# EDGAR Filing Document

**Accession Number:** 0001092720
**File Stem:** 0001398344-25-021765
**Filing Date:** 2025-12
**Character Count:** 600305
**Document Hash:** b340227969847fd71d050cced5dd68c6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021765.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001398344-25-021765

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 70

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251204

**DATE AS OF CHANGE**: 20251204

**EFFECTIVENESS DATE**: 20251204

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09525
- **FILM NUMBER:** 251550689

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

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

Investment Company Act file number <u>811- 09525</u>

 <u>Rydex Dynamic Funds</u> 

(Exact name of registrant as specified in charter)

702 King Farm Boulevard, Suite 200

 <u>Rockville, Maryland 20850</u> 

(Address of principal executive offices) (Zip code)

Amy J. Lee

Rydex Dynamic Funds

702 King Farm Boulevard, Suite 200

 <u>Rockville, Maryland 20850</u> 

(Name and address of agent for service)

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

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

Date of reporting period: <u>April 1, 2025 – September 30, 2025</u>

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

&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)

### Dow 2x Strategy Fund

#### Class A \| RYLDX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Dow 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class A | $99 | 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 April 1, 2025 to September 30, 2025, the fund (Class A shares) returned 17.47%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and outperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 11.44% 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, information technology, and industrials. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Microsoft Corp., and Caterpillar, Inc. Those that detracted the most were UnitedHealth Group, Inc., Amgen, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the Dow Jones Industrial Average.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-13_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 17.47% | 12.24% | 18.07% | 19.12% |
| Class A (with sales charge)<sup>‡</sup> | 11.89% | 6.90% | 16.93% | 18.54% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Dow Jones Industrial Average | 11.44% | 11.50% | 12.98% | 13.50% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $37014208 |
| Total Number of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |
| <sup>‡</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| Dow 2x Strategy Fund \| Class A \| RYLDX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-13_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 9.2% |
| Microsoft Corp. | 6.0% |
| Caterpillar, Inc. | 5.5% |
| Home Depot, Inc. | 4.7% |
| Sherwin-Williams Co. | 4.0% |
| UnitedHealth Group, Inc. | 4.0% |
| Visa, Inc. — Class A | 4.0% |
| American Express Co. | 3.9% |
| JPMorgan Chase & Co. | 3.7% |
| McDonald's Corp. | 3.5% |
| Top 10 Total | 48.5% |

---

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

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYLDX-093025

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

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

### Dow 2x Strategy Fund

#### Class C \| RYCYX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Dow 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class C | $140 | 2.57%<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 April 1, 2025 to September 30, 2025, the fund (Class C shares) returned 17.03%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and outperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 11.44% 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, information technology, and industrials. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Microsoft Corp., and Caterpillar, Inc. Those that detracted the most were UnitedHealth Group, Inc., Amgen, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the Dow Jones Industrial Average.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-14_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 17.03% | 11.41% | 17.20% | 18.24% |
| Class C (with CDSC)<sup>§</sup> | 16.03% | 10.41% | 17.20% | 18.24% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Dow Jones Industrial Average | 11.44% | 11.50% | 12.98% | 13.50% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $37014208 |
| Total Number of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Dow 2x Strategy Fund \| Class C \| RYCYX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-14_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 9.2% |
| Microsoft Corp. | 6.0% |
| Caterpillar, Inc. | 5.5% |
| Home Depot, Inc. | 4.7% |
| Sherwin-Williams Co. | 4.0% |
| UnitedHealth Group, Inc. | 4.0% |
| Visa, Inc. — Class A | 4.0% |
| American Express Co. | 3.9% |
| JPMorgan Chase & Co. | 3.7% |
| McDonald's Corp. | 3.5% |
| Top 10 Total | 48.5% |

---

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

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYCYX-093025

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

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

### Dow 2x Strategy Fund

#### Class H \| RYCVX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Dow 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class H | $99 | 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 April 1, 2025 to September 30, 2025, the fund (Class H shares) returned 17.46%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and outperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 11.44% 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, information technology, and industrials. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Microsoft Corp., and Caterpillar, Inc. Those that detracted the most were UnitedHealth Group, Inc., Amgen, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the Dow Jones Industrial Average.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-15_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 17.46% | 12.22% | 18.06% | 19.11% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Dow Jones Industrial Average | 11.44% | 11.50% | 12.98% | 13.50% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $37014208 |
| Total Number of Portfolio Holdings | 38 |
| Portfolio Turnover Rate | 156% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Dow 2x Strategy Fund \| Class H \| RYCVX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-15_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 9.2% |
| Microsoft Corp. | 6.0% |
| Caterpillar, Inc. | 5.5% |
| Home Depot, Inc. | 4.7% |
| Sherwin-Williams Co. | 4.0% |
| UnitedHealth Group, Inc. | 4.0% |
| Visa, Inc. — Class A | 4.0% |
| American Express Co. | 3.9% |
| JPMorgan Chase & Co. | 3.7% |
| McDonald's Corp. | 3.5% |
| Top 10 Total | 48.5% |

---

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

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYCVX-093025

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

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

### Inverse Dow 2x Strategy Fund

#### Class A \| RYIDX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class A | $82 | 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 April 1, 2025 to September 30, 2025, the fund (Class A shares) returned -19.19%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 11.44% 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, information technology, and industrials. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Microsoft Corp., and Caterpillar, Inc. Those that detracted the most were UnitedHealth Group. Inc., Amgen, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the Dow Jones Industrial Average.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-16_sa111.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -19.19% | -16.41% | -20.97% | -26.01% |
| Class A (with sales charge)<sup>‡</sup> | -23.03% | -20.39% | -21.74% | -26.37% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Dow Jones Industrial Average | 11.44% | 11.50% | 12.98% | 13.50% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $4131864 |
| Total Number of Portfolio Holdings | 7 |
| 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> | 6 month returns are not annualized. |
| <sup>‡</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| Inverse Dow 2x Strategy Fund \| Class A \| RYIDX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-16_sa112.jpg)

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYIDX-093025

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

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

### Inverse Dow 2x Strategy Fund

#### Class C \| RYCZX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class C | $116 | 2.57%<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 April 1, 2025 to September 30, 2025, the fund (Class C shares) returned -19.40%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 11.44% 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, information technology, and industrials. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Microsoft Corp., and Caterpillar, Inc. Those that detracted the most were UnitedHealth Group. Inc., Amgen, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the Dow Jones Industrial Average.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-17_sa121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -19.40% | -17.07% | -21.58% | -26.56% |
| Class C (with CDSC)<sup>§</sup> | -20.21% | -17.86% | -21.58% | -26.56% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Dow Jones Industrial Average | 11.44% | 11.50% | 12.98% | 13.50% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $4131864 |
| Total Number of Portfolio Holdings | 7 |
| 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> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Inverse Dow 2x Strategy Fund \| Class C \| RYCZX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-17_sa122.jpg)

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYCZX-093025

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

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

### Inverse Dow 2x Strategy Fund

#### Class H \| RYCWX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class H | $82 | 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 April 1, 2025 to September 30, 2025, the fund (Class H shares) returned -19.21%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 11.44% 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, information technology, and industrials. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Microsoft Corp., and Caterpillar, Inc. Those that detracted the most were UnitedHealth Group. Inc., Amgen, Inc., and Salesforce, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the Dow Jones Industrial Average.

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

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-18_sa111.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -19.21% | -16.39% | -21.00% | -26.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Dow Jones Industrial Average | 11.44% | 11.50% | 12.98% | 13.50% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $4131864 |
| Total Number of Portfolio Holdings | 7 |
| 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> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Inverse Dow 2x Strategy Fund \| Class H \| RYCWX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-18_sa112.jpg)

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYCWX-093025

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

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

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

#### Class A \| RYVLX
Semi-Annual Shareholder Report \| 9.30.25

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

**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**  |
| Class A | $117 | 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 April 1, 2025 to September 30, 2025, the fund (Class A shares) returned 54.22%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 28.48% 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 consumer discretionary. Those that detracted the most were health care, consumer staples, and energy. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were T-Mobile US, Inc., Vertex Pharmaceuticals, Inc., and Amgen, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-7_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 54.22% | 35.75% | 24.08% | 31.94% |
| Class A (with sales charge)<sup>‡</sup> | 46.89% | 29.29% | 22.87% | 31.30% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| NASDAQ-100 Index | 28.48% | 23.93% | 17.59% | 20.57% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $1341594352 |
| Total Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 313% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |
| <sup>‡</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class A \| RYVLX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-7_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 8.6% |
| Microsoft Corp. | 7.3% |
| Apple, Inc. | 7.1% |
| Broadcom, Inc. | 4.9% |
| Amazon.com, Inc. | 4.4% |
| Tesla, Inc. | 3.1% |
| Meta Platforms, Inc. — Class A | 3.0% |
| Alphabet, Inc. — Class A | 2.7% |
| Alphabet, Inc. — Class C | 2.5% |
| Netflix, Inc. | 2.4% |
| Top 10 Total | 46.0% |

---

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

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYVLX-093025

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

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

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

#### Class C \| RYCCX
Semi-Annual Shareholder Report \| 9.30.25

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

**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**  |
| Class C | $165 | 2.59%<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 April 1, 2025 to September 30, 2025, the fund (Class C shares) returned 53.65%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 28.48% 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 consumer discretionary. Those that detracted the most were health care, consumer staples, and energy. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were T-Mobile US, Inc., Vertex Pharmaceuticals, Inc., and Amgen, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-8_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 53.65% | 34.75% | 23.12% | 30.93% |
| Class C (with CDSC)<sup>§</sup> | 52.65% | 33.75% | 23.12% | 30.93% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| NASDAQ-100 Index | 28.48% | 23.93% | 17.59% | 20.57% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $1341594352 |
| Total Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 313% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class C \| RYCCX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-8_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 8.6% |
| Microsoft Corp. | 7.3% |
| Apple, Inc. | 7.1% |
| Broadcom, Inc. | 4.9% |
| Amazon.com, Inc. | 4.4% |
| Tesla, Inc. | 3.1% |
| Meta Platforms, Inc. — Class A | 3.0% |
| Alphabet, Inc. — Class A | 2.7% |
| Alphabet, Inc. — Class C | 2.5% |
| Netflix, Inc. | 2.4% |
| Top 10 Total | 46.0% |

---

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

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYCCX-093025

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

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

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

#### Class H \| RYVYX
Semi-Annual Shareholder Report \| 9.30.25

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

**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**  |
| Class H | $117 | 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 April 1, 2025 to September 30, 2025, the fund (Class H shares) returned 54.22%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 28.48% 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 consumer discretionary. Those that detracted the most were health care, consumer staples, and energy. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were T-Mobile US, Inc., Vertex Pharmaceuticals, Inc., and Amgen, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-9_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 54.22% | 35.75% | 24.08% | 31.93% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| NASDAQ-100 Index | 28.48% | 23.93% | 17.59% | 20.57% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $1341594352 |
| Total Number of Portfolio Holdings | 112 |
| Portfolio Turnover Rate | 313% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class H \| RYVYX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-9_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 8.6% |
| Microsoft Corp. | 7.3% |
| Apple, Inc. | 7.1% |
| Broadcom, Inc. | 4.9% |
| Amazon.com, Inc. | 4.4% |
| Tesla, Inc. | 3.1% |
| Meta Platforms, Inc. — Class A | 3.0% |
| Alphabet, Inc. — Class A | 2.7% |
| Alphabet, Inc. — Class C | 2.5% |
| Netflix, Inc. | 2.4% |
| Top 10 Total | 46.0% |

---

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

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYVYX-093025

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

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

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

#### Class A \| RYVTX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class A | $90 | 2.28%<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 April 1, 2025 to September 30, 2025, the fund (Class A shares) returned -42.38%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 28.48% 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 consumer discretionary. Those that detracted the most were health care, consumer staples, and energy. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were T-Mobile US, Inc., Vertex Pharmaceuticals, Inc., and Amgen, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-10_sa121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -42.38% | -37.91% | -33.56% | -37.99% |
| Class A (with sales charge)<sup>‡</sup> | -45.12% | -40.87% | -34.21% | -38.28% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| NASDAQ-100 Index | 28.48% | 23.93% | 17.59% | 20.57% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $12754374 |
| Total Number of Portfolio Holdings | 11 |
| 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> | 6 month returns are not annualized. |
| <sup>‡</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class A \| RYVTX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-10_sa122.jpg)

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYVTX-093025

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

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

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

#### Class C \| RYCDX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class C | $117 | 2.96%<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 April 1, 2025 to September 30, 2025, the fund (Class C shares) returned -42.63%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 28.48% 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 consumer discretionary. Those that detracted the most were health care, consumer staples, and energy. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were T-Mobile US, Inc., Vertex Pharmaceuticals, Inc., and Amgen, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-11_sa121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -42.63% | -38.45% | -34.08% | -38.40% |
| Class C (with CDSC)<sup>§</sup> | -43.20% | -39.02% | -34.08% | -38.40% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| NASDAQ-100 Index | 28.48% | 23.93% | 17.59% | 20.57% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $12754374 |
| Total Number of Portfolio Holdings | 11 |
| 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> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class C \| RYCDX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-11_sa122.jpg)

