp;&nbsp; Bicara Therapeutics, Inc.\* | 9 | 84 |
| &nbsp;&nbsp;&nbsp; ClearPoint Neuro, Inc.\* | 7 | 84 |
| &nbsp;&nbsp;&nbsp; Spire Global, Inc.\*<sup>,1</sup> | 7 | 83 |
| &nbsp;&nbsp;&nbsp; Distribution Solutions Group, Inc.\* | 3 | 82 |
| &nbsp;&nbsp;&nbsp; ACCO Brands Corp. | 23 | 82 |
| &nbsp;&nbsp;&nbsp; Ardent Health, Inc.\* | 6 | 82 |
| &nbsp;&nbsp;&nbsp; Altimmune, Inc.\*<sup>,1</sup> | 21 | 81 |
| &nbsp;&nbsp;&nbsp; KinderCare Learning Companies, Inc.\* | 8 | 81 |
| &nbsp;&nbsp;&nbsp; Rezolute, Inc.\* | 18 | 80 |
| &nbsp;&nbsp;&nbsp; Tourmaline Bio, Inc.\* | 5 | 80 |
| &nbsp;&nbsp;&nbsp; iTeos Therapeutics, Inc.\* | 8 | 80 |
| &nbsp;&nbsp;&nbsp; Maravai LifeSciences Holdings, Inc. — Class A\* | 33 | 79 |
| &nbsp;&nbsp;&nbsp; Bioventus, Inc. — Class A\* | 12 | 79 |
| &nbsp;&nbsp;&nbsp; Custom Truck One Source, Inc.\* | 16 | 79 |
| &nbsp;&nbsp;&nbsp; Oruka Therapeutics, Inc. | 7 | 78 |
| &nbsp;&nbsp;&nbsp; Savara, Inc.\* | 34 | 77 |
| &nbsp;&nbsp;&nbsp; Semler Scientific, Inc.\* | 2 | 77 |
| &nbsp;&nbsp;&nbsp; Village Super Market, Inc. — Class A | 2 | 77 |
| &nbsp;&nbsp;&nbsp; Treace Medical Concepts, Inc.\* | 13 | 76 |
| &nbsp;&nbsp;&nbsp; Aquestive Therapeutics, Inc.\* | 23 | 76 |
| &nbsp;&nbsp;&nbsp; Performant Healthcare, Inc.\* | 19 | 76 |
| &nbsp;&nbsp;&nbsp; XOMA Royalty Corp.\* | 3 | 76 |
| &nbsp;&nbsp;&nbsp; Atea Pharmaceuticals, Inc.\* | 21 | 76 |
| &nbsp;&nbsp;&nbsp; Pulse Biosciences, Inc.\* | 5 | 75 |
| &nbsp;&nbsp;&nbsp; Mama's Creations, Inc.\* | 9 | 75 |
| &nbsp;&nbsp;&nbsp; Absci Corp.\* | 29 | 74 |
| &nbsp;&nbsp;&nbsp; Quantum-Si, Inc.\* | 38 | 75 |
| &nbsp;&nbsp;&nbsp; Tonix Pharmaceuticals Holding Corp.\* | 2 | 72 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 145

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; SIGA Technologies, Inc. | 11 | $72 |
| &nbsp;&nbsp;&nbsp; MeiraGTx Holdings plc\* | 11 | 72 |
| &nbsp;&nbsp;&nbsp; Humacyte, Inc.\* | 34 | 71 |
| &nbsp;&nbsp;&nbsp; Terns Pharmaceuticals, Inc.\* | 19 | 71 |
| &nbsp;&nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 15 | 71 |
| &nbsp;&nbsp;&nbsp; Cerus Corp.\* | 50 | 71 |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\* | 2 | 70 |
| &nbsp;&nbsp;&nbsp; Beyond Meat, Inc.\* | 20 | 70 |
| &nbsp;&nbsp;&nbsp; Blade Air Mobility, Inc.\* | 17 | 69 |
| &nbsp;&nbsp;&nbsp; Franklin Covey Co.\* | 3 | 68 |
| &nbsp;&nbsp;&nbsp; Olema Pharmaceuticals, Inc.\* | 16 | 68 |
| &nbsp;&nbsp;&nbsp; Abeona Therapeutics, Inc.\* | 12 | 68 |
| &nbsp;&nbsp;&nbsp; NeuroPace, Inc.\* | 6 | 67 |
| &nbsp;&nbsp;&nbsp; Quanterix Corp.\* | 10 | 67 |
| &nbsp;&nbsp;&nbsp; Kestra Medical Technologies Ltd.\* | 4 | 66 |
| &nbsp;&nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 18 | 66 |
| &nbsp;&nbsp;&nbsp; SANUWAVE Health, Inc.\* | 2 | 66 |
| &nbsp;&nbsp;&nbsp; Zimvie, Inc.\* | 7 | 65 |
| &nbsp;&nbsp;&nbsp; Compass Therapeutics, Inc.\* | 25 | 65 |
| &nbsp;&nbsp;&nbsp; Target Hospitality Corp.\* | 9 | 64 |
| &nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc. — Class A\* | 3 | 64 |
| &nbsp;&nbsp;&nbsp; Septerna, Inc.\* | 6 | 63 |
| &nbsp;&nbsp;&nbsp; Aveanna Healthcare Holdings, Inc.\* | 12 | 63 |
| &nbsp;&nbsp;&nbsp; Gossamer Bio, Inc.\* | 51 | 63 |
| &nbsp;&nbsp;&nbsp; Aura Biosciences, Inc.\* | 10 | 63 |
| &nbsp;&nbsp;&nbsp; Limoneira Co. | 4 | 62 |
| &nbsp;&nbsp;&nbsp; Annexon, Inc.\* | 26 | 62 |
| &nbsp;&nbsp;&nbsp; Viemed Healthcare, Inc.\* | 9 | 62 |
| &nbsp;&nbsp;&nbsp; Tactile Systems Technology, Inc.\* | 6 | 61 |
| &nbsp;&nbsp;&nbsp; Prothena Corporation plc\* | 10 | 61 |
| &nbsp;&nbsp;&nbsp; OraSure Technologies, Inc.\* | 20 | 60 |
| &nbsp;&nbsp;&nbsp; Erasca, Inc.\* | 47 | 60 |
| &nbsp;&nbsp;&nbsp; Tectonic Therapeutic, Inc.\* | 3 | 60 |
| &nbsp;&nbsp;&nbsp; Beauty Health Co.\* | 31 | 59 |
| &nbsp;&nbsp;&nbsp; Nature's Sunshine Products, Inc.\* | 4 | 59 |
| &nbsp;&nbsp;&nbsp; Astria Therapeutics, Inc.\* | 11 | 59 |
| &nbsp;&nbsp;&nbsp; MaxCyte, Inc.\* | 27 | 59 |
| &nbsp;&nbsp;&nbsp; Monte Rosa Therapeutics, Inc.\* | 13 | 59 |
| &nbsp;&nbsp;&nbsp; Beta Bionics, Inc.\* | 4 | 58 |
| &nbsp;&nbsp;&nbsp; Aldeyra Therapeutics, Inc.\* | 15 | 57 |
| &nbsp;&nbsp;&nbsp; Tyra Biosciences, Inc.\* | 6 | 57 |
| &nbsp;&nbsp;&nbsp; Westrock Coffee Co.\* | 10 | 57 |
| &nbsp;&nbsp;&nbsp; MBX Biosciences, Inc.\* | 5 | 57 |
| &nbsp;&nbsp;&nbsp; SELLAS Life Sciences Group, Inc.\* | 26 | 57 |
| &nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 1 | 57 |
| &nbsp;&nbsp;&nbsp; Rapport Therapeutics, Inc.\* | 5 | 57 |
| &nbsp;&nbsp;&nbsp; Lifecore Biomedical, Inc.\* | 7 | 57 |
| &nbsp;&nbsp;&nbsp; Precigen, Inc.\* | 40 | 57 |
| &nbsp;&nbsp;&nbsp; Rocket Pharmaceuticals, Inc.\* | 23 | 56 |
| &nbsp;&nbsp;&nbsp; Corvus Pharmaceuticals, Inc.\* | 14 | 56 |
| &nbsp;&nbsp;&nbsp; Candel Therapeutics, Inc.\* | 11 | 56 |
| &nbsp;&nbsp;&nbsp; Perspective Therapeutics, Inc.\* | 16 | 55 |
| &nbsp;&nbsp;&nbsp; Priority Technology Holdings, Inc.\* | 7 | 54 |
| &nbsp;&nbsp;&nbsp; Entrada Therapeutics, Inc.\* | 8 | 54 |
| &nbsp;&nbsp;&nbsp; Cardiff Oncology, Inc.\* | 17 | 53 |
| &nbsp;&nbsp;&nbsp; Olaplex Holdings, Inc.\* | 38 | 53 |
| &nbsp;&nbsp;&nbsp; Esperion Therapeutics, Inc.\*<sup>,1</sup> | 54 | 53 |
| &nbsp;&nbsp;&nbsp; Sionna Therapeutics, Inc.\* | 3 | 52 |
| &nbsp;&nbsp;&nbsp; TrueBlue, Inc.\* | 8 | 52 |
| &nbsp;&nbsp;&nbsp; ADC Therapeutics S.A.\* | 19 | 51 |
| &nbsp;&nbsp;&nbsp; Editas Medicine, Inc.\* | 23 | 51 |
| &nbsp;&nbsp;&nbsp; National Research Corp. — Class A | 3 | 50 |
| &nbsp;&nbsp;&nbsp; Verastem, Inc.\* | 12 | 50 |
| &nbsp;&nbsp;&nbsp; Fennec Pharmaceuticals, Inc.\* | 6 | 50 |
| &nbsp;&nbsp;&nbsp; Resources Connection, Inc. | 9 | 48 |
| &nbsp;&nbsp;&nbsp; CPI Card Group, Inc.\* | 2 | 47 |
| &nbsp;&nbsp;&nbsp; OmniAb, Inc.\* | 27 | 47 |
| &nbsp;&nbsp;&nbsp; Benitec Biopharma, Inc.\* | 4 | 47 |
| &nbsp;&nbsp;&nbsp; Allogene Therapeutics, Inc.\* | 41 | 46 |
| &nbsp;&nbsp;&nbsp; Joint Corp.\* | 4 | 46 |
| &nbsp;&nbsp;&nbsp; Quad/Graphics, Inc. | 8 | 45 |
| &nbsp;&nbsp;&nbsp; Y-mAbs Therapeutics, Inc.\* | 10 | 45 |
| &nbsp;&nbsp;&nbsp; Palvella Therapeutics, Inc.\* | 2 | 45 |
| &nbsp;&nbsp;&nbsp; European Wax Center, Inc. — Class A\* | 8 | 45 |
| &nbsp;&nbsp;&nbsp; Omeros Corp.\* | 15 | 45 |
| &nbsp;&nbsp;&nbsp; Neurogene, Inc.\* | 3 | 45 |
| &nbsp;&nbsp;&nbsp; Cadiz, Inc.\* | 15 | 45 |
| &nbsp;&nbsp;&nbsp; Electromed, Inc.\* | 2 | 44 |
| &nbsp;&nbsp;&nbsp; Eledon Pharmaceuticals, Inc.\* | 16 | 43 |
| &nbsp;&nbsp;&nbsp; Information Services Group, Inc. | 9 | 43 |
| &nbsp;&nbsp;&nbsp; Foghorn Therapeutics, Inc.\* | 9 | 42 |
| &nbsp;&nbsp;&nbsp; Inogen, Inc.\* | 6 | 42 |
| &nbsp;&nbsp;&nbsp; Medifast, Inc.\* | 3 | 42 |
| &nbsp;&nbsp;&nbsp; Acme United Corp. | 1 | 42 |
| &nbsp;&nbsp;&nbsp; Cargo Therapeutics, Inc.\* | 10 | 41 |
| &nbsp;&nbsp;&nbsp; 4D Molecular Therapeutics, Inc.\* | 11 | 41 |
| &nbsp;&nbsp;&nbsp; Voyager Therapeutics, Inc.\* | 13 | 40 |
| &nbsp;&nbsp;&nbsp; Prime Medicine, Inc.\* | 16 | 39 |
| &nbsp;&nbsp;&nbsp; LENSAR, Inc.\* | 3 | 40 |
| &nbsp;&nbsp;&nbsp; KORU Medical Systems, Inc.\* | 11 | 39 |
| &nbsp;&nbsp;&nbsp; Lifevantage Corp. | 3 | 39 |
| &nbsp;&nbsp;&nbsp; SoundThinking, Inc.\* | 3 | 39 |
| &nbsp;&nbsp;&nbsp; Alumis, Inc.\* | 13 | 39 |
| &nbsp;&nbsp;&nbsp; Zenas Biopharma, Inc.\* | 4 | 39 |
| &nbsp;&nbsp;&nbsp; MediWound Ltd.\* | 2 | 39 |
| &nbsp;&nbsp;&nbsp; Third Harmonic Bio, Inc.\* | 7 | 38 |
| &nbsp;&nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 5 | 38 |
| &nbsp;&nbsp;&nbsp; Puma Biotechnology, Inc.\* | 11 | 38 |
| &nbsp;&nbsp;&nbsp; DocGo, Inc.\* | 24 | 38 |
| &nbsp;&nbsp;&nbsp; Avita Medical, Inc.\* | 7 | 37 |
| &nbsp;&nbsp;&nbsp; Accuray, Inc.\* | 27 | 37 |
| &nbsp;&nbsp;&nbsp; Hain Celestial Group, Inc.\* | 24 | 36 |
| &nbsp;&nbsp;&nbsp; Monopar Therapeutics, Inc.\* | 1 | 36 |
| &nbsp;&nbsp;&nbsp; HF Foods Group, Inc.\* | 11 | 35 |
| &nbsp;&nbsp;&nbsp; Neuronetics, Inc.\* | 10 | 35 |
| &nbsp;&nbsp;&nbsp; Mercurity Fintech Holding, Inc.\* | 9 | 35 |
| &nbsp;&nbsp;&nbsp; scPharmaceuticals, Inc.\* | 9 | 34 |
| &nbsp;&nbsp;&nbsp; Aclaris Therapeutics, Inc.\* | 24 | 34 |
| &nbsp;&nbsp;&nbsp; Kodiak Sciences, Inc.\* | 9 | 34 |
| &nbsp;&nbsp;&nbsp; Oncology Institute, Inc.\* | 16 | 33 |
| &nbsp;&nbsp;&nbsp; Alico, Inc. | 1 | 32 |

---

146 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Fate Therapeutics, Inc.\* | 29 | $| 32 |
| &nbsp;&nbsp;&nbsp; Acacia Research Corp.\* | 9 |  | 32 |
| &nbsp;&nbsp;&nbsp; Biote Corp. — Class A\* | 8 |  | 32 |
| &nbsp;&nbsp;&nbsp; Stereotaxis, Inc.\* | 15 |  | 32 |
| &nbsp;&nbsp;&nbsp; Larimar Therapeutics, Inc.\* | 11 |  | 32 |
| &nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc.\* | 3 |  | 32 |
| &nbsp;&nbsp;&nbsp; Alta Equipment Group, Inc. | 5 |  | 32 |
| &nbsp;&nbsp;&nbsp; Inhibikase Therapeutics, Inc.\* | 16 |  | 31 |
| &nbsp;&nbsp;&nbsp; Ironwood Pharmaceuticals, Inc. — Class A\* | 43 |  | 31 |
| &nbsp;&nbsp;&nbsp; Forrester Research, Inc.\* | 3 |  | 30 |
| &nbsp;&nbsp;&nbsp; Alector, Inc.\* | 21 |  | 29 |
| &nbsp;&nbsp;&nbsp; Gyre Therapeutics, Inc.\* | 4 |  | 29 |
| &nbsp;&nbsp;&nbsp; Inhibrx Biosciences, Inc.\* | 2 |  | 28 |
| &nbsp;&nbsp;&nbsp; Sanara Medtech, Inc.\* | 1 |  | 28 |
| &nbsp;&nbsp;&nbsp; Protalix BioTherapeutics, Inc.\* | 19 |  | 28 |
| &nbsp;&nbsp;&nbsp; DiaMedica Therapeutics, Inc.\* | 7 |  | 27 |
| &nbsp;&nbsp;&nbsp; Protara Therapeutics, Inc.\* | 9 |  | 27 |
| &nbsp;&nbsp;&nbsp; Aardvark Therapeutics, Inc.\* | 2 |  | 27 |
| &nbsp;&nbsp;&nbsp; Design Therapeutics, Inc.\* | 8 |  | 27 |
| &nbsp;&nbsp;&nbsp; Waldencast plc — Class A\* | 11 |  | 27 |
| &nbsp;&nbsp;&nbsp; Bright Minds Biosciences, Inc.\* | 1 |  | 26 |
| &nbsp;&nbsp;&nbsp; Pulmonx Corp.\* | 10 |  | 26 |
| &nbsp;&nbsp;&nbsp; Zevia PBC — Class A\* | 8 |  | 26 |
| &nbsp;&nbsp;&nbsp; Korro Bio, Inc.\* | 2 |  | 25 |
| &nbsp;&nbsp;&nbsp; Sonida Senior Living, Inc.\* | 1 |  | 25 |
| &nbsp;&nbsp;&nbsp; BioAge Labs, Inc.\* | 6 |  | 25 |
| &nbsp;&nbsp;&nbsp; Lifeway Foods, Inc.\* | 1 |  | 25 |
| &nbsp;&nbsp;&nbsp; Maze Therapeutics, Inc.\* | 2 |  | 25 |
| &nbsp;&nbsp;&nbsp; Lexeo Therapeutics, Inc.\* | 6 |  | 24 |
| &nbsp;&nbsp;&nbsp; RCM Technologies, Inc.\* | 1 |  | 24 |
| &nbsp;&nbsp;&nbsp; CVRx, Inc.\* | 4 |  | 24 |
| &nbsp;&nbsp;&nbsp; Tvardi Therapeutics, Inc.\* | 1 |  | 23 |
| &nbsp;&nbsp;&nbsp; Nkarta, Inc.\* | 14 |  | 23 |
| &nbsp;&nbsp;&nbsp; Anteris Technologies Global Corp.\* | 6 |  | 23 |
| &nbsp;&nbsp;&nbsp; Nuvectis Pharma, Inc.\* | 3 |  | 22 |
| &nbsp;&nbsp;&nbsp; BRC, Inc. — Class A\* | 17 |  | 22 |
| &nbsp;&nbsp;&nbsp; Lucid Diagnostics, Inc.\* | 19 |  | 22 |
| &nbsp;&nbsp;&nbsp; TriSalus Life Sciences, Inc.\* | 4 |  | 22 |
| &nbsp;&nbsp;&nbsp; Solesence Inc\* | 5 |  | 22 |
| &nbsp;&nbsp;&nbsp; Journey Medical Corp.\* | 3 |  | 22 |
| &nbsp;&nbsp;&nbsp; Coherus Oncology, Inc.\* | 29 |  | 21 |
| &nbsp;&nbsp;&nbsp; Cartesian Therapeutics, Inc.\*<sup>,1</sup> | 2 |  | 21 |
| &nbsp;&nbsp;&nbsp; MarketWise, Inc. | 1 |  | 20 |
| &nbsp;&nbsp;&nbsp; Myomo, Inc.\* | 9 |  | 19 |
| &nbsp;&nbsp;&nbsp; Emerald Holding, Inc. | 4 |  | 19 |
| &nbsp;&nbsp;&nbsp; Innovage Holding Corp.\* | 5 |  | 18 |
| &nbsp;&nbsp;&nbsp; Greenwich Lifesciences, Inc.\* | 2 |  | 18 |
| &nbsp;&nbsp;&nbsp; TuHURA Biosciences, Inc.\* | 7 |  | 16 |
| &nbsp;&nbsp;&nbsp; Alpha Teknova, Inc.\* | 3 |  | 15 |
| &nbsp;&nbsp;&nbsp; AirSculpt Technologies, Inc.\*<sup>,1</sup> | 3 |  | 15 |
| &nbsp;&nbsp;&nbsp; FitLife Brands, Inc.\* | 1 |  | 13 |
| &nbsp;&nbsp;&nbsp; Ispire Technology, Inc.\* | 5 |  | 13 |
| &nbsp;&nbsp;&nbsp; Actuate Therapeutics, Inc.\* | 2 |  | 12 |
| &nbsp;&nbsp;&nbsp; HireQuest, Inc. | 1 |  | 10 |
| &nbsp;&nbsp;&nbsp; Tevogen Bio Holdings, Inc.\* | 8 |  | 10 |
| &nbsp;&nbsp;&nbsp; SBC Medical Group Holdings, Inc.\* | 2 |  | 9 |
| &nbsp;&nbsp;&nbsp; Inmune Bio, Inc.\* | 4 |  | 9 |
| &nbsp;&nbsp;&nbsp; Forafric Global plc\* | 1 |  | 8 |
| &nbsp;&nbsp;&nbsp; Atlantic International Corp.\* | 3 |  | 6 |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 6 |  |  |
|  **Total Consumer, Non-cyclical** |  |  | 149907 |
|  **Industrial - 4.6%** | **Industrial - 4.6%** | **Industrial - 4.6%** | **Industrial - 4.6%** |
| &nbsp;&nbsp;&nbsp; Fabrinet\* | 10 |  | 2947 |
| &nbsp;&nbsp;&nbsp; Fluor Corp.\* | 45 |  | 2307 |
| &nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 8 |  | 2280 |
| &nbsp;&nbsp;&nbsp; NEXTracker, Inc. — Class A\* | 38 |  | 2066 |
| &nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc.\* | 44 |  | 2044 |
| &nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 12 |  | 2012 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 12 |  | 1976 |
| &nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc. — Class A\* | 17 |  | 1961 |
| &nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 8 |  | 1960 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 8 |  | 1955 |
| &nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 8 |  | 1846 |
| &nbsp;&nbsp;&nbsp; Watts Water Technologies, Inc. — Class A | 7 |  | 1721 |
| &nbsp;&nbsp;&nbsp; Federal Signal Corp. | 16 |  | 1703 |
| &nbsp;&nbsp;&nbsp; JBT Marel Corp. | 14 |  | 1684 |
| &nbsp;&nbsp;&nbsp; Archer Aviation, Inc. — Class A\* | 147 |  | 1595 |
| &nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 16 |  | 1590 |
| &nbsp;&nbsp;&nbsp; Itron, Inc.\* | 12 |  | 1580 |
| &nbsp;&nbsp;&nbsp; GATX Corp. | 10 |  | 1536 |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 40 |  | 1463 |
| &nbsp;&nbsp;&nbsp; Moog, Inc. — Class A | 8 |  | 1448 |
| &nbsp;&nbsp;&nbsp; Construction Partners, Inc. — Class A\* | 13 |  | 1382 |
| &nbsp;&nbsp;&nbsp; Modine Manufacturing Co.\* | 14 |  | 1379 |
| &nbsp;&nbsp;&nbsp; Sanmina Corp.\* | 14 |  | 1370 |
| &nbsp;&nbsp;&nbsp; NuScale Power Corp.\* | 34 |  | 1345 |
| &nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 7 |  | 1343 |
| &nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 10 |  | 1325 |
| &nbsp;&nbsp;&nbsp; Bloom Energy Corp. — Class A\* | 55 |  | 1316 |
| &nbsp;&nbsp;&nbsp; Joby Aviation, Inc.\*<sup>,1</sup> | 124 |  | 1308 |
| &nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 10 |  | 1289 |
| &nbsp;&nbsp;&nbsp; Belden, Inc. | 11 |  | 1274 |
| &nbsp;&nbsp;&nbsp; Knife River Corp.\* | 15 |  | 1225 |
| &nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.\* | 56 |  | 1206 |
| &nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 20 |  | 1179 |
| &nbsp;&nbsp;&nbsp; Primoris Services Corp. | 15 |  | 1169 |
| &nbsp;&nbsp;&nbsp; Enpro, Inc. | 6 |  | 1149 |
| &nbsp;&nbsp;&nbsp; CSW Industrials, Inc. | 4 |  | 1147 |
| &nbsp;&nbsp;&nbsp; Arcosa, Inc. | 13 |  | 1127 |
| &nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 12 |  | 1122 |
| &nbsp;&nbsp;&nbsp; Golar LNG Ltd. | 27 |  | 1112 |
| &nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 27 |  | 1102 |
| &nbsp;&nbsp;&nbsp; Exponent, Inc. | 14 |  | 1046 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. — Class A | 42 |  | 1010 |
| &nbsp;&nbsp;&nbsp; Matson, Inc. | 9 |  | 1002 |
| &nbsp;&nbsp;&nbsp; Franklin Electric Company, Inc. | 11 |  | 987 |
| &nbsp;&nbsp;&nbsp; Kadant, Inc. | 3 |  | 952 |
| &nbsp;&nbsp;&nbsp; Plexus Corp.\* | 7 |  | 947 |
| &nbsp;&nbsp;&nbsp; EnerSys | 11 |  | 943 |
| &nbsp;&nbsp;&nbsp; OSI Systems, Inc.\* | 4 |  | 899 |
| &nbsp;&nbsp;&nbsp; Argan, Inc. | 4 |  | 882 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 147

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. | 10 | $868 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | 18 | 840 |
| &nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 22 | 801 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. | 11 | 796 |
| &nbsp;&nbsp;&nbsp; Cactus, Inc. — Class A | 18 | 787 |
| &nbsp;&nbsp;&nbsp; AZZ, Inc. | 8 | 756 |
| &nbsp;&nbsp;&nbsp; Mercury Systems, Inc.\* | 14 | 754 |
| &nbsp;&nbsp;&nbsp; MYR Group, Inc.\* | 4 | 726 |
| &nbsp;&nbsp;&nbsp; RXO, Inc.\* | 44 | 692 |
| &nbsp;&nbsp;&nbsp; AAR Corp.\* | 10 | 688 |
| &nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 3 | 655 |
| &nbsp;&nbsp;&nbsp; Atkore, Inc. | 9 | 635 |
| &nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 3 | 631 |
| &nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 15 | 609 |
| &nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 41 | 604 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 22 | 594 |
| &nbsp;&nbsp;&nbsp; IES Holdings, Inc.\* | 2 | 593 |
| &nbsp;&nbsp;&nbsp; Tutor Perini Corp.\* | 12 | 561 |
| &nbsp;&nbsp;&nbsp; Albany International Corp. — Class A | 8 | 561 |
| &nbsp;&nbsp;&nbsp; Tecnoglass, Inc. | 7 | 541 |
| &nbsp;&nbsp;&nbsp; Hub Group, Inc. — Class A | 16 | 535 |
| &nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 33 | 524 |
| &nbsp;&nbsp;&nbsp; Triumph Group, Inc.\* | 20 | 515 |
| &nbsp;&nbsp;&nbsp; Worthington Enterprises, Inc. | 8 | 509 |
| &nbsp;&nbsp;&nbsp; Kennametal, Inc. | 21 | 482 |
| &nbsp;&nbsp;&nbsp; PureCycle Technologies, Inc.\* | 35 | 479 |
| &nbsp;&nbsp;&nbsp; Materion Corp. | 6 | 476 |
| &nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.\* | 8 | 472 |
| &nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 12 | 470 |
| &nbsp;&nbsp;&nbsp; Standex International Corp. | 3 | 469 |
| &nbsp;&nbsp;&nbsp; ArcBest Corp. | 6 | 462 |
| &nbsp;&nbsp;&nbsp; Enovix Corp.\* | 44 | 455 |
| &nbsp;&nbsp;&nbsp; Greif, Inc. — Class A | 7 | 455 |
| &nbsp;&nbsp;&nbsp; Werner Enterprises, Inc. | 16 | 438 |
| &nbsp;&nbsp;&nbsp; Lindsay Corp. | 3 | 433 |
| &nbsp;&nbsp;&nbsp; World Kinect Corp. | 15 | 425 |
| &nbsp;&nbsp;&nbsp; Limbach Holdings, Inc.\* | 3 | 420 |
| &nbsp;&nbsp;&nbsp; Xometry, Inc. — Class A\* | 12 | 406 |
| &nbsp;&nbsp;&nbsp; Knowles Corp.\* | 23 | 405 |
| &nbsp;&nbsp;&nbsp; International Seaways, Inc. | 11 | 401 |
| &nbsp;&nbsp;&nbsp; Benchmark Electronics, Inc. | 10 | 388 |
| &nbsp;&nbsp;&nbsp; Tennant Co. | 5 | 387 |
| &nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 19 | 381 |
| &nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 53 | 378 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 34 | 372 |
| &nbsp;&nbsp;&nbsp; NV5 Global, Inc.\* | 16 | 369 |
| &nbsp;&nbsp;&nbsp; Greenbrier Companies, Inc. | 8 | 368 |
| &nbsp;&nbsp;&nbsp; DHT Holdings, Inc. | 34 | 367 |
| &nbsp;&nbsp;&nbsp; American Superconductor Corp.\* | 10 | 367 |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc. | 18 | 363 |
| &nbsp;&nbsp;&nbsp; Applied Optoelectronics, Inc.\* | 14 | 360 |
| &nbsp;&nbsp;&nbsp; CTS Corp. | 8 | 341 |
| &nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 4 | 330 |
| &nbsp;&nbsp;&nbsp; Intuitive Machines, Inc.\* | 29 | 315 |
| &nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 9 | 300 |
| &nbsp;&nbsp;&nbsp; Bel Fuse, Inc. — Class B | 3 | 293 |
| &nbsp;&nbsp;&nbsp; Janus International Group, Inc.\* | 36 | 293 |
| &nbsp;&nbsp;&nbsp; SFL Corporation Ltd. | 33 | 275 |
| &nbsp;&nbsp;&nbsp; Vicor Corp.\* | 6 | 272 |
| &nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 9 | 268 |
| &nbsp;&nbsp;&nbsp; Astronics Corp.\* | 8 | 268 |
| &nbsp;&nbsp;&nbsp; Napco Security Technologies, Inc. | 9 | 267 |
| &nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 3 | 263 |
| &nbsp;&nbsp;&nbsp; TriMas Corp. | 9 | 258 |
| &nbsp;&nbsp;&nbsp; nLight, Inc.\* | 13 | 256 |
| &nbsp;&nbsp;&nbsp; Cadre Holdings, Inc. | 8 | 255 |
| &nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 9 | 253 |
| &nbsp;&nbsp;&nbsp; Teekay Tankers Ltd. — Class A | 6 | 250 |
| &nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 6 | 250 |
| &nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 10 | 244 |
| &nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 6 | 244 |
| &nbsp;&nbsp;&nbsp; NANO Nuclear Energy, Inc.\* | 7 | 242 |
| &nbsp;&nbsp;&nbsp; Proto Labs, Inc.\* | 6 | 240 |
| &nbsp;&nbsp;&nbsp; CECO Environmental Corp.\* | 8 | 226 |
| &nbsp;&nbsp;&nbsp; Gorman-Rupp Co. | 6 | 220 |
| &nbsp;&nbsp;&nbsp; FARO Technologies, Inc.\* | 5 | 220 |
| &nbsp;&nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 18 | 219 |
| &nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 4 | 213 |
| &nbsp;&nbsp;&nbsp; Marten Transport Ltd. | 16 | 208 |
| &nbsp;&nbsp;&nbsp; Golden Ocean Group Ltd.<sup>1</sup> | 28 | 205 |
| &nbsp;&nbsp;&nbsp; Montrose Environmental Group, Inc.\* | 9 | 197 |
| &nbsp;&nbsp;&nbsp; Evolv Technologies Holdings, Inc.\* | 31 | 193 |
| &nbsp;&nbsp;&nbsp; Insteel Industries, Inc. | 5 | 186 |
| &nbsp;&nbsp;&nbsp; Energy Recovery, Inc.\* | 14 | 179 |
| &nbsp;&nbsp;&nbsp; Ichor Holdings Ltd.\* | 9 | 177 |
| &nbsp;&nbsp;&nbsp; FLEX LNG Ltd.<sup>1</sup> | 8 | 176 |
| &nbsp;&nbsp;&nbsp; Enviri Corp.\* | 20 | 174 |
| &nbsp;&nbsp;&nbsp; Ardagh Metal Packaging S.A. | 38 | 163 |
| &nbsp;&nbsp;&nbsp; Byrna Technologies, Inc.\* | 5 | 154 |
| &nbsp;&nbsp;&nbsp; Metallus, Inc.\* | 10 | 154 |
| &nbsp;&nbsp;&nbsp; Ryerson Holding Corp. | 7 | 151 |
| &nbsp;&nbsp;&nbsp; Graham Corp.\* | 3 | 149 |
| &nbsp;&nbsp;&nbsp; Forward Air Corp.\* | 6 | 147 |
| &nbsp;&nbsp;&nbsp; Redwire Corp.\* | 9 | 147 |
| &nbsp;&nbsp;&nbsp; Red Cat Holdings, Inc.\* | 20 | 146 |
| &nbsp;&nbsp;&nbsp; Allient, Inc. | 4 | 145 |
| &nbsp;&nbsp;&nbsp; Myers Industries, Inc. | 10 | 145 |
| &nbsp;&nbsp;&nbsp; Nordic American Tankers Ltd. | 55 | 145 |
| &nbsp;&nbsp;&nbsp; TSS, Inc.\* | 5 | 144 |
| &nbsp;&nbsp;&nbsp; Genco Shipping & Trading Ltd. | 11 | 144 |
| &nbsp;&nbsp;&nbsp; Sturm Ruger & Company, Inc. | 4 | 144 |
| &nbsp;&nbsp;&nbsp; Willis Lease Finance Corp. | 1 | 143 |
| &nbsp;&nbsp;&nbsp; Kimball Electronics, Inc.\* | 7 | 135 |
| &nbsp;&nbsp;&nbsp; Power Solutions International, Inc.\* | 2 | 129 |
| &nbsp;&nbsp;&nbsp; Navigator Holdings Ltd. | 9 | 127 |
| &nbsp;&nbsp;&nbsp; NWPX Infrastructure Inc\* | 3 | 123 |
| &nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 8 | 122 |
| &nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 14 | 121 |
| &nbsp;&nbsp;&nbsp; Hyster-Yale, Inc. | 3 | 119 |
| &nbsp;&nbsp;&nbsp; LSI Industries, Inc. | 7 | 119 |
| &nbsp;&nbsp;&nbsp; Teekay Corporation Ltd. | 14 | 115 |
| &nbsp;&nbsp;&nbsp; Bowman Consulting Group Ltd.\* | 4 | 115 |

---

148 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Centuri Holdings, Inc.\* | 5 | $| 112 |
| &nbsp;&nbsp;&nbsp; Costamare, Inc. | 12 |  | 109 |
| &nbsp;&nbsp;&nbsp; LSB Industries, Inc.\* | 14 |  | 109 |
| &nbsp;&nbsp;&nbsp; Clearwater Paper Corp.\* | 4 |  | 109 |
| &nbsp;&nbsp;&nbsp; Manitowoc Company, Inc.\* | 9 |  | 108 |
| &nbsp;&nbsp;&nbsp; Aspen Aerogels, Inc.\* | 18 |  | 107 |
| &nbsp;&nbsp;&nbsp; Amprius Technologies, Inc.\* | 25 |  | 105 |
| &nbsp;&nbsp;&nbsp; Smith & Wesson Brands, Inc. | 12 |  | 104 |
| &nbsp;&nbsp;&nbsp; National Presto Industries, Inc. | 1 |  | 98 |
| &nbsp;&nbsp;&nbsp; Olympic Steel, Inc. | 3 |  | 98 |
| &nbsp;&nbsp;&nbsp; CryoPort, Inc.\* | 13 |  | 97 |
| &nbsp;&nbsp;&nbsp; Covenant Logistics Group, Inc. — Class A | 4 |  | 96 |
| &nbsp;&nbsp;&nbsp; Eastman Kodak Co.\* | 17 |  | 96 |
| &nbsp;&nbsp;&nbsp; Eve Holding, Inc.\* | 14 |  | 96 |
| &nbsp;&nbsp;&nbsp; Standard BioTools, Inc.\* | 80 |  | 96 |
| &nbsp;&nbsp;&nbsp; Mesa Laboratories, Inc. | 1 |  | 94 |
| &nbsp;&nbsp;&nbsp; Orion Group Holdings, Inc.\* | 10 |  | 91 |
| &nbsp;&nbsp;&nbsp; JELD-WEN Holding, Inc.\* | 23 |  | 90 |
| &nbsp;&nbsp;&nbsp; Titan America S.A. | 7 |  | 87 |
| &nbsp;&nbsp;&nbsp; Ardmore Shipping Corp. | 9 |  | 86 |
| &nbsp;&nbsp;&nbsp; Luxfer Holdings plc | 7 |  | 85 |
| &nbsp;&nbsp;&nbsp; Latham Group, Inc.\* | 12 |  | 77 |
| &nbsp;&nbsp;&nbsp; Neonode, Inc.\* | 3 |  | 77 |
| &nbsp;&nbsp;&nbsp; MicroVision, Inc.\* | 66 |  | 75 |
| &nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 5 |  | 74 |
| &nbsp;&nbsp;&nbsp; NVE Corp. | 1 |  | 74 |
| &nbsp;&nbsp;&nbsp; Greif, Inc. — Class B | 1 |  | 69 |
| &nbsp;&nbsp;&nbsp; Lightbridge Corp.\* | 5 |  | 67 |
| &nbsp;&nbsp;&nbsp; L B Foster Co. — Class A\* | 3 |  | 66 |
| &nbsp;&nbsp;&nbsp; KULR Technology Group, Inc.\* | 9 |  | 64 |
| &nbsp;&nbsp;&nbsp; Mayville Engineering Company, Inc.\* | 4 |  | 64 |
| &nbsp;&nbsp;&nbsp; Tredegar Corp.\* | 7 |  | 62 |
| &nbsp;&nbsp;&nbsp; Kopin Corp.\* | 40 |  | 61 |
| &nbsp;&nbsp;&nbsp; Palladyne AI Corp.\* | 7 |  | 61 |
| &nbsp;&nbsp;&nbsp; Karat Packaging, Inc. | 2 |  | 56 |
| &nbsp;&nbsp;&nbsp; Turtle Beach Corp.\* | 4 |  | 55 |
| &nbsp;&nbsp;&nbsp; Radiant Logistics, Inc.\* | 9 |  | 55 |
| &nbsp;&nbsp;&nbsp; Safe Bulkers, Inc. | 15 |  | 54 |
| &nbsp;&nbsp;&nbsp; AerSale Corp.\* | 9 |  | 54 |
| &nbsp;&nbsp;&nbsp; Pure Cycle Corp.\* | 5 |  | 54 |
| &nbsp;&nbsp;&nbsp; Park-Ohio Holdings Corp. | 3 |  | 54 |
| &nbsp;&nbsp;&nbsp; Perma-Fix Environmental Services, Inc.\* | 5 |  | 53 |
| &nbsp;&nbsp;&nbsp; Universal Logistics Holdings, Inc. | 2 |  | 51 |
| &nbsp;&nbsp;&nbsp; 908 Devices, Inc.\* | 7 |  | 50 |
| &nbsp;&nbsp;&nbsp; Arq, Inc.\* | 9 |  | 48 |
| &nbsp;&nbsp;&nbsp; Ranpak Holdings Corp.\* | 13 |  | 46 |
| &nbsp;&nbsp;&nbsp; Himalaya Shipping Ltd. | 8 |  | 46 |
| &nbsp;&nbsp;&nbsp; Eastern Co. | 2 |  | 46 |
| &nbsp;&nbsp;&nbsp; Sight Sciences, Inc.\* | 11 |  | 45 |
| &nbsp;&nbsp;&nbsp; Pro-DEX, Inc.\* | 1 |  | 44 |
| &nbsp;&nbsp;&nbsp; Proficient Auto Logistics, Inc.\* | 6 |  | 44 |
| &nbsp;&nbsp;&nbsp; M-Tron Industries, Inc.\* | 1 |  | 42 |
| &nbsp;&nbsp;&nbsp; Gencor Industries, Inc.\* | 3 |  | 42 |
| &nbsp;&nbsp;&nbsp; Pangaea Logistics Solutions Ltd. | 8 |  | 38 |
| &nbsp;&nbsp;&nbsp; Richtech Robotics, Inc. — Class B\* | 19 |  | 37 |
| &nbsp;&nbsp;&nbsp; Concrete Pumping Holdings, Inc. | 6 |  | 37 |
| &nbsp;&nbsp;&nbsp; Smith-Midland Corp.\* | 1 |  | 34 |
| &nbsp;&nbsp;&nbsp; Core Molding Technologies, Inc.\* | 2 |  | 33 |
| &nbsp;&nbsp;&nbsp; Omega Flex, Inc. | 1 |  | 32 |
| &nbsp;&nbsp;&nbsp; Mistras Group, Inc.\* | 4 |  | 32 |
| &nbsp;&nbsp;&nbsp; Outdoor Holding Co.\* | 24 |  | 31 |
| &nbsp;&nbsp;&nbsp; Energy Services of America Corp. | 3 |  | 30 |
| &nbsp;&nbsp;&nbsp; AirJoule Technologies Corp.\* | 6 |  | 28 |
| &nbsp;&nbsp;&nbsp; PAMT CORP\* | 2 |  | 26 |
| &nbsp;&nbsp;&nbsp; Ascent Industries Co.\* | 2 |  | 25 |
| &nbsp;&nbsp;&nbsp; Net Power, Inc.\* | 9 |  | 22 |
| &nbsp;&nbsp;&nbsp; Costamare Bulkers Holdings Ltd.\* | 2 |  | 17 |
| &nbsp;&nbsp;&nbsp; SKYX Platforms Corp.\* | 16 |  | 17 |
| &nbsp;&nbsp;&nbsp; NL Industries, Inc. | 2 |  | 13 |
| &nbsp;&nbsp;&nbsp; Southland Holdings, Inc.\* | 3 |  | 13 |
|  **Total Industrial** |  |  | 114818 |
|  **Consumer, Cyclical - 3.0%** | **Consumer, Cyclical - 3.0%** | **Consumer, Cyclical - 3.0%** | **Consumer, Cyclical - 3.0%** |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 12 |  | 2164 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. — Class A\* | 27 |  | 1658 |
| &nbsp;&nbsp;&nbsp; FirstCash Holdings, Inc. | 11 |  | 1487 |
| &nbsp;&nbsp;&nbsp; Shake Shack, Inc. — Class A\* | 10 |  | 1406 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 3 |  | 1310 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 19 |  | 1272 |
| &nbsp;&nbsp;&nbsp; Urban Outfitters, Inc.\* | 17 |  | 1233 |
| &nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 8 |  | 1216 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 5 |  | 1193 |
| &nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 11 |  | 1133 |
| &nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.\* | 37 |  | 1122 |
| &nbsp;&nbsp;&nbsp; GMS, Inc.\* | 10 |  | 1088 |
| &nbsp;&nbsp;&nbsp; Installed Building Products, Inc. | 6 |  | 1082 |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. — Class A\* | 13 |  | 1077 |
| &nbsp;&nbsp;&nbsp; KB Home | 19 |  | 1007 |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 15 |  | 990 |
| &nbsp;&nbsp;&nbsp; Champion Homes, Inc.\* | 15 |  | 939 |
| &nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 40 |  | 882 |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. — Class A | 17 |  | 876 |
| &nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 29 |  | 875 |
| &nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 11 |  | 875 |
| &nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 2 |  | 869 |
| &nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 7 |  | 859 |
| &nbsp;&nbsp;&nbsp; Patrick Industries, Inc. | 9 |  | 830 |
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 18 |  | 807 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.\* | 26 |  | 791 |
| &nbsp;&nbsp;&nbsp; M/I Homes, Inc.\* | 7 |  | 785 |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 24 |  | 767 |
| &nbsp;&nbsp;&nbsp; UniFirst Corp. | 4 |  | 753 |
| &nbsp;&nbsp;&nbsp; Cheesecake Factory, Inc. | 12 |  | 752 |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 16 |  | 744 |
| &nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 7 |  | 735 |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co.\* | 70 |  | 726 |
| &nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 29 |  | 709 |
| &nbsp;&nbsp;&nbsp; Peloton Interactive, Inc. — Class A\* | 99 |  | 687 |
| &nbsp;&nbsp;&nbsp; Red Rock Resorts, Inc. — Class A | 13 |  | 676 |
| &nbsp;&nbsp;&nbsp; REV Group, Inc. | 14 |  | 666 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 16 |  | 665 |
| &nbsp;&nbsp;&nbsp; VSE Corp. | 5 |  | 655 |
| &nbsp;&nbsp;&nbsp; Visteon Corp.\* | 7 |  | 653 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 149

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 9 | $651 |
| &nbsp;&nbsp;&nbsp; LCI Industries | 7 | 638 |
| &nbsp;&nbsp;&nbsp; Genius Sports Ltd.\* | 60 | 624 |
| &nbsp;&nbsp;&nbsp; Dana, Inc. | 36 | 617 |
| &nbsp;&nbsp;&nbsp; HNI Corp. | 12 | 590 |
| &nbsp;&nbsp;&nbsp; Acushnet Holdings Corp. | 8 | 583 |
| &nbsp;&nbsp;&nbsp; Warby Parker, Inc. — Class A\* | 26 | 570 |
| &nbsp;&nbsp;&nbsp; Polaris, Inc. | 14 | 569 |
| &nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\* | 9 | 566 |
| &nbsp;&nbsp;&nbsp; Foot Locker, Inc.\* | 23 | 564 |
| &nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. — Class C\* | 12 | 561 |
| &nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 31 | 549 |
| &nbsp;&nbsp;&nbsp; OneSpaWorld Holdings Ltd. | 26 | 530 |
| &nbsp;&nbsp;&nbsp; Phinia, Inc. | 11 | 489 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 21 | 483 |
| &nbsp;&nbsp;&nbsp; International Game Technology plc | 30 | 474 |
| &nbsp;&nbsp;&nbsp; Super Group SGHC Ltd. | 43 | 472 |
| &nbsp;&nbsp;&nbsp; Steven Madden Ltd. | 19 | 456 |
| &nbsp;&nbsp;&nbsp; Adient plc\* | 23 | 448 |
| &nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 9 | 440 |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Entertainment Corp.\* | 11 | 440 |
| &nbsp;&nbsp;&nbsp; Hanesbrands, Inc.\* | 95 | 435 |
| &nbsp;&nbsp;&nbsp; American Eagle Outfitters, Inc. | 44 | 423 |
| &nbsp;&nbsp;&nbsp; Sweetgreen, Inc. — Class A\* | 28 | 417 |
| &nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 11 | 409 |
| &nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 22 | 398 |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc. | 7 | 394 |
| &nbsp;&nbsp;&nbsp; Blue Bird Corp.\* | 9 | 389 |
| &nbsp;&nbsp;&nbsp; Winmark Corp. | 1 | 378 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 87 | 368 |
| &nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 6 | 367 |
| &nbsp;&nbsp;&nbsp; Buckle, Inc. | 8 | 363 |
| &nbsp;&nbsp;&nbsp; AMC Entertainment Holdings, Inc. — Class A\* | 117 | 363 |
| &nbsp;&nbsp;&nbsp; Rush Street Interactive, Inc.\* | 24 | 358 |
| &nbsp;&nbsp;&nbsp; Garrett Motion, Inc. | 34 | 357 |
| &nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 18 | 350 |
| &nbsp;&nbsp;&nbsp; Sonos, Inc.\* | 32 | 346 |
| &nbsp;&nbsp;&nbsp; IMAX Corp.\* | 12 | 336 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. — Class A | 16 | 335 |
| &nbsp;&nbsp;&nbsp; Victoria's Secret & Co.\* | 18 | 333 |
| &nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.\* | 7 | 330 |
| &nbsp;&nbsp;&nbsp; Everi Holdings, Inc.\* | 23 | 328 |
| &nbsp;&nbsp;&nbsp; Leggett & Platt, Inc. | 36 | 321 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. — Class A | 4 | 320 |
| &nbsp;&nbsp;&nbsp; MRC Global, Inc.\* | 23 | 315 |
| &nbsp;&nbsp;&nbsp; Sabre Corp.\* | 98 | 310 |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc.\* | 6 | 309 |
| &nbsp;&nbsp;&nbsp; Aeva Technologies, Inc.\* | 8 | 302 |
| &nbsp;&nbsp;&nbsp; Lionsgate Studios Corp.\* | 52 | 302 |
| &nbsp;&nbsp;&nbsp; Carter's, Inc. | 10 | 301 |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 36 | 290 |
| &nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.\* | 11 | 285 |
| &nbsp;&nbsp;&nbsp; Camping World Holdings, Inc. — Class A | 16 | 275 |
| &nbsp;&nbsp;&nbsp; BJ's Restaurants, Inc.\* | 6 | 268 |
| &nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 3 | 259 |
| &nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 6 | 251 |
| &nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 27 | 250 |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd.\* | 11 | 246 |
| &nbsp;&nbsp;&nbsp; Kohl's Corp. | 29 | 246 |
| &nbsp;&nbsp;&nbsp; Steelcase, Inc. — Class A | 23 | 240 |
| &nbsp;&nbsp;&nbsp; Gentherm, Inc.\* | 8 | 226 |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co. — Class A\* | 4 | 220 |
| &nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 6 | 215 |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\* | 7 | 211 |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 7 | 203 |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. — Class A\* | 8 | 201 |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 23 | 198 |
| &nbsp;&nbsp;&nbsp; PC Connection, Inc. | 3 | 197 |
| &nbsp;&nbsp;&nbsp; Microvast Holdings, Inc.\* | 53 | 192 |
| &nbsp;&nbsp;&nbsp; indie Semiconductor, Inc. — Class A\*<sup>,1</sup> | 52 | 185 |
| &nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 6 | 184 |
| &nbsp;&nbsp;&nbsp; ThredUp, Inc. — Class A\* | 24 | 180 |
| &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc.\* | 8 | 179 |
| &nbsp;&nbsp;&nbsp; Douglas Dynamics, Inc. | 6 | 177 |
| &nbsp;&nbsp;&nbsp; Accel Entertainment, Inc.\* | 15 | 177 |
| &nbsp;&nbsp;&nbsp; First Watch Restaurant Group, Inc.\* | 11 | 176 |
| &nbsp;&nbsp;&nbsp; Portillo's, Inc. — Class A\* | 15 | 175 |
| &nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.\* | 6 | 173 |
| &nbsp;&nbsp;&nbsp; Kura Sushi USA, Inc. — Class A\* | 2 | 172 |
| &nbsp;&nbsp;&nbsp; Ethan Allen Interiors, Inc. | 6 | 167 |
| &nbsp;&nbsp;&nbsp; Daktronics, Inc.\* | 11 | 166 |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 14 | 164 |
| &nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 4 | 161 |
| &nbsp;&nbsp;&nbsp; Global Business Travel Group I\* | 25 | 158 |
| &nbsp;&nbsp;&nbsp; Malibu Boats, Inc. — Class A\* | 5 | 157 |
| &nbsp;&nbsp;&nbsp; Build-A-Bear Workshop, Inc. — Class A | 3 | 155 |
| &nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.\* | 2 | 149 |
| &nbsp;&nbsp;&nbsp; Golden Entertainment, Inc. | 5 | 147 |
| &nbsp;&nbsp;&nbsp; Ermenegildo Zegna N.V. | 17 | 145 |
| &nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 13 | 134 |
| &nbsp;&nbsp;&nbsp; Miller Industries, Inc. | 3 | 133 |
| &nbsp;&nbsp;&nbsp; ODP Corp.\* | 7 | 127 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc.\* | 31 | 127 |
| &nbsp;&nbsp;&nbsp; MarineMax, Inc.\* | 5 | 126 |
| &nbsp;&nbsp;&nbsp; EVgo, Inc.\* | 34 | 124 |
| &nbsp;&nbsp;&nbsp; Arhaus, Inc.\* | 14 | 121 |
| &nbsp;&nbsp;&nbsp; Titan Machinery, Inc.\* | 6 | 119 |
| &nbsp;&nbsp;&nbsp; Wabash National Corp. | 11 | 117 |
| &nbsp;&nbsp;&nbsp; Lindblad Expeditions Holdings, Inc.\* | 10 | 117 |
| &nbsp;&nbsp;&nbsp; Shyft Group, Inc. | 9 | 113 |
| &nbsp;&nbsp;&nbsp; America's Car-Mart, Inc.\* | 2 | 112 |
| &nbsp;&nbsp;&nbsp; A-Mark Precious Metals, Inc. | 5 | 111 |
| &nbsp;&nbsp;&nbsp; Caleres, Inc. | 9 | 110 |
| &nbsp;&nbsp;&nbsp; Global Industrial Co. | 4 | 108 |
| &nbsp;&nbsp;&nbsp; Cooper-Standard Holdings, Inc.\* | 5 | 108 |
| &nbsp;&nbsp;&nbsp; Rush Enterprises, Inc. — Class B | 2 | 105 |
| &nbsp;&nbsp;&nbsp; Hovnanian Enterprises, Inc. — Class A\* | 1 | 105 |
| &nbsp;&nbsp;&nbsp; Nu Skin Enterprises, Inc. — Class A | 13 | 104 |
| &nbsp;&nbsp;&nbsp; Marcus Corp. | 6 | 101 |

---

150 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Forestar Group, Inc.\* | 5 | $| 100 |
| &nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc. — Class A\* | 2 |  | 99 |
| &nbsp;&nbsp;&nbsp; Dine Brands Global, Inc. | 4 |  | 97 |
| &nbsp;&nbsp;&nbsp; Xperi, Inc.\* | 12 |  | 95 |
| &nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 5 |  | 94 |
| &nbsp;&nbsp;&nbsp; Clean Energy Fuels Corp.\* | 47 |  | 92 |
| &nbsp;&nbsp;&nbsp; Arko Corp. | 21 |  | 89 |
| &nbsp;&nbsp;&nbsp; Jack in the Box, Inc.\* | 5 |  | 87 |
| &nbsp;&nbsp;&nbsp; Potbelly Corp.\* | 7 |  | 86 |
| &nbsp;&nbsp;&nbsp; Methode Electronics, Inc. | 9 |  | 86 |
| &nbsp;&nbsp;&nbsp; Solid Power, Inc.\* | 39 |  | 86 |
| &nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc.\* | 23 |  | 83 |
| &nbsp;&nbsp;&nbsp; Haverty Furniture Companies, Inc. | 4 |  | 81 |
| &nbsp;&nbsp;&nbsp; Hudson Technologies, Inc.\* | 10 |  | 81 |
| &nbsp;&nbsp;&nbsp; El Pollo Loco Holdings, Inc.\* | 7 |  | 77 |
| &nbsp;&nbsp;&nbsp; RCI Hospitality Holdings, Inc. | 2 |  | 76 |
| &nbsp;&nbsp;&nbsp; MasterCraft Boat Holdings, Inc.\* | 4 |  | 74 |
| &nbsp;&nbsp;&nbsp; Lovesac Co.\* | 4 |  | 73 |
| &nbsp;&nbsp;&nbsp; Weyco Group, Inc. | 2 |  | 66 |
| &nbsp;&nbsp;&nbsp; Strattec Security Corp.\* | 1 |  | 62 |
| &nbsp;&nbsp;&nbsp; Savers Value Village, Inc.\* | 6 |  | 61 |
| &nbsp;&nbsp;&nbsp; Krispy Kreme, Inc.\*<sup>,1</sup> | 21 |  | 61 |
| &nbsp;&nbsp;&nbsp; Movado Group, Inc. | 4 |  | 61 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Company, Inc.\* | 21 |  | 59 |
| &nbsp;&nbsp;&nbsp; Genesco, Inc.\* | 3 |  | 59 |
| &nbsp;&nbsp;&nbsp; Denny's Corp.\* | 14 |  | 57 |
| &nbsp;&nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 5 |  | 56 |
| &nbsp;&nbsp;&nbsp; Zumiez, Inc.\* | 4 |  | 53 |
| &nbsp;&nbsp;&nbsp; Xponential Fitness, Inc. — Class A\* | 7 |  | 52 |
| &nbsp;&nbsp;&nbsp; Tile Shop Holdings, Inc.\* | 8 |  | 51 |
| &nbsp;&nbsp;&nbsp; Starz Entertainment Corp.\* | 3 |  | 48 |
| &nbsp;&nbsp;&nbsp; Barnes & Noble Education, Inc.\* | 4 |  | 47 |
| &nbsp;&nbsp;&nbsp; Hyliion Holdings Corp.\* | 35 |  | 46 |
| &nbsp;&nbsp;&nbsp; Livewire Group, Inc.\* | 10 |  | 46 |
| &nbsp;&nbsp;&nbsp; Webtoon Entertainment, Inc.\*<sup>,1</sup> | 5 |  | 45 |
| &nbsp;&nbsp;&nbsp; Rocky Brands, Inc. | 2 |  | 44 |
| &nbsp;&nbsp;&nbsp; Funko, Inc. — Class A\* | 9 |  | 43 |
| &nbsp;&nbsp;&nbsp; Escalade, Inc. | 3 |  | 42 |
| &nbsp;&nbsp;&nbsp; JAKKS Pacific, Inc. | 2 |  | 41 |
| &nbsp;&nbsp;&nbsp; Sleep Number Corp.\* | 6 |  | 41 |
| &nbsp;&nbsp;&nbsp; OneWater Marine, Inc. — Class A\* | 3 |  | 40 |
| &nbsp;&nbsp;&nbsp; Reservoir Media, Inc.\* | 5 |  | 38 |
| &nbsp;&nbsp;&nbsp; Flexsteel Industries, Inc. | 1 |  | 36 |
| &nbsp;&nbsp;&nbsp; Hamilton Beach Brands Holding Co. — Class A | 2 |  | 36 |
| &nbsp;&nbsp;&nbsp; Citi Trends, Inc.\* | 1 |  | 33 |
| &nbsp;&nbsp;&nbsp; Holley, Inc.\* | 16 |  | 32 |
| &nbsp;&nbsp;&nbsp; Luminar Technologies, Inc.\* | 11 |  | 32 |
| &nbsp;&nbsp;&nbsp; American Outdoor Brands, Inc.\* | 3 |  | 31 |
| &nbsp;&nbsp;&nbsp; Superior Group of Companies, Inc. | 3 |  | 31 |
| &nbsp;&nbsp;&nbsp; Bassett Furniture Industries, Inc. | 2 |  | 30 |
| &nbsp;&nbsp;&nbsp; Johnson Outdoors, Inc. — Class A | 1 |  | 30 |
| &nbsp;&nbsp;&nbsp; J Jill, Inc. | 2 |  | 29 |
| &nbsp;&nbsp;&nbsp; Clarus Corp. | 8 |  | 28 |
| &nbsp;&nbsp;&nbsp; Lakeland Industries, Inc. | 2 |  | 27 |
| &nbsp;&nbsp;&nbsp; Virco Mfg. Corp. | 3 |  | 24 |
| &nbsp;&nbsp;&nbsp; EVI Industries, Inc. | 1 |  | 22 |
| &nbsp;&nbsp;&nbsp; Designer Brands, Inc. — Class A<sup>1</sup> | 9 |  | 21 |
| &nbsp;&nbsp;&nbsp; Spirit Aviation Holdings, Inc.\* | 4 |  | 20 |
| &nbsp;&nbsp;&nbsp; Bally's Corp.\* | 2 |  | 19 |
| &nbsp;&nbsp;&nbsp; Torrid Holdings, Inc.\*<sup>,1</sup> | 6 |  | 18 |
| &nbsp;&nbsp;&nbsp; Marine Products Corp. | 2 |  | 17 |
| &nbsp;&nbsp;&nbsp; Traeger, Inc.\* | 9 |  | 15 |
| &nbsp;&nbsp;&nbsp; Envela Corp.\* | 2 |  | 12 |
|  **Total Consumer, Cyclical** |  |  | 74045 |
|  **Technology - 2.8%** | **Technology - 2.8%** | **Technology - 2.8%** | **Technology - 2.8%** |
| &nbsp;&nbsp;&nbsp; IonQ, Inc.\* | 64 |  | 2750 |
| &nbsp;&nbsp;&nbsp; CommVault Systems, Inc.\* | 12 |  | 2092 |
| &nbsp;&nbsp;&nbsp; Rambus, Inc.\* | 29 |  | 1857 |
| &nbsp;&nbsp;&nbsp; Varonis Systems, Inc.\* | 30 |  | 1522 |
| &nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc. — Class A\* | 66 |  | 1447 |
| &nbsp;&nbsp;&nbsp; Qualys, Inc.\* | 10 |  | 1429 |
| &nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 10 |  | 1361 |
| &nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.\* | 9 |  | 1326 |
| &nbsp;&nbsp;&nbsp; Box, Inc. — Class A\* | 38 |  | 1298 |
| &nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 28 |  | 1286 |
| &nbsp;&nbsp;&nbsp; SiTime Corp.\* | 6 |  | 1278 |
| &nbsp;&nbsp;&nbsp; D-Wave Quantum, Inc.\*<sup>,1</sup> | 77 |  | 1127 |
| &nbsp;&nbsp;&nbsp; Tenable Holdings, Inc.\* | 32 |  | 1081 |
| &nbsp;&nbsp;&nbsp; SoundHound AI, Inc. — Class A\*<sup>,1</sup> | 99 |  | 1062 |
| &nbsp;&nbsp;&nbsp; Maximus, Inc. | 15 |  | 1053 |
| &nbsp;&nbsp;&nbsp; Semtech Corp.\* | 23 |  | 1038 |
| &nbsp;&nbsp;&nbsp; Waystar Holding Corp.\* | 25 |  | 1022 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 7 |  | 967 |
| &nbsp;&nbsp;&nbsp; Workiva, Inc.\* | 14 |  | 958 |
| &nbsp;&nbsp;&nbsp; Rigetti Computing, Inc.\*<sup>,1</sup> | 76 |  | 901 |
| &nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 15 |  | 839 |
| &nbsp;&nbsp;&nbsp; Freshworks, Inc. — Class A\* | 55 |  | 820 |
| &nbsp;&nbsp;&nbsp; C3.ai, Inc. — Class A\* | 33 |  | 811 |
| &nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 7 |  | 803 |
| &nbsp;&nbsp;&nbsp; BlackLine, Inc.\* | 14 |  | 793 |
| &nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp. — Class A\* | 51 |  | 790 |
| &nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 7 |  | 777 |
| &nbsp;&nbsp;&nbsp; Intapp, Inc.\* | 15 |  | 774 |
| &nbsp;&nbsp;&nbsp; Progress Software Corp. | 12 |  | 766 |
| &nbsp;&nbsp;&nbsp; PAR Technology Corp.\* | 11 |  | 763 |
| &nbsp;&nbsp;&nbsp; ACV Auctions, Inc. — Class A\* | 45 |  | 730 |
| &nbsp;&nbsp;&nbsp; Ambarella, Inc.\* | 11 |  | 727 |
| &nbsp;&nbsp;&nbsp; FormFactor, Inc.\* | 21 |  | 723 |
| &nbsp;&nbsp;&nbsp; WNS Holdings Ltd.\* | 11 |  | 696 |
| &nbsp;&nbsp;&nbsp; AvePoint, Inc.\* | 36 |  | 695 |
| &nbsp;&nbsp;&nbsp; Synaptics, Inc.\* | 10 |  | 648 |
| &nbsp;&nbsp;&nbsp; Blackbaud, Inc.\* | 10 |  | 642 |
| &nbsp;&nbsp;&nbsp; Clear Secure, Inc. — Class A | 23 |  | 639 |
| &nbsp;&nbsp;&nbsp; Diodes, Inc.\* | 12 |  | 635 |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc.\* | 9 |  | 627 |
| &nbsp;&nbsp;&nbsp; Vertex, Inc. — Class A\* | 17 |  | 601 |
| &nbsp;&nbsp;&nbsp; ASGN, Inc.\* | 12 |  | 599 |
| &nbsp;&nbsp;&nbsp; Quantum Computing, Inc.\* | 31 |  | 594 |
| &nbsp;&nbsp;&nbsp; Braze, Inc. — Class A\* | 21 |  | 590 |
| &nbsp;&nbsp;&nbsp; NCR Atleos Corp.\* | 20 |  | 571 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 151