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYCDX-093025

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

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

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

#### Class H \| RYVNX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class H | $77 | 1.95%<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 April 1, 2025 to September 30, 2025, the fund (Class H shares) returned -42.33%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 28.48% 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 consumer discretionary. Those that detracted the most were health care, consumer staples, and energy. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Microsoft Corp. Those that detracted the most were T-Mobile US, Inc., Vertex Pharmaceuticals, Inc., and Amgen, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-12_sa111.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -42.33% | -37.80% | -33.55% | -37.98% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| NASDAQ-100 Index | 28.48% | 23.93% | 17.59% | 20.57% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $12754374 |
| Total Number of Portfolio Holdings | 11 |
| 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> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class H \| RYVNX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-12_sa112.jpg)

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYVNX-093025

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

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

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

#### Class A \| RYRUX
Semi-Annual Shareholder Report \| 9.30.25

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

**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**  |
| Class A | $117 | 1.95%<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 April 1, 2025 to September 30, 2025, the fund (Class A shares) returned 39.03%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and outperforming the fund's secondary index, the Russell 2000 Index, which returned 21.95% 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, information technology, and health care. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and Kratos Defense & Security Solutions, Inc. Those that detracted the most were Corcept Therapeutics, Inc., Lantheus Holdings, Inc., and Clearwater Analytics Holdings, Inc.—Class A. 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-19_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 39.03% | 8.39% | 11.98% | 9.19% |
| Class A (with sales charge)<sup>‡</sup> | 32.43% | 3.25% | 10.90% | 8.66% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Russell 2000 Index | 21.95% | 10.76% | 11.56% | 10.38% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $45180644 |
| Total Number of Portfolio Holdings | 1986 |
| Portfolio Turnover Rate | 9% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |
| <sup>‡</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 2x Strategy Fund \| Class A \| RYRUX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-19_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 0.6% |
| iShares Russell 2000 Index ETF | 0.6% |
| Credo Technology Group Holding Ltd. | 0.2% |
| Bloom Energy Corp. — Class A | 0.2% |
| IonQ, Inc. | 0.2% |
| Kratos Defense & Security Solutions, Inc. | 0.2% |
| Fabrinet | 0.1% |
| Oklo, Inc. | 0.1% |
| Coeur Mining, Inc. | 0.1% |
| Rambus, Inc. | 0.1% |
| Top 10 Total | 2.4% |

---

<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.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYRUX-093025

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

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

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

#### Class C \| RYRLX
Semi-Annual Shareholder Report \| 9.30.25

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

**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**  |
| Class C | $161 | 2.70%<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 April 1, 2025 to September 30, 2025, the fund (Class C shares) returned 38.51%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and outperforming the fund's secondary index, the Russell 2000 Index, which returned 21.95% 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, information technology, and health care. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and Kratos Defense & Security Solutions, Inc. Those that detracted the most were Corcept Therapeutics, Inc., Lantheus Holdings, Inc., and Clearwater Analytics Holdings, Inc.—Class A. 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-20_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 38.51% | 7.59% | 11.15% | 8.38% |
| Class C (with CDSC)<sup>§</sup> | 37.51% | 6.59% | 11.15% | 8.38% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Russell 2000 Index | 21.95% | 10.76% | 11.56% | 10.38% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $45180644 |
| Total Number of Portfolio Holdings | 1986 |
| Portfolio Turnover Rate | 9% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 2x Strategy Fund \| Class C \| RYRLX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-20_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 0.6% |
| iShares Russell 2000 Index ETF | 0.6% |
| Credo Technology Group Holding Ltd. | 0.2% |
| Bloom Energy Corp. — Class A | 0.2% |
| IonQ, Inc. | 0.2% |
| Kratos Defense & Security Solutions, Inc. | 0.2% |
| Fabrinet | 0.1% |
| Oklo, Inc. | 0.1% |
| Coeur Mining, Inc. | 0.1% |
| Rambus, Inc. | 0.1% |
| Top 10 Total | 2.4% |

---

<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.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYRLX-093025

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

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

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

#### Class H \| RYRSX
Semi-Annual Shareholder Report \| 9.30.25

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

**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**  |
| Class H | $117 | 1.95%<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 April 1, 2025 to September 30, 2025, the fund (Class H shares) returned 38.99%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and outperforming the fund's secondary index, the Russell 2000 Index, which returned 21.95% 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, information technology, and health care. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and Kratos Defense & Security Solutions, Inc. Those that detracted the most were Corcept Therapeutics, Inc., Lantheus Holdings, Inc., and Clearwater Analytics Holdings, Inc.—Class A. 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-21_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 38.99% | 8.29% | 11.91% | 9.10% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Russell 2000 Index | 21.95% | 10.76% | 11.56% | 10.38% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $45180644 |
| Total Number of Portfolio Holdings | 1986 |
| Portfolio Turnover Rate | 9% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Russell 2000<sup>®</sup> 2x Strategy Fund \| Class H \| RYRSX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-21_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 0.6% |
| iShares Russell 2000 Index ETF | 0.6% |
| Credo Technology Group Holding Ltd. | 0.2% |
| Bloom Energy Corp. — Class A | 0.2% |
| IonQ, Inc. | 0.2% |
| Kratos Defense & Security Solutions, Inc. | 0.2% |
| Fabrinet | 0.1% |
| Oklo, Inc. | 0.1% |
| Coeur Mining, Inc. | 0.1% |
| Rambus, Inc. | 0.1% |
| Top 10 Total | 2.4% |

---

<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.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYRSX-093025

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

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

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

#### Class A \| RYIUX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class A | $72 | 1.74%<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 April 1, 2025 to September 30, 2025, the fund (Class A shares) returned -35.95%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 21.95% 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, information technology, and health care. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and Kratos Defense & Security Solutions, Inc. Those that detracted the most were Corcept Therapeutics, Inc., Lantheus Holdings, Inc., and Clearwater Analytics Holdings, Inc.—Class A. 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-22_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -35.95% | -22.85% | -26.83% | -26.73% |
| Class A (with sales charge)<sup>‡</sup> | -38.99% | -26.50% | -27.54% | -27.08% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Russell 2000 Index | 21.95% | 10.76% | 11.56% | 10.38% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $4652406 |
| 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 Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |
| <sup>‡</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund \| Class A \| RYIUX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-22_sa72.jpg)

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYIUX-093025

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

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

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

#### Class C \| RYIZX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class C | $102 | 2.48%<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 April 1, 2025 to September 30, 2025, the fund (Class C shares) returned -36.20%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 21.95% 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, information technology, and health care. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and Kratos Defense & Security Solutions, Inc. Those that detracted the most were Corcept Therapeutics, Inc., Lantheus Holdings, Inc., and Clearwater Analytics Holdings, Inc.—Class A. 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-23_sa101.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -36.20% | -23.43% | -27.38% | -27.28% |
| Class C (with CDSC)<sup>§</sup> | -36.84% | -24.15% | -27.38% | -27.28% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Russell 2000 Index | 21.95% | 10.76% | 11.56% | 10.38% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $4652406 |
| 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 Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund \| Class C \| RYIZX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-23_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.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYIZX-093025

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

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

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

#### Class H \| RYIRX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class H | $75 | 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 April 1, 2025 to September 30, 2025, the fund (Class H shares) returned -35.99%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 21.95% 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, information technology, and health care. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index were Credo Technology Group Holding Ltd., Bloom Energy Corp.—Class A, and Kratos Defense & Security Solutions, Inc. Those that detracted the most were Corcept Therapeutics Inc., Lantheus Holdings Inc, and Clearwater Analytics Holdings, Inc.—Class A. 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-24_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -35.99% | -22.97% | -26.99% | -26.84% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| Russell 2000 Index | 21.95% | 10.76% | 11.56% | 10.38% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $4652406 |
| 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 Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund \| Class H \| RYIRX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-24_sa72.jpg)

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYIRX-093025

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

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

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

#### Class A \| RYTTX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class A | $108 | 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 April 1, 2025 to September 30, 2025, the fund (Class A shares) returned 35.44%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% 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 consumer discretionary. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. Those that detracted the most were UnitedHealth Group, Inc., Berkshire Hathaway, Inc.—Class B, and Fiserv, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-1_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | 35.44% | 24.22% | 24.45% | 22.73% |
| Class A (with sales charge)<sup>‡</sup> | 29.01% | 18.32% | 23.25% | 22.13% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $358094849 |
| Total Number of Portfolio Holdings | 512 |
| Portfolio Turnover Rate | 824% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |
| <sup>‡</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> 2x Strategy Fund \| Class A \| RYTTX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-1_sa72.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 6.5% |
| Microsoft Corp. | 5.5% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 3.0% |
| Meta Platforms, Inc. — Class A | 2.3% |
| Broadcom, Inc. | 2.2% |
| Alphabet, Inc. — Class A | 2.0% |
| Tesla, Inc. | 1.8% |
| Alphabet, Inc. — Class C | 1.6% |
| Berkshire Hathaway, Inc. — Class B | 1.3% |
| Top 10 Total | 31.6% |

---

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

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYTTX-093025

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

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

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

#### Class C \| RYCTX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class C | $151 | 2.57%<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 April 1, 2025 to September 30, 2025, the fund (Class C shares) returned 34.92%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% 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 consumer discretionary. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. Those that detracted the most were UnitedHealth Group, Inc., Berkshire Hathaway, Inc.—Class B, and Fiserv, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-2_sa61.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 34.92% | 23.30% | 23.53% | 21.81% |
| Class C (with CDSC)<sup>§</sup> | 33.92% | 22.30% | 23.53% | 21.81% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $358094849 |
| Total Number of Portfolio Holdings | 512 |
| Portfolio Turnover Rate | 824% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> 2x Strategy Fund \| Class C \| RYCTX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-2_sa62.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 6.5% |
| Microsoft Corp. | 5.5% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 3.0% |
| Meta Platforms, Inc. — Class A | 2.3% |
| Broadcom, Inc. | 2.2% |
| Alphabet, Inc. — Class A | 2.0% |
| Tesla, Inc. | 1.8% |
| Alphabet, Inc. — Class C | 1.6% |
| Berkshire Hathaway, Inc. — Class B | 1.3% |
| Top 10 Total | 31.6% |

---

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

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYCTX-093025

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

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

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

#### Class H \| RYTNX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class H | $107 | 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 April 1, 2025 to September 30, 2025, the fund (Class H shares) returned 35.44%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% 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 consumer discretionary. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. Those that detracted the most were UnitedHealth Group, Inc., Berkshire Hathaway, Inc.—Class B, and Fiserv, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-3_sa61.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 35.44% | 24.20% | 24.44% | 22.72% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $358094849 |
| Total Number of Portfolio Holdings | 512 |
| Portfolio Turnover Rate | 824% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> 2x Strategy Fund \| Class H \| RYTNX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-3_sa62.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 6.5% |
| Microsoft Corp. | 5.5% |
| Apple, Inc. | 5.4% |
| Amazon.com, Inc. | 3.0% |
| Meta Platforms, Inc. — Class A | 2.3% |
| Broadcom, Inc. | 2.2% |
| Alphabet, Inc. — Class A | 2.0% |
| Tesla, Inc. | 1.8% |
| Alphabet, Inc. — Class C | 1.6% |
| Berkshire Hathaway, Inc. — Class B | 1.3% |
| Top 10 Total | 31.6% |

---

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

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYTNX-093025

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

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

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

#### Class A \| RYTMX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class A | $78 | 1.86%<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 April 1, 2025 to September 30, 2025, the fund (Class A shares) returned -31.65%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% 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 consumer discretionary. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. Those that detracted the most were UnitedHealth Group, Inc., Berkshire Hathaway, Inc.—Class B, and Fiserv, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-4_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class A (without sales charge) | -31.65% | -26.67% | -27.18% | -28.53% |
| Class A (with sales charge)<sup>‡</sup> | -34.89% | -30.17% | -27.89% | -28.87% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $10410761 |
| 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 is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>†</sup> | 6 month returns are not annualized. |
| <sup>‡</sup> | Fund returns are calculated using the maximum sales charge of 4.75%. |

---

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

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund \| Class A \| RYTMX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-4_sa72.jpg)

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYTMX-093025

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

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

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

#### Class C \| RYCBX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class C | $110 | 2.62%<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 April 1, 2025 to September 30, 2025, the fund (Class C shares) returned -31.90%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% 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 consumer discretionary. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. Those that detracted the most were UnitedHealth Group, Inc., Berkshire Hathaway, Inc.—Class B, and Fiserv, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-5_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -31.90% | -27.23% | -27.73% | -29.07% |
| Class C (with CDSC)<sup>§</sup> | -32.58% | -27.90% | -27.73% | -29.07% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $10410761 |
| 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 is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>†</sup> | 6 month returns are not annualized. |
| <sup>§</sup> | Fund returns include a CDSC of 1% if redeemed within 12 months of purchase. |

---

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

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund \| Class C \| RYCBX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-5_sa72.jpg)

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYCBX-093025

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

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

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

#### Class H \| RYTPX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> 2x Strategy Fund for the period of April 1, 2025 to September 30, 2025. You can find additional information about the fund at *https://www.guggenheiminvestments.com/mutual-funds/literature*. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

**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**  |
| Class H | $76 | 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 April 1, 2025 to September 30, 2025, the fund (Class H shares) returned -31.67%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 19.96% 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 consumer discretionary. Those that detracted the most were health care, energy, and consumer staples. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Microsoft Corp., and Broadcom, Inc. Those that detracted the most were UnitedHealth Group, Inc., Berkshire Hathaway, Inc.—Class B, and Fiserv, 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 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095395-6_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -31.67% | -26.47% | -27.11% | -28.49% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $10410761 |
| 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 is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund \| Class H \| RYTPX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification<sup>1</sup> (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095395-6_sa72.jpg)

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

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

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

---

SAR-RYTPX-093025

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

&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.**

Not required at this time**.**

**Item 6.** **Investments.**

&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;(b) Not applicable.

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

![](fp0095395-27_i.jpg)<br>

**9.30.2025** 

**Rydex Funds Semi-Annual Financial Report**

---

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

---

**GuggenheimInvestments.com**<br>

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

Distributed by Guggenheim Funds Distributors, LLC.

**TABLE OF CONTENTS** <br>

---

| | |
|:---|:---|
| ITEM 7: FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (SEMI-ANNUAL FINANCIAL REPORT) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;DOW 2x STRATEGY FUND  | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE DOW 2x STRATEGY FUND  | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;NASDAQ-100<sup>®</sup> 2x STRATEGY FUND  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE NASDAQ-100<sup>®</sup> 2x STRATEGY FUND  | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;RUSSELL 2000<sup>®</sup> 2x STRATEGY FUND  | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE RUSSELL 2000<sup>®</sup> 2x STRATEGY FUND  | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> 2x STRATEGY FUND  | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE S&P 500<sup>®</sup> 2x STRATEGY FUND  | 67 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS  | 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION  | 87 |
| ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 89 |
| ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 90 |
| ITEM 10: REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 91 |
| ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT  | 92 |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 1

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **DOW 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 87.6%** | **COMMON STOCKS<sup>†</sup>** **- 87.6%** | **COMMON STOCKS<sup>†</sup>** **- 87.6%** |
| **Financial - 24.0%** | **Financial - 24.0%** | **Financial - 24.0%** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 4296 | $3421120 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 4296 | 1466569 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 4296 | 1426959 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 4296 | 1355087 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 4296 | 1199529 |
| **Total Financial** |  | 8869264 |
| **Technology - 17.1%** | **Technology - 17.1%** | **Technology - 17.1%** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 4296 | 2225113 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4296 | 1212159 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 4296 | 1093891 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 4296 | 1018152 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4296 | 801548 |
| **Total Technology** |  | 6350863 |
| **Consumer, Non-cyclical - 13.0%** | **Consumer, Non-cyclical - 13.0%** | **Consumer, Non-cyclical - 13.0%** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 4296 | 1483409 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 4296 | 1212331 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 4296 | 796565 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 4296 | 660080 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 4296 | 360563 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 4296 | 284911 |
| **Total Consumer, Non-cyclical** |  | 4797859 |
| **Industrial - 12.3%** | **Industrial - 12.3%** | **Industrial - 12.3%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 4296 | 2049836 |
| &nbsp;&nbsp;&nbsp;Boeing Co.\* | 4296 | 927206 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 4296 | 904308 |
| &nbsp;&nbsp;&nbsp;3M Co. | 4296 | 666653 |
| **Total Industrial** |  | 4548003 |
| **Consumer, Cyclical - 10.2%** | **Consumer, Cyclical - 10.2%** | **Consumer, Cyclical - 10.2%** |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 4296 | 1740696 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 4296 | 1305511 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 4296 | 442746 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. — Class B | 4296 | 299560 |
| **Total Consumer, Cyclical** |  | 3788513 |
| **Communications - 5.2%** | **Communications - 5.2%** | **Communications - 5.2%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 4296 | 943273 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 4296 | 491892 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 4296 | 293932 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 4296 | 188809 |
| **Total Communications** |  | 1917906 |
| **Basic Materials - 4.0%** | **Basic Materials - 4.0%** | **Basic Materials - 4.0%** |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 4296 | 1487533 |
| **Energy - 1.8%** | **Energy - 1.8%** | **Energy - 1.8%** |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 4296 | 667126 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,102,356) |  | 32427067 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 7.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 7.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 7.5%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>1,2</sup> | $2100000 | 2082406 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 595000 | 594132 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>1,2</sup> | 100000 | 99163 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,775,624) |  | 2775701 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 3.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 3.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 3.1%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 659624 | 659624 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 474642 | 474642 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,134,266) |  | 1134266 |
| **Total Investments - 98.2%** | **Total Investments - 98.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,012,246) | &nbsp;&nbsp;&nbsp;(Cost $21,012,246) | $36337034 |
| **Other Assets & Liabilities, net - 1.8%** | **Other Assets & Liabilities, net - 1.8%** | 677174 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $37014208 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 49 | Dec 2025 | $11437825 | $103343 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 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 | 5.03% (SOFR + 0.90%) | At Maturity | 11/20/25 | 489 | $22706816 | $134453 |
| BNP Paribas | Dow Jones Industrial Average | Pay | 4.99% (Federal Funds Rate + 0.90%) | At Maturity | 11/20/25 | 161 | 7462702 | 44489 |
|  |  |  |  |  |  |  | $30169518 | $178942 |

---

---

| | |
|:---|:---|
| \* | &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 September 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 September 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 September 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 | $32427067 | $— | $— | $32427067 |
| U.S. Treasury Bills |  | 2775701 |  | 2775701 |
| Repurchase Agreements |  | 1134266 |  | 1134266 |
| Equity Futures Contracts\*\* | 103343 |  |  | 103343 |
| Equity Index Swap Agreements\*\* |  | 178942 |  | 178942 |
| Total Assets | $32530410 | $4088909 | $— | $36619319 |

---

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

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

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

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $19,877,980) | $35202768 |
| Repurchase agreements, at value (cost $1,134,266) | 1134266 |
| Segregated cash with broker | 508890 |
| Unrealized appreciation on OTC swap agreements | 178942 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 996641 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 18196 |
| &nbsp;&nbsp;&nbsp;Dividends | 9843 |
| &nbsp;&nbsp;&nbsp;Interest | 132 |
| **Total assets** | 38049678 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 108301 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 827039 |
| &nbsp;&nbsp;&nbsp;Management fees | 27718 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 22265 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 14883 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 8420 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 3234 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 343 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 23267 |
| **Total liabilities** | 1035470 |
| **Net assets** | $37014208 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $23675294 |
| Total distributable earnings (loss) | 13338914 |
| Net assets | $37014208 |
| **Class A:** | **Class A:** |
| Net assets | $10060500 |
| Capital shares outstanding | 52986 |
| Net asset value per share | $189.87 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $199.34 |
| **Class C:** | **Class C:** |
| Net assets | $1231180 |
| Capital shares outstanding | 7898 |
| Net asset value per share | $155.89 |
| **Class H:** | **Class H:** |
| Net assets | $25722528 |
| Capital shares outstanding | 136074 |
| Net asset value per share | $189.03 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $278930 |
| Interest | 126479 |
| &nbsp;&nbsp;&nbsp;Total investment income | 405409 |
| **Expenses:** | **Expenses:** |
| Management fees | 161891 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 11253 |
| &nbsp;&nbsp;&nbsp;Class C | 5926 |
| &nbsp;&nbsp;&nbsp;Class H | 32237 |
| Transfer agent fees | 40939 |
| Registration fees | 39094 |
| Portfolio accounting and administration fees | 36877 |
| Interest expense | 7700 |
| Professional fees | 2862 |
| Trustees' fees\* | 2788 |
| Custodian fees | 2445 |
| Line of credit fees | 28 |
| Miscellaneous | 5582 |
| &nbsp;&nbsp;&nbsp;Total expenses | 349622 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (17987) |
| Net expenses | 331635 |
| Net investment income | 73774 |
| **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 | (225106) |
| &nbsp;&nbsp;&nbsp;Swap agreements | 743596 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 823463 |
| Net realized gain | 1341953 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 2436851 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 536270 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 128538 |
| Net change in unrealized appreciation (depreciation) | 3101659 |
| Net realized and unrealized gain | 4443612 |
| **Net increase in net assets resulting from operations** | $4517386 |

---

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

4 \| THE RYDEX FUNDS 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> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $73774 | $239271 |
| Net realized gain on investments | 1341953 | 1899396 |
| Net change in unrealized appreciation (depreciation) on investments | 3101659 | (1763078) |
| Net increase in net assets resulting from operations | 4517386 | 375589 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (287514) |
| &nbsp;&nbsp;&nbsp;Class C |  | (56962) |
| &nbsp;&nbsp;&nbsp;Class H |  | (1191961) |
| Total distributions to shareholders |  | (1536437) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3059563 | 6636258 |
| &nbsp;&nbsp;&nbsp;Class C | 466088 | 1458886 |
| &nbsp;&nbsp;&nbsp;Class H | 150067296 | 795382268 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 286667 |
| &nbsp;&nbsp;&nbsp;Class C |  | 56726 |
| &nbsp;&nbsp;&nbsp;Class H |  | 1143368 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2948105) | (7253548) |
| &nbsp;&nbsp;&nbsp;Class C | (875997) | (1140185) |
| &nbsp;&nbsp;&nbsp;Class H | (167584080) | (801964647) |
| Net decrease from capital share transactions | (17815235) | (5394207) |
| Net decrease in net assets | (13297849) | (6555055) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 50312057 | 56867112 |
| &nbsp;&nbsp;&nbsp;End of period | $37014208 | $50312057 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 19448 | 39369 |
| &nbsp;&nbsp;&nbsp;Class C | 3658 | 10658 |
| &nbsp;&nbsp;&nbsp;Class H | 904575 | 4749783 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 1591 |
| &nbsp;&nbsp;&nbsp;Class C |  | 381 |
| &nbsp;&nbsp;&nbsp;Class H |  | 6373 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (18232) | (43246) |
| &nbsp;&nbsp;&nbsp;Class C | (6906) | (8074) |
| &nbsp;&nbsp;&nbsp;Class H | (1019912) | (4803431) |
| Net decrease in shares | (117369) | (46596) |

---

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

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

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $161.63 | $158.69 | $116.66 | $135.77 | $128.55 | $58.38 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .33 | .83 | 1.10 | .54 | (.27) | (.08) |
| Net gain (loss) on investments (realized and unrealized) | 27.91 | 7.86 | 41.51 | (17.13) | 13.56 | 70.25 |
| Total from investment operations | 28.24 | 8.69 | 42.61 | (16.59) | 13.29 | 70.17 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.08) | (.58) |  |  |  |
| Net realized gains |  | (4.67) |  | (2.52) | (6.07) |  |
| Total distributions |  | (5.75) | (.58) | (2.52) | (6.07) |  |
| Net asset value, end of period | $189.87 | $161.63 | $158.69 | $116.66 | $135.77 | $128.55 |
| **Total Return<sup>c</sup>** | **17.47%** | **5.10%** | **36.66%** | **(12.23** **%)** | **10.00%** | **120.20%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $10061 | $8368 | $8578 | $6214 | $9374 | $10886 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.40% | 0.50% | 0.85% | 0.46% | (0.19%) | (0.08%) |
| Total expenses | 1.92% | 1.87% | 1.93% | 1.90% | 1.79% | 1.84% |
| Net expenses<sup>d</sup> | 1.82% | 1.77% | 1.85% | 1.86% | 1.79% | 1.84% |
| Portfolio turnover rate | 156% | 1015% | 552% | 516% | 197% | 172% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $133.20 | $132.60 | $98.26 | $115.67 | $111.12 | $50.84 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.26) | (.33) | .14 | (.28) | (1.13) | (.64) |
| Net gain (loss) on investments (realized and unrealized) | 22.95 | 6.68 | 34.78 | (14.61) | 11.75 | 60.92 |
| Total from investment operations | 22.69 | 6.35 | 34.92 | (14.89) | 10.62 | 60.28 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.08) | (.58) |  |  |  |
| Net realized gains |  | (4.67) |  | (2.52) | (6.07) |  |
| Total distributions |  | (5.75) | (.58) | (2.52) | (6.07) |  |
| Net asset value, end of period | $155.89 | $133.20 | $132.60 | $98.26 | $115.67 | $111.12 |
| **Total Return<sup>c</sup>** | **17.03%** | **4.32%** | **35.65%** | **(12.86** **%)** | **9.16%** | **118.57%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1231 | $1485 | $1085 | $1003 | $1595 | $1932 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.38%) | (0.24%) | 0.13% | (0.28%) | (0.93%) | (0.81%) |
| Total expenses | 2.67% | 2.62% | 2.64% | 2.65% | 2.54% | 2.59% |
| Net expenses<sup>d</sup> | 2.57% | 2.53% | 2.55% | 2.61% | 2.54% | 2.59% |
| Portfolio turnover rate | 156% | 1015% | 552% | 516% | 197% | 172% |

---

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $160.93 | $158.04 | $116.21 | $135.28 | $128.11 | $58.19 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .38 | .85 | 1.02 | .63 | (.24) | (.08) |
| Net gain (loss) on investments (realized and unrealized) | 27.72 | 7.79 | 41.39 | (17.18) | 13.48 | 70.00 |
| Total from investment operations | 28.10 | 8.64 | 42.41 | (16.55) | 13.24 | 69.92 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.08) | (.58) |  |  |  |
| Net realized gains |  | (4.67) |  | (2.52) | (6.07) |  |
| Total distributions |  | (5.75) | (.58) | (2.52) | (6.07) |  |
| Net asset value, end of period | $189.03 | $160.93 | $158.04 | $116.21 | $135.28 | $128.11 |
| **Total Return** | **17.46%** | **5.09%** | **36.63%** | **(12.25** **%)** | **10.00%** | **120.16%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $25723 | $40460 | $47204 | $22506 | $27732 | $46513 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.45% | 0.52% | 0.79% | 0.54% | (0.17%) | (0.09%) |
| Total expenses | 1.92% | 1.87% | 1.93% | 1.91% | 1.79% | 1.84% |
| Net expenses<sup>d</sup> | 1.82% | 1.77% | 1.85% | 1.87% | 1.79% | 1.84% |
| Portfolio turnover rate | 156% | 1015% | 552% | 516% | 197% | 172% |

---

<sup>a</sup> Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.