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 17 | $562 |
| &nbsp;&nbsp;&nbsp; Five9, Inc.\* | 21 | 556 |
| &nbsp;&nbsp;&nbsp; Alkami Technology, Inc.\* | 18 | 543 |
| &nbsp;&nbsp;&nbsp; Pitney Bowes, Inc. | 49 | 534 |
| &nbsp;&nbsp;&nbsp; BigBear.ai Holdings, Inc.\* | 78 | 530 |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 17 | 486 |
| &nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 14 | 484 |
| &nbsp;&nbsp;&nbsp; Alignment Healthcare, Inc.\* | 34 | 476 |
| &nbsp;&nbsp;&nbsp; NetScout Systems, Inc.\* | 19 | 471 |
| &nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 7 | 457 |
| &nbsp;&nbsp;&nbsp; AvidXchange Holdings, Inc.\* | 46 | 450 |
| &nbsp;&nbsp;&nbsp; NCR Voyix Corp.\* | 37 | 434 |
| &nbsp;&nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 7 | 432 |
| &nbsp;&nbsp;&nbsp; Phreesia, Inc.\* | 15 | 427 |
| &nbsp;&nbsp;&nbsp; Adeia, Inc. | 29 | 410 |
| &nbsp;&nbsp;&nbsp; Innodata, Inc.\* | 8 | 410 |
| &nbsp;&nbsp;&nbsp; Rapid7, Inc.\* | 17 | 393 |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.\* | 7 | 388 |
| &nbsp;&nbsp;&nbsp; NextNav, Inc.\* | 24 | 365 |
| &nbsp;&nbsp;&nbsp; ACM Research, Inc. — Class A\* | 14 | 363 |
| &nbsp;&nbsp;&nbsp; Evolent Health, Inc. — Class A\* | 32 | 360 |
| &nbsp;&nbsp;&nbsp; Planet Labs PBC\* | 58 | 354 |
| &nbsp;&nbsp;&nbsp; PagerDuty, Inc.\* | 23 | 351 |
| &nbsp;&nbsp;&nbsp; Digi International, Inc.\* | 10 | 349 |
| &nbsp;&nbsp;&nbsp; Ouster, Inc.\* | 14 | 339 |
| &nbsp;&nbsp;&nbsp; Asana, Inc. — Class A\* | 25 | 338 |
| &nbsp;&nbsp;&nbsp; Verint Systems, Inc.\* | 17 | 334 |
| &nbsp;&nbsp;&nbsp; Appian Corp. — Class A\* | 11 | 328 |
| &nbsp;&nbsp;&nbsp; Photronics, Inc.\* | 17 | 320 |
| &nbsp;&nbsp;&nbsp; MaxLinear, Inc. — Class A\* | 22 | 313 |
| &nbsp;&nbsp;&nbsp; Veeco Instruments, Inc.\* | 15 | 305 |
| &nbsp;&nbsp;&nbsp; Schrodinger Incorporated/United States\* | 15 | 302 |
| &nbsp;&nbsp;&nbsp; Sprout Social, Inc. — Class A\* | 14 | 293 |
| &nbsp;&nbsp;&nbsp; Amplitude, Inc. — Class A\* | 23 | 285 |
| &nbsp;&nbsp;&nbsp; Penguin Solutions, Inc.\* | 14 | 277 |
| &nbsp;&nbsp;&nbsp; Olo, Inc. — Class A\* | 31 | 276 |
| &nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 12 | 271 |
| &nbsp;&nbsp;&nbsp; Fastly, Inc. — Class A\* | 37 | 261 |
| &nbsp;&nbsp;&nbsp; Life360, Inc.\*<sup>,1</sup> | 4 | 261 |
| &nbsp;&nbsp;&nbsp; Porch Group, Inc.\* | 22 | 259 |
| &nbsp;&nbsp;&nbsp; V2X, Inc.\* | 5 | 243 |
| &nbsp;&nbsp;&nbsp; Yext, Inc.\* | 28 | 238 |
| &nbsp;&nbsp;&nbsp; Navitas Semiconductor Corp.\* | 36 | 236 |
| &nbsp;&nbsp;&nbsp; Pagaya Technologies Ltd. — Class A\* | 11 | 235 |
| &nbsp;&nbsp;&nbsp; Sapiens International Corporation N.V. | 8 | 234 |
| &nbsp;&nbsp;&nbsp; Cohu, Inc.\* | 12 | 231 |
| &nbsp;&nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 18 | 208 |
| &nbsp;&nbsp;&nbsp; PDF Solutions, Inc.\* | 9 | 192 |
| &nbsp;&nbsp;&nbsp; PROS Holdings, Inc.\* | 12 | 188 |
| &nbsp;&nbsp;&nbsp; Blend Labs, Inc. — Class A\* | 56 | 185 |
| &nbsp;&nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.\* | 7 | 180 |
| &nbsp;&nbsp;&nbsp; Jamf Holding Corp.\* | 18 | 171 |
| &nbsp;&nbsp;&nbsp; Vimeo, Inc.\* | 42 | 170 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp.<sup>1</sup> | 32 | 169 |
| &nbsp;&nbsp;&nbsp; OneSpan, Inc. | 10 | 167 |
| &nbsp;&nbsp;&nbsp; Integral Ad Science Holding Corp.\* | 20 | 166 |
| &nbsp;&nbsp;&nbsp; I3 Verticals, Inc. — Class A\* | 6 | 165 |
| &nbsp;&nbsp;&nbsp; Digital Turbine, Inc.\* | 27 | 159 |
| &nbsp;&nbsp;&nbsp; E2open Parent Holdings, Inc.\* | 49 | 158 |
| &nbsp;&nbsp;&nbsp; N-able, Inc.\* | 19 | 154 |
| &nbsp;&nbsp;&nbsp; Cantaloupe, Inc.\* | 14 | 154 |
| &nbsp;&nbsp;&nbsp; Red Violet, Inc. | 3 | 148 |
| &nbsp;&nbsp;&nbsp; Ibotta, Inc. — Class A\* | 4 | 146 |
| &nbsp;&nbsp;&nbsp; MeridianLink, Inc.\* | 9 | 146 |
| &nbsp;&nbsp;&nbsp; GigaCloud Technology, Inc. — Class A\*<sup>,1</sup> | 7 | 138 |
| &nbsp;&nbsp;&nbsp; PlayAGS, Inc.\* | 11 | 137 |
| &nbsp;&nbsp;&nbsp; PubMatic, Inc. — Class A\* | 11 | 137 |
| &nbsp;&nbsp;&nbsp; Weave Communications, Inc.\* | 16 | 133 |
| &nbsp;&nbsp;&nbsp; CEVA, Inc.\* | 6 | 132 |
| &nbsp;&nbsp;&nbsp; Domo, Inc. — Class B\* | 9 | 126 |
| &nbsp;&nbsp;&nbsp; Nutex Health, Inc.\* | 1 | 125 |
| &nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 13 | 123 |
| &nbsp;&nbsp;&nbsp; Cerence, Inc.\* | 12 | 123 |
| &nbsp;&nbsp;&nbsp; Mitek Systems, Inc.\* | 12 | 119 |
| &nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 5 | 115 |
| &nbsp;&nbsp;&nbsp; Bandwidth, Inc. — Class A\* | 7 | 111 |
| &nbsp;&nbsp;&nbsp; SEMrush Holdings, Inc. — Class A\* | 12 | 109 |
| &nbsp;&nbsp;&nbsp; Climb Global Solutions, Inc. | 1 | 107 |
| &nbsp;&nbsp;&nbsp; Conduent, Inc.\* | 40 | 106 |
| &nbsp;&nbsp;&nbsp; VTEX — Class A\* | 16 | 106 |
| &nbsp;&nbsp;&nbsp; Aehr Test Systems\* | 8 | 103 |
| &nbsp;&nbsp;&nbsp; Outset Medical, Inc.\* | 5 | 96 |
| &nbsp;&nbsp;&nbsp; Talkspace, Inc.\* | 33 | 92 |
| &nbsp;&nbsp;&nbsp; Claritev Corp.\* | 2 | 90 |
| &nbsp;&nbsp;&nbsp; BigCommerce Holdings, Inc.\* | 18 | 90 |
| &nbsp;&nbsp;&nbsp; IBEX Holdings Ltd.\* | 3 | 87 |
| &nbsp;&nbsp;&nbsp; Vishay Precision Group, Inc.\* | 3 | 84 |
| &nbsp;&nbsp;&nbsp; Unisys Corp.\* | 18 | 81 |
| &nbsp;&nbsp;&nbsp; Cricut, Inc. — Class A | 12 | 81 |
| &nbsp;&nbsp;&nbsp; Arteris, Inc.\* | 8 | 76 |
| &nbsp;&nbsp;&nbsp; Rezolve AI plc\* | 24 | 74 |
| &nbsp;&nbsp;&nbsp; Playtika Holding Corp. | 15 | 71 |
| &nbsp;&nbsp;&nbsp; TruBridge, Inc.\* | 3 | 70 |
| &nbsp;&nbsp;&nbsp; Simulations Plus, Inc. | 4 | 70 |
| &nbsp;&nbsp;&nbsp; SkyWater Technology, Inc.\* | 7 | 69 |
| &nbsp;&nbsp;&nbsp; 8x8, Inc.\* | 35 | 69 |
| &nbsp;&nbsp;&nbsp; Asure Software, Inc.\* | 7 | 68 |
| &nbsp;&nbsp;&nbsp; Health Catalyst, Inc.\* | 18 | 68 |
| &nbsp;&nbsp;&nbsp; Immersion Corp. | 8 | 63 |
| &nbsp;&nbsp;&nbsp; ReposiTrak, Inc. | 3 | 59 |
| &nbsp;&nbsp;&nbsp; CoreCard Corp.\* | 2 | 58 |
| &nbsp;&nbsp;&nbsp; Inspired Entertainment, Inc.\* | 7 | 57 |
| &nbsp;&nbsp;&nbsp; ON24, Inc.\* | 10 | 54 |
| &nbsp;&nbsp;&nbsp; 3D Systems Corp.\* | 35 | 54 |
| &nbsp;&nbsp;&nbsp; Viant Technology, Inc. — Class A\* | 4 | 53 |
| &nbsp;&nbsp;&nbsp; Digimarc Corp.\* | 4 | 53 |
| &nbsp;&nbsp;&nbsp; Vuzix Corp.\* | 17 | 50 |
| &nbsp;&nbsp;&nbsp; Aeluma, Inc.\* | 3 | 49 |
| &nbsp;&nbsp;&nbsp; Rimini Street, Inc.\* | 13 | 49 |
| &nbsp;&nbsp;&nbsp; Telos Corp.\* | 15 | 47 |
| &nbsp;&nbsp;&nbsp; Kaltura, Inc.\* | 22 | 44 |
| &nbsp;&nbsp;&nbsp; EverCommerce, Inc.\* | 4 | 42 |

---

152 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Expensify, Inc. — Class A\* | 16 | $| 41 |
| &nbsp;&nbsp;&nbsp; Faraday Future Intelligent Electric, Inc.\* | 24 |  | 40 |
| &nbsp;&nbsp;&nbsp; Atomera, Inc.\* | 8 |  | 40 |
| &nbsp;&nbsp;&nbsp; Definitive Healthcare Corp.\* | 10 |  | 39 |
| &nbsp;&nbsp;&nbsp; Playstudios, Inc.\* | 24 |  | 31 |
| &nbsp;&nbsp;&nbsp; eGain Corp.\* | 5 |  | 31 |
| &nbsp;&nbsp;&nbsp; Airship AI Holdings, Inc.\* | 5 |  | 29 |
| &nbsp;&nbsp;&nbsp; Richardson Electronics Ltd. | 3 |  | 29 |
| &nbsp;&nbsp;&nbsp; Rackspace Technology, Inc.\* | 22 |  | 28 |
| &nbsp;&nbsp;&nbsp; CS Disco, Inc.\* | 6 |  | 26 |
| &nbsp;&nbsp;&nbsp; CSP, Inc. | 2 |  | 26 |
| &nbsp;&nbsp;&nbsp; Teads Holding Co.\* | 10 |  | 25 |
| &nbsp;&nbsp;&nbsp; TTEC Holdings, Inc.\* | 5 |  | 24 |
| &nbsp;&nbsp;&nbsp; WM Technology, Inc.\* | 23 |  | 21 |
| &nbsp;&nbsp;&nbsp; Synchronoss Technologies, Inc.\* | 3 |  | 21 |
| &nbsp;&nbsp;&nbsp; Wolfspeed, Inc.\* | 42 |  | 17 |
| &nbsp;&nbsp;&nbsp; Skillsoft Corp.\* | 1 |  | 16 |
| &nbsp;&nbsp;&nbsp; Silvaco Group, Inc.\* | 2 |  | 9 |
| &nbsp;&nbsp;&nbsp; Golden Matrix Group, Inc.\* | 4 |  | 7 |
| &nbsp;&nbsp;&nbsp; Zspace, Inc.\* | 1 |  | 3 |
|  **Total Technology** |  |  | 68919 |
|  **Communications - 1.3%** | **Communications - 1.3%** | **Communications - 1.3%** | **Communications - 1.3%** |
| &nbsp;&nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 40 |  | 3627 |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\*<sup>,1</sup> | 51 |  | 2542 |
| &nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.\* | 17 |  | 1591 |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. | 7 |  | 1570 |
| &nbsp;&nbsp;&nbsp; Lumen Technologies, Inc.\* | 257 |  | 1126 |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. — Class A\* | 36 |  | 997 |
| &nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc. | 26 |  | 925 |
| &nbsp;&nbsp;&nbsp; Magnite, Inc.\* | 38 |  | 917 |
| &nbsp;&nbsp;&nbsp; Calix, Inc.\* | 16 |  | 851 |
| &nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 22 |  | 736 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. | 43 |  | 721 |
| &nbsp;&nbsp;&nbsp; Extreme Networks, Inc.\* | 35 |  | 628 |
| &nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 60 |  | 604 |
| &nbsp;&nbsp;&nbsp; Yelp, Inc. — Class A\* | 17 |  | 583 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 12 |  | 578 |
| &nbsp;&nbsp;&nbsp; ePlus, Inc.\* | 7 |  | 505 |
| &nbsp;&nbsp;&nbsp; Applied Digital Corp.\* | 48 |  | 483 |
| &nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 46 |  | 476 |
| &nbsp;&nbsp;&nbsp; CommScope Holding Company, Inc.\* | 57 |  | 472 |
| &nbsp;&nbsp;&nbsp; Upwork, Inc.\* | 33 |  | 444 |
| &nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 30 |  | 438 |
| &nbsp;&nbsp;&nbsp; TripAdvisor, Inc.\* | 31 |  | 405 |
| &nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 20 |  | 387 |
| &nbsp;&nbsp;&nbsp; fuboTV, Inc.\* | 90 |  | 347 |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc.\* | 11 |  | 333 |
| &nbsp;&nbsp;&nbsp; Globalstar, Inc.\* | 13 |  | 306 |
| &nbsp;&nbsp;&nbsp; Sphere Entertainment Co.\* | 7 |  | 293 |
| &nbsp;&nbsp;&nbsp; Couchbase, Inc.\* | 12 |  | 293 |
| &nbsp;&nbsp;&nbsp; Harmonic, Inc.\* | 30 |  | 284 |
| &nbsp;&nbsp;&nbsp; IDT Corp. — Class B | 4 |  | 273 |
| &nbsp;&nbsp;&nbsp; Gogo, Inc.\* | 18 |  | 264 |
| &nbsp;&nbsp;&nbsp; Sprinklr, Inc. — Class A\* | 30 |  | 254 |
| &nbsp;&nbsp;&nbsp; QuinStreet, Inc.\* | 15 |  | 241 |
| &nbsp;&nbsp;&nbsp; Groupon, Inc.\* | 7 |  | 234 |
| &nbsp;&nbsp;&nbsp; Revolve Group, Inc.\* | 11 |  | 221 |
| &nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. — Class C\* | 34 |  | 211 |
| &nbsp;&nbsp;&nbsp; Grindr, Inc.\* | 9 |  | 204 |
| &nbsp;&nbsp;&nbsp; NETGEAR, Inc.\* | 7 |  | 204 |
| &nbsp;&nbsp;&nbsp; HealthStream, Inc. | 7 |  | 194 |
| &nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 14 |  | 191 |
| &nbsp;&nbsp;&nbsp; Cars.com, Inc.\* | 16 |  | 190 |
| &nbsp;&nbsp;&nbsp; Rumble, Inc.\* | 21 |  | 189 |
| &nbsp;&nbsp;&nbsp; Angi, Inc.\* | 12 |  | 183 |
| &nbsp;&nbsp;&nbsp; ADTRAN Holdings, Inc.\* | 20 |  | 180 |
| &nbsp;&nbsp;&nbsp; EverQuote, Inc. — Class A\* | 7 |  | 169 |
| &nbsp;&nbsp;&nbsp; BlackSky Technology, Inc.\* | 8 |  | 165 |
| &nbsp;&nbsp;&nbsp; Preformed Line Products Co. | 1 |  | 160 |
| &nbsp;&nbsp;&nbsp; Altice USA, Inc. — Class A\* | 70 |  | 150 |
| &nbsp;&nbsp;&nbsp; Serve Robotics, Inc.\* | 13 |  | 149 |
| &nbsp;&nbsp;&nbsp; Powerfleet Incorporated NJ\* | 33 |  | 142 |
| &nbsp;&nbsp;&nbsp; Liquidity Services, Inc.\* | 6 |  | 142 |
| &nbsp;&nbsp;&nbsp; Stagwell, Inc.\* | 31 |  | 140 |
| &nbsp;&nbsp;&nbsp; Sinclair, Inc. | 10 |  | 138 |
| &nbsp;&nbsp;&nbsp; LifeMD, Inc.\* | 10 |  | 136 |
| &nbsp;&nbsp;&nbsp; Gannett Company, Inc.\* | 38 |  | 136 |
| &nbsp;&nbsp;&nbsp; Cable One, Inc.\* | 1 |  | 136 |
| &nbsp;&nbsp;&nbsp; Figs, Inc. — Class A\* | 24 |  | 135 |
| &nbsp;&nbsp;&nbsp; Bumble, Inc. — Class A\* | 20 |  | 132 |
| &nbsp;&nbsp;&nbsp; Clearfield, Inc.\* | 3 |  | 130 |
| &nbsp;&nbsp;&nbsp; Scholastic Corp. | 6 |  | 126 |
| &nbsp;&nbsp;&nbsp; RealReal, Inc.\* | 26 |  | 125 |
| &nbsp;&nbsp;&nbsp; Thryv Holdings, Inc.\* | 10 |  | 121 |
| &nbsp;&nbsp;&nbsp; Shutterstock, Inc.<sup>1</sup> | 6 |  | 114 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc. | 24 |  | 109 |
| &nbsp;&nbsp;&nbsp; Stitch Fix, Inc. — Class A\* | 29 |  | 107 |
| &nbsp;&nbsp;&nbsp; Nexxen International Ltd.\* | 10 |  | 104 |
| &nbsp;&nbsp;&nbsp; Beyond, Inc.\* | 15 |  | 103 |
| &nbsp;&nbsp;&nbsp; Ribbon Communications, Inc.\* | 25 |  | 100 |
| &nbsp;&nbsp;&nbsp; MediaAlpha, Inc. — Class A\* | 9 |  | 99 |
| &nbsp;&nbsp;&nbsp; Nextdoor Holdings, Inc.\* | 57 |  | 95 |
| &nbsp;&nbsp;&nbsp; Ooma, Inc.\* | 7 |  | 90 |
| &nbsp;&nbsp;&nbsp; Spok Holdings, Inc. | 5 |  | 88 |
| &nbsp;&nbsp;&nbsp; Boston Omaha Corp. — Class A\* | 6 |  | 84 |
| &nbsp;&nbsp;&nbsp; National CineMedia, Inc. | 17 |  | 82 |
| &nbsp;&nbsp;&nbsp; Backblaze, Inc. — Class A\* | 14 |  | 77 |
| &nbsp;&nbsp;&nbsp; Anterix, Inc.\* | 3 |  | 77 |
| &nbsp;&nbsp;&nbsp; Aviat Networks, Inc.\* | 3 |  | 72 |
| &nbsp;&nbsp;&nbsp; Satellogic, Inc. — Class A\* | 19 |  | 69 |
| &nbsp;&nbsp;&nbsp; OptimizeRx Corp.\* | 5 |  | 67 |
| &nbsp;&nbsp;&nbsp; WideOpenWest, Inc.\* | 14 |  | 57 |
| &nbsp;&nbsp;&nbsp; AMC Networks, Inc. — Class A\* | 9 |  | 56 |
| &nbsp;&nbsp;&nbsp; iHeartMedia, Inc. — Class A\* | 32 |  | 56 |
| &nbsp;&nbsp;&nbsp; TechTarget, Inc.\* | 7 |  | 55 |
| &nbsp;&nbsp;&nbsp; Open Lending Corp. — Class A\* | 28 |  | 54 |
| &nbsp;&nbsp;&nbsp; Eventbrite, Inc. — Class A\* | 20 |  | 53 |
| &nbsp;&nbsp;&nbsp; CuriosityStream, Inc. | 9 |  | 51 |
| &nbsp;&nbsp;&nbsp; EW Scripps Co. — Class A\* | 17 |  | 50 |
| &nbsp;&nbsp;&nbsp; Getty Images Holdings, Inc.\* | 30 |  | 50 |
| &nbsp;&nbsp;&nbsp; Liberty Latin America Ltd. — Class A\* | 8 |  | 49 |
| &nbsp;&nbsp;&nbsp; ATN International, Inc. | 3 |  | 49 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 153

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Gambling.com Group Ltd.\* | 4 | $| 48 |
| &nbsp;&nbsp;&nbsp; BK Technologies Corp.\* | 1 |  | 47 |
| &nbsp;&nbsp;&nbsp; Frequency Electronics, Inc. | 2 |  | 46 |
| &nbsp;&nbsp;&nbsp; Entravision Communications Corp. — Class A | 17 |  | 39 |
| &nbsp;&nbsp;&nbsp; Tucows, Inc. — Class A\* | 2 |  | 39 |
| &nbsp;&nbsp;&nbsp; Advantage Solutions, Inc.\* | 25 |  | 33 |
| &nbsp;&nbsp;&nbsp; Lands' End, Inc.\* | 3 |  | 32 |
| &nbsp;&nbsp;&nbsp; Vivid Seats, Inc. — Class A\* | 18 |  | 30 |
| &nbsp;&nbsp;&nbsp; Newsmax, Inc.\* | 2 |  | 30 |
| &nbsp;&nbsp;&nbsp; 1-800-Flowers.com, Inc. — Class A\*<sup>,1</sup> | 6 |  | 29 |
| &nbsp;&nbsp;&nbsp; Nerdy, Inc.\* | 16 |  | 26 |
| &nbsp;&nbsp;&nbsp; Triller Group, Inc.\* | 28 |  | 26 |
| &nbsp;&nbsp;&nbsp; BARK, Inc.\* | 29 |  | 25 |
| &nbsp;&nbsp;&nbsp; Travelzoo\* | 2 |  | 25 |
| &nbsp;&nbsp;&nbsp; Inseego Corp.\* | 3 |  | 25 |
| &nbsp;&nbsp;&nbsp; Crexendo, Inc.\* | 4 |  | 24 |
| &nbsp;&nbsp;&nbsp; AudioEye, Inc.\* | 2 |  | 23 |
| &nbsp;&nbsp;&nbsp; Gaia, Inc.\* | 5 |  | 22 |
| &nbsp;&nbsp;&nbsp; Arena Group Holdings, Inc.\* | 3 |  | 19 |
|  **Total Communications** |  |  | 31932 |
|  **Energy - 1.2%** | **Energy - 1.2%** | **Energy - 1.2%** | **Energy - 1.2%** |
| &nbsp;&nbsp;&nbsp; ChampionX Corp. | 52 |  | 1292 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 38 |  | 1280 |
| &nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp. — Class A | 50 |  | 1124 |
| &nbsp;&nbsp;&nbsp; Archrock, Inc. | 44 |  | 1092 |
| &nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 14 |  | 976 |
| &nbsp;&nbsp;&nbsp; Noble Corporation plc | 34 |  | 903 |
| &nbsp;&nbsp;&nbsp; California Resources Corp. | 18 |  | 822 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 36 |  | 810 |
| &nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 4 |  | 805 |
| &nbsp;&nbsp;&nbsp; SM Energy Co. | 31 |  | 766 |
| &nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 17 |  | 716 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 25 |  | 709 |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 14 |  | 646 |
| &nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 14 |  | 642 |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 95 |  | 563 |
| &nbsp;&nbsp;&nbsp; Comstock Resources, Inc.\* | 20 |  | 553 |
| &nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. — Class A | 12 |  | 529 |
| &nbsp;&nbsp;&nbsp; Transocean Ltd.\* | 200 |  | 518 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 25 |  | 518 |
| &nbsp;&nbsp;&nbsp; Kodiak Gas Services, Inc. | 15 |  | 514 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc. — Class A | 23 |  | 498 |
| &nbsp;&nbsp;&nbsp; Liberty Energy, Inc. — Class A | 42 |  | 482 |
| &nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 56 |  | 458 |
| &nbsp;&nbsp;&nbsp; Seadrill Ltd.\* | 17 |  | 446 |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 33 |  | 443 |
| &nbsp;&nbsp;&nbsp; DNOW, Inc.\* | 29 |  | 430 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Co. — Class A | 48 |  | 413 |
| &nbsp;&nbsp;&nbsp; Sable Offshore Corp.\* | 18 |  | 396 |
| &nbsp;&nbsp;&nbsp; Helmerich & Payne, Inc. | 26 |  | 394 |
| &nbsp;&nbsp;&nbsp; Sitio Royalties Corp. — Class A | 21 |  | 386 |
| &nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 14 |  | 371 |
| &nbsp;&nbsp;&nbsp; Plug Power, Inc.\*<sup>,1</sup> | 246 |  | 367 |
| &nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 16 |  | 339 |
| &nbsp;&nbsp;&nbsp; Alpha Metallurgical Resources, Inc.\* | 3 |  | 337 |
| &nbsp;&nbsp;&nbsp; NextDecade Corp.\* | 36 |  | 321 |
| &nbsp;&nbsp;&nbsp; Eos Energy Enterprises, Inc.\* | 60 |  | 307 |
| &nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc. — Class A | 10 |  | 283 |
| &nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc.<sup>1</sup> | 21 |  | 281 |
| &nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 32 |  | 271 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 8 |  | 264 |
| &nbsp;&nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 39 |  | 243 |
| &nbsp;&nbsp;&nbsp; Array Technologies, Inc.\*<sup>,1</sup> | 41 |  | 242 |
| &nbsp;&nbsp;&nbsp; Expro Group Holdings N.V.\* | 28 |  | 241 |
| &nbsp;&nbsp;&nbsp; Kosmos Energy Ltd.\* | 128 |  | 220 |
| &nbsp;&nbsp;&nbsp; Diversified Energy Company plc | 15 |  | 220 |
| &nbsp;&nbsp;&nbsp; Select Water Solutions, Inc. — Class A | 25 |  | 216 |
| &nbsp;&nbsp;&nbsp; CVR Energy, Inc.\* | 8 |  | 215 |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 23 |  | 198 |
| &nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 4 |  | 195 |
| &nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc. — Class A\* | 45 |  | 191 |
| &nbsp;&nbsp;&nbsp; Aris Water Solutions, Inc. — Class A | 8 |  | 189 |
| &nbsp;&nbsp;&nbsp; NPK International, Inc.\* | 22 |  | 187 |
| &nbsp;&nbsp;&nbsp; Vitesse Energy, Inc. | 8 |  | 177 |
| &nbsp;&nbsp;&nbsp; Excelerate Energy, Inc. — Class A | 6 |  | 176 |
| &nbsp;&nbsp;&nbsp; Innovex International, Inc.\* | 10 |  | 156 |
| &nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 13 |  | 150 |
| &nbsp;&nbsp;&nbsp; New Fortress Energy, Inc.\* | 45 |  | 149 |
| &nbsp;&nbsp;&nbsp; Fluence Energy, Inc.\* | 20 |  | 134 |
| &nbsp;&nbsp;&nbsp; Ramaco Resources, Inc. — Class A | 10 |  | 131 |
| &nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 22 |  | 131 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc.\*<sup>,1</sup> | 8 |  | 129 |
| &nbsp;&nbsp;&nbsp; Hallador Energy Co.\* | 8 |  | 127 |
| &nbsp;&nbsp;&nbsp; BKV Corp.\* | 5 |  | 121 |
| &nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.\* | 34 |  | 114 |
| &nbsp;&nbsp;&nbsp; RPC, Inc. | 24 |  | 114 |
| &nbsp;&nbsp;&nbsp; Nabors Industries Ltd.\* | 4 |  | 112 |
| &nbsp;&nbsp;&nbsp; ASP Isotopes, Inc.\* | 15 |  | 110 |
| &nbsp;&nbsp;&nbsp; Borr Drilling Ltd.\* | 60 |  | 110 |
| &nbsp;&nbsp;&nbsp; SandRidge Energy, Inc. | 10 |  | 108 |
| &nbsp;&nbsp;&nbsp; Riley Exploration Permian, Inc. | 4 |  | 105 |
| &nbsp;&nbsp;&nbsp; Green Plains, Inc.\* | 17 |  | 103 |
| &nbsp;&nbsp;&nbsp; VAALCO Energy, Inc. | 28 |  | 101 |
| &nbsp;&nbsp;&nbsp; National Energy Services Reunited Corp.\* | 16 |  | 96 |
| &nbsp;&nbsp;&nbsp; Granite Ridge Resources, Inc. | 15 |  | 95 |
| &nbsp;&nbsp;&nbsp; Matrix Service Co.\* | 7 |  | 95 |
| &nbsp;&nbsp;&nbsp; Flowco Holdings, Inc. — Class A | 5 |  | 89 |
| &nbsp;&nbsp;&nbsp; Oil States International, Inc.\* | 16 |  | 86 |
| &nbsp;&nbsp;&nbsp; Gevo, Inc.\* | 62 |  | 82 |
| &nbsp;&nbsp;&nbsp; Natural Gas Services Group, Inc.\* | 3 |  | 77 |
| &nbsp;&nbsp;&nbsp; Summit Midstream Corp.\* | 3 |  | 73 |
| &nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc. — Class A\* | 4 |  | 73 |
| &nbsp;&nbsp;&nbsp; Kolibri Global Energy, Inc.\* | 9 |  | 62 |
| &nbsp;&nbsp;&nbsp; Ranger Energy Services, Inc. — Class A | 5 |  | 60 |
| &nbsp;&nbsp;&nbsp; Flotek Industries, Inc.\* | 4 |  | 59 |
| &nbsp;&nbsp;&nbsp; Forum Energy Technologies, Inc.\* | 3 |  | 58 |
| &nbsp;&nbsp;&nbsp; Berry Corp. | 21 |  | 58 |
| &nbsp;&nbsp;&nbsp; HighPeak Energy, Inc.<sup>1</sup> | 5 |  | 49 |
| &nbsp;&nbsp;&nbsp; W&T Offshore, Inc. | 27 |  | 45 |
| &nbsp;&nbsp;&nbsp; NACCO Industries, Inc. — Class A | 1 |  | 44 |

---

154 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; DMC Global, Inc.\* | 5 | $| 40 |
| &nbsp;&nbsp;&nbsp; Montauk Renewables, Inc.\* | 18 |  | 40 |
| &nbsp;&nbsp;&nbsp; Evolution Petroleum Corp. | 8 |  | 38 |
| &nbsp;&nbsp;&nbsp; Epsilon Energy Ltd. | 5 |  | 37 |
| &nbsp;&nbsp;&nbsp; T1 Energy, Inc.\* | 30 |  | 37 |
| &nbsp;&nbsp;&nbsp; SEACOR Marine Holdings, Inc.\* | 6 |  | 31 |
| &nbsp;&nbsp;&nbsp; Complete Solaria, Inc.\* | 16 |  | 29 |
| &nbsp;&nbsp;&nbsp; FutureFuel Corp. | 7 |  | 27 |
| &nbsp;&nbsp;&nbsp; ProFrac Holding Corp. — Class A\*<sup>,1</sup> | 3 |  | 23 |
| &nbsp;&nbsp;&nbsp; Empire Petroleum Corp.\* | 4 |  | 21 |
| &nbsp;&nbsp;&nbsp; Mammoth Energy Services, Inc.\* | 7 |  | 20 |
| &nbsp;&nbsp;&nbsp; Prairie Operating Co.\* | 6 |  | 18 |
| &nbsp;&nbsp;&nbsp; OPAL Fuels, Inc. — Class A\* | 6 |  | 15 |
| &nbsp;&nbsp;&nbsp; NextNRG, Inc.\* | 5 |  | 14 |
| &nbsp;&nbsp;&nbsp; Verde Clean Fuels, Inc.\* | 1 |  | 3 |
|  **Total Energy** |  |  | 29974 |
|  **Basic Materials - 0.9%** | **Basic Materials - 0.9%** | **Basic Materials - 0.9%** | **Basic Materials - 0.9%** |
| &nbsp;&nbsp;&nbsp; Coeur Mining, Inc.\* | 172 |  | 1524 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 31 |  | 1516 |
| &nbsp;&nbsp;&nbsp; Balchem Corp. | 9 |  | 1433 |
| &nbsp;&nbsp;&nbsp; Cabot Corp. | 15 |  | 1125 |
| &nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 11 |  | 1084 |
| &nbsp;&nbsp;&nbsp; Hecla Mining Co. | 161 |  | 964 |
| &nbsp;&nbsp;&nbsp; HB Fuller Co. | 15 |  | 902 |
| &nbsp;&nbsp;&nbsp; Avient Corp. | 25 |  | 808 |
| &nbsp;&nbsp;&nbsp; Uranium Energy Corp.\* | 114 |  | 775 |
| &nbsp;&nbsp;&nbsp; Centrus Energy Corp. — Class A\* | 4 |  | 733 |
| &nbsp;&nbsp;&nbsp; Hawkins, Inc. | 5 |  | 711 |
| &nbsp;&nbsp;&nbsp; SSR Mining, Inc.\* | 55 |  | 701 |
| &nbsp;&nbsp;&nbsp; Innospec, Inc. | 7 |  | 589 |
| &nbsp;&nbsp;&nbsp; Perimeter Solutions, Inc.\* | 37 |  | 515 |
| &nbsp;&nbsp;&nbsp; Constellium SE\* | 38 |  | 505 |
| &nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 9 |  | 496 |
| &nbsp;&nbsp;&nbsp; Chemours Co. | 41 |  | 470 |
| &nbsp;&nbsp;&nbsp; Sylvamo Corp. | 9 |  | 451 |
| &nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 4 |  | 448 |
| &nbsp;&nbsp;&nbsp; Ingevity Corp.\* | 10 |  | 431 |
| &nbsp;&nbsp;&nbsp; Rogers Corp.\* | 5 |  | 342 |
| &nbsp;&nbsp;&nbsp; Stepan Co. | 6 |  | 328 |
| &nbsp;&nbsp;&nbsp; Energy Fuels, Inc.\* | 56 |  | 322 |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 4 |  | 319 |
| &nbsp;&nbsp;&nbsp; United States Lime & Minerals, Inc. | 3 |  | 299 |
| &nbsp;&nbsp;&nbsp; Calumet, Inc.\* | 19 |  | 299 |
| &nbsp;&nbsp;&nbsp; Novagold Resources, Inc.\* | 67 |  | 274 |
| &nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 14 |  | 252 |
| &nbsp;&nbsp;&nbsp; Ecovyst, Inc.\* | 29 |  | 239 |
| &nbsp;&nbsp;&nbsp; MAC Copper Ltd. — Class A\* | 19 |  | 230 |
| &nbsp;&nbsp;&nbsp; Ivanhoe Electric Incorporated / US\* | 23 |  | 209 |
| &nbsp;&nbsp;&nbsp; Radius Recycling, Inc. — Class A | 7 |  | 208 |
| &nbsp;&nbsp;&nbsp; Compass Minerals International, Inc.\* | 9 |  | 181 |
| &nbsp;&nbsp;&nbsp; Oil-Dri Corporation of America | 3 |  | 177 |
| &nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 7 |  | 166 |
| &nbsp;&nbsp;&nbsp; Tronox Holdings plc — Class A | 32 |  | 162 |
| &nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 5 |  | 161 |
| &nbsp;&nbsp;&nbsp; Orion S.A. | 15 |  | 157 |
| &nbsp;&nbsp;&nbsp; Perpetua Resources Corp.\* | 12 |  | 146 |
| &nbsp;&nbsp;&nbsp; Encore Energy Corp.\* | 50 |  | 143 |
| &nbsp;&nbsp;&nbsp; Ferroglobe plc | 32 |  | 117 |
| &nbsp;&nbsp;&nbsp; Magnera Corp.\* | 9 |  | 109 |
| &nbsp;&nbsp;&nbsp; Intrepid Potash, Inc.\* | 3 |  | 107 |
| &nbsp;&nbsp;&nbsp; Mativ Holdings, Inc. | 15 |  | 102 |
| &nbsp;&nbsp;&nbsp; Dakota Gold Corp.\* | 23 |  | 85 |
| &nbsp;&nbsp;&nbsp; Caledonia Mining Corporation plc | 4 |  | 77 |
| &nbsp;&nbsp;&nbsp; Rayonier Advanced Materials, Inc.\* | 17 |  | 65 |
| &nbsp;&nbsp;&nbsp; US Antimony Corp.\* | 25 |  | 54 |
| &nbsp;&nbsp;&nbsp; Codexis, Inc.\* | 22 |  | 54 |
| &nbsp;&nbsp;&nbsp; Idaho Strategic Resources, Inc.\* | 3 |  | 39 |
| &nbsp;&nbsp;&nbsp; Contango ORE, Inc.\* | 2 |  | 39 |
| &nbsp;&nbsp;&nbsp; Kronos Worldwide, Inc. | 6 |  | 37 |
| &nbsp;&nbsp;&nbsp; US Gold Corp.\* | 3 |  | 37 |
| &nbsp;&nbsp;&nbsp; American Battery Technology Co.\* | 22 |  | 36 |
| &nbsp;&nbsp;&nbsp; Piedmont Lithium, Inc.\* | 6 |  | 35 |
| &nbsp;&nbsp;&nbsp; Vox Royalty Corp. | 11 |  | 35 |
| &nbsp;&nbsp;&nbsp; Friedman Industries, Inc. | 2 |  | 33 |
| &nbsp;&nbsp;&nbsp; NioCorp Developments Ltd.\* | 14 |  | 33 |
| &nbsp;&nbsp;&nbsp; Critical Metals Corp.\* | 9 |  | 32 |
| &nbsp;&nbsp;&nbsp; Lifezone Metals Ltd.\* | 7 |  | 29 |
| &nbsp;&nbsp;&nbsp; Trinseo plc | 9 |  | 28 |
| &nbsp;&nbsp;&nbsp; American Vanguard Corp. | 7 |  | 27 |
| &nbsp;&nbsp;&nbsp; Valhi, Inc. | 1 |  | 16 |
|  **Total Basic Materials** |  |  | 22021 |
|  **Utilities - 0.9%** | **Utilities - 0.9%** | **Utilities - 0.9%** | **Utilities - 0.9%** |
| &nbsp;&nbsp;&nbsp; Oklo, Inc.\* | 28 |  | 1568 |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 25 |  | 1408 |
| &nbsp;&nbsp;&nbsp; Ormat Technologies, Inc. | 16 |  | 1340 |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp. — Class A | 32 |  | 1331 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 17 |  | 1265 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 30 |  | 1219 |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 27 |  | 1210 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | 16 |  | 1168 |
| &nbsp;&nbsp;&nbsp; ONE Gas, Inc. | 16 |  | 1150 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 20 |  | 1122 |
| &nbsp;&nbsp;&nbsp; ALLETE, Inc. | 16 |  | 1025 |
| &nbsp;&nbsp;&nbsp; MGE Energy, Inc. | 10 |  | 884 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 17 |  | 872 |
| &nbsp;&nbsp;&nbsp; Avista Corp. | 22 |  | 835 |
| &nbsp;&nbsp;&nbsp; Otter Tail Corp. | 10 |  | 771 |
| &nbsp;&nbsp;&nbsp; American States Water Co. | 10 |  | 767 |
| &nbsp;&nbsp;&nbsp; California Water Service Group | 16 |  | 728 |
| &nbsp;&nbsp;&nbsp; Chesapeake Utilities Corp. | 6 |  | 721 |
| &nbsp;&nbsp;&nbsp; Hawaiian Electric Industries, Inc.\* | 47 |  | 500 |
| &nbsp;&nbsp;&nbsp; H2O America | 9 |  | 468 |
| &nbsp;&nbsp;&nbsp; Northwest Natural Holding Co. | 11 |  | 437 |
| &nbsp;&nbsp;&nbsp; Middlesex Water Co. | 5 |  | 271 |
| &nbsp;&nbsp;&nbsp; Unitil Corp. | 4 |  | 208 |
| &nbsp;&nbsp;&nbsp; Genie Energy Ltd. — Class B | 6 |  | 161 |
| &nbsp;&nbsp;&nbsp; Ameresco, Inc. — Class A\* | 9 |  | 137 |
| &nbsp;&nbsp;&nbsp; York Water Co. | 4 |  | 126 |
| &nbsp;&nbsp;&nbsp; Consolidated Water Company Ltd. | 4 |  | 120 |
| &nbsp;&nbsp;&nbsp; RGC Resources, Inc. | 2 |  | 45 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 155

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Global Water Resources, Inc. | 3 | $| 30 |
|  **Total Utilities** |  |  | 21887 |
|  **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| &nbsp;&nbsp;&nbsp; Banco Latinoamericano de Comercio Exterior S.A. — Class E | 8 |  | 322 |
|  **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $633,904) |  |  | 684193 |
|  **WARRANTS<sup>††</sup>** **- 0.0%** | **WARRANTS<sup>††</sup>** **- 0.0%** | **WARRANTS<sup>††</sup>** **- 0.0%** | **WARRANTS<sup>††</sup>** **- 0.0%** |
|  Danimer Scientific, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiring 07/15/25\* | 1 |  |  |
|  **Total Warrants** | **Total Warrants** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  |  |  |
|  **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** | **RIGHTS<sup>†</sup>** **- 0.0%** |
|  **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** | **Communications - 0.0%** |
|  Gen Digital, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; Expires 04/17/27\* | 2 |  | 16 |
|  **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
|  Sanofi SA |  |  |  |
| &nbsp;&nbsp;&nbsp; Expires 06/30/27\* | 15 |  |  |
|  Cartesian Therapeutics Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; Expires 07/31/25\* | 69 |  |  |
|  Tobira Therapeutics, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp; Expires 12/31/28\*<sup>,†††</sup> | 8 |  |  |
|  Novartis AG |  |  |  |
| &nbsp;&nbsp;&nbsp; Expires 12/31/29\*<sup>,†††</sup> | 35 |  |  |
|  **Total Consumer, Non-cyclical** |  |  |  |
|  **Total Rights** | **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $22) |  |  | 16 |
|  **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 32.8%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 32.8%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 32.8%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 32.8%** |
| &nbsp;&nbsp;&nbsp; Vanguard Russell 2000 ETF | 4679 |  | 408103 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 Index ETF<sup>1</sup> | 1889 |  | 407627 |
|  **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $827,474) |  |  | 815730 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 20.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 20.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 20.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 20.8%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 27070 |  | 272055 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>2</sup> | 9842 |  | 244880 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $508,808) |  |  | 516935 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.0%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.0%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.0%** |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 4.32% due 02/27/26 | $150000 | 149902 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $149,995) |  | 149902 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 4.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.2%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.2%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>3,4</sup> | 55000 | 54956 |
| &nbsp;&nbsp;&nbsp; 4.20% due 09/18/25<sup>4,5</sup> | 50000 | 49537 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $104,495) |  | 104493 |
|  **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 8.3%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 8.3%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 8.3%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>5</sup> | 111776 | 111776 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>5</sup> | 48231 | 48231 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>5</sup> | 46573 | 46573 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $206,580) |  | 206580 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 13.0%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 13.0%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 13.0%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>8</sup> | 321567 | 321567 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $321,567) |  | 321567 |
|  **Total Investments - 112.7%** | **Total Investments - 112.7%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,752,845) | &nbsp;&nbsp;&nbsp; (Cost $2,752,845) | $2799416 |
|  **Other Assets & Liabilities, net - (12.7)%** | **Other Assets & Liabilities, net - (12.7)%** | (315250) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2484166 |

---

156 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **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 | 6 | Sep 2025 | $657360 | $21910 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
|  BNP Paribas | Russell 2000 Index | Pay | 4.88% (Federal<br> Funds Rate + <br> 0.55%) | At Maturity | 09/25/25 | 277 | $602345 | $10760 |
|  Barclays Bank plc | Russell 2000 Index | Pay | 5.14% (SOFR + <br> 0.75%) | At Maturity | 09/25/25 | 274 | 596386 | 9759 |
|  Goldman Sachs International | Russell 2000 Index | Pay | 4.68% (Federal <br> Funds Rate +<br> 0.35%) | At Maturity | 09/24/25 | 186 | 404711 | 2572 |
|  |  |  |  |  |  |  | $1603442 | $23091 |

---

---

| | |
|:---|:---|
| \* | &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 June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 157

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $684193 | $— | $— \* | $684193 |
|  Warrants |  | — \* |  |  |
|  Rights | 16 |  | — \* | 16 |
|  Exchange-Traded Funds | 815730 |  |  | 815730 |
|  Mutual Funds | 516935 |  |  | 516935 |
|  Federal Agency Notes |  | 149902 |  | 149902 |
|  U.S. Treasury Bills |  | 104493 |  | 104493 |
|  Repurchase Agreements |  | 206580 |  | 206580 |
|  Securities Lending Collateral | 321567 |  |  | 321567 |
|  Equity Futures Contracts\*\* | 21910 |  |  | 21910 |
|  Equity Index Swap Agreements\*\* |  | 23091 |  | 23091 |
|  Total Assets | $2360351 | $484066 | $— | $2844417 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Includes securities with a market value of $0. |
| \*\* | &nbsp;&nbsp;&nbsp; This derivative is reported as unrealized appreciation/depreciation at period end. |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $244585 | $— | $— | $— | $295 | $244880 | 9842 | $6549 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 380753 |  | (110000) | 2015 | (713) | 272055 | 27070 | 7162 |
|  | $625338 | $— | $(110000) | $2015 | $(418) | $516935 |  | $13711 |

---

158 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value - including $315,513 of securities loaned (cost $2,037,457) | $2075901 |
|  Investments in affiliated issuers, at value (cost $508,808) | 516935 |
|  Repurchase agreements, at value (cost $206,580) | 206580 |
|  Cash | 13 |
|  Segregated cash with broker | 6852 |
|  Unrealized appreciation on OTC swap agreements | 23091 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 2635 |
| &nbsp;&nbsp;&nbsp; Interest | 2257 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1982 |
| &nbsp;&nbsp;&nbsp; Securities sold | 1381 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 720 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 36 |
|  **Total assets** | 2838383 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 321567 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 21326 |
| &nbsp;&nbsp;&nbsp; Management fees | 1738 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1188 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 794 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 498 |
| &nbsp;&nbsp;&nbsp; Securities purchased | 443 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 109 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 29 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 6525 |
|  **Total liabilities** | 354217 |
|  **Net assets** | $2484166 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $3758339 |
|  Total distributable earnings (loss) | (1274173) |
|  Net assets | $2484166 |
|  Capital shares outstanding | 34485 |
|  Net asset value per share | $72.04 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $12) | $8495 |
|  Dividends from securities of affiliated issuers | 13711 |
|  Interest | 12837 |
|  Income from securities lending, net | 252 |
| &nbsp;&nbsp;&nbsp; Total investment income | 35295 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 12089 |
|  Investor service fees | 3358 |
|  Transfer agent fees | 3935 |
|  Professional fees | 2589 |
|  Portfolio accounting and administration fees | 2082 |
|  Trustees' fees\* | 206 |
|  Custodian fees | 193 |
|  Miscellaneous | 1670 |
| &nbsp;&nbsp;&nbsp; Total expenses | 26122 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1343) |
|  Expenses waived by Adviser | (407) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (1750) |
|  Net expenses | 24372 |
|  Net investment income | 10923 |
|  **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
|  Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 2049 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 2015 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (216246) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (87685) |
|  Net realized loss | (299867) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (62328) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | (418) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 42669 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 60140 |
|  Net change in unrealized appreciation (depreciation) | 40063 |
|  Net realized and unrealized loss | (259804) |
|  **Net decrease in net assets resulting from operations** | $(248881) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 159

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $10923 | $39608 |
|  Net realized gain (loss) on investments | (299867) | 99091 |
|  Net change in unrealized appreciation (depreciation) on investments | 40063 | 24228 |
|  Net increase (decrease) in net assets resulting from operations | (248881) | 162927 |
|  Distributions to shareholders |  | (42928) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 1816529 | 6228214 |
|  Distributions reinvested |  | 42928 |
|  Cost of shares redeemed | (2252847) | (7518471) |
|  Net decrease from capital share transactions | (436318) | (1247329) |
|  Net decrease in net assets | (685199) | (1127330) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 3169365 | 4296695 |
| &nbsp;&nbsp;&nbsp; End of period | $2484166 | $3169365 |
|  **Capital share activity:** |  |  |
|  Shares sold | 24604 | 83141 |
|  Shares issued from reinvestment of distributions |  | 561 |
|  Shares redeemed | (31501) | (103909) |
|  Net decrease in shares | (6897) | (20207) |

---

160 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $76.59 | $69.76 | $58.25 | $87.53 | $89.86 | $77.94 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .28 | .85 | .75 | (.11) | (.96) | (.67) |
|  Net gain (loss) on investments (realized and unrealized) | (4.83) | 6.80 | 10.76 | (29.17) | 18.02 | 15.02 |
|  Total from investment operations | (4.55) | 7.65 | 11.51 | (29.28) | 17.06 | 14.35 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.82) |  |  | (.07) |  |
|  Net realized gains |  |  |  |  | (19.32) | (2.43) |
|  Total distributions |  | (.82) |  |  | (19.39) | (2.43) |
|  Net asset value, end of period | $72.04 | $76.59 | $69.76 | $58.25 | $87.53 | $89.86 |
|  **Total Return<sup>c</sup>** | **(5.94** **%)** | **10.95%** | **19.76%** | **(33.45** **%)** | **19.00%** | **20.04%** |
|  **Ratios/Supplemental Data** | **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) | $2484 | $3169 | $4297 | $3364 | $7985 | $11284 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.81% | 1.17% | 1.22% | (0.17%) | (0.96%) | (1.01%) |
|  Total expenses<sup>d</sup> | 1.94% | 1.87% | 1.91% | 1.87% | 1.79% | 1.92% |
|  Net expenses<sup>e</sup> | 1.81% | 1.74% | 1.81% | 1.79% | 1.71% | 1.85% |
|  Portfolio turnover rate | 4% | 7% | 5% | 88% | 99% | 148% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 161

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** |
|  **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
| &nbsp;&nbsp;&nbsp; Tobira Therapeutics, Inc.\* | 7 | $— |
|  **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp; (Cost $—) |  |  |
|  **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 20.0%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 20.0%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 20.0%** |
| &nbsp;&nbsp;&nbsp; Vanguard Russell 2000 ETF | 2308 | 201304 |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 Index ETF<sup>1</sup> | 932 | 201116 |
|  **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $408,358) |  | 402420 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.7%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.7%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 29.7%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 4.15% due 07/10/25<sup>2</sup> | $300000 | 299689 |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 4.19% due 07/22/25<sup>2</sup> | 300000 | 299266 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $598,955) |  | 598955 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 5.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 5.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 5.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 4.23% due 09/18/25<sup>2,3</sup> | 50000 | 49537 |
| &nbsp;&nbsp;&nbsp; 4.20% due 09/18/25<sup>2,3</sup> | 50000 | 49537 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $99,074) |  | 99074 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 42.6%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 42.6%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 42.6%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>3</sup> | 464790 | 464790 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>3</sup> | 200557 | 200557 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>3</sup> | 193662 | 193662 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $859,009) |  | 859009 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,5</sup>** **- 7.0%** | **SECURITIES LENDING COLLATERAL<sup>†,5</sup>** **- 7.0%** | **SECURITIES LENDING COLLATERAL<sup>†,5</sup>** **- 7.0%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>6</sup> | 141680 | 141680 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $141,680) |  | 141680 |
|  **Total Investments - 104.3%** | **Total Investments - 104.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,107,076) | &nbsp;&nbsp;&nbsp; (Cost $2,107,076) | $2101138 |
|  **Other Assets & Liabilities, net - (4.3)%** | **Other Assets & Liabilities, net - (4.3)%** | (86136) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2015002 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
|  Russell 2000 Index Mini Futures Contracts | 1 | Sep 2025 | $109560 | $192 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
|  BNP Paribas | Russell 2000 Index | Pay | 4.88% (Federal <br> Funds Rate + <br> 0.55%) | At Maturity | 09/25/25 | 463 | $1007331 | $17993 |
|  Barclays Bank plc | Russell 2000 Index | Pay | 5.14% (SOFR + <br> 0.75%) | At Maturity | 09/25/25 | 459 | 997868 | 16932 |
|  Goldman Sachs International | Russell 2000 Index | Pay | 4.68% (Federal <br> Funds Rate +<br> 0.35%) | At Maturity | 09/24/25 | 678 | 1474455 | 9371 |
|  |  |  |  |  |  |  | $3479654 | $44296 |

---

162 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 3 inputs — See Note 4 |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Rights | $— | $— | $— \* | $— |
|  Exchange-Traded Funds | 402420 |  |  | 402420 |
|  Federal Agency Discount Notes |  | 598955 |  | 598955 |
|  U.S. Treasury Bills |  | 99074 |  | 99074 |
|  Repurchase Agreements |  | 859009 |  | 859009 |
|  Securities Lending Collateral | 141680 |  |  | 141680 |
|  Equity Futures Contracts\*\* | 192 |  |  | 192 |
|  Equity Index Swap Agreements\*\* |  | 44296 |  | 44296 |
|  Total Assets | $544292 | $1601334 | $— | $2145626 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Security has a market value of $0. |
| \*\* | &nbsp;&nbsp;&nbsp; This derivative is reported as unrealized appreciation/depreciation at period end. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 163

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $138,969 of securities loaned (cost $1,248,067) | $1242129 |
|  Repurchase agreements, at value (cost $859,009) | 859009 |
|  Segregated cash with broker | 9255 |
|  Unrealized appreciation on OTC swap agreements | 44296 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 24999 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 120 |
| &nbsp;&nbsp;&nbsp; Interest | 104 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 9 |
|  **Total assets** | 2179921 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 141680 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2376 |
| &nbsp;&nbsp;&nbsp; Management fees | 1351 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 842 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 375 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 83 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 82 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 26 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 18104 |
|  **Total liabilities** | 164919 |
|  **Net assets** | $2015002 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $6627824 |
|  Total distributable earnings (loss) | (4612822) |
|  Net assets | $2015002 |
|  Capital shares outstanding | 13942 |
|  Net asset value per share | $144.53 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $2113 |
|  Interest | 136000 |
|  Income from securities lending, net | 61 |
| &nbsp;&nbsp;&nbsp; Total investment income | 138174 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 23727 |
|  Investor service fees | 6591 |
|  Transfer agent fees | 10464 |
|  Portfolio accounting and administration fees | 4086 |
|  Professional fees | 3832 |
|  Trustees' fees\* | 881 |
|  Custodian fees | 436 |
|  Interest expense | 217 |
|  Line of credit fees | 36 |
|  Miscellaneous | 1141 |
| &nbsp;&nbsp;&nbsp; Total expenses | 51411 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2636) |
|  Net expenses | 48775 |
|  Net investment income | 89399 |
|  **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 | 219 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (3364783) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (455808) |
|  Net realized loss | (3820372) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (10254) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 681968 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 127182 |
|  Net change in unrealized appreciation (depreciation) | 798896 |
|  Net realized and unrealized loss | (3021476) |
|  **Net decrease in net assets resulting from operations** | $(2932077) |

---

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

164 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $89399 | $342757 |
|  Net realized loss on investments | (3820372) | (1258942) |
|  Net change in unrealized appreciation (depreciation) on investments | 798896 | (964072) |
|  Net decrease in net assets resulting from operations | (2932077) | (1880257) |
|  Distributions to shareholders |  | (312091) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 13866371 | 129503893 |
|  Distributions reinvested |  | 312091 |
|  Cost of shares redeemed | (21336429) | (127199259) |
|  Net increase (decrease) from capital share transactions | (7470058) | 2616725 |
|  Net increase (decrease) in net assets | (10402135) | 424377 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 12417137 | 11992760 |
| &nbsp;&nbsp;&nbsp; End of period | $2015002 | $12417137 |
|  **Capital share activity:** |  |  |
|  Shares sold | 99902 | 838048 |
|  Shares issued from reinvestment of distributions |  | 1899 |
|  Shares redeemed | (162964) | (843309) |
|  Net decrease in shares | (63062) | (3362) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 165

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $161.25 | $149.23 | $122.48 | $214.85 | $273.59 | $234.99 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 2.47 | 5.33 | 3.71 | .58 | (3.44) | (2.35) |
|  Net gain (loss) on investments (realized and unrealized) | (19.19) | 8.96 <sup>f</sup> | 23.17 | (92.95) | 72.57 | 42.01 |
|  Total from investment operations | (16.72) | 14.29 | 26.88 | (92.37) | 69.13 | 39.66 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.91) | (.13) |  |  | (1.06) |
|  Net realized gains |  | (1.36) |  |  | (127.87) |  |
|  Total distributions |  | (2.27) | (.13) |  | (127.87) | (1.06) |
|  Net asset value, end of period | $144.53 | $161.25 | $149.23 | $122.48 | $214.85 | $273.59 |
|  **Total Return<sup>c</sup>** | **(10.37** **%)** | **9.55%** | **22.00%** | **(42.99** **%)** | **25.77%** | **17.21%** |
|  **Ratios/Supplemental Data** | **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) | $2015 | $12417 | $11993 | $1024 | $2521 | $16514 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 3.39% | 3.34% | 2.83% | 0.40% | (1.23%) | (1.23%) |
|  Total expenses<sup>d</sup> | 1.95% | 1.97% | 2.11% | 1.88% | 1.80% | 1.92% |
|  Net expenses<sup>e</sup> | 1.85% | 1.87% | 2.04% | 1.83% | 1.74% | 1.86% |
|  Portfolio turnover rate |  |  |  | 598% | 701% | 463% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

166 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 14.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 14.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 14.9%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 6762 | $67962 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 2575 | 64060 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $128,417) |  | 132022 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 17.0%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 17.0%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 17.0%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 4.15% due 07/10/25<sup>2</sup> | $100000 | 99896 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 4.23% due 07/02/25<sup>2</sup> | 50000 | 49994 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $149,890) |  | 149890 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 66.5%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 66.5%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 66.5%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 316870 | 316870 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>4</sup> | 136729 | 136729 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 132029 | 132029 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $585,628) |  | 585628 |
|  **Total Investments - 98.4%** | **Total Investments - 98.4%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $863,935) | &nbsp;&nbsp;&nbsp; (Cost $863,935) | $867540 |
|  **Other Assets & Liabilities, net - 1.6%** | **Other Assets & Liabilities, net - 1.6%** | 13684 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $881224 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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 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 | 09/24/25 | 181 | $393875 | $(2502) |
|  BNP Paribas | Russell 2000 Index | Receive | 4.48% (Federal <br> Funds Rate +<br> 0.15%) | At Maturity | 09/25/25 | 91 | 197345 | (3525) |
|  Barclays Bank plc | Russell 2000 Index | Receive | 4.74% (SOFR +<br> 0.35%) | At Maturity | 09/25/25 | 134 | 291004 | (5198) |
|  |  |  |  |  |  |  | $882224 | $(11225) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 167

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Mutual Funds | $132022 | $— | $— | $132022 |
|  Federal Agency Discount Notes |  | 149890 |  | 149890 |
|  Repurchase Agreements |  | 585628 |  | 585628 |
|  Total Assets | $132022 | $735518 | $— | $867540 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Equity Index Swap Agreements\*\* | $– $| 11225 | $– $| 11225 |

---

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

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $63983 | $— | $— | $— | $77 | $64060 | 2575 | $1713 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 67691 |  |  |  | 271 | 67962 | 6762 | 1477 |
|  | $131674 | $— | $— | $— | $348 | $132022 |  | $3190 |

---

168 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $149,890) | $149890 |
|  Investments in affiliated issuers, at value (cost $128,417) | 132022 |
|  Repurchase agreements, at value (cost $585,628) | 585628 |
|  Segregated cash with broker | 33000 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 505 |
| &nbsp;&nbsp;&nbsp; Interest | 72 |
|  **Total assets** | 901117 |
|  **Liabilities:** | **Liabilities:** |
|  Unrealized depreciation on OTC swap agreements | 11225 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 4564 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 648 |
| &nbsp;&nbsp;&nbsp; Management fees | 644 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 378 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 183 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 40 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 10 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 2201 |
|  **Total liabilities** | 19893 |
|  **Net assets** | $881224 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $9403917 |
|  Total distributable earnings (loss) | (8522693) |
|  Net assets | $881224 |
|  Capital shares outstanding | 6309 |
|  Net asset value per share | $139.68 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $3190 |
|  Interest | 14242 |
| &nbsp;&nbsp;&nbsp; Total investment income | 17432 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 3507 |
|  Investor service fees | 974 |
|  Transfer agent fees | 1177 |
|  Professional fees | 1104 |
|  Portfolio accounting and administration fees | 604 |
|  Trustees' fees\* | 65 |
|  Custodian fees | 57 |
|  Miscellaneous | 99 |
| &nbsp;&nbsp;&nbsp; Total expenses | 7587 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (389) |
|  Expenses waived by Adviser | (84) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (473) |
|  Net expenses | 7114 |
|  Net investment income | 10318 |
|  **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 | (83142) |
|  Net realized loss | (83142) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (22) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 348 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (14838) |
|  Net change in unrealized appreciation (depreciation) | (14512) |
|  Net realized and unrealized loss | (97654) |
|  **Net decrease in net assets resulting from operations** | $(87336) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 169

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $10318 | $25607 |
|  Net realized loss on investments | (83142) | (101513) |
|  Net change in unrealized appreciation (depreciation) on investments | (14512) | 12315 |
|  Net decrease in net assets resulting from operations | (87336) | (63591) |
|  Distributions to shareholders |  | (37982) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 4080518 | 7481280 |
|  Distributions reinvested |  | 37982 |
|  Cost of shares redeemed | (3842807) | (7328509) |
|  Net increase from capital share transactions | 237711 | 190753 |
|  Net increase in net assets | 150375 | 89180 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 730849 | 641669 |
| &nbsp;&nbsp;&nbsp; End of period | $881224 | $730849 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 26730 | 50958 |
|  Shares issued from reinvestment of distributions |  | 278 |
|  Shares redeemed | (25776) | (49971) |
|  Net increase in shares | 954 | 1265 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

170 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a,h</sup>** | **Year Ended <br> December 31, <br> 2024<sup>h</sup>** | **Year Ended <br> December 31, <br> 2023<sup>h</sup>** | **Year Ended <br> December 31, <br> 2022<sup>h</sup>** | **Year Ended <br> December 31, <br> 2021<sup>h</sup>** | **Year Ended <br> December 31, <br> 2020<sup>h</sup>** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $136.48 | $156.87 | $176.70 | $150.59 | $184.79 | $269.08 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 1.92 | 5.20 | 5.55 | (.45) | (1.95) | (2.85) |
|  Net gain (loss) on investments (realized and unrealized) | 1.28 <sup>g</sup> | (14.04) | (25.38) | 26.56 <sup>f</sup> | (32.25) | (79.44) |
|  Total from investment operations | 3.20 | (8.84) | (19.83) | 26.11 | (34.20) | (82.29) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (11.55) |  |  |  | (2.00) |
|  Total distributions |  | (11.55) |  |  |  | (2.00) |
|  Net asset value, end of period | $139.68 | $136.48 | $156.87 | $176.70 | $150.59 | $184.79 |
|  **Total Return<sup>c</sup>** | **2.34%** | **(5.64** **%)** | **(11.23** **%)** | **17.33%** | **(18.51** **%)** | **(30.81** **%)** |
|  **Ratios/Supplemental Data** | **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) | $881 | $731 | $642 | $2082 | $344 | $374 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.65% | 3.56% | 3.22% | (0.27 %) | (1.25%) | (1.05%) |
|  Total expenses<sup>d</sup> | 1.95% | 1.85% | 1.87% | 1.88% | 1.79% | 1.93% |
|  Net expenses<sup>e</sup> | 1.83% | 1.72% | 1.79% | 1.82% | 1.71% | 1.87% |
|  Portfolio turnover rate |  |  |  |  | 250% | 275% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>g</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>h</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 171

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 71.5%** | **COMMON STOCKS<sup>†</sup>** **- 71.5%** | **COMMON STOCKS<sup>†</sup>** **- 71.5%** |
|  **Technology - 22.8%** | **Technology - 22.8%** | **Technology - 22.8%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 12302 | $1943604 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 3749 | 1864790 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 7534 | 1545751 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 2372 | 653842 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 820 | 179277 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 1073 | 146271 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 469 | 138252 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 484 | 131982 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 818 | 116074 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 141 | 111056 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 104 | 106920 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 458 | 95090 |
| &nbsp;&nbsp;&nbsp; Accenture plc — Class A | 316 | 94449 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 553 | 88071 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 215 | 83179 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 410 | 75059 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 564 | 69513 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 126 | 64173 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 645 | 62784 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 67 | 60015 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 250 | 59505 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 2200 | 49280 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 280 | 48275 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 138 | 42525 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 78 | 39989 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 320 | 33830 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 108 | 33434 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 54 | 30609 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 127 | 27748 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 109 | 26160 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | 162 | 23564 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. — Class A | 39 | 22493 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 12 | 21936 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 265 | 21574 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 85 | 20642 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. — Class A | 249 | 19429 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 271 | 19070 |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. — Class C | 151 | 18513 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 115 | 18365 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 24 | 17553 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 39 | 15765 |
| &nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 44 | 15454 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 107 | 15443 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 59 | 14339 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 663 | 13558 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 22 | 13042 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 259 | 12694 |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 476 | 11643 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | 176 | 11262 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 211 | 11058 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 103 | 10975 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.\* | 61 | 10513 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 65 | 10254 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. — Class A\* | 26 | 8017 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 81 | 7284 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 37 | 6666 |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 74 | 5902 |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 25 | 5785 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 76 | 5664 |
| &nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 29 | 5128 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 81 | 4487 |
|  **Total Technology** |  | 8439579 |
|  **Communications - 11.5%** | **Communications - 11.5%** | **Communications - 11.5%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 4766 | 1045613 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 1095 | 808209 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 2936 | 517411 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class C | 2368 | 420060 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 215 | 287913 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 2007 | 139246 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 907 | 112477 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 3630 | 105052 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 1055 | 98432 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 16 | 92628 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 2127 | 92035 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 334 | 68350 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 1879 | 67062 |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 241 | 57421 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 520 | 53201 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 173 | 42646 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 84 | 35319 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 218 | 28850 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 389 | 20457 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\*<sup>,1</sup> | 48 | 19623 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | 233 | 17349 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 1136 | 13019 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc. — Class A\* | 72 | 12964 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. | 41 | 11841 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 66 | 11787 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 61 | 10289 |
| &nbsp;&nbsp;&nbsp; F5, Inc.\* | 29 | 8535 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 19 | 8498 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 275 | 8085 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 98 | 7050 |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 167 | 6668 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class A | 108 | 6052 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class A | 190 | 5647 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Companies, Inc. | 187 | 4578 |
| &nbsp;&nbsp;&nbsp; Paramount Global — Class B | 304 | 3922 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. | 124 | 3830 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class B | 67 | 3459 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class B | 56 | 1921 |
|  **Total Communications** |  | 4257499 |
|  **Financial - 10.7%** | **Financial - 10.7%** | **Financial - 10.7%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. — Class B\* | 925 | 449337 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 1402 | 406454 |
| &nbsp;&nbsp;&nbsp; Visa, Inc. — Class A | 863 | 306408 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc. — Class A | 409 | 229833 |

---

172 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 3305 | $| 156393 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 1642 |  | 131557 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 155 |  | 109701 |
| &nbsp;&nbsp;&nbsp; American Express Co. | 279 |  | 88995 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 623 |  | 87756 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 942 |  | 80183 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 296 |  | 78991 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 862 |  | 78649 |
| &nbsp;&nbsp;&nbsp; Blackrock, Inc. | 73 |  | 76595 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 323 |  | 68722 |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. — Class A | 368 |  | 55046 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 188 |  | 54467 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Companies, Inc. | 249 |  | 54441 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 289 |  | 53023 |
| &nbsp;&nbsp;&nbsp; American Tower Corp. — Class A REIT | 236 |  | 52161 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. — Class A | 182 |  | 50163 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. REIT | 468 |  | 49196 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. REIT | 313 |  | 48117 |
| &nbsp;&nbsp;&nbsp; KKR & Company, Inc. — Class A | 341 |  | 45363 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 129 |  | 41295 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. REIT | 49 |  | 38978 |
| &nbsp;&nbsp;&nbsp; Aon plc — Class A | 109 |  | 38887 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. — Class A\* | 107 |  | 37502 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 200 |  | 37284 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp | 786 |  | 35566 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 361 |  | 32891 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 228 |  | 32346 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. | 114 |  | 30500 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 661 |  | 28416 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. REIT | 160 |  | 27893 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 134 |  | 26975 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. REIT | 456 |  | 26270 |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | 245 |  | 25838 |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 48 |  | 25619 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. REIT | 155 |  | 24918 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 291 |  | 24907 |
| &nbsp;&nbsp;&nbsp; Public Storage REIT | 80 |  | 23474 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 284 |  | 22839 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. REIT | 220 |  | 22601 |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. — Class A\* | 148 |  | 20738 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 179 |  | 19232 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 209 |  | 18689 |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. | 143 |  | 18142 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. REIT | 533 |  | 17376 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 213 |  | 17125 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 188 |  | 17117 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. REIT | 107 |  | 15776 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 81 |  | 15713 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 141 |  | 15633 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson plc | 50 |  | 15325 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 144 |  | 15313 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. REIT | 149 |  | 15283 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. REIT | 72 |  | 14652 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. REIT | 228 |  | 14398 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 92 |  | 14110 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 337 |  | 13861 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 192 |  | 12814 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. REIT | 54 |  | 12681 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 98 |  | 12425 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 53 |  | 12360 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 735 |  | 12319 |
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 79 |  | 11765 |
| &nbsp;&nbsp;&nbsp; Equity Residential REIT | 172 |  | 11608 |
| &nbsp;&nbsp;&nbsp; W R Berkley Corp. | 151 |  | 11094 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 111 |  | 10712 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 453 |  | 10655 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 219 |  | 9800 |
| &nbsp;&nbsp;&nbsp; Invitation Homes, Inc. REIT | 288 |  | 9446 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. REIT | 366 |  | 9403 |
| &nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. REIT | 32 |  | 9069 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. REIT | 59 |  | 8733 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 498 |  | 8675 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 104 |  | 8261 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 88 |  | 8066 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. REIT | 341 |  | 7168 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 21 |  | 7137 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. REIT | 152 |  | 6206 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. REIT | 350 |  | 6128 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust REIT | 54 |  | 6085 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. REIT | 82 |  | 5841 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. REIT | 78 |  | 5665 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. REIT | 350 |  | 5376 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | 42 |  | 5220 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 26 |  | 5135 |
| &nbsp;&nbsp;&nbsp; BXP, Inc. REIT<sup>1</sup> | 73 |  | 4925 |
| &nbsp;&nbsp;&nbsp; Erie Indemnity Co. — Class A | 13 |  | 4508 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 156 |  | 3721 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust REIT | 39 |  | 3705 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 226 |  | 3564 |
|  **Total Financial** |  |  | 3965303 |
|  **Consumer, Non-cyclical - 10.4%** | **Consumer, Non-cyclical - 10.4%** | **Consumer, Non-cyclical - 10.4%** | **Consumer, Non-cyclical - 10.4%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 397 |  | 309473 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 1183 |  | 188476 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 1214 |  | 185439 |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 891 |  | 165388 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 785 |  | 142972 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 458 |  | 142882 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 1954 |  | 138245 |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 878 |  | 119417 |
| &nbsp;&nbsp;&nbsp; Merck & Company, Inc. | 1267 |  | 100296 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 181 |  | 98357 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 692 |  | 91372 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 158 |  | 83312 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 746 |  | 80128 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 190 |  | 77037 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 271 |  | 75666 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 2868 |  | 69520 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 627 |  | 69516 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 174 |  | 68840 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 321 |  | 63410 |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 205 |  | 63222 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 130 |  | 57876 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 173

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 647 | $| 56399 |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 850 |  | 49835 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 1027 |  | 47540 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 63 |  | 46165 |
| &nbsp;&nbsp;&nbsp; Cigna Group | 135 |  | 44628 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 114 |  | 44342 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. — Class A | 653 |  | 44038 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 638 |  | 44009 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 78 |  | 39124 |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 173 |  | 38557 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 409 |  | 37178 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 491 |  | 36491 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 225 |  | 35089 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 87 |  | 33330 |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 75 |  | 28356 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 52 |  | 27300 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. — Class A | 87 |  | 26087 |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 344 |  | 25638 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 145 |  | 24976 |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | 33 |  | 24862 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 296 |  | 23150 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 685 |  | 22646 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 354 |  | 22175 |
| &nbsp;&nbsp;&nbsp; Kroger Co. | 309 |  | 22165 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. — Class A | 71 |  | 22116 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 41 |  | 21990 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 167 |  | 21530 |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. | 968 |  | 20260 |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 120 |  | 20160 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | 74 |  | 19092 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 245 |  | 18556 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 198 |  | 17283 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 231 |  | 17110 |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 144 |  | 16993 |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 63 |  | 16340 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 61 |  | 14913 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | 276 |  | 14300 |
| &nbsp;&nbsp;&nbsp; Centene Corp.\* | 251 |  | 13624 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 83 |  | 13080 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 242 |  | 12773 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. — Class A | 77 |  | 12526 |
| &nbsp;&nbsp;&nbsp; Hershey Co. | 75 |  | 12446 |
| &nbsp;&nbsp;&nbsp; STERIS plc | 50 |  | 12011 |
| &nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 36 |  | 11946 |
| &nbsp;&nbsp;&nbsp; Church & Dwight Company, Inc. | 124 |  | 11918 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 436 |  | 11258 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 42 |  | 11026 |
| &nbsp;&nbsp;&nbsp; Insulet Corp.\* | 35 |  | 10996 |
| &nbsp;&nbsp;&nbsp; Kellanova | 136 |  | 10816 |
| &nbsp;&nbsp;&nbsp; Waters Corp.\* | 30 |  | 10471 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 56 |  | 10059 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 123 |  | 9845 |
| &nbsp;&nbsp;&nbsp; McCormick & Company, Inc. | 127 |  | 9629 |
| &nbsp;&nbsp;&nbsp; Estee Lauder Companies, Inc. — Class A | 118 |  | 9534 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 74 |  | 9294 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 100 |  | 9121 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. — Class A | 144 |  | 8056 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 27 |  | 8043 |
| &nbsp;&nbsp;&nbsp; Rollins, Inc. | 142 |  | 8012 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 36 |  | 7877 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | 259 |  | 7843 |
| &nbsp;&nbsp;&nbsp; Clorox Co. | 62 |  | 7444 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 112 |  | 7298 |
| &nbsp;&nbsp;&nbsp; Cooper Companies, Inc.\* | 101 |  | 7187 |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 39 |  | 6843 |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 34 |  | 6437 |
| &nbsp;&nbsp;&nbsp; Revvity, Inc. | 59 |  | 5707 |
| &nbsp;&nbsp;&nbsp; Incyte Corp.\* | 81 |  | 5516 |
| &nbsp;&nbsp;&nbsp; Bunge Global S.A. | 68 |  | 5459 |
| &nbsp;&nbsp;&nbsp; Solventum Corp.\* | 70 |  | 5309 |
| &nbsp;&nbsp;&nbsp; J M Smucker Co. | 54 |  | 5303 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 592 |  | 5287 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. — Class B | 29 |  | 5253 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 241 |  | 4933 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 172 |  | 4745 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 61 |  | 4456 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 147 |  | 4447 |
| &nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 19 |  | 4243 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 86 |  | 4136 |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 79 |  | 4065 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 25 |  | 3793 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 71 |  | 3681 |
| &nbsp;&nbsp;&nbsp; The Campbell's Co. | 99 |  | 3034 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 21 |  | 2992 |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp. — Class B | 92 |  | 2476 |
|  **Total Consumer, Non-cyclical** |  |  | 3847815 |
|  **Consumer, Cyclical - 5.8%** | **Consumer, Cyclical - 5.8%** | **Consumer, Cyclical - 5.8%** | **Consumer, Cyclical - 5.8%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 1414 |  | 449171 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 224 |  | 221746 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 2179 |  | 213063 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 501 |  | 183687 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 361 |  | 105473 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. | 563 |  | 69525 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc. | 282 |  | 62567 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 573 |  | 52504 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc. — Class B | 594 |  | 42198 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 126 |  | 39456 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 431 |  | 38846 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. — Class A\* | 680 |  | 38182 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 120 |  | 31961 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 115 |  | 31419 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 8 |  | 29698 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 265 |  | 25191 |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | 579 |  | 24318 |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 485 |  | 23867 |
| &nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 22 |  | 22885 |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. | 69 |  | 22598 |
| &nbsp;&nbsp;&nbsp; Target Corp. | 229 |  | 22591 |
| &nbsp;&nbsp;&nbsp; Copart, Inc.\* | 443 |  | 21738 |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 1970 |  | 21374 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 166 |  | 21178 |

---

174 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 140 | $| 20745 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | 139 |  | 17920 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 329 |  | 16180 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.\* | 530 |  | 14903 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 267 |  | 14090 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 56 |  | 13304 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 165 |  | 13139 |
| &nbsp;&nbsp;&nbsp; Lennar Corp. — Class A | 117 |  | 12941 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 59 |  | 12860 |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 111 |  | 12696 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 80 |  | 12103 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 23 |  | 10760 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 101 |  | 10651 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 62 |  | 10129 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 100 |  | 9904 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 287 |  | 9311 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 105 |  | 9220 |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | 70 |  | 8492 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 77 |  | 7936 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 17 |  | 7660 |
| &nbsp;&nbsp;&nbsp; Aptiv plc\* | 110 |  | 7504 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 171 |  | 7440 |
| &nbsp;&nbsp;&nbsp; NVR, Inc.\* | 1 |  | 7386 |
| &nbsp;&nbsp;&nbsp; Best Buy Company, Inc. | 97 |  | 6512 |
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 34 |  | 6186 |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 19 |  | 5538 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. — Class A | 20 |  | 5486 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 77 |  | 5175 |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 66 |  | 4872 |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 130 |  | 4812 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 225 |  | 4563 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc.\* | 362 |  | 4156 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 44 |  | 4121 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International\* | 104 |  | 3577 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 105 |  | 2981 |
|  **Total Consumer, Cyclical** |  |  | 2140489 |
|  **Industrial - 5.4%** | **Industrial - 5.4%** | **Industrial - 5.4%** | **Industrial - 5.4%** |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 538 |  | 138476 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 674 |  | 98417 |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 237 |  | 92006 |
| &nbsp;&nbsp;&nbsp; Boeing Co.\* | 380 |  | 79621 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 324 |  | 75453 |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 138 |  | 73023 |
| &nbsp;&nbsp;&nbsp; Eaton Corporation plc | 197 |  | 70327 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 301 |  | 69254 |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 127 |  | 64578 |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. — Class A | 610 |  | 60238 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 112 |  | 48990 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 105 |  | 48630 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 64 |  | 44702 |
| &nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 28 |  | 42578 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. | 185 |  | 42331 |
| &nbsp;&nbsp;&nbsp; 3M Co. | 271 |  | 41257 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 204 |  | 37970 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 284 |  | 37866 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. — Class B | 370 |  | 37348 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 127 |  | 37041 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | 332 |  | 35066 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 68 |  | 33999 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 134 |  | 33132 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 948 |  | 30933 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 37 |  | 30634 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | 402 |  | 29422 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 114 |  | 29181 |
| &nbsp;&nbsp;&nbsp; TE Connectivity plc | 150 |  | 25301 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 111 |  | 25232 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. — Class A | 102 |  | 25154 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 94 |  | 23579 |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 116 |  | 20991 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 199 |  | 19705 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 57 |  | 18934 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 86 |  | 18004 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 67 |  | 17475 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 204 |  | 16969 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 30 |  | 16469 |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | 78 |  | 16280 |
| &nbsp;&nbsp;&nbsp; Xylem, Inc. | 123 |  | 15911 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 94 |  | 15256 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 87 |  | 14256 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | 69 |  | 12643 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. | 125 |  | 12619 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 24 |  | 12295 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 54 |  | 11777 |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 10 |  | 11747 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | 27 |  | 11027 |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 250 |  | 10787 |
| &nbsp;&nbsp;&nbsp; Amcor plc | 1156 |  | 10624 |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | 16 |  | 9172 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 120 |  | 9118 |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | 171 |  | 8914 |
| &nbsp;&nbsp;&nbsp; Pentair plc | 83 |  | 8521 |
| &nbsp;&nbsp;&nbsp; Packaging Corporation of America | 45 |  | 8480 |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | 26 |  | 8091 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 61 |  | 8018 |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 69 |  | 7883 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 140 |  | 7853 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 91 |  | 7306 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 106 |  | 6822 |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 38 |  | 6672 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 56 |  | 6534 |
| &nbsp;&nbsp;&nbsp; Allegion plc | 43 |  | 6197 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | 27 |  | 5788 |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 60 |  | 5757 |
| &nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 40 |  | 5744 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 78 |  | 5284 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 20 |  | 4829 |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 30 |  | 4296 |
| &nbsp;&nbsp;&nbsp; A O Smith Corp. | 59 |  | 3869 |
| &nbsp;&nbsp;&nbsp; Ralliant Corp.\* | 57 |  | 2764 |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 26 |  | 2726 |
|  **Total Industrial** |  |  | 1996146 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 175

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy - 2.1%** | **Energy - 2.1%** | **Energy - 2.1%** |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 2174 | $234357 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 819 | 117273 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 637 | 57164 |
| &nbsp;&nbsp;&nbsp; Williams Companies, Inc. | 616 | 38691 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 275 | 32893 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 975 | 28665 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 155 | 25747 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 315 | 25713 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 206 | 24576 |
| &nbsp;&nbsp;&nbsp; Schlumberger N.V. | 686 | 23187 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 158 | 21238 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | 140 | 19396 |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 500 | 19170 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 109 | 18975 |
| &nbsp;&nbsp;&nbsp; Equities Corp. | 302 | 17613 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 357 | 14997 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 94 | 12916 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 109 | 12746 |
| &nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 10 | 10564 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 324 | 10306 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. — Class A | 385 | 9771 |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 54 | 8939 |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 434 | 8845 |
| &nbsp;&nbsp;&nbsp; APA Corp. | 182 | 3329 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 66 | 2617 |
|  **Total Energy** |  | 799688 |
|  **Utilities - 1.7%** | **Utilities - 1.7%** | **Utilities - 1.7%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 1038 | 72058 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 158 | 50996 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 554 | 50874 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 392 | 46256 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 171 | 33142 |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, Inc. | 269 | 27911 |
| &nbsp;&nbsp;&nbsp; Sempra | 329 | 24928 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 430 | 24304 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 509 | 22101 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 252 | 21213 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 291 | 19817 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 225 | 18702 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 182 | 18264 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 161 | 16776 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 99 | 15897 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 1109 | 15460 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 105 | 13908 |
| &nbsp;&nbsp;&nbsp; American Water Works Company, Inc. | 98 | 13633 |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 136 | 13062 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 373 | 12641 |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 80 | 12329 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 329 | 12088 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 185 | 11770 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 151 | 10461 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 259 | 10427 |
| &nbsp;&nbsp;&nbsp; Edison International | 194 | 10010 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | 237 | 9560 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 116 | 7996 |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 130 | 7861 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 60 | 5368 |
| &nbsp;&nbsp;&nbsp; AES Corp. | 359 | 3777 |
|  **Total Utilities** |  | 633590 |
|  **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** |
| &nbsp;&nbsp;&nbsp; Linde plc | 237 | 111196 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 116 | 39830 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | 127 | 34219 |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 561 | 32684 |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 112 | 31591 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 724 | 31385 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 116 | 15026 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 211 | 14472 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 115 | 13081 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 266 | 12457 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 129 | 9488 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 357 | 9453 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 70 | 8961 |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 82 | 7544 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. — Class A | 130 | 7522 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. | 160 | 5837 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 58 | 4330 |
| &nbsp;&nbsp;&nbsp; Albemarle Corp. | 59 | 3698 |
|  **Total Basic Materials** |  | 392774 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $16,597,048) |  | 26472883 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 10.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 10.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 10.8%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 202415 | 2034270 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>2</sup> | 78932 | 1963817 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,941,469) |  | 3998087 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 3.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.0%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>3,4</sup> | $517000 | 516583 |
| &nbsp;&nbsp;&nbsp; 4.23% due 09/18/25<sup>4,5</sup> | 500000 | 495372 |
| &nbsp;&nbsp;&nbsp; 4.20% due 09/18/25<sup>4,5</sup> | 100000 | 99074 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,111,021) |  | 1111029 |

---

176 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 15.2%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 15.2%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 15.2%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>5</sup> | $3055225 | $3055225 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>5</sup> | 1318328 | 1318328 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>5</sup> | 1273010 | 1273010 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,646,563) |  | 5646563 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.0%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.0%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.0%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>8</sup> | 18504 | 18504 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $18,504) |  | 18504 |
|  **Total Investments - 100.5%** | **Total Investments - 100.5%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $27,314,605) | &nbsp;&nbsp;&nbsp; (Cost $27,314,605) | $37247066 |
|  **Other Assets & Liabilities, net - (0.5)%** | **Other Assets & Liabilities, net - (0.5)%** | (186153) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $37060913 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
|  S&P 500 Index Mini Futures Contracts | 24 | Sep 2025 | $7501800 | $263437 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
|  Goldman Sachs International | S&P 500 Index | Pay | 4.93% (Federal <br> Funds Rate +<br> 0.60%) | At Maturity | 09/24/25 | 1699 | $10543131 | $180831 |
|  Barclays Bank plc | S&P 500 Index | Pay | 5.29% (SOFR + <br> 0.90%) | At Maturity | 09/25/25 | 1024 | 6352671 | 115472 |
|  BNP Paribas | S&P 500 Index | Pay | 5.18% (Federal <br> Funds Rate +<br> 0.85%) | At Maturity | 09/25/25 | 786 | 4874717 | 87303 |
|  |  |  |  |  |  |  | $21770519 | $383606 |

---

---

| | |
|:---|:---|
| \* | &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 June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 177

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **NOVA FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $26472883 | $— | $— | $26472883 |
|  Mutual Funds | 3998087 |  |  | 3998087 |
|  U.S. Treasury Bills |  | 1111029 |  | 1111029 |
|  Repurchase Agreements |  | 5646563 |  | 5646563 |
|  Securities Lending Collateral | 18504 |  |  | 18504 |
|  Equity Futures Contracts\*\* | 263437 |  |  | 263437 |
|  Equity Index Swap Agreements\*\* |  | 383606 |  | 383606 |
|  Total Assets | $30752911 | $7141198 | $— | $37894109 |

---

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

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $1961449 | $— | $— | $— | $2368 | $1963817 | 78932 | $52523 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 2026173 |  |  |  | 8097 | 2034270 | 202415 | 44204 |
|  | $3987622 | $— | $— | $— | $10465 | $3998087 |  | $96727 |

---

178 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOVA FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value - including $18,361 of securities loaned (cost $17,726,573) | $27602416 |
|  Investments in affiliated issuers, at value (cost $3,941,469) | 3998087 |
|  Repurchase agreements, at value (cost $5,646,563) | 5646563 |
|  Cash | 127 |
|  Segregated cash with broker | 30715 |
|  Unrealized appreciation on OTC swap agreements | 383606 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 210270 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 33300 |
| &nbsp;&nbsp;&nbsp; Dividends | 28590 |
| &nbsp;&nbsp;&nbsp; Interest | 686 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 1 |
|  **Total assets** | 37934361 |
|  **Liabilities:** | **Liabilities:** |
|  Segregated cash due to broker | 670000 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 52410 |
| &nbsp;&nbsp;&nbsp; Management fees | 20721 |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 18504 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 15889 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 12296 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 7042 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 2957 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 379 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 73250 |
|  **Total liabilities** | 873448 |
|  **Net assets** | $37060913 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $29682501 |
|  Total distributable earnings (loss) | 7378412 |
|  Net assets | $37060913 |
|  Capital shares outstanding | 164378 |
|  Net asset value per share | $225.46 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $43) | $178916 |
|  Dividends from securities of affiliated issuers | 96727 |
|  Interest | 126388 |
|  Income from securities lending, net | 4 |
| &nbsp;&nbsp;&nbsp; Total investment income | 402035 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 135070 |
|  Investor service fees | 45024 |
|  Transfer agent fees | 51458 |
|  Professional fees | 34335 |
|  Portfolio accounting and administration fees | 27914 |
|  Custodian fees | 2547 |
|  Trustees' fees\* | 2535 |
|  Interest expense | 1757 |
|  Miscellaneous | 16835 |
| &nbsp;&nbsp;&nbsp; Total expenses | 317475 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (9005) |
|  Expenses waived by Adviser | (2516) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (11521) |
|  Net expenses | 305954 |
|  Net investment income | 96081 |
|  **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
|  Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 875195 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 119253 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (641853) |
|  Net realized gain | 352595 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (1011910) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 10465 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 605469 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 513022 |
|  Net change in unrealized appreciation (depreciation) | 117046 |
|  Net realized and unrealized gain | 469641 |
|  **Net increase in net assets resulting from operations** | $565722 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 179

**NOVA FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $96081 | $247879 |
|  Net realized gain on investments | 352595 | 6887808 |
|  Net change in unrealized appreciation (depreciation) on investments | 117046 | 3624783 |
|  Net increase in net assets resulting from operations | 565722 | 10760470 |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 41681773 | 103873391 |
|  Cost of shares redeemed | (45917887) | (109975453) |
|  Net decrease from capital share transactions | (4236114) | (6102062) |
|  Net increase (decrease) in net assets | (3670392) | 4658408 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 40731305 | 36072897 |
| &nbsp;&nbsp;&nbsp; End of period | $37060913 | $40731305 |
|  **Capital share activity:** |  |  |
|  Shares sold | 212861 | 565979 |
|  Shares redeemed | (239789) | (599597) |
|  Net decrease in shares | (26928) | (33618) |

---

180 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOVA FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $212.91 | $160.38 | $118.75 | $196.72 | $144.74 | $135.68 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .55 | 1.24 | 1.17 | .15 | (.76) | (.30) |
|  Net gain (loss) on investments (realized and unrealized) | 12.00 | 51.29 | 40.46 | (58.50) | 60.70 | 24.12 |
|  Total from investment operations | 12.55 | 52.53 | 41.63 | (58.35) | 59.94 | 23.82 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  |  |  | (.67) | (.61) | (1.16) |
|  Net realized gains |  |  |  | (18.95) | (7.35) | (13.60) |
|  Total distributions |  |  |  | (19.62) | (7.96) | (14.76) |
|  Net asset value, end of period | $225.46 | $212.91 | $160.38 | $118.75 | $196.72 | $144.74 |
|  **Total Return<sup>c</sup>** | **5.89%** | **32.75%** | **35.06%** | **(30.26** **%)** | **42.18%** | **20.03%** |
|  **Ratios/Supplemental Data** | **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) | $37061 | $40731 | $36073 | $16513 | $63584 | $45692 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.53% | 0.65% | 0.85% | 0.10% | (0.44%) | (0.24%) |
|  Total expenses<sup>d</sup> | 1.76% | 1.72% | 1.76% | 1.67% | 1.60% | 1.73% |
|  Net expenses<sup>e</sup> | 1.70% | 1.66% | 1.72% | 1.65% | 1.57% | 1.68% |
|  Portfolio turnover rate | 80% | 177% | 413% | 748% | 408% | 650% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 181

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 83.1%** | **COMMON STOCKS<sup>†</sup>** **- 83.1%** | **COMMON STOCKS<sup>†</sup>** **- 83.1%** |
|  **Technology - 26.5%** | **Technology - 26.5%** | **Technology - 26.5%** |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 37724 | $5960015 |
| &nbsp;&nbsp;&nbsp; Microsoft Corp. | 11497 | 5718723 |
| &nbsp;&nbsp;&nbsp; Apple, Inc. | 23104 | 4740248 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 7273 | 2004803 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 2515 | 549855 |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 3290 | 448493 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 1437 | 423599 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 1483 | 404399 |
| &nbsp;&nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 2508 | 355885 |
| &nbsp;&nbsp;&nbsp; Intuit, Inc. | 432 | 340256 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 320 | 328986 |
| &nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 1406 | 291914 |
| &nbsp;&nbsp;&nbsp; Accenture plc — Class A | 968 | 289325 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 1697 | 270264 |
| &nbsp;&nbsp;&nbsp; Adobe, Inc.\* | 659 | 254954 |
| &nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 1257 | 230119 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 1729 | 213099 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 385 | 196084 |
| &nbsp;&nbsp;&nbsp; Lam Research Corp. | 1979 | 192636 |
| &nbsp;&nbsp;&nbsp; KLA Corp. | 204 | 182731 |
| &nbsp;&nbsp;&nbsp; Analog Devices, Inc. | 767 | 182561 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 6746 | 151110 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 857 | 147755 |
| &nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.\* | 422 | 130039 |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 239 | 122531 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 982 | 103817 |
| &nbsp;&nbsp;&nbsp; Autodesk, Inc.\* | 331 | 102468 |
| &nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 166 | 94095 |
| &nbsp;&nbsp;&nbsp; NXP Semiconductor N.V. | 390 | 85211 |
| &nbsp;&nbsp;&nbsp; Workday, Inc. — Class A\* | 335 | 80400 |
| &nbsp;&nbsp;&nbsp; Paychex, Inc. | 495 | 72003 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 38 | 69463 |
| &nbsp;&nbsp;&nbsp; MSCI, Inc. — Class A | 119 | 68632 |
| &nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 813 | 66186 |
| &nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 262 | 63627 |
| &nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp. — Class A | 763 | 59537 |
| &nbsp;&nbsp;&nbsp; Microchip Technology, Inc. | 832 | 58548 |
| &nbsp;&nbsp;&nbsp; Dell Technologies, Inc. — Class C | 463 | 56764 |
| &nbsp;&nbsp;&nbsp; Electronic Arts, Inc. | 353 | 56374 |
| &nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 74 | 54122 |
| &nbsp;&nbsp;&nbsp; Gartner, Inc.\* | 119 | 48102 |
| &nbsp;&nbsp;&nbsp; ANSYS, Inc.\* | 136 | 47766 |
| &nbsp;&nbsp;&nbsp; Seagate Technology Holdings plc | 328 | 47340 |
| &nbsp;&nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 181 | 43988 |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 2031 | 41534 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 66 | 39127 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 794 | 38914 |
| &nbsp;&nbsp;&nbsp; HP, Inc. | 1459 | 35687 |
| &nbsp;&nbsp;&nbsp; Western Digital Corp. | 539 | 34491 |
| &nbsp;&nbsp;&nbsp; ON Semiconductor Corp.\* | 647 | 33909 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 315 | 33563 |
| &nbsp;&nbsp;&nbsp; PTC, Inc.\* | 185 | 31883 |
| &nbsp;&nbsp;&nbsp; Leidos Holdings, Inc. | 199 | 31394 |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp. — Class A\* | 78 | 24052 |
| &nbsp;&nbsp;&nbsp; Teradyne, Inc. | 248 | 22300 |
| &nbsp;&nbsp;&nbsp; Jack Henry & Associates, Inc. | 112 | 20179 |
| &nbsp;&nbsp;&nbsp; Akamai Technologies, Inc.\* | 226 | 18026 |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 75 | 17355 |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 232 | 17289 |
| &nbsp;&nbsp;&nbsp; EPAM Systems, Inc.\* | 88 | 15560 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 247 | 13681 |
| &nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.\* | 1 | 12 |
|  **Total Technology** |  | 25877783 |
|  **Communications - 13.4%** | **Communications - 13.4%** | **Communications - 13.4%** |
| &nbsp;&nbsp;&nbsp; Amazon.com, Inc.\* | 14616 | 3206604 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 3358 | 2478506 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class A | 9002 | 1586422 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class C | 7261 | 1288029 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 658 | 881148 |
| &nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 6154 | 426964 |
| &nbsp;&nbsp;&nbsp; Walt Disney Co. | 2780 | 344748 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 11131 | 322131 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 3234 | 301732 |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 50 | 289462 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 6521 | 282164 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 1023 | 209347 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 5760 | 205574 |
| &nbsp;&nbsp;&nbsp; T-Mobile US, Inc. | 738 | 175836 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 1593 | 162980 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 530 | 130650 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 257 | 108058 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 668 | 88403 |
| &nbsp;&nbsp;&nbsp; Corning, Inc. | 1191 | 62635 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A\*<sup>,1</sup> | 147 | 60095 |
| &nbsp;&nbsp;&nbsp; eBay, Inc. | 712 | 53016 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 3482 | 39904 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc. — Class A\* | 220 | 39613 |
| &nbsp;&nbsp;&nbsp; CDW Corp. | 204 | 36432 |
| &nbsp;&nbsp;&nbsp; VeriSign, Inc. | 125 | 36100 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 188 | 31712 |
| &nbsp;&nbsp;&nbsp; FactSet Research Systems, Inc. | 59 | 26390 |
| &nbsp;&nbsp;&nbsp; F5, Inc.\* | 89 | 26195 |
| &nbsp;&nbsp;&nbsp; Gen Digital, Inc. | 844 | 24814 |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 302 | 21726 |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 511 | 20404 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class A | 331 | 18549 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class A | 584 | 17356 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Companies, Inc. | 572 | 14003 |
| &nbsp;&nbsp;&nbsp; Paramount Global — Class B | 931 | 12010 |
| &nbsp;&nbsp;&nbsp; Match Group, Inc. | 379 | 11707 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class B | 204 | 10533 |
| &nbsp;&nbsp;&nbsp; News Corp. — Class B | 172 | 5901 |
|  **Total Communications** |  | 13057853 |
|  **Financial - 12.4%** | **Financial - 12.4%** | **Financial - 12.4%** |
| &nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc. — Class B\* | 2837 | 1378129 |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 4298 | 1246033 |
| &nbsp;&nbsp;&nbsp; Visa, Inc. — Class A | 2646 | 939462 |

---

182 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc. — Class A | 1254 | $| 704673 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 10135 |  | 479588 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 5033 |  | 403244 |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 475 |  | 336181 |
| &nbsp;&nbsp;&nbsp; American Express Co. | 856 |  | 273047 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley | 1910 |  | 269043 |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 2889 |  | 245912 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 906 |  | 241775 |
| &nbsp;&nbsp;&nbsp; Charles Schwab Corp. | 2641 |  | 240965 |
| &nbsp;&nbsp;&nbsp; Blackrock, Inc. | 225 |  | 236081 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 989 |  | 210420 |
| &nbsp;&nbsp;&nbsp; Blackstone, Inc. — Class A | 1129 |  | 168876 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 576 |  | 166879 |
| &nbsp;&nbsp;&nbsp; Marsh & McLennan Companies, Inc. | 762 |  | 166604 |
| &nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. | 887 |  | 162738 |
| &nbsp;&nbsp;&nbsp; American Tower Corp. — Class A REIT | 724 |  | 160018 |
| &nbsp;&nbsp;&nbsp; CME Group, Inc. — Class A | 557 |  | 153520 |
| &nbsp;&nbsp;&nbsp; Prologis, Inc. REIT | 1435 |  | 150847 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. REIT | 961 |  | 147735 |
| &nbsp;&nbsp;&nbsp; KKR & Company, Inc. — Class A | 1046 |  | 139149 |
| &nbsp;&nbsp;&nbsp; Arthur J Gallagher & Co. | 395 |  | 126447 |
| &nbsp;&nbsp;&nbsp; Equinix, Inc. REIT | 151 |  | 120116 |
| &nbsp;&nbsp;&nbsp; Aon plc — Class A | 334 |  | 119158 |
| &nbsp;&nbsp;&nbsp; Coinbase Global, Inc. — Class A\* | 327 |  | 114610 |
| &nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. | 612 |  | 114089 |
| &nbsp;&nbsp;&nbsp; U.S. Bancorp | 2410 |  | 109052 |
| &nbsp;&nbsp;&nbsp; Bank of New York Mellon Corp. | 1107 |  | 100859 |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 698 |  | 99025 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. | 350 |  | 93639 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 2025 |  | 87055 |
| &nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. REIT | 490 |  | 85422 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 410 |  | 82537 |
| &nbsp;&nbsp;&nbsp; Realty Income Corp. REIT | 1396 |  | 80424 |
| &nbsp;&nbsp;&nbsp; Aflac, Inc. | 753 |  | 79411 |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 147 |  | 78458 |
| &nbsp;&nbsp;&nbsp; Simon Property Group, Inc. REIT | 475 |  | 76361 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 891 |  | 76261 |
| &nbsp;&nbsp;&nbsp; Public Storage REIT | 244 |  | 71594 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 872 |  | 70126 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. REIT | 674 |  | 69240 |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. — Class A\* | 454 |  | 63615 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 548 |  | 58877 |
| &nbsp;&nbsp;&nbsp; Nasdaq, Inc. | 640 |  | 57229 |
| &nbsp;&nbsp;&nbsp; Hartford Insurance Group, Inc. | 439 |  | 55696 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. REIT | 1634 |  | 53268 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 577 |  | 52536 |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc.\* | 653 |  | 52501 |
| &nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. REIT | 328 |  | 48360 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 434 |  | 48118 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 247 |  | 47916 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 440 |  | 46790 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. REIT | 456 |  | 46772 |
| &nbsp;&nbsp;&nbsp; Willis Towers Watson plc | 152 |  | 46588 |
| &nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. REIT | 220 |  | 44770 |
| &nbsp;&nbsp;&nbsp; Ventas, Inc. REIT | 697 |  | 44016 |
| &nbsp;&nbsp;&nbsp; Raymond James Financial, Inc. | 280 |  | 42944 |
| &nbsp;&nbsp;&nbsp; Fifth Third Bancorp | 1032 |  | 42446 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 589 |  | 39310 |
| &nbsp;&nbsp;&nbsp; SBA Communications Corp. REIT | 166 |  | 38983 |
| &nbsp;&nbsp;&nbsp; Northern Trust Corp. | 301 |  | 38164 |
| &nbsp;&nbsp;&nbsp; Cboe Global Markets, Inc. | 162 |  | 37780 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 2253 |  | 37760 |
| &nbsp;&nbsp;&nbsp; Cincinnati Financial Corp. | 242 |  | 36039 |
| &nbsp;&nbsp;&nbsp; Equity Residential REIT | 528 |  | 35635 |
| &nbsp;&nbsp;&nbsp; W R Berkley Corp. | 463 |  | 34017 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 340 |  | 32810 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 1391 |  | 32716 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 671 |  | 30027 |
| &nbsp;&nbsp;&nbsp; Invitation Homes, Inc. REIT | 881 |  | 28897 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. REIT | 1122 |  | 28824 |
| &nbsp;&nbsp;&nbsp; Essex Property Trust, Inc. REIT | 99 |  | 28057 |
| &nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. REIT | 181 |  | 26790 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 1526 |  | 26583 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 319 |  | 25338 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 269 |  | 24656 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 66 |  | 22430 |
| &nbsp;&nbsp;&nbsp; Kimco Realty Corp. REIT | 1047 |  | 22008 |
| &nbsp;&nbsp;&nbsp; UDR, Inc. REIT | 466 |  | 19027 |
| &nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc. REIT | 1075 |  | 18823 |
| &nbsp;&nbsp;&nbsp; Camden Property Trust REIT | 164 |  | 18481 |
| &nbsp;&nbsp;&nbsp; Regency Centers Corp. REIT | 253 |  | 18021 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. REIT | 238 |  | 17286 |
| &nbsp;&nbsp;&nbsp; Host Hotels & Resorts, Inc. REIT | 1073 |  | 16481 |
| &nbsp;&nbsp;&nbsp; Globe Life, Inc. | 128 |  | 15909 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 78 |  | 15404 |
| &nbsp;&nbsp;&nbsp; BXP, Inc. REIT<sup>1</sup> | 225 |  | 15181 |
| &nbsp;&nbsp;&nbsp; Erie Indemnity Co. — Class A | 38 |  | 13178 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 479 |  | 11424 |
| &nbsp;&nbsp;&nbsp; Federal Realty Investment Trust REIT | 119 |  | 11304 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 692 |  | 10913 |
|  **Total Financial** |  |  | 12155501 |
|  **Consumer, Non-cyclical - 12.1%** | **Consumer, Non-cyclical - 12.1%** | **Consumer, Non-cyclical - 12.1%** | **Consumer, Non-cyclical - 12.1%** |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 1216 |  | 947908 |
| &nbsp;&nbsp;&nbsp; Procter & Gamble Co. | 3626 |  | 577694 |
| &nbsp;&nbsp;&nbsp; Johnson & Johnson | 3721 |  | 568383 |
| &nbsp;&nbsp;&nbsp; AbbVie, Inc. | 2732 |  | 507114 |
| &nbsp;&nbsp;&nbsp; Philip Morris International, Inc. | 2408 |  | 438569 |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 1402 |  | 437382 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Co. | 5991 |  | 423863 |
| &nbsp;&nbsp;&nbsp; Abbott Laboratories | 2691 |  | 366003 |
| &nbsp;&nbsp;&nbsp; Merck & Company, Inc. | 3884 |  | 307457 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 555 |  | 301593 |
| &nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 2121 |  | 280057 |
| &nbsp;&nbsp;&nbsp; S&P Global, Inc. | 485 |  | 255736 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 2287 |  | 245647 |
| &nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 584 |  | 236789 |
| &nbsp;&nbsp;&nbsp; Amgen, Inc. | 831 |  | 232023 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 1924 |  | 213314 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 8794 |  | 213167 |
| &nbsp;&nbsp;&nbsp; Stryker Corp. | 532 |  | 210475 |
| &nbsp;&nbsp;&nbsp; Danaher Corp. | 985 |  | 194577 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 183

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Automatic Data Processing, Inc. | 628 | $| 193675 |
| &nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 397 |  | 176744 |
| &nbsp;&nbsp;&nbsp; Medtronic plc | 1983 |  | 172858 |
| &nbsp;&nbsp;&nbsp; Altria Group, Inc. | 2605 |  | 152731 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 3148 |  | 145721 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 193 |  | 141426 |
| &nbsp;&nbsp;&nbsp; Cigna Group | 413 |  | 136529 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 349 |  | 135747 |
| &nbsp;&nbsp;&nbsp; Mondelez International, Inc. — Class A | 2003 |  | 135082 |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 1956 |  | 134925 |
| &nbsp;&nbsp;&nbsp; Moody's Corp. | 239 |  | 119880 |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 530 |  | 118121 |
| &nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 1253 |  | 113898 |
| &nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.\* | 1504 |  | 111777 |
| &nbsp;&nbsp;&nbsp; Zoetis, Inc. | 689 |  | 107450 |
| &nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 267 |  | 102288 |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 229 |  | 86580 |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 161 |  | 84525 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. — Class A | 266 |  | 79760 |
| &nbsp;&nbsp;&nbsp; Corteva, Inc. | 1054 |  | 78555 |
| &nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 443 |  | 76307 |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | 101 |  | 76094 |
| &nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp.\* | 908 |  | 71015 |
| &nbsp;&nbsp;&nbsp; Keurig Dr Pepper, Inc. | 2101 |  | 69459 |
| &nbsp;&nbsp;&nbsp; Monster Beverage Corp.\* | 1086 |  | 68027 |
| &nbsp;&nbsp;&nbsp; Kroger Co. | 948 |  | 68000 |
| &nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. — Class A | 216 |  | 67284 |
| &nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 124 |  | 66506 |
| &nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 513 |  | 66136 |
| &nbsp;&nbsp;&nbsp; Kenvue, Inc. | 2970 |  | 62162 |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 369 |  | 61992 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | 227 |  | 58566 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 750 |  | 56805 |
| &nbsp;&nbsp;&nbsp; Dexcom, Inc.\* | 606 |  | 52898 |
| &nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 708 |  | 52442 |
| &nbsp;&nbsp;&nbsp; Agilent Technologies, Inc. | 441 |  | 52042 |
| &nbsp;&nbsp;&nbsp; Equifax, Inc. | 192 |  | 49799 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 187 |  | 45718 |
| &nbsp;&nbsp;&nbsp; General Mills, Inc. | 847 |  | 43883 |
| &nbsp;&nbsp;&nbsp; Centene Corp.\* | 770 |  | 41796 |
| &nbsp;&nbsp;&nbsp; IQVIA Holdings, Inc.\* | 254 |  | 40028 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 743 |  | 39216 |
| &nbsp;&nbsp;&nbsp; Constellation Brands, Inc. — Class A | 237 |  | 38555 |
| &nbsp;&nbsp;&nbsp; Hershey Co. | 229 |  | 38003 |
| &nbsp;&nbsp;&nbsp; Church & Dwight Company, Inc. | 381 |  | 36618 |
| &nbsp;&nbsp;&nbsp; STERIS plc | 152 |  | 36513 |
| &nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 109 |  | 36168 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 1336 |  | 34496 |
| &nbsp;&nbsp;&nbsp; Insulet Corp.\* | 108 |  | 33931 |
| &nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 129 |  | 33864 |
| &nbsp;&nbsp;&nbsp; Kellanova | 416 |  | 33084 |
| &nbsp;&nbsp;&nbsp; Waters Corp.\* | 92 |  | 32112 |
| &nbsp;&nbsp;&nbsp; Quest Diagnostics, Inc. | 172 |  | 30896 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 377 |  | 30175 |
| &nbsp;&nbsp;&nbsp; McCormick & Company, Inc. | 391 |  | 29646 |
| &nbsp;&nbsp;&nbsp; Estee Lauder Companies, Inc. — Class A | 362 |  | 29250 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 227 |  | 28509 |
| &nbsp;&nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 305 |  | 27819 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 84 |  | 25024 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. — Class A | 442 |  | 24725 |
| &nbsp;&nbsp;&nbsp; Rollins, Inc. | 435 |  | 24543 |
| &nbsp;&nbsp;&nbsp; West Pharmaceutical Services, Inc. | 110 |  | 24068 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | 794 |  | 24042 |
| &nbsp;&nbsp;&nbsp; Clorox Co. | 191 |  | 22933 |
| &nbsp;&nbsp;&nbsp; Hologic, Inc.\* | 345 |  | 22480 |
| &nbsp;&nbsp;&nbsp; Cooper Companies, Inc.\* | 309 |  | 21988 |
| &nbsp;&nbsp;&nbsp; Avery Dennison Corp. | 121 |  | 21232 |
| &nbsp;&nbsp;&nbsp; Align Technology, Inc.\* | 105 |  | 19880 |
| &nbsp;&nbsp;&nbsp; Revvity, Inc. | 182 |  | 17603 |
| &nbsp;&nbsp;&nbsp; Incyte Corp.\* | 249 |  | 16957 |
| &nbsp;&nbsp;&nbsp; Bunge Global S.A. | 208 |  | 16698 |
| &nbsp;&nbsp;&nbsp; Solventum Corp.\* | 214 |  | 16230 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 1815 |  | 16208 |
| &nbsp;&nbsp;&nbsp; J M Smucker Co. | 165 |  | 16203 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. — Class B | 88 |  | 15941 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 738 |  | 15107 |
| &nbsp;&nbsp;&nbsp; Moderna, Inc.\* | 526 |  | 14512 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 188 |  | 13733 |
| &nbsp;&nbsp;&nbsp; Hormel Foods Corp. | 450 |  | 13612 |
| &nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 58 |  | 12954 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 265 |  | 12744 |
| &nbsp;&nbsp;&nbsp; Bio-Techne Corp. | 243 |  | 12502 |
| &nbsp;&nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 76 |  | 11531 |
| &nbsp;&nbsp;&nbsp; Lamb Weston Holdings, Inc. | 218 |  | 11303 |
| &nbsp;&nbsp;&nbsp; The Campbell's Co. | 304 |  | 9318 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 64 |  | 9117 |
| &nbsp;&nbsp;&nbsp; Brown-Forman Corp. — Class B | 282 |  | 7589 |
|  **Total Consumer, Non-cyclical** |  |  | 11792614 |
|  **Consumer, Cyclical - 6.7%** | **Consumer, Cyclical - 6.7%** | **Consumer, Cyclical - 6.7%** | **Consumer, Cyclical - 6.7%** |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 4334 |  | 1376738 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 686 |  | 679099 |
| &nbsp;&nbsp;&nbsp; Walmart, Inc. | 6683 |  | 653464 |
| &nbsp;&nbsp;&nbsp; Home Depot, Inc. | 1537 |  | 563526 |
| &nbsp;&nbsp;&nbsp; McDonald's Corp. | 1105 |  | 322848 |
| &nbsp;&nbsp;&nbsp; TJX Companies, Inc. | 1726 |  | 213144 |
| &nbsp;&nbsp;&nbsp; Lowe's Companies, Inc. | 865 |  | 191918 |
| &nbsp;&nbsp;&nbsp; Starbucks Corp. | 1758 |  | 161085 |
| &nbsp;&nbsp;&nbsp; NIKE, Inc. — Class B | 1822 |  | 129435 |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 387 |  | 121185 |
| &nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 1322 |  | 119152 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. — Class A\* | 2084 |  | 117017 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 367 |  | 97747 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 351 |  | 95896 |
| &nbsp;&nbsp;&nbsp; AutoZone, Inc.\* | 25 |  | 92806 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 811 |  | 77094 |
| &nbsp;&nbsp;&nbsp; Fastenal Co. | 1774 |  | 74508 |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 1486 |  | 73126 |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. | 213 |  | 69757 |
| &nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 67 |  | 69696 |
| &nbsp;&nbsp;&nbsp; Target Corp. | 702 |  | 69252 |
| &nbsp;&nbsp;&nbsp; Copart, Inc.\* | 1359 |  | 66686 |

---

184 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 6041 | $| 65545 |
| &nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 508 |  | 64811 |
| &nbsp;&nbsp;&nbsp; Yum! Brands, Inc. | 430 |  | 63717 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | 427 |  | 55049 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 1010 |  | 49672 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.\* | 1624 |  | 45667 |
| &nbsp;&nbsp;&nbsp; Tractor Supply Co. | 820 |  | 43271 |
| &nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc.\* | 171 |  | 40626 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 505 |  | 40213 |
| &nbsp;&nbsp;&nbsp; Lennar Corp. — Class A | 359 |  | 39709 |
| &nbsp;&nbsp;&nbsp; Darden Restaurants, Inc. | 181 |  | 39453 |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 340 |  | 38889 |
| &nbsp;&nbsp;&nbsp; NVR, Inc.\* | 5 |  | 36928 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 244 |  | 36912 |
| &nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.\* | 70 |  | 32747 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 310 |  | 32693 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 190 |  | 31040 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 306 |  | 30306 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 881 |  | 28580 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 321 |  | 28187 |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | 214 |  | 25960 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 234 |  | 24118 |
| &nbsp;&nbsp;&nbsp; Domino's Pizza, Inc. | 52 |  | 23431 |
| &nbsp;&nbsp;&nbsp; Aptiv plc\* | 336 |  | 22922 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 525 |  | 22843 |
| &nbsp;&nbsp;&nbsp; Best Buy Company, Inc. | 298 |  | 20005 |
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 103 |  | 18741 |
| &nbsp;&nbsp;&nbsp; Pool Corp. | 58 |  | 16906 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. — Class A | 61 |  | 16731 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 236 |  | 15862 |
| &nbsp;&nbsp;&nbsp; Hasbro, Inc. | 204 |  | 15059 |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 399 |  | 14767 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 691 |  | 14014 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 136 |  | 12739 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc.\* | 1109 |  | 12731 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International\* | 320 |  | 11005 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 321 |  | 9113 |
|  **Total Consumer, Cyclical** |  |  | 6576141 |
|  **Industrial - 6.3%** | **Industrial - 6.3%** | **Industrial - 6.3%** | **Industrial - 6.3%** |
| &nbsp;&nbsp;&nbsp; General Electric Co. | 1649 |  | 424436 |
| &nbsp;&nbsp;&nbsp; RTX Corp. | 2066 |  | 301677 |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 728 |  | 282617 |
| &nbsp;&nbsp;&nbsp; Boeing Co.\* | 1167 |  | 244522 |
| &nbsp;&nbsp;&nbsp; Honeywell International, Inc. | 994 |  | 231483 |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 421 |  | 222772 |
| &nbsp;&nbsp;&nbsp; Eaton Corporation plc | 605 |  | 215979 |
| &nbsp;&nbsp;&nbsp; Union Pacific Corp. | 924 |  | 212594 |
| &nbsp;&nbsp;&nbsp; Deere & Co. | 391 |  | 198820 |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. — Class A | 1871 |  | 184761 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 344 |  | 150469 |
| &nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 322 |  | 149131 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 198 |  | 138297 |
| &nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 87 |  | 132296 |
| &nbsp;&nbsp;&nbsp; Waste Management, Inc. | 566 |  | 129512 |
| &nbsp;&nbsp;&nbsp; 3M Co. | 833 |  | 126816 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 624 |  | 116145 |
| &nbsp;&nbsp;&nbsp; Emerson Electric Co. | 870 |  | 115997 |
| &nbsp;&nbsp;&nbsp; United Parcel Service, Inc. — Class B | 1135 |  | 114567 |
| &nbsp;&nbsp;&nbsp; General Dynamics Corp. | 390 |  | 113747 |
| &nbsp;&nbsp;&nbsp; Johnson Controls International plc | 1017 |  | 107416 |
| &nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 209 |  | 104496 |
| &nbsp;&nbsp;&nbsp; Illinois Tool Works, Inc. | 412 |  | 101867 |
| &nbsp;&nbsp;&nbsp; CSX Corp. | 2906 |  | 94823 |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 114 |  | 94385 |
| &nbsp;&nbsp;&nbsp; Carrier Global Corp. | 1234 |  | 90317 |
| &nbsp;&nbsp;&nbsp; Norfolk Southern Corp. | 348 |  | 89077 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 341 |  | 77513 |
| &nbsp;&nbsp;&nbsp; TE Connectivity plc | 458 |  | 77251 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. — Class A | 313 |  | 77189 |
| &nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 289 |  | 72493 |
| &nbsp;&nbsp;&nbsp; AMETEK, Inc. | 357 |  | 64603 |
| &nbsp;&nbsp;&nbsp; Otis Worldwide Corp. | 610 |  | 60402 |
| &nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 174 |  | 57797 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 265 |  | 55478 |
| &nbsp;&nbsp;&nbsp; Vulcan Materials Co. | 204 |  | 53207 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 623 |  | 51821 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 93 |  | 51053 |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | 238 |  | 49675 |
| &nbsp;&nbsp;&nbsp; Xylem, Inc. | 376 |  | 48639 |
| &nbsp;&nbsp;&nbsp; Old Dominion Freight Line, Inc. | 288 |  | 46742 |
| &nbsp;&nbsp;&nbsp; Keysight Technologies, Inc.\* | 266 |  | 43587 |
| &nbsp;&nbsp;&nbsp; Dover Corp. | 212 |  | 38845 |
| &nbsp;&nbsp;&nbsp; Veralto Corp. | 383 |  | 38664 |
| &nbsp;&nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 32 |  | 37591 |
| &nbsp;&nbsp;&nbsp; Teledyne Technologies, Inc.\* | 72 |  | 36886 |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 166 |  | 36204 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | 82 |  | 33490 |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 767 |  | 33096 |
| &nbsp;&nbsp;&nbsp; Amcor plc | 3544 |  | 32569 |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | 49 |  | 28089 |
| &nbsp;&nbsp;&nbsp; Trimble, Inc.\* | 369 |  | 28037 |
| &nbsp;&nbsp;&nbsp; Fortive Corp. | 526 |  | 27420 |
| &nbsp;&nbsp;&nbsp; Pentair plc | 254 |  | 26075 |
| &nbsp;&nbsp;&nbsp; Packaging Corporation of America | 137 |  | 25818 |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | 81 |  | 25206 |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 186 |  | 24450 |
| &nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 212 |  | 24221 |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 428 |  | 24006 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 278 |  | 22321 |
| &nbsp;&nbsp;&nbsp; Masco Corp. | 326 |  | 20981 |
| &nbsp;&nbsp;&nbsp; IDEX Corp. | 116 |  | 20366 |
| &nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.\* | 171 |  | 19954 |
| &nbsp;&nbsp;&nbsp; Allegion plc | 133 |  | 19168 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | 84 |  | 18007 |
| &nbsp;&nbsp;&nbsp; CH Robinson Worldwide, Inc. | 184 |  | 17655 |
| &nbsp;&nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 121 |  | 17376 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 239 |  | 16192 |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 60 |  | 14488 |
| &nbsp;&nbsp;&nbsp; Generac Holdings, Inc.\* | 91 |  | 13032 |
| &nbsp;&nbsp;&nbsp; A O Smith Corp. | 180 |  | 11803 |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 80 |  | 8387 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 185

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Ralliant Corp.\* | 158 | $| 7661 |
|  **Total Industrial** |  |  | 6124527 |
|  **Energy - 2.5%** | **Energy - 2.5%** | **Energy - 2.5%** | **Energy - 2.5%** |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 6666 |  | 718595 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 2512 |  | 359693 |
| &nbsp;&nbsp;&nbsp; ConocoPhillips | 1953 |  | 175262 |
| &nbsp;&nbsp;&nbsp; Williams Companies, Inc. | 1889 |  | 118648 |
| &nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 844 |  | 100951 |
| &nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 2990 |  | 87906 |
| &nbsp;&nbsp;&nbsp; ONEOK, Inc. | 966 |  | 78855 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 474 |  | 78736 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 630 |  | 75159 |
| &nbsp;&nbsp;&nbsp; Schlumberger N.V. | 2103 |  | 71081 |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 484 |  | 65059 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | 428 |  | 59295 |
| &nbsp;&nbsp;&nbsp; Baker Hughes Co. | 1532 |  | 58737 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 335 |  | 58317 |
| &nbsp;&nbsp;&nbsp; Equities Corp. | 925 |  | 53946 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 1095 |  | 46001 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 289 |  | 39709 |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 335 |  | 39175 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 993 |  | 31587 |
| &nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 29 |  | 30635 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. — Class A | 1181 |  | 29974 |
| &nbsp;&nbsp;&nbsp; First Solar, Inc.\* | 165 |  | 27314 |
| &nbsp;&nbsp;&nbsp; Halliburton Co. | 1330 |  | 27106 |
| &nbsp;&nbsp;&nbsp; APA Corp. | 558 |  | 10206 |
| &nbsp;&nbsp;&nbsp; Enphase Energy, Inc.\* | 202 |  | 8009 |
|  **Total Energy** |  |  | 2449956 |
|  **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 3184 |  | 221033 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 485 |  | 156539 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 1700 |  | 156111 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 1203 |  | 141954 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 524 |  | 101556 |
| &nbsp;&nbsp;&nbsp; American Electric Power Company, Inc. | 825 |  | 85602 |
| &nbsp;&nbsp;&nbsp; Sempra | 1008 |  | 76376 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 1319 |  | 74550 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 1561 |  | 67779 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 772 |  | 64987 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 892 |  | 60745 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 691 |  | 57436 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 557 |  | 55895 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 493 |  | 51371 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 302 |  | 48495 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 3399 |  | 47382 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 321 |  | 42520 |
| &nbsp;&nbsp;&nbsp; American Water Works Company, Inc. | 301 |  | 41872 |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 418 |  | 40145 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 1143 |  | 38736 |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 245 |  | 37757 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 1010 |  | 37107 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 568 |  | 36136 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 463 |  | 32077 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 794 |  | 31966 |
| &nbsp;&nbsp;&nbsp; Edison International | 595 |  | 30702 |
| &nbsp;&nbsp;&nbsp; NiSource, Inc. | 727 |  | 29327 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 356 |  | 24539 |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 397 |  | 24007 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 184 |  | 16462 |
| &nbsp;&nbsp;&nbsp; AES Corp. | 1101 |  | 11583 |
|  **Total Utilities** |  |  | 1942747 |
|  **Basic Materials - 1.2%** | **Basic Materials - 1.2%** | **Basic Materials - 1.2%** | **Basic Materials - 1.2%** |
| &nbsp;&nbsp;&nbsp; Linde plc | 727 |  | 341094 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 357 |  | 122579 |
| &nbsp;&nbsp;&nbsp; Ecolab, Inc. | 390 |  | 105082 |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 1722 |  | 100324 |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 344 |  | 97029 |
| &nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | 2221 |  | 96280 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 357 |  | 46246 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 647 |  | 44378 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 351 |  | 39926 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 816 |  | 38213 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 396 |  | 29126 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 1093 |  | 28943 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 213 |  | 27266 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. — Class A | 398 |  | 23028 |
| &nbsp;&nbsp;&nbsp; CF Industries Holdings, Inc. | 250 |  | 23000 |
| &nbsp;&nbsp;&nbsp; Mosaic Co. | 490 |  | 17875 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 179 |  | 13364 |
| &nbsp;&nbsp;&nbsp; Albemarle Corp. | 182 |  | 11406 |
|  **Total Basic Materials** |  |  | 1205159 |
|  **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $65,627,598) |  |  | 81182281 |
|  | **Face<br> Amount** |  |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 1.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.3%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 4.23% due 09/18/25<sup>2,3</sup> | $650000 |  | 643983 |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>3,4</sup> | 560000 |  | 559549 |
| &nbsp;&nbsp;&nbsp; 4.20% due 09/18/25<sup>2,3</sup> | 100000 |  | 99074 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,302,594) |  |  | 1302606 |
|  **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.7%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.7%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.7%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 18.7%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>2</sup> | 9876692 |  | 9876692 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>2</sup> | 4261788 |  | 4261788 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>2</sup> | 4115289 |  | 4115289 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $18,253,769) |  |  | 18253769 |

---

186 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **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, 4.25%<sup>7</sup> | 51131 | $51131 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $51,131) |  | 51131 |
|  **Total Investments - 103.2%** | **Total Investments - 103.2%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $85,235,092) | &nbsp;&nbsp;&nbsp; (Cost $85,235,092) | $100789787 |
|  **Other Assets & Liabilities, net - (3.2)%** | **Other Assets & Liabilities, net - (3.2)%** | (3142225) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $97647562 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
|  S&P 500 Index Mini Futures Contracts | 41 | Sep 2025 | $12815575 | $372637 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
|  Goldman Sachs International | S&P 500 Index | Pay | 4.93% (Federal <br> Funds Rate +<br> 0.60%) | At Maturity | 09/24/25 | 12061 | $74838778 | $1354657 |
|  BNP Paribas | S&P 500 Index | Pay | 5.18% (Federal <br> Funds Rate + <br> 0.85%) | At Maturity | 09/25/25 | 3044 | 18889103 | 334181 |
|  Barclays Bank plc | S&P 500 Index | Pay | 5.29% (SOFR +<br> 0.90%) | At Maturity | 09/25/25 | 1257 | 7800275 | 141789 |
|  |  |  |  |  |  |  | $101528156 | $1830627 |

---

---

| | |
|:---|:---|
| \* | &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 June 30, 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 June 30, 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 June 30, 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 June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 187

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $81182281 | $— | $— | $81182281 |
|  U.S. Treasury Bills |  | 1302606 |  | 1302606 |
|  Repurchase Agreements |  | 18253769 |  | 18253769 |
|  Securities Lending Collateral | 51131 |  |  | 51131 |
|  Equity Futures Contracts\*\* | 372637 |  |  | 372637 |
|  Equity Index Swap Agreements\*\* |  | 1830627 |  | 1830627 |
|  Total Assets | $81606049 | $21387002 | $— | $102993051 |

---

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

188 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $50,728 of securities loaned (cost $66,981,323) | $82536018 |
|  Repurchase agreements, at value (cost $18,253,769) | 18253769 |
|  Cash | 364 |
|  Segregated cash with broker | 234107 |
|  Unrealized appreciation on OTC swap agreements | 1830627 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 4394338 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 49856 |
| &nbsp;&nbsp;&nbsp; Dividends | 37036 |
| &nbsp;&nbsp;&nbsp; Interest | 2218 |
|  **Total assets** | 107338333 |
|  **Liabilities:** | **Liabilities:** |
|  Segregated cash due to broker | 1360000 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Securities purchased | 7978627 |
| &nbsp;&nbsp;&nbsp; Management fees | 62455 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 59624 |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 51131 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 27553 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 17348 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 5259 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 3817 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 561 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 124396 |
|  **Total liabilities** | 9690771 |
|  **Net assets** | $97647562 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $93054052 |
|  Total distributable earnings (loss) | 4593510 |
|  Net assets | $97647562 |
|  Capital shares outstanding | 190575 |
|  Net asset value per share | $512.38 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $71) | $297159 |
|  Interest | 269124 |
|  Income from securities lending, net | 5 |
| &nbsp;&nbsp;&nbsp; Total investment income | 566288 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 246785 |
|  Investor service fees | 68551 |
|  Transfer agent fees | 69491 |
|  Professional fees | 76339 |
|  Portfolio accounting and administration fees | 42501 |
|  Interest expense | 33360 |
|  Custodian fees | 3689 |
|  Trustees' fees\* | 2327 |
|  Line of credit fees | 81 |
|  Miscellaneous | 13517 |
| &nbsp;&nbsp;&nbsp; Total expenses | 556641 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (27420) |
|  Net expenses | 529221 |
|  Net investment income | 37067 |
|  **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 | (22159) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 6070901 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (1016490) |
|  Net realized gain | 5032252 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 5915424 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 2301605 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 582351 |
|  Net change in unrealized appreciation (depreciation) | 8799380 |
|  Net realized and unrealized gain | 13831632 |
|  **Net increase in net assets resulting from operations** | $13868699 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 189

**S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $37067 | $97631 |
|  Net realized gain on investments | 5032252 | 8553278 |
|  Net change in unrealized appreciation (depreciation) on investments | 8799380 | 2975705 |
|  Net increase in net assets resulting from operations | 13868699 | 11626614 |
|  Distributions to shareholders |  | (183943) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 93576590 | 140348577 |
|  Distributions reinvested |  | 183943 |
|  Cost of shares redeemed | (45922674) | (151826938) |
|  Net increase (decrease) from capital share transactions | 47653916 | (11294418) |
|  Net increase in net assets | 61522615 | 148253 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 36124947 | 35976694 |
| &nbsp;&nbsp;&nbsp; End of period | $97647562 | $36124947 |
|  **Capital share activity:** |  |  |
|  Shares sold | 218459 | 328171 |
|  Shares issued from reinvestment of distributions |  | 414 |
|  Shares redeemed | (102570) | (359049) |
|  Net increase (decrease) in shares | 115889 | (30464) |

---

190 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $483.69 | $342.15 | $236.13 | $499.24 | $315.43 | $313.21 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .31 | 1.27 | 2.04 | .07 | (2.79) | (1.21) |
|  Net gain (loss) on investments (realized and unrealized) | 28.38 | 143.05 | 104.22 | (192.13) | 186.60 | 45.29 <sup>f</sup> |
|  Total from investment operations | 28.69 | 144.32 | 106.26 | (192.06) | 183.81 | 44.08 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (2.78) | (.24) |  |  | (1.68) |
|  Net realized gains |  |  |  | (71.05) |  | (40.18) |
|  Total distributions |  | (2.78) | (.24) | (71.05) |  | (41.86) |
|  Net asset value, end of period | $512.38 | $483.69 | $342.15 | $236.13 | $499.24 | $315.43 |
|  **Total Return<sup>c</sup>** | **5.93%** | **42.25%** | **45.04%** | **(39.77** **%)** | **58.27%** | **18.10%** |
|  **Ratios/Supplemental Data** | **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) | $97648 | $36125 | $35977 | $16482 | $90849 | $36688 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.14% | 0.30% | 0.71% | 0.02% | (0.68%) | (0.44 %) |
|  Total expenses<sup>d</sup> | 2.03% | 1.96% | 1.93% | 1.84% | 1.75% | 1.87% |
|  Net expenses<sup>e</sup> | 1.93% | 1.86% | 1.86% | 1.77% | 1.71% | 1.83% |
|  Portfolio turnover rate | 67% | 214% | 436% | 1703% | 2834% | 2610% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuation market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 191

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 20.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 20.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 20.0%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 11574 | $116315 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 4623 | 115015 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $227,677) |  | 231330 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 17.3%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 17.3%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 17.3%** |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 4.23% due 07/02/25<sup>2</sup> | $100000 | 99988 |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 4.15% due 07/10/25<sup>2</sup> | 100000 | 99897 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $199,885) |  | 199885 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 3.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.5%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>2,3</sup> | 40000 | 39968 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $39,968) |  | 39968 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 59.8%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 59.8%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 59.8%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>5</sup> | 373322 | 373322 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>5</sup> | 161088 | 161088 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>5</sup> | 155551 | 155551 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $689,961) |  | 689961 |
|  **Total Investments - 100.6%** | **Total Investments - 100.6%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,157,491) | &nbsp;&nbsp;&nbsp; (Cost $1,157,491) | $1161144 |
|  **Other Assets & Liabilities, net - (0.6)%** | **Other Assets & Liabilities, net - (0.6)%** | (6790) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1154354 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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>** |
|  S&P 500 Index Mini Futures Contracts | 2 | Sep 2025 | $625150 | $(21978) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **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 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 | 09/24/25 | 19 | $118237 | $(3429) |
|  BNP Paribas | S&P 500 Index | Receive | 4.78% (Federal<br> Funds Rate +<br> 0.45%) | At Maturity | 09/25/25 | 31 | 191278 | (5543) |
|  Barclays Bank plc | S&P 500 Index | Receive | 4.99% (SOFR +<br> 0.60%) | At Maturity | 09/25/25 | 34 | 212555 | (6159) |
|  |  |  |  |  |  |  | $522070 | $(15131) |