<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) | September 30, 2025 |
| **INVERSE DOW 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 18.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 18.7%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 18.7%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>1,2</sup> | $750000 | $743717 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 26000 | 25962 |
| **Total U.S. Treasury Bills** |  |  |
| (Cost $769,652) |  | 769679 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 79.5%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 79.5%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 79.5%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 1910804 | 1910804 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 1374949 | 1374949 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,285,753) |  | 3285753 |
| **Total Investments - 98.2%** | **Total Investments - 98.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,055,405) | &nbsp;&nbsp;&nbsp;(Cost $4,055,405) | $4055432 |
| **Other Assets & Liabilities, net - 1.8%** | **Other Assets & Liabilities, net - 1.8%** | 76432 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $4131864 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** | **Equity Futures Contracts Sold Short<sup>†</sup>** |
| Dow Jones Industrial Average Mini Futures Contracts | 3 | Dec 2025 | $700275 | $(4656) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.59% (Federal Funds Rate + 0.50%) | At Maturity | 11/20/25 | 40 | $1862829 | $(11102) |
| Barclays Bank plc | Dow Jones Industrial Average | Receive | 4.73% (SOFR + 0.60%) | At Maturity | 11/20/25 | 123 | 5701939 | (26068) |
|  |  |  |  |  |  |  | $7564768 | $(37170) |

---

---

| | |
|:---|:---|
| \*\* | &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 September 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 September 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. |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INVERSE DOW 2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at September 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 | $— | $769679 | $— | $769679 |
| Repurchase Agreements |  | 3285753 |  | 3285753 |
| Total Assets | $— | $4055432 | $— | $4055432 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $4656 | $— | $— | $4656 |
| Equity Index Swap Agreements\*\* |  | 37170 |  | 37170 |
| Total Liabilities | $4656 | $37170 | $— | $41826 |

---

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

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

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

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $769,652) | $769679 |
| Repurchase agreements, at value (cost $3,285,753) | 3285753 |
| Segregated cash with broker | 118250 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 55009 |
| &nbsp;&nbsp;&nbsp;Interest | 383 |
| **Total assets** | 4229074 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 37170 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 48451 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 2744 |
| &nbsp;&nbsp;&nbsp;Management fees | 2697 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1640 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1095 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 773 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 315 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 34 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2291 |
| **Total liabilities** | 97210 |
| **Net assets** | $4131864 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $55224987 |
| Total distributable earnings (loss) | (51093123) |
| Net assets | $4131864 |
| **Class A:** | **Class A:** |
| Net assets | $642889 |
| Capital shares outstanding | 5435 |
| Net asset value per share | $118.29 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $124.19 |
| **Class C:** | **Class C:** |
| Net assets | $39054 |
| Capital shares outstanding | 394 |
| Net asset value per share | $99.12 |
| **Class H:** | **Class H:** |
| Net assets | $3449921 |
| Capital shares outstanding | 29108 |
| Net asset value per share | $118.52 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $105197 |
| &nbsp;&nbsp;&nbsp;Total investment income | 105197 |
| **Expenses:** | **Expenses:** |
| Management fees | 19909 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 652 |
| &nbsp;&nbsp;&nbsp;Class C | 415 |
| &nbsp;&nbsp;&nbsp;Class H | 4777 |
| Transfer agent fees | 5140 |
| Portfolio accounting and administration fees | 4537 |
| Registration fees | 4505 |
| Professional fees | 646 |
| Interest expense | 429 |
| Trustees' fees\* | 304 |
| Custodian fees | 297 |
| Miscellaneous | 692 |
| &nbsp;&nbsp;&nbsp;Total expenses | 42303 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2211) |
| Net expenses | 40092 |
| Net investment income | 65105 |
| **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 | (1299160) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (23114) |
| Net realized loss | (1322280) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 7 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (114372) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1054) |
| Net change in unrealized appreciation (depreciation) | (115419) |
| Net realized and unrealized loss | (1437699) |
| **Net decrease in net assets resulting from operations** | $(1372594) |

---

\* 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.

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $65105 | $141930 |
| Net realized loss on investments | (1322280) | (1183360) |
| Net change in unrealized appreciation (depreciation) on investments | (115419) | 174867 |
| Net decrease in net assets resulting from operations | (1372594) | (866563 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (29295) |
| &nbsp;&nbsp;&nbsp;Class C |  | (6955) |
| &nbsp;&nbsp;&nbsp;Class H |  | (137716 |
| Total distributions to shareholders |  | (173966 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4471156 | 6465494 |
| &nbsp;&nbsp;&nbsp;Class C | 585467 | 383253 |
| &nbsp;&nbsp;&nbsp;Class H | 60559422 | 171886238 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 29280 |
| &nbsp;&nbsp;&nbsp;Class C |  | 6800 |
| &nbsp;&nbsp;&nbsp;Class H |  | 133753 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4470656) | (5952491) |
| &nbsp;&nbsp;&nbsp;Class C | (612219) | (437443) |
| &nbsp;&nbsp;&nbsp;Class H | (59687960) | (170924824 |
| Net increase from capital share transactions | 845210 | 1590060 |
| Net increase (decrease) in net assets | (527384) | 549531 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 4659248 | 4109717 |
| &nbsp;&nbsp;&nbsp;End of period | $4131864 | $4659248 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 30711 | 43355 |
| &nbsp;&nbsp;&nbsp;Class C | 4772 | 3055 |
| &nbsp;&nbsp;&nbsp;Class H | 455609 | 1149818 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 221 |
| &nbsp;&nbsp;&nbsp;Class C |  | 61 |
| &nbsp;&nbsp;&nbsp;Class H |  | 1007 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (31457) | (40133) |
| &nbsp;&nbsp;&nbsp;Class C | (5217) | (3543) |
| &nbsp;&nbsp;&nbsp;Class H | (451391) | (1147593 |
| Net increase in shares | 3027 | 6248 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 24, 2025.

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

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

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $146.38 | $160.98 | $216.70 | $217.48 | $266.97 | $743.47 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 2.09 | 5.01 | 7.10 | 1.50 | (3.50) | (1.30) |
| Net gain (loss) on investments (realized and unrealized) | (30.18) | (14.46) | (61.32) | (2.28) | (45.99) | (475.05) |
| Total from investment operations | (28.09) | (9.45) | (54.22) | (.78) | (49.49) | (476.35) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.15) | (1.50) |  |  | (.15) |
| Total distributions |  | (5.15) | (1.50) |  |  | (.15) |
| Net asset value, end of period | $118.29 | $146.38 | $160.98 | $216.70 | $217.48 | $266.97 |
| **Total Return<sup>c</sup>** | **(19.19** **%)** | **(5.55** **%)** | **(25.16** **%)** | **(0.37** **%)** | **(18.52** **%)** | **(64.07** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $643 | $905 | $441 | $948 | $629 | $387 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.02% | 3.33% | 3.55% | 0.64% | (1.56%) | (1.66%) |
| Total expenses | 1.90% | 1.85% | 1.85% | 2.03% | 1.77% | 1.85% |
| Net expenses<sup>d</sup> | 1.81% | 1.75% | 1.77% | 2.00% | 1.77% | 1.85% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $122.98 | $137.31 | $186.38 | $188.52 | $233.24 | $653.69 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.42 | 3.58 | 4.90 | (2.25) | (4.50) | (1.50) |
| Net gain (loss) on investments (realized and unrealized) | (25.28) | (12.76) | (52.47) | .11 <sup>f</sup> | (40.22) | (418.80) |
| Total from investment operations | (23.86) | (9.18) | (47.57) | (2.14) | (44.72) | (420.30) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.15) | (1.50) |  |  | (.15) |
| Total distributions |  | (5.15) | (1.50) |  |  | (.15) |
| Net asset value, end of period | $99.12 | $122.98 | $137.31 | $186.38 | $188.52 | $233.24 |
| **Total Return<sup>c</sup>** | **(19.40** **%)** | **(6.28** **%)** | **(25.71** **%)** | **(1.11** **%)** | **(19.19** **%)** | **(64.32** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $39 | $103 | $174 | $258 | $1380 | $259 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.37% | 2.77% | 2.86% | (1.10 %) | (2.33%) | (2.41%) |
| Total expenses | 2.67% | 2.55% | 2.59% | 2.72% | 2.52% | 2.59% |
| Net expenses<sup>d</sup> | 2.57% | 2.45% | 2.51% | 2.70% | 2.52% | 2.59% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $146.70 | $161.38 | $217.14 | $218.03 | $267.98 | $745.63 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.91 | 4.70 | 7.00 | 1.85 | (3.45) | (1.10) |
| Net gain (loss) on investments (realized and unrealized) | (30.09) | (14.23) | (61.26) | (2.74) | (46.50) | (476.40) |
| Total from investment operations | (28.18) | (9.53) | (54.26) | (.89) | (49.95) | (477.50) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.15) | (1.50) |  |  | (.15) |
| Total distributions |  | (5.15) | (1.50) |  |  | (.15) |
| Net asset value, end of period | $118.52 | $146.70 | $161.38 | $217.14 | $218.03 | $267.98 |
| **Total Return** | **(19.21** **%)** | **(5.58** **%)** | **(25.13** **%)** | **(0.41** **%)** | **(18.64** **%)** | **(64.04** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3450 | $3651 | $3495 | $3695 | $2653 | $2531 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.95% | 3.33% | 3.61% | 0.82% | (1.58%) | (1.66%) |
| Total expenses | 1.90% | 1.86% | 1.90% | 2.04% | 1.80% | 1.84% |
| Net expenses<sup>d</sup> | 1.80% | 1.76% | 1.82% | 2.01% | 1.80% | 1.84% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

<sup>a</sup> Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.

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

<sup>e</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 24, 2025.