---

192 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as equity index swap collateral at June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Mutual Funds | $231330 | $— | $— | $231330 |
|  Federal Agency Discount Notes |  | 199885 |  | 199885 |
|  U.S. Treasury Bills |  | 39968 |  | 39968 |
|  Repurchase Agreements |  | 689961 |  | 689961 |
|  Total Assets | $231330 | $929814 | $— | $1161144 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $21978 | $— | $— | $21978 |
|  Equity Index Swap Agreements\*\* |  | 15131 |  | 15131 |
|  Total Liabilities | $21978 | $15131 | $— | $37109 |

---

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 193

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $114876 | $— | $— | $— | $139 | $115015 | 4623 | $3076 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 115853 |  |  |  | 462 | 116315 | 11574 | 2528 |
|  | $230729 | $— | $— | $— | $601 | $231330 |  | $5604 |

---

194 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $239,853) | $239853 |
|  Investments in affiliated issuers, at value (cost $227,677) | 231330 |
|  Repurchase agreements, at value (cost $689,961) | 689961 |
|  Segregated cash with broker | 12537 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 8946 |
| &nbsp;&nbsp;&nbsp; Dividends | 888 |
| &nbsp;&nbsp;&nbsp; Interest | 84 |
|  **Total assets** | 1183599 |
|  **Liabilities:** | **Liabilities:** |
|  Unrealized depreciation on OTC swap agreements | 15131 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 4132 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 2775 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 2683 |
| &nbsp;&nbsp;&nbsp; Management fees | 870 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 644 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 248 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 55 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 14 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 2693 |
|  **Total liabilities** | 29245 |
|  **Net assets** | $1154354 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $20833897 |
|  Total distributable earnings (loss) | (19679543) |
|  Net assets | $1154354 |
|  Capital shares outstanding | 10619 |
|  Net asset value per share | $108.71 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $5604 |
|  Interest | 27362 |
| &nbsp;&nbsp;&nbsp; Total investment income | 32966 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 6561 |
|  Investor service fees | 1822 |
|  Transfer agent fees | 1942 |
|  Professional fees | 1300 |
|  Portfolio accounting and administration fees | 1130 |
|  Custodian fees | 139 |
|  Interest expense | 120 |
|  Trustees' fees\* | 77 |
|  Miscellaneous | 935 |
| &nbsp;&nbsp;&nbsp; Total expenses | 14026 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (729) |
|  Expenses waived by Adviser | (144) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (873) |
|  Net expenses | 13153 |
|  Net investment income | 19813 |
|  **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 | 103376 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 5356 |
|  Net realized gain | 108732 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (18) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 601 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (17926) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (26524) |
|  Net change in unrealized appreciation (depreciation) | (43867) |
|  Net realized and unrealized gain | 64865 |
|  **Net increase in net assets resulting from operations** | $84678 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 195

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $19813 | $54501 |
|  Net realized gain (loss) on investments | 108732 | (412198) |
|  Net change in unrealized appreciation (depreciation) on investments | (43867) | 30313 |
|  Net increase (decrease) in net assets resulting from operations | 84678 | (327384) |
|  Distributions to shareholders |  | (193469) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 17791648 | 34918572 |
|  Distributions reinvested |  | 193469 |
|  Cost of shares redeemed | (17733263) | (34752743) |
|  Net increase from capital share transactions | 58385 | 359298 |
|  Net increase (decrease) in net assets | 143063 | (161555) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1011291 | 1172846 |
| &nbsp;&nbsp;&nbsp; End of period | $1154354 | $1011291 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 136846 | 274204 |
|  Shares issued from reinvestment of distributions |  | 1647 |
|  Shares redeemed | (135077) | (274814) |
|  Net increase in shares | 1769 | 1037 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

196 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a,g</sup>** | **Year Ended <br> December 31, <br> 2024<sup>g</sup>** | **Year Ended <br> December 31, <br> 2023<sup>g</sup>** | **Year Ended <br> December 31, <br> 2022<sup>g</sup>** | **Year Ended <br> December 31, <br> 2021<sup>g</sup>** | **Year Ended <br> December 31, <br> 2020<sup>g</sup>** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $114.27 | $150.11 | $181.27 | $155.49 | $205.80 | $276.44 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 1.59 | 4.60 | 5.55 | .25 | (2.65) | (2.40) |
|  Net gain (loss) on investments (realized and unrealized) | (7.15)<sup>h</sup> | (23.84) | (32.56) | 25.53 <sup>f</sup> | (47.66) | (66.54) |
|  Total from investment operations | (5.56) | (19.24) | (27.01) | 25.78 | (50.31) | (68.94) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (16.60) | (4.15) |  |  | (1.70) |
|  Total distributions |  | (16.60) | (4.15) |  |  | (1.70) |
|  Net asset value, end of period | $108.71 | $114.27 | $150.11 | $181.27 | $155.49 | $205.80 |
|  **Total Return<sup>c</sup>** | **(4.87** **%)** | **(13.11** **%)** | **(14.95** **%)** | **16.56%** | **(24.44** **%)** | **(25.02** **%)** |
|  **Ratios/Supplemental Data** | **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) | $1154 | $1011 | $1173 | $6156 | $2488 | $1407 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.72% | 3.65% | 3.30% | 0.13% | (1.48%) | (0.93%) |
|  Total expenses<sup>d</sup> | 1.92% | 1.83% | 1.86% | 1.82% | 1.74% | 1.88% |
|  Net expenses<sup>e</sup> | 1.80% | 1.69% | 1.76% | 1.75% | 1.69% | 1.83% |
|  Portfolio turnover rate |  |  |  |  | 1675% | 1417% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

 <sup>g</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

<sup>h</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and purchases of fund shares in relation to fluctuating maret value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 197

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **S&P 500<sup>®</sup>** **PURE GROWTH FUND**  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** |
|  **Consumer, Cyclical - 25.5%** | **Consumer, Cyclical - 25.5%** | **Consumer, Cyclical - 25.5%** |
| &nbsp;&nbsp;&nbsp; Royal Caribbean Cruises Ltd. | 2855 | $894015 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.\* | 27613 | 776477 |
| &nbsp;&nbsp;&nbsp; TKO Group Holdings, Inc. | 3394 | 617538 |
| &nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 29650 | 601302 |
| &nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc.\* | 7424 | 591173 |
| &nbsp;&nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 3907 | 591051 |
| &nbsp;&nbsp;&nbsp; Tapestry, Inc. | 5490 | 482077 |
| &nbsp;&nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 1788 | 476216 |
| &nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 9550 | 469669 |
| &nbsp;&nbsp;&nbsp; Marriott International, Inc. — Class A | 1458 | 398340 |
| &nbsp;&nbsp;&nbsp; Ralph Lauren Corp. — Class A | 1361 | 373295 |
| &nbsp;&nbsp;&nbsp; Wynn Resorts Ltd. | 3936 | 368685 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 2937 | 309736 |
| &nbsp;&nbsp;&nbsp; Tesla, Inc.\* | 873 | 277317 |
| &nbsp;&nbsp;&nbsp; Las Vegas Sands Corp. | 6173 | 268588 |
| &nbsp;&nbsp;&nbsp; Cummins, Inc. | 795 | 260363 |
| &nbsp;&nbsp;&nbsp; Deckers Outdoor Corp.\* | 2363 | 243554 |
| &nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 195 | 202847 |
| &nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc. — Class A\* | 3328 | 186867 |
| &nbsp;&nbsp;&nbsp; Costco Wholesale Corp. | 179 | 177199 |
| &nbsp;&nbsp;&nbsp; Williams-Sonoma, Inc. | 878 | 143439 |
|  **Total Consumer, Cyclical** |  | 8709748 |
|  **Technology - 17.1%** | **Technology - 17.1%** | **Technology - 17.1%** |
| &nbsp;&nbsp;&nbsp; Palantir Technologies, Inc. — Class A\* | 6088 | 829916 |
| &nbsp;&nbsp;&nbsp; NVIDIA Corp. | 4594 | 725806 |
| &nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc. — Class A\* | 1193 | 607607 |
| &nbsp;&nbsp;&nbsp; Fortinet, Inc.\* | 5640 | 596260 |
| &nbsp;&nbsp;&nbsp; Broadcom, Inc. | 1878 | 517671 |
| &nbsp;&nbsp;&nbsp; Super Micro Computer, Inc.\* | 8296 | 406587 |
| &nbsp;&nbsp;&nbsp; Fair Isaac Corp.\* | 193 | 352796 |
| &nbsp;&nbsp;&nbsp; ServiceNow, Inc.\* | 338 | 347491 |
| &nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 1315 | 304291 |
| &nbsp;&nbsp;&nbsp; Fiserv, Inc.\* | 1452 | 250339 |
| &nbsp;&nbsp;&nbsp; Oracle Corp. | 1143 | 249894 |
| &nbsp;&nbsp;&nbsp; International Business Machines Corp. | 800 | 235824 |
| &nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.\* | 302 | 179038 |
| &nbsp;&nbsp;&nbsp; Salesforce, Inc. | 456 | 124347 |
| &nbsp;&nbsp;&nbsp; Dayforce, Inc.\* | 2043 | 113162 |
|  **Total Technology** |  | 5841029 |
|  **Industrial - 14.5%** | **Industrial - 14.5%** | **Industrial - 14.5%** |
| &nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.\* | 942 | 779920 |
| &nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | 3867 | 719765 |
| &nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 819 | 433374 |
| &nbsp;&nbsp;&nbsp; Trane Technologies plc | 957 | 418601 |
| &nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 1483 | 310466 |
| &nbsp;&nbsp;&nbsp; Amphenol Corp. — Class A | 3003 | 296546 |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 761 | 295428 |
| &nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 185 | 281318 |
| &nbsp;&nbsp;&nbsp; Hubbell, Inc. | 642 | 262199 |
| &nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. | 322 | 224907 |
| &nbsp;&nbsp;&nbsp; Garmin Ltd. | 925 | 193066 |
| &nbsp;&nbsp;&nbsp; Eaton Corporation plc | 525 | 187420 |
| &nbsp;&nbsp;&nbsp; Republic Services, Inc. — Class A | 754 | 185944 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 2213 | 184077 |
| &nbsp;&nbsp;&nbsp; Lennox International, Inc. | 312 | 178851 |
|  **Total Industrial** |  | 4951882 |
|  **Communications - 13.0%** | **Communications - 13.0%** | **Communications - 13.0%** |
| &nbsp;&nbsp;&nbsp; Booking Holdings, Inc. | 99 | 573135 |
| &nbsp;&nbsp;&nbsp; Arista Networks, Inc.\* | 5579 | 570787 |
| &nbsp;&nbsp;&nbsp; Uber Technologies, Inc.\* | 6061 | 565491 |
| &nbsp;&nbsp;&nbsp; DoorDash, Inc. — Class A\* | 2218 | 546759 |
| &nbsp;&nbsp;&nbsp; Netflix, Inc.\* | 332 | 444591 |
| &nbsp;&nbsp;&nbsp; Meta Platforms, Inc. — Class A | 557 | 411116 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 2226 | 375482 |
| &nbsp;&nbsp;&nbsp; GoDaddy, Inc. — Class A\* | 2040 | 367323 |
| &nbsp;&nbsp;&nbsp; Palo Alto Networks, Inc.\* | 1169 | 239224 |
| &nbsp;&nbsp;&nbsp; Airbnb, Inc. — Class A\* | 1434 | 189776 |
| &nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 373 | 156832 |
|  **Total Communications** |  | 4440516 |
|  **Financial - 11.4%** | **Financial - 11.4%** | **Financial - 11.4%** |
| &nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 3436 | 487466 |
| &nbsp;&nbsp;&nbsp; American Express Co. | 1366 | 435727 |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 5427 | 362198 |
| &nbsp;&nbsp;&nbsp; Progressive Corp. | 1317 | 351455 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 3829 | 348630 |
| &nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. | 599 | 319704 |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. — Class A\* | 2217 | 310646 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. REIT | 2967 | 304325 |
| &nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 2561 | 283938 |
| &nbsp;&nbsp;&nbsp; Erie Indemnity Co. — Class A | 719 | 249342 |
| &nbsp;&nbsp;&nbsp; Visa, Inc. — Class A | 646 | 229362 |
| &nbsp;&nbsp;&nbsp; Mastercard, Inc. — Class A | 384 | 215785 |
|  **Total Financial** |  | 3898578 |
|  **Consumer, Non-cyclical - 9.4%** | **Consumer, Non-cyclical - 9.4%** | **Consumer, Non-cyclical - 9.4%** |
| &nbsp;&nbsp;&nbsp; Quanta Services, Inc. | 1588 | 600391 |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | 617 | 464848 |
| &nbsp;&nbsp;&nbsp; Insulet Corp.\* | 1278 | 401522 |
| &nbsp;&nbsp;&nbsp; Corpay, Inc.\* | 1023 | 339452 |
| &nbsp;&nbsp;&nbsp; Intuitive Surgical, Inc.\* | 553 | 300506 |
| &nbsp;&nbsp;&nbsp; Boston Scientific Corp.\* | 2350 | 252413 |
| &nbsp;&nbsp;&nbsp; Cintas Corp. | 1123 | 250283 |
| &nbsp;&nbsp;&nbsp; ResMed, Inc. | 919 | 237102 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.\* | 1479 | 210684 |
| &nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 191 | 148890 |
|  **Total Consumer, Non-cyclical** |  | 3206091 |
|  **Utilities - 5.4%** | **Utilities - 5.4%** | **Utilities - 5.4%** |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 4543 | 880479 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 3940 | 632685 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 1055 | 340512 |
|  **Total Utilities** |  | 1853676 |

---

198 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **S&P 500<sup>®</sup>** **PURE GROWTH FUND**  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Energy - 3.0%** | **Energy - 3.0%** | **Energy - 3.0%** |
| &nbsp;&nbsp;&nbsp; Texas Pacific Land Corp. | 473 | $499672 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | 1954 | 270707 |
| &nbsp;&nbsp;&nbsp; Targa Resources Corp. | 1522 | 264950 |
|  **Total Energy** |  | 1035329 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $25,713,188) |  | 33936849 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.5%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $92504 | 92504 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 39915 | 39915 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 38543 | 38543 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $170,962) |  | 170962 |
|  **Total Investments - 99.8%** | **Total Investments - 99.8%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $25,884,150) | &nbsp;&nbsp;&nbsp; (Cost $25,884,150) | $34107811 |
|  **Other Assets & Liabilities, net - 0.2%** | **Other Assets & Liabilities, net - 0.2%** | 55738 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $34163549 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $33936849 | $— | $— | $33936849 |
|  Repurchase Agreements |  | 170962 |  | 170962 |
|  Total Assets | $33936849 | $170962 | $— | $34107811 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 199

**S&P 500<sup>®</sup>** **PURE GROWTH FUND** <br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $25,713,188) | $33936849 |
|  Repurchase agreements, at value (cost $170,962) | 170962 |
|  Cash | 873 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 1439301 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 49364 |
| &nbsp;&nbsp;&nbsp; Dividends | 7290 |
| &nbsp;&nbsp;&nbsp; Interest | 21 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 5 |
|  **Total assets** | 35604665 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1345145 |
| &nbsp;&nbsp;&nbsp; Management fees | 17893 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 12681 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 5964 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 2505 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 299 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 56629 |
|  **Total liabilities** | 1441116 |
|  **Net assets** | $34163549 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $24177586 |
|  Total distributable earnings (loss) | 9985963 |
|  Net assets | $34163549 |
|  Capital shares outstanding | 554561 |
|  Net asset value per share | $61.60 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $91261 |
|  Interest | 5143 |
|  Income from securities lending, net | 31 |
| &nbsp;&nbsp;&nbsp; Total investment income | 96435 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 106060 |
|  Investor service fees | 35354 |
|  Transfer agent fees | 39934 |
|  Professional fees | 30152 |
|  Portfolio accounting and administration fees | 21919 |
|  Custodian fees | 1988 |
|  Trustees' fees\* | 1907 |
|  Line of credit fees | 9 |
|  Miscellaneous | 10741 |
| &nbsp;&nbsp;&nbsp; Total expenses | 248064 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (7071) |
|  Net expenses | 240993 |
|  Net investment loss | (144558) |
|  **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 | (702325) |
|  Net realized loss | (702325) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 3414195 |
|  Net change in unrealized appreciation (depreciation) | 3414195 |
|  Net realized and unrealized gain | 2711870 |
|  **Net increase in net assets resulting from operations** | $2567312 |

---

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

200 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE GROWTH FUND** <br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(144558) | $(267424) |
|  Net realized gain (loss) on investments | (702325) | 3901016 |
|  Net change in unrealized appreciation (depreciation) on investments | 3414195 | 2569712 |
|  Net increase in net assets resulting from operations | 2567312 | 6203304 |
|  Distributions to shareholders |  | (122311) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 34394742 | 69693909 |
|  Distributions reinvested |  | 122311 |
|  Cost of shares redeemed | (31132338) | (70008171) |
|  Net increase (decrease) from capital share transactions | 3262404 | (191951) |
|  Net increase in net assets | 5829716 | 5889042 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 28333833 | 22444791 |
| &nbsp;&nbsp;&nbsp; End of period | $34163549 | $28333833 |
|  **Capital share activity:** |  |  |
|  Shares sold | 607449 | 1379845 |
|  Shares issued from reinvestment of distributions |  | 2418 |
|  Shares redeemed | (560494) | (1381420) |
|  Net increase in shares | 46955 | 843 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 201

**S&P 500<sup>®</sup>** **PURE GROWTH FUND** <br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $55.82 | $44.29 | $41.60 | $70.09 | $55.17 | $54.49 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (.28) | (.50) | .03 | (.27) | (.84) | (.48) |
|  Net gain (loss) on investments (realized and unrealized) | 6.06 | 12.28 | 2.66 | (19.18) | 16.03 | 13.22 |
|  Total from investment operations | 5.78 | 11.78 | 2.69 | (19.45) | 15.19 | 12.74 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.03) |  |  |  |  |
|  Net realized gains |  | (.22) |  | (9.04) | (.27) | (12.06) |
|  Total distributions |  | (.25) |  | (9.04) | (.27) | (12.06) |
|  Net asset value, end of period | $61.60 | $55.82 | $44.29 | $41.60 | $70.09 | $55.17 |
|  **Total Return<sup>c</sup>** | **10.35%** | **26.67%** | **6.47%** | **(28.35** **%)** | **27.59%** | **27.32%** |
|  **Ratios/Supplemental Data** | **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) | $34164 | $28334 | $22445 | $23407 | $52617 | $35292 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (1.02%) | (0.98%) | 0.06% | (0.53%) | (1.34%) | (0.94%) |
|  Total expenses | 1.75% | 1.69% | 1.71% | 1.67% | 1.60% | 1.73% |
|  Net expenses<sup>d</sup> | 1.70% | 1.64% | 1.69% | 1.67% | 1.60% | 1.73% |
|  Portfolio turnover rate | 99% | 284% | 182% | 139% | 155% | 159% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

202 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **S&P 500<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
|  **Consumer, Non-cyclical - 31.2%** | **Consumer, Non-cyclical - 31.2%** | **Consumer, Non-cyclical - 31.2%** |
| &nbsp;&nbsp;&nbsp; CVS Health Corp. | 8141 | $561566 |
| &nbsp;&nbsp;&nbsp; Archer-Daniels-Midland Co. | 7339 | 387352 |
| &nbsp;&nbsp;&nbsp; Centene Corp.\* | 7071 | 383814 |
| &nbsp;&nbsp;&nbsp; Bunge Global S.A. | 4535 | 364070 |
| &nbsp;&nbsp;&nbsp; Kroger Co. | 4378 | 314034 |
| &nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 1767 | 296856 |
| &nbsp;&nbsp;&nbsp; Tyson Foods, Inc. — Class A | 4896 | 273882 |
| &nbsp;&nbsp;&nbsp; Humana, Inc. | 1105 | 270150 |
| &nbsp;&nbsp;&nbsp; Cencora, Inc. — Class A | 882 | 264468 |
| &nbsp;&nbsp;&nbsp; Cigna Group | 790 | 261158 |
| &nbsp;&nbsp;&nbsp; McKesson Corp. | 355 | 260137 |
| &nbsp;&nbsp;&nbsp; Kraft Heinz Co. | 7404 | 191171 |
| &nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 488 | 189812 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.\* | 612 | 182315 |
| &nbsp;&nbsp;&nbsp; Viatris, Inc. | 19111 | 170661 |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 3539 | 170191 |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. — Class B | 645 | 116842 |
| &nbsp;&nbsp;&nbsp; Sysco Corp. | 1517 | 114897 |
| &nbsp;&nbsp;&nbsp; Henry Schein, Inc.\* | 1317 | 96207 |
| &nbsp;&nbsp;&nbsp; Conagra Brands, Inc. | 4680 | 95800 |
| &nbsp;&nbsp;&nbsp; J M Smucker Co. | 879 | 86318 |
| &nbsp;&nbsp;&nbsp; Biogen, Inc.\* | 605 | 75982 |
| &nbsp;&nbsp;&nbsp; Baxter International, Inc. | 2475 | 74943 |
| &nbsp;&nbsp;&nbsp; Global Payments, Inc. | 794 | 63552 |
|  **Total Consumer, Non-cyclical** |  | 5266178 |
|  **Financial - 18.3%** | **Financial - 18.3%** | **Financial - 18.3%** |
| &nbsp;&nbsp;&nbsp; Citigroup, Inc. | 3460 | 294515 |
| &nbsp;&nbsp;&nbsp; American International Group, Inc. | 2613 | 223647 |
| &nbsp;&nbsp;&nbsp; Loews Corp. | 2269 | 207977 |
| &nbsp;&nbsp;&nbsp; Franklin Resources, Inc. | 8715 | 207853 |
| &nbsp;&nbsp;&nbsp; Invesco Ltd. | 12588 | 198513 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 561 | 190656 |
| &nbsp;&nbsp;&nbsp; Prudential Financial, Inc. | 1717 | 184474 |
| &nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. | 3478 | 155640 |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 1165 | 123886 |
| &nbsp;&nbsp;&nbsp; MetLife, Inc. | 1529 | 122962 |
| &nbsp;&nbsp;&nbsp; Capital One Financial Corp. | 575 | 122337 |
| &nbsp;&nbsp;&nbsp; Allstate Corp. | 487 | 98038 |
| &nbsp;&nbsp;&nbsp; Assurant, Inc. | 453 | 89463 |
| &nbsp;&nbsp;&nbsp; Bank of America Corp. | 1873 | 88630 |
| &nbsp;&nbsp;&nbsp; Travelers Companies, Inc. | 321 | 85880 |
| &nbsp;&nbsp;&nbsp; VICI Properties, Inc. REIT | 2597 | 84662 |
| &nbsp;&nbsp;&nbsp; Truist Financial Corp. | 1927 | 82842 |
| &nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc. REIT | 1098 | 79748 |
| &nbsp;&nbsp;&nbsp; Chubb Ltd. | 270 | 78224 |
| &nbsp;&nbsp;&nbsp; M&T Bank Corp. | 400 | 77596 |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 953 | 75697 |
| &nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. | 4393 | 73627 |
| &nbsp;&nbsp;&nbsp; KeyCorp | 4066 | 70830 |
| &nbsp;&nbsp;&nbsp; Regions Financial Corp. | 2983 | 70160 |
|  **Total Financial** |  | 3087857 |
|  **Consumer, Cyclical - 18.0%** | **Consumer, Cyclical - 18.0%** | **Consumer, Cyclical - 18.0%** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co. | 40897 | 443732 |
| &nbsp;&nbsp;&nbsp; General Motors Co. | 8375 | 412134 |
| &nbsp;&nbsp;&nbsp; Dollar General Corp. | 2927 | 334790 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc.\* | 23361 | 268185 |
| &nbsp;&nbsp;&nbsp; Dollar Tree, Inc.\* | 2480 | 245619 |
| &nbsp;&nbsp;&nbsp; Aptiv plc\* | 3155 | 215234 |
| &nbsp;&nbsp;&nbsp; LKQ Corp. | 4511 | 166952 |
| &nbsp;&nbsp;&nbsp; CarMax, Inc.\* | 2395 | 160968 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 4336 | 140660 |
| &nbsp;&nbsp;&nbsp; Best Buy Company, Inc. | 1802 | 120968 |
| &nbsp;&nbsp;&nbsp; MGM Resorts International\* | 2946 | 101313 |
| &nbsp;&nbsp;&nbsp; Target Corp. | 981 | 96776 |
| &nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.\* | 3373 | 95760 |
| &nbsp;&nbsp;&nbsp; Genuine Parts Co. | 752 | 91225 |
| &nbsp;&nbsp;&nbsp; Lennar Corp. — Class A | 677 | 74883 |
| &nbsp;&nbsp;&nbsp; DR Horton, Inc. | 470 | 60592 |
|  **Total Consumer, Cyclical** |  | 3029791 |
|  **Energy - 9.1%** | **Energy - 9.1%** | **Energy - 9.1%** |
| &nbsp;&nbsp;&nbsp; Valero Energy Corp. | 2362 | 317500 |
| &nbsp;&nbsp;&nbsp; Marathon Petroleum Corp. | 1624 | 269763 |
| &nbsp;&nbsp;&nbsp; Phillips 66 | 2183 | 260432 |
| &nbsp;&nbsp;&nbsp; APA Corp. | 6938 | 126896 |
| &nbsp;&nbsp;&nbsp; Equities Corp. | 1635 | 95353 |
| &nbsp;&nbsp;&nbsp; Devon Energy Corp. | 2596 | 82579 |
| &nbsp;&nbsp;&nbsp; Exxon Mobil Corp. | 757 | 81604 |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 520 | 74459 |
| &nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 540 | 74196 |
| &nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | 1762 | 74022 |
| &nbsp;&nbsp;&nbsp; Coterra Energy, Inc. — Class A | 2848 | 72282 |
|  **Total Energy** |  | 1529086 |
|  **Basic Materials - 6.2%** | **Basic Materials - 6.2%** | **Basic Materials - 6.2%** |
| &nbsp;&nbsp;&nbsp; Mosaic Co. | 12383 | 451732 |
| &nbsp;&nbsp;&nbsp; LyondellBasell Industries N.V. — Class A | 2178 | 126019 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 3922 | 103855 |
| &nbsp;&nbsp;&nbsp; Nucor Corp. | 787 | 101948 |
| &nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. | 539 | 68997 |
| &nbsp;&nbsp;&nbsp; International Paper Co. | 1389 | 65047 |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 914 | 62691 |
| &nbsp;&nbsp;&nbsp; Eastman Chemical Co. | 818 | 61072 |
|  **Total Basic Materials** |  | 1041361 |
|  **Communications - 5.9%** | **Communications - 5.9%** | **Communications - 5.9%** |
| &nbsp;&nbsp;&nbsp; Paramount Global — Class B | 27009 | 348416 |
| &nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 21951 | 251559 |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 4522 | 130867 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 1982 | 85761 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 2276 | 81230 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class A | 1158 | 64894 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class B | 690 | 35625 |
|  **Total Communications** |  | 998352 |
|  **Industrial - 5.5%** | **Industrial - 5.5%** | **Industrial - 5.5%** |
| &nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 906 | 218763 |
| &nbsp;&nbsp;&nbsp; Mohawk Industries, Inc.\* | 1665 | 174559 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 203

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **S&P 500<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Jabil, Inc. | 792 | $| 172735 |
| &nbsp;&nbsp;&nbsp; Stanley Black & Decker, Inc. | 1650 |  | 111787 |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 2243 |  | 96785 |
| &nbsp;&nbsp;&nbsp; FedEx Corp. | 348 |  | 79104 |
| &nbsp;&nbsp;&nbsp; Textron, Inc. | 980 |  | 78684 |
|  **Total Industrial** |  |  | 932417 |
|  **Utilities - 3.6%** | **Utilities - 3.6%** | **Utilities - 3.6%** | **Utilities - 3.6%** |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 2831 |  | 122922 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 1364 |  | 94020 |
| &nbsp;&nbsp;&nbsp; AES Corp. | 8763 |  | 92187 |
| &nbsp;&nbsp;&nbsp; Consolidated Edison, Inc. | 848 |  | 85097 |
| &nbsp;&nbsp;&nbsp; Pinnacle West Capital Corp. | 924 |  | 82670 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 1195 |  | 76026 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 4057 |  | 56555 |
|  **Total Utilities** |  |  | 609477 |
|  **Technology - 1.7%** | **Technology - 1.7%** | **Technology - 1.7%** | **Technology - 1.7%** |
| &nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co. | 8248 |  | 168671 |
| &nbsp;&nbsp;&nbsp; Intel Corp.\* | 5577 |  | 124925 |
|  **Total Technology** |  |  | 293596 |
|  **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $12,490,569) |  |  | 16788115 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.3%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 26656 | 26656 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 11502 | 11502 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 11106 | 11106 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $49,264) |  | 49264 |
|  **Total Investments - 99.8%** | **Total Investments - 99.8%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $12,539,833) | &nbsp;&nbsp;&nbsp; (Cost $12,539,833) | $16837379 |
|  **Other Assets & Liabilities, net - 0.2%** | **Other Assets & Liabilities, net - 0.2%** | 37414 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $16874793 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $16788115 | $— | $— | $16788115 |
|  Repurchase Agreements |  | 49264 |  | 49264 |
|  Total Assets | $16788115 | $49264 | $— | $16837379 |

---

204 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $12,490,569) | $16788115 |
|  Repurchase agreements, at value (cost $49,264) | 49264 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 85968 |
| &nbsp;&nbsp;&nbsp; Dividends | 17494 |
| &nbsp;&nbsp;&nbsp; Interest | 6 |
|  **Total assets** | 16940847 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 13594 |
| &nbsp;&nbsp;&nbsp; Management fees | 9934 |
| &nbsp;&nbsp;&nbsp; Printing fees | 9791 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 8166 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 5706 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 3311 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 1391 |
| &nbsp;&nbsp;&nbsp; Licensing fees | 1332 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 197 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 12632 |
|  **Total liabilities** | 66054 |
|  **Net assets** | $16874793 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $14758029 |
|  Total distributable earnings (loss) | 2116764 |
|  Net assets | $16874793 |
|  Capital shares outstanding | 266613 |
|  Net asset value per share | $63.29 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $10) | $255152 |
|  Interest | 2986 |
|  Income from securities lending, net | 212 |
| &nbsp;&nbsp;&nbsp; Total investment income | 258350 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 69933 |
|  Investor service fees | 23311 |
|  Transfer agent fees | 26582 |
|  Professional fees | 17572 |
|  Portfolio accounting and administration fees | 14453 |
|  Custodian fees | 1318 |
|  Trustees' fees\* | 1289 |
|  Line of credit fees | 3 |
|  Miscellaneous | 8979 |
| &nbsp;&nbsp;&nbsp; Total expenses | 163440 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (4662) |
|  Net expenses | 158778 |
|  Net investment income | 99572 |
|  **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 | (822305) |
|  Net realized loss | (822305) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 1235553 |
|  Net change in unrealized appreciation (depreciation) | 1235553 |
|  Net realized and unrealized gain | 413248 |
|  **Net increase in net assets resulting from operations** | $512820 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 205

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $99572 | $208582 |
|  Net realized gain (loss) on investments | (822305) | 1744012 |
|  Net change in unrealized appreciation (depreciation) on investments | 1235553 | (175473) |
|  Net increase in net assets resulting from operations | 512820 | 1777121 |
|  Distributions to shareholders |  | (247566) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 26473941 | 40093751 |
|  Distributions reinvested |  | 247566 |
|  Cost of shares redeemed | (28453473) | (43003724) |
|  Net decrease from capital share transactions | (1979532) | (2662407) |
|  Net decrease in net assets | (1466712) | (1132852) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 18341505 | 19474357 |
| &nbsp;&nbsp;&nbsp; End of period | $16874793 | $18341505 |
|  **Capital share activity:** |  |  |
|  Shares sold | 439211 | 687536 |
|  Shares issued from reinvestment of distributions |  | 4233 |
|  Shares redeemed | (475860) | (740653) |
|  Net decrease in shares | (36649) | (48884) |

---

206 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $60.48 | $55.30 | $52.80 | $61.26 | $46.76 | $58.01 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .32 | .62 | .56 | .50 | .50 | .46 |
|  Net gain (loss) on investments (realized and unrealized) | 2.49 | 5.35 | 2.73 | (2.25) | 14.56 | (7.59) |
|  Total from investment operations | 2.81 | 5.97 | 3.29 | (1.75) | 15.06 | (7.13) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.79) | (.79) | (.57) | (.36) | (.85) |
|  Net realized gains |  |  |  | (6.14) | (.20) | (3.27) |
|  Total distributions |  | (.79) | (.79) | (6.71) | (.56) | (4.12) |
|  Net asset value, end of period | $63.29 | $60.48 | $55.30 | $52.80 | $61.26 | $46.76 |
|  **Total Return<sup>c</sup>** | **4.65%** | **10.84%** | **6.29%** | **(2.55** **%)** | **32.32%** | **(10.56** **%)** |
|  **Ratios/Supplemental Data** | **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) | $16875 | $18342 | $19474 | $33199 | $30303 | $25999 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 1.07% | 1.07% | 1.07% | 0.86% | 0.87% | 1.08% |
|  Total expenses | 1.75% | 1.69% | 1.70% | 1.67% | 1.59% | 1.73% |
|  Net expenses<sup>d</sup> | 1.70% | 1.64% | 1.69% | 1.67% | 1.59% | 1.73% |
|  Portfolio turnover rate | 127% | 216% | 88% | 280% | 184% | 157% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 207

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** |
|  **Industrial - 25.6%** | **Industrial - 25.6%** | **Industrial - 25.6%** |
| &nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 417 | $223599 |
| &nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 340 | 181863 |
| &nbsp;&nbsp;&nbsp; MasTec, Inc.\* | 836 | 142479 |
| &nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 335 | 128908 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.\* | 705 | 116078 |
| &nbsp;&nbsp;&nbsp; AAON, Inc. | 1480 | 109150 |
| &nbsp;&nbsp;&nbsp; Kirby Corp.\* | 946 | 107286 |
| &nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 213 | 104061 |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.\* | 447 | 103338 |
| &nbsp;&nbsp;&nbsp; Woodward, Inc. | 354 | 86762 |
| &nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 577 | 83123 |
| &nbsp;&nbsp;&nbsp; Fabrinet\* | 280 | 82510 |
| &nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 407 | 82259 |
| &nbsp;&nbsp;&nbsp; TopBuild Corp.\* | 240 | 77698 |
| &nbsp;&nbsp;&nbsp; Acuity, Inc. | 255 | 76077 |
| &nbsp;&nbsp;&nbsp; Esab Corp. | 626 | 75465 |
| &nbsp;&nbsp;&nbsp; nVent Electric plc | 1024 | 75008 |
| &nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 298 | 69270 |
| &nbsp;&nbsp;&nbsp; Belden, Inc. | 550 | 63690 |
| &nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 1741 | 62606 |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 751 | 59682 |
| &nbsp;&nbsp;&nbsp; Knife River Corp.\* | 718 | 58617 |
| &nbsp;&nbsp;&nbsp; Owens Corning | 379 | 52120 |
| &nbsp;&nbsp;&nbsp; Coherent Corp.\* | 583 | 52009 |
| &nbsp;&nbsp;&nbsp; Carlisle Companies, Inc. | 138 | 51529 |
| &nbsp;&nbsp;&nbsp; Louisiana-Pacific Corp. | 422 | 36288 |
| &nbsp;&nbsp;&nbsp; Saia, Inc.\* | 114 | 31235 |
|  **Total Industrial** |  | 2392710 |
|  **Consumer, Non-cyclical - 24.3%** | **Consumer, Non-cyclical - 24.3%** | **Consumer, Non-cyclical - 24.3%** |
| &nbsp;&nbsp;&nbsp; Roivant Sciences Ltd.\* | 17812 | 200741 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc.\* | 3860 | 170129 |
| &nbsp;&nbsp;&nbsp; Shift4 Payments, Inc. — Class A\*<sup>,1</sup> | 1655 | 164027 |
| &nbsp;&nbsp;&nbsp; Masimo Corp.\* | 839 | 141137 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc. — Class A\* | 2186 | 129018 |
| &nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 747 | 122986 |
| &nbsp;&nbsp;&nbsp; RB Global, Inc. | 1126 | 119570 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 2154 | 112051 |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 2337 | 105118 |
| &nbsp;&nbsp;&nbsp; Lantheus Holdings, Inc.\* | 1283 | 105026 |
| &nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 567 | 102734 |
| &nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 307 | 96355 |
| &nbsp;&nbsp;&nbsp; Valvoline, Inc.\* | 2294 | 86874 |
| &nbsp;&nbsp;&nbsp; H&R Block, Inc. | 1528 | 83872 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp.\* | 288 | 82757 |
| &nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 643 | 80819 |
| &nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 421 | 79569 |
| &nbsp;&nbsp;&nbsp; elf Beauty, Inc.\* | 592 | 73668 |
| &nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 612 | 68330 |
| &nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 613 | 64218 |
| &nbsp;&nbsp;&nbsp; Ensign Group, Inc. | 391 | 60316 |
| &nbsp;&nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 1316 | 22504 |
|  **Total Consumer, Non-cyclical** |  | 2271819 |
|  **Consumer, Cyclical - 14.5%** | **Consumer, Cyclical - 14.5%** | **Consumer, Cyclical - 14.5%** |
| &nbsp;&nbsp;&nbsp; Planet Fitness, Inc. — Class A\* | 1318 | 143728 |
| &nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. — Class A | 711 | 133248 |
| &nbsp;&nbsp;&nbsp; Wingstop, Inc. | 362 | 121900 |
| &nbsp;&nbsp;&nbsp; Hyatt Hotels Corp. — Class A | 857 | 119680 |
| &nbsp;&nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 2525 | 104863 |
| &nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.\* | 2116 | 104700 |
| &nbsp;&nbsp;&nbsp; American Airlines Group, Inc.\* | 8978 | 100733 |
| &nbsp;&nbsp;&nbsp; Toll Brothers, Inc. | 832 | 94956 |
| &nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 1792 | 92485 |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. — Class A\* | 1051 | 87075 |
| &nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 197 | 80140 |
| &nbsp;&nbsp;&nbsp; Crocs, Inc.\* | 652 | 66035 |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 611 | 61711 |
| &nbsp;&nbsp;&nbsp; Choice Hotels International, Inc.<sup>1</sup> | 352 | 44662 |
|  **Total Consumer, Cyclical** |  | 1355916 |
|  **Financial - 10.9%** | **Financial - 10.9%** | **Financial - 10.9%** |
| &nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc. — Class A | 2958 | 163903 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 581 | 141125 |
| &nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 262 | 126782 |
| &nbsp;&nbsp;&nbsp; Hamilton Lane, Inc. — Class A | 834 | 118528 |
| &nbsp;&nbsp;&nbsp; East West Bancorp, Inc. | 971 | 98052 |
| &nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 1442 | 98041 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorporation | 1187 | 92562 |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 2184 | 71613 |
| &nbsp;&nbsp;&nbsp; Equitable Holdings, Inc. | 1203 | 67488 |
| &nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 263 | 47327 |
|  **Total Financial** |  | 1025421 |
|  **Technology - 10.0%** | **Technology - 10.0%** | **Technology - 10.0%** |
| &nbsp;&nbsp;&nbsp; Guidewire Software, Inc.\* | 634 | 149275 |
| &nbsp;&nbsp;&nbsp; ExlService Holdings, Inc.\* | 2507 | 109782 |
| &nbsp;&nbsp;&nbsp; Appfolio, Inc. — Class A\* | 446 | 102705 |
| &nbsp;&nbsp;&nbsp; CommVault Systems, Inc.\* | 575 | 100240 |
| &nbsp;&nbsp;&nbsp; DocuSign, Inc.\* | 1108 | 86302 |
| &nbsp;&nbsp;&nbsp; Pegasystems, Inc. | 1476 | 79896 |
| &nbsp;&nbsp;&nbsp; Doximity, Inc. — Class A\* | 1288 | 79006 |
| &nbsp;&nbsp;&nbsp; Parsons Corp.\* | 1076 | 77225 |
| &nbsp;&nbsp;&nbsp; Okta, Inc.\* | 621 | 62081 |
| &nbsp;&nbsp;&nbsp; Dynatrace, Inc.\* | 961 | 53057 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 201 | 39691 |
|  **Total Technology** |  | 939260 |
|  **Energy - 5.7%** | **Energy - 5.7%** | **Energy - 5.7%** |
| &nbsp;&nbsp;&nbsp; Valaris Ltd.\* | 4196 | 176693 |
| &nbsp;&nbsp;&nbsp; Permian Resources Corp. | 7906 | 107680 |
| &nbsp;&nbsp;&nbsp; CNX Resources Corp.\* | 2601 | 87602 |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc. | 2146 | 81827 |
| &nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 693 | 76168 |
|  **Total Energy** |  | 529970 |
|  **Basic Materials - 4.6%** | **Basic Materials - 4.6%** | **Basic Materials - 4.6%** |
| &nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 985 | 272234 |
| &nbsp;&nbsp;&nbsp; ATI, Inc.\* | 1867 | 161197 |
|  **Total Basic Materials** |  | 433431 |

---

208 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Communications - 4.1%** | **Communications - 4.1%** | **Communications - 4.1%** |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc.\*<sup>,1</sup> | 5278 | $263108 |
| &nbsp;&nbsp;&nbsp; Chewy, Inc. — Class A\* | 2766 | 117887 |
|  **Total Communications** |  | 380995 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $7,857,191) |  | 9329522 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.8%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $39445 | 39445 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 17021 | 17021 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 16436 | 16436 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $72,902) |  | 72902 |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.8%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.8%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.8%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 358741 | 358741 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $358,741) |  | 358741 |
|  **Total Investments - 104.3%** | **Total Investments - 104.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,288,834) | &nbsp;&nbsp;&nbsp; (Cost $8,288,834) | $9761165 |
|  **Other Assets & Liabilities, net - (4.3)%** | **Other Assets & Liabilities, net - (4.3)%** | (399018) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $9362147 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $9329522 | $— | $— | $9329522 |
|  Repurchase Agreements |  | 72902 |  | 72902 |
|  Securities Lending Collateral | 358741 |  |  | 358741 |
|  Total Assets | $9688263 | $72902 | $— | $9761165 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 209

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $353,798 of securities loaned (cost $8,215,932) | $9688263 |
|  Repurchase agreements, at value (cost $72,902) | 72902 |
|  Cash | 284 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 2501 |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 131 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 36 |
| &nbsp;&nbsp;&nbsp; Interest | 9 |
|  **Total assets** | 9764126 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 358741 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 9327 |
| &nbsp;&nbsp;&nbsp; Management fees | 5952 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 4451 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1984 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 833 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 108 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 20583 |
|  **Total liabilities** | 401979 |
|  **Net assets** | $9362147 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $7772870 |
|  Total distributable earnings (loss) | 1589277 |
|  Net assets | $9362147 |
|  Capital shares outstanding | 244633 |
|  Net asset value per share | $38.27 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends (net of foreign withholding tax of $113) | $50852 |
|  Interest | 1813 |
|  Income from securities lending, net | 154 |
| &nbsp;&nbsp;&nbsp; Total investment income | 52819 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 36975 |
|  Transfer agent fees | 14454 |
|  Investor service fees | 12325 |
|  Professional fees | 9932 |
|  Portfolio accounting and administration fees | 7641 |
|  Trustees' fees\* | 757 |
|  Custodian fees | 708 |
|  Line of credit fees | 17 |
|  Miscellaneous | 3654 |
| &nbsp;&nbsp;&nbsp; Total expenses | 86463 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2465) |
|  Net expenses | 83998 |
|  Net investment loss | (31179) |
|  **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 | (167453) |
|  Net realized loss | (167453) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 79785 |
|  Net change in unrealized appreciation (depreciation) | 79785 |
|  Net realized and unrealized loss | (87668) |
|  **Net decrease in net assets resulting from operations** | $(118847) |

---

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

210 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(31179) | $(121144) |
|  Net realized gain (loss) on investments | (167453) | 1360431 |
|  Net change in unrealized appreciation (depreciation) on investments | 79785 | 335605 |
|  Net increase (decrease) in net assets resulting from operations | (118847) | 1574892 |
|  Distributions to shareholders |  | (981) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 6198366 | 37472204 |
|  Distributions reinvested |  | 981 |
|  Cost of shares redeemed | (8818564) | (35924565) |
|  Net increase (decrease) from capital share transactions | (2620198) | 1548620 |
|  Net increase (decrease) in net assets | (2739045) | 3122531 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 12101192 | 8978661 |
| &nbsp;&nbsp;&nbsp; End of period | $9362147 | $12101192 |
|  **Capital share activity:** |  |  |
|  Shares sold | 164835 | 976987 |
|  Shares issued from reinvestment of distributions |  | 25 |
|  Shares redeemed | (236953) | (933202) |
|  Net increase (decrease) in shares | (72118) | 43810 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 211

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $38.20 | $32.90 | $28.69 | $46.84 | $45.31 | $36.17 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (.12) | (.35) | (.16) | (.19) | (.59) | (.41) |
|  Net gain (loss) on investments (realized and unrealized) | .19 <sup>e</sup> | 5.65 | 4.37 | (10.46) | 6.04 | 11.04 |
|  Total from investment operations | .07 | 5.30 | 4.21 | (10.65) | 5.45 | 10.63 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains |  | — <sup>f</sup> |  | (7.50) | (3.92) | (1.49) |
|  Total distributions |  |  |  | (7.50) | (3.92) | (1.49) |
|  Net asset value, end of period | $38.27 | $38.20 | $32.90 | $28.69 | $46.84 | $45.31 |
|  **Total Return<sup>c</sup>** | **0.18%** | **16.15%** | **14.67%** | **(22.62** **%)** | **12.21%** | **30.47%** |
|  **Ratios/Supplemental Data** | **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) | $9362 | $12101 | $8979 | $11962 | $18633 | $20870 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (0.63 %) | (0.92 %) | (0.52%) | (0.55%) | (1.23%) | (1.13%) |
|  Total expenses | 1.75% | 1.69% | 1.71% | 1.67% | 1.60% | 1.72% |
|  Net expenses<sup>d</sup> | 1.70% | 1.64% | 1.69% | 1.67% | 1.60% | 1.72% |
|  Portfolio turnover rate | 58% | 322% | 197% | 227% | 159% | 204% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>f</sup> Less than $0.01.

212 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.2%** | **COMMON STOCKS<sup>†</sup>** **- 99.2%** | **COMMON STOCKS<sup>†</sup>** **- 99.2%** |
|  **Consumer, Cyclical - 26.4%** | **Consumer, Cyclical - 26.4%** | **Consumer, Cyclical - 26.4%** |
| &nbsp;&nbsp;&nbsp; Goodyear Tire & Rubber Co.\* | 21518 | $223142 |
| &nbsp;&nbsp;&nbsp; Lear Corp. | 1806 | 171534 |
| &nbsp;&nbsp;&nbsp; AutoNation, Inc.\* | 708 | 140644 |
| &nbsp;&nbsp;&nbsp; Lithia Motors, Inc. — Class A | 411 | 138844 |
| &nbsp;&nbsp;&nbsp; Macy's, Inc. | 11237 | 131024 |
| &nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | 742 | 127483 |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. | 1070 | 108519 |
| &nbsp;&nbsp;&nbsp; WESCO International, Inc. | 453 | 83896 |
| &nbsp;&nbsp;&nbsp; Thor Industries, Inc. | 853 | 75755 |
| &nbsp;&nbsp;&nbsp; PVH Corp. | 895 | 61397 |
| &nbsp;&nbsp;&nbsp; Visteon Corp.\* | 655 | 61111 |
| &nbsp;&nbsp;&nbsp; Taylor Morrison Home Corp. — Class A\* | 975 | 59885 |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 2496 | 58906 |
| &nbsp;&nbsp;&nbsp; Gap, Inc. | 2241 | 48876 |
| &nbsp;&nbsp;&nbsp; Capri Holdings Ltd.\* | 2733 | 48374 |
| &nbsp;&nbsp;&nbsp; Polaris, Inc. | 1079 | 43861 |
| &nbsp;&nbsp;&nbsp; Aramark | 1016 | 42540 |
| &nbsp;&nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 556 | 40204 |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. — Class A\* | 2452 | 16747 |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. — Class C\* | 1706 | 11072 |
|  **Total Consumer, Cyclical** |  | 1693814 |
|  **Industrial - 17.2%** | **Industrial - 17.2%** | **Industrial - 17.2%** |
| &nbsp;&nbsp;&nbsp; Avnet, Inc. | 3698 | 196290 |
| &nbsp;&nbsp;&nbsp; Arrow Electronics, Inc.\* | 1536 | 195733 |
| &nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 1413 | 191744 |
| &nbsp;&nbsp;&nbsp; Greif, Inc. — Class A | 1196 | 77728 |
| &nbsp;&nbsp;&nbsp; AGCO Corp. | 728 | 75100 |
| &nbsp;&nbsp;&nbsp; Oshkosh Corp. | 648 | 73574 |
| &nbsp;&nbsp;&nbsp; Flex Ltd.\* | 1246 | 62200 |
| &nbsp;&nbsp;&nbsp; CNH Industrial N.V. | 4679 | 60640 |
| &nbsp;&nbsp;&nbsp; Terex Corp. | 1251 | 58409 |
| &nbsp;&nbsp;&nbsp; Sonoco Products Co. | 953 | 41513 |
| &nbsp;&nbsp;&nbsp; Fluor Corp.\* | 678 | 34761 |
| &nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 784 | 34676 |
|  **Total Industrial** |  | 1102368 |
|  **Consumer, Non-cyclical - 14.9%** | **Consumer, Non-cyclical - 14.9%** | **Consumer, Non-cyclical - 14.9%** |
| &nbsp;&nbsp;&nbsp; Avis Budget Group, Inc.\* | 909 | 153666 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 1302 | 113886 |
| &nbsp;&nbsp;&nbsp; Albertsons Companies, Inc. — Class A | 5071 | 109077 |
| &nbsp;&nbsp;&nbsp; ManpowerGroup, Inc. | 2578 | 104151 |
| &nbsp;&nbsp;&nbsp; Perrigo Company plc | 3825 | 102204 |
| &nbsp;&nbsp;&nbsp; Graham Holdings Co. — Class B | 101 | 95563 |
| &nbsp;&nbsp;&nbsp; US Foods Holding Corp.\* | 1013 | 78011 |
| &nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 1409 | 53457 |
| &nbsp;&nbsp;&nbsp; GXO Logistics, Inc.\* | 1025 | 49918 |
| &nbsp;&nbsp;&nbsp; Acadia Healthcare Company, Inc.\* | 1614 | 36622 |
| &nbsp;&nbsp;&nbsp; Insperity, Inc. | 564 | 33908 |
| &nbsp;&nbsp;&nbsp; Coty, Inc. — Class A\* | 5821 | 27068 |
|  **Total Consumer, Non-cyclical** |  | 957531 |
|  **Financial - 14.8%** | **Financial - 14.8%** | **Financial - 14.8%** |
| &nbsp;&nbsp;&nbsp; Brighthouse Financial, Inc.\* | 2174 | 116896 |
| &nbsp;&nbsp;&nbsp; Reinsurance Group of America, Inc. — Class A | 399 | 79146 |
| &nbsp;&nbsp;&nbsp; Ally Financial, Inc. | 1830 | 71279 |
| &nbsp;&nbsp;&nbsp; Unum Group | 849 | 68565 |
| &nbsp;&nbsp;&nbsp; Valley National Bancorp | 7554 | 67457 |
| &nbsp;&nbsp;&nbsp; CNO Financial Group, Inc. | 1456 | 56172 |
| &nbsp;&nbsp;&nbsp; Associated Banc-Corp. | 2198 | 53609 |
| &nbsp;&nbsp;&nbsp; Kilroy Realty Corp. REIT<sup>1</sup> | 1463 | 50196 |
| &nbsp;&nbsp;&nbsp; FNB Corp. | 3324 | 48464 |
| &nbsp;&nbsp;&nbsp; Old Republic International Corp. | 1239 | 47627 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 782 | 47491 |
| &nbsp;&nbsp;&nbsp; Bank OZK | 997 | 46919 |
| &nbsp;&nbsp;&nbsp; Kemper Corp. | 718 | 46340 |
| &nbsp;&nbsp;&nbsp; Hanover Insurance Group, Inc. | 242 | 41109 |
| &nbsp;&nbsp;&nbsp; First American Financial Corp. | 668 | 41008 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. REIT | 1892 | 37972 |
| &nbsp;&nbsp;&nbsp; Prosperity Bancshares, Inc. | 472 | 33153 |
|  **Total Financial** |  | 953403 |
|  **Energy - 11.7%** | **Energy - 11.7%** | **Energy - 11.7%** |
| &nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 5590 | 229637 |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc. — Class A | 7150 | 154941 |
| &nbsp;&nbsp;&nbsp; NOV, Inc. | 7654 | 95139 |
| &nbsp;&nbsp;&nbsp; Chord Energy Corp. | 769 | 74478 |
| &nbsp;&nbsp;&nbsp; Civitas Resources, Inc. | 2620 | 72102 |
| &nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 1691 | 64343 |
| &nbsp;&nbsp;&nbsp; Murphy Oil Corp. | 2821 | 63472 |
|  **Total Energy** |  | 754112 |
|  **Technology - 6.4%** | **Technology - 6.4%** | **Technology - 6.4%** |
| &nbsp;&nbsp;&nbsp; Concentrix Corp. | 5358 | 283197 |
| &nbsp;&nbsp;&nbsp; BILL Holdings, Inc.\* | 1079 | 49914 |
| &nbsp;&nbsp;&nbsp; Amkor Technology, Inc. | 1908 | 40049 |
| &nbsp;&nbsp;&nbsp; Maximus, Inc. | 515 | 36153 |
|  **Total Technology** |  | 409313 |
|  **Utilities - 4.4%** | **Utilities - 4.4%** | **Utilities - 4.4%** |
| &nbsp;&nbsp;&nbsp; UGI Corp. | 2063 | 75134 |
| &nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 864 | 44323 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | 587 | 42845 |
| &nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 568 | 42254 |
| &nbsp;&nbsp;&nbsp; Portland General Electric Co. | 1006 | 40874 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 614 | 34445 |
|  **Total Utilities** |  | 279875 |
|  **Basic Materials - 3.4%** | **Basic Materials - 3.4%** | **Basic Materials - 3.4%** |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 16714 | 127027 |
| &nbsp;&nbsp;&nbsp; Commercial Metals Co. | 898 | 43921 |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 583 | 29313 |
| &nbsp;&nbsp;&nbsp; Olin Corp. | 1009 | 20271 |
|  **Total Basic Materials** |  | 220532 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,160,443) |  | 6370948 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 213

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $25115 | $25115 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 10837 | 10837 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 10465 | 10465 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $46,417) |  | 46417 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | |
| **SECURITIES LENDING COLLATERAL†,3 - 0.6%** | **SECURITIES LENDING COLLATERAL†,3 - 0.6%** | **SECURITIES LENDING COLLATERAL†,3 - 0.6%** |
| **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 38944 | 38944 |
| **Total Securities Lending Collateral** |  |  |
| (Cost $38,944) |  | 38944 |
| **Total Investments - 100.5%** |  |  |
| (Cost $5,245,804) |  | $6456309 |
| **Other Assets & Liabilities, net - (0.5)%** |  | (33595) |
| **Total Net Assets - 100.0%** |  | $6422714 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $6370948 | $— | $— | $6370948 |
|  Repurchase Agreements |  | 46417 |  | 46417 |
|  Securities Lending Collateral | 38944 |  |  | 38944 |
|  Total Assets | $6409892 | $46417 | $— | $6456309 |

---

214 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $37,638 of securities loaned (cost $5,199,387) | $6409892 |
|  Repurchase agreements, at value (cost $46,417) | 46417 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 22467 |
| &nbsp;&nbsp;&nbsp; Dividends | 7468 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 6 |
| &nbsp;&nbsp;&nbsp; Interest | 6 |
|  **Total assets** | 6486256 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 38944 |
| &nbsp;&nbsp;&nbsp; Professional fees | 5311 |
| &nbsp;&nbsp;&nbsp; Management fees | 4034 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 3081 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1345 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1076 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 565 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 75 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 9111 |
|  **Total liabilities** | 63542 |
|  **Net assets** | $6422714 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $5379471 |
|  Total distributable earnings (loss) | 1043243 |
|  Net assets | $6422714 |
|  Capital shares outstanding | 126832 |
|  Net asset value per share | $50.64 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $89402 |
|  Interest | 1192 |
|  Income from securities lending, net | 26 |
| &nbsp;&nbsp;&nbsp; Total investment income | 90620 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 26556 |
|  Investor service fees | 8852 |
|  Transfer agent fees | 10228 |
|  Professional fees | 7087 |
|  Portfolio accounting and administration fees | 5488 |
|  Trustees' fees\* | 517 |
|  Custodian fees | 505 |
|  Line of credit fees | 100 |
|  Miscellaneous | 2813 |
| &nbsp;&nbsp;&nbsp; Total expenses | 62146 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1771) |
|  Net expenses | 60375 |
|  Net investment income | 30245 |
|  **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 | (249032) |
|  Net realized loss | (249032) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 97302 |
|  Net change in unrealized appreciation (depreciation) | 97302 |
|  Net realized and unrealized loss | (151730) |
|  **Net decrease in net assets resulting from operations** | $(121485) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 215

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $30245 | $11395 |
|  Net realized gain (loss) on investments | (249032) | 995099 |
|  Net change in unrealized appreciation (depreciation) on investments | 97302 | (895240) |
|  Net increase (decrease) in net assets resulting from operations | (121485) | 111254 |
|  Distributions to shareholders |  | (361848) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 8341915 | 9545572 |
|  Distributions reinvested |  | 361848 |
|  Cost of shares redeemed | (9358304) | (13586185) |
|  Net decrease from capital share transactions | (1016389) | (3678765) |
|  Net decrease in net assets | (1137874) | (3929359) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 7560588 | 11489947 |
| &nbsp;&nbsp;&nbsp; End of period | $6422714 | $7560588 |
|  **Capital share activity:** |  |  |
|  Shares sold | 164712 | 187884 |
|  Shares issued from reinvestment of distributions |  | 7529 |
|  Shares redeemed | (187436) | (271582) |
|  Net decrease in shares | (22724) | (76169) |

---

216 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $50.55 | $50.90 | $39.82 | $54.73 | $43.24 | $42.15 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .21 | .07 | .01 | .29 | .26 | .09 |
|  Net gain (loss) on investments (realized and unrealized) | (.12) | 2.05 | 11.07 | (3.74) | 13.11 | 2.49 |
|  Total from investment operations | .09 | 2.12 | 11.08 | (3.45) | 13.37 | 2.58 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.04) |  | (.55) | (.04) | (.15) |
|  Net realized gains |  | (2.43) |  | (10.91) | (1.84) | (1.34) |
|  Total distributions |  | (2.47) |  | (11.46) | (1.88) | (1.49) |
|  Net asset value, end of period | $50.64 | $50.55 | $50.90 | $39.82 | $54.73 | $43.24 |
|  **Total Return<sup>c</sup>** | **0.18%** | **4.42%** | **27.83%** | **(5.22** **%)** | **31.25%** | **7.42%** |
|  **Ratios/Supplemental Data** | **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) | $6423 | $7561 | $11490 | $12027 | $13823 | $16368 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.85% | 0.14% | 0.02% | 0.63% | 0.49% | 0.27% |
|  Total expenses | 1.76% | 1.69% | 1.71% | 1.67% | 1.59% | 1.72% |
|  Net expenses<sup>d</sup> | 1.71% | 1.64% | 1.69% | 1.67% | 1.59% | 1.72% |
|  Portfolio turnover rate | 122% | 152% | 238% | 257% | 216% | 320% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 217

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
|  **Consumer, Non-cyclical - 27.9%** | **Consumer, Non-cyclical - 27.9%** | **Consumer, Non-cyclical - 27.9%** |
| &nbsp;&nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 3127 | $172829 |
| &nbsp;&nbsp;&nbsp; Corcept Therapeutics, Inc.\* | 1961 | 143938 |
| &nbsp;&nbsp;&nbsp; TG Therapeutics, Inc.\* | 3914 | 140865 |
| &nbsp;&nbsp;&nbsp; Adtalem Global Education, Inc.\* | 1076 | 136900 |
| &nbsp;&nbsp;&nbsp; Chefs' Warehouse, Inc.\* | 2059 | 131385 |
| &nbsp;&nbsp;&nbsp; TransMedics Group, Inc.\* | 948 | 127042 |
| &nbsp;&nbsp;&nbsp; ADMA Biologics, Inc.\* | 6183 | 112592 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 1111 | 110689 |
| &nbsp;&nbsp;&nbsp; UFP Technologies, Inc.\* | 384 | 93757 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 4229 | 91769 |
| &nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.\* | 637 | 87562 |
| &nbsp;&nbsp;&nbsp; Stride, Inc.\* | 504 | 73176 |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 2035 | 64306 |
| &nbsp;&nbsp;&nbsp; ICU Medical, Inc.\* | 475 | 62771 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 1998 | 59081 |
| &nbsp;&nbsp;&nbsp; Phibro Animal Health Corp. — Class A | 2290 | 58487 |
| &nbsp;&nbsp;&nbsp; CorVel Corp.\* | 544 | 55912 |
| &nbsp;&nbsp;&nbsp; LeMaitre Vascular, Inc. | 633 | 52571 |
| &nbsp;&nbsp;&nbsp; Verra Mobility Corp.\* | 1954 | 49612 |
| &nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.\* | 381 | 49442 |
| &nbsp;&nbsp;&nbsp; Astrana Health, Inc.\* | 1765 | 43913 |
| &nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 353 | 43408 |
| &nbsp;&nbsp;&nbsp; BioLife Solutions, Inc.\* | 1999 | 43059 |
| &nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 1343 | 41767 |
| &nbsp;&nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 590 | 38497 |
| &nbsp;&nbsp;&nbsp; PROG Holdings, Inc. | 1297 | 38067 |
| &nbsp;&nbsp;&nbsp; Vericel Corp.\* | 867 | 36891 |
| &nbsp;&nbsp;&nbsp; Glaukos Corp.\* | 327 | 33776 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc.\* | 1354 | 32428 |
| &nbsp;&nbsp;&nbsp; Inter Parfums, Inc. | 223 | 29282 |
| &nbsp;&nbsp;&nbsp; RadNet, Inc.\* | 483 | 27488 |
| &nbsp;&nbsp;&nbsp; Arcus Biosciences, Inc.\* | 3190 | 25967 |
| &nbsp;&nbsp;&nbsp; Payoneer Global, Inc.\* | 3031 | 20762 |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 169 |  |
| &nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 169 |  |
|  **Total Consumer, Non-cyclical** |  | 2329991 |
|  **Financial - 21.4%** | **Financial - 21.4%** | **Financial - 21.4%** |
| &nbsp;&nbsp;&nbsp; Palomar Holdings, Inc.\* | 1042 | 160728 |
| &nbsp;&nbsp;&nbsp; Acadian Asset Management, Inc. | 3308 | 116574 |
| &nbsp;&nbsp;&nbsp; Axos Financial, Inc.\* | 1389 | 105620 |
| &nbsp;&nbsp;&nbsp; Trupanion, Inc.\* | 1899 | 105110 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc.\* | 855 | 95350 |
| &nbsp;&nbsp;&nbsp; HCI Group, Inc. | 561 | 85384 |
| &nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 1062 | 84025 |
| &nbsp;&nbsp;&nbsp; MARA Holdings, Inc.\* | 5177 | 81175 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc.\* | 1176 | 66997 |
| &nbsp;&nbsp;&nbsp; Mercury General Corp. | 992 | 66801 |
| &nbsp;&nbsp;&nbsp; WisdomTree, Inc. | 5648 | 65008 |
| &nbsp;&nbsp;&nbsp; Cleanspark, Inc.\* | 5839 | 64404 |
| &nbsp;&nbsp;&nbsp; PJT Partners, Inc. — Class A | 382 | 63034 |
| &nbsp;&nbsp;&nbsp; DiamondRock Hospitality Co. REIT | 8129 | 62268 |
| &nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc. REIT | 4534 | 56992 |
| &nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. REIT | 573 | 56538 |
| &nbsp;&nbsp;&nbsp; Preferred Bank/Los Angeles CA | 640 | 55389 |
| &nbsp;&nbsp;&nbsp; Goosehead Insurance, Inc. — Class A | 517 | 54549 |
| &nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. REIT | 5556 | 48226 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc. — Class A\* | 1137 | 47970 |
| &nbsp;&nbsp;&nbsp; Virtu Financial, Inc. — Class A | 953 | 42685 |
| &nbsp;&nbsp;&nbsp; ServisFirst Bancshares, Inc. | 451 | 34957 |
| &nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. REIT | 1047 | 33410 |
| &nbsp;&nbsp;&nbsp; Outfront Media, Inc. REIT<sup>1</sup> | 1771 | 28903 |
| &nbsp;&nbsp;&nbsp; BancFirst Corp. | 211 | 26084 |
| &nbsp;&nbsp;&nbsp; Curbline Properties Corp. REIT | 1140 | 26026 |
| &nbsp;&nbsp;&nbsp; City Holding Co. | 209 | 25586 |
| &nbsp;&nbsp;&nbsp; NexPoint Residential Trust, Inc. REIT | 732 | 24390 |
|  **Total Financial** |  | 1784183 |
|  **Industrial - 20.3%** | **Industrial - 20.3%** | **Industrial - 20.3%** |
| &nbsp;&nbsp;&nbsp; DXP Enterprises, Inc.\* | 1462 | 128144 |
| &nbsp;&nbsp;&nbsp; AZZ, Inc. | 1202 | 113565 |
| &nbsp;&nbsp;&nbsp; Dycom Industries, Inc.\* | 419 | 102400 |
| &nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 450 | 94703 |
| &nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 526 | 88200 |
| &nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 360 | 83063 |
| &nbsp;&nbsp;&nbsp; AeroVironment, Inc.\* | 291 | 82920 |
| &nbsp;&nbsp;&nbsp; Greenbrier Companies, Inc. | 1681 | 77410 |
| &nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 454 | 73748 |
| &nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | 2513 | 67876 |
| &nbsp;&nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 1851 | 67691 |
| &nbsp;&nbsp;&nbsp; Cactus, Inc. — Class A | 1488 | 65055 |
| &nbsp;&nbsp;&nbsp; CSW Industrials, Inc. | 210 | 60234 |
| &nbsp;&nbsp;&nbsp; Badger Meter, Inc. | 244 | 59768 |
| &nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 628 | 58724 |
| &nbsp;&nbsp;&nbsp; ESCO Technologies, Inc. | 270 | 51805 |
| &nbsp;&nbsp;&nbsp; Itron, Inc.\* | 374 | 49229 |
| &nbsp;&nbsp;&nbsp; Griffon Corp. | 668 | 48343 |
| &nbsp;&nbsp;&nbsp; Federal Signal Corp. | 453 | 48208 |
| &nbsp;&nbsp;&nbsp; OSI Systems, Inc.\* | 214 | 48120 |
| &nbsp;&nbsp;&nbsp; Frontdoor, Inc.\* | 778 | 45855 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. — Class A | 1686 | 40532 |
| &nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 962 | 39019 |
| &nbsp;&nbsp;&nbsp; Kadant, Inc. | 113 | 35872 |
| &nbsp;&nbsp;&nbsp; Moog, Inc. — Class A | 171 | 30946 |
| &nbsp;&nbsp;&nbsp; Apogee Enterprises, Inc. | 750 | 30450 |
|  **Total Industrial** |  | 1691880 |
|  **Consumer, Cyclical - 17.0%** | **Consumer, Cyclical - 17.0%** | **Consumer, Cyclical - 17.0%** |
| &nbsp;&nbsp;&nbsp; Cinemark Holdings, Inc. | 4165 | 125700 |
| &nbsp;&nbsp;&nbsp; Shake Shack, Inc. — Class A\* | 699 | 98280 |
| &nbsp;&nbsp;&nbsp; Brinker International, Inc.\* | 524 | 94493 |
| &nbsp;&nbsp;&nbsp; OPENLANE, Inc.\* | 3701 | 90489 |
| &nbsp;&nbsp;&nbsp; SkyWest, Inc.\* | 867 | 89275 |
| &nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 641 | 78631 |
| &nbsp;&nbsp;&nbsp; Green Brick Partners, Inc.\* | 1214 | 76336 |
| &nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 475 | 72200 |
| &nbsp;&nbsp;&nbsp; Sabre Corp.\* | 22588 | 71378 |
| &nbsp;&nbsp;&nbsp; Freshpet, Inc.\* | 1019 | 69251 |
| &nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 159 | 69074 |
| &nbsp;&nbsp;&nbsp; Madison Square Garden Sports Corp. — Class A\* | 327 | 68326 |

---

218 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Dream Finders Homes, Inc. — Class A\* | 2558 | $64283 |
| &nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.\* | 1949 | 56190 |
| &nbsp;&nbsp;&nbsp; Installed Building Products, Inc. | 285 | 51391 |
| &nbsp;&nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\* | 1699 | 51106 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.\* | 1446 | 44002 |
| &nbsp;&nbsp;&nbsp; Interface, Inc. — Class A | 2068 | 43283 |
| &nbsp;&nbsp;&nbsp; Monarch Casino & Resort, Inc. | 386 | 33366 |
| &nbsp;&nbsp;&nbsp; Champion Homes, Inc.\* | 375 | 23479 |
| &nbsp;&nbsp;&nbsp; XPEL, Inc.\* | 623 | 22366 |
| &nbsp;&nbsp;&nbsp; Kontoor Brands, Inc. | 315 | 20781 |
|  **Total Consumer, Cyclical** |  | 1413680 |
|  **Technology - 4.1%** | **Technology - 4.1%** | **Technology - 4.1%** |
| &nbsp;&nbsp;&nbsp; Impinj, Inc.\* | 613 | 68086 |
| &nbsp;&nbsp;&nbsp; Clear Secure, Inc. — Class A | 2415 | 67040 |
| &nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.\* | 1299 | 59637 |
| &nbsp;&nbsp;&nbsp; Agilysys, Inc.\* | 428 | 49066 |
| &nbsp;&nbsp;&nbsp; Box, Inc. — Class A\* | 908 | 31026 |
| &nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.\* | 1051 | 30017 |
| &nbsp;&nbsp;&nbsp; Semtech Corp.\* | 483 | 21803 |
| &nbsp;&nbsp;&nbsp; SPS Commerce, Inc.\* | 144 | 19597 |
|  **Total Technology** |  | 346272 |
|  **Energy - 3.8%** | **Energy - 3.8%** | **Energy - 3.8%** |
| &nbsp;&nbsp;&nbsp; Archrock, Inc. | 2167 | 53807 |
| &nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 1057 | 48442 |
| &nbsp;&nbsp;&nbsp; Tidewater, Inc.\* | 1015 | 46822 |
| &nbsp;&nbsp;&nbsp; Atlas Energy Solutions, Inc.<sup>1</sup> | 3488 | 46634 |
| &nbsp;&nbsp;&nbsp; Core Natural Resources, Inc. | 668 | 46587 |
| &nbsp;&nbsp;&nbsp; Northern Oil & Gas, Inc. | 1595 | 45218 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc.\* | 1467 | 30396 |
|  **Total Energy** |  | 317906 |
|  **Communications - 3.0%** | **Communications - 3.0%** | **Communications - 3.0%** |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. | 624 | 139919 |
| &nbsp;&nbsp;&nbsp; QuinStreet, Inc.\* | 2589 | 41683 |
| &nbsp;&nbsp;&nbsp; Cargurus, Inc.\* | 1095 | 36650 |
| &nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 587 | 28299 |
|  **Total Communications** |  | 246551 |
|  **Basic Materials - 2.1%** | **Basic Materials - 2.1%** | **Basic Materials - 2.1%** |
| &nbsp;&nbsp;&nbsp; Hawkins, Inc. | 535 | 76024 |
| &nbsp;&nbsp;&nbsp; Century Aluminum Co.\* | 3218 | 57988 |
| &nbsp;&nbsp;&nbsp; Sylvamo Corp. | 759 | 38026 |
|  **Total Basic Materials** |  | 172038 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,948,519) |  | 8302501 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $32328 | 32328 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 13950 | 13950 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 13470 | 13470 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $59,748) |  | 59748 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.6%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.6%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 0.6%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 51932 | 51932 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $51,932) |  | 51932 |
|  **Total Investments - 100.9%** | **Total Investments - 100.9%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $7,060,199) | &nbsp;&nbsp;&nbsp; (Cost $7,060,199) | $8414181 |
|  **Other Assets & Liabilities, net - (0.9)%** | **Other Assets & Liabilities, net - (0.9)%** | (76634) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $8337547 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>†††</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 June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 219

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $8302501 | $— | $— \* | $8302501 |
|  Repurchase Agreements |  | 59748 |  | 59748 |
|  Securities Lending Collateral | 51932 |  |  | 51932 |
|  Total Assets | $8354433 | $59748 | $— | $8414181 |

---

\* Security has a market value of $0.

220 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $51,165 of securities loaned (cost $7,000,451) | $8354433 |
|  Repurchase agreements, at value (cost $59,748) | 59748 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 3828 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 11 |
| &nbsp;&nbsp;&nbsp; Interest | 7 |
|  **Total assets** | 8418027 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 51932 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 6269 |
| &nbsp;&nbsp;&nbsp; Management fees | 3745 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2937 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1248 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 524 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 72 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 13753 |
|  **Total liabilities** | 80480 |
|  **Net assets** | $8337547 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $8353769 |
|  Total distributable earnings (loss) | (16222) |
|  Net assets | $8337547 |
|  Capital shares outstanding | 155276 |
|  Net asset value per share | $53.70 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $28217 |
|  Interest | 1151 |
|  Income from securities lending, net | 86 |
| &nbsp;&nbsp;&nbsp; Total investment income | 29454 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 24721 |
|  Investor service fees | 8240 |
|  Transfer agent fees | 9670 |
|  Professional fees | 6556 |
|  Portfolio accounting and administration fees | 5109 |
|  Trustees' fees\* | 507 |
|  Custodian fees | 473 |
|  Line of credit fees | 18 |
|  Miscellaneous | 2512 |
| &nbsp;&nbsp;&nbsp; Total expenses | 57806 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1648) |
|  Net expenses | 56158 |
|  Net investment loss | (26704) |
|  **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 | (416089) |
|  Net realized loss | (416089) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | 379315 |
|  Net change in unrealized appreciation (depreciation) | 379315 |
|  Net realized and unrealized loss | (36774) |
|  **Net decrease in net assets resulting from operations** | $(63478) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 221

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment loss | $(26704) | $(23591) |
|  Net realized gain (loss) on investments | (416089) | 351616 |
|  Net change in unrealized appreciation (depreciation) on investments | 379315 | 7311 |
|  Net increase (decrease) in net assets resulting from operations | (63478) | 335336 |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 12755971 | 22551096 |
|  Cost of shares redeemed | (11963900) | (21999098) |
|  Net increase from capital share transactions | 792071 | 551998 |
|  Net increase in net assets | 728593 | 887334 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 7608954 | 6721620 |
| &nbsp;&nbsp;&nbsp; End of period | $8337547 | $7608954 |
|  **Capital share activity:** |  |  |
|  Shares sold | 239629 | 433645 |
|  Shares redeemed | (228323) | (427271) |
|  Net increase in shares | 11306 | 6374 |

---

222 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $52.85 | $48.85 | $41.63 | $72.13 | $60.80 | $55.24 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | (.21) | (.16) | (.03) | .03 | (.76) | (.45) |
|  Net gain (loss) on investments (realized and unrealized) | 1.06 | 4.16 | 7.29 | (20.84) | 12.40 | 8.42 |
|  Total from investment operations | .85 | 4.00 | 7.26 | (20.81) | 11.64 | 7.97 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  |  | (.04) |  |  |  |
|  Net realized gains |  |  |  | (9.69) | (.31) | (2.41) |
|  Total distributions |  |  | (.04) | (9.69) | (.31) | (2.41) |
|  Net asset value, end of period | $53.70 | $52.85 | $48.85 | $41.63 | $72.13 | $60.80 |
|  **Total Return<sup>c</sup>** | **1.61%** | **8.19%** | **17.47%** | **(29.90** **%)** | **19.16%** | **15.76%** |
|  **Ratios/Supplemental Data** | **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) | $8338 | $7609 | $6722 | $5897 | $12957 | $16014 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | (0.81%) | (0.30%) | (0.07%) | 0.06% | (1.08%) | (0.93%) |
|  Total expenses | 1.75% | 1.69% | 1.71% | 1.67% | 1.60% | 1.72% |
|  Net expenses<sup>d</sup> | 1.70% | 1.64% | 1.69% | 1.67% | 1.60% | 1.72% |
|  Portfolio turnover rate | 164% | 317% | 223% | 174% | 219% | 258% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 223

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** |
|  **Consumer, Cyclical - 30.2%** | **Consumer, Cyclical - 30.2%** | **Consumer, Cyclical - 30.2%** |
| &nbsp;&nbsp;&nbsp; Titan International, Inc.\* | 15162 | $155714 |
| &nbsp;&nbsp;&nbsp; Dana, Inc. | 8676 | 148793 |
| &nbsp;&nbsp;&nbsp; National Vision Holdings, Inc.\* | 6001 | 138083 |
| &nbsp;&nbsp;&nbsp; Adient plc\* | 6982 | 135870 |
| &nbsp;&nbsp;&nbsp; Foot Locker, Inc.\* | 5298 | 129801 |
| &nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 15704 | 126417 |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc. | 2589 | 120363 |
| &nbsp;&nbsp;&nbsp; MarineMax, Inc.\* | 4353 | 109435 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc. — Class A | 1137 | 90881 |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 2677 | 89626 |
| &nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 362 | 86352 |
| &nbsp;&nbsp;&nbsp; Kohl's Corp.<sup>1</sup> | 9955 | 84418 |
| &nbsp;&nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 1154 | 70486 |
| &nbsp;&nbsp;&nbsp; G-III Apparel Group Ltd.\* | 2982 | 66797 |
| &nbsp;&nbsp;&nbsp; Standard Motor Products, Inc. | 2160 | 66355 |
| &nbsp;&nbsp;&nbsp; Guess?, Inc.<sup>1</sup> | 5392 | 65189 |
| &nbsp;&nbsp;&nbsp; ScanSource, Inc.\* | 1556 | 65056 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc.\* | 14491 | 59123 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp.\* | 13291 | 56221 |
| &nbsp;&nbsp;&nbsp; Penn Entertainment, Inc.\* | 2957 | 52842 |
| &nbsp;&nbsp;&nbsp; MillerKnoll, Inc. | 2451 | 47598 |
| &nbsp;&nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 4836 | 44781 |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc. | 690 | 38861 |
| &nbsp;&nbsp;&nbsp; Resideo Technologies, Inc.\* | 1723 | 38010 |
| &nbsp;&nbsp;&nbsp; Allegiant Travel Co. — Class A\* | 660 | 36267 |
| &nbsp;&nbsp;&nbsp; Bloomin' Brands, Inc. | 4197 | 36136 |
| &nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 328 | 34453 |
| &nbsp;&nbsp;&nbsp; Caleres, Inc. | 2800 | 34216 |
| &nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 723 | 32398 |
| &nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 2525 | 29669 |
| &nbsp;&nbsp;&nbsp; Fox Factory Holding Corp.\* | 1051 | 27263 |
| &nbsp;&nbsp;&nbsp; Winnebago Industries, Inc. | 880 | 25520 |
| &nbsp;&nbsp;&nbsp; Signet Jewelers Ltd. | 297 | 23626 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 4269 | 23053 |
| &nbsp;&nbsp;&nbsp; Shoe Carnival, Inc. | 1040 | 19458 |
| &nbsp;&nbsp;&nbsp; Meritage Homes Corp. | 284 | 19019 |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc.\* | 260 | 13395 |
|  **Total Consumer, Cyclical** |  | 2441545 |
|  **Financial - 21.3%** | **Financial - 21.3%** | **Financial - 21.3%** |
| &nbsp;&nbsp;&nbsp; ProAssurance Corp.\* | 5200 | 118716 |
| &nbsp;&nbsp;&nbsp; Genworth Financial, Inc. — Class A\* | 15216 | 118381 |
| &nbsp;&nbsp;&nbsp; Lincoln National Corp. | 3407 | 117882 |
| &nbsp;&nbsp;&nbsp; Millrose Properties, Inc. — Class A REIT | 3683 | 105002 |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc. — Class A\* | 6656 | 92385 |
| &nbsp;&nbsp;&nbsp; Air Lease Corp. — Class A | 1123 | 65684 |
| &nbsp;&nbsp;&nbsp; United Fire Group, Inc. | 2187 | 62767 |
| &nbsp;&nbsp;&nbsp; SiriusPoint Ltd.\* | 3073 | 62658 |
| &nbsp;&nbsp;&nbsp; PRA Group, Inc.\* | 3893 | 57422 |
| &nbsp;&nbsp;&nbsp; Navient Corp. | 3993 | 56301 |
| &nbsp;&nbsp;&nbsp; New York Mortgage Trust, Inc. REIT | 7332 | 49124 |
| &nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust REIT | 3752 | 48251 |
| &nbsp;&nbsp;&nbsp; Cushman & Wakefield plc\* | 4212 | 46627 |
| &nbsp;&nbsp;&nbsp; SITE Centers Corp. REIT | 3995 | 45183 |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. — Class A | 466 | 41376 |
| &nbsp;&nbsp;&nbsp; Bread Financial Holdings, Inc. | 716 | 40898 |
| &nbsp;&nbsp;&nbsp; Global Net Lease, Inc. REIT | 5366 | 40513 |
| &nbsp;&nbsp;&nbsp; Safehold, Inc. REIT | 2503 | 38947 |
| &nbsp;&nbsp;&nbsp; JBG SMITH Properties REIT | 2237 | 38700 |
| &nbsp;&nbsp;&nbsp; Hope Bancorp, Inc. | 3395 | 36428 |
| &nbsp;&nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. REIT | 3526 | 34132 |
| &nbsp;&nbsp;&nbsp; ARMOUR Residential, Inc. REIT<sup>1</sup> | 2028 | 34091 |
| &nbsp;&nbsp;&nbsp; Ellington Financial, Inc. REIT<sup>1</sup> | 2593 | 33683 |
| &nbsp;&nbsp;&nbsp; Redwood Trust, Inc. REIT | 5670 | 33510 |
| &nbsp;&nbsp;&nbsp; Hilltop Holdings, Inc. | 1098 | 33324 |
| &nbsp;&nbsp;&nbsp; Renasant Corp. | 880 | 31619 |
| &nbsp;&nbsp;&nbsp; Capitol Federal Financial, Inc. | 4748 | 28963 |
| &nbsp;&nbsp;&nbsp; Eagle Bancorp, Inc. | 1403 | 27331 |
| &nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 620 | 26641 |
| &nbsp;&nbsp;&nbsp; Brookline Bancorp, Inc. | 2345 | 24740 |
| &nbsp;&nbsp;&nbsp; Franklin BSP Realty Trust, Inc. REIT<sup>1</sup> | 2239 | 23935 |
| &nbsp;&nbsp;&nbsp; Stewart Information Services Corp. | 355 | 23111 |
| &nbsp;&nbsp;&nbsp; Simmons First National Corp. — Class A | 1216 | 23055 |
| &nbsp;&nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. REIT | 2565 | 22495 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.\* | 547 | 21175 |
| &nbsp;&nbsp;&nbsp; Ready Capital Corp. REIT | 4636 | 20259 |
|  **Total Financial** |  | 1725309 |
|  **Consumer, Non-cyclical - 18.2%** | **Consumer, Non-cyclical - 18.2%** | **Consumer, Non-cyclical - 18.2%** |
| &nbsp;&nbsp;&nbsp; SpartanNash Co. | 6869 | 181960 |
| &nbsp;&nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 3437 | 111427 |
| &nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 4072 | 94918 |
| &nbsp;&nbsp;&nbsp; AdaptHealth Corp.\* | 9280 | 87510 |
| &nbsp;&nbsp;&nbsp; Universal Corp. | 1469 | 85555 |
| &nbsp;&nbsp;&nbsp; AMN Healthcare Services, Inc.\* | 4043 | 83569 |
| &nbsp;&nbsp;&nbsp; Andersons, Inc. | 2260 | 83055 |
| &nbsp;&nbsp;&nbsp; B&G Foods, Inc.<sup>1</sup> | 17887 | 75662 |
| &nbsp;&nbsp;&nbsp; Select Medical Holdings Corp. | 4250 | 64515 |
| &nbsp;&nbsp;&nbsp; Owens & Minor, Inc.\* | 6705 | 61016 |
| &nbsp;&nbsp;&nbsp; Healthcare Services Group, Inc.\* | 3343 | 50245 |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 941 | 44425 |
| &nbsp;&nbsp;&nbsp; Avanos Medical, Inc.\* | 3463 | 42387 |
| &nbsp;&nbsp;&nbsp; Enovis Corp.\* | 1274 | 39953 |
| &nbsp;&nbsp;&nbsp; Deluxe Corp. | 2287 | 36386 |
| &nbsp;&nbsp;&nbsp; TreeHouse Foods, Inc.\* | 1783 | 34626 |
| &nbsp;&nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 2660 | 33037 |
| &nbsp;&nbsp;&nbsp; Pacira BioSciences, Inc.\* | 1287 | 30759 |
| &nbsp;&nbsp;&nbsp; Edgewell Personal Care Co. | 1307 | 30597 |
| &nbsp;&nbsp;&nbsp; Upbound Group, Inc. | 1183 | 29693 |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co. — Class A\* | 904 | 28286 |
| &nbsp;&nbsp;&nbsp; USANA Health Sciences, Inc.\* | 886 | 27050 |
| &nbsp;&nbsp;&nbsp; Matthews International Corp. — Class A | 1002 | 23958 |
| &nbsp;&nbsp;&nbsp; Monro, Inc. | 1563 | 23304 |
| &nbsp;&nbsp;&nbsp; MGP Ingredients, Inc. | 688 | 20619 |
| &nbsp;&nbsp;&nbsp; Helen of Troy Ltd.\* | 678 | 19242 |
| &nbsp;&nbsp;&nbsp; Neogen Corp.\* | 2857 | 13656 |
| &nbsp;&nbsp;&nbsp; Fortrea Holdings, Inc.\* | 1986 | 9811 |

---

224 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\* | 166 | $5840 |
|  **Total Consumer, Non-cyclical** |  | 1473061 |
|  **Energy - 10.0%** | **Energy - 10.0%** | **Energy - 10.0%** |
| &nbsp;&nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 8336 | 221154 |
| &nbsp;&nbsp;&nbsp; CVR Energy, Inc.\* | 3367 | 90404 |
| &nbsp;&nbsp;&nbsp; Innovex International, Inc.\* | 4565 | 71305 |
| &nbsp;&nbsp;&nbsp; Talos Energy, Inc.\* | 7305 | 61946 |
| &nbsp;&nbsp;&nbsp; Vital Energy, Inc.\*<sup>,1</sup> | 3163 | 50893 |
| &nbsp;&nbsp;&nbsp; Peabody Energy Corp. | 3693 | 49560 |
| &nbsp;&nbsp;&nbsp; Crescent Energy Co. — Class A | 5454 | 46905 |
| &nbsp;&nbsp;&nbsp; Sunrun, Inc.\* | 4961 | 40581 |
| &nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 6839 | 40555 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc.\* | 1143 | 37685 |
| &nbsp;&nbsp;&nbsp; SunCoke Energy, Inc. | 4151 | 35657 |
| &nbsp;&nbsp;&nbsp; ProPetro Holding Corp.\* | 5077 | 30310 |
| &nbsp;&nbsp;&nbsp; REX American Resources Corp.\* | 601 | 29274 |
|  **Total Energy** |  | 806229 |
|  **Industrial - 7.2%** | **Industrial - 7.2%** | **Industrial - 7.2%** |
| &nbsp;&nbsp;&nbsp; World Kinect Corp. | 4661 | 132139 |
| &nbsp;&nbsp;&nbsp; Enviri Corp.\* | 11937 | 103613 |
| &nbsp;&nbsp;&nbsp; O-I Glass, Inc.\* | 6597 | 97240 |
| &nbsp;&nbsp;&nbsp; Metallus, Inc.\* | 4008 | 61763 |
| &nbsp;&nbsp;&nbsp; Astec Industries, Inc. | 966 | 40273 |
| &nbsp;&nbsp;&nbsp; Dorian LPG Ltd. | 1379 | 33620 |
| &nbsp;&nbsp;&nbsp; Vishay Intertechnology, Inc. | 2077 | 32983 |
| &nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 2477 | 21401 |
| &nbsp;&nbsp;&nbsp; ArcBest Corp. | 262 | 20177 |
| &nbsp;&nbsp;&nbsp; American Woodmark Corp.\* | 372 | 19853 |
| &nbsp;&nbsp;&nbsp; Masterbrand, Inc.\* | 1504 | 16439 |
|  **Total Industrial** |  | 579501 |
|  **Communications - 6.2%** | **Communications - 6.2%** | **Communications - 6.2%** |
| &nbsp;&nbsp;&nbsp; Viasat, Inc.\* | 12106 | 176748 |
| &nbsp;&nbsp;&nbsp; Scholastic Corp. | 3976 | 83417 |
| &nbsp;&nbsp;&nbsp; Angi, Inc.\* | 4365 | 66610 |
| &nbsp;&nbsp;&nbsp; IAC, Inc.\* | 1509 | 56346 |
| &nbsp;&nbsp;&nbsp; Telephone & Data Systems, Inc. | 1252 | 44546 |
| &nbsp;&nbsp;&nbsp; Shenandoah Telecommunications Co. | 3073 | 41977 |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. | 2161 | 36218 |
|  **Total Communications** |  | 505862 |
|  **Basic Materials - 4.0%** | **Basic Materials - 4.0%** | **Basic Materials - 4.0%** |
| &nbsp;&nbsp;&nbsp; Koppers Holdings, Inc. | 2380 | 76517 |
| &nbsp;&nbsp;&nbsp; Celanese Corp. — Class A | 1268 | 70159 |
| &nbsp;&nbsp;&nbsp; Kaiser Aluminum Corp. | 677 | 54092 |
| &nbsp;&nbsp;&nbsp; AdvanSix, Inc. | 2056 | 48830 |
| &nbsp;&nbsp;&nbsp; FMC Corp. | 707 | 29517 |
| &nbsp;&nbsp;&nbsp; Stepan Co. | 408 | 22269 |
| &nbsp;&nbsp;&nbsp; Chemours Co. | 1698 | 19442 |
|  **Total Basic Materials** |  | 320826 |
|  **Technology - 1.9%** | **Technology - 1.9%** | **Technology - 1.9%** |
| &nbsp;&nbsp;&nbsp; DXC Technology Co.\* | 4309 | 65884 |
| &nbsp;&nbsp;&nbsp; Corsair Gaming, Inc.\* | 5409 | 51007 |
| &nbsp;&nbsp;&nbsp; Insight Enterprises, Inc.\* | 154 | 21265 |
| &nbsp;&nbsp;&nbsp; Xerox Holdings Corp.<sup>1</sup> | 3321 | 17502 |
|  **Total Technology** |  | 155658 |
|  **Utilities - 0.3%** | **Utilities - 0.3%** | **Utilities - 0.3%** |
| &nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 1717 | 28622 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $7,436,690) |  | 8036613 |
|  | **Face<br> Amount** |  |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.7%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | $31211 | 31211 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 13467 | 13467 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 13005 | 13005 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $57,683) |  | 57683 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.7%** | **SECURITIES LENDING COLLATERAL<sup>†,3</sup>** **- 3.7%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>4</sup> | 298690 | 298690 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $298,690) |  | 298690 |
|  **Total Investments - 103.7%** | **Total Investments - 103.7%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $7,793,063) | &nbsp;&nbsp;&nbsp; (Cost $7,793,063) | $8392986 |
|  **Other Assets & Liabilities, net - (3.7)%** | **Other Assets & Liabilities, net - (3.7)%** | (302585) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $8090401 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 225

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $8036613 | $— | $— | $8036613 |
|  Repurchase Agreements |  | 57683 |  | 57683 |
|  Securities Lending Collateral | 298690 |  |  | 298690 |
|  Total Assets | $8335303 | $57683 | $— | $8392986 |

---

226 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value - including $286,609 of securities loaned (cost $7,735,380) | $8335303 |
|  Repurchase agreements, at value (cost $57,683) | 57683 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 70369 |
| &nbsp;&nbsp;&nbsp; Dividends | 20162 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 234 |
| &nbsp;&nbsp;&nbsp; Interest | 7 |
|  **Total assets** | 8483758 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 298690 |
| &nbsp;&nbsp;&nbsp; Securities purchased | 66965 |
| &nbsp;&nbsp;&nbsp; Management fees | 4690 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 3591 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1564 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 756 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 657 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 86 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 16358 |
|  **Total liabilities** | 393357 |
|  **Net assets** | $8090401 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $8512931 |
|  Total distributable earnings (loss) | (422530) |
|  Net assets | $8090401 |
|  Capital shares outstanding | 101356 |
|  Net asset value per share | $79.82 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends | $72433 |
|  Interest | 1437 |
|  Income from securities lending, net | 492 |
| &nbsp;&nbsp;&nbsp; Total investment income | 74362 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 30664 |
|  Investor service fees | 10221 |
|  Transfer agent fees | 11698 |
|  Professional fees | 7255 |
|  Portfolio accounting and administration fees | 6337 |
|  Custodian fees | 579 |
|  Trustees' fees\* | 577 |
|  Miscellaneous | 4339 |
| &nbsp;&nbsp;&nbsp; Total expenses | 71670 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2044) |
|  Net expenses | 69626 |
|  Net investment income | 4736 |
|  **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 | (477298) |
|  Net realized loss | (477298) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (181540) |
|  Net change in unrealized appreciation (depreciation) | (181540) |
|  Net realized and unrealized loss | (658838) |
|  **Net decrease in net assets resulting from operations** | $(654102) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 227

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income (loss) | $4736 | $(160) |
|  Net realized gain (loss) on investments | (477298) | 443358 |
|  Net change in unrealized appreciation (depreciation) on investments | (181540) | (348699) |
|  Net increase (decrease) in net assets resulting from operations | (654102) | 94499 |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 1260122 | 22482900 |
|  Cost of shares redeemed | (2173094) | (22775409) |
|  Net decrease from capital share transactions | (912972) | (292509) |
|  Net decrease in net assets | (1567074) | (198010) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 9657475 | 9855485 |
| &nbsp;&nbsp;&nbsp; End of period | $8090401 | $9657475 |
|  **Capital share activity:** |  |  |
|  Shares sold | 16629 | 277442 |
|  Shares redeemed | (29169) | (284126) |
|  Net decrease in shares | (12540) | (6684) |

---

228 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $84.79 | $81.73 | $67.51 | $85.63 | $59.72 | $63.51 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .04 |  | (.14) |  | (.28) | (.31) |
|  Net gain (loss) on investments (realized and unrealized) | (5.01) | 3.06 | 14.36 | (7.22) | 26.19 | (3.48) |
|  Total from investment operations | (4.97) | 3.06 | 14.22 | (7.22) | 25.91 | (3.79) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net realized gains |  |  |  | (10.90) |  |  |
|  Total distributions |  |  |  | (10.90) |  |  |
|  Net asset value, end of period | $79.82 | $84.79 | $81.73 | $67.51 | $85.63 | $59.72 |
|  **Total Return<sup>c</sup>** | **(5.86** **%)** | **3.74%** | **21.06%** | **(8.24** **%)** | **43.39%** | **(5.97** **%)** |
|  **Ratios/Supplemental Data** | **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) | $8090 | $9657 | $9855 | $7679 | $16161 | $8130 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 0.12% | 0.00% | (0.19%) | 0.00% | (0.34%) | (0.64%) |
|  Total expenses | 1.75% | 1.69% | 1.71% | 1.67% | 1.59% | 1.72% |
|  Net expenses<sup>d</sup> | 1.70% | 1.64% | 1.69% | 1.67% | 1.59% | 1.72% |
|  Portfolio turnover rate | 18% | 295% | 287% | 252% | 383% | 305% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 229

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **GOVERNMENT LONG BOND 1.2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 9.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 9.0%** | **MUTUAL FUNDS<sup>†</sup>** **- 9.0%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 10941 | $272219 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 19735 | 198335 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $456,853) |  | 470554 |
|  | **Face<br> Amount** |  |
|  **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 42.0%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 42.0%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 42.0%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp; 4.75% due 05/15/55 | $2200000 | 2187281 |
|  **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,087,862) |  | 2187281 |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 21.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 21.1%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 21.1%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 4.15% due 07/07/25<sup>2</sup> | 300000 | 299793 |
| &nbsp;&nbsp;&nbsp; 4.15% due 07/10/25<sup>2</sup> | 300000 | 299689 |
|  Farmer Mac | Farmer Mac | Farmer Mac |
| &nbsp;&nbsp;&nbsp; 4.17% due 07/16/25<sup>2</sup> | 500000 | 499131 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,098,613) |  | 1098613 |

---

---

| | | |
|:---|:---|:---|
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 1.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.7%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>2,3</sup> | 87000 | 86930 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $86,930) |  | 86930 |
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 29.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 29.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 29.0%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 817103 | 817103 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 352579 | 352579 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 340459 | 340459 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,510,141) |  | 1510141 |
|  **Total Investments - 102.8%** | **Total Investments - 102.8%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,240,399) | &nbsp;&nbsp;&nbsp; (Cost $5,240,399) | $5353519 |
|  **Other Assets & Liabilities, net - (2.8)%** | **Other Assets & Liabilities, net - (2.8)%** | (146612) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5206907 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
|  U.S. Treasury Ultra Long Bond Futures Contracts | 35 | Sep 2025 | $4163906 | $74696 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

230 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **GOVERNMENT LONG BOND 1.2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Mutual Funds | $470554 | $— | $— | $470554 |
|  U.S. Government Securities |  | 2187281 |  | 2187281 |
|  Federal Agency Discount Notes |  | 1098613 |  | 1098613 |
|  U.S. Treasury Bills |  | 86930 |  | 86930 |
|  Repurchase Agreements |  | 1510141 |  | 1510141 |
|  Interest Rate Futures Contracts\*\* | 74696 |  |  | 74696 |
|  Total Assets | $545250 | $4882965 | $— | $5428215 |

---

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

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $272001 | $— | $— | $— | $218 | $272219 | 10941 | $7281 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 247496 |  | (50000) | 499 | 340 | 198335 | 19735 | 4618 |
|  | $519497 | $— | $(50000) | $499 | $558 | $470554 |  | $11899 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 231

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $3,273,405) | $3372824 |
|  Investments in affiliated issuers, at value (cost $456,853) | 470554 |
|  Repurchase agreements, at value (cost $1,510,141) | 1510141 |
|  Segregated cash with broker | 109214 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Securities sold | 298266 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 45120 |
| &nbsp;&nbsp;&nbsp; Interest | 17146 |
| &nbsp;&nbsp;&nbsp; Dividends | 1837 |
|  **Total assets** | 5825102 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 593712 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 3539 |
| &nbsp;&nbsp;&nbsp; Management fees | 2705 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1372 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 577 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 78 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 16212 |
|  **Total liabilities** | 618195 |
|  **Net assets** | $5206907 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $27612190 |
|  Total distributable earnings (loss) | (22405283) |
|  Net assets | $5206907 |
|  Capital shares outstanding | 28796 |
|  Net asset value per share | $180.82 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $11899 |
|  Interest | 180463 |
| &nbsp;&nbsp;&nbsp; Total investment income | 192362 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 20365 |
|  Investor service fees | 10182 |
|  Transfer agent fees | 10880 |
|  Professional fees | 7111 |
|  Portfolio accounting and administration fees | 6313 |
|  Custodian fees | 562 |
|  Trustees' fees\* | 426 |
|  Miscellaneous | 5138 |
| &nbsp;&nbsp;&nbsp; Total expenses | 60977 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2037) |
|  Expenses waived by Adviser | (263) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (2300) |
|  Net expenses | 58677 |
|  Net investment income | 133685 |
|  **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
|  Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 337021 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 499 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 120813 |
|  Net realized gain | 458333 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 150876 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 558 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 74632 |
|  Net change in unrealized appreciation (depreciation) | 226066 |
|  Net realized and unrealized gain | 684399 |
|  **Net increase in net assets resulting from operations** | $818084 |

---

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

232 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $133685 | $229413 |
|  Net realized gain (loss) on investments | 458333 | (791417) |
|  Net change in unrealized appreciation (depreciation) on investments | 226066 | (660194) |
|  Net increase (decrease) in net assets resulting from operations | 818084 | (1222198) |
|  Distributions to shareholders | (133706) | (229414) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 244477322 | 186079312 |
|  Distributions reinvested | 133706 | 229414 |
|  Cost of shares redeemed | (244165512) | (188112934) |
|  Net increase (decrease) from capital share transactions | 445516 | (1804208) |
|  Net increase (decrease) in net assets | 1129894 | (3255820) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 4077013 | 7332833 |
| &nbsp;&nbsp;&nbsp; End of period | $5206907 | $4077013 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 1344093 | 919208 |
|  Shares issued from reinvestment of distributions | 735 | 1153 |
|  Shares redeemed | (1338479) | (932135) |
|  Net increase (decrease) in shares | 6349 | (11774) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 233

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a,f</sup>** | **Year Ended <br> December 31, <br> 2024<sup>f</sup>** | **Year Ended <br> December 31, <br> 2023<sup>f</sup>** | **Year Ended <br> December 31, <br> 2022<sup>f</sup>** | **Year Ended <br> December 31, <br> 2021<sup>f</sup>** | **Year Ended <br> December 31, <br> 2020<sup>f</sup>** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $181.63 | $214.28 | $223.06 | $383.26 | $415.91 | $341.54 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 2.96 | 6.40 | 6.30 | 3.80 | 1.70 | .20 |
|  Net gain (loss) on investments (realized and unrealized) | (.81)<sup>g</sup> | (32.65) | (8.78) | (159.60) | (32.95) | 74.77 <sup>g</sup> |
|  Total from investment operations | 2.15 | (26.25) | (2.48) | (155.80) | (31.25) | 74.97 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (2.96) | (6.40) | (6.30) | (4.40) | (1.40) | (.30) |
|  Return of capital |  |  |  |  |  | (.30) |
|  Total distributions | (2.96) | (6.40) | (6.30) | (4.40) | (1.40) | (.60) |
|  Net asset value, end of period | $180.82 | $181.63 | $214.28 | $223.06 | $383.26 | $415.91 |
|  **Total Return<sup>c</sup>** | **1.20%** | **(12.46** **%)** | **(1.03** **%)** | **(40.83** **%)** | **(7.49** **%)** | **21.96%** |
|  **Ratios/Supplemental Data** | **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) | $5207 | $4077 | $7333 | $7957 | $12373 | $15472 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 3.28% | 3.18% | 2.90% | 1.33% | 0.47% | 0.06% |
|  Total expenses<sup>d</sup> | 1.50% | 1.44% | 1.45% | 1.39% | 1.30% | 1.43% |
|  Net expenses<sup>e</sup> | 1.44% | 1.38% | 1.42% | 1.37% | 1.28% | 1.40% |
|  Portfolio turnover rate | 5528% | 3622% | 1170% | 1890% | 1382% | 1887% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

<sup>f</sup> Reverse share split — Per share amounts have been restated to reflect a 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

<sup>g</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain or loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

234 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **INVERSE GOVERNMENT LONG BOND STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 62.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 62.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 62.9%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 20730 | $515760 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 46499 | 467314 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $971,295) |  | 983074 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 12.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 12.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 12.8%** |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 4.23% due 07/02/25<sup>2</sup> | $200000 | 199977 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $199,977) |  | 199977 |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 12.8%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 12.8%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 12.8%** |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 4.32% due 02/27/26 | 200000 | 199869 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $199,993) |  | 199869 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 0.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>2,3</sup> | 15000 | 14988 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $14,988) |  | 14988 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 94.2%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 94.2%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 94.2%** |
|  **Individual Repurchase Agreements** | **Individual Repurchase Agreements** | **Individual Repurchase Agreements** |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.00% <br> due 07/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.75% and maturing 05/15/2055 as collateral, with a value of $693,473) to be repurchased at $680,102 | 679875 | 679875 |
|  Mizuho Securities USA LLC<br> issued 06/30/25 at 4.20% <br> due 07/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.75% and maturing 05/15/2055 as collateral, with a value of $495,469) to be repurchased at $485,924 | 485754 | 485754 |
|  **Joint Repurchase Agreements<sup>5</sup>** |  |  |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 166506 | 166506 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 71847 | 71847 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 69378 | 69378 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,473,360) |  | 1473360 |
|  **Total Investments - 183.6%** | **Total Investments - 183.6%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,859,613) | &nbsp;&nbsp;&nbsp; (Cost $2,859,613) | $2871268 |
|  **U.S. Government Securities Sold Short<sup>††</sup>** **- (69.9)%** | **U.S. Government Securities Sold Short<sup>††</sup>** **- (69.9)%** | **U.S. Government Securities Sold Short<sup>††</sup>** **- (69.9)%** |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp; 4.75% due 05/15/55 | 1100000 | (1093641) |
|  **Total U.S. Government Securities Sold Short - (69.9)%** | **Total U.S. Government Securities Sold Short - (69.9)%** |  |
| &nbsp;&nbsp;&nbsp; (Proceeds $1,048,513) | &nbsp;&nbsp;&nbsp; (Proceeds $1,048,513) | $(1093641) |
|  **Other Assets & Liabilities, net - (13.7)%** | **Other Assets & Liabilities, net - (13.7)%** | (213743) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1563884 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
|  **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |
|  U.S. Treasury Ultra Long Bond Futures Contracts | 4 | Sep 2025 | $475875 | $(12682) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 235

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **INVERSE GOVERNMENT LONG BOND STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as short security collateral at June 30, 2025.. |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Mutual Funds | $983074 | $— | $— | $983074 |
|  Federal Agency Discount Notes |  | 199977 |  | 199977 |
|  Federal Agency Notes |  | 199869 |  | 199869 |
|  U.S. Treasury Bills |  | 14988 |  | 14988 |
|  Repurchase Agreements |  | 1473360 |  | 1473360 |
|  Total Assets | $983074 | $1888194 | $— | $2871268 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  U.S. Government Securities Sold Short | $— | $1093641 | $— | $1093641 |
|  Interest Rate Futures Contracts\*\* | 12682 |  |  | 12682 |
|  Total Liabilities | $12682 | $1093641 | $— | $1106323 |

---

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

236 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **INVERSE GOVERNMENT LONG BOND STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $515345 | $— | $— | $— | $415 | $515760 | 20730 | $13794 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 465455 |  |  |  | 1859 | 467314 | 46499 | 10155 |
|  | $980800 | $— | $— | $— | $2274 | $983074 |  | $23949 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 237

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $414,958) | $414834 |
|  Investments in affiliated issuers, at value (cost $971,295) | 983074 |
|  Repurchase agreements, at value (cost $1,473,360) | 1473360 |
|  Segregated cash with broker | 5688 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 25125 |
| &nbsp;&nbsp;&nbsp; Dividends | 3796 |
| &nbsp;&nbsp;&nbsp; Interest | 3745 |
|  **Total assets** | 2909622 |
|  **Liabilities:** | **Liabilities:** |
|  Securities sold short, at value (proceeds $1,048,513) | 1093641 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 130285 |
| &nbsp;&nbsp;&nbsp; Securities purchased | 99422 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 4750 |
| &nbsp;&nbsp;&nbsp; Management fees | 1410 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1206 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 417 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 92 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 36 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 14479 |
|  **Total liabilities** | 1345738 |
|  **Net assets** | $1563884 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $7661471 |
|  Total distributable earnings (loss) | (6097587) |
|  Net assets | $1563884 |
|  Capital shares outstanding | 13518 |
|  Net asset value per share | $115.69 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $23949 |
|  Interest | 90645 |
| &nbsp;&nbsp;&nbsp; Total investment income | 114594 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 13057 |
|  Investor service fees | 3627 |
|  Transfer agent fees | 4723 |
|  Interest expense | 56224 |
|  Professional fees | 3046 |
|  Portfolio accounting and administration fees | 2249 |
|  Trustees' fees\* | 301 |
|  Custodian fees | 216 |
|  Miscellaneous | 310 |
| &nbsp;&nbsp;&nbsp; Total expenses | 83753 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1451) |
|  Expenses waived by Adviser | (578) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (2029) |
|  Net expenses | 81724 |
|  Net investment income | 32870 |
|  **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
|  Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers sold short | 109288 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 4416 |
|  Net realized gain | 113704 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (131) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 2274 |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers sold short | (187499) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (41843) |
|  Net change in unrealized appreciation (depreciation) | (227199) |
|  Net realized and unrealized loss | (113495) |
|  **Net decrease in net assets resulting from operations** | $(80625) |

---

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

238 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $32870 | $126347 |
|  Net realized gain (loss) on investments | 113704 | (188656) |
|  Net change in unrealized appreciation (depreciation) on investments | (227199) | 315099 |
|  Net increase (decrease) in net assets resulting from operations | (80625) | 252790 |
|  Distributions to shareholders |  | (143890) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 12919067 | 33646558 |
|  Distributions reinvested |  | 143890 |
|  Cost of shares redeemed | (15931330) | (31441428) |
|  Net increase (decrease) from capital share transactions | (3012263) | 2349020 |
|  Net increase (decrease) in net assets | (3092888) | 2457920 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 4656772 | 2198852 |
| &nbsp;&nbsp;&nbsp; End of period | $1563884 | $4656772 |
|  **Capital share activity:** |  |  |
|  Shares sold | 111716 | 308031 |
|  Shares issued from reinvestment of distributions |  | 1347 |
|  Shares redeemed | (138610) | (290276) |
|  Net increase (decrease) in shares | (26894) | 19102 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 239

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $115.23 | $103.18 | $99.00 | $67.73 | $67.08 | $85.27 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 1.30 | 4.31 | 4.04 | (1.24) | (2.10) | (1.48) |
|  Net gain (loss) on investments (realized and unrealized) | (.84) | 12.75 | .14 | 32.51 | 2.75 | (16.51) |
|  Total from investment operations | .46 | 17.06 | 4.18 | 31.27 | .65 | (17.99) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (5.01) |  |  |  | (.20) |
|  Total distributions |  | (5.01) |  |  |  | (.20) |
|  Net asset value, end of period | $115.69 | $115.23 | $103.18 | $99.00 | $67.73 | $67.08 |
|  **Total Return<sup>c</sup>** | **0.40%** | **16.91%** | **4.22%** | **46.17%** | **0.97%** | **(21.09** **%)** |
|  **Ratios/Supplemental Data** | **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) | $1564 | $4657 | $2199 | $3924 | $3348 | $2648 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.27% | 3.93% | 3.96% | (1.46%) | (2.89%) | (2.23%) |
|  Total expenses<sup>d</sup> | 5.77% | 5.13% | 5.13% | 4.47% | 3.46% | 3.01% |
|  Net expenses<sup>e,f</sup> | 5.63% | 5.00% | 5.02% | 4.38% | 3.38% | 2.97% |
|  Portfolio turnover rate | 512% | 936% | 861% | 1849% | 1451% | 2529% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

<sup>f</sup> Net expense may include expenses related to short sales. Excluding these expenses, the net expense ratios for the periods presented would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **06/30/25<sup>a</sup>** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.76%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.70%  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.75%  | 1.73% | 1.65% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.83%  |

---

240 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **HIGH YIELD STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 3.2%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 3.2%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 3.2%** |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF<sup>1</sup> | 1556 | $125492 |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg High Yield Bond ETF | 1245 | 121101 |
|  **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $263,173) |  | 246593 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 15.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 15.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 15.2%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 57301 | 575872 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>2</sup> | 23000 | 572231 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,124,043) |  | 1148103 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 10.5%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 10.5%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 10.5%** |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 4.32% due 02/27/26 | $800000 | 799476 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $799,973) |  | 799476 |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 6.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 6.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 6.6%** |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 4.23% due 07/02/25<sup>3</sup> | 500000 | 499941 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $499,941) |  | 499941 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 1.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.1%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>3,4</sup> | 83000 | 82933 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $82,933) |  | 82933 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 55.9%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 55.9%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 55.9%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 2288627 | 2288627 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 987542 | 987542 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 953595 | 953595 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,229,764) |  | 4229764 |
|  | **Shares** |  |
|  **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 1.3%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 1.3%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 1.3%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>7</sup> | 95694 | 95694 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $95,694) |  | 95694 |
|  **Total Investments - 93.8%** | **Total Investments - 93.8%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $7,095,521) | &nbsp;&nbsp;&nbsp; (Cost $7,095,521) | $7102504 |
|  **Other Assets & Liabilities, net - 6.2%** | **Other Assets & Liabilities, net - 6.2%** | 469917 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $7572421 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
|  U.S. Treasury 5 Year Note Futures Contracts | 66 | Sep 2025 | $7195547 | $55771 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid** | **Unrealized <br> Appreciation\*\*** |
|  Barclays Bank plc<br> ICE | CDX.NA.HY.44.V1 | 5.00% | Quarterly | 06/20/30 | $6650000 | $499857 | $316157 | $183700 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 241

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **HIGH YIELD STRATEGY FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Reference Obligation** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |
|  BNP Paribas | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.88% (Federal<br> Funds Rate +<br> 0.55%) | At Maturity | 09/25/25 | 364 | $29341 | $182 |
|  BNP Paribas | SPDR Bloomberg High Yield Bond ETF | Pay | 4.88% (Federal<br> Funds Rate +<br> 0.55%) | At Maturity | 09/25/25 | 192 | 18688 | 108 |
|  Goldman Sachs International | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.33% (Federal<br> Funds Rate) | At Maturity | 07/30/25 | 86 | 6936 | 43 |
|  |  |  |  |  |  |  | $54965 | $333 |

---

---

| | |
|:---|:---|
| \*\* | &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 June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 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 June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp; ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Exchange-Traded Funds | $246593 | $— | $— | $246593 |
|  Mutual Funds | 1148103 |  |  | 1148103 |
|  Federal Agency Notes |  | 799476 |  | 799476 |
|  Federal Agency Discount Notes |  | 499941 |  | 499941 |
|  U.S. Treasury Bills |  | 82933 |  | 82933 |
|  Repurchase Agreements |  | 4229764 |  | 4229764 |
|  Securities Lending Collateral | 95694 |  |  | 95694 |
|  Interest Rate Futures Contracts\*\* | 55771 |  |  | 55771 |
|  Credit Default Swap Agreements\*\* |  | 183700 |  | 183700 |
|  Credit Index Swap Agreements\*\* |  | 333 |  | 333 |
|  Total Assets | $1546161 | $5796147 | $— | $7342308 |

---

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

242 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **HIGH YIELD STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $571771 | $— | $— | $— | $460 | $572231 | 23000 | $15305 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 573580 |  |  |  | 2292 | 575872 | 57301 | 12513 |
|  | $1145351 | $— | $— | $— | $2752 | $1148103 |  | $27818 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 243

**HIGH YIELD STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value - including $94,119 of securities loaned (cost $1,741,714) | $1724637 |
|  Investments in affiliated issuers, at value (cost $1,124,043) | 1148103 |
|  Repurchase agreements, at value (cost $4,229,764) | 4229764 |
|  Segregated cash with broker | 216158 |
|  Unamortized upfront premiums paid on credit default swap agreements | 316157 |
|  Unrealized appreciation on OTC swap agreements | 333 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Variation margin on credit default swap agreements | 21364 |
| &nbsp;&nbsp;&nbsp; Interest | 12418 |
| &nbsp;&nbsp;&nbsp; Protection fees on credit default swap agreements | 10160 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 10154 |
| &nbsp;&nbsp;&nbsp; Dividends | 4409 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 409 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 42 |
|  **Total assets** | 7694108 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 95694 |
| &nbsp;&nbsp;&nbsp; Management fees | 4089 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 3238 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1401 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1199 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 588 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 84 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 37 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 15357 |
|  **Total liabilities** | 121687 |
|  **Net assets** | $7572421 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $7538404 |
|  Total distributable earnings (loss) | 34017 |
|  Net assets | $7572421 |
|  Capital shares outstanding | 89432 |
|  Net asset value per share | $84.67 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers | $6260 |
|  Dividends from securities of affiliated issuers | 27818 |
|  Interest | 116693 |
|  Income from securities lending, net | 614 |
| &nbsp;&nbsp;&nbsp; Total investment income | 151385 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 27175 |
|  Investor service fees | 9058 |
|  Transfer agent fees | 11028 |
|  Professional fees | 7199 |
|  Portfolio accounting and administration fees | 5616 |
|  Trustees' fees\* | 629 |
|  Custodian fees | 525 |
|  Miscellaneous | 2112 |
| &nbsp;&nbsp;&nbsp; Total expenses | 63342 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1812) |
|  Expenses waived by Adviser | (712) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (2524) |
|  Net expenses | 60818 |
|  Net investment income | 90567 |
|  **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
|  Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 20 |
| &nbsp;&nbsp;&nbsp; Swap agreements | (15372) |
| &nbsp;&nbsp;&nbsp; Futures contracts | 76387 |
|  Net realized gain | 61035 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 4825 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 2752 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 138607 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 97172 |
|  Net change in unrealized appreciation (depreciation) | 243356 |
|  Net realized and unrealized gain | 304391 |
|  **Net increase in net assets resulting from operations** | $394958 |

---

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

244 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HIGH YIELD STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $90567 | $236269 |
|  Net realized gain on investments | 61035 | 431336 |
|  Net change in unrealized appreciation (depreciation) on investments | 243356 | (434187) |
|  Net increase in net assets resulting from operations | 394958 | 233418 |
|  Distributions to shareholders |  | (386203) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 12917735 | 56196121 |
|  Distributions reinvested |  | 386203 |
|  Cost of shares redeemed | (15633448) | (55925480) |
|  Net increase (decrease) from capital share transactions | (2715713) | 656844 |
|  Net increase (decrease) in net assets | (2320755) | 504059 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 9893176 | 9389117 |
| &nbsp;&nbsp;&nbsp; End of period | $7572421 | $9893176 |
|  **Capital share activity:** |  |  |
|  Shares sold | 158942 | 704039 |
|  Shares issued from reinvestment of distributions |  | 4961 |
|  Shares redeemed | (193201) | (704478) |
|  Net increase (decrease) in shares | (34259) | 4522 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 245

**HIGH YIELD STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $79.98 | $78.79 | $71.14 | $81.84 | $80.49 | $86.60 |
|  Income (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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 1.01 | 2.57 | 2.29 | .51 | (.35) | (.20) |
|  Net gain (loss) on investments (realized and unrealized) | 3.68 | 2.57 <sup>f</sup> | 6.68 | (9.94) | 1.70 | (.60) |
|  Total from investment operations | 4.69 | 5.14 | 8.97 | (9.43) | 1.35 | (.80) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (3.95) | (1.32) | (1.27) |  | (4.92) |
|  Net realized gains |  |  |  |  |  | (.39) |
|  Total distributions |  | (3.95) | (1.32) | (1.27) |  | (5.31) |
|  Net asset value, end of period | $84.67 | $79.98 | $78.79 | $71.14 | $81.84 | $80.49 |
|  **Total Return<sup>c</sup>** | **5.86%** | **6.68%** | **12.69%** | **(11.48** **%)** | **1.68%** | **(0.47** **%)** |
|  **Ratios/Supplemental Data** | **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) | $7572 | $9893 | $9389 | $4422 | $5286 | $10775 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.50% | 3.23% | 3.10% | 0.70% | (0.44%) | (0.25%) |
|  Total expenses<sup>d</sup> | 1.75% | 1.69% | 1.70% | 1.66% | 1.60% | 1.72% |
|  Net expenses<sup>e</sup> | 1.68% | 1.62% | 1.66% | 1.61% | 1.54% | 1.67% |
|  Portfolio turnover rate |  |  |  | 111% | 117% | 460% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

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

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

246 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **EUROPE 1.25x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 40.5%** | **COMMON STOCKS<sup>†</sup>** **- 40.5%** | **COMMON STOCKS<sup>†</sup>** **- 40.5%** |
|  **Consumer, Non-cyclical - 12.9%** | **Consumer, Non-cyclical - 12.9%** | **Consumer, Non-cyclical - 12.9%** |
| &nbsp;&nbsp;&nbsp; Nestle S.A. ADR | 439 | $43601 |
| &nbsp;&nbsp;&nbsp; Novartis AG ADR | 332 | 40175 |
| &nbsp;&nbsp;&nbsp; Roche Holding AG ADR<sup>1</sup> | 959 | 39089 |
| &nbsp;&nbsp;&nbsp; Novo Nordisk A/S ADR<sup>1</sup> | 548 | 37823 |
| &nbsp;&nbsp;&nbsp; AstraZeneca plc ADR | 527 | 36827 |
| &nbsp;&nbsp;&nbsp; Unilever plc ADR | 437 | 26731 |
| &nbsp;&nbsp;&nbsp; Sanofi S.A. ADR | 389 | 18792 |
| &nbsp;&nbsp;&nbsp; British American Tobacco plc ADR | 373 | 17654 |
| &nbsp;&nbsp;&nbsp; L'Oreal S.A. ADR<sup>1</sup> | 205 | 17530 |
| &nbsp;&nbsp;&nbsp; RELX plc ADR | 320 | 17389 |
| &nbsp;&nbsp;&nbsp; EssilorLuxottica S.A. ADR | 105 | 14410 |
| &nbsp;&nbsp;&nbsp; GSK plc ADR<sup>1</sup> | 364 | 13978 |
| &nbsp;&nbsp;&nbsp; Anheuser-Busch InBev S.A. ADR<sup>1</sup> | 175 | 12026 |
| &nbsp;&nbsp;&nbsp; Diageo plc ADR | 95 | 9580 |
|  **Total Consumer, Non-cyclical** |  | 345605 |
|  **Financial - 8.4%** | **Financial - 8.4%** | **Financial - 8.4%** |
| &nbsp;&nbsp;&nbsp; HSBC Holdings plc ADR<sup>1</sup> | 594 | 36109 |
| &nbsp;&nbsp;&nbsp; Allianz SE ADR | 658 | 26667 |
| &nbsp;&nbsp;&nbsp; Banco Santander S.A. ADR | 2582 | 21431 |
| &nbsp;&nbsp;&nbsp; UBS Group AG | 569 | 19243 |
| &nbsp;&nbsp;&nbsp; UniCredit SpA ADR<sup>1</sup> | 533 | 17813 |
| &nbsp;&nbsp;&nbsp; Zurich Insurance Group AG ADR | 497 | 17410 |
| &nbsp;&nbsp;&nbsp; BNP Paribas S.A. ADR | 363 | 16386 |
| &nbsp;&nbsp;&nbsp; AXA S.A. ADR | 319 | 15669 |
| &nbsp;&nbsp;&nbsp; Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR | 1111 | 14465 |
| &nbsp;&nbsp;&nbsp; Intesa Sanpaolo SpA ADR | 414 | 14345 |
| &nbsp;&nbsp;&nbsp; London Stock Exchange Group plc ADR | 345 | 12717 |
| &nbsp;&nbsp;&nbsp; ING Groep N.V. ADR | 537 | 11744 |
|  **Total Financial** |  | 223999 |
|  **Industrial — 5.6%** | **Industrial — 5.6%** | **Industrial — 5.6%** |
| &nbsp;&nbsp;&nbsp; Siemens AG ADR | 256 | 32991 |
| &nbsp;&nbsp;&nbsp; Schneider Electric SE ADR | 492 | 26263 |
| &nbsp;&nbsp;&nbsp; Airbus SE ADR | 400 | 20944 |
| &nbsp;&nbsp;&nbsp; Safran S.A. ADR | 256 | 20908 |
| &nbsp;&nbsp;&nbsp; Rolls-Royce Holdings plc ADR<sup>1</sup> | 1428 | 19 107 |
| &nbsp;&nbsp;&nbsp; ABB Ltd. ADR | 269 | 16051 |
| &nbsp;&nbsp;&nbsp; Vinci S.A. ADR | 397 | 14645 |
|  **Total Industrial** |  | 150909 |
|  **Technology - 4.0%** | **Technology - 4.0%** | **Technology - 4.0%** |
| &nbsp;&nbsp;&nbsp; ASML Holding N.V. — Class G | 67 | 53693 |
| &nbsp;&nbsp;&nbsp; SAP SE ADR | 174 | 52913 |
|  **Total Technology** |  | 106606 |
|  **Energy - 2.8%** | **Energy - 2.8%** | **Energy - 2.8%** |
| &nbsp;&nbsp;&nbsp; Shell plc ADR | 507 | 35698 |
| &nbsp;&nbsp;&nbsp; TotalEnergies SE ADR | 387 | 23758 |
| &nbsp;&nbsp;&nbsp; BP plc ADR | 469 | 14037 |
|  **Total Energy** |  | 73493 |
|  **Consumer, Cyclical - 2.4%** | **Consumer, Cyclical - 2.4%** | **Consumer, Cyclical - 2.4%** |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE ADR | 218 | 22903 |
| &nbsp;&nbsp;&nbsp; Cie Financiere Richemont S.A. ADR | 916 | 17248 |
| &nbsp;&nbsp;&nbsp; Hermes International SCA ADR | 60 | 16267 |
| &nbsp;&nbsp;&nbsp; Mercedes-Benz Group AG ADR | 491 | 7105 |
|  **Total Consumer, Cyclical** |  | 63523 |
|  **Utilities - 1.7%** | **Utilities - 1.7%** | **Utilities - 1.7%** |
| &nbsp;&nbsp;&nbsp; Iberdrola S.A. ADR | 251 | 19322 |
| &nbsp;&nbsp;&nbsp; National Grid plc ADR<sup>1</sup> | 174 | 12947 |
| &nbsp;&nbsp;&nbsp; Enel SpA ADR | 1328 | 12590 |
|  **Total Utilities** |  | 44859 |
|  **Basic Materials - 1.4%** | **Basic Materials - 1.4%** | **Basic Materials - 1.4%** |
| &nbsp;&nbsp;&nbsp; Air Liquide S.A. ADR<sup>1</sup> | 494 | 20402 |
| &nbsp;&nbsp;&nbsp; Rio Tinto plc ADR | 183 | 10674 |
| &nbsp;&nbsp;&nbsp; BASF SE ADR | 609 | 7479 |
|  **Total Basic Materials** |  | 38555 |
|  **Communications - 1.3%** | **Communications - 1.3%** | **Communications - 1.3%** |
| &nbsp;&nbsp;&nbsp; Deutsche Telekom AG ADR | 612 | 22393 |
| &nbsp;&nbsp;&nbsp; Prosus N.V. ADR | 1092 | 12154 |
|  **Total Communications** |  | 34547 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $822,979) |  | 1082096 |
|  **MUTUAL FUNDS<sup>†</sup>** **- 15.4%** | **MUTUAL FUNDS<sup>†</sup>** **- 15.4%** | **MUTUAL FUNDS<sup>†</sup>** **- 15.4%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>2</sup> | 9255 | 230268 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>2</sup> | 18098 | 181885 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $407,812) |  | 412153 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 4.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.5%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>3,4</sup> | $121000 | 120903 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $120,903) |  | 120903 |
|  **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 41.0%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 41.0%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 41.0%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 592623 | 592623 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 255716 | 255716 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 246926 | 246926 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,095,265) |  | 1095265 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 247

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **EUROPE 1.25x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 6.5%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 6.5%** | **SECURITIES LENDING COLLATERAL<sup>†,6</sup>** **- 6.5%** |
|  **Money Market Fund\*\*\*** |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>7</sup> | 173161 | $173161 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |
| &nbsp;&nbsp;&nbsp; (Cost $173,161) |  | 173161 |
|  **Total Investments - 107.9%** | **Total Investments - 107.9%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,620,120) | &nbsp;&nbsp;&nbsp; (Cost $2,620,120) | $2883578 |
|  **Other Assets & Liabilities, net - (7.9)%** | **Other Assets & Liabilities, net - (7.9)%** | (210332) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2673246 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
|  Euro FX Futures Contracts | 15 | Sep 2025 | $2220000 | $36793 |
|  **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
|  STOXX 50 Index Futures Contracts | 43 | Sep 2025 | 2260438 | 3493 |

---

---

| | |
|:---|:---|
| \*\* | &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 June 30, 2025 — See Note 7. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

248 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **EUROPE 1.25x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $1082096 | $— | $— | $1082096 |
|  Mutual Funds | 412153 |  |  | 412153 |
|  U.S. Treasury Bills |  | 120903 |  | 120903 |
|  Repurchase Agreements |  | 1095265 |  | 1095265 |
|  Securities Lending Collateral | 173161 |  |  | 173161 |
|  Currency Futures Contracts\*\* | 36793 |  |  | 36793 |
|  Equity Futures Contracts\*\* | 3493 |  |  | 3493 |
|  Total Assets | $1707696 | $1216168 | $— | $2923864 |

---

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

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II  | $229991 | $— | $— | $— | $277 | $230268 | 9255 | $6159 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class  | 181161 |  |  |  | 724 | 181885 | 18098 | 3952 |
|  | $411152 | $— | $— | $— | $1001 | $412153 |  | $10111 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 249

**EUROPE 1.25x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value - including $169,913 of securities loaned (cost $1,117,043) | $1376160 |
|  Investments in affiliated issuers, at value (cost $407,812) | 412153 |
|  Repurchase agreements, at value (cost $1,095,265) | 1095265 |
|  Cash | 286 |
|  Segregated cash with broker | 95628 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Foreign tax reclaims | 8862 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 8306 |
| &nbsp;&nbsp;&nbsp; Dividends | 2928 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 365 |
| &nbsp;&nbsp;&nbsp; Interest | 133 |
| &nbsp;&nbsp;&nbsp; Due from adviser | 98 |
|  **Total assets** | 3000184 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 173161 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 145365 |
| &nbsp;&nbsp;&nbsp; Management fees | 1919 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 1104 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 543 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 23 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 4823 |
|  **Total liabilities** | 326938 |
|  **Net assets** | $2673246 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2808201 |
|  Total distributable earnings (loss) | (134955) |
|  Net assets | $2673246 |
|  Capital shares outstanding | 18298 |
|  Net asset value per share | $146.09 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $2,697) | $21341 |
|  Dividends from securities of affiliated issuers | 10111 |
|  Interest | 21575 |
|  Income from securities lending, net | 1885 |
| &nbsp;&nbsp;&nbsp; Total investment income | 54912 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 10652 |
|  Investor service fees | 2959 |
|  Transfer agent fees | 3087 |
|  Professional fees | 2592 |
|  Portfolio accounting and administration fees | 1834 |
|  Custodian fees | 162 |
|  Trustees' fees\* | 116 |
|  Miscellaneous | 1652 |
| &nbsp;&nbsp;&nbsp; Total expenses | 23054 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (2367) |
|  Expenses waived by Adviser | (225) |
|  Total waived/reimbursed expenses | (2592) |
|  Net expenses | 20462 |
|  Net investment income | 34450 |
|  **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
|  Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (14412) |
| &nbsp;&nbsp;&nbsp; Futures contracts | 61438 |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (5857) |
|  Net realized gain | 41169 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 89574 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 1001 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 98945 |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | (60) |
|  Net change in unrealized appreciation (depreciation) | 189460 |
|  Net realized and unrealized gain | 230629 |
|  **Net increase in net assets resulting from operations** | $265079 |

---

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

250 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EUROPE 1.25x STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $34450 | $58526 |
|  Net realized gain on investments | 41169 | 250479 |
|  Net change in unrealized appreciation (depreciation) on investments | 189460 | (158988) |
|  Net increase in net assets resulting from operations | 265079 | 150017 |
|  Distributions to shareholders |  | (119505) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 11774094 | 49909404 |
|  Distributions reinvested |  | 119505 |
|  Cost of shares redeemed | (10961984) | (50613899) |
|  Net increase (decrease) from capital share transactions | 812110 | (584990) |
|  Net increase (decrease) in net assets | 1077189 | (554478) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1596057 | 2150535 |
| &nbsp;&nbsp;&nbsp; End of period | $2673246 | $1596057 |
|  **Capital share activity:** |  |  |
|  Shares sold | 85537 | 374532 |
|  Shares issued from reinvestment of distributions |  | 894 |
|  Shares redeemed | (80696) | (378462) |
|  Net increase (decrease) in shares | 4841 | (3036) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 251