<sup>f</sup> The amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 13

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 86.7%** | **COMMON STOCKS<sup>†</sup>** **- 86.7%** | **COMMON STOCKS<sup>†</sup>** **- 86.7%** |
| **Technology - 44.3%** | **Technology - 44.3%** | **Technology - 44.3%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 616229 | $114976007 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 188499 | 97633057 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 376340 | 95827454 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 197272 | 65082006 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 141892 | 25883939 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 101250 | 16381238 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 17404 | 11885366 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 69822 | 11682617 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 67319 | 11199189 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 78962 | 10573012 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 56721 | 10421349 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 49702 | 10175987 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 26466 | 9335881 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 273082 | 9161901 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 8233 | 8880114 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 15657 | 7677880 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 30693 | 7541270 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 17000 | 5971420 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 11545 | 5696187 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc. — Class A\* | 16466 | 5305510 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 5286 | 5117324 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 53787 | 4521873 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 13351 | 4241212 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 47807 | 4019612 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 15729 | 3581965 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 6714 | 3348205 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 13538 | 3259003 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 15610 | 3148537 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 11509 | 2973465 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* | 9714 | 2910897 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 20169 | 2872066 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 22436 | 2843987 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 33670 | 2162287 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 30471 | 2043690 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. — Class A\* | 10374 | 1656728 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 25515 | 1258145 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc.\* | 34625 | 1240960 |
| &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR\* | 8521 | 1205636 |
| **Total Technology** |  | 593696976 |
| **Communications - 24.0%** | **Communications - 24.0%** | **Communications - 24.0%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 270453 | 59383365 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 55003 | 40393103 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 147514 | 35860653 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 137700 | 33536835 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 26511 | 31784568 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 247065 | 16904187 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 70215 | 16808067 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 19193 | 13790938 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc. — Class A\* | 76142 | 11315463 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 2021 | 10911925 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 41733 | 8497674 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 3163 | 7391741 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 229768 | 7219310 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 25103 | 6827765 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR\* | 41672 | 5507788 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | 28118 | 4367569 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 26770 | 3250413 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 154464 | 3016682 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 8522 | 2344445 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. — Class A\* | 27805 | 1362723 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 8177 | 1302433 |
| **Total Communications** |  | 321777647 |
| **Consumer, Cyclical - 7.2%** | **Consumer, Cyclical - 7.2%** | **Consumer, Cyclical - 7.2%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 92428 | 41104580 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 27668 | 25610331 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 70919 | 5999747 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 52938 | 5707246 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 16936 | 4410812 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 71601 | 3511313 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 32761 | 3221062 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 20406 | 3109670 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 60327 | 2712905 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 7158 | 1273623 |
| **Total Consumer, Cyclical** |  | 96661289 |
| **Consumer, Non-cyclical - 7.1%** | **Consumer, Non-cyclical - 7.1%** | **Consumer, Non-cyclical - 7.1%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 85417 | 11995963 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 22365 | 10002299 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 33588 | 9478534 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 77414 | 8592954 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 25271 | 7417038 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 15996 | 6264673 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 25141 | 5160442 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 80729 | 5043140 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 60920 | 4100525 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 59606 | 3997178 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 6499 | 3654193 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 4991 | 3188700 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 36651 | 2811865 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 28587 | 2584551 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 8717 | 2192413 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 84753 | 2162049 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 28485 | 2139224 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 73845 | 1922924 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 24467 | 1646384 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 9147 | 1281312 |
| **Total Consumer, Non-cyclical** |  | 95636361 |
| **Industrial - 1.3%** | **Industrial - 1.3%** | **Industrial - 1.3%** |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 39611 | 8338115 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 116313 | 4130275 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 4897 | 3514283 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 13112 | 1845907 |
| **Total Industrial** |  | 17828580 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 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. | 19491 | $6413904 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 33366 | 3753675 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 36899 | 2975904 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 63013 | 2836215 |
| **Total Utilities** |  | 15979698 |
| **Basic Materials - 1.0%** | **Basic Materials - 1.0%** | **Basic Materials - 1.0%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 29255 | 13896125 |
| **Energy - 0.4%** | **Energy - 0.4%** | **Energy - 0.4%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 61509 | 2996719 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 18061 | 2584529 |
| **Total Energy** |  | 5581248 |
| **Financial - 0.2%** | **Financial - 0.2%** | **Financial - 0.2%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 26432 | 2230068 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $649,403,982) |  | 1163287992 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.5%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.5%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.5%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>1</sup> | 7200880 | 7200880 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,200,880) |  | 7200880 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 8.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 8.1%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.05% due 10/28/25<sup>2,3</sup> | $48000000 | 47854395 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | 33044000 | 32995798 |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>2,3</sup> | 14700000 | 14576842 |
| &nbsp;&nbsp;&nbsp;4.02% due 10/28/25<sup>2,3</sup> | 12000000 | 11963599 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>2,3</sup> | 500000 | 495811 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $107,882,885) |  | 107886445 |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 0.5%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 0.5%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 0.5%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.13% (SOFR, Rate Floor: 0.00%) due 01/09/26<sup>◊</sup> | 7000000 | 7000126 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,000,000) |  | 7000126 |
| **Total Investments - 95.8%** | **Total Investments - 95.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $771,487,747) | &nbsp;&nbsp;&nbsp;(Cost $771,487,747) | $1285375443 |
| **Other Assets & Liabilities, net - 4.2%** | **Other Assets & Liabilities, net - 4.2%** | 56218909 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1341594352 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 1431 | Dec 2025 | $712580760 | $9102527 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | NASDAQ-100 Index | Pay | 4.99% (Federal Funds Rate + 0.90%) | At Maturity | 11/20/25 | 10200 | $251725375 | $1799395 |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.69% (Federal Funds Rate + 0.60%) | At Maturity | 11/19/25 | 15876 | 391823053 | 1307759 |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 5.13% (SOFR + 1.00%) | At Maturity | 11/20/25 | 6674 | 164703221 | 1175942 |
|  |  |  |  |  |  |  | $808251649 | $4283096 |

---

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 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>◊</sup> | &nbsp;&nbsp;&nbsp;Variable rate security. Rate indicated is the rate effective at September 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 7-day yield as of September 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at September 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 September 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 September 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 | $1163287992 | $— | $— | $1163287992 |
| Money Market Fund | 7200880 |  |  | 7200880 |
| U.S. Treasury Bills |  | 107886445 |  | 107886445 |
| Federal Agency Notes |  | 7000126 |  | 7000126 |
| Equity Futures Contracts\*\* | 9102527 |  |  | 9102527 |
| Equity Index Swap Agreements\*\* |  | 4283096 |  | 4283096 |
| Total Assets | $1179591399 | $119169667 | $— | $1298761066 |

---

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

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

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

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $771,487,747) | $1285375443 |
| Cash | 6862420 |
| Segregated cash with broker | 19803584 |
| Unrealized appreciation on OTC swap agreements | 4283096 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 179901187 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1594806 |
| &nbsp;&nbsp;&nbsp;Dividends | 156905 |
| &nbsp;&nbsp;&nbsp;Interest | 69773 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 31115 |
| **Total assets** | 1498078329 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 92967716 |
| &nbsp;&nbsp;&nbsp;Securities purchased | 60141796 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 1086611 |
| &nbsp;&nbsp;&nbsp;Management fees | 917585 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 446762 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 258755 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 107052 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 11024 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 546676 |
| **Total liabilities** | 156483977 |
| **Net assets** | $1341594352 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $621093505 |
| Total distributable earnings (loss) | 720500847 |
| Net assets | $1341594352 |
| **Class A:** | **Class A:** |
| Net assets | $145512875 |
| Capital shares outstanding | 208880 |
| Net asset value per share | $696.63 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $731.37 |
| **Class C:** | **Class C:** |
| Net assets | $6825365 |
| Capital shares outstanding | 14010 |
| Net asset value per share | $487.18 |
| **Class H:** | **Class H:** |
| Net assets | $1189256112 |
| Capital shares outstanding | 1707746 |
| Net asset value per share | $696.39 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $6,992) | $3387408 |
| Interest | 3382230 |
| Income from securities lending, net | 530 |
| &nbsp;&nbsp;&nbsp;Total investment income | 6770168 |
| **Expenses:** | **Expenses:** |
| Management fees | 4828916 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 150958 |
| &nbsp;&nbsp;&nbsp;Class C | 27775 |
| &nbsp;&nbsp;&nbsp;Class H | 1183464 |
| Transfer agent fees | 1207800 |
| Portfolio accounting and administration fees | 1099916 |
| Registration fees | 981039 |
| Interest expense | 596056 |
| Professional fees | 160069 |
| Custodian fees | 72175 |
| Trustees' fees\* | 65895 |
| Line of credit fees | 143 |
| Miscellaneous | 193993 |
| &nbsp;&nbsp;&nbsp;Total expenses | 10568199 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (536541) |
| Expenses waived by Adviser | (142934) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (679475) |
| Net expenses | 9888724 |
| Net investment loss | (3118556) |
| **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 | 42597635 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 130997183 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 105267288 |
| Net realized gain | 278862106 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 176206405 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 24785783 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 18244934 |
| Net change in unrealized appreciation (depreciation) | 219237122 |
| Net realized and unrealized gain | 498099228 |
| **Net increase in net assets resulting from operations** | $494980672 |

---

\* 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 \| 17

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(3118556) | $(1199712) |
| Net realized gain on investments | 278862106 | 68058187 |
| Net change in unrealized appreciation (depreciation) on investments | 219237122 | (73942238) |
| Net increase (decrease) in net assets resulting from operations | 494980672 | (7083763) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (6755490) |
| &nbsp;&nbsp;&nbsp;Class C |  | (634331) |
| &nbsp;&nbsp;&nbsp;Class H |  | (71155885) |
| Total distributions to shareholders |  | (78545706) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 14323991 | 25606846 |
| &nbsp;&nbsp;&nbsp;Class C | 1103451 | 2004264 |
| &nbsp;&nbsp;&nbsp;Class H | 5104618553 | 8162398400 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 6582426 |
| &nbsp;&nbsp;&nbsp;Class C |  | 586442 |
| &nbsp;&nbsp;&nbsp;Class H |  | 68994557 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (18146662) | (36615890) |
| &nbsp;&nbsp;&nbsp;Class C | (1895611) | (5376749) |
| &nbsp;&nbsp;&nbsp;Class H | (5064617429) | (8336814395) |
| Net increase (decrease) from capital share transactions | 35386293 | (112634099) |
| Net increase (decrease) in net assets | 530366965 | (198263568) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 811227387 | 1009490955 |
| &nbsp;&nbsp;&nbsp;End of period | $1341594352 | $811227387 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 26043 | 48932 |
| &nbsp;&nbsp;&nbsp;Class C | 2850 | 5225 |
| &nbsp;&nbsp;&nbsp;Class H | 8938029 | 15277885 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 11233 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1423 |
| &nbsp;&nbsp;&nbsp;Class H |  | 117780 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (32447) | (70417) |
| &nbsp;&nbsp;&nbsp;Class C | (6009) | (13843) |
| &nbsp;&nbsp;&nbsp;Class H | (8799357) | (15726402) |
| Net increase (decrease) in shares | 129109 | (348184) |

---

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

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

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $451.71 | $471.20 | $267.88 | $386.62 | $336.16 | $141.52 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (1.60) | (.46) | (.94) | (1.30) | (4.89) | (3.18) |
| Net gain (loss) on investments (realized and unrealized) | 246.52 | 12.67 <sup>f</sup> | 204.26 | (117.44) | 83.35 | 227.34 |
| Total from investment operations | 244.92 | 12.21 | 203.32 | (118.74) | 78.46 | 224.16 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (31.70) |  |  | (28.00) | (29.52) |
| Total distributions |  | (31.70) |  |  | (28.00) | (29.52) |
| Net asset value, end of period | $696.63 | $451.71 | $471.20 | $267.88 | $386.62 | $336.16 |
| **Total Return<sup>c</sup>** | **54.22%** | **1.05%** | **75.90%** | **(30.71** **%)** | **21.73%** | **159.40%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $145513 | $97246 | $106273 | $62284 | $90897 | $79610 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.57%) | (0.09 %) | (0.26%) | (0.53%) | (1.17%) | (1.13%) |
| Total expenses<sup>d</sup> | 1.97% | 1.87% | 2.01% | 1.90% | 1.79% | 1.84% |
| Net expenses<sup>e</sup> | 1.84% | 1.74% | 1.90% | 1.87% | 1.79% | 1.84% |
| Portfolio turnover rate | 313% | 383% | 392% | 461% | 252% | 251% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $317.07 | $340.40 | $194.97 | $283.53 | $253.57 | $110.50 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (2.59) | (3.15) | (2.61) | (2.32) | (5.97) | (4.02) |
| Net gain (loss) on investments (realized and unrealized) | 172.70 | 11.52 <sup>f</sup> | 148.04 | (86.24) | 63.93 | 176.61 |
| Total from investment operations | 170.11 | 8.37 | 145.43 | (88.56) | 57.96 | 172.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (31.70) |  |  | (28.00) | (29.52) |
| Total distributions |  | (31.70) |  |  | (28.00) | (29.52) |
| Net asset value, end of period | $487.18 | $317.07 | $340.40 | $194.97 | $283.53 | $253.57 |
| **Total Return<sup>c</sup>** | **53.65%** | **0.31%** | **74.59%** | **(31.23** **%)** | **20.70%** | **157.42%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6825 | $5444 | $8294 | $7552 | $13760 | $15545 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.31%) | (0.84 %) | (1.03%) | (1.29%) | (1.92%) | (1.88%) |
| Total expenses<sup>d</sup> | 2.71% | 2.62% | 2.75% | 2.64% | 2.54% | 2.59% |
| Net expenses<sup>e</sup> | 2.59% | 2.50% | 2.65% | 2.61% | 2.54% | 2.59% |
| Portfolio turnover rate | 313% | 383% | 392% | 461% | 252% | 251% |

---

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

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $451.56 | $471.06 | $267.78 | $386.47 | $336.03 | $141.47 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (1.66) | (.58) | (.84) | (1.29) | (4.89) | (3.14) |
| Net gain (loss) on investments (realized and unrealized) | 246.49 | 12.78 <sup>f</sup> | 204.12 | (117.40) | 83.33 | 227.22 |
| Total from investment operations | 244.83 | 12.20 | 203.28 | (118.69) | 78.44 | 224.08 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (31.70) |  |  | (28.00) | (29.52) |
| Total distributions |  | (31.70) |  |  | (28.00) | (29.52) |
| Net asset value, end of period | $696.39 | $451.56 | $471.06 | $267.78 | $386.47 | $336.03 |
| **Total Return** | **54.22%** | **1.05%** | **75.91%** | **(30.71** **%)** | **21.73%** | **159.40%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1189256 | $708538 | $894924 | $489052 | $706126 | $566649 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.58%) | (0.11 %) | (0.23%) | (0.53%) | (1.17%) | (1.13%) |
| Total expenses<sup>d</sup> | 1.97% | 1.87% | 2.00% | 1.90% | 1.79% | 1.84% |
| Net expenses<sup>e</sup> | 1.84% | 1.74% | 1.89% | 1.87% | 1.79% | 1.84% |
| Portfolio turnover rate | 313% | 383% | 392% | 461% | 252% | 251% |

---

<sup>a</sup> Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.