**EUROPE 1.25x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $118.60 | $130.39 | $108.91 | $125.31 | $105.80 | $107.35 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 1.96 | 3.47 | 3.29 | .57 | (.92) | (.63) |
|  Net gain (loss) on investments (realized and unrealized) | 25.53 | (6.41)<sup>f</sup> | 18.59 | (16.97) | 20.70 | .73 <sup>f</sup> |
|  Total from investment operations | 27.49 | (2.94) | 21.88 | (16.40) | 19.78 | .10 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (8.85) | (.40) |  | (.27) | (1.65) |
|  Total distributions |  | (8.85) | (.40) |  | (.27) | (1.65) |
|  Net asset value, end of period | $146.09 | $118.60 | $130.39 | $108.91 | $125.31 | $105.80 |
|  **Total Return<sup>c</sup>** | **23.18%** | **(3.00** **%)** | **20.09%** | **(13.07** **%)** | **18.71%** | **0.24%** |
|  **Ratios/Supplemental Data** | **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) | $2673 | $1596 | $2151 | $2735 | $1974 | $2523 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.91% | 2.59% | 2.68% | 0.53% | (0.78%) | (0.67 %) |
|  Total expenses<sup>d</sup> | 1.95% | 1.87% | 1.90% | 1.88% | 1.80% | 1.91% |
|  Net expenses<sup>e</sup> | 1.73% | 1.71% | 1.83% | 1.78% | 1.71% | 1.86% |
|  Portfolio turnover rate | 167% | 1237% | 725% | 70% | 374% | 212% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

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

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>e</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain or loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

252 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **JAPAN 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 34.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 34.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 34.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>1,2</sup> | $546000 | $545560 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $545,561) |  | 545560 |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 19.2%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 19.2%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 19.2%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 4.15% due 07/10/25<sup>2</sup> | 200000 | 199793 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 4.23% due 07/02/25<sup>2</sup> | 100000 | 99988 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $299,781) |  | 299781 |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.4%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.4%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.4%** |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 4.32% due 02/27/26 | 100000 | 99934 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $99,997) |  | 99934 |
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 28.6%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 28.6%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 28.6%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 241869 | 241869 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 104366 | 104366 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 100779 | 100779 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $447,014) |  | 447014 |
|  **Total Investments - 89.1%** | **Total Investments - 89.1%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,392,353) | &nbsp;&nbsp;&nbsp; (Cost $1,392,353) | $1392289 |
|  **Other Assets & Liabilities, net - 10.9%** | **Other Assets & Liabilities, net - 10.9%** | 170742 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1563031 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
|  Nikkei 225 (CME) Index Futures Contracts | 13 | Sep 2025 | $2624700 | $128431 |
|  Micro Nikkei Stock Average Futures Contracts | 24 | Sep 2025 | 484620 | 12645 |
|  |  |  | $3109320 | $141076 |
|  **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
|  Japanese Yen Futures Contracts | 35 | Sep 2025 | 3063594 | 11306 |

---

---

| | |
|:---|:---|
| \*\* | &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 June 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp; CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 253

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **JAPAN 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $— | $545560 | $— | $545560 |
|  Federal Agency Discount Notes |  | 299781 |  | 299781 |
|  Federal Agency Notes |  | 99934 |  | 99934 |
|  Repurchase Agreements |  | 447014 |  | 447014 |
|  Equity Futures Contracts\*\* | 141076 |  |  | 141076 |
|  Currency Futures Contracts\*\* | 11306 |  |  | 11306 |
|  Total Assets | $152382 | $1392289 | $— | $1544671 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

254 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**JAPAN 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $945,339) | $945275 |
|  Repurchase agreements, at value (cost $447,014) | 447014 |
|  Segregated cash with broker | 182658 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Interest | 1542 |
|  **Total assets** | 1576489 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 4678 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 4655 |
| &nbsp;&nbsp;&nbsp; Management fees | 786 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 571 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 262 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 110 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 13 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 2383 |
|  **Total liabilities** | 13458 |
|  **Net assets** | $1563031 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $3275610 |
|  Total distributable earnings (loss) | (1712579) |
|  Net assets | $1563031 |
|  Capital shares outstanding | 17032 |
|  Net asset value per share | $91.77 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Interest | $26871 |
| &nbsp;&nbsp;&nbsp; Total investment income | 26871 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 4683 |
|  Investor service fees | 1561 |
|  Transfer agent fees | 1740 |
|  Professional fees | 1284 |
|  Portfolio accounting and administration fees | 968 |
|  Custodian fees | 88 |
|  Trustees' fees\* | 81 |
|  Miscellaneous | 510 |
| &nbsp;&nbsp;&nbsp; Total expenses | 10915 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (312) |
|  Net expenses | 10603 |
|  Net investment income | 16268 |
|  **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 | 6 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 5152 |
|  Net realized gain | 5158 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (177) |
| &nbsp;&nbsp;&nbsp; Futures contracts | 231028 |
|  Net change in unrealized appreciation (depreciation) | 230851 |
|  Net realized and unrealized gain | 236009 |
|  **Net increase in net assets resulting from operations** | $252277 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 255

**JAPAN 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $16268 | $57308 |
|  Net realized gain on investments | 5158 | 123654 |
|  Net change in unrealized appreciation (depreciation) on investments | 230851 | (164758) |
|  Net increase in net assets resulting from operations | 252277 | 16204 |
|  Distributions to shareholders |  | (55630) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 2456446 | 6355304 |
|  Distributions reinvested |  | 55630 |
|  Cost of shares redeemed | (2375983) | (6628901) |
|  Net increase (decrease) from capital share transactions | 80463 | (217967) |
|  Net increase (decrease) in net assets | 332740 | (257393) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 1230291 | 1487684 |
| &nbsp;&nbsp;&nbsp; End of period | $1563031 | $1230291 |
|  **Capital share activity:** |  |  |
|  Shares sold | 31918 | 73835 |
|  Shares issued from reinvestment of distributions |  | 669 |
|  Shares redeemed | (31050) | (77401) |
|  Net increase (decrease) in shares | 868 | (2897) |

---

256 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**JAPAN 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $76.11 | $78.05 | $58.06 | $101.86 | $118.59 | $85.35 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .99 | 3.05 | 2.39 | .07 | (1.11) | (.65) |
|  Net gain (loss) on investments (realized and unrealized) | 14.67 | (2.01) | 17.63 | (43.87) | (15.62) | 34.73 |
|  Total from investment operations | 15.66 | 1.04 | 20.02 | (43.80) | (16.73) | 34.08 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (2.98) | (.03) |  |  | (.84) |
|  Total distributions |  | (2.98) | (.03) |  |  | (.84) |
|  Net asset value, end of period | $91.77 | $76.11 | $78.05 | $58.06 | $101.86 | $118.59 |
|  **Total Return<sup>c</sup>** | **20.58%** | **1.01%** | **34.46%** | **(43.00** **%)** | **(14.11** **%)** | **40.46%** |
|  **Ratios/Supplemental Data** | **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) | $1563 | $1230 | $1488 | $929 | $1783 | $2993 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.61% | 3.60% | 3.38% | 0.10% | (0.97%) | (0.82%) |
|  Total expenses<sup>d</sup> | 1.75% | 1.68% | 1.70% | 1.67% | 1.59% | 1.72% |
|  Net expenses<sup>e</sup> | 1.70% | 1.63% | 1.69% | 1.63% | 1.53% | 1.67% |
|  Portfolio turnover rate |  |  |  |  | 41% | 199% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

<sup>b</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>e</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 257

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **STRENGTHENING DOLLAR 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 25.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 25.6%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 25.6%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 4.15% due 07/10/25<sup>1</sup> | $200000 | $199793 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 4.23% due 07/02/25<sup>1</sup> | 100000 | 99988 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $299,781) |  | 299781 |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 15.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 15.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 15.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 4.03% due 07/01/25<sup>1</sup> | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>1,2</sup> | 37000 | 36970 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $186,970) |  | 186970 |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 11.5%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 11.5%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 11.5%** |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 4.32% due 02/27/26 | 136000 | 135911 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $135,996) |  | 135911 |
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 52.3%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 52.3%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 52.3%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 331759 | 331759 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>4</sup> | 143154 | 143154 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 138233 | 138233 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $613,146) |  | 613146 |
|  **Total Investments - 105.3%** | **Total Investments - 105.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,235,893) | &nbsp;&nbsp;&nbsp; (Cost $1,235,893) | $1235808 |
|  **Other Assets & Liabilities, net - (5.3)%** | **Other Assets & Liabilities, net - (5.3)%** | (62671) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1173137 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
|  **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
|  U.S. Dollar Index Futures Contracts | 17 | Sep 2025 | $1639820 | $(17662) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
|  **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** |
|  Goldman Sachs International | U.S. Dollar Index | Receive | N/A | At Maturity | 09/19/25 | 7076 | $682606 | $(7328) |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as currency index swap collateral at June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

258 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **STRENGTHENING DOLLAR 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Federal Agency Discount Notes | $— | $299781 | $— | $299781 |
|  U.S. Treasury Bills |  | 186970 |  | 186970 |
|  Federal Agency Notes |  | 135911 |  | 135911 |
|  Repurchase Agreements |  | 613146 |  | 613146 |
|  Total Assets | $— | $1235808 | $— | $1235808 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Currency Futures Contracts\*\* | $17662 | $— | $— | $17662 |
|  Currency Index Swap Agreements\*\* |  | 7328 |  | 7328 |
|  Total Liabilities | $17662 | $7328 | $— | $24990 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 259

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $622,747) | $622662 |
|  Repurchase agreements, at value (cost $613,146) | 613146 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Interest | 2100 |
|  **Total assets** | 1237908 |
|  **Liabilities:** | **Liabilities:** |
|  Unrealized depreciation on OTC swap agreements | 7328 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 17405 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 14452 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 9707 |
| &nbsp;&nbsp;&nbsp; Licensing fees | 6691 |
| &nbsp;&nbsp;&nbsp; Management fees | 1672 |
| &nbsp;&nbsp;&nbsp; Transfer agent and maintenance fees | 1050 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 464 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 102 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 32 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 5868 |
|  **Total liabilities** | 64771 |
|  **Net assets** | $1173137 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $2173077 |
|  Total distributable earnings (loss) | (999940) |
|  Net assets | $1173137 |
|  Capital shares outstanding | 26985 |
|  Net asset value per share | $43.47 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Interest | $48645 |
| &nbsp;&nbsp;&nbsp; Total investment income | 48645 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 10024 |
|  Investor service fees | 2784 |
|  Transfer agent fees | 4003 |
|  Licensing fees | 1812 |
|  Professional fees | 2511 |
|  Portfolio accounting and administration fees | 1726 |
|  Trustees' fees\* | 301 |
|  Custodian fees | 174 |
|  Miscellaneous | 50 |
| &nbsp;&nbsp;&nbsp; Total expenses | 23385 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1114) |
|  Net expenses | 22271 |
|  Net investment income | 26374 |
|  **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 | (6) |
| &nbsp;&nbsp;&nbsp; Swap agreements | (50250) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (248753) |
|  Net realized loss | (299009) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (161) |
| &nbsp;&nbsp;&nbsp; Swap agreements | (27659) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (142409) |
|  Net change in unrealized appreciation (depreciation) | (170229) |
|  Net realized and unrealized loss | (469238) |
|  **Net decrease in net assets resulting from operations** | $(442864) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

260 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $26374 | $91331 |
|  Net realized gain (loss) on investments | (299009) | 190430 |
|  Net change in unrealized appreciation (depreciation) on investments | (170229) | 141268 |
|  Net increase (decrease) in net assets resulting from operations | (442864) | 423029 |
|  Distributions to shareholders |  | (94410) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 9725716 | 181861514 |
|  Distributions reinvested |  | 94410 |
|  Cost of shares redeemed | (12397411) | (179407309) |
|  Net increase (decrease) from capital share transactions | (2671695) | 2548615 |
|  Net increase (decrease) in net assets | (3114559) | 2877234 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 4287696 | 1410462 |
| &nbsp;&nbsp;&nbsp; End of period | $1173137 | $4287696 |
|  **Capital share activity:** |  |  |
|  Shares sold | 211885 | 3818487 |
|  Shares issued from reinvestment of distributions |  | 1959 |
|  Shares redeemed | (265065) | (3771236) |
|  Net increase (decrease) in shares | (53180) | 49210 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 261

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $53.49 | $45.56 | $45.16 | $39.05 | $35.15 | $41.21 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .58 | 1.50 | 1.44 | .06 | (.49) | (.43) |
|  Net gain (loss) on investments (realized and unrealized) | (10.60) | 7.93 | (.92) | 6.05 | 4.39 | (5.32) |
|  Total from investment operations | (10.02) | 9.43 | .52 | 6.11 | 3.90 | (5.75) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (1.50) | (.12) |  |  | (.31) |
|  Total distributions |  | (1.50) | (.12) |  |  | (.31) |
|  Net asset value, end of period | $43.47 | $53.49 | $45.56 | $45.16 | $39.05 | $35.15 |
|  **Total Return<sup>c</sup>** | **(18.73** **%)** | **21.01%** | **1.18%** | **15.65%** | **11.10%** | **(14.03** **%)** |
|  **Ratios/Supplemental Data** | **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) | $1173 | $4288 | $1410 | $3573 | $4004 | $1556 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.37% | 3.09% | 3.13% | 0.13% | (1.32%) | (1.05%) |
|  Total expenses<sup>d</sup> | 2.10% | 2.13% | 1.99% | 1.96% | 1.99% | 2.02% |
|  Net expenses<sup>e</sup> | 2.00% | 2.03% | 1.92% | 1.89% | 1.90% | 1.96% |
|  Portfolio turnover rate |  |  |  |  | 131% | 103% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

<sup>b</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>e</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

262 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **WEAKENING DOLLAR 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 24.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 24.8%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 24.8%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 4.15% due 07/10/25<sup>1</sup> | $200000 | $199793 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 4.23% due 07/02/25<sup>1</sup> | 100000 | 99988 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $299,781) |  | 299781 |
|  **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; 4.03% due 07/01/25<sup>1</sup> | 150000 | 150000 |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>1,2</sup> | 41000 | 40967 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $190,967) |  | 190967 |
|  **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 82.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 82.8%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 82.8%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 540363 | 540363 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25<sup>4</sup> | 233167 | 233167 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25<sup>4</sup> | 225151 | 225151 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $998,681) |  | 998681 |
|  **Total Investments - 123.4%** | **Total Investments - 123.4%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,489,429) | &nbsp;&nbsp;&nbsp; (Cost $1,489,429) | $1489429 |
|  **Other Assets & Liabilities, net - (23.4)%** | **Other Assets & Liabilities, net - (23.4)%** | (282833) |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1206596 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
|  **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** |
|  U.S. Dollar Index Futures Contracts | 19 | Sep 2025 | $1832740 | $40899 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** |
|  Goldman Sachs International | U.S. Dollar Index | Pay | N/A | At Maturity | 09/19/25 | 5823 | $561691 | $8233 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as currency index swap collateral at June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 263

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **WEAKENING DOLLAR 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Federal Agency Discount Notes | $— | $299781 | $— | $299781 |
|  U.S. Treasury Bills |  | 190967 |  | 190967 |
|  Repurchase Agreements |  | 998681 |  | 998681 |
|  Currency Futures Contracts\*\* | 40899 |  |  | 40899 |
|  Currency Index Swap Agreements\*\* |  | 8233 |  | 8233 |
|  Total Assets | $40899 | $1497662 | $— | $1538561 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

264 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $490,748) | $490748 |
|  Repurchase agreements, at value (cost $998,681) | 998681 |
|  Segregated cash with broker | 4644 |
|  Unrealized appreciation on OTC swap agreements | 8233 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 13123 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1635 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 925 |
| &nbsp;&nbsp;&nbsp; Interest | 121 |
|  **Total assets** | 1518110 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 305684 |
| &nbsp;&nbsp;&nbsp; Management fees | 905 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 440 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 251 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 55 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 9 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 4170 |
|  **Total liabilities** | 311514 |
|  **Net assets** | $1206596 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $3123182 |
|  Total distributable earnings (loss) | (1916586) |
|  Net assets | $1206596 |
|  Capital shares outstanding | 8992 |
|  Net asset value per share | $134.19 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Interest | $15520 |
| &nbsp;&nbsp;&nbsp; Total investment income | 15520 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 3208 |
|  Investor service fees | 891 |
|  Transfer agent fees | 1043 |
|  Professional fees | 1396 |
|  Licensing fees | 426 |
|  Portfolio accounting and administration fees | 553 |
|  Trustees' fees\* | 58 |
|  Custodian fees | 52 |
|  Miscellaneous | 36 |
| &nbsp;&nbsp;&nbsp; Total expenses | 7663 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (356) |
|  Net expenses | 7307 |
|  Net investment income | 8213 |
|  **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 | 23941 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 70485 |
|  Net realized gain | 94426 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments | (9) |
| &nbsp;&nbsp;&nbsp; Swap agreements | 9397 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 52113 |
|  Net change in unrealized appreciation (depreciation) | 61501 |
|  Net realized and unrealized gain | 155927 |
|  **Net increase in net assets resulting from operations** | $164140 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 265

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $8213 | $41737 |
|  Net realized gain (loss) on investments | 94426 | (384959) |
|  Net change in unrealized appreciation (depreciation) on investments | 61501 | (36621) |
|  Net increase (decrease) in net assets resulting from operations | 164140 | (379843) |
|  Distributions to shareholders |  | (35982) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 2894121 | 116864374 |
|  Distributions reinvested |  | 35982 |
|  Cost of shares redeemed | (2273574) | (116683594) |
|  Net increase from capital share transactions | 620547 | 216762 |
|  Net increase (decrease) in net assets | 784687 | (199063) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 421909 | 620972 |
| &nbsp;&nbsp;&nbsp; End of period | $1206596 | $421909 |
|  **Capital share activity\*:** |  |  |
|  Shares sold | 23581 | 964297 |
|  Shares issued from reinvestment of distributions |  | 305 |
|  Shares redeemed | (18482) | (965389) |
|  Net increase (decrease) in shares | 5099 | (787) |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:3 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

266 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, <br> 2025<sup>a, f</sup>** | **Year Ended <br> December 31, <br> 2024<sup>f</sup>** | **Year Ended <br> December 31, <br> 2023<sup>f</sup>** | **Year Ended <br> December 31, <br> 2022<sup>f</sup>** | **Year Ended <br> December 31, <br> 2021<sup>f</sup>** | **Year Ended <br> December 31, <br> 2020<sup>f</sup>** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $108.38 | $132.68 | $129.09 | $158.35 | $184.09 | $168.50 |
|  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: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 1.40 | 3.96 | 3.81 | .15 | (2.49) | (2.28) |
|  Net gain (loss) on investments (realized and unrealized) | 24.41 | (20.88) | (.10) | (29.41) | (23.25) | 18.59 |
|  Total from investment operations | 25.81 | (16.92) | 3.71 | (29.26) | (25.74) | 16.31 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (7.38) | (.12) |  |  | (.72) |
|  Total distributions |  | (7.38) | (.12) |  |  | (.72) |
|  Net asset value, end of period | $134.19 | $108.38 | $132.68 | $129.09 | $158.35 | $184.09 |
|  **Total Return<sup>c</sup>** | **23.81%** | **(13.21** **%)** | **2.85%** | **(18.47** **%)** | **(13.98** **%)** | **9.69%** |
|  **Ratios/Supplemental Data** | **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) | $1207 | $422 | $621 | $1406 | $693 | $2332 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.30% | 3.23% | 2.96% | 0.12% | (1.43%) | (1.35%) |
|  Total expenses<sup>d</sup> | 2.15% | 2.10% | 1.97% | 1.93% | 2.00% | 2.00% |
|  Net expenses<sup>e</sup> | 2.05% | 2.00% | 1.91% | 1.85% | 1.93% | 1.96% |
|  Portfolio turnover rate |  |  |  |  | 93% | 129% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

<sup>b</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expense of the underlying funds in which the Fund invests.

<sup>e</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>f</sup> Reverse share split — Per share amounts have been restated to reflect a 1:3 reverse share split effective February 18, 2025 — See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 267

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **COMMODITIES STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 43.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 43.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 43.8%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 113501 | $1140682 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 45022 | 1120140 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $2,249,924) |  | 2260822 |
|  | **Face<br> Amount** |  |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 9.7%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 9.7%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 9.7%** |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 4.23% due 07/02/25<sup>2</sup> | $500000 | 499941 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $499,941) |  | 499941 |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 7.7%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 7.7%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 7.7%** |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 4.32% due 02/27/26 | 400000 | 399738 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $399,986) |  | 399738 |

---

---

| | | |
|:---|:---|:---|
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 3.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.9%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>2,3</sup> | 200000 | 199839 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $199,840) |  | 199839 |
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 31.2%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 31.2%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 31.2%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 871938 | 871938 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 376241 | 376241 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 363307 | 363307 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,611,486) |  | 1611486 |
|  **Total Investments - 96.3%** | **Total Investments - 96.3%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,961,177) | &nbsp;&nbsp;&nbsp; (Cost $4,961,177) | $4971826 |
|  **Other Assets & Liabilities, net - 3.7%** | **Other Assets & Liabilities, net - 3.7%** | 191106 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $5162932 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **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\*\*** |
|  **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** |
|  S&P Goldman Sachs Commodity Index Futures Contracts | 38 | Jul 2025 | $5156125 | $(534) |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

268 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **COMMODITIES STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Mutual Funds | $2260822 | $— | $— | $2260822 |
|  Federal Agency Discount Notes |  | 499941 |  | 499941 |
|  Federal Agency Notes |  | 399738 |  | 399738 |
|  U.S. Treasury Bills |  | 199839 |  | 199839 |
|  Repurchase Agreements |  | 1611486 |  | 1611486 |
|  Total Assets | $2260822 | $2711004 | $— | $4971826 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
|  Commodity Futures Contracts\*\* | $534 | $– $– $| 534 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II  | $1418428 | $— | $(300000) | $(1206) | $2918 | $1120140 | 45022 | $37823 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class  | 1434948 |  | (300000) | 2687 | 3047 | 1140682 | 113501 | 31143 |
|  | $2853376 | $— | $(600000) | $1481 | $5965 | $2260822 |  | $68966 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 269

**COMMODITIES STRATEGY FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $1,099,767) | $1099518 |
|  Investments in affiliated issuers, at value (cost $2,249,924) | 2260822 |
|  Repurchase agreements, at value (cost $1,611,486) | 1611486 |
|  Segregated cash with broker | 200181 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 19721 |
| &nbsp;&nbsp;&nbsp; Dividends | 10661 |
| &nbsp;&nbsp;&nbsp; Interest | 6148 |
|  Other assets | 547 |
|  **Total assets** | 5209084 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 23750 |
| &nbsp;&nbsp;&nbsp; Professional fees | 5271 |
| &nbsp;&nbsp;&nbsp; Management fees | 2968 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 2609 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 1238 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 1083 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 455 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 60 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 8718 |
|  **Total liabilities** | 46152 |
|  **Net assets** | $5162932 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $12027525 |
|  Total distributable earnings (loss) | (6864593) |
|  Net assets | $5162932 |
|  Capital shares outstanding | 57804 |
|  Net asset value per share | $89.32 |

---

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $68966 |
|  Interest | 71831 |
| &nbsp;&nbsp;&nbsp; Total investment income | 140797 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 28009 |
|  Investor service fees | 8002 |
|  Transfer agent fees | 8726 |
|  Professional fees | 7376 |
|  Portfolio accounting and administration fees | 4961 |
|  Custodian fees | 472 |
|  Trustees' fees\* | 373 |
|  Miscellaneous | 1219 |
| &nbsp;&nbsp;&nbsp; Total expenses | 59138 |
|  Less: | Less: |
|  Expenses reimbursed by Adviser | (1600) |
|  Expenses waived by Adviser | (5780) |
| &nbsp;&nbsp;&nbsp; Total waived/reimbursed expenses | (7380) |
|  Net expenses | 51758 |
|  Net investment income | 89039 |
|  **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
|  Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 29 |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 1481 |
| &nbsp;&nbsp;&nbsp; Futures contracts | 150989 |
|  Net realized gain | 152499 |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (372) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 5965 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (150718) |
|  Net change in unrealized appreciation (depreciation) | (145125) |
|  Net realized and unrealized gain | 7374 |
|  **Net increase in net assets resulting from operations** | $96413 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

270 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**COMMODITIES STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $89039 | $260226 |
|  Net realized gain on investments | 152499 | 1207 |
|  Net change in unrealized appreciation (depreciation) on investments | (145125) | 100923 |
|  Net increase in net assets resulting from operations | 96413 | 362356 |
|  Distributions to shareholders |  | (280887) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 14397591 | 36976544 |
|  Distributions reinvested |  | 280887 |
|  Cost of shares redeemed | (19642027) | (33513980) |
|  Net increase (decrease) from capital share transactions | (5244436) | 3743451 |
|  Net increase (decrease) in net assets | (5148023) | 3824920 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 10310955 | 6486035 |
| &nbsp;&nbsp;&nbsp; End of period | $5162932 | $10310955 |
|  **Capital share activity:** |  |  |
|  Shares sold | 158567 | 398849 |
|  Shares issued from reinvestment of distributions |  | 3144 |
|  Shares redeemed | (216685) | (361963) |
|  Net increase (decrease) in shares | (58118) | 40030 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 271

**COMMODITIES STRATEGY FUND**<br>

**CONSOLIDATED FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $88.95 | $85.46 | $101.51 | $87.09 | $62.42 | $81.37 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | 1.24 | 3.28 | 3.23 | (.17) | (.96) | (.47) |
|  Net gain (loss) on investments (realized and unrealized) | (.87)<sup>f</sup> | 3.84 | (9.32) | 20.44 | 25.63 | (18.06) |
|  Total from investment operations | .37 | 7.12 | (6.09) | 20.27 | 24.67 | (18.53) |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (3.63) | (9.96) | (5.85) |  | (.42) |
|  Total distributions |  | (3.63) | (9.96) | (5.85) |  | (.42) |
|  Net asset value, end of period | $89.32 | $88.95 | $85.46 | $101.51 | $87.09 | $62.42 |
|  **Total Return<sup>c</sup>** | **0.42%** | **8.29%** | **(6.24** **%)** | **22.88%** | **39.52%** | **(22.72** **%)** |
|  **Ratios/Supplemental Data** | **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) | $5163 | $10311 | $6486 | $12451 | $8767 | $3505 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.78% | 3.65% | 3.46% | (0.15%) | (1.20%) | (0.82%) |
|  Total expenses<sup>d</sup> | 1.85% | 1.91% | 1.89% | 1.88% | 1.86% | 1.88% |
|  Net expenses<sup>e</sup> | 1.62% | 1.68% | 1.68% | 1.71% | 1.67% | 1.69% |
|  Portfolio turnover rate |  |  |  |  | 92% | 123% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

<sup>b</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>e</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

272 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **GLOBAL MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **MUTUAL FUNDS<sup>†</sup>** **- 43.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 43.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 43.5%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Variable Insurance Strategy Fund III<sup>1</sup> | 100294 | $2501336 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund III<sup>1</sup> | 89107 | 2224999 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>1</sup> | 4552 | 113258 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 7274 | 73100 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $4,886,643) |  | 4912693 |
|  | **Face<br> Amount** |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 7.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 7.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 7.3%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>2,3</sup> | $823000 | 822337 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $822,339) |  | 822337 |

---

---

| | | |
|:---|:---|:---|
|  **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 45.8%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 45.8%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 45.8%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 2795278 | 2795278 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 1206161 | 1206161 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 1164700 | 1164700 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,166,139) |  | 5166139 |
|  **Total Investments - 96.6%** | **Total Investments - 96.6%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $10,875,121) | &nbsp;&nbsp;&nbsp; (Cost $10,875,121) | $10901169 |
|  **Other Assets & Liabilities, net - 3.4%** | **Other Assets & Liabilities, net - 3.4%** | 380850 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $11282019 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
|  **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
|  Euro FX Futures Contracts | 6 | Sep 2025 | $888000 | $19784 |
|  British Pound Futures Contracts | 14 | Sep 2025 | 1201550 | 10312 |
|  Mexican Peso Futures Contracts | 24 | Sep 2025 | 634320 | 7728 |
|  Canadian Dollar Futures Contracts | 17 | Sep 2025 | 1252815 | 4764 |
|  New Zealand Dollar Futures Contracts | 7 | Sep 2025 | 427805 | 4528 |
|  Australian Dollar Futures Contracts | 7 | Sep 2025 | 461405 | 4016 |
|  Swedish Krona Futures Contracts | 1 | Sep 2025 | 212400 | 1197 |
|  Japanese Yen Futures Contracts | 6 | Sep 2025 | 525188 | 1121 |
|  Norwegian Krone Futures Contracts | 1 | Sep 2025 | 198550 | 997 |
|  |  |  | $5802033 | $54447 |
|  **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 | 2 | Sep 2025 | $915440 | $24808 |
|  S&P 500 Index Mini Futures Contracts | 1 | Sep 2025 | 312575 | 8473 |
|  IBEX 35 Index Futures Contracts<sup>††</sup> | 5 | Jul 2025 | 820217 | 7558 |
|  DAX Index Futures Contracts | 1 | Sep 2025 | 708647 | 6638 |
|  S&P/TSX 60 IX Index Futures Contracts | 2 | Sep 2025 | 469703 | 6463 |
|  FTSE/JSE TOP 40 Index Futures Contracts<sup>††</sup> | 14 | Sep 2025 | 712833 | 4404 |
|  Tokyo Stock Price Index Futures Contracts | 1 | Sep 2025 | 197323 | 2771 |
|  FTSE Taiwan Index Futures Contracts | 4 | Jul 2025 | 291280 | 2666 |
|  Russell 2000 Index Mini Futures Contracts | 1 | Sep 2025 | 109560 | 668 |
|  FTSE 100 Index Futures Contracts | 8 | Sep 2025 | 964779 | (10386) |
|  |  |  | $5502357 | $54063 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 273

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **GLOBAL MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts (concluded)** | **Futures Contracts (concluded)** | **Futures Contracts (concluded)** | **Futures Contracts (concluded)** | **Futures Contracts (concluded)** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
|  **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
|  U.S. Treasury 5 Year Note Futures Contracts | 22 | Sep 2025 | $2398516 | $18744 |
|  U.S. Treasury 10 Year Note Futures Contracts | 10 | Sep 2025 | 1121406 | 12761 |
|  Australian Government 10 Year Bond Futures Contracts | 6 | Sep 2025 | 453041 | 2647 |
|  Canadian Government 10 Year Bond Futures Contracts | 3 | Sep 2025 | 269176 | 1639 |
|  U.S. Treasury 2 Year Note Futures Contracts | 5 | Sep 2025 | 1040234 | 1113 |
|  Euro - BTP Italian Government Bond Futures Contracts | 6 | Sep 2025 | 856244 | 881 |
|  Long Gilt Futures Contracts | 3 | Sep 2025 | 383699 | 577 |
|  Euro - Bobl Futures Contracts | 11 | Sep 2025 | 1525330 | (594) |
|  Euro - Bund Futures Contracts | 3 | Sep 2025 | 460285 | (845) |
|  Euro - Schatz Futures Contracts | 63 | Sep 2025 | 7959985 | (7964) |
|  |  |  | $16467916 | $28959 |
|  **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** |
|  Soybean Oil Futures Contracts | 10 | Dec 2025 | $316500 | $26498 |
|  Live Cattle Futures Contracts | 7 | Aug 2025 | 599130 | 11126 |
|  Cocoa Futures Contracts | 3 | Sep 2025 | 269310 | 2751 |
|  Cotton #2 Futures Contracts | 11 | Dec 2025 | 374220 | 1566 |
|  Palladium Futures Contracts | 1 | Sep 2025 | 111550 | 760 |
|  Hard Red Winter Wheat Futures Contracts | 4 | Sep 2025 | 105400 | 37 |
|  WTI Crude Futures Contracts | 1 | Aug 2025 | 64990 | (123) |
|  Corn Futures Contracts | 6 | Sep 2025 | 122700 | (417) |
|  Silver Futures Contracts | 1 | Sep 2025 | 181600 | (1003) |
|  Red Spring Wheat Futures Contracts | 3 | Sep 2025 | 93113 | (2377) |
|  Low Sulphur Gas Oil Futures Contracts | 2 | Aug 2025 | 132700 | (2553) |
|  Natural Gas Futures Contracts | 1 | Jul 2025 | 34450 | (2943) |
|  Lean Hogs Futures Contracts | 2 | Aug 2025 | 85840 | (2945) |
|  Soybean Meal Futures Contracts | 6 | Dec 2025 | 173700 | (3764) |
|  Sugar #11 Futures Contracts | 22 | Sep 2025 | 398922 | (11479) |
|  Brent Crude Futures Contracts | 5 | Jul 2025 | 333200 | (11714) |
|  |  |  | $3397325 | $3420 |
|  **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |
|  U.S. Treasury Ultra Long Bond Futures Contracts | 1 | Sep 2025 | $118969 | $130 |
|  U.S. Treasury Long Bond Futures Contracts | 1 | Sep 2025 | 115375 | 67 |
|  Australian Government 3 Year Bond Futures Contracts | 5 | Sep 2025 | 354693 | (528) |
|  |  |  | $589037 | $(331) |
|  **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** |
|  Swiss Franc Futures Contracts | 1 | Sep 2025 | $159069 | $(2047) |
|  **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>** |
|  Euro STOXX 50 Index Futures Contracts | 5 | Sep 2025 | $313796 | $1811 |
|  CAC 40 10 Euro Index Futures Contracts | 2 | Jul 2025 | 181067 | (134) |
|  MSCI Emerging Markets Index Futures Contracts | 2 | Sep 2025 | 123320 | (3826) |
|  Dow Jones Industrial Average Index Mini Futures Contracts | 1 | Sep 2025 | 221880 | (5397) |
|  |  |  | $840063 | $(7546) |
|  **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** |
|  Coffee 'C' Futures Contracts | 1 | Sep 2025 | $111713 | $10909 |
|  Wheat Futures Contracts | 10 | Sep 2025 | 268750 | 4363 |
|  LME Nickel Futures Contracts | 2 | Aug 2025 | 181628 | 2294 |
|  Soybean Futures Contracts | 21 | Nov 2025 | 1078875 | 940 |
|  LME Lead Futures Contracts | 5 | Aug 2025 | 254610 | (2099) |
|  LME Primary Aluminum Futures Contracts | 6 | Aug 2025 | 389823 | (6395) |
|  Cattle Feeder Futures Contracts | 1 | Aug 2025 | 155250 | (6578) |
|  Platinum Futures Contracts | 8 | Oct 2025 | 543000 | (36145) |
|  |  |  | $2983649 | $(32711) |

---

274 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **GLOBAL MANAGED FUTURES STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Mutual Funds | $4912693 | $— | $— | $4912693 |
|  U.S. Treasury Bills |  | 822337 |  | 822337 |
|  Repurchase Agreements |  | 5166139 |  | 5166139 |
|  Equity Futures Contracts\*\* | 54298 | 11962 |  | 66260 |
|  Commodity Futures Contracts\*\* | 61244 |  |  | 61244 |
|  Currency Futures Contracts\*\* | 54447 |  |  | 54447 |
|  Interest Rate Futures Contracts\*\* | 38559 |  |  | 38559 |
|  Total Assets | $5121241 | $6000438 | $— | $11121679 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Commodity Futures Contracts\*\* | $90535 | $— | $— | $90535 |
|  Equity Futures Contracts\*\* | 19743 |  |  | 19743 |
|  Interest Rate Futures Contracts\*\* | 9931 |  |  | 9931 |
|  Currency Futures Contracts\*\* | 2047 |  |  | 2047 |
|  Total Liabilities | $122256 | $— | $— | $122256 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 275

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **GLOBAL MANAGED FUTURES STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $113122 | $— | $— | $— | $136 | $113258 | 4552 | $3029 |
| &nbsp;&nbsp; Guggenheim Strategy Fund III | 2222326 |  |  |  | 2673 | 2224999 | 89107 | 60508 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 72809 |  |  |  | 291 | 73100 | 7274 | 1588 |
| &nbsp;&nbsp; Guggenheim Variable Insurance Strategy Fund III | 2501336 |  |  |  |  | 2501336 | 100294 | 68003 |
|  | $4909593 | $— | $— | $— | $3100 | $4912693 |  | $133128 |

---

276 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**GLOBAL MANAGED FUTURES STRATEGY FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value (cost $822,339) | $822337 |
|  Investments in affiliated issuers, at value (cost $4,886,643) | 4912693 |
|  Repurchase agreements, at value (cost $5,166,139) | 5166139 |
|  Segregated cash with broker | 396781 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 21411 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 13998 |
| &nbsp;&nbsp;&nbsp; Interest | 628 |
|  Other assets | 509 |
|  **Total assets** | 11334496 |
|  **Liabilities:** | **Liabilities:** |
|  Overdraft due to custodian bank | 659 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Professional fees | 8771 |
| &nbsp;&nbsp;&nbsp; Management fees | 7974 |
| &nbsp;&nbsp;&nbsp; Printing fees | 7089 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 6565 |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 4596 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 2791 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 2219 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 1376 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 115 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 10322 |
|  **Total liabilities** | 52477 |
|  **Net assets** | $11282019 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $13140606 |
|  Total distributable earnings (loss) | (1858587) |
|  Net assets | $11282019 |
|  Capital shares outstanding | 709873 |
|  Net asset value per share | $15.89 |

---

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of affiliated issuers | $133128 |
|  Interest | 131522 |
| &nbsp;&nbsp;&nbsp; Total investment income | 264650 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 56854 |
|  Investor service fees | 13675 |
|  Transfer agent fees | 25519 |
|  Professional fees | 13288 |
|  Portfolio accounting and administration fees | 8479 |
|  Custodian fees | 817 |
|  Trustees' fees\* | 742 |
|  Miscellaneous | 9561 |
| &nbsp;&nbsp;&nbsp; Total expenses | 128935 |
|  Less: | Less: |
|  Expenses waived by Adviser | (7713) |
|  Net expenses | 121222 |
|  Net investment income | 143428 |
|  **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
|  Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 1 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (493222) |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (1071) |
|  Net realized loss | (494292) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (174) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 3100 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (102129) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | (77) |
|  Net change in unrealized appreciation (depreciation) | (99280) |
|  Net realized and unrealized loss | (593572) |
|  **Net decrease in net assets resulting from operations** | $(450144) |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 277

**GLOBAL MANAGED FUTURES STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $143428 | $449641 |
|  Net realized loss on investments | (494292) | (503736) |
|  Net change in unrealized appreciation (depreciation) on investments | (99280) | 24843 |
|  Net decrease in net assets resulting from operations | (450144) | (29252) |
|  Distributions to shareholders |  | (584520) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 1646550 | 4775241 |
|  Distributions reinvested |  | 584520 |
|  Cost of shares redeemed | (2345336) | (6813958) |
|  Net decrease from capital share transactions | (698786) | (1454197) |
|  Net decrease in net assets | (1148930) | (2067969) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 12430949 | 14498918 |
| &nbsp;&nbsp;&nbsp; End of period | $11282019 | $12430949 |
|  **Capital share activity:** |  |  |
|  Shares sold | 104638 | 269130 |
|  Shares issued from reinvestment of distributions |  | 33787 |
|  Shares redeemed | (146031) | (396186) |
|  Net decrease in shares | (41393) | (93269) |

---

278 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**GLOBAL MANAGED FUTURES STRATEGY FUND**<br>

**CONSOLIDATED FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $16.55 | $17.17 | $17.58 | $16.24 | $16.32 | $16.64 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .21 | .57 | .54 | .06 | (.15) | (.09) |
|  Net gain (loss) on investments (realized and unrealized) | (.87) | (.47) | .11 | 1.80 | .29 | .51 |
|  Total from investment operations | (.66) | .10 | .65 | 1.86 | .14 | .42 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (.47) | (.65) | (.43) |  | (.65) |
|  Net realized gains |  | (.25) | (.41) | (.09) | (.22) | (.09) |
|  Total distributions |  | (.72) | (1.06) | (.52) | (.22) | (.74) |
|  Net asset value, end of period | $15.89 | $16.55 | $17.17 | $17.58 | $16.24 | $16.32 |
|  **Total Return<sup>c</sup>** | **(3.99** **%)** | **0.37%** | **3.80%** | **11.28%** | **0.82%** | **2.60%** |
|  **Ratios/Supplemental Data** | **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) | $11282 | $12431 | $14499 | $21041 | $10671 | $13593 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.62% | 3.28% | 3.08% | 0.36% | (0.87%) | (0.55%) |
|  Total expenses<sup>d</sup> | 2.36% | 2.18% | 2.14% | 1.96% | 1.81% | 1.80% |
|  Net expenses<sup>e</sup> | 2.22% | 2.06% | 2.00% | 1.85% | 1.69% | 1.72% |
|  Portfolio turnover rate |  |  |  |  | 2% | 2% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

<sup>b</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>e</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 279

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS<sup>†</sup>** **- 33.5%** | **COMMON STOCKS<sup>†</sup>** **- 33.5%** | **COMMON STOCKS<sup>†</sup>** **- 33.5%** |
|  **Consumer, Non-cyclical - 6.1%** | **Consumer, Non-cyclical - 6.1%** | **Consumer, Non-cyclical - 6.1%** |
| &nbsp;&nbsp;&nbsp; Kellanova<sup>1</sup> | 5777 | $459445 |
| &nbsp;&nbsp;&nbsp; Dun & Bradstreet Holdings, Inc. | 43520 | 395597 |
| &nbsp;&nbsp;&nbsp; Blueprint Medicines Corp.\* | 2004 | 256873 |
| &nbsp;&nbsp;&nbsp; Surmodics, Inc.\* | 6469 | 192194 |
| &nbsp;&nbsp;&nbsp; Amedisys, Inc.\*<sup>,1</sup> | 1918 | 188712 |
| &nbsp;&nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 10771 | 140561 |
|  **Total Consumer, Non-cyclical** |  | 1633382 |
|  **Financial - 5.6%** | **Financial - 5.6%** | **Financial - 5.6%** |
| &nbsp;&nbsp;&nbsp; Redfin Corp.\*<sup>,2</sup> | 35678 | 399237 |
| &nbsp;&nbsp;&nbsp; Enstar Group Ltd.\* | 1128 | 379414 |
| &nbsp;&nbsp;&nbsp; Mr Cooper Group, Inc.\*<sup>,1</sup> | 1582 | 236050 |
| &nbsp;&nbsp;&nbsp; ProAssurance Corp.\*<sup>,1</sup> | 9215 | 210378 |
| &nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc.<sup>1</sup> | 6317 | 133226 |
| &nbsp;&nbsp;&nbsp; HarborOne Bancorp, Inc. | 6281 | 73362 |
| &nbsp;&nbsp;&nbsp; Guild Holdings Co. — Class A | 3653 | 72220 |
|  **Total Financial** |  | 1503887 |
|  **Technology - 4.5%** | **Technology - 4.5%** | **Technology - 4.5%** |
| &nbsp;&nbsp;&nbsp; Informatica, Inc. — Class A\*<sup>,1</sup> | 9560 | 232786 |
| &nbsp;&nbsp;&nbsp; E2open Parent Holdings, Inc.\* | 66908 | 216113 |
| &nbsp;&nbsp;&nbsp; Cantaloupe, Inc.\* | 19656 | 216019 |
| &nbsp;&nbsp;&nbsp; PlayAGS, Inc.\*<sup>,1</sup> | 16147 | 201676 |
| &nbsp;&nbsp;&nbsp; ANSYS, Inc.\*<sup>,1</sup> | 561 | 197035 |
| &nbsp;&nbsp;&nbsp; AvidXchange Holdings, Inc.\* | 14732 | 144226 |
|  **Total Technology** |  | 1207855 |
|  **Consumer, Cyclical - 4.0%** | **Consumer, Cyclical - 4.0%** | **Consumer, Cyclical - 4.0%** |
| &nbsp;&nbsp;&nbsp; Everi Holdings, Inc.\* | 31628 | 450383 |
| &nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc.\*<sup>,1</sup> | 31118 | 357235 |
| &nbsp;&nbsp;&nbsp; Skechers USA, Inc. — Class A\* | 4122 | 260098 |
|  **Total Consumer, Cyclical** |  | 1067716 |
|  **Industrial - 3.6%** | **Industrial - 3.6%** | **Industrial - 3.6%** |
| &nbsp;&nbsp;&nbsp; AZEK Company, Inc.\* | 6341 | 344634 |
| &nbsp;&nbsp;&nbsp; FARO Technologies, Inc.\*<sup>,1</sup> | 6771 | 297382 |
| &nbsp;&nbsp;&nbsp; Triumph Group, Inc.\* | 10008 | 257706 |
| &nbsp;&nbsp;&nbsp; Spirit AeroSystems Holdings, Inc. — Class A\*<sup>,1</sup> | 1599 | 61002 |
|  **Total Industrial** |  | 960724 |
|  **Energy - 3.2%** | **Energy - 3.2%** | **Energy - 3.2%** |
| &nbsp;&nbsp;&nbsp; Hess Corp.<sup>1</sup> | 3243 | 449285 |
| &nbsp;&nbsp;&nbsp; ChampionX Corp. | 9273 | 230341 |
| &nbsp;&nbsp;&nbsp; Sitio Royalties Corp. — Class A | 9174 | 168618 |
|  **Total Energy** |  | 848244 |
|  **Communications - 2.7%** | **Communications - 2.7%** | **Communications - 2.7%** |
| &nbsp;&nbsp;&nbsp; Frontier Communications Parent, Inc.\*<sup>,1</sup> | 9688 | 352643 |
| &nbsp;&nbsp;&nbsp; Juniper Networks, Inc. | 6039 | 241138 |
| &nbsp;&nbsp;&nbsp; Interpublic Group of Companies, Inc.<sup>1</sup> | 5763 | 141078 |
|  **Total Communications** |  | 734859 |
|  **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** |
| &nbsp;&nbsp;&nbsp; ALLETE, Inc. | 5779 | 370260 |
| &nbsp;&nbsp;&nbsp; TXNM Energy, Inc.<sup>1</sup> | 3153 | 177577 |
|  **Total Utilities** |  | 547837 |
|  **Basic Materials - 1.8%** | **Basic Materials - 1.8%** | **Basic Materials - 1.8%** |
| &nbsp;&nbsp;&nbsp; Radius Recycling, Inc. — Class A | 10849 | 322107 |
| &nbsp;&nbsp;&nbsp; MAG Silver Corp. | 7950 | 167983 |
|  **Total Basic Materials** |  | 490090 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp; (Cost $8,937,650) |  | 8994594 |
|  **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%** |
|  Bristol-Myers Squibb Co. | 5897 |  |
|  Johnson & Johnson<sup>†††</sup> | 1553 |  |
|  Novartis AG\*<sup>, †††</sup> | 4974 |  |
|  **Total Consumer, Non-cyclical** |  |  |
|  **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,940) |  |  |
|  **MUTUAL FUNDS<sup>†</sup>** **- 25.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 25.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 25.7%** |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund III<sup>3</sup> | 99249 | 2478244 |
| &nbsp;&nbsp;&nbsp; Guggenheim Variable Insurance Strategy Fund III<sup>3</sup> | 86555 | 2158683 |
| &nbsp;&nbsp;&nbsp; Guggenheim Strategy Fund II<sup>3</sup> | 67185 | 1671559 |
| &nbsp;&nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class<sup>3</sup> | 54685 | 549583 |
|  **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,865,317) |  | 6858069 |
|  **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 4.9%** | **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 4.9%** | **CLOSED-END MUTUAL FUNDS\*\*\*<sup>,†</sup>** **- 4.9%** |
| &nbsp;&nbsp;&nbsp; abrdn Emerging Markets ex China Fund, Inc. | 6522 | 38741 |
| &nbsp;&nbsp;&nbsp; Templeton Emerging Markets Fund/United States | 2613 | 38124 |
| &nbsp;&nbsp;&nbsp; Clough Global Equity Fund | 5237 | 37308 |
| &nbsp;&nbsp;&nbsp; Sprott Focus Trust, Inc. | 4936 | 36872 |
| &nbsp;&nbsp;&nbsp; Royce Micro-Capital Trust, Inc. | 3944 | 36482 |
| &nbsp;&nbsp;&nbsp; Bancroft Fund Ltd. | 1930 | 36477 |
| &nbsp;&nbsp;&nbsp; Mexico Fund, Inc. | 2073 | 36423 |
| &nbsp;&nbsp;&nbsp; Gabelli Dividend & Income Trust | 1389 | 36128 |
| &nbsp;&nbsp;&nbsp; Western Asset Inflation-Linked Opportunities & Income Fund | 4120 | 36091 |
| &nbsp;&nbsp;&nbsp; General American Investors Company, Inc. | 640 | 35866 |
| &nbsp;&nbsp;&nbsp; Nuveen Dow 30sm Dynamic Overwrite Fund | 2494 | 35764 |
| &nbsp;&nbsp;&nbsp; European Equity Fund, Inc. | 3493 | 35733 |
| &nbsp;&nbsp;&nbsp; John Hancock Diversified Income Fund | 3350 | 35443 |
| &nbsp;&nbsp;&nbsp; PIMCO California Municipal Income Fund II | 6602 | 35387 |
| &nbsp;&nbsp;&nbsp; PIMCO New York Municipal Income Fund II | 5248 | 35267 |
| &nbsp;&nbsp;&nbsp; Tri-Continental Corp. | 1107 | 35048 |
| &nbsp;&nbsp;&nbsp; Virtus Total Return Fund, Inc. | 5594 | 34851 |
| &nbsp;&nbsp;&nbsp; SRH Total Return Fund, Inc. | 1959 | 34635 |

---

280 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; Total Return Securities Fund | 5461 | $34623 |
| &nbsp;&nbsp;&nbsp; Ellsworth Growth and Income Fund Ltd. | 2521 | 25840 |
| &nbsp;&nbsp;&nbsp; abrdn Australia Equity Fund, Inc. | 5710 | 25524 |
| &nbsp;&nbsp;&nbsp; Royce Global Trust, Inc. | 2034 | 24469 |
| &nbsp;&nbsp;&nbsp; Gabelli Global Small and Mid Capital Value Trust | 1545 | 20579 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal 2030 Target Term Trust | 874 | 19132 |
| &nbsp;&nbsp;&nbsp; Voya Asia Pacific High Dividend Equity Income Fund | 2626 | 18490 |
| &nbsp;&nbsp;&nbsp; Gabelli Healthcare & WellnessRx Trust | 1857 | 17549 |
| &nbsp;&nbsp;&nbsp; New Germany Fund, Inc. | 1360 | 16238 |
| &nbsp;&nbsp;&nbsp; MFS High Income Municipal Trust<sup>2</sup> | 4267 | 15276 |
| &nbsp;&nbsp;&nbsp; PIMCO New York Municipal Income Fund III | 2170 | 11371 |
| &nbsp;&nbsp;&nbsp; Allspring Global Dividend Opportunity Fund | 1955 | 10538 |
| &nbsp;&nbsp;&nbsp; BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 980 | 10016 |
| &nbsp;&nbsp;&nbsp; BNY Mellon Strategic Municipals, Inc. | 1661 | 9833 |
| &nbsp;&nbsp;&nbsp; BNY Mellon Strategic Municipal Bond Fund, Inc. | 1714 | 9598 |
| &nbsp;&nbsp;&nbsp; PIMCO California Municipal Income Fund | 835 | 7173 |
| &nbsp;&nbsp;&nbsp; Mexico Equity and Income Fund, Inc. | 643 | 6732 |
| &nbsp;&nbsp;&nbsp; Voya Emerging Markets High Dividend Equity Fund | 1128 | 6700 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 421 | 4610 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings California Quality Fund, Inc. | 429 | 4440 |
| &nbsp;&nbsp;&nbsp; abrdn Global Infrastructure Income Fund<sup>2</sup> | 212 | 4321 |
| &nbsp;&nbsp;&nbsp; Templeton Emerging Markets Income Fund | 546 | 3276 |
| &nbsp;&nbsp;&nbsp; BlackRock Enhanced Large Capital Core Fund, Inc. | 152 | 3245 |
| &nbsp;&nbsp;&nbsp; Nuveen NASDAQ 100 Dynamic Overwrite Fund | 122 | 3229 |
| &nbsp;&nbsp;&nbsp; BlackRock Enhanced Equity Dividend Trust | 362 | 3218 |
| &nbsp;&nbsp;&nbsp; abrdn Total Dynamic Dividend Fund | 363 | 3216 |
| &nbsp;&nbsp;&nbsp; abrdn Life Sciences Investors<sup>2</sup> | 251 | 3215 |
| &nbsp;&nbsp;&nbsp; John Hancock Investors Trust | 232 | 3212 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Preferred and Income Securities Fund, Inc. | 197 | 3209 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund | 118 | 3208 |
| &nbsp;&nbsp;&nbsp; Western Asset Emerging Markets Debt Fund, Inc. | 319 | 3206 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Advantaged Dividend Income Fund | 133 | 3205 |
| &nbsp;&nbsp;&nbsp; Nuveen California Municipal Value Fund | 368 | 3194 |
| &nbsp;&nbsp;&nbsp; Nuveen S&P 500 Buy-Write Income Fund | 230 | 3192 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax Managed Global Buy Write Opportunities Fund | 369 | 3192 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Managed Buy-Write Income Fund | 221 | 3191 |
| &nbsp;&nbsp;&nbsp; Allspring Income Opportunities Fund | 452 | 3191 |
| &nbsp;&nbsp;&nbsp; Nuveen Credit Strategies Income Fund | 591 | 3185 |
| &nbsp;&nbsp;&nbsp; BrandywineGLOBAL Global Income Opportunities Fund, Inc. | 383 | 3183 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc. | 344 | 3182 |
| &nbsp;&nbsp;&nbsp; Nuveen Global High Income Fund | 246 | 3181 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniVest Fund II, Inc. | 308 | 3179 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Preferred & Income Fund, Inc. | 281 | 3178 |
| &nbsp;&nbsp;&nbsp; Nuveen Floating Rate Income Fund | 375 | 3176 |
| &nbsp;&nbsp;&nbsp; BlackRock Resources & Commodities Strategy Trust | 336 | 3175 |
| &nbsp;&nbsp;&nbsp; Western Asset Inflation-Linked Income Fund | 378 | 3175 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Risk-Managed Diversified Equity Income Fund | 351 | 3173 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 362 | 3167 |
| &nbsp;&nbsp;&nbsp; Herzfeld Caribbean Basin Fund, Inc. | 1244 | 3166 |
| &nbsp;&nbsp;&nbsp; Source Capital | 73 | 3166 |
| &nbsp;&nbsp;&nbsp; Allspring Utilities and High Income Fund | 274 | 3165 |
| &nbsp;&nbsp;&nbsp; MFS Multimarket Income Trust | 673 | 3163 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Total Return Fund, Inc. | 186 | 3162 |
| &nbsp;&nbsp;&nbsp; John Hancock Tax-Advantaged Dividend Income Fund | 135 | 3158 |
| &nbsp;&nbsp;&nbsp; BlackRock Taxable Municipal Bond Trust | 196 | 3158 |
| &nbsp;&nbsp;&nbsp; BlackRock Enhanced Global Dividend Trust | 278 | 3155 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Senior Floating-Rate Trust | 260 | 3151 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniAssets Fund, Inc. | 303 | 3151 |
| &nbsp;&nbsp;&nbsp; Blackstone Strategic Credit Fund | 260 | 3151 |
| &nbsp;&nbsp;&nbsp; NYLI MacKay DefinedTerm Muni Opportunities Fund | 213 | 3150 |
| &nbsp;&nbsp;&nbsp; Franklin Universal Trust | 413 | 3147 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal Income Quality Trust | 298 | 3147 |
| &nbsp;&nbsp;&nbsp; Allspring Multi-Sector Income Fund | 333 | 3147 |
| &nbsp;&nbsp;&nbsp; abrdn Healthcare Investors | 203 | 3144 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Quality Fund II, Inc. | 326 | 3143 |
| &nbsp;&nbsp;&nbsp; MFS Charter Income Trust | 494 | 3142 |
| &nbsp;&nbsp;&nbsp; Nuveen Pennsylvania Quality Municipal Income Fund | 280 | 3142 |
| &nbsp;&nbsp;&nbsp; Nuveen New York AMT-Free Quality Municipal Income Fund | 317 | 3141 |
| &nbsp;&nbsp;&nbsp; Invesco Pennsylvania Value Municipal Income Trust | 312 | 3139 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Quality Fund III, Inc. | 299 | 3137 |
| &nbsp;&nbsp;&nbsp; BlackRock Health Sciences Trust | 86 | 3136 |
| &nbsp;&nbsp;&nbsp; Putnam Municipal Opportunities Trust | 317 | 3135 |
| &nbsp;&nbsp;&nbsp; PIMCO Municipal Income Fund III | 457 | 3135 |
| &nbsp;&nbsp;&nbsp; Principal Real Estate Income Fund | 298 | 3135 |
| &nbsp;&nbsp;&nbsp; Blackrock Investment Quality Municipal Trust, Inc. | 287 | 3134 |
| &nbsp;&nbsp;&nbsp; PIMCO California Municipal Income Fund III | 503 | 3134 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Municipal Bond Fund | 324 | 3133 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Quality Fund, Inc. | 282 | 3133 |
| &nbsp;&nbsp;&nbsp; Nuveen AMT-Free Municipal Value Fund | 229 | 3133 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 281

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings New York Quality Fund, Inc. | 319 | $3133 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Fund, Inc. | 312 | 3132 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal Income Trust II | 312 | 3132 |
| &nbsp;&nbsp;&nbsp; Nuveen Quality Municipal Income Fund | 277 | 3127 |
| &nbsp;&nbsp;&nbsp; Franklin Limited Duration Income Trust | 487 | 3127 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings Fund, Inc. | 279 | 3125 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniHoldings Quality Fund II, Inc. | 326 | 3123 |
| &nbsp;&nbsp;&nbsp; Eaton Vance National Municipal Opportunities Trust | 192 | 3118 |
| &nbsp;&nbsp;&nbsp; BlackRock Municipal Income Trust | 325 | 3117 |
| &nbsp;&nbsp;&nbsp; BlackRock New York Municipal Income Trust | 322 | 3114 |
| &nbsp;&nbsp;&nbsp; John Hancock Income Securities Trust | 276 | 3113 |
| &nbsp;&nbsp;&nbsp; BlackRock California Municipal Income Trust | 288 | 3113 |
| &nbsp;&nbsp;&nbsp; PIMCO Municipal Income Fund | 390 | 3112 |
| &nbsp;&nbsp;&nbsp; Invesco Municipal Opportunity Trust | 339 | 3112 |
| &nbsp;&nbsp;&nbsp; Nuveen New Jersey Quality Municipal Income Fund | 274 | 3110 |
| &nbsp;&nbsp;&nbsp; Western Asset Managed Municipals Fund, Inc. | 314 | 3109 |
| &nbsp;&nbsp;&nbsp; PIMCO Municipal Income Fund II | 417 | 3107 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Municipal Fund, Inc. | 316 | 3106 |
| &nbsp;&nbsp;&nbsp; Invesco Quality Municipal Income Trust | 331 | 3105 |
| &nbsp;&nbsp;&nbsp; BlackRock Enhanced International Dividend Trust | 536 | 3103 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Pennsylvania Quality Fund | 287 | 3097 |
| &nbsp;&nbsp;&nbsp; MFS High Yield Municipal Trust | 929 | 3094 |
| &nbsp;&nbsp;&nbsp; Nuveen New York Municipal Value Fund | 381 | 3090 |
| &nbsp;&nbsp;&nbsp; Invesco Municipal Trust | 337 | 3083 |
| &nbsp;&nbsp;&nbsp; abrdn National Municipal Income Fund | 319 | 3082 |
| &nbsp;&nbsp;&nbsp; Invesco Trust for Investment Grade Municipals | 323 | 3065 |
| &nbsp;&nbsp;&nbsp; Nuveen Real Estate Income Fund | 393 | 3058 |
| &nbsp;&nbsp;&nbsp; BlackRock MuniYield Michigan Quality Fund, Inc. | 275 | 3036 |
| &nbsp;&nbsp;&nbsp; MFS Investment Grade Municipal Trust | 391 | 2987 |
| &nbsp;&nbsp;&nbsp; DTF Tax-Free Income 2028 Term Fund, Inc. | 264 | 2954 |
| &nbsp;&nbsp;&nbsp; MFS Intermediate High Income Fund | 1611 | 2803 |
| &nbsp;&nbsp;&nbsp; BlackRock Virginia Municipal Bond Trust | 242 | 2514 |
| &nbsp;&nbsp;&nbsp; Adams Diversified Equity Fund, Inc. | 113 | 2453 |
| &nbsp;&nbsp;&nbsp; Virtus Convertible & Income Fund | 171 | 2428 |
| &nbsp;&nbsp;&nbsp; Liberty All Star Growth Fund, Inc. | 442 | 2418 |
| &nbsp;&nbsp;&nbsp; Virtus Convertible & Income Fund II<sup>2</sup> | 188 | 2414 |
| &nbsp;&nbsp;&nbsp; Morgan Stanley Emerging Markets Domestic Debt Fund, Inc. | 466 | 2386 |
| &nbsp;&nbsp;&nbsp; Lazard Global Total Return and Income Fund, Inc. | 142 | 2386 |
| &nbsp;&nbsp;&nbsp; BNY Mellon High Yield Strategies Fund | 917 | 2384 |
| &nbsp;&nbsp;&nbsp; Western Asset Global Corporate Opportunity Fund, Inc. | 202 | 2384 |
| &nbsp;&nbsp;&nbsp; Eaton Vance California Municipal Bond Fund | 262 | 2337 |
| &nbsp;&nbsp;&nbsp; GAMCO Natural Resources Gold & Income Trust | 371 | 2334 |
| &nbsp;&nbsp;&nbsp; Duff & Phelps Utility and Infrastructure Fund, Inc. | 188 | 2333 |
| &nbsp;&nbsp;&nbsp; Royce Small-Capital Trust, Inc. | 155 | 2333 |
| &nbsp;&nbsp;&nbsp; Nuveen New York Select Tax-Free Income Portfolio | 200 | 2326 |
| &nbsp;&nbsp;&nbsp; Eaton Vance New York Municipal Bond Fund | 250 | 2323 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Senior Income Trust | 408 | 2322 |
| &nbsp;&nbsp;&nbsp; Nuveen AMT-Free Quality Municipal Income Fund | 212 | 2315 |
| &nbsp;&nbsp;&nbsp; Eaton Vance California Municipal Income Trust | 239 | 2315 |
| &nbsp;&nbsp;&nbsp; AllianceBernstein National Municipal Income Fund, Inc. | 222 | 2289 |
| &nbsp;&nbsp;&nbsp; ClearBridge Energy Midstream Opportunity Fund, Inc. | 18 | 863 |
| &nbsp;&nbsp;&nbsp; BlackRock Science and Technology Term Trust | 41 | 851 |
| &nbsp;&nbsp;&nbsp; First Trust Senior Floating Rate Income Fund II | 83 | 843 |
| &nbsp;&nbsp;&nbsp; Blackrock Science & Technology Trust | 22 | 840 |
| &nbsp;&nbsp;&nbsp; Tortoise Energy Infrastructure Corp. | 19 | 834 |
| &nbsp;&nbsp;&nbsp; Tortoise Sustainable and Social Impact Term Fund | 68 | 833 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Next Generation Connectivity Fund, Inc. | 57 | 832 |
| &nbsp;&nbsp;&nbsp; Neuberger Berman Energy Infrastructure and Income Fund, Inc. | 92 | 828 |
| &nbsp;&nbsp;&nbsp; Kayne Anderson Energy Infrastructure Fund | 65 | 827 |
| &nbsp;&nbsp;&nbsp; Clough Global Opportunities Fund | 152 | 825 |
| &nbsp;&nbsp;&nbsp; PGIM Short Duration High Yield Opportunities Fund | 49 | 825 |
| &nbsp;&nbsp;&nbsp; Destra Multi-Alternative Fund | 94 | 822 |
| &nbsp;&nbsp;&nbsp; Saba Capital Income & Opportunities Fund | 102 | 822 |
| &nbsp;&nbsp;&nbsp; BlackRock Energy and Resources Trust | 62 | 822 |
| &nbsp;&nbsp;&nbsp; Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc. | 40 | 821 |
| &nbsp;&nbsp;&nbsp; Special Opportunities Fund, Inc. | 53 | 821 |
| &nbsp;&nbsp;&nbsp; Nuveen Multi-Asset Income Fund | 65 | 821 |
| &nbsp;&nbsp;&nbsp; RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. | 96 | 821 |
| &nbsp;&nbsp;&nbsp; XAI Octagon Floating Rate Alternative Income Trust | 145 | 819 |
| &nbsp;&nbsp;&nbsp; Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 59 | 818 |
| &nbsp;&nbsp;&nbsp; Cohen & Steers Limited Duration Preferred and Income Fund, Inc. | 39 | 818 |
| &nbsp;&nbsp;&nbsp; Saba Capital Income & Opportunities Fund II | 89 | 818 |
| &nbsp;&nbsp;&nbsp; Angel Oak Financial Strategies Income Term Trust | 63 | 818 |
| &nbsp;&nbsp;&nbsp; Clough Global Dividend and Income Fund | 144 | 817 |
| &nbsp;&nbsp;&nbsp; Invesco Municipal Income Opportunities Trust | 142 | 816 |