<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 year does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 1.6%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 1.6%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 1.6%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>1</sup> | 210000 | $210000 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $210,000) |  | 210000 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 27.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 27.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 27.6%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>2,3</sup> | $3500000 | 3470677 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>2,3</sup> | 50000 | 49581 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,520,136) |  | 3520258 |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 24.4%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 24.4%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 24.4%** |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;4.13% (Fed Funds Effective Rate + 0.04%, Rate Floor: 0.00%) due 01/06/26<sup>◊</sup> | 1500000 | 1499911 |

---

---

| | | |
|:---|:---|:---|
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.18% (SOFR + 0.05%, Rate Floor: 0.00%) due 07/20/26<sup>◊</sup> | 1000000 | 1000149 |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.13% (SOFR + 0.00%, Rate Floor: 0.00%) due 01/09/26<sup>◊</sup> | 600000 | 600011 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,100,062) |  | 3100071 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 36.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 36.0%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 36.0%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 2672735 | 2672735 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 1923208 | 1923208 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,595,943) |  | 4595943 |
| **Total Investments - 89.6%** | **Total Investments - 89.6%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,426,141) | &nbsp;&nbsp;&nbsp;(Cost $11,426,141) | $11426272 |
| **Other Assets & Liabilities, net - 10.4%** | **Other Assets & Liabilities, net - 10.4%** | 1328102 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $12754374 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.49% (Federal Funds Rate + 0.40%) | At Maturity | 11/19/25 | 249 | $6136467 | $(23824) |
| BNP Paribas | NASDAQ-100 Index | Receive | 4.59% (Federal Funds Rate + 0.50%) | At Maturity | 11/20/25 | 152 | 3754915 | (26829) |
| Barclays Bank plc | NASDAQ-100 Index | Receive | 4.78% (SOFR + 0.65%) | At Maturity | 11/20/25 | 633 | 15616607 | (111643) |
|  |  |  |  |  |  |  | $25507989 | $(162296) |

---

---

| | |
|:---|:---|
| \*\*\* | &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;Variable rate security. Rate indicated is the rate effective at September 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 7-day yield as of September 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at September 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;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 \| 21

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at September 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** |
| Money Market Fund | $210000 | $— | $— | $210000 |
| U.S. Treasury Bills |  | 3520258 |  | 3520258 |
| Federal Agency Notes |  | 3100071 |  | 3100071 |
| Repurchase Agreements |  | 4595943 |  | 4595943 |
| Total Assets | $210000 | $11216272 | $— | $11426272 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 162296 | $– $| 162296 |

---

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

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

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

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $6,830,198) | $6830329 |
| Repurchase agreements, at value (cost $4,595,943) | 4595943 |
| Segregated cash with broker | 937285 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 964211 |
| &nbsp;&nbsp;&nbsp;Interest | 27326 |
| **Total assets** | 13355094 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 162296 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 401689 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 10137 |
| &nbsp;&nbsp;&nbsp;Management fees | 9665 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 5781 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2739 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1128 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 131 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 7154 |
| **Total liabilities** | 600720 |
| **Net assets** | $12754374 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $151777442 |
| Total distributable earnings (loss) | (139023068) |
| Net assets | $12754374 |
| **Class A:** | **Class A:** |
| Net assets | $1044166 |
| Capital shares outstanding | 11932 |
| Net asset value per share | $87.51 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $91.87 |
| **Class C:** | **Class C:** |
| Net assets | $86399 |
| Capital shares outstanding | 1209 |
| Net asset value per share | $71.46 |
| **Class H:** | **Class H:** |
| Net assets | $11623809 |
| Capital shares outstanding | 132624 |
| Net asset value per share | $87.64 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $950086 |
| &nbsp;&nbsp;&nbsp;Total investment income | 950086 |
| **Expenses:** | **Expenses:** |
| Management fees | 173629 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1048 |
| &nbsp;&nbsp;&nbsp;Class C | 502 |
| &nbsp;&nbsp;&nbsp;Class H | 47059 |
| Transfer agent fees | 46998 |
| Portfolio accounting and administration fees | 39550 |
| Registration fees | 39157 |
| Interest expense | 32416 |
| Professional fees | 4043 |
| Custodian fees | 3679 |
| Trustees' fees\* | 1993 |
| Line of credit fees | 546 |
| Miscellaneous | 6481 |
| &nbsp;&nbsp;&nbsp;Total expenses | 397101 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (19291) |
| Net expenses | 377810 |
| Net investment income | 572276 |
| **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 | (237) |
| &nbsp;&nbsp;&nbsp;Swap agreements | 440111 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 1733734 |
| Net realized gain | 2173608 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 153 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (1177542) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (49377) |
| Net change in unrealized appreciation (depreciation) | (1226766) |
| Net realized and unrealized gain | 946842 |
| **Net increase in net assets resulting from operations** | $1519118 |

---

\* 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 \| 23

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

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $572276 | $1103981 |
| Net realized gain (loss) on investments | 2173608 | (26995083) |
| Net change in unrealized appreciation (depreciation) on investments | (1226766) | 1064537 |
| Net increase (decrease) in net assets resulting from operations | 1519118 | (24826565 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (42658) |
| &nbsp;&nbsp;&nbsp;Class C |  | (15685) |
| &nbsp;&nbsp;&nbsp;Class H |  | (911112 |
| Total distributions to shareholders |  | (969455 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 5674618 | 9471123 |
| &nbsp;&nbsp;&nbsp;Class C | 659628 | 2647920 |
| &nbsp;&nbsp;&nbsp;Class H | 1411307797 | 2714968196 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 42658 |
| &nbsp;&nbsp;&nbsp;Class C |  | 15685 |
| &nbsp;&nbsp;&nbsp;Class H |  | 867346 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6083243) | (8435243) |
| &nbsp;&nbsp;&nbsp;Class C | (672895) | (2711541) |
| &nbsp;&nbsp;&nbsp;Class H | (1415600906) | (2689533167 |
| Net increase (decrease) from capital share transactions | (4715001) | 27332977 |
| Net increase (decrease) in net assets | (3195883) | 1536957 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 15950257 | 14413300 |
| &nbsp;&nbsp;&nbsp;End of period | $12754374 | $15950257 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 50779 | 61061 |
| &nbsp;&nbsp;&nbsp;Class C | 6346 | 20193 |
| &nbsp;&nbsp;&nbsp;Class H | 11123578 | 17947232 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 349 |
| &nbsp;&nbsp;&nbsp;Class C |  | 156 |
| &nbsp;&nbsp;&nbsp;Class H |  | 7092 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (51152) | (54071) |
| &nbsp;&nbsp;&nbsp;Class C | (6149) | (21036) |
| &nbsp;&nbsp;&nbsp;Class H | (11082779) | (17936148 |
| Net increase in shares | 40623 | 24828 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:10 reverse share split effective February 24, 2025.

24 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>g</sup>** | **Year Ended <br> March 31, <br> 2024<sup>g</sup>** | **Year Ended <br> March 31, <br> 2023<sup>g</sup>** | **Year Ended <br> March 31, <br> 2022<sup>g</sup>** | **Year Ended <br> March 31, <br> 2021<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 | $151.88 | $179.64 | $343.99 | $342.79 | $518.00 | $1850.65 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.77 | 5.73 | 10.50 | .90 | (5.80) | (4.80) |
| Net gain (loss) on investments (realized and unrealized) | (66.14)<sup>f</sup> | (25.70) | (165.35) | .30 | (169.41)<sup>f</sup> | (1326.45) |
| Total from investment operations | (64.37) | (19.97) | (154.85) | 1.20 | (175.21) | (1331.25) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (7.79) | (9.50) |  |  | (1.40) |
| Total distributions |  | (7.79) | (9.50) |  |  | (1.40) |
| Net asset value, end of period | $87.51 | $151.88 | $179.64 | $343.99 | $342.79 | $518.00 |
| **Total Return<sup>c</sup>** | **(42.38** **%)** | **(10.05** **%)** | **(45.56** **%)** | **0.35%** | **(33.82** **%)** | **(71.95** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1044 | $1869 | $892 | $1061 | $617 | $301 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.21% | 3.75% | 4.26% | 0.20% | (1.58 %) | (1.69%) |
| Total expenses<sup>d</sup> | 2.38% | 1.99% | 1.83% | 3.02% | 1.78% | 1.81% |
| Net expenses<sup>e</sup> | 2.28% | 1.90% | 1.75% | 2.98% | 1.78% | 1.81% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>g</sup>** | **Year Ended <br> March 31, <br> 2024<sup>g</sup>** | **Year Ended <br> March 31, <br> 2023<sup>g</sup>** | **Year Ended <br> March 31, <br> 2022<sup>g</sup>** | **Year Ended <br> March 31, <br> 2021<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 | $124.55 | $150.52 | $292.65 | $293.70 | $447.39 | $1611.27 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.34 | 3.86 | 7.70 | (1.90) | (7.80) | (4.80) |
| Net gain (loss) on investments (realized and unrealized) | (54.43)<sup>f</sup> | (22.04) | (140.33) | .85 | (145.89)<sup>f</sup> | (1157.68) |
| Total from investment operations | (53.09) | (18.18) | (132.63) | (1.05) | (153.69) | (1162.48) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (7.79) | (9.50) |  |  | (1.40) |
| Total distributions |  | (7.79) | (9.50) |  |  | (1.40) |
| Net asset value, end of period | $71.46 | $124.55 | $150.52 | $292.65 | $293.70 | $447.39 |
| **Total Return<sup>c</sup>** | **(42.63** **%)** | **(10.86** **%)** | **(45.95** **%)** | **(0.34** **%)** | **(34.35** **%)** | **(72.15** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $86 | $126 | $256 | $263 | $158 | $237 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.02% | 2.95% | 3.56% | (0.52%) | (2.32 %) | (2.44%) |
| Total expenses<sup>d</sup> | 3.07% | 2.73% | 2.58% | 3.80% | 2.52% | 2.55% |
| Net expenses<sup>e</sup> | 2.96% | 2.63% | 2.50% | 3.76% | 2.52% | 2.55% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 25

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

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>g</sup>** | **Year Ended <br> March 31, <br> 2024<sup>g</sup>** | **Year Ended <br> March 31, <br> 2023<sup>g</sup>** | **Year Ended <br> March 31, <br> 2022<sup>g</sup>** | **Year Ended <br> March 31, <br> 2021<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 | $151.98 | $180.12 | $344.61 | $343.34 | $518.34 | $1851.26 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.89 | 5.11 | 10.40 | .40 | (6.30) | (3.60) |
| Net gain (loss) on investments (realized and unrealized) | (66.23)<sup>f</sup> | (25.46) | (165.39) | .87 | (168.70)<sup>f</sup> | (1327.92) |
| Total from investment operations | (64.34) | (20.35) | (154.99) | 1.27 | (175.00) | (1331.52) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (7.79) | (9.50) |  |  | (1.40) |
| Total distributions |  | (7.79) | (9.50) |  |  | (1.40) |
| Net asset value, end of period | $87.64 | $151.98 | $180.12 | $344.61 | $343.34 | $518.34 |
| **Total Return** | **(42.33** **%)** | **(10.24** **%)** | **(45.51** **%)** | **0.38%** | **(33.76** **%)** | **(71.93** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $11624 | $13955 | $13266 | $19548 | $12931 | $6190 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.96% | 3.40% | 4.09% | 0.09% | (1.70 %) | (1.70%) |
| Total expenses<sup>d</sup> | 2.05% | 1.89% | 1.85% | 2.53% | 1.81% | 1.85% |
| Net expenses<sup>e</sup> | 1.95% | 1.79% | 1.77% | 2.49% | 1.81% | 1.85% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

<sup>a</sup> Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.

<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 year does not agree with the aggregate net gain on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

 <sup>g</sup> Reverse share split — Per share amounts have been restated to reflect a 1:10 reverse share split effective February 24, 2025.