---

282 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp; Invesco Value Municipal Income Trust | 70 | $| 815 |
| &nbsp;&nbsp;&nbsp; PIMCO Dynamic Income Strategy Fund | 33 |  | 813 |
| &nbsp;&nbsp;&nbsp; Western Asset Investment Grade Opportunity Trust, Inc. | 49 |  | 812 |
| &nbsp;&nbsp;&nbsp; Aberdeen Asia-Pacific Income Fund, Inc. | 51 |  | 812 |
| &nbsp;&nbsp;&nbsp; LMP Capital and Income Fund, Inc. | 52 |  | 811 |
| &nbsp;&nbsp;&nbsp; NYLI CBRE Global Infrastructure Megatrends Term Fund | 57 |  | 810 |
| &nbsp;&nbsp;&nbsp; RiverNorth Flexible Municipal Income Fund, Inc. | 58 |  | 809 |
| &nbsp;&nbsp;&nbsp; RiverNorth Flexible Municipal Income Fund II, Inc. | 64 |  | 809 |
| &nbsp;&nbsp;&nbsp; High Income Securities Fund | 127 |  | 806 |
| &nbsp;&nbsp;&nbsp; RiverNorth Managed Duration Municipal Income Fund, Inc. | 60 |  | 805 |
| &nbsp;&nbsp;&nbsp; RiverNorth Managed Duration Municipal Income Fund II, Inc. | 57 |  | 801 |
| &nbsp;&nbsp;&nbsp; Highland Opportunities and Income Fund | 154 |  | 801 |
| &nbsp;&nbsp;&nbsp; RiverNorth Capital and Income Fund | 55 |  | 800 |
| &nbsp;&nbsp;&nbsp; BlackRock Health Sciences Term Trust | 56 |  | 799 |
| &nbsp;&nbsp;&nbsp; Highland Global Allocation Fund | 91 |  | 792 |
| &nbsp;&nbsp;&nbsp; Cohen & Steers Real Estate Opportunities and Income Fund | 52 |  | 789 |
| &nbsp;&nbsp;&nbsp; Nuveen Multi-Market Income Fund | 47 |  | 295 |
|  **Total Closed-End Mutual Funds** | **Total Closed-End Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,177,414) |  |  | 1312113 |
|  | **Face<br> Amount** |  |  |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 6.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.4%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 4.11% due 08/05/25<sup>1,4</sup> | $1250000 |  | 1244829 |
| &nbsp;&nbsp;&nbsp; 3.94% due 07/08/25<sup>4,5</sup> | 466000 |  | 465624 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $1,710,418) |  |  | 1710453 |
|  **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 24.4%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 24.4%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 24.4%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 24.4%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 3539562 |  | 3539562 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 1527319 |  | 1527319 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 1474818 |  | 1474818 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $6,541,699) |  |  | 6541699 |
|  **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.3%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.3%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.3%** | **SECURITIES LENDING COLLATERAL<sup>†,7</sup>** **- 0.3%** |
|  **Money Market Fund\*\*\*** |  |  |  |
| &nbsp;&nbsp;&nbsp; First American Government Obligations Fund - Class X, 4.25%<sup>8</sup> | 74339 |  | 74339 |
|  **Total Securities Lending Collateral** | **Total Securities Lending Collateral** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $74,339) |  |  | 74339 |
|  **Total Investments - 95.2%** | **Total Investments - 95.2%** |  |  |
| &nbsp;&nbsp;&nbsp; (Cost $25,308,777) | &nbsp;&nbsp;&nbsp; (Cost $25,308,777) |  | 25491267 |
|  **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (8.4)%** | **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (8.4)%** | **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (8.4)%** | **COMMON STOCKS SOLD SHORT<sup>†</sup>** **- (8.4)%** |
|  **Technology - (0.4)%** | **Technology - (0.4)%** | **Technology - (0.4)%** | **Technology - (0.4)%** |
| &nbsp;&nbsp;&nbsp; Synopsys, Inc.\* | 194 |  | (99460) |
|  **Basic Materials - (0.4)%** | **Basic Materials - (0.4)%** | **Basic Materials - (0.4)%** | **Basic Materials - (0.4)%** |
| &nbsp;&nbsp;&nbsp; Pan American Silver Corp. | 4433 |  | (125897) |
|  **Communications - (0.5)%** | **Communications - (0.5)%** | **Communications - (0.5)%** | **Communications - (0.5)%** |
| &nbsp;&nbsp;&nbsp; Omnicom Group, Inc. | 1982 |  | (142585) |
|  **INDUSTRIAL - (0.7)%** | **INDUSTRIAL - (0.7)%** | **INDUSTRIAL - (0.7)%** | **INDUSTRIAL - (0.7)%** |
| &nbsp;&nbsp;&nbsp; James Hardie Industries plc ADR\* | 6557 |  | (176318) |
|  **Financial - (3.1)%** | **Financial - (3.1)%** | **Financial - (3.1)%** | **Financial - (3.1)%** |
| &nbsp;&nbsp;&nbsp; Eastern Bankshares, Inc. | 3844 |  | (58698) |
| &nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 5780 |  | (135136) |
| &nbsp;&nbsp;&nbsp; Rocket Companies, Inc. — Class A | 45781 |  | (649175) |
|  **Total Financial** |  |  | (843009) |
|  **Energy - (3.3)%** | **Energy - (3.3)%** | **Energy - (3.3)%** | **Energy - (3.3)%** |
| &nbsp;&nbsp;&nbsp; Viper Energy, Inc. | 4454 |  | (169831) |
| &nbsp;&nbsp;&nbsp; Schlumberger N.V. | 6816 |  | (230381) |
| &nbsp;&nbsp;&nbsp; Chevron Corp. | 3324 |  | (475963) |
|  **Total Energy** |  |  | (876175) |
|  **Total Common Stocks Sold Short** | **Total Common Stocks Sold Short** |  |  |
| &nbsp;&nbsp;&nbsp; (Proceeds $2,360,575) |  |  | (2263444) |
|  **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (5.0)%** | **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (5.0)%** | **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (5.0)%** | **EXCHANGE-TRADED FUNDS SOLD SHORT\*\*\*<sup>,†</sup>** **- (5.0)%** |
| &nbsp;&nbsp;&nbsp; iShares Mortgage Real Estate ETF | 8 |  | (171) |
| &nbsp;&nbsp;&nbsp; Materials Select Sector SPDR Fund | 11 |  | (966) |
| &nbsp;&nbsp;&nbsp; SPDR S&P Biotech ETF | 27 |  | (2239) |
| &nbsp;&nbsp;&nbsp; Schwab U.S. Aggregate Bond ETF | 115 |  | (2673) |
| &nbsp;&nbsp;&nbsp; VanEck High Yield Muni ETF | 62 |  | (3113) |
| &nbsp;&nbsp;&nbsp; iShares U.S. Real Estate ETF | 33 |  | (3127) |
| &nbsp;&nbsp;&nbsp; Utilities Select Sector SPDR Fund | 48 |  | (3920) |
| &nbsp;&nbsp;&nbsp; iShares JP Morgan USD Emerging Markets Bond ETF | 67 |  | (6205) |
| &nbsp;&nbsp;&nbsp; iShares 7-10 Year Treasury Bond ETF | 70 |  | (6704) |
| &nbsp;&nbsp;&nbsp; Invesco Senior Loan ETF | 323 |  | (6757) |
| &nbsp;&nbsp;&nbsp; iShares Floating Rate Bond ETF | 142 |  | (7245) |
| &nbsp;&nbsp;&nbsp; iShares Preferred & Income Securities ETF | 245 |  | (7517) |
| &nbsp;&nbsp;&nbsp; VanEck Gold Miners ETF | 165 |  | (8590) |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ Investment Grade Corporate Bond ETF | 118 |  | (12934) |
| &nbsp;&nbsp;&nbsp; iShares MSCI Emerging Markets ETF | 278 |  | (13411) |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 Growth ETF | 33 |  | (14011) |
| &nbsp;&nbsp;&nbsp; Health Care Select Sector SPDR Fund | 131 |  | (17657) |
| &nbsp;&nbsp;&nbsp; iShares Core High Dividend ETF | 178 |  | (20856) |
| &nbsp;&nbsp;&nbsp; iShares TIPS Bond ETF | 248 |  | (27290) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 283

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp; iShares iBoxx $ High Yield Corporate Bond ETF | 344 | $(27744) |
| &nbsp;&nbsp;&nbsp; iShares Latin America 40 ETF | 1157 | (30325) |
| &nbsp;&nbsp;&nbsp; iShares MSCI All Country Asia ex Japan ETF | 681 | (56264) |
| &nbsp;&nbsp;&nbsp; SPDR Bloomberg Convertible Securities ETF | 958 | (79188) |
| &nbsp;&nbsp;&nbsp; iShares Russell 2000 Index ETF | 430 | (92789) |
| &nbsp;&nbsp;&nbsp; iShares National Muni Bond ETF | 965 | (100823) |
| &nbsp;&nbsp;&nbsp; SPDR S&P 500 ETF Trust | 174 | (107506) |
| &nbsp;&nbsp;&nbsp; iShares Russell 1000 Value ETF | 667 | (129552) |
| &nbsp;&nbsp;&nbsp; SPDR Nuveen ICE High Yield Municipal Bond ETF | 5526 | (136934) |
| &nbsp;&nbsp;&nbsp; SPDR Nuveen ICE Municipal Bond ETF | 4519 | (201864) |
| &nbsp;&nbsp;&nbsp; iShares MSCI EAFE ETF | 2400 | (214536) |
|  **Total Exchange-Traded Funds Sold Short** | **Total Exchange-Traded Funds Sold Short** |  |
| &nbsp;&nbsp;&nbsp; (Proceeds $1,354,648) |  | (1342911) |
|  **Total Securities Sold Short - (13.4)%** | **Total Securities Sold Short - (13.4)%** |  |
| &nbsp;&nbsp;&nbsp; (Proceeds $3,715,223) | &nbsp;&nbsp;&nbsp; (Proceeds $3,715,223) | $(3606355) |
|  **Other Assets & Liabilities, net - 18.3%** | **Other Assets & Liabilities, net - 18.3%** | 4886061 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $26770973 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
|  **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
|  Australian Government 10 Year Bond Futures Contracts | 20 | Sep 2025 | $1510137 | $19580 |
|  Euro - BTP Italian Government Bond Futures Contracts<sup>††</sup> | 4 | Sep 2025 | 570830 | 2625 |
|  Euro - OATS Futures Contracts | 15 | Sep 2025 | 2188855 | 1172 |
|  U.S. Treasury 2 Year Note Futures Contracts | 5 | Sep 2025 | 1040234 | 70 |
|  U.S. Treasury 5 Year Note Futures Contracts | 1 | Sep 2025 | 109024 | 22 |
|  Euro - Bund Futures Contracts | 25 | Sep 2025 | 3835709 | (6692) |
|  |  |  | $9254789 | $16777 |
|  **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
|  British Pound Futures Contracts | 6 | Sep 2025 | $514950 | $6735 |
|  Australian Dollar Futures Contracts | 8 | Sep 2025 | 527320 | 1995 |
|  Japanese Yen Futures Contracts | 9 | Sep 2025 | 787781 | 858 |
|  Canadian Dollar Futures Contracts | 5 | Sep 2025 | 368475 | 61 |
|  New Zealand Dollar Futures Contracts | 4 | Sep 2025 | 244460 | 35 |
|  |  |  | $2442986 | $9684 |
|  **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>** |
|  CBOE Volatility Index Futures Contracts | 4 | Oct 2025 | $84500 | $(10) |
|  S&P 500 Index Mini Futures Contracts | 1 | Sep 2025 | 312575 | (23) |
|  Russell 2000 Index Mini Futures Contracts | 2 | Sep 2025 | 219120 | (24) |
|  CBOE Volatility Index Futures Contracts | 12 | Nov 2025 | 255600 | (412) |
|  CBOE Volatility Index Futures Contracts | 20 | Dec 2025 | 425000 | (2280) |
|  |  |  | $1296795 | $(2749) |
|  **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** | **Commodity Futures Contracts Purchased<sup>†</sup>** |
|  Low Sulphur Gas Oil Futures Contracts | 1 | Aug 2025 | $66350 | $3173 |
|  Soybean Meal Futures Contracts | 32 | Dec 2025 | 926400 | 2938 |
|  Sugar #11 Futures Contracts | 45 | Apr 2026 | 838152 | 2214 |
|  WTI Crude Futures Contracts | 1 | Jul 2025 | 64990 | 97 |
|  Cotton #2 Futures Contracts | 3 | Dec 2025 | 102060 | (144) |
|  Corn Futures Contracts | 13 | Sep 2025 | 265850 | (466) |
|  Natural Gas Futures Contracts | 10 | Aug 2025 | 344500 | (1263) |
|  Gasoline RBOB Futures Contracts | 7 | Sep 2025 | 555101 | (21891) |
|  |  |  | $3163403 | $(15342) |

---

284 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  **Futures Contracts (concluded)** | **Futures Contracts (concluded)** | **Futures Contracts (concluded)** | **Futures Contracts (concluded)** | **Futures Contracts (concluded)** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
|  **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** | **Commodity Futures Contracts Sold Short<sup>†</sup>** |
|  Corn Futures Contracts | 27 | Mar 2026 | $596025 | $17377 |
|  Natural Gas Futures Contracts | 10 | Sep 2025 | 358200 | 6335 |
|  Soybean Oil Futures Contracts | 2 | Dec 2025 | 63300 | 2820 |
|  Hard Red Winter Wheat Futures Contracts | 3 | Sep 2025 | 79050 | 1978 |
|  Gasoline RBOB Futures Contracts | 7 | Aug 2025 | 608433 | 747 |
|  Lean Hogs Futures Contracts | 2 | Aug 2025 | 85840 | 154 |
|  Cattle Feeder Futures Contracts | 1 | Aug 2025 | 155250 | 84 |
|  Live Cattle Futures Contracts | 1 | Aug 2025 | 85590 | (43) |
|  Soybean Meal Futures Contracts | 37 | Jan 2026 | 1084100 | (2620) |
|  Sugar #11 Futures Contracts | 40 | Mar 2026 | 778176 | (19390) |
|  |  |  | $3893964 | $7442 |
|  **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** |
|  CBOE Volatility Index Futures Contracts | 15 | Jul 2025 | $280650 | $4636 |
|  **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |
|  U.S. Treasury 10 Year Note Futures Contracts | 32 | Sep 2025 | $3588500 | $(1249) |
|  Canadian Government 10 Year Bond Futures Contracts | 11 | Sep 2025 | 986980 | (1533) |
|  Long Gilt Futures Contracts<sup>††</sup> | 16 | Sep 2025 | 2046394 | (3820) |
|  |  |  | $6621874 | $(6602) |
|  **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** |
|  Euro FX Futures Contracts | 3 | Sep 2025 | $444000 | $(8945) |
|  Swiss Franc Futures Contracts | 12 | Sep 2025 | 1908825 | (58968) |
|  |  |  | $2352825 | $(67913) |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** | **Custom Basket Swap Agreements** |
| **Counterparty** | **Reference Obligation** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
|  **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** |
|  Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Pay | 4.73% (Federal <br> Funds Rate +<br> 0.40%) | At Maturity | 08/31/28 | $3600674 | $382542 |
|  **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** |
|  Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Receive | 4.03% (Federal <br> Funds Rate -<br> 0.30%) | At Maturity | 08/31/28 | $2294743 | $52600 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 285

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| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
|  **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** | **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** | **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** | **MS LONG/SHORT EQUITY LONG CUSTOM BASKET** |
|  **Consumer, Cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; Allison Transmission Holdings, Inc. | 351 | 0.93% | $13785 |
| &nbsp;&nbsp;&nbsp; Boyd Gaming Corp. | 486 | 1.06% | 5753 |
| &nbsp;&nbsp;&nbsp; Buckle, Inc. | 518 | 0.65% | 3896 |
| &nbsp;&nbsp;&nbsp; Visteon Corp. | 436 | 1.13% | 3707 |
| &nbsp;&nbsp;&nbsp; Blue Bird Corp. | 474 | 0.57% | 1858 |
| &nbsp;&nbsp;&nbsp; BorgWarner, Inc. | 1093 | 1.02% | 1372 |
| &nbsp;&nbsp;&nbsp; Abercrombie & Fitch Co. — Class A | 180 | 0.41% | 1038 |
| &nbsp;&nbsp;&nbsp; PulteGroup, Inc. | 263 | 0.77% | 892 |
| &nbsp;&nbsp;&nbsp; Sonos, Inc. | 706 | 0.21% | 452 |
| &nbsp;&nbsp;&nbsp; Crocs, Inc. | 110 | 0.31% | 161 |
| &nbsp;&nbsp;&nbsp; PACCAR, Inc. | 148 | 0.39% | 127 |
| &nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc. — Class A | 159 | 0.33% | (159) |
| &nbsp;&nbsp;&nbsp; Harley-Davidson, Inc. | 448 | 0.29% | (464) |
| &nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc. | 1101 | 0.98% | (3692) |
| &nbsp;&nbsp;&nbsp; Gentex Corp. | 1693 | 1.03% | (5940) |
|  **Total Consumer, Cyclical** |  |  | 22786 |
|  **Technology** |  |  |  |
| &nbsp;&nbsp;&nbsp; Cirrus Logic, Inc. | 348 | 1.00% | 6952 |
| &nbsp;&nbsp;&nbsp; Zoom Communications, Inc. — Class A | 449 | 0.97% | 6156 |
| &nbsp;&nbsp;&nbsp; Axcelis Technologies, Inc. | 298 | 0.58% | 6138 |
| &nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 118 | 0.40% | 5014 |
| &nbsp;&nbsp;&nbsp; OneSpan, Inc. | 1377 | 0.64% | 4016 |
| &nbsp;&nbsp;&nbsp; Adeia, Inc. | 1225 | 0.48% | 3770 |
| &nbsp;&nbsp;&nbsp; QUALCOMM, Inc. | 242 | 1.07% | 3656 |
| &nbsp;&nbsp;&nbsp; Dropbox, Inc. — Class A | 1236 | 0.98% | 2806 |
| &nbsp;&nbsp;&nbsp; NetApp, Inc. | 184 | 0.54% | 2260 |
| &nbsp;&nbsp;&nbsp; Kulicke & Soffa Industries, Inc. | 751 | 0.72% | 849 |
| &nbsp;&nbsp;&nbsp; Teradata Corp. | 629 | 0.39% | 505 |
| &nbsp;&nbsp;&nbsp; RingCentral, Inc. — Class A | 270 | 0.21% | 389 |
| &nbsp;&nbsp;&nbsp; Consensus Cloud Solutions, Inc. | 427 | 0.27% | 350 |
| &nbsp;&nbsp;&nbsp; Integral Ad Science Holding Corp. | 1335 | 0.31% | 227 |
| &nbsp;&nbsp;&nbsp; PagerDuty, Inc. | 478 | 0.20% | 43 |
| &nbsp;&nbsp;&nbsp; Daily Journal Corp. | 54 | 0.63% | (388) |
| &nbsp;&nbsp;&nbsp; Skyworks Solutions, Inc. | 246 | 0.51% | (1063) |
| &nbsp;&nbsp;&nbsp; Photronics, Inc. | 1812 | 0.95% | (3529) |
|  **Total Technology** |  |  | 38151 |
|  **Industrial** |  |  |  |
| &nbsp;&nbsp;&nbsp; Mueller Industries, Inc. | 462 | 1.01% | 19263 |
| &nbsp;&nbsp;&nbsp; Fluor Corp. | 812 | 1.16% | 13670 |
| &nbsp;&nbsp;&nbsp; Acuity, Inc. | 105 | 0.87% | 6971 |
| &nbsp;&nbsp;&nbsp; Allegion plc | 254 | 1.02% | 4478 |
| &nbsp;&nbsp;&nbsp; Snap-on, Inc. | 113 | 0.98% | 4138 |
| &nbsp;&nbsp;&nbsp; Caterpillar, Inc. | 58 | 0.63% | 3668 |
| &nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 52 | 0.32% | $2633 |
| &nbsp;&nbsp;&nbsp; Lindsay Corp. | 117 | 0.47% | 1122 |
| &nbsp;&nbsp;&nbsp; Owens Corning | 240 | 0.92% | 586 |
| &nbsp;&nbsp;&nbsp; A O Smith Corp. | 278 | 0.51% | 294 |
| &nbsp;&nbsp;&nbsp; Advanced Drainage Systems, Inc. | 132 | 0.42% | 173 |
| &nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 33 | 0.30% | 145 |
| &nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. — Class A | 581 | 0.39% | (215) |
| &nbsp;&nbsp;&nbsp; Hayward Holdings, Inc. | 743 | 0.28% | (273) |
| &nbsp;&nbsp;&nbsp; Scorpio Tankers, Inc. | 497 | 0.54% | (499) |
| &nbsp;&nbsp;&nbsp; Boise Cascade Co. | 88 | 0.21% | (738) |
| &nbsp;&nbsp;&nbsp; Teekay Tankers Ltd. — Class A | 293 | 0.34% | (1040) |
|  **Total Industrial** |  |  | 54376 |
|  **Utilities** |  |  |  |
| &nbsp;&nbsp;&nbsp; National Fuel Gas Co. | 439 | 1.03% | 14812 |
| &nbsp;&nbsp;&nbsp; Clearway Energy, Inc. — Class C | 1190 | 1.06% | 5676 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 310 | 1.02% | 5296 |
| &nbsp;&nbsp;&nbsp; Evergy, Inc. | 550 | 1.05% | 5119 |
| &nbsp;&nbsp;&nbsp; Spire, Inc. | 437 | 0.89% | 3649 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 406 | 1.04% | 3571 |
| &nbsp;&nbsp;&nbsp; Black Hills Corp. | 624 | 0.97% | 2207 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 340 | 0.98% | 2171 |
| &nbsp;&nbsp;&nbsp; Brookfield Infrastructure Corp. — Class A | 598 | 0.69% | 2031 |
| &nbsp;&nbsp;&nbsp; Otter Tail Corp. | 470 | 1.01% | 1034 |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 236 | 1.01% | 357 |
| &nbsp;&nbsp;&nbsp; New Jersey Resources Corp. | 800 | 1.00% | (40) |
|  **Total Utilities** |  |  | 45883 |
|  **Consumer, Non-cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; Royalty Pharma plc — Class A | 1082 | 1.08% | 12714 |
| &nbsp;&nbsp;&nbsp; Innoviva, Inc. | 1745 | 0.97% | 11817 |
| &nbsp;&nbsp;&nbsp; Cal-Maine Foods, Inc. | 302 | 0.84% | 10597 |
| &nbsp;&nbsp;&nbsp; Perdoceo Education Corp. | 468 | 0.42% | 7559 |
| &nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. | 141 | 0.43% | 6567 |
| &nbsp;&nbsp;&nbsp; Catalyst Pharmaceuticals, Inc. | 768 | 0.46% | 4944 |
| &nbsp;&nbsp;&nbsp; United Rentals, Inc. | 52 | 1.09% | 4378 |
| &nbsp;&nbsp;&nbsp; ADT, Inc. | 3444 | 0.81% | 4297 |
| &nbsp;&nbsp;&nbsp; United Therapeutics Corp. | 111 | 0.89% | 3660 |
| &nbsp;&nbsp;&nbsp; Incyte Corp. | 264 | 0.50% | 2577 |
| &nbsp;&nbsp;&nbsp; Premier, Inc. — Class A | 865 | 0.53% | 2412 |
| &nbsp;&nbsp;&nbsp; Exelixis, Inc. | 205 | 0.25% | 2137 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 129 | 0.47% | 2091 |
| &nbsp;&nbsp;&nbsp; Alkermes plc | 824 | 0.65% | 1844 |
| &nbsp;&nbsp;&nbsp; Castle Biosciences, Inc. | 431 | 0.24% | 1452 |
| &nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 351 | 0.45% | 466 |
| &nbsp;&nbsp;&nbsp; Pfizer, Inc. | 362 | 0.24% | 293 |

---

286 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp; DaVita, Inc. | 53 | 0.21% | $256 |
| &nbsp;&nbsp;&nbsp; Utah Medical Products, Inc. | 563 | 0.89% | 188 |
| &nbsp;&nbsp;&nbsp; Collegium Pharmaceutical, Inc. | 250 | 0.21% | 45 |
| &nbsp;&nbsp;&nbsp; Alarm.com Holdings, Inc. | 621 | 0.98% | (93) |
| &nbsp;&nbsp;&nbsp; Graham Holdings Co. — Class B | 15 | 0.39% | (216) |
| &nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc. | 260 | 0.23% | (274) |
| &nbsp;&nbsp;&nbsp; Universal Health Services, Inc. — Class B | 38 | 0.19% | (303) |
| &nbsp;&nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc. | 429 | 0.19% | (386) |
| &nbsp;&nbsp;&nbsp; Harmony Biosciences Holdings, Inc. | 499 | 0.44% | (563) |
| &nbsp;&nbsp;&nbsp; Pilgrim's Pride Corp. | 343 | 0.43% | (602) |
| &nbsp;&nbsp;&nbsp; PTC Therapeutics, Inc. | 262 | 0.36% | (630) |
| &nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals plc | 202 | 0.60% | (686) |
| &nbsp;&nbsp;&nbsp; H&R Block, Inc. | 245 | 0.37% | (882) |
| &nbsp;&nbsp;&nbsp; Molson Coors Beverage Co. — Class B | 182 | 0.24% | (1715) |
| &nbsp;&nbsp;&nbsp; Amphastar Pharmaceuticals, Inc. | 423 | 0.27% | (1832) |
| &nbsp;&nbsp;&nbsp; Inmode Ltd. | 912 | 0.37% | (2234) |
| &nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. | 34 | 0.50% | (4331) |
| &nbsp;&nbsp;&nbsp; Biogen, Inc. | 273 | 0.95% | (5333) |
| &nbsp;&nbsp;&nbsp; Merck & Company, Inc. | 460 | 1.01% | (5383) |
|  **Total Consumer, Non-cyclical** |  |  | 54831 |
|  **Communications** |  |  |  |
| &nbsp;&nbsp;&nbsp; AT&T, Inc. | 1308 | 1.05% | 19070 |
| &nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | 831 | 1.00% | 7570 |
| &nbsp;&nbsp;&nbsp; Fox Corp. — Class A | 664 | 1.03% | 6127 |
| &nbsp;&nbsp;&nbsp; A10 Networks, Inc. | 1175 | 0.63% | 5324 |
| &nbsp;&nbsp;&nbsp; Spok Holdings, Inc. | 1435 | 0.70% | 3510 |
| &nbsp;&nbsp;&nbsp; InterDigital, Inc. | 69 | 0.43% | 2794 |
| &nbsp;&nbsp;&nbsp; Nexstar Media Group, Inc. — Class A | 201 | 0.97% | 2232 |
| &nbsp;&nbsp;&nbsp; Alphabet, Inc. — Class C | 72 | 0.35% | 1998 |
| &nbsp;&nbsp;&nbsp; F5, Inc. | 59 | 0.48% | 1627 |
| &nbsp;&nbsp;&nbsp; Cars.com, Inc. | 1081 | 0.36% | 1524 |
| &nbsp;&nbsp;&nbsp; Charter Communications, Inc. — Class A | 50 | 0.57% | 759 |
| &nbsp;&nbsp;&nbsp; Comcast Corp. — Class A | 955 | 0.95% | 596 |
| &nbsp;&nbsp;&nbsp; Harmonic, Inc. | 766 | 0.20% | 34 |
| &nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 75 | 0.35% | (116) |
| &nbsp;&nbsp;&nbsp; HealthStream, Inc. | 254 | 0.20% | (188) |
| &nbsp;&nbsp;&nbsp; Yelp, Inc. — Class A | 957 | 0.91% | (1968) |
| &nbsp;&nbsp;&nbsp; TEGNA, Inc. | 2203 | 1.03% | (2327) |
| &nbsp;&nbsp;&nbsp; Ziff Davis, Inc. | 637 | 0.54% | $(5241) |
|  **Total Communications** |  |  | 43325 |
|  **Financial** |  |  |  |
| &nbsp;&nbsp;&nbsp; Synchrony Financial | 557 | 1.02% | 15058 |
| &nbsp;&nbsp;&nbsp; MGIC Investment Corp. | 1378 | 1.07% | 14891 |
| &nbsp;&nbsp;&nbsp; Enova International, Inc. | 311 | 0.96% | 14442 |
| &nbsp;&nbsp;&nbsp; NMI Holdings, Inc. — Class A | 918 | 1.08% | 11566 |
| &nbsp;&nbsp;&nbsp; Axis Capital Holdings Ltd. | 345 | 0.99% | 10125 |
| &nbsp;&nbsp;&nbsp; Essent Group Ltd. | 628 | 1.06% | 8108 |
| &nbsp;&nbsp;&nbsp; Preferred Bank/Los Angeles CA | 418 | 1.00% | 7941 |
| &nbsp;&nbsp;&nbsp; Enact Holdings, Inc. | 836 | 0.86% | 7880 |
| &nbsp;&nbsp;&nbsp; Old Second Bancorp, Inc. | 2101 | 1.04% | 6099 |
| &nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 666 | 1.04% | 4628 |
| &nbsp;&nbsp;&nbsp; Coastal Financial Corp. | 230 | 0.62% | 4392 |
| &nbsp;&nbsp;&nbsp; Janus Henderson Group plc | 550 | 0.59% | 4322 |
| &nbsp;&nbsp;&nbsp; BancFirst Corp. | 296 | 1.02% | 3732 |
| &nbsp;&nbsp;&nbsp; Westamerica BanCorp | 761 | 1.02% | 2386 |
| &nbsp;&nbsp;&nbsp; Jackson Financial, Inc. — Class A | 433 | 1.07% | 2192 |
| &nbsp;&nbsp;&nbsp; OneMain Holdings, Inc. | 402 | 0.64% | 2064 |
| &nbsp;&nbsp;&nbsp; Bancorp, Inc. | 291 | 0.46% | 1906 |
| &nbsp;&nbsp;&nbsp; BOK Financial Corp. | 319 | 0.86% | 1663 |
| &nbsp;&nbsp;&nbsp; Live Oak Bancshares, Inc. | 538 | 0.45% | 1431 |
| &nbsp;&nbsp;&nbsp; McGrath RentCorp | 316 | 1.02% | 1427 |
| &nbsp;&nbsp;&nbsp; RenaissanceRe Holdings Ltd. | 117 | 0.79% | 1193 |
| &nbsp;&nbsp;&nbsp; Pathward Financial, Inc. | 434 | 0.95% | 1020 |
| &nbsp;&nbsp;&nbsp; First Bancorp | 326 | 0.40% | 958 |
| &nbsp;&nbsp;&nbsp; Bank OZK | 269 | 0.35% | 693 |
| &nbsp;&nbsp;&nbsp; Northeast Community Bancorp, Inc. | 1306 | 0.84% | 594 |
| &nbsp;&nbsp;&nbsp; Arch Capital Group Ltd. | 378 | 0.96% | 393 |
| &nbsp;&nbsp;&nbsp; Everest Group Ltd. | 96 | 0.91% | (12) |
| &nbsp;&nbsp;&nbsp; GCM Grosvenor, Inc. — Class A | 2530 | 0.81% | (1468) |
| &nbsp;&nbsp;&nbsp; Principal Financial Group, Inc. | 315 | 0.69% | (2407) |
| &nbsp;&nbsp;&nbsp; QCR Holdings, Inc. | 549 | 1.04% | (5267) |
|  **Total Financial** |  |  | 121950 |
|  **Basic Materials** |  |  |  |
| &nbsp;&nbsp;&nbsp; Newmont Corp. | 274 | 0.44% | 1240 |
|  **Total MS Long/Short Equity Long Custom Basket** | **Total MS Long/Short Equity Long Custom Basket** |  | $382542 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 287

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
|  **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** | **MS LONG/SHORT EQUITY SHORT CUSTOM BASKET** |
|  **Energy** |  |  |  |
| &nbsp;&nbsp;&nbsp; Core Laboratories, Inc. | 1824 | (0.91)% | $13763 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. | 1367 | (1.23)% | 2642 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc. | 1216 | (1.75)% | (1982) |
| &nbsp;&nbsp;&nbsp; BKV Corp. | 893 | (0.94)% | (1982) |
| &nbsp;&nbsp;&nbsp; PBF Energy, Inc. — Class A | 1277 | (1.21)% | (2069) |
| &nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 1041 | (0.96)% | (2655) |
| &nbsp;&nbsp;&nbsp; Expand Energy Corp. | 159 | (0.81)% | (2705) |
| &nbsp;&nbsp;&nbsp; Antero Resources Corp. | 773 | (1.36)% | (3789) |
|  **Total Energy** |  |  | 1223 |
|  **Financial** |  |  |  |
| &nbsp;&nbsp;&nbsp; Kennedy-Wilson Holdings, Inc. | 5703 | (1.69)% | 20170 |
| &nbsp;&nbsp;&nbsp; Marcus & Millichap, Inc. | 1224 | (1.64)% | 9243 |
| &nbsp;&nbsp;&nbsp; Weyerhaeuser Co. | 1387 | (1.55)% | 8091 |
| &nbsp;&nbsp;&nbsp; PotlatchDeltic Corp. | 830 | (1.39)% | 6976 |
| &nbsp;&nbsp;&nbsp; Newmark Group, Inc. — Class A | 3263 | (1.73)% | 6744 |
| &nbsp;&nbsp;&nbsp; Columbia Financial, Inc. | 2250 | (1.42)% | 4425 |
| &nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc. | 2917 | (0.78)% | 4118 |
| &nbsp;&nbsp;&nbsp; Veris Residential, Inc. | 2403 | (1.56)% | 3312 |
| &nbsp;&nbsp;&nbsp; Western Alliance Bancorporation | 427 | (1.45)% | 2764 |
| &nbsp;&nbsp;&nbsp; Redwood Trust, Inc. | 3082 | (0.79)% | 2250 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 332 | (1.48)% | 2078 |
| &nbsp;&nbsp;&nbsp; PennyMac Mortgage Investment Trust | 2854 | (1.60)% | 1696 |
| &nbsp;&nbsp;&nbsp; Heritage Commerce Corp. | 3321 | (1.44)% | 1431 |
| &nbsp;&nbsp;&nbsp; Crown Castle, Inc. | 297 | (1.33)% | 1299 |
| &nbsp;&nbsp;&nbsp; PennyMac Financial Services, Inc. | 150 | (0.65)% | 929 |
| &nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 292 | (1.61)% | 745 |
| &nbsp;&nbsp;&nbsp; StepStone Group, Inc. — Class A | 251 | (0.61)% | 322 |
| &nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 1884 | (1.71)% | 177 |
| &nbsp;&nbsp;&nbsp; Carlyle Group, Inc. | 602 | (1.35)% | 132 |
| &nbsp;&nbsp;&nbsp; Welltower, Inc. | 91 | (0.61)% | (236) |
| &nbsp;&nbsp;&nbsp; Apartment Investment and Management Co. — Class A | 4446 | (1.68)% | (364) |
| &nbsp;&nbsp;&nbsp; Ellington Financial, Inc. | 1133 | (0.64)% | (553) |
| &nbsp;&nbsp;&nbsp; SLM Corp. | 757 | (1.08)% | (931) |
| &nbsp;&nbsp;&nbsp; Flushing Financial Corp. | 1669 | (0.86)% | (1184) |
| &nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 440 | (1.35)% | (1254) |
| &nbsp;&nbsp;&nbsp; Jefferies Financial Group, Inc. | 392 | (0.93)% | (2159) |
| &nbsp;&nbsp;&nbsp; CBRE Group, Inc. — Class A | 262 | (1.60)% | (2233) |
| &nbsp;&nbsp;&nbsp; NewtekOne, Inc. | 2169 | (1.07)% | (2809) |
| &nbsp;&nbsp;&nbsp; CoStar Group, Inc. | 412 | (1.44)% | (3011) |
| &nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 124 | (1.57)% | (3078) |
| &nbsp;&nbsp;&nbsp; KeyCorp | 2237 | (1.70)% | (3344) |
| &nbsp;&nbsp;&nbsp; State Street Corp. | 356 | (1.65)% | $(3782) |
| &nbsp;&nbsp;&nbsp; Goldman Sachs Group, Inc. | 41 | (1.26)% | (4433) |
| &nbsp;&nbsp;&nbsp; Radian Group, Inc. | 1083 | (1.70)% | (4624) |
| &nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 962 | (1.54)% | (6374) |
|  **Total Financial** |  |  | 36533 |
|  **Consumer, Non-cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; Insperity, Inc. | 548 | (1.43)% | 2175 |
| &nbsp;&nbsp;&nbsp; ABM Industries, Inc. | 338 | (0.70)% | 1734 |
| &nbsp;&nbsp;&nbsp; OrthoPediatrics Corp. | 458 | (0.43)% | 486 |
| &nbsp;&nbsp;&nbsp; CBIZ, Inc. | 174 | (0.54)% | 122 |
| &nbsp;&nbsp;&nbsp; CRA International, Inc. | 61 | (0.50)% | 66 |
| &nbsp;&nbsp;&nbsp; Alico, Inc. | 396 | (0.56)% | (1124) |
| &nbsp;&nbsp;&nbsp; Tejon Ranch Co. | 1387 | (1.03)% | (1429) |
| &nbsp;&nbsp;&nbsp; Driven Brands Holdings, Inc. | 2073 | (1.59)% | (2018) |
| &nbsp;&nbsp;&nbsp; Barrett Business Services, Inc. | 864 | (1.57)% | (2134) |
| &nbsp;&nbsp;&nbsp; First Advantage Corp. | 2014 | (1.46)% | (3577) |
| &nbsp;&nbsp;&nbsp; Blade Air Mobility, Inc. | 4271 | (0.75)% | (6150) |
|  **Total Consumer, Non-cyclical** |  |  | (11849) |
|  **Consumer, Cyclical** |  |  |  |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc. | 315 | (0.71)% | 10695 |
| &nbsp;&nbsp;&nbsp; Southwest Airlines Co. | 297 | (0.42)% | 713 |
| &nbsp;&nbsp;&nbsp; Camping World Holdings, Inc. — Class A | 693 | (0.52)% | 378 |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp. | 1539 | (0.28)% | (439) |
| &nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc. | 984 | (1.24)% | (570) |
| &nbsp;&nbsp;&nbsp; Under Armour, Inc. — Class C | 1815 | (0.51)% | (599) |
| &nbsp;&nbsp;&nbsp; Frontier Group Holdings, Inc. | 3027 | (0.48)% | (646) |
| &nbsp;&nbsp;&nbsp; America's Car-Mart, Inc. | 243 | (0.59)% | (881) |
| &nbsp;&nbsp;&nbsp; Beazer Homes USA, Inc. | 508 | (0.50)% | (1117) |
| &nbsp;&nbsp;&nbsp; VSE Corp. | 182 | (1.04)% | (5256) |
|  **Total Consumer, Cyclical** |  |  | 2278 |
|  **Technology** |  |  |  |
| &nbsp;&nbsp;&nbsp; ACV Auctions, Inc. — Class A | 1720 | (1.21)% | 7059 |
| &nbsp;&nbsp;&nbsp; Duolingo, Inc. | 19 | (0.34)% | 2067 |
| &nbsp;&nbsp;&nbsp; AppLovin Corp. — Class A | 18 | (0.27)% | (420) |
| &nbsp;&nbsp;&nbsp; Conduent, Inc. | 6046 | (0.70)% | (1016) |
|  **Total Technology** |  |  | 7690 |
|  **Industrial** |  |  |  |
| &nbsp;&nbsp;&nbsp; Smurfit WestRock plc | 844 | (1.59)% | 5430 |
| &nbsp;&nbsp;&nbsp; Knife River Corp. | 255 | (0.91)% | 3685 |
| &nbsp;&nbsp;&nbsp; Graphic Packaging Holding Co. | 1438 | (1.32)% | 1570 |

---

288 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| &nbsp;&nbsp;&nbsp; Clearwater Paper Corp. | 313 | (0.37)% | $752 |
| &nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 21 | (0.50)% | 23 |
| &nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 534 | (0.84)% | (286) |
| &nbsp;&nbsp;&nbsp; CECO Environmental Corp. | 444 | (0.55)% | (664) |
| &nbsp;&nbsp;&nbsp; Enviri Corp. | 1635 | (0.62)% | (913) |
| &nbsp;&nbsp;&nbsp; Jacobs Solutions, Inc. | 206 | (1.18)% | (1173) |
| &nbsp;&nbsp;&nbsp; Ball Corp. | 674 | (1.65)% | (1265) |
| &nbsp;&nbsp;&nbsp; Forward Air Corp. | 465 | (0.50)% | (3331) |
| &nbsp;&nbsp;&nbsp; TriMas Corp. | 1142 | (1.42)% | (6146) |
|  **Total Industrial** |  |  | (2318) |
|  **Basic Materials** |  |  |  |
| &nbsp;&nbsp;&nbsp; Huntsman Corp. | 1088 | (0.49)% | 7134 |
| &nbsp;&nbsp;&nbsp; Ashland, Inc. | 725 | (1.59)% | 4744 |
| &nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc. | 467 | (1.50)% | 3915 |
| &nbsp;&nbsp;&nbsp; Dow, Inc. | 1208 | (1.39)% | 3376 |
| &nbsp;&nbsp;&nbsp; Orion S.A. | 701 | (0.32)% | 3294 |
| &nbsp;&nbsp;&nbsp; Balchem Corp. | 96 | (0.67)% | $677 |
| &nbsp;&nbsp;&nbsp; Sherwin-Williams Co. | 21 | (0.31)% | 415 |
| &nbsp;&nbsp;&nbsp; RPM International, Inc. | 199 | (0.95)% | 223 |
| &nbsp;&nbsp;&nbsp; PPG Industries, Inc. | 323 | (1.60)% | 107 |
| &nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 29 | (0.36)% | (45) |
| &nbsp;&nbsp;&nbsp; DuPont de Nemours, Inc. | 236 | (0.71)% | (160) |
| &nbsp;&nbsp;&nbsp; Chemours Co. | 1241 | (0.62)% | (1054) |
| &nbsp;&nbsp;&nbsp; Sensient Technologies Corp. | 265 | (1.14)% | (1125) |
| &nbsp;&nbsp;&nbsp; HB Fuller Co. | 577 | (1.51)% | (3511) |
|  **Total Basic Materials** |  |  | 17990 |
|  **Communications** |  |  |  |
| &nbsp;&nbsp;&nbsp; Hims & Hers Health, Inc. | 181 | (0.39)% | 1053 |
|  **Total MS Long/Short Equity Short Custom Basket** | **Total MS Long/Short Equity Short Custom Basket** |  | $52600 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp; Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp; Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp; A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 2 inputs — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp; Value determined based on Level 3 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as short security collateral at June 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is on loan at June 30, 2025 — See Note 7. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp; Affiliated issuer. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp; All or a portion of this security is pledged as futures collateral at June 30, 2025. |
| <sup>6</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
| <sup>7</sup> | &nbsp;&nbsp;&nbsp; Securities lending collateral — See Note 7. |
| <sup>8</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the 7-day yield as of June 30, 2025. |
|  | &nbsp;&nbsp;&nbsp; ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp; MS — Morgan Stanley Capital Services LLC |
|  | &nbsp;&nbsp;&nbsp; plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp; REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 289

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $8994594 | $— | $— | $8994594 |
|  Rights | — \* |  | — \* |  |
|  Mutual Funds | 6858069 |  |  | 6858069 |
|  Closed-End Mutual Funds | 1312113 |  |  | 1312113 |
|  U.S. Treasury Bills |  | 1710453 |  | 1710453 |
|  Repurchase Agreements |  | 6541699 |  | 6541699 |
|  Securities Lending Collateral | 74339 |  |  | 74339 |
|  Commodity Futures Contracts\*\* | 37917 |  |  | 37917 |
|  Interest Rate Futures Contracts\*\* | 20844 | 2625 |  | 23469 |
|  Currency Futures Contracts\*\* | 9684 |  |  | 9684 |
|  Equity Futures Contracts\*\* | 4636 |  |  | 4636 |
|  Equity Custom Basket Swap Agreements\*\* |  | 435142 |  | 435142 |
|  Total Assets | $17312196 | $8689919 | $— | $26002115 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
|  Common Stocks Sold Short | $2263444 | $— | $— | $2263444 |
|  Exchange-Traded Funds Sold Short | 1342911 |  |  | 1342911 |
|  Currency Futures Contracts\*\* | 67913 |  |  | 67913 |
|  Commodity Futures Contracts\*\* | 45817 |  |  | 45817 |
|  Interest Rate Futures Contracts\*\* | 9474 | 3820 |  | 13294 |
|  Equity Futures Contracts\*\* | 2749 |  |  | 2749 |
|  Total Liabilities | $3732308 | $3820 | $— | $3736128 |

---

---

| | |
|:---|:---|
| \* | &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. |

---

290 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **CONSOLIDATED SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **MULTI-HEDGE STRATEGIES FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended June 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 06/30/25** | **Shares <br> 06/30/25** | **Investment <br> Income** |
|  **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Guggenheim Strategy Fund II | $1669543 | $— | $— | $— | $2016 | $1671559 | 67185 | $44707 |
| &nbsp;&nbsp; Guggenheim Strategy Fund III | 2475267 |  |  |  | 2977 | 2478244 | 99249 | 67394 |
| &nbsp;&nbsp; Guggenheim Ultra Short Duration Fund — Institutional Class | 547395 |  |  |  | 2188 | 549583 | 54685 | 11942 |
| &nbsp;&nbsp; Guggenheim Variable Insurance Strategy Fund III | 2158683 |  |  |  |  | 2158683 | 86555 | 58687 |
|  | $6850888 | $— | $— | $— | $7181 | $6858069 |  | $182730 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 291

**MULTI-HEDGE STRATEGIES FUND**<br>

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments in unaffiliated issuers, at value - including $72,209 of securities loaned (cost $11,901,761) | $12091499 |
|  Investments in affiliated issuers, at value (cost $6,865,317) | 6858069 |
|  Repurchase agreements, at value (cost $6,541,699) | 6541699 |
|  Cash | 3656387 |
|  Segregated cash with broker | 1016297 |
|  Unrealized appreciation on OTC swap agreements | 435142 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Dividends | 31522 |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 27161 |
| &nbsp;&nbsp;&nbsp; Securities sold | 4963 |
| &nbsp;&nbsp;&nbsp; Interest | 795 |
| &nbsp;&nbsp;&nbsp; Securities lending income | 47 |
|  Other assets | 2583 |
|  **Total assets** | 30666164 |
|  **Liabilities:** | **Liabilities:** |
|  Securities sold short, at value (proceeds $3,715,223) | 3606355 |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 108255 |
| &nbsp;&nbsp;&nbsp; Return of securities lending collateral | 74339 |
| &nbsp;&nbsp;&nbsp; Variation margin on futures contracts | 43981 |
| &nbsp;&nbsp;&nbsp; Swap settlement | 29229 |
| &nbsp;&nbsp;&nbsp; Management fees | 24698 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 327 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 8007 |
|  **Total liabilities** | 3895191 |
|  **Net assets** | $26770973 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $31995444 |
|  Total distributable earnings (loss) | (5224471) |
|  Net assets | $26770973 |
|  Capital shares outstanding | 1149389 |
|  Net asset value per share | $23.29 |

---

---

| |
|:---|
| **CONSOLIDATED STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $228) | $101460 |
|  Dividends from securities of affiliated issuers | 182730 |
|  Interest | 227035 |
|  Income from securities lending, net | 1316 |
|  Interest related to securities sold short | 69499 |
| &nbsp;&nbsp;&nbsp; Total investment income | 582040 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 172187 |
|  Short sales dividend expense | 60513 |
|  Miscellaneous | 3475 |
| &nbsp;&nbsp;&nbsp; Total expenses | 236175 |
|  Less: | Less: |
|  Expenses waived by Adviser | (7013) |
|  Net expenses | 229162 |
|  Net investment income | 352878 |
|  **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
|  Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | 392379 |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers sold short | (206442) |
| &nbsp;&nbsp;&nbsp; Swap agreements | (293263) |
| &nbsp;&nbsp;&nbsp; Futures contracts | (887991) |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | (9887) |
|  Net realized loss | (1005204) |
|  Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers | (63997) |
| &nbsp;&nbsp;&nbsp; Investments in affiliated issuers | 7181 |
| &nbsp;&nbsp;&nbsp; Investments in unaffiliated issuers sold short | 233549 |
| &nbsp;&nbsp;&nbsp; Swap agreements | 67919 |
| &nbsp;&nbsp;&nbsp; Futures contracts | (310282) |
| &nbsp;&nbsp;&nbsp; Foreign currency translations | (273) |
|  Net change in unrealized appreciation (depreciation) | (65903) |
|  Net realized and unrealized loss | (1071107) |
|  **Net decrease in net assets resulting from operations** | $(718229) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

292 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MULTI-HEDGE STRATEGIES FUND**<br>

**CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $352878 | $775951 |
|  Net realized loss on investments | (1005204) | (363488) |
|  Net change in unrealized appreciation (depreciation) on investments | (65903) | (1632099) |
|  Net decrease in net assets resulting from operations | (718229) | (1219636) |
|  Distributions to shareholders |  | (1863918) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 2091170 | 8041664 |
|  Distributions reinvested |  | 1863918 |
|  Cost of shares redeemed | (8046512) | (16016403) |
|  Net decrease from capital share transactions | (5955342) | (6110821) |
|  Net decrease in net assets | (6673571) | (9194375) |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 33444544 | 42638919 |
| &nbsp;&nbsp;&nbsp; End of period | $26770973 | $33444544 |
|  **Capital share activity:** |  |  |
|  Shares sold | 90003 | 309408 |
|  Shares issued from reinvestment of distributions |  | 73731 |
|  Shares redeemed | (346458) | (622765) |
|  Net decrease in shares | (256455) | (239626) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 293

**MULTI-HEDGE STRATEGIES FUND**<br>

**CONSOLIDATED FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $23.79 | $25.91 | $25.56 | $27.01 | $25.62 | $24.17 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>b</sup> | .28 | .52 | .57 | .09 | (.12) | (.07) |
|  Net gain (loss) on investments (realized and unrealized) | (.78) | (1.36) | .52 | (.96) | 2.18 | 1.85 |
|  Total from investment operations | (.50) | (.84) | 1.09 | (.87) | 2.06 | 1.78 |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income |  | (1.28) | (.74) | (.31) |  | (.33) |
|  Net realized gains |  |  |  | (.27) | (.67) |  |
|  Total distributions |  | (1.28) | (.74) | (.58) | (.67) | (.33) |
|  Net asset value, end of period | $23.29 | $23.79 | $25.91 | $25.56 | $27.01 | $25.62 |
|  **Total Return<sup>c</sup>** | **(2.10** **%)** | **(3.66** **%)** | **4.37%** | **(3.40** **%)** | **8.10%** | **7.39%** |
|  **Ratios/Supplemental Data** | **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) | $26771 | $33445 | $42639 | $50009 | $43849 | $40313 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.45% | 2.04% | 2.23% | 0.33% | (0.45%) | (0.27%) |
|  Total expenses<sup>d</sup> | 1.64% | 1.71% | 1.62% | 1.58% | 1.92% | 1.68% |
|  Net expenses<sup>e,f</sup> | 1.59% | 1.66% | 1.55% | 1.53% | 1.87% | 1.63% |
|  Portfolio turnover rate | 75% | 144% | 194% | 187% | 180% | 207% |

---

<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

<sup>b</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>c</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>d</sup> Does not include expenses of the underlying funds in which the Fund invests.

<sup>e</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>f</sup> Excluding interest and/or dividend expense related to short sales, the net expense ratios for the periods presented would be:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **06/30/25<sup>a</sup>** | **12/31/24** | **12/31/23** | **12/31/22** | **12/31/21** | **12/31/20** |
|  1.18% | 1.16% | 1.15% | 1.15% | 1.16% | 1.13% |

---

294 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | June 30, 2025 |
| **U.S. GOVERNMENT MONEY MARKET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
|  **U.S. TREASURY BILLS<sup>††</sup>** **- 20.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 20.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 20.4%** |
|  U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp; 4.01% due 08/12/25<sup>1</sup> | $2500000 | $2487247 |
| &nbsp;&nbsp;&nbsp; 4.23% due 08/14/25<sup>1</sup> | 2500000 | 2486930 |
| &nbsp;&nbsp;&nbsp; 4.24% due 09/04/25<sup>1</sup> | 2000000 | 1984682 |
| &nbsp;&nbsp;&nbsp; 4.04% due 08/19/25<sup>1</sup> | 1500000 | 1491398 |
| &nbsp;&nbsp;&nbsp; 4.22% due 09/09/25<sup>1</sup> | 1500000 | 1487597 |
|  **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp; (Cost $9,937,854) |  | 9937854 |
|  **FEDERAL AGENCY NOTES<sup>††</sup>** **- 19.4%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 19.4%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 19.4%** |
|  Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp; 4.39% (SOFR, Rate Floor: 0.00%) due 07/03/25<sup>◊</sup> | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp; 4.39% (SOFR, Rate Floor: 0.00%) due 08/21/25<sup>◊</sup> | 2000000 | 1999950 |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 4.47% (SOFR + 0.02%, Rate Floor: 0.00%) due 11/06/25<sup>◊</sup> | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp; 4.32% due 02/27/26 | 1500000 | 1499949 |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 0.38% due 09/23/25 | 2000000 | 1982018 |
|  **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $9,481,917) |  | 9481917 |
|  **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 10.2%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 10.2%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 10.2%** |
|  U.S. Treasury Floating Rate Note | U.S. Treasury Floating Rate Note | U.S. Treasury Floating Rate Note |
| &nbsp;&nbsp;&nbsp; 4.37% (3 Month U.S. Treasury Bill Rate + 0.13%, Rate Floor: 0.00%) due 07/31/25<sup>◊</sup> | 2500000 | 2500142 |
| &nbsp;&nbsp;&nbsp; 4.41% (3 Month U.S. Treasury Bill Rate + 0.17%, Rate Floor: 0.00%) due 10/31/25<sup>◊</sup> | 1500000 | 1500343 |
| &nbsp;&nbsp;&nbsp; 4.49% (3 Month U.S. Treasury Bill Rate + 0.25%, Rate Floor: 0.00%) due 01/31/26<sup>◊</sup> | 1000000 | 1001055 |
|  **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |
| &nbsp;&nbsp;&nbsp; (Cost $5,001,540) |  | 5001540 |
|  **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 8.2%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 8.2%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 8.2%** |
|  Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp; 4.23% due 07/02/25<sup>1</sup> | 2000000 | 1999765 |
|  Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp; 4.20% due 07/22/25<sup>1</sup> | 1100000 | 1097308 |
|  Farmer Mac | Farmer Mac | Farmer Mac |
| &nbsp;&nbsp;&nbsp; 4.17% due 07/16/25<sup>1</sup> | 900000 | 898437 |
|  **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp; (Cost $3,995,510) |  | 3995510 |
|  **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 38.9%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 38.9%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 38.9%** |
|  J.P. Morgan Securities LLC<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 10251847 | 10251847 |
|  Barclays Capital, Inc.<br> issued 06/30/25 at 4.39% <br> due 07/01/25 | 4423667 | 4423667 |
|  BofA Securities, Inc.<br> issued 06/30/25 at 4.37% <br> due 07/01/25 | 4271603 | 4271603 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp; (Cost $18,947,117) |  | 18947117 |
|  **Total Investments - 97.1%** | **Total Investments - 97.1%** |  |
| &nbsp;&nbsp;&nbsp; (Cost $47,363,938) | &nbsp;&nbsp;&nbsp; (Cost $47,363,938) | $47363938 |
|  **Other Assets & Liabilities, net - 2.9%** | **Other Assets & Liabilities, net - 2.9%** | 1396757 |
|  **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $48760695 |

---

---

| | |
|:---|:---|
| <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 June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp; Rate indicated is the effective yield at the time of purchase. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp; Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp; SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp; See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 295

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | June 30, 2025 |
| **U.S. GOVERNMENT MONEY MARKET FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at June 30, 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 | $— | $9937854 | $— | $9937854 |
|  Federal Agency Notes |  | 9481917 |  | 9481917 |
|  U.S. Government Securities |  | 5001540 |  | 5001540 |
|  Federal Agency Discount Notes |  | 3995510 |  | 3995510 |
|  Repurchase Agreements |  | 18947117 |  | 18947117 |
|  Total Assets | $— | $47363938 | $— | $47363938 |

---

296 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**U.S. GOVERNMENT MONEY MARKET FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
|  June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Assets:** | **Assets:** |
|  Investments, at value (cost $28,416,821) | $28416821 |
|  Repurchase agreements, at value (cost $18,947,117) | 18947117 |
|  Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp; Fund shares sold | 1447241 |
| &nbsp;&nbsp;&nbsp; Interest | 109623 |
|  **Total assets** | 48920802 |
|  **Liabilities:** | **Liabilities:** |
|  Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp; Fund shares redeemed | 23460 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees | 19986 |
| &nbsp;&nbsp;&nbsp; Management fees | 18349 |
| &nbsp;&nbsp;&nbsp; Investor service fees | 9175 |
| &nbsp;&nbsp;&nbsp; Portfolio accounting and administration fees | 5688 |
| &nbsp;&nbsp;&nbsp; Trustees' fees\* | 452 |
| &nbsp;&nbsp;&nbsp; Miscellaneous | 82997 |
|  **Total liabilities** | 160107 |
|  **Net assets** | $48760695 |
|  **Net assets consist of:** | **Net assets consist of:** |
|  Paid in capital | $48760468 |
|  Total distributable earnings (loss) | 227 |
|  Net assets | $48760695 |
|  Capital shares outstanding | 48747831 |
|  Net asset value per share | $1.00 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
|  Six Months Ended June 30, 2025 |

---

---

| | |
|:---|:---|
|  **Investment Income:** | **Investment Income:** |
|  Interest | $986901 |
| &nbsp;&nbsp;&nbsp; Total investment income | 986901 |
|  **Expenses:** | **Expenses:** |
|  Management fees | 112479 |
|  Investor service fees | 56240 |
|  Transfer agent fees | 61383 |
|  Professional fees | 43594 |
|  Portfolio accounting and administration fees | 34868 |
|  Custodian fees | 3123 |
|  Trustees' fees\* | 2638 |
|  Miscellaneous | 22806 |
| &nbsp;&nbsp;&nbsp; Total expenses | 337131 |
|  Net investment income | 649770 |
|  **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 | 88 |
|  Net realized gain | 88 |
|  **Net increase in net assets resulting from operations** | $649858 |

---

\* 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 SEMI-ANNUAL FINANCIAL REPORT \| 297

**U.S. GOVERNMENT MONEY MARKET FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> June 30, 2025<br> (Unaudited)** | **Year Ended<br> December 31, <br> 2024** |
|  **Increase (Decrease) in Net Assets from Operations:** |  |  |
|  Net investment income | $649770 | $1565009 |
|  Net realized gain on investments | 88 | 139 |
|  Net change in unrealized appreciation (depreciation) on investments |  |  |
|  Net increase in net assets resulting from operations | 649858 | 1565148 |
|  Distributions to shareholders | (649770) | (1575385) |
|  **Capital share transactions:** |  |  |
|  Proceeds from sale of shares | 24925310 | 53331921 |
|  Distributions reinvested | 649770 | 1575385 |
|  Cost of shares redeemed | (19191883) | (53145160) |
|  Net increase from capital share transactions | 6383197 | 1762146 |
|  Net increase in net assets | 6383285 | 1751909 |
|  **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period | 42377410 | 40625501 |
| &nbsp;&nbsp;&nbsp; End of period | $48760695 | $42377410 |
|  **Capital share activity:** |  |  |
|  Shares sold | 24928746 | 53332992 |
|  Shares issued from reinvestment of distributions | 646334 | 1574314 |
|  Shares redeemed | (19191883) | (53145160) |
|  Net increase in shares | 6383197 | 1762146 |

---

298 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**U.S. GOVERNMENT MONEY MARKET FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six Months Ended <br> June 30, 2025<sup>a</sup>** | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** | **Year Ended <br> December 31, <br> 2021** | **Year Ended <br> December 31, <br> 2020** |
|  **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
|  Net asset value, beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
|  Net investment income (loss)<sup>c</sup> | .01 | .04 | .04 | .01 | — <sup>b</sup> | — <sup>b</sup> |
|  Net gain (loss) on investments (realized and unrealized) |  |  |  |  | — <sup>b</sup> | — <sup>b</sup> |
|  Total from investment operations | .01 | .04 | .04 | .01 |  |  |
|  Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
|  Net investment income | (.01) | (.04) | (.04) | (.01) | (—)<sup>b</sup> | (—)<sup>b</sup> |
|  Net realized gains |  |  | (—)<sup>b</sup> | (—)<sup>b</sup> | (—)<sup>b</sup> | (—)<sup>b</sup> |
|  Total distributions | (.01) | (.04) | (.04) | (.01) | (—)<sup>b</sup> | (—)<sup>b</sup> |
|  Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
|  **Total Return<sup>d</sup>** | **1.43%** | **3.89%** | **3.71%** | **0.73%** | **0.00** **%<sup>**f**</sup>** | **0.07%** |
|  **Ratios/Supplemental Data** | **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) | $48761 | $42377 | $40626 | $87402 | $53732 | $54657 |
|  Ratios 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: | Ratios to average net assets: |
|  Net investment income (loss) | 2.89% | 3.79% | 3.59% | 0.70% | — <sup>f</sup> | 0.05% |
|  Total expenses | 1.50% | 1.43% | 1.45% | 1.39% | 1.29% | 1.42% |
|  Net expenses<sup>e</sup> | 1.50% | 1.43% | 1.45% | 0.91% | 0.08% | 0.41% |

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<sup>a</sup> Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.

<sup>b</sup> Less than $0.01 per share.

<sup>c</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>d</sup> Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.

<sup>e</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>f</sup> Less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 299

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)<br>

**Note 1 – Organization and Significant Accounting Policies** 

**Organization** 

Rydex Variable Trust (the "Trust"), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the "Funds"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately. At June 30, 2025, the Trust consisted of forty-eight Funds. The Trust offers shares of the Funds to insurance companies for their variable annuity and variable life insurance contracts.

This report covers the following Funds:

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| | |
|:---|:---|
| **Fund Name** | **Diversification <br> Status** |
|  Banking Fund | Diversified |
|  Basic Materials Fund | Diversified |
|  Biotechnology Fund | Diversified |
|  Consumer Products Fund | Diversified |
|  Electronics Fund | Non-diversified |
|  Energy Fund | Diversified |
|  Energy Services Fund | Non-diversified |
|  Financial Services Fund | Diversified |
|  Health Care Fund | Diversified |
|  Internet Fund | Diversified |
|  Leisure Fund | Diversified |
|  Precious Metals Fund | Non-diversified |
|  Real Estate Fund | Diversified |
|  Retailing Fund | Diversified |
|  Technology Fund | Diversified |
|  Telecommunications Fund | Non-diversified |
|  Transportation Fund | Diversified |
|  Utilities Fund | Diversified |
|  Dow 2x Strategy Fund  | Non-diversified |
|  Inverse Dow 2x Strategy Fund  | Non-diversified |
|  Mid-Cap 1.5x Strategy Fund | Non-diversified |
|  Inverse Mid-Cap Strategy Fund | Non-diversified |
|  NASDAQ-100<sup>®</sup> Fund | Non-diversified |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | Non-diversified |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Non-diversified |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | Non-diversified |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | Non-diversified |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | Non-diversified |
|  Nova Fund | Non-diversified |
|  S&P 500<sup>®</sup> 2x Strategy Fund | Non-diversified |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | Non-diversified |
|  S&P 500<sup>®</sup> Pure Growth Fund | Non-diversified |
|  S&P 500<sup>®</sup> Pure Value Fund | Non-diversified |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | Non-diversified |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | Non-diversified |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | Non-diversified |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund | Non-diversified |
|  Government Long Bond 1.2x Strategy Fund | Diversified |
|  Inverse Government Long Bond Strategy Fund | Diversified |
|  High Yield Strategy Fund | Non-diversified |
|  Europe 1.25x Strategy Fund | Non-diversified |
|  Japan 2x Strategy Fund | Non-diversified |
|  Strengthening Dollar 2x Strategy Fund | Non-diversified |
|  Weakening Dollar 2x Strategy Fund | Non-diversified |
|  Commodities Strategy Fund | Non-diversified |
|  Global Managed Futures Strategy Fund | Diversified |
|  Multi-Hedge Strategies Fund | Diversified |
|  U.S. Government Money Market Fund | Diversified |

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The Funds are designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offer unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Funds to experience high portfolio turnover.

Each of the Sector Funds invests in a specific industry sector. To the extent that the investments of a Sector Fund are concentrated in a single sector, the Fund is subject to legislative or regulatory changes, adverse market conditions and/or increased competition affecting such sector.

The Sector Funds seek capital appreciation and invest substantially all of their assets in equity securities of companies involved in the sector referenced in each Fund's name.

Security Investors, LLC (the "Adviser"), which operates under the name Guggenheim Investments ("GI"), provides advisory services to the Funds. Guggenheim Funds Distributors, LLC ("GFD") serves as distributor of the Funds' shares. GI and GFD are affiliated entities.

**Consolidation of Subsidiaries** 

The consolidated financial statements of the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (each, a "Subsidiary" and together, the "Subsidiaries"). Significant inter-company accounts and transactions have been eliminated in consolidation for the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund. The Notes to Financial Statements presented herein are consolidated with respect to the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund and include the accounts of the Subsidiaries.

Each of the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund may invest up to 25% of its total assets in its respective Subsidiary, which is intended to provide the Fund with exposure to certain investments consistent with the Fund's investment objective and policies while enabling the Fund to satisfy source-of-income requirements that

300 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

apply to regulated investment companies ("RICs") under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code").

A summary of each Fund's investment in its respective Subsidiary is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Inception <br> Date of <br> Subsidiary** | **Subsidiary <br> Net Assets at <br> June 30, 2025** | **% of Net <br> Assets of the <br> Fund at <br> June 30, 2025** |
|  Commodities Strategy Fund | 07/21/09 | $996053 | 19.3% |
|  Global Managed Futures Strategy Fund | 11/07/08 | 1667848 | 14.8% |
|  Multi-Hedge Strategies Fund | 04/15/09 | 885131 | 3.3% |

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**Significant Accounting Policies** 

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The net asset value per share ("NAV") of each Fund is calculated by dividing the current value of the Fund's securities and other assets, less all liabilities, by the number of outstanding shares of that Fund on the specified date.

**(a) Valuation of Investments** 

The Board of Trustees of the Trust (the "Board") has adopted policies and procedures for the valuation of the Funds' investments (the "Fund Valuation Procedures").

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds' valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the "Valuation Designee Procedures" and collectively with the Fund Valuation Procedures, the "Valuation Procedures") reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim's investment management, fund administration, legal and compliance departments (the "Valuation Committee"), in determining the fair value of the Funds' securities and/or other assets. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.

Valuations of the Funds' securities and other assets are supplied primarily by independent third-party pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services.

If the independent third-party pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market ("NASDAQ") will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds and listed closed-end investment companies are generally valued at the last quoted sale price.