26 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 31.7%** | **COMMON STOCKS<sup>†</sup>** **- 31.7%** | **COMMON STOCKS<sup>†</sup>** **- 31.7%** |
| **Financial - 7.5%** | **Financial - 7.5%** | **Financial - 7.5%** |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 367 | $43434 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 1771 | 38873 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 1066 | 36969 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc. — Class A | 363 | 36746 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 944 | 35438 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.\* | 1879 | 34311 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 805 | 33818 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* | 1763 | 33550 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 493 | 31335 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 88 | 30535 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. REIT | 1005 | 29909 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 604 | 29397 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. REIT | 517 | 29340 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. REIT | 312 | 27952 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 435 | 27235 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 953 | 26970 |
| &nbsp;&nbsp;&nbsp;Moelis & Co. — Class A | 376 | 26816 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 716 | 26642 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 2453 | 26002 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 721 | 25444 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* | 1408 | 25259 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 308 | 24970 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust REIT | 1117 | 24909 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 686 | 24847 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 335 | 24559 |
| &nbsp;&nbsp;&nbsp;Macerich Co. REIT | 1284 | 23369 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* | 231 | 23313 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 275 | 23279 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. — Class A | 353 | 23054 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 680 | 22882 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 1202 | 22405 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Company, Inc. REIT | 639 | 21937 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. REIT | 363 | 21711 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\* | 426 | 21641 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 841 | 21622 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 261 | 21018 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc. — Class A | 116 | 20617 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.\* | 1403 | 20343 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. REIT | 1187 | 19455 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 230 | 19442 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 615 | 19280 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 487 | 19261 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. REIT | 565 | 19120 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 276 | 18975 |
| &nbsp;&nbsp;&nbsp;Compass, Inc. — Class A\* | 2325 | 18670 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc\* | 1171 | 18642 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | 606 | 18604 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. REIT | 234 | 18603 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. — Class A\* | 2083 | 18539 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 148 | 18334 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | 994 | 18041 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 817 | 18015 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 1536 | 17741 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 477 | 17597 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc. — Class A | 1828 | 17293 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.\* | 230 | 17225 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 923 | 17195 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 248 | 17154 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. REIT | 959 | 17137 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.\* | 1340 | 16871 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties REIT | 576 | 16739 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.\* | 476 | 16570 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.\* | 1435 | 16388 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 341 | 16371 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. REIT | 396 | 16137 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | 268 | 15716 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.\* | 133 | 15528 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 479 | 15294 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 283 | 15262 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. — Class A\* | 395 | 15144 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. — Class A REIT | 822 | 15133 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.\* | 281 | 15042 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 125 | 14663 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc. — Class A | 786 | 14659 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 382 | 14577 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc. — Class A | 224 | 14506 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. — Class A | 449 | 14310 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 168 | 14048 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.\* | 122 | 14041 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc. — Class A | 319 | 13845 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. — Class A | 717 | 13745 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 1132 | 13595 |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust REIT | 673 | 13561 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 106 | 13404 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust REIT | 1487 | 13324 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties REIT | 649 | 13285 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 236 | 13162 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 430 | 13085 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 199 | 13062 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. REIT | 704 | 12897 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. REIT | 826 | 12861 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 674 | 12745 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 657 | 12667 |
| &nbsp;&nbsp;&nbsp;TowneBank | 361 | 12480 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. REIT | 509 | 12420 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 486 | 12271 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 75 | 12190 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | 399 | 12086 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. REIT | 973 | 11880 |
| &nbsp;&nbsp;&nbsp;Burford Capital Ltd. | 979 | 11709 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | 210 | 11705 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 137 | 11615 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 290 | 11484 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 174 | 11397 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. REIT | 398 | 11391 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | 295 | 11121 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. REIT | 497 | 11083 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 261 | 10899 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 27

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;First BanCorp Puerto Rico | 206 | $10895 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 187 | 10842 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 649 | 10741 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 142 | 10411 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. — Class A\* | 359 | 10127 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | 437 | 10117 |
| &nbsp;&nbsp;&nbsp;Beacon Financial Corp. | 425 | 10081 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 52 | 9980 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.\* | 151 | 9871 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 226 | 9829 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | 194 | 9599 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd.\* | 523 | 9461 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 208 | 9395 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | 134 | 9379 |
| &nbsp;&nbsp;&nbsp;Dave, Inc.\* | 47 | 9369 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | 69 | 9281 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 140 | 9185 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 741 | 9181 |
| &nbsp;&nbsp;&nbsp;Marex Group plc | 272 | 9145 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. — Class A | 122 | 9079 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 211 | 9056 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 270 | 9053 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital Ltd. — Class A | 905 | 9050 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. REIT | 963 | 9023 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 120 | 8881 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 517 | 8815 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 71 | 8795 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.\* | 578 | 8780 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. REIT | 480 | 8669 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.\* | 182 | 8656 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. REIT | 232 | 8551 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 614 | 8535 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | 562 | 8396 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. REIT | 1043 | 8302 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. REIT | 1008 | 8195 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.\* | 189 | 8180 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 127 | 8153 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc. — Class A | 65 | 8150 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc. REIT | 657 | 8075 |
| &nbsp;&nbsp;&nbsp;Farmer Mac — Class C | 47 | 7895 |
| &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group — Class A\* | 458 | 7827 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. REIT | 142 | 7608 |
| &nbsp;&nbsp;&nbsp;Elme Communities REIT | 449 | 7570 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 226 | 7553 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. — Class A | 193 | 7458 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 195 | 7330 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 240 | 7282 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | 185 | 7265 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. REIT | 713 | 7223 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.\* | 66 | 7139 |
| &nbsp;&nbsp;&nbsp;Sila Realty Trust, Inc. REIT | 284 | 7128 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. REIT | 265 | 7110 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties REIT | 316 | 7031 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. REIT | 500 | 6860 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust REIT | 600 | 6834 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 153 | 6795 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. REIT | 372 | 6767 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | 311 | 6630 |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 136 | 6550 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 596 | 6419 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. — Class A REIT | 583 | 6361 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 84 | 6354 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | 180 | 6340 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 33 | 6271 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 125 | 6249 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.\* | 260 | 6237 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. REIT\* | 953 | 6233 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. REIT | 403 | 6126 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. REIT | 471 | 6114 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 203 | 6055 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | 243 | 6029 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | 158 | 5947 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. REIT | 398 | 5910 |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | 94 | 5787 |
| &nbsp;&nbsp;&nbsp;Piedmont Realty Trust, Inc. — Class A REIT\* | 634 | 5706 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.\* | 114 | 5705 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.\* | 538 | 5697 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. — Class B\* | 229 | 5679 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 148 | 5674 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | 46 | 5580 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust REIT | 445 | 5456 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust REIT | 757 | 5450 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc. — Class A REIT | 704 | 5393 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. REIT | 265 | 5385 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. | 294 | 5383 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. REIT | 406 | 5367 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | 178 | 5338 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management Co. — Class A REIT | 673 | 5337 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 294 | 5336 |
| &nbsp;&nbsp;&nbsp;Preferred Bank/Los Angeles CA | 59 | 5333 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 75 | 5302 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. REIT | 533 | 5261 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | 152 | 5247 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 123 | 5225 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. REIT\* | 1880 | 5189 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 617 | 5134 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 292 | 5130 |
| &nbsp;&nbsp;&nbsp;Centerspace REIT | 86 | 5065 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust REIT | 1120 | 4939 |
| &nbsp;&nbsp;&nbsp;Root, Inc. — Class A\* | 54 | 4834 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. REIT | 525 | 4825 |
| &nbsp;&nbsp;&nbsp;Bit Digital, Inc.\* | 1608 | 4824 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.\* | 115 | 4800 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | 445 | 4744 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 209 | 4667 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. REIT | 203 | 4655 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 351 | 4616 |

---

28 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 69 | $4568 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. REIT | 418 | 4539 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc. REIT | 647 | 4535 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 81 | 4532 |
| &nbsp;&nbsp;&nbsp;Patria Investments Ltd. — Class A | 307 | 4482 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. REIT | 286 | 4430 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 147 | 4413 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 255 | 4408 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 158 | 4381 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | 69 | 4257 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 97 | 4252 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 174 | 4209 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 132 | 4198 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 147 | 4153 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 136 | 4126 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | 106 | 4015 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 628 | 3988 |
| &nbsp;&nbsp;&nbsp;Brookfield Business Corp. — Class A | 118 | 3957 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 678 | 3926 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 38 | 3806 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 153 | 3778 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. REIT | 115 | 3705 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.\* | 57 | 3690 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 36 | 3674 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust REIT | 878 | 3661 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 81 | 3645 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | 189 | 3642 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 122 | 3581 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. REIT | 658 | 3573 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | 222 | 3554 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 143 | 3461 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corporation NY | 95 | 3449 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | 46 | 3442 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 145 | 3423 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 130 | 3419 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 109 | 3408 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 82 | 3357 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | 86 | 3319 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings, Inc.\* | 91 | 3291 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. REIT | 850 | 3289 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | 58 | 3274 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 107 | 3255 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 119 | 3231 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | 95 | 3228 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 103 | 3190 |
| &nbsp;&nbsp;&nbsp;NB Bancorp, Inc. | 179 | 3159 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc. — Class A | 43 | 3107 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.\* | 201 | 3103 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. REIT | 560 | 3074 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 306 | 3039 |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc. REIT | 434 | 3025 |
| &nbsp;&nbsp;&nbsp;P10, Inc. — Class A | 277 | 3014 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. REIT | 349 | 2987 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | 71 | 2967 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | 102 | 2921 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc. — Class A | 71 | 2890 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 142 | 2871 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. REIT | 233 | 2871 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.\* | 114 | 2871 |
| &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings Ltd. — Class A\* | 78 | 2863 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. REIT | 408 | 2860 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. REIT | 93 | 2844 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 98 | 2832 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT — Class B | 230 | 2824 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | 80 | 2784 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | 100 | 2769 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | 101 | 2747 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc. — Class A | 226 | 2728 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 44 | 2695 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | 186 | 2680 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc. | 195 | 2652 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | 74 | 2644 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. REIT | 291 | 2619 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust REIT | 66 | 2585 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. REIT | 11 | 2579 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 157 | 2576 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | 80 | 2576 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 49 | 2575 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 66 | 2551 |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | 115 | 2546 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. REIT | 336 | 2540 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. REIT | 155 | 2526 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.\* | 66 | 2506 |
| &nbsp;&nbsp;&nbsp;Firstsun Capital Bancorp\* | 64 | 2483 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust REIT | 188 | 2467 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | 112 | 2426 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | 84 | 2377 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | 83 | 2348 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 77 | 2345 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc. REIT | 212 | 2307 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. REIT | 256 | 2307 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. — Class A | 120 | 2300 |
| &nbsp;&nbsp;&nbsp;ACNB Corp. | 52 | 2290 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services Corp. | 47 | 2285 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc.\* | 117 | 2271 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings\* | 343 | 2271 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc. — Class A\* | 211 | 2270 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 192 | 2266 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | 164 | 2265 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 82 | 2263 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.\* | 541 | 2261 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties REIT | 76 | 2254 |
| &nbsp;&nbsp;&nbsp;Guaranty Bancshares, Inc. | 46 | 2243 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.\* | 13 | 2199 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | 65 | 2198 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.\* | 81 | 2190 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure, Inc. | 498 | 2171 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. REIT | 140 | 2142 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust REIT | 788 | 2135 |
| &nbsp;&nbsp;&nbsp;Slide Insurance Holdings, Inc.\* | 135 | 2131 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc. | 73 | 2114 |
| &nbsp;&nbsp;&nbsp;Hingham Institution For Savings | 8 | 2110 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 29

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | 41 | $2102 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc.\* | 139 | 2086 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. REIT | 94 | 2079 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. REIT | 63 | 2008 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.\* | 143 | 1998 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | 292 | 1918 |
| &nbsp;&nbsp;&nbsp;California BanCorp\* | 115 | 1918 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | 60 | 1914 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | 35 | 1901 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. | 7 | 1875 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.\* | 106 | 1866 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 64 | 1850 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | 47 | 1831 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 75 | 1821 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 13 | 1820 |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc.\* | 218 | 1818 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | 37 | 1808 |
| &nbsp;&nbsp;&nbsp;GBank Financial Holdings, Inc.\* | 46 | 1806 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc.\* | 324 | 1805 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | 105 | 1800 |
| &nbsp;&nbsp;&nbsp;First Bank/Hamilton NJ | 110 | 1792 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc. — Class A REIT | 114 | 1789 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | 85 | 1771 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc.\* | 40 | 1765 |
| &nbsp;&nbsp;&nbsp;MBIA, Inc.\* | 233 | 1736 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re Ltd. — Class A\* | 135 | 1715 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp Incorporated/Archbold OH | 65 | 1626 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | 86 | 1613 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc. — Class A | 83 | 1609 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust REIT | 238 | 1597 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp. REIT | 174 | 1594 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | 36 | 1593 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust REIT | 273 | 1592 |
| &nbsp;&nbsp;&nbsp;Resolute Holdings Management, Inc.\* | 22 | 1587 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | 78 | 1584 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.\* | 27 | 1582 |
| &nbsp;&nbsp;&nbsp;West BanCorp, Inc. | 77 | 1565 |
| &nbsp;&nbsp;&nbsp;Claros Mortgage Trust, Inc. REIT\* | 471 | 1564 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares, Inc. | 24 | 1556 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | 53 | 1524 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | 76 | 1506 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | 59 | 1479 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group, Inc.\* | 100 | 1470 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | 86 | 1463 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | 58 | 1462 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. | 55 | 1444 |
| &nbsp;&nbsp;&nbsp;NewtekOne, Inc. | 126 | 1443 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.\* | 59 | 1437 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | 125 | 1424 |
| &nbsp;&nbsp;&nbsp;OppFi, Inc. | 124 | 1405 |
| &nbsp;&nbsp;&nbsp;Better Home & Finance Holding Co.\* | 25 | 1403 |
| &nbsp;&nbsp;&nbsp;Blue Ridge Bankshares, Inc.\* | 328 | 1387 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services, Inc. | 23 | 1386 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | 199 | 1385 |
| &nbsp;&nbsp;&nbsp;Selectquote, Inc.\* | 701 | 1374 |
| &nbsp;&nbsp;&nbsp;Onity Group, Inc.\* | 34 | 1359 |
| &nbsp;&nbsp;&nbsp;FS Bancorp, Inc. | 34 | 1357 |
| &nbsp;&nbsp;&nbsp;Kingsway Financial Services, Inc.\* | 92 | 1345 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp, Inc. | 63 | 1296 |
| &nbsp;&nbsp;&nbsp;loanDepot, Inc. — Class A\* | 416 | 1277 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp, Inc. | 64 | 1268 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp, Inc. | 38 | 1265 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial, Inc. | 81 | 1264 |
| &nbsp;&nbsp;&nbsp;Mechanics Bancorp — Class A\* | 94 | 1251 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc. — Class A | 79 | 1243 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp, Inc. | 49 | 1235 |
| &nbsp;&nbsp;&nbsp;FrontView REIT, Inc. | 90 | 1234 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. REIT | 270 | 1218 |
| &nbsp;&nbsp;&nbsp;Citizens, Inc.\* | 231 | 1213 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp.\* | 44 | 1210 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | 56 | 1176 |
| &nbsp;&nbsp;&nbsp;Abacus Global Management, Inc.\* | 204 | 1169 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 27 | 1165 |
| &nbsp;&nbsp;&nbsp;First United Corp. | 31 | 1140 |
| &nbsp;&nbsp;&nbsp;Western New England Bancorp, Inc. | 94 | 1129 |
| &nbsp;&nbsp;&nbsp;Chicago Atlantic Real Estate Finance, Inc. REIT | 88 | 1125 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | 107 | 1125 |
| &nbsp;&nbsp;&nbsp;Norwood Financial Corp. | 44 | 1118 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc Corp. | 37 | 1110 |
| &nbsp;&nbsp;&nbsp;Chemung Financial Corp. | 21 | 1103 |
| &nbsp;&nbsp;&nbsp;Paysign, Inc.\* | 175 | 1101 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp, Inc. | 51 | 1099 |
| &nbsp;&nbsp;&nbsp;FB Bancorp, Inc.\* | 91 | 1094 |
| &nbsp;&nbsp;&nbsp;Investar Holding Corp. | 47 | 1091 |
| &nbsp;&nbsp;&nbsp;C&F Financial Corp. | 16 | 1075 |
| &nbsp;&nbsp;&nbsp;First Community Corp. | 38 | 1072 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman, Inc.\* | 374 | 1070 |
| &nbsp;&nbsp;&nbsp;Sky Harbour Group Corp.\* | 108 | 1066 |
| &nbsp;&nbsp;&nbsp;Oportun Financial Corp.\* | 171 | 1055 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp, Inc. | 24 | 1052 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | 188 | 1043 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp, Inc. | 80 | 1038 |
| &nbsp;&nbsp;&nbsp;LCNB Corp. | 69 | 1034 |
| &nbsp;&nbsp;&nbsp;AG Mortgage Investment Trust, Inc. REIT | 142 | 1028 |
| &nbsp;&nbsp;&nbsp;Provident Bancorp, Inc.\* | 82 | 1027 |
| &nbsp;&nbsp;&nbsp;Jefferson Capital, Inc. | 59 | 1018 |
| &nbsp;&nbsp;&nbsp;Bank7 Corp. | 22 | 1018 |
| &nbsp;&nbsp;&nbsp;Oak Valley Bancorp | 35 | 986 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.\* | 42 | 967 |
| &nbsp;&nbsp;&nbsp;Franklin Financial Services Corp. | 21 | 966 |
| &nbsp;&nbsp;&nbsp;National Bankshares, Inc. | 32 | 942 |
| &nbsp;&nbsp;&nbsp;Virginia National Bankshares Corp. | 24 | 931 |
| &nbsp;&nbsp;&nbsp;Hawthorn Bancshares, Inc. | 30 | 931 |
| &nbsp;&nbsp;&nbsp;Northpointe Bancshares, Inc. | 54 | 922 |
| &nbsp;&nbsp;&nbsp;Ames National Corp. | 45 | 910 |
| &nbsp;&nbsp;&nbsp;First National Corp. | 40 | 907 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. REIT | 64 | 907 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | 40 | 897 |
| &nbsp;&nbsp;&nbsp;American Integrity Insurance Group, Inc.\* | 40 | 892 |
| &nbsp;&nbsp;&nbsp;Finwise Bancorp\* | 46 | 892 |

---

30 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Crawford & Co. — Class A | 83 | $| 888 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp\* | 97 |  | 882 |
| &nbsp;&nbsp;&nbsp;First Savings Financial Group, Inc. | 28 |  | 880 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings, Inc.\* | 52 |  | 879 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc. — Class A\* | 93 |  | 877 |
| &nbsp;&nbsp;&nbsp;Bakkt Holdings, Inc.\* | 26 |  | 875 |
| &nbsp;&nbsp;&nbsp;Seaport Entertainment Group, Inc.\* | 38 |  | 871 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.\* | 48 |  | 871 |
| &nbsp;&nbsp;&nbsp;Eagle Financial Services, Inc. | 23 |  | 870 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. REIT | 55 |  | 861 |
| &nbsp;&nbsp;&nbsp;Princeton Bancorp, Inc. | 27 |  | 860 |
| &nbsp;&nbsp;&nbsp;Medallion Financial Corp. | 83 |  | 838 |
| &nbsp;&nbsp;&nbsp;OP Bancorp | 60 |  | 835 |
| &nbsp;&nbsp;&nbsp;Kingstone Companies, Inc. | 56 |  | 823 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc. REIT | 301 |  | 822 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp, Inc. | 36 |  | 814 |
| &nbsp;&nbsp;&nbsp;CB Financial Services, Inc. | 24 |  | 797 |
| &nbsp;&nbsp;&nbsp;Citizens Community Bancorp, Inc. | 49 |  | 787 |
| &nbsp;&nbsp;&nbsp;LINKBANCORP, Inc. | 110 |  | 784 |
| &nbsp;&nbsp;&nbsp;First Capital, Inc. | 17 |  | 779 |
| &nbsp;&nbsp;&nbsp;AlTi Global, Inc.\* | 217 |  | 772 |
| &nbsp;&nbsp;&nbsp;Seven Hills Realty Trust REIT | 74 |  | 763 |
| &nbsp;&nbsp;&nbsp;MainStreet Bancshares, Inc. | 36 |  | 750 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp, Inc.\* | 57 |  | 744 |
| &nbsp;&nbsp;&nbsp;Meridian Corp. | 46 |  | 726 |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc.\* | 34 |  | 719 |
| &nbsp;&nbsp;&nbsp;BV Financial, Inc.\* | 44 |  | 709 |
| &nbsp;&nbsp;&nbsp;Modiv Industrial, Inc. REIT | 48 |  | 703 |
| &nbsp;&nbsp;&nbsp;Ohio Valley Banc Corp. | 19 |  | 703 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp, Inc. | 79 |  | 686 |
| &nbsp;&nbsp;&nbsp;BankFinancial Corp. | 57 |  | 686 |
| &nbsp;&nbsp;&nbsp;Security National Financial Corp. — Class A\* | 78 |  | 676 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust REIT | 180 |  | 664 |
| &nbsp;&nbsp;&nbsp;United Security Bancshares | 71 |  | 662 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp Montana, Inc. | 38 |  | 656 |
| &nbsp;&nbsp;&nbsp;ACRES Commercial Realty Corp. REIT\* | 31 |  | 656 |
| &nbsp;&nbsp;&nbsp;Richmond Mutual BanCorp, Inc. | 46 |  | 654 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple Company, Inc.\* | 35 |  | 652 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc. — Class A | 41 |  | 646 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina, Inc. | 21 |  | 644 |
| &nbsp;&nbsp;&nbsp;eHealth, Inc.\* | 147 |  | 634 |
| &nbsp;&nbsp;&nbsp;Ategrity Specialty Holdings LLC\* | 32 |  | 633 |
| &nbsp;&nbsp;&nbsp;Westwood Holdings Group, Inc. | 38 |  | 627 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. REIT | 387 |  | 619 |
| &nbsp;&nbsp;&nbsp;ECB Bancorp, Inc.\* | 39 |  | 619 |
| &nbsp;&nbsp;&nbsp;Landmark Bancorp Incorporated/Manhattan KS | 23 |  | 614 |
| &nbsp;&nbsp;&nbsp;SR Bancorp, Inc. | 40 |  | 604 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage REIT, Inc. | 63 |  | 590 |
| &nbsp;&nbsp;&nbsp;SB Financial Group, Inc. | 30 |  | 579 |
| &nbsp;&nbsp;&nbsp;Riverview Bancorp, Inc. | 104 |  | 558 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance, Inc. REIT | 39 |  | 553 |
| &nbsp;&nbsp;&nbsp;Finward Bancorp | 17 |  | 545 |
| &nbsp;&nbsp;&nbsp;Rithm Property Trust, Inc. REIT | 215 |  | 542 |
| &nbsp;&nbsp;&nbsp;Sunrise Realty Trust, Inc. REIT | 52 |  | 540 |
| &nbsp;&nbsp;&nbsp;Hanover Bancorp, Inc. | 24 |  | 539 |
| &nbsp;&nbsp;&nbsp;Finance of America Companies, Inc. — Class A\* | 23 |  | 516 |
| &nbsp;&nbsp;&nbsp;Sound Financial Bancorp, Inc. | 11 |  | 507 |
| &nbsp;&nbsp;&nbsp;CoastalSouth Bancshares, Inc.\* | 23 |  | 502 |
| &nbsp;&nbsp;&nbsp;CF Bankshares, Inc. | 20 |  | 479 |
| &nbsp;&nbsp;&nbsp;NI Holdings, Inc.\* | 35 |  | 475 |
| &nbsp;&nbsp;&nbsp;Lument Finance Trust, Inc. REIT | 233 |  | 471 |
| &nbsp;&nbsp;&nbsp;Union Bankshares, Inc. | 19 |  | 470 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors, Inc.\* | 10 |  | 461 |
| &nbsp;&nbsp;&nbsp;Strawberry Fields REIT, Inc. | 37 |  | 455 |
| &nbsp;&nbsp;&nbsp;Chain Bridge Bancorp, Inc. — Class A\* | 12 |  | 393 |
| &nbsp;&nbsp;&nbsp;Advanced Flower Capital, Inc. REIT | 93 |  | 356 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc.\* | 47 |  | 355 |
| &nbsp;&nbsp;&nbsp;Patriot National Bancorp, Inc.\* | 224 |  | 291 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. REIT | 71 |  | 270 |
| &nbsp;&nbsp;&nbsp;Rhinebeck Bancorp, Inc.\* | 23 |  | 261 |
| &nbsp;&nbsp;&nbsp;Mobile Infrastructure Corp.\* | 73 |  | 257 |
| &nbsp;&nbsp;&nbsp;Kestrel Group Ltd.\* | 9 |  | 246 |
| &nbsp;&nbsp;&nbsp;SWK Holdings Corp. | 16 |  | 233 |
| &nbsp;&nbsp;&nbsp;Siebert Financial Corp.\* | 72 |  | 210 |
| &nbsp;&nbsp;&nbsp;Vroom, Inc.\* | 5 |  | 135 |
| &nbsp;&nbsp;&nbsp;GoHealth, Inc. — Class A\* | 25 |  | 121 |
| &nbsp;&nbsp;&nbsp;American Realty Investors, Inc.\* | 7 |  | 117 |
| &nbsp;&nbsp;&nbsp;Logistic Properties of The Americas\* | 16 |  | 75 |
| **Total Financial** |  |  | 3405879 |
| **Consumer, Non-cyclical - 6.8%** | **Consumer, Non-cyclical - 6.8%** | **Consumer, Non-cyclical - 6.8%** | **Consumer, Non-cyclical - 6.8%** |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 284 |  | 49067 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 94 |  | 43114 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 790 |  | 41033 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 431 |  | 40846 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 604 |  | 37738 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 590 |  | 32426 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.\* | 216 |  | 32171 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.\* | 161 |  | 27690 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.\* | 179 |  | 27647 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG\* | 418 |  | 27091 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.\* | 264 |  | 26661 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 734 |  | 26516 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.\* | 339 |  | 25835 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.\* | 205 |  | 24897 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | 213 |  | 