The U.S. Government Money Market Fund values debt securities at amortized cost pursuant to Rule 2a-7 of the 1940 Act, which approximates market value.

With the exception of the U.S. Government Money Market Fund, U.S. Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 301

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent third-party pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent third-party pricing service.

Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation of the underlying securities would provide a more accurate valuation of the futures contract.

The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.

Swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

In general, portfolio securities and assets of a Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio securities and assets of a Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value." Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a portfolio security or asset at the price a Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset.

**(b) U.S. Government and Agency Obligations** 

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Funds' Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

**(c) Short Sales** 

When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities as collateral for short sales.

Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

**(d) Futures Contracts** 

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

302 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

**(e) Swap Agreements** 

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Upfront payments received or made by a Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

**(f) Currency Translations** 

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

**(g) Foreign Taxes** 

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**(h) Security Transactions** 

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts ("REITs") is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

**(i) Distributions** 

Dividends from net investment income are declared daily and paid monthly for the Government Long Bond 1.2x Strategy Fund and the U.S. Government Money Market Fund. Distributions of net investment income in the remaining Funds and distributions of net realized gains, if any, in all Funds are declared and paid at least annually. Dividends are reinvested in additional shares unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

**(j) 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 June 30, 2025.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 303

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

**(k) Indemnifications** 

Under the Trust's organizational documents, the Trustees and Officers of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Trust, on behalf of the Funds, enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**Note 2 – Financial Instruments and Derivatives** 

As part of their investment strategies, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds' Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

**Short Sales** 

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

**Derivatives** 

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

**Duration:** the use of an instrument to manage the interest rate risk of a portfolio.

**Hedge:** an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.

**Index Exposure:** the use of an instrument to obtain exposure to a listed or other type of index.

**Leverage:** gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

**Liquidity:** the ability to buy or sell exposure with little price/market impact.

**Speculation:** the use of an instrument to express macro-economic and other investment views.

If a Fund's investment strategy consistently involves applying leverage, the value of the Fund's shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. A Fund's use of leverage, through borrowings or instruments such as derivatives, may cause an investment in the Fund to be more volatile and riskier than if the Fund had not been leveraged.

**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.

304 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

The following table represents the Funds' use and volume of futures on a monthly basis:

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| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
|  Dow 2x Strategy Fund  | Index exposure, Leverage, Liquidity | $2719798 | $— |
|  Inverse Dow 2x Strategy Fund  | Index exposure, Leverage, Liquidity |  | 71201 |
|  Mid-Cap 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 105825 |  |
|  NASDAQ-100<sup>®</sup> Fund | Index exposure, Liquidity | 14092135 |  |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | Index exposure, Leverage, Liquidity | 53986830 |  |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 196425 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 635770 |  |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | Index exposure, Leverage, Liquidity | 1021866 |  |
|  Nova Fund | Index exposure, Liquidity | 9181358 |  |
|  S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 7053913 |  |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 590592 |
|  Government Long Bond 1.2x Strategy Fund | Duration, Index exposure, Leverage, Liquidity | 3237724 |  |
|  Inverse Government Long Bond Strategy Fund | Duration, Index exposure, Liquidity |  | 662177 |
|  High Yield Strategy Fund | Duration, Index exposure, Liquidity | 6680861 |  |
|  Europe 1.25x Strategy Fund | Index exposure, Leverage, Liquidity | 4449111 |  |
|  Japan 2x Strategy Fund | Index exposure, Leverage, Liquidity | 5472797 |  |
|  Strengthening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity | 2886523 |  |
|  Weakening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 1238927 |
|  Commodities Strategy Fund | Index exposure, Liquidity | 6046606 |  |
|  Global Managed Futures Strategy Fund | Hedge, Leverage, Liquidity, Speculation | 21852165 | 15047625 |
|  Multi-Hedge Strategies Fund | Duration, Hedge, Index exposure, Leverage, Liquidity, Speculation | 34273531 | 25464653 |

---

**Swap Agreements** 

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter ("OTC") swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index or custom basket of securities) for a fixed or variable interest rate. Total return and custom basket swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return or custom basket swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 305

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

The following table represents the Funds' use and volume of total return swaps on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
|  Dow 2x Strategy Fund  | Index exposure, Leverage, Liquidity | $7145828 | $— |
|  Inverse Dow 2x Strategy Fund  | Index exposure, Leverage, Liquidity |  | 1697287 |
|  Mid-Cap 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 2433349 |  |
|  Inverse Mid-Cap Strategy Fund | Index exposure, Leverage, Liquidity |  | 129963 |
|  NASDAQ-100<sup>®</sup> Fund | Index exposure, Liquidity | 13598310 |  |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | Index exposure, Leverage, Liquidity | 91501757 |  |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Index exposure, Leverage, Liquidity |  | 1569764 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 1839000 |  |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | Index exposure, Leverage, Liquidity | 8758904 |  |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | Index exposure, Leverage, Liquidity |  | 802625 |
|  Nova Fund | Index exposure, Liquidity | 18894394 |  |
|  S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 65368587 |  |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 714258 |
|  High Yield Strategy Fund | Duration, Index exposure, Liquidity | 54280 |  |

---

The following table represents the Funds' use and volume of custom basket swaps on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
|  Multi-Hedge Strategies Fund | Hedge, Index exposure, Leverage, Liquidity, Speculation | $14545959 | $12084924 |

---

Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty's inability to perform.

The following table represents the Funds' use and volume of currency swaps on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
|  Strengthening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity | $780982 | $— |
|  Weakening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 324169 |

---

Credit default swaps are instruments which allow for the full or partial transfer of third-party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a "seller" or "buyer" of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit

306 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The following table represents the Funds' use and volume of credit default swaps on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Protection Sold** | **Protection Purchased** |
|  High Yield Strategy Fund | Duration, Index exposure, Liquidity | $6216667 | $— |

---

**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 June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Derivative Investment Type** | **Asset Derivatives** | **Liability Derivatives** |
|  Commodity/Currency/Equity/Interest rate futures contracts  | Variation margin on futures contracts  | Variation margin on futures contracts  |
|  Credit/Currency/Equity swap agreements  | Unrealized appreciation on OTC swap agreements <br> Unamortized upfront premiums paid on credit default swap agreements <br> Variation margin on credit default 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 June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate <br> Risk\*** | **Futures <br> Commodity <br> Risk\*** | **Swaps <br> Credit <br> Risk\*** | **Total Value <br> at June 30, <br> 2025** |
|  Dow 2x Strategy Fund  | $74067 | $167855 | $— | $— | $— | $— | $— | $241922 |
|  Mid-Cap 1.5x Strategy Fund |  | 32855 |  |  |  |  |  | 32855 |
|  NASDAQ-100<sup>®</sup> Fund | 734612 | 242931 |  |  |  |  |  | 977543 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | 2428302 | 2205494 |  |  |  |  |  | 4633796 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 21910 | 23091 |  |  |  |  |  | 45001 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | 192 | 44296 |  |  |  |  |  | 44488 |
|  Nova Fund | 263437 | 383606 |  |  |  |  |  | 647043 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 372637 | 1830627 |  |  |  |  |  | 2203264 |
|  Government Long Bond 1.2x Strategy Fund |  |  |  |  | 74696 |  |  | 74696 |
|  High Yield Strategy Fund |  |  |  |  | 55771 |  | 184033 | 239804 |
|  Europe 1.25x Strategy Fund | 3493 |  | 36793 |  |  |  |  | 40286 |
|  Japan 2x Strategy Fund | 141076 |  | 11306 |  |  |  |  | 152382 |
|  Weakening Dollar 2x Strategy Fund |  |  | 40899 | 8233 |  |  |  | 49132 |
|  Global Managed Futures Strategy Fund | 66260 |  | 54447 |  | 38559 | 61244 |  | 220510 |
|  Multi-Hedge Strategies Fund | 4636 | 435142 | 9684 |  | 23469 | 37917 |  | 510848 |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 307

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate <br> Risk\*** | **Futures <br> Commodity <br> Risk\*** | **Swaps <br> Credit <br> Risk\*** | **Total Value <br> at June 30, <br> 2025** |
|  Inverse Dow 2x Strategy Fund  | $— | $39224 | $— | $— | $— | $— | $— | $39224 |
|  Inverse Mid-Cap Strategy Fund |  | 1768 |  |  |  |  |  | 1768 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund |  | 20691 |  |  |  |  |  | 20691 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund |  | 11225 |  |  |  |  |  | 11225 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | 21978 | 15131 |  |  |  |  |  | 37109 |
|  Inverse Government Long Bond Strategy Fund |  |  |  |  | 12682 |  |  | 12682 |
|  Strengthening Dollar 2x Strategy Fund |  |  | 17662 | 7328 |  |  |  | 24990 |
|  Commodities Strategy Fund |  |  |  |  |  | 534 |  | 534 |
|  Global Managed Futures Strategy Fund | 19743 |  | 2047 |  | 9931 | 90535 |  | 122256 |
|  Multi-Hedge Strategies Fund | 2749 |  | 67913 |  | 13294 | 45817 |  | 129773 |

---

\* Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Funds' Schedules of Investments. For exchange-traded and centrally-cleared derivatives, variation margin is reported within the Funds' Statements of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the period ended June 30, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain (Loss) on Derivatives** |
|  Commodity/Currency/Equity/Interest rate futures contracts | Net realized gain (loss) on futures contracts |
|  | Net change in unrealized appreciation (depreciation) on futures contracts  |
|  Credit/Currency/Equity swap agreements | Net realized gain (loss) on swap agreements |
|  | Net change in unrealized appreciation (depreciation) on swap agreements  |

---

308 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

The following is a summary of the Funds' realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds' Statements of Operations categorized by primary risk exposure for the period ended June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** |
| **Fund** | **Futures <br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate <br> Risk** | **Futures <br> Commodity <br> Risk** | **Swaps <br> Credit <br> Risk** | **Total** |
|  Dow 2x Strategy Fund  | $(301648) | $(213) | $— | $— | $— | $— | $— | $(301861) |
|  Inverse Dow 2x Strategy Fund  | (44483) | (566551) |  |  |  |  |  | (611034) |
|  Mid-Cap 1.5x Strategy Fund | (25279) | (99179) |  |  |  |  |  | (124458) |
|  Inverse Mid-Cap Strategy Fund |  | (12422) |  |  |  |  |  | (12422) |
|  NASDAQ-100<sup>®</sup> Fund | 3524209 | 144669 |  |  |  |  |  | 3668878 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | (2479201) | 2007032 |  |  |  |  |  | (472169) |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | (109152) | (464997) |  |  |  |  |  | (574149) |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | (87685) | (216246) |  |  |  |  |  | (303931) |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | (455808) | (3364783) |  |  |  |  |  | (3820591) |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund |  | (83142) |  |  |  |  |  | (83142) |
|  Nova Fund | (641853) | 119253 |  |  |  |  |  | (522600) |
|  S&P 500<sup>®</sup> 2x Strategy Fund | (1016490) | 6070901 |  |  |  |  |  | 5054411 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | 5356 | 103376 |  |  |  |  |  | 108732 |
|  Government Long Bond 1.2x Strategy Fund |  |  |  |  | 120813 |  |  | 120813 |
|  Inverse Government Long Bond Strategy Fund |  |  |  |  | 4416 |  |  | 4416 |
|  High Yield Strategy Fund |  |  |  |  | 76387 |  | (15372) | 61015 |
|  Europe 1.25x Strategy Fund | (137811) |  | 199249 |  |  |  |  | 61438 |
|  Japan 2x Strategy Fund | (94113) |  | 99265 |  |  |  |  | 5152 |
|  Strenthening Dollar 2x Strategy Fund |  |  | (248753) | (50250) |  |  |  | (299003) |
|  Weakening Dollar 2x Strategy Fund |  |  | 70485 | 23941 |  |  |  | 94426 |
|  Commodities Strategy Fund |  |  |  |  |  | 150989 |  | 150989 |
|  Global Managed Futures Strategy Fund | 64994 |  | (104155) |  | (464789) | 10728 |  | (493222) |
|  Multi-Hedge Strategies Fund | (206786) | (293263) | (166949) |  | (167128) | (347128) |  | (1181254) |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 309

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** |
| **Fund** | **Futures <br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate <br> Risk** | **Futures <br> Commodity <br> Risk** | **Swaps <br> Credit <br> Risk** | **Total** |
|  Dow 2x Strategy Fund  | $81837 | $133353 | $— | $— | $— | $— | $— | $215190 |
|  Inverse Dow 2x Strategy Fund  | (7388) | (34800) |  |  |  |  |  | (42188) |
|  Mid-Cap 1.5x Strategy Fund | 16977 | 71575 |  |  |  |  |  | 88552 |
|  Inverse Mid-Cap Strategy Fund |  | (2579) |  |  |  |  |  | (2579) |
|  NASDAQ-100<sup>®</sup> Fund | 942246 | 759352 |  |  |  |  |  | 1701598 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | 2741673 | 6457296 |  |  |  |  |  | 9198969 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund |  | (38717) |  |  |  |  |  | (38717) |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 60140 | 42669 |  |  |  |  |  | 102809 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | 127182 | 681968 |  |  |  |  |  | 809150 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund |  | (14838) |  |  |  |  | 1 | (14838) |
|  Nova Fund | 513022 | 605469 |  |  |  |  |  | 1118491 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 582351 | 2301604 |  |  |  |  |  | 2883955 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | (26524) | (17926) |  |  |  |  | 1 | (44450) |
|  Government Long Bond 1.2x Strategy Fund |  |  |  |  | 74632 |  |  | 74632 |
|  Inverse Government Long Bond Strategy Fund |  |  |  |  | (41843) |  |  | (41843) |
|  High Yield Strategy Fund |  |  |  |  | 97172 |  | 138607 | 235779 |
|  Europe 1.25x Strategy Fund | 39939 |  | 59006 |  |  |  |  | 98945 |
|  Japan 2x Strategy Fund | 138091 |  | 92937 |  |  |  |  | 231028 |
|  Strengthening Dollar 2x Strategy Fund |  |  | (142409) | (27659) |  |  |  | (170068) |
|  Weakening Dollar 2x Strategy Fund |  |  | 52113 | 9397 |  |  |  | 61510 |
|  Commodities Strategy Fund |  |  |  |  |  | (150718) |  | (150718) |
|  Global Managed Futures Strategy Fund | 112151 |  | (103177) |  | (17813) | (93290) |  | (102129) |
|  Multi-Hedge Strategies Fund | 21872 | 67919 | (127631) |  | (83549) | (120974) |  | (242363) |

---

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

**Foreign Investments** 

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A Fund's indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities

310 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer's financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.

Emerging markets, which consist of countries that have an emerging stock market as defined by Standard & Poor's<sup>®</sup>, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics as determined by GI, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. As a result, the securities of emerging market issuers may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in securities of developed foreign countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. The Funds may also be subject to this risk with respect to its investments in derivatives or other securities or financial instruments whose returns are related to the returns of emerging market securities.

**Note 3 – Offsetting** 

In the normal course of business, the Funds enter into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Funds to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Funds' Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Funds' Statements of Assets and Liabilities.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 311

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross <br> Amounts of <br> Recognized <br> Assets<sup>1</sup>** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amount <br> of Assets <br> Presented <br> on the <br> Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Received** | <br>**Net Amount** |
|  Dow 2x Strategy Fund  | Swap equity agreements | $167855 | $— | $167855 | $— | $— | $167855 |
|  Mid-Cap 1.5x Strategy Fund | Swap equity agreements | 32855 |  | 32855 |  |  | 32855 |
|  NASDAQ-100<sup>®</sup> Fund | Swap equity agreements | 242931 |  | 242931 |  | (242931) |  |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 2205494 |  | 2205494 |  | (1420000) | 785494 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | Swap equity agreements | 23091 |  | 23091 |  |  | 23091 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | Swap equity agreements | 44296 |  | 44296 |  |  | 44296 |
|  Nova Fund | Swap equity agreements | 383606 |  | 383606 |  | (332775) | 50831 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 1830627 |  | 1830627 |  | (1338696) | 491931 |
|  High Yield Strategy Fund | Swap index agreements | 333 |  | 333 |  |  | 333 |
|  Weakening Dollar 2x Strategy Fund | Currency swap agreements | 8233 |  | 8233 |  |  | 8233 |
|  Multi-Hedge Strategies Fund | Custom basket swap agreements | 435142 |  | 435142 |  |  | 435142 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross <br> Amounts of <br> Recognized <br> Liabilities<sup>1</sup>** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amounts <br> of Liabilities <br> Presented <br> on the <br> Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Pledged** | <br>**Net Amount** |
|  Inverse Dow 2x Strategy Fund  | Swap equity agreements | $39224 | $— | $39224 | $(39224) | $— | $— |
|  Inverse Mid-Cap Strategy Fund | Swap equity agreements | 1768 |  | 1768 | (857) | (911) |  |
|  Inverse NASDAQ-100<sup>®</sup> <br> Strategy Fund | Swap equity agreements | 20691 |  | 20691 | (11298) | (9393) |  |
|  Inverse Russell 2000<sup>®</sup> <br> Strategy Fund | Swap equity agreements | 11225 |  | 11225 | (6027) | (5198) |  |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | Swap equity agreements | 15131 |  | 15131 | (8972) | (6159) |  |

---

<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 June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
|  Dow 2x Strategy Fund  | Barclays Bank plc | Total return swap agreements | $40000 | $— |
|  | Goldman Sachs International | Futures contracts | 764 |  |
|  |  |  | 40764 |  |
|  Inverse Mid-Cap Strategy Fund | Barclays Bank plc | Total return swap agreements | 10000 |  |

---

312 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
|  NASDAQ-100<sup>®</sup> Fund | Barclays Bank plc | Total return swap agreements | $25000 | $260000 |
|  | BNP Paribas | Total return swap agreements |  | 260000 |
|  | Goldman Sachs International | Total return swap agreements |  | 130000 |
|  |  |  | 25000 | 650000 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | Barclays Bank plc | Total return swap agreements |  | 60000 |
|  | BNP Paribas | Total return swap agreements |  | 280000 |
|  | Goldman Sachs International | Total return swap agreements |  | 1080000 |
|  |  |  |  | 1420000 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Barclays Bank plc | Total return swap agreements | 54000 |  |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | Barclays Bank plc | Total return swap agreements | 6000 |  |
|  | Goldman Sachs International | Futures contracts | 852 |  |
|  |  |  | 6852 |  |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | Goldman Sachs International | Futures contracts | 9255 |  |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | Barclays Bank plc | Total return swap agreements | 33000 |  |
|  Nova Fund | Barclays Bank plc | Total return swap agreements | 27785 | 280000 |
|  | BNP Paribas | Total return swap agreements |  | 260000 |
|  | Goldman Sachs International | Futures contracts | 2930 |  |
|  | Goldman Sachs International | Total return swap agreements |  | 130000 |
|  |  |  | 30715 | 670000 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | 15485 | 70000 |
|  | BNP Paribas | Total return swap agreements |  | 340000 |
|  | Goldman Sachs International | Futures contracts | 218622 |  |
|  | Goldman Sachs International | Total return swap agreements |  | 950000 |
|  |  |  | 234107 | 1360000 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | Barclays Bank plc | Total return swap agreements | 12000 |  |
|  | Goldman Sachs International | Futures contracts | 537 |  |
|  |  |  | 12537 |  |
|  Government Long Bond 1.2x Strategy Fund | Goldman Sachs International | Futures contracts | 109214 |  |
|  Inverse Government Long Bond Strategy Fund | Goldman Sachs International | Futures contracts | 5688 |  |
|  High Yield Strategy Fund | Barclays Bank plc | Credit default swap agreements | 213766 |  |
|  | BNP Paribas | Total return swap agreements | 2392 |  |
|  |  |  | 216158 |  |
|  Europe 1.25x Strategy Fund | Goldman Sachs International | Futures contracts | 95628 |  |
|  Japan 2x Strategy Fund | Goldman Sachs International | Futures contracts | 182658 |  |
|  Weakening Dollar 2x Strategy Fund | Goldman Sachs International | Futures contracts | 4644 |  |
|  Commodities Strategy Fund | Goldman Sachs International | Futures contracts | 200181 |  |
|  Global Managed Futures Strategy Fund | Goldman Sachs International | Futures contracts | 396781 |  |
|  Multi-Hedge Strategies Fund | Goldman Sachs International | Futures contracts | 937615 |  |
|  | Morgan Stanley Capital Services LLC | Custom basket swap agreements | 78682 |  |
|  |  |  | 1016297 |  |

---

**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 SEMI-ANNUAL FINANCIAL REPORT \| 313

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(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)** |
|  Banking Fund | 0.85% |
|  Basic Materials Fund | 0.85% |
|  Biotechnology Fund | 0.85% |
|  Consumer Products Fund | 0.85% |
|  Electronics Fund | 0.85% |
|  Energy Fund | 0.85% |
|  Energy Services Fund | 0.85% |
|  Financial Services Fund | 0.85% |
|  Health Care Fund | 0.85% |
|  Internet Fund | 0.85% |
|  Leisure Fund | 0.85% |
|  Precious Metals Fund | 0.75% |
|  Real Estate Fund | 0.85% |
|  Retailing Fund | 0.85% |
|  Technology Fund | 0.85% |
|  Telecommunications Fund | 0.85% |
|  Transportation Fund | 0.85% |
|  Utilities Fund | 0.85% |
|  Dow 2x Strategy Fund  | 0.90% |
|  Inverse Dow 2x Strategy Fund  | 0.90% |
|  Mid-Cap 1.5x Strategy Fund | 0.90% |
|  Inverse Mid-Cap Strategy Fund | 0.90% |
|  NASDAQ-100<sup>®</sup> Fund | 0.75% |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | 0.90% |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 0.90% |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 0.90% |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | 0.90% |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | 0.90% |
|  Nova Fund | 0.75% |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 0.90% |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | 0.90% |
|  S&P 500<sup>®</sup> Pure Growth Fund | 0.75% |
|  S&P 500<sup>®</sup> Pure Value Fund | 0.75% |

---

314 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | |
|:---|:---|
| **Fund** | **Management Fees<br> (as a % of Net Assets)** |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | 0.75% |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 0.75% |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 0.75% |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund | 0.75% |
|  Government Long Bond 1.2x Strategy Fund | 0.50% |
|  Inverse Government Long Bond Strategy Fund | 0.90% |
|  High Yield Strategy Fund | 0.75% |
|  Europe 1.25x Strategy Fund | 0.90% |
|  Japan 2x Strategy Fund | 0.75% |
|  Strengthening Dollar 2x Strategy Fund | 0.90% |
|  Weakening Dollar 2x Strategy Fund | 0.90% |
|  Commodities Strategy Fund | 0.75% |
|  Global Managed Futures Strategy Fund | 0.90% |
|  Multi-Hedge Strategies Fund | 1.15% |
|  U.S. Government Money Market Fund | 0.50% |

---

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted an Investor Services Plan for which GFD and other firms that provide investor services ("Service Providers") may receive compensation. The Funds will pay investor service fees to GFD at an annual rate not to exceed 0.25% of average daily net assets. GFD, in turn, will compensate Service Providers for providing such services, while retaining a portion of such payments to compensate itself for investor services it performs.

The Commodities Strategy Fund, Global Managed Futures Strategy Fund, and Multi-Hedge Strategies Fund invest in their respective Subsidiaries. Each Subsidiary has entered into a separate advisory agreement with the Advisor for the management of that Subsidiary's portfolio pursuant to which the Subsidiary pays the Advisor a management fee at the same rate that the Subsidiary's corresponding Fund pays the Advisor for services provided to that Fund. The Advisor has contractually agreed to waive the management fee it receives from each Fund in an amount equal to the management fee paid to the Advisor by the Fund's Subsidiary. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended June 30, 2025, the Commodities Strategy Fund, Global Managed Futures Strategy Fund, and Multi-Hedge Strategies Fund waived $4,004, $7,623 and $6,333, respectively, related to advisory fees in its respective Subsidiary.

For the Multi-Hedge Strategies Fund, the Advisor has contractually agreed to pay all operating expenses of the Fund, excluding interest expense and taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, short sales dividend and interest expense, and extraordinary expenses.

For the U.S. Government Money Market Fund, the Advisor and/or one or more of its affiliates may reimburse expenses or waive fees of the Fund to the extent necessary to maintain the Fund's net yield at a certain level as determined by the Advisor. Any such waiver or expense reimbursement would be voluntary and could be discontinued at any time. There is no guarantee that the Fund will be able to avoid a negative yield or to continue paying periodic dividends when the yield is not positive.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 315

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund's adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing fund level without regard to any expense cap in effect for the investing fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended June 30, 2025, the following Funds waived fees related to investments in affiliated funds:

---

| | |
|:---|:---|
| **Fund** | **Amount Waived** |
|  Mid-Cap 1.5x Strategy Fund | $199 |
|  Inverse Mid-Cap Strategy Fund | 31 |
|  NASDAQ-100<sup>®</sup> Fund | 11306 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 233 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 407 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | 84 |
|  Nova Fund | 2516 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | 144 |
|  Government Long Bond 1.2x Strategy Fund | 263 |
|  Inverse Government Long Bond Strategy Fund | 578 |
|  High Yield Strategy Fund | 712 |
|  Europe 1.25x Strategy Fund | 225 |
|  Commodities Strategy Fund | 1776 |
|  Global Managed Futures Strategy Fund | 90 |
|  Multi-Hedge Strategies Fund | 680 |

---

Effective June 1, 2021, GI has contractually agreed to waive and/or reimburse expenses for the Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Mid Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, NASDAQ-100<sup>®</sup> 2x Strategy Fund, Inverse NASDAQ-100<sup>®</sup> Strategy Fund, Russell 2000<sup>®</sup> 1.5x Strategy Fund, Russell 2000<sup>®</sup> 2x Strategy Fund, Inverse Russell 2000<sup>®</sup> Strategy Fund, S&P 500<sup>®</sup> 2x Strategy Fund, Inverse S&P 500<sup>®</sup> Strategy Fund, Inverse Government Long Bond Strategy Fund, Europe 1.25x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund's average daily net assets. This fee waiver will be honored by the Adviser through May 1, 2026 and shall automatically renew for additional one-year terms, unless GI provides written notice to the Funds of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Funds' Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Effective August 1, 2023, GI has agreed to waive and/or reimburse expenses for the Banking Fund, Basic Materials Fund, Biotechnology Fund, Consumer Products Fund, Electronics Fund, Energy Fund, Energy Services Fund, Financial Services Fund, Health Care Fund, Internet Fund, Leisure Fund, Precious Metals Fund, Real Estate Fund, Retailing Fund, Technology Fund, Telecommunications Fund, Transportation Fund, Utilities Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, NASDAQ-100<sup>®</sup> Fund, NASDAQ-100<sup>®</sup> 2x Strategy Fund, Inverse NASDAQ-100<sup>®</sup> Strategy Fund, Russell 2000<sup>®</sup> 1.5x Fund, Russell 2000<sup>®</sup> 2x Strategy Fund, Inverse Russell 2000<sup>®</sup> Strategy Fund, Nova Fund, S&P 500<sup>®</sup> 2x Strategy Fund, Inverse S&P 500<sup>®</sup> Strategy Fund, S&P 500<sup>®</sup> Pure Growth Fund, S&P 500<sup>®</sup> Pure Value Fund, S&P MidCap 400<sup>®</sup> Pure Growth Fund, S&P MidCap 400<sup>®</sup> Pure Value Fund, S&P SmallCap 600<sup>®</sup> Pure Growth Fund, S&P 600<sup>®</sup> Pure Value Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund, Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund, Weakening Dollar 2x Strategy Fund and Commodities Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund's average daily net assets. This fee waiver will be honored by the Adviser through May 1, 2026 and shall automatically renew for additional one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Funds' Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Effective August 1, 2024, GI has agreed to waive and/or reimburse, in addition to other contractual wavier and/or reimbursement arrangements, expenses for Europe 1.25x Strategy Fund in an amount equal to an annual percentage rate of 0.10% of the Fund's average daily net assets. This fee waiver will be honored by the Adviser through May 1, 2026 and shall automatically renew for additional one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Board upon sixty days written notice to GI. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to the Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

316 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

At June 30, 2025, GI and its affiliates owned over twenty percent of the outstanding shares of the Funds, as follows:

---

| | |
|:---|:---|
| **Fund** | **Percent of Outstanding<br> Shares Owned** |
|  High Yield Strategy Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35% |

---

MUFG Investor Services (US), LLC ("MUIS") serves as the Funds' administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Funds' securities and cash. U.S. Bank, N.A. ("U.S. Bank") serves 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 equal to an annual percentage of each Fund's average daily net assets and out of pocket expenses.

**Note 6 – Repurchase Agreements** 

The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies. The joint account includes other funds in the Guggenheim complex not covered in this report. The collateral is in the possession of the Funds' custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

At June 30, 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 Note |  |  |
| &nbsp;&nbsp; 4.37% |  |  | &nbsp;&nbsp; 1.25% |  |  |
| &nbsp;&nbsp; Due 07/01/25 | $48316879 | $48322745 | &nbsp;&nbsp; Due 09/30/28 | $53136200 | $49283237 |
|  Barclays Capital, Inc. |  |  | U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp; 4.39% |  |  | &nbsp;&nbsp; 3.88% - 4.38% |  |  |
| &nbsp;&nbsp; Due 07/01/25 | 20848711 | 20851254 | &nbsp;&nbsp; Due 05/15/43 - 08/15/43 | 23402000 | 21265756 |
|  BofA Securities, Inc. |  |  | U.S. Treasury Note |  |  |
| &nbsp;&nbsp; 4.37% |  |  | &nbsp;&nbsp; 2.63% |  |  |
| &nbsp;&nbsp; Due 07/01/25 | 20132033 | 20134477 | &nbsp;&nbsp; Due 07/31/29 | 21228100 | 20534749 |

---

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

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 317

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

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.

At June 30, 2025, the following Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Gross Amounts Not Offset in the <br> Statements of Assets and Liabilities** | **Securities Lending Collateral** | **Securities Lending Collateral** | **Securities Lending Collateral** |
| <br>**Fund** | **Value of <br> Securities<br> Loaned** | **Collateral<br> Received<sup>(a)</sup>** | **Net<br> Amount** | **Cash<br> Collateral<br> Invested** | **Cash<br> Collateral<br> Uninvested** | **Total<br> Collateral** |
|  Banking Fund | $34650 | $(34650) | $— | $35483 | $— | $35483 |
|  Basic Materials Fund | 55217 | (55217) |  | 56879 |  | 56879 |
|  Biotechnology Fund | 293918 | (293918) |  | 298290 |  | 298290 |
|  Consumer Products Fund | 48585 | (48585) |  | 49490 |  | 49490 |
|  Electronics Fund | 515346 | (515346) |  | 529680 |  | 529680 |
|  Energy Fund | 229387 | (227949) | 1438 | 227949 \* |  | 227949 |
|  Energy Services Fund | 48508 | (48508) |  | 49980 |  | 49980 |
|  Financial Services Fund | 87971 | (87971) |  | 90492 |  | 90492 |
|  Health Care Fund | 276644 | (276644) |  | 282360 |  | 282360 |
|  Internet Fund | 23649 | (23649) |  | 24084 |  | 24084 |
|  Leisure Fund | 66167 | (66167) |  | 67270 |  | 67270 |
|  Real Estate Fund | 147445 | (147445) |  | 157132 |  | 157132 |
|  Retailing Fund | 5732 | (5732) |  | 5915 |  | 5915 |
|  Technology Fund | 213342 | (211415) | 1927 | 211415 \* |  | 211415 |
|  Telecommunications Fund | 59487 | (59487) |  | 64287 |  | 64287 |
|  Transportation Fund | 150735 | (150735) |  | 156235 |  | 156235 |
|  Utilities Fund | 206338 | (206338) |  | 208068 |  | 208068 |
|  Mid-Cap 1.5x Strategy Fund | 22840 | (22840) |  | 23302 |  | 23302 |
|  NASDAQ-100<sup>®</sup> Fund | 246921 | (246921) |  | 247036 |  | 247036 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | 328274 | (328274) |  | 328427 |  | 328427 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 315513 | (315513) |  | 321567 |  | 321567 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | 138969 | (138969) |  | 141680 |  | 141680 |
|  Nova Fund | 18361 | (18361) |  | 18504 |  | 18504 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 50728 | (50728) |  | 51131 |  | 51131 |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | 353798 | (353798) |  | 358741 |  | 358741 |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 37638 | (37638) |  | 38944 |  | 38944 |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 51165 | (51165) |  | 51932 |  | 51932 |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund | 286609 | (286609) |  | 298690 |  | 298690 |
|  High Yield Strategy Fund | 94119 | (94119) |  | 95694 |  | 95694 |
|  Europe 1.25x Strategy Fund | 169913 | (169913) |  | 173161 |  | 173161 |
|  Multi-Hedge Strategies Fund | 72209 | (72209) |  | 74339 |  | 74339 |

---

<sup>(a)</sup> Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

\* Subsequent to June 30, 2025, additional collateral was received.

318 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of such counterparties to evaluate potential risks.

**Note 8 – Federal Income Tax Information** 

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code, applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

If a Fund makes a distribution to its shareholders in excess of its current and accumulated "earnings and profits" in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder's basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder's basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

The Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund intend to invest up to 25% of their assets in their respective Subsidiaries which is expected to provide the Funds with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. Each Fund has received a private letter ruling from the IRS that concludes that the income each Fund receives from its Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. Each Subsidiary is classified as a corporation for U.S. federal income tax purposes. Foreign corporations, such as the Subsidiaries, will generally not be subject to U.S. federal income taxation unless they are deemed to be engaged in a U.S. trade or business. If, during a taxable year, a Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the respective Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to investments in real estate investment trusts, foreign currency gains and losses, losses deferred due to wash sales, distributions in connection with redemption of fund shares, return of capital distributions received, the "mark- to-market," recharacterization, or disposition of certain Passive Foreign Investment Companies (PFICs), the tax treatment of net operating losses, and certain corporate actions. Additional differences may result from the deferral of qualified late-year losses and the "mark-to-market" of certain derivatives. Further differences may be due to investments in swap agreements and the reclassification of distributions paid.

To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

The final determination of permanent book/tax differences will be made within the Funds' annual report for the year ended December 31, 2025. The following adjustments were made on the Statements of Assets and Liabilities as of June 30, 2025 of Electronics Fund for estimated permanent book/tax differences:

---

| | | |
|:---|:---|:---|
| **Fund**  | **Paid In <br> Capital** | **Total <br> Distributable <br> Earnings/(Loss)** |
|  Electronics Fund | $3971388 | $(3971388) |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 319

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

At June 30, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | **Tax <br> Cost** | **Tax <br> Unrealized <br> Appreciation** | **Tax <br> Unrealized <br> Depreciation** | **Net Tax <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Banking Fund | $4915272 | $1592407 | $(14233) | $1578174 |
|  Basic Materials Fund | 3464101 | 2216103 | (81045) | 2135058 |
|  Biotechnology Fund | 6238827 | 3492581 | (403751) | 3088830 |
|  Consumer Products Fund | 3088074 | 2700711 | (52629) | 2648082 |
|  Electronics Fund | 5535976 | 7870685 | (160093) | 7710592 |
|  Energy Fund | 7590315 | 2982305 | (121150) | 2861155 |
|  Energy Services Fund | 2825146 | 275449 | (48428) | 227021 |
|  Financial Services Fund | 6240323 | 5249904 | (32314) | 5217590 |
|  Health Care Fund | 4610868 | 4941851 | (230398) | 4711453 |
|  Internet Fund | 2713369 | 2969899 | (4081) | 2965818 |
|  Leisure Fund | 4839061 | 1758646 | (17637) | 1741009 |
|  Precious Metals Fund | 13352754 | 12872076 |  | 12872076 |
|  Real Estate Fund | 2491256 | 1339786 | (21934) | 1317852 |
|  Retailing Fund | 1143289 | 1111164 |  | 1111164 |
|  Technology Fund | 15866765 | 14447786 | (39988) | 14407798 |
|  Telecommunications Fund | 4972174 | 540340 |  | 540340 |
|  Transportation Fund | 2195237 | 1406979 | (77215) | 1329764 |
|  Utilities Fund | 6194408 | 5261550 | (12640) | 5248910 |
|  Dow 2x Strategy Fund  | 5581004 | 2083974 |  | 2083974 |
|  Inverse Dow 2x Strategy Fund  | 827606 |  | (39256) | (39256) |
|  Mid-Cap 1.5x Strategy Fund | 2837108 | 721241 | (123603) | 597638 |
|  Inverse Mid-Cap Strategy Fund | 127122 | 716 | (1768) | (1052) |
|  NASDAQ-100<sup>®</sup> Fund | 84228592 | 49401217 | (4758) | 49396459 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | 125863210 | 16730711 | (66016) | 16664695 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 1035269 | 2012 | (20691) | (18679) |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 2814099 | 193052 | (162734) | 30318 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  | 2107076 | 44488 | (5938) | 38550 |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | 865213 | 2327 | (11225) | (8898) |
|  Nova Fund | 30195156 | 7746506 | (47553) | 7698953 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 88596771 | 14855643 | (459363) | 14396280 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | 1159250 | 1894 | (37109) | (35215) |
|  S&P 500<sup>®</sup> Pure Growth Fund | 28396695 | 5914739 | (203623) | 5711116 |
|  S&P 500<sup>®</sup> Pure Value Fund | 15426015 | 1601467 | (190103) | 1411364 |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | 8804304 | 1352448 | (395587) | 956861 |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 6083238 | 608704 | (235633) | 373071 |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 7844333 | 754826 | (184978) | 569848 |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund | 8679269 | 735957 | (1022240) | (286283) |
|  Government Long Bond 1.2x Strategy Fund | 5243903 | 184312 |  | 184312 |
|  Inverse Government Long Bond Strategy Fund | 1841508 | 5499 | (82062) | (76563) |
|  High Yield Strategy Fund | 7105007 | 258317 | (21016) | 237301 |
|  Europe 1.25x Strategy Fund | 2683947 | 239917 |  | 239917 |
|  Japan 2x Strategy Fund | 1392353 | 152382 | (64) | 152318 |
|  Strengthening Dollar 2x Strategy Fund | 1235893 |  | (25075) | (25075) |
|  Weakening Dollar 2x Strategy Fund | 1489429 | 49132 |  | 49132 |
|  Commodities Strategy Fund | 5735107 |  | (763815) | (763815) |
|  Global Managed Futures Strategy Fund | 10877281 | 244401 | (122259) | 122142 |
|  Multi-Hedge Strategies Fund | 21662838 | 1214527 | (611378) | 603149 |
|  U.S. Government Money Market Fund | 47363938 |  |  |  |

---

320 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

**Note 9 – Securities Transactions**

For the period ended June 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Banking Fund | $4187245 | $1675409 |
|  Basic Materials Fund | 2308715 | 3342817 |
|  Biotechnology Fund | 50437010 | 51446232 |
|  Consumer Products Fund | 1386143 | 1788354 |
|  Electronics Fund | 3417855 | 16387960 |
|  Energy Fund | 42774835 | 41183366 |
|  Energy Services Fund | 63592440 | 63668729 |
|  Financial Services Fund | 5719588 | 6675532 |
|  Health Care Fund | 4911565 | 7030409 |
|  Internet Fund | 2899142 | 3121193 |
|  Leisure Fund | 10298508 | 8904270 |
|  Precious Metals Fund | 26589174 | 24882287 |
|  Real Estate Fund | 5600058 | 5745382 |
|  Retailing Fund | 3777902 | 3920203 |
|  Technology Fund | 34794139 | 30943857 |
|  Telecommunications Fund | 16341852 | 15306803 |
|  Transportation Fund | 783902 | 1209257 |
|  Utilities Fund | 21462870 | 22138547 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Dow 2x Strategy Fund  | $38863159 | $41012968 |
|  Inverse Dow 2x Strategy Fund  |  |  |
|  Mid-Cap 1.5x Strategy Fund | 374017 | 1309335 |
|  Inverse Mid-Cap Strategy Fund |  |  |
|  NASDAQ-100<sup>®</sup> Fund | 79987628 | 85592192 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund  | 391448188 | 388095653 |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund |  |  |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund | 77329 | 612431 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund  |  |  |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund |  |  |
|  Nova Fund | 25672063 | 28157009 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 75138883 | 30592269 |
|  Inverse S&P 500<sup>®</sup> Strategy Fund |  |  |
|  S&P 500<sup>®</sup> Pure Growth Fund | 32044310 | 29014723 |
|  S&P 500<sup>®</sup> Pure Value Fund | 24215628 | 26066293 |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | 5849343 | 8466170 |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 8538904 | 9537179 |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 11852063 | 11046390 |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund | 1528420 | 2401505 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Government Long Bond 1.2x Strategy Fund | $— | $50000 |
|  Inverse Government Long Bond Strategy Fund |  |  |
|  High Yield Strategy Fund |  |  |
|  Europe 1.25x Strategy Fund | 2653646 | 2402244 |
|  Japan 2x Strategy Fund |  |  |
|  Strengthening Dollar 2x Strategy Fund |  |  |
|  Weakening Dollar 2x Strategy Fund |  |  |
|  Commodities Strategy Fund |  | 600000 |
|  Global Managed Futures Strategy Fund |  |  |
|  Multi-Hedge Strategies Fund | 17004381 | 17042691 |
|  U.S. Government Money Market Fund |  |  |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 321

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

For the period ended June 30, 2025, the cost of purchases and proceeds from sales of government securities were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
|  Government Long Bond 1.2x Strategy Fund | $236576875 | $236789156 |
|  Inverse Government Long Bond Strategy Fund | 19273688 | 16181719 |

---

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 period ended June 30, 2025, the Funds engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act, as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Realized Gain (Loss)** |
|  Banking Fund | $304089 | $463066 | $(32260) |
|  Basic Materials Fund | 185710 | 407746 | 2682 |
|  Biotechnology Fund | 586736 | 630655 | 55323 |
|  Consumer Products Fund | 190604 | 156238 | 18114 |
|  Electronics Fund | 372750 | 780772 | 175702 |
|  Energy Fund | 8316164 | 6178065 | (164884) |
|  Energy Services Fund | 2629517 | 2434257 | (30358) |
|  Financial Services Fund | 667581 | 846666 | 27174 |
|  Health Care Fund | 1344931 | 2821594 | (2924) |
|  Internet Fund | 944389 | 566410 | 55350 |
|  Leisure Fund | 630718 | 1506605 | 77927 |
|  Precious Metals Fund | 7821968 | 2004187 | 31633 |
|  Real Estate Fund | 1019997 | 874907 | 27874 |
|  Retailing Fund | 190898 | 580319 | 8587 |
|  Technology Fund | 3105946 | 3326711 | 11467 |
|  Telecommunications Fund | 2159049 | 648383 | 11286 |
|  Transportation Fund | 140291 | 85285 | 1229 |
|  Utilities Fund | 2202512 | 2351402 | 41058 |
|  Dow 2x Strategy Fund | 4780365 | 5243320 | 79922 |
|  Mid-Cap 1.5x Strategy Fund | 193338 | 644090 | 95719 |
|  NASDAQ-100<sup>®</sup> Fund | 51499952 | 24143323 | 6690790 |
|  NASDAQ-100<sup>®</sup> 2x Strategy Fund | 85948033 | 103382431 | 5134143 |
|  Russell 2000<sup>®</sup> 1.5x Strategy Fund |  | 410629 | (19468) |
|  Nova Fund | 16477143 | 12126237 | 1234218 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 33841587 | 12353538 | (198466) |
|  S&P 500<sup>®</sup> Pure Growth Fund | 4981609 | 2594712 | (19161) |
|  S&P 500<sup>®</sup> Pure Value Fund | 1500702 | 1940596 | 23227 |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | 870804 | 1117569 | (950) |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 357048 | 517629 | (37914) |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 378776 | 518871 | 1925 |
|  S&P SmallCap 600<sup>®</sup> Pure Value Fund | 412619 | 49908 | (8804) |
|  Europe 1.25x Strategy Fund | 825662 | 779560 | 69385 |

---

**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 5.50% for the period ended June 30, 2025. On June 30, 2025, the NASDAQ-100<sup>®</sup> 2x Strategy Fund had $71,000 outstanding under this agreement. The remaining Funds did not have any borrowings outstanding under this agreement at June 30, 2025.

322 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

The average daily balances borrowed for the period ended June 30, 2025, were as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Daily Balance** |
|  Banking Fund | $129 |
|  Basic Materials Fund | 986 |
|  Biotechnology Fund | 167 |
|  Consumer Products Fund | 90 |
|  Electronics Fund | 655 |
|  Energy Fund | 134 |
|  Energy Services Fund | 841 |
|  Financial Services Fund |  |
|  Health Care Fund | 99 |
|  Internet Fund | 145 |
|  Leisure Fund | 636 |
|  Precious Metals Fund | 88 |
|  Real Estate Fund | 115 |
|  Retailing Fund |  |
|  Technology Fund | 668 |
|  Telecommunications Fund | 216 |
|  Transportation Fund |  |
|  Utilities Fund | 1107 |
|  Inverse Mid-Cap Strategy Fund | 5 |
|  Russell 2000<sup>®</sup> 2x Strategy Fund | 641 |
|  S&P 500<sup>®</sup> 2x Strategy Fund | 1449 |
|  S&P 500<sup>®</sup> Pure Growth Fund | 170 |
|  S&P 500<sup>®</sup> Pure Value Fund | 52 |
|  S&P MidCap 400<sup>®</sup> Pure Growth Fund | 301 |
|  S&P MidCap 400<sup>®</sup> Pure Value Fund | 1800 |
|  S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 329 |

---

**Note 11 – Reverse Share Splits** 

Effective February 18, 2025, a reverse share split occurred for the following Funds:

---

| | |
|:---|:---|
| **Fund** | **Split Type** |
|  Inverse Dow 2x Strategy Fund | One-for-five reverse split |
|  Inverse Mid-Cap Strategy Fund | One-for-five reverse split |
|  Inverse NASDAQ-100<sup>®</sup> Strategy Fund | One-for-ten reverse split |
|  Inverse Russell 2000<sup>®</sup> Strategy Fund | One-for-five reverse split |
|  Inverse S&P 500<sup>®</sup> Strategy Fund | One-for-five reverse split |
|  Government Long Bond 1.2x Strategy Fund | One-for-ten reverse split |
|  Weakening Dollar 2x Strategy Fund | One-for-three reverse split |

---

The effect of the transactions was to divide the number of outstanding shares of each Fund by the noted split ratio, resulting in a corresponding increase in the NAV per share. The share transactions presented in the Statements of Changes in Net Assets and the per share data in the financial highlights reflect the reverse share split effective February 18, 2025. There were no changes in net assets, results of operations or total return as a result of the transactions.

**Note 12 – Segment Reporting** 

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Officers of the Trust, subject to the oversight and supervision of the Board, serve as the CODM for the Funds.

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**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(concluded)<br>

Each of the Funds represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's investment objective which is executed by each Fund's portfolio managers as a team. Each of the Funds uses a variety of investments to execute its investment strategy. Please refer to Note 1 – Organization and Significant Accounting Policies of these Notes to Financial Statements for additional details on the significant accounting policies and investment types used by the Funds. Please refer to each Fund's Schedule of Investments for a breakdown of the types of investments from which each of the Funds generates its returns. Financial information in the form of total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks, among other metrics, and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on each Fund's Statement of Assets and Liabilities as "total assets" and significant segment income, expenses, and gain(loss) are listed on each Fund's Statement of Operations.

**Note 13 – Market Risks** 

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, environmental or man-made disasters, or geological events, governmental actions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds' investments and performance of the Funds.

**Note 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.

324 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**OTHER INFORMATION** (Unaudited)<br>

**A Brief Note on The Compounding of Returns** 

Many of the Funds described in this report are benchmarked daily to leveraged and/or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in-line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period on a cumulative basis. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

**An Example of Compounding** 

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund's net asset value per share ("NAV") increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Index 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 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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 325

**OTHER INFORMATION** (Unaudited)(concluded)<br>

**Quarterly Portfolio Schedules Information** 

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds' Forms N-PORT and N-Q are available on the SEC's website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

326 \| THE RYDEX FUNDS SEMI-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 SEMI-ANNUAL FINANCIAL REPORT \| 327

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**<br>

Note: This is not applicable for any fund included in this document.

328 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

The remuneration paid to directors, officers, and others, if applicable, are included as part of the financial statements included under Item 7 of this Form.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 329

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**Report of the Rydex Variable Trust Board of Trustees** 

The Board of Trustees (the "Board") of Rydex Variable Trust (the "Trust"), including the Independent Trustees, unanimously approved the renewal of the investment management agreement (the "Advisory Agreement") with Security Investors, LLC ("Security Investors" or the "Adviser") on behalf of the series of the Trust listed below (each a "Fund" and collectively, the "Funds"):

---

| | | | |
|:---|:---|:---|:---|
| **Tradable Funds (Including Sector Funds\*)** | **Tradable Funds (Including Sector Funds\*)** | **Tradable Funds (Including Sector Funds\*)** | **Tradable Funds (Including Sector Funds\*)** |
| ●  | Banking Fund\* | ●  | Basic Materials Fund\* |
| ●  | Biotechnology Fund\* | ●  | Commodities Strategy Fund |
| ●  | Consumer Products Fund\* | ●  | Dow 2x Strategy Fund |
| ●  | Electronics Fund\* | ●  | Energy Fund\* |
| ●  | Energy Services Fund\* | ●  | Europe 1.25x Strategy Fund |
| ●  | Financial Services Fund\* | ●  | Government Long Bond 1.2x Strategy Fund |
| ●  | Health Care Fund\* | ●  | High Yield Strategy Fund |
| ●  | Internet Fund\* | ●  | Inverse Dow 2x Strategy Fund |
| ●  | Inverse Government Long Bond Strategy Fund | ●  | Inverse Mid-Cap Strategy Fund |
| ●  | Inverse NASDAQ-100 Strategy Fund | ●  | Inverse Russell 2000 Strategy Fund |
| ●  | Inverse S&P 500 Strategy Fund | ●  | Japan 2x Strategy Fund |
| ●  | Leisure Fund\* | ●  | Mid-Cap 1.5x Strategy Fund |
| ●  | NASDAQ-100 2x Strategy Fund | ●  | NASDAQ-100 Fund |
| ●  | Nova Fund | ●  | Precious Metals Fund\* |
| ●  | Real Estate Fund\* | ●  | Retailing Fund\* |
| ●  | Russell 2000 1.5x Strategy Fund | ●  | Russell 2000 2x Strategy Fund |
| ●  | S&P 500 2x Strategy Fund | ●  | S&P 500 Pure Growth Fund |
| ●  | S&P 500 Pure Value Fund | ●  | S&P MidCap 400 Pure Growth Fund |
| ●  | S&P MidCap 400 Pure Value Fund | ●  | S&P SmallCap 600 Pure Growth Fund |
| ●  | S&P SmallCap 600 Pure Value Fund | ●  | Strengthening Dollar 2x Strategy Fund |
| ●  | Technology Fund\* | ●  | Telecommunications Fund\* |
| ●  | Transportation Fund\* | ●  | Utilities Fund\* |
| ●  | U.S. Government Money Market Fund | ●  | Weakening Dollar 2x Strategy Fund |
| **Alternative Funds\*\* (i.e., Non-Tradable Funds)** | **Alternative Funds\*\* (i.e., Non-Tradable Funds)** | **Alternative Funds\*\* (i.e., Non-Tradable Funds)** | **Alternative Funds\*\* (i.e., Non-Tradable Funds)** |
| ●  | Global Managed Futures Strategy Fund\*\* | ●  | Multi-Hedge Strategies Fund\*\* |

---

---

| | |
|:---|:---|
| \*  | &nbsp;&nbsp;&nbsp; Each a "Sector Fund" and collectively, the "Sector Funds." |
| \*\*  | &nbsp;&nbsp;&nbsp; Each an "Alternative Fund" and collectively, the "Alternative Funds." Each Fund other than the Alternative Funds is referred to herein as a "Tradable Fund" and collectively, the "Tradable Funds." |

---

Security Investors<sup>1</sup> is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm ("Guggenheim Partners"). Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as "Guggenheim." "Guggenheim Investments" refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

<sup>1</sup> Security Investors also serves as investment adviser to each of Rydex Variable Commodities Strategy CFC, Rydex Variable Global Managed Futures Strategy CFC and Rydex Variable Multi-Hedge Strategies CFC (each a "Subsidiary" and collectively, the "Subsidiaries"), wholly-owned subsidiaries of the Trust that are organized as limited companies under the laws of the Cayman Islands and used by Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund, respectively, to obtain commodities exposure. Pursuant to a separate investment management agreement for each Subsidiary (each a "Subsidiary Advisory Agreement" and collectively, the "Subsidiary Advisory Agreements"), the Subsidiary pays Security Investors an advisory fee at the same rate that the respective Fund pays Security Investors under the Advisory Agreement. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Agreements. In addition, Security Investors has entered into a separate waiver agreement with respect to each applicable Fund pursuant to which Security Investors has contractually agreed to waive the advisory fee it receives from the Fund in an amount equal to the advisory fee paid to Security Investors by the respective Subsidiary. This undertaking will continue with respect to each applicable Fund for so long as the Fund invests in the respective Subsidiary, and may be terminated only with the approval of the Board.

330 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract** (Continued)

At meetings held in person on April 15, 2025 (the "April Meeting") and on May 22, 2025 (the "May Meeting"), the Contracts Review Committee of the Board (the "Committee"), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees ("Independent Legal Counsel"), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees' legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC ("FUSE"), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject fund's relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. FUSE also made a presentation at the April Meeting. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim and FUSE, including, among other things, a discussion of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that the beneficial owners of the Funds are clients of tactical advisors who are engaged to provide tactical asset allocation investment advisory services. Each Tradable Fund is designed to provide such tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds. In this regard, the Committee received information regarding the Adviser's proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than the U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark. The Committee took into account the limitations of the peer group and universe comparisons provided by FUSE with respect to the Tradable Funds in light of their unique features and the limited size of the marketplace for tradable funds designed to support tactical advisors, noting that there are only two direct competitor product suites.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports and materials, the "Contract Review Materials"). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other funds in the Guggenheim fund complex and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that the Advisory Agreement represented a reasonable business arrangement negotiated at arm's length and that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term. Following its review of the Committee's recommendation, the Board unanimously approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2026 at a meeting held on May 21-22, 2025 (the "May Board Meeting" and together with the May Meeting, the "May Meetings") and determined to adopt the Committee's considerations and conclusions, which follow.

*Nature, Extent and Quality of Services Provided by the Adviser*: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim's resources and related efforts to retain, attract and motivate capable

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**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract** (Continued)

personnel to serve the Funds. In evaluating Guggenheim's resources and capabilities, the Committee considered Guggenheim's commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

The Committee's review of the services provided by Guggenheim to the Funds included consideration of Guggenheim's investment processes and index methodologies and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim's adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust's Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, and the leveraged and inverse strategies offered, the Adviser's assessment of the value to shareholders provided by the Funds' structure and the services required by the Adviser to provide the Funds' unique features, as well as the personnel responsible for such services. The Committee noted that the Tradable Funds allow frequent trading and noted the magnitude of changes in each Fund's assets during 2024, 2023 and 2022. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2024 and 2023, including purchases and redemptions in dollar value and in number of transactions as well as transaction volume relative to the assets in the Tradable Funds. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. In addition, the Committee considered information provided by the Adviser analyzing the potential costs to shareholders of investing in tradable mutual funds, such as the Tradable Funds, compared to those of investing in exchange-traded funds, including expense ratios, brokerage commissions and spread costs, as well as the relative advantages and disadvantages of each investment product. The Committee considered management's view that the Tradable Funds continue to be utilized by tactical advisors as intended. With respect to the Sector Funds, the Committee also considered the Adviser's proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser's statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector, and corporate actions such as spin-offs, among other adjustments.

In connection with the Committee's evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim's administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the "OCFO"), which oversees the fund administration, accounting and transfer agency services provided to the Funds and other funds in the Guggenheim fund complex, including the OCFO's resources, personnel and services provided.

With respect to Guggenheim's resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, GIH Borrower, LLC ("GIHB"), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GIHB and its indirect subsidiary Guggenheim Investments Holdings, LLC.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, including the Committee's knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified to serve the Funds in such capacity and may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

*Investment Performance*: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2024, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2024, as applicable, were received. In addition, the Committee received a comparison of each Fund's

332 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract** (Continued)

performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund's peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2024, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain performance information for the Alternative Funds (i.e., the non-Tradable Funds) as of March 31, 2025. In assessing each Fund's performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

With respect to the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee considered the Adviser's statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser's statement that, in circumstances where there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser's discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures. In this connection, the Committee considered the tracking error of each Fund's shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser's commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser's summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser's statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management's commentary explaining circumstances in which the performance of the Tradable Funds may deviate from the performance of their respective peer funds due to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to the Commodities Strategy Fund and considered a comparison to a peer group identified in the FUSE report that includes actively-managed funds, noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser's statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund underperformed the comparable peer fund and that the Fund's performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year periods ended December 31, 2024.

With respect to the Sector Funds, the Committee considered the Adviser's summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser's statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management's commentary explaining circumstances in which the Sector Funds may underperform their respective peer groups due to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds' modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee made the following observations:

**Global Managed Futures Strategy Fund:** The Fund's returns ranked in the 79th and 47th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2024, respectively. The Committee noted management's explanation that the Fund's relative underperformance over the five-year time period was primarily due to certain futures allocations that were impacted by the Fund's small size.

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**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract** (Continued)

The Committee also took into account management's statement that relevant peer comparisons for the Fund are somewhat limited and that the Fund experienced performance rankings that compared more favorably relative to its performance universe for the three-year and one-year periods ended December 31, 2024.

**Multi-Hedge Strategies Fund:** The Fund's returns ranked in the 80th and 95th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2024, respectively. The Committee noted management's explanation that the Fund's relative underperformance over the five-year and three-year time periods was largely driven by a wide range of uncorrelated strategies following the first quarter of 2024, including underperformance in the Equity Market Neutral strategy due to net short exposures to multi-family residential REITs and industrial REITs and net long exposures to health care REITs and underperformance in the Long/Short Equity strategy due to tilts toward quality and value. The Committee considered management's statement that, in light of this underperformance, the investment management team was temporarily reducing its risk target for the Fund and prioritizing research and the potential implementation of new strategies for the Fund. The Committee took into account management's discussions at the April Meeting and the May Board Meeting regarding the Fund's performance and the Adviser's planned enhancements to the Fund's investment strategies and processes.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that: (i) each Fund's performance was acceptable; or (ii) it was satisfied with Guggenheim's responses and/or efforts to improve investment performance.

*Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds*: The Committee compared each Fund's contractual advisory fee, net effective management fee<sup>2</sup> and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group. In addition, the Committee considered information regarding Guggenheim's process for evaluating the competitiveness of each Fund's fees and expenses, noting Guggenheim's statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund's advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim's statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds, other than the retail fund counterparts to the Funds, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser's summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser's statement that only one of the two direct competitor product suites is directly comparable for purposes of assessing such Funds' advisory fees. For those Tradable Funds with a peer fund from the directly comparable product suite, the Committee noted that each Fund's contractual advisory fee was lower than the contractual advisory fee charged to the peer fund, with the exception of 15 Funds for which the contractual advisory fee of 0.90% of its average daily net assets was five basis points higher than the contractual advisory fee charged to the peer fund. With respect to each of those 15 Funds, the Committee noted the continuation through August 1, 2026 of management's agreement, implemented as part of the 2021 annual contract review process, to reduce the total net expense ratio of each such Fund by 0.05% of its average daily net assets.<sup>3</sup> For those Tradable Funds with a peer fund from the directly comparable product suite, the Committee also considered the net effective management fee and total net expense ratio for each such Fund as compared to those of the peer fund.

<sup>2</sup> The "net effective management fee" for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements. 

<sup>3</sup> Inverse Government Long Bond Strategy Fund, Inverse Dow 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund, Weakening Dollar 2x Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, NASDAQ-100 2x Strategy Fund, Europe 1.25x Strategy Fund, Russell 2000 2x Strategy Fund, Dow 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Inverse S&P 500 Strategy Fund, Inverse Mid-Cap Strategy Fund, S&P 500 2x Strategy Fund and Mid Cap 1.5x Strategy Fund.

334 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract** (Continued)

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser's statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund's and the peer fund's respective fiscal year ends, the Fund's contractual advisory fee was lower than that of the comparable peer fund and the Fund's net effective management fee and total net expense ratio were higher than those of the comparable peer fund.

With respect to the Sector Funds, the Committee considered the Adviser's summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds' structure and the portfolio management needed to meet client requirements.

The Committee considered the continuation through August 1, 2026 of management's agreement, implemented as part of the 2024 annual contract renewal process, to reduce the total net expense ratio of Europe 1.25x Strategy Fund by 0.10% of its average daily net assets through an expense reimbursement and/or waiver agreement, with such reduction applicable in addition to any other contractual waiver and/or reimbursement arrangements in place. The Committee also considered the continuation through August 1, 2026 of management's agreement, implemented as part of the 2023 annual contract review process, to reduce the total net expense ratio of each Tradable Fund (other than the U.S. Government Money Market Fund) by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement, with such reduction applicable in addition to any other contractual waiver and/or reimbursement arrangements in place. As stated above, the Committee further noted the continuation through August 1, 2026 of management's agreement, implemented as part of the 2021 annual contract review process, to reduce the total net expense ratio of each Tradable Fund with a contractual advisory fee of 0.90% of its average daily net assets by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for Multi-Hedge Strategies Fund each rank in the first quartile of the Fund's peer group. In addition, the Committee made the following observations:

**Global Managed Futures Strategy Fund:** The Fund's contractual advisory fee ranks in the second quartile (38th percentile) of its peer group. The Fund's net effective management fee ranks in the third quartile (63rd percentile) of its peer group. The Fund's total net expense ratio ranks in the fourth quartile (100th percentile) of its peer group. The Committee noted the Fund's higher other operating expenses compared to its peers.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2024, gross revenues received, and expenses incurred directly or through allocations, by Guggenheim Investments, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2023 and December 31, 2022. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis. In the course of its review of Guggenheim Investments' profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit and the representation by the Chief Financial Officer of Guggenheim Investments that such methods provided a reasonable basis for determining the profitability of the Adviser with respect to each Fund. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim's statement that it does not believe the Adviser derives any such "fall-out" benefits. In this regard, the Committee noted Guggenheim's statement that, although it does not consider such benefits to be fall-out benefits, the Adviser may benefit from certain synergies, such as enhanced visibility of the Adviser and its products and services with the correlative opportunity to increase sales and distribution of these products and services, and other synergies arising from offering a broad spectrum of products and services, including the Funds.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm's length and that the Adviser's profitability from its relationship with the Funds was not unreasonable.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 335

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract** (Concluded)

*Economies of Scale:* The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim's increase in overall expenses in 2024 was attributable to increases in operating and administration expenses, income tax and depreciation, and non-recurring items.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for an Alternative Fund (i.e., a non-Tradable Fund), with consideration given to, among other things: (i) the Fund's size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund profitability; (vii) relative Fund performance; (viii) the nature, extent and quality of services management provides to the Fund; and (ix) the complexity of the Fund's investment strategy and the resources required to support the Fund.

As part of its assessment of economies of scale, the Committee took into account Guggenheim's representation that it seeks to share economies of scale through a number of means, including advisory fees set at competitive rates pre-assuming future asset growth, expense waivers and limitations, and investments in personnel, operations and infrastructure to support the fund business. The Committee also received information regarding amounts that had been shared with shareholders through such expense waivers and limitations. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund reflected a reasonable business arrangement negotiated at arm's length.

**Overall Conclusions** 

The Committee concluded that the investment advisory fees reflect reasonable business arrangements negotiated at arm's length in light of the extent and quality of the services provided and other benefits received and that the renewal of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of their informed business judgment, may afford different weights to different factors.

Following its review of the Committee's analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement.

336 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**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.**

The information is included as part of the material filed under Item 7 of this Form.

**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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the registrant's
 internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period
 covered by this report that the officers listed above believe to have materially affected, or to be reasonably likely to materially affect,
 the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to this registrant.

**Item 18.** **Recovery of Erroneously Awarded Compensation**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19.** **Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

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| | |
|:---|:---|
| (a)(3) | [Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) are attached.](fp0093916-51_ex99cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](fp0093916-51_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Rydex Variable Trust |
| By (Signature and Title)\* | /s/ Brian E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |

---

Date <u> September 3, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |

---

Date <u> September 3, 2025</u>

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ James Howley |
|  | James Howley, Chief Financial Officer, <br> Chief Accounting Officer and Treasurer |
| Date | September 3, 2025 |

---

 

<sup>\*</sup> Print the name and title of each signing officer under his or her signature.

## Ex-99.Cert

EX.-19(a)(3)(i)

**CERTIFICATION**

I, Brian E. Binder, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Variable Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 3, 2025 | /s/ Brian E. Binder |
|  | Brian E. Binder |
|  | President and Chief Executive Officer |

---

EX.-19(a)(3)(ii)

**CERTIFICATION**

I, James Howley, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Variable Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed
 such disclosure controls and procedures, or caused such disclosure controls and procedures
 to be designed under our supervision, to ensure that material information relating to
 the registrant, including its consolidated subsidiaries, is made known to us by others
 within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed
 such internal control over financial reporting, or caused such internal control over
 financial reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial statements
 for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated
 the effectiveness of the registrant's disclosure controls and procedures and presented
 in this report our conclusions about the effectiveness of the disclosure controls and
 procedures, as of a date within 90 days prior to the filing date of this report based
 on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed
 in this report any change in the registrant's internal control over financial reporting
 that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the registrant's internal control
 over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All
 significant deficiencies and material weaknesses in the design or operation of internal
 control over financial reporting which are reasonably likely to adversely affect the
 registrant's ability to record, process, summarize, and report financial information;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any
 fraud, whether or not material, that involves management or other employees who have
 a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: September 3, 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 Variable Trust (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: September 3, 2025 | /s/ Brian E. Binder |
|  | Brian E. Binder |
|  | President and Chief Executive Officer |

---

---

| | |
|:---|:---|
| Date: September 3, 2025 | /s/ James Howley |
|  | James Howley |
|  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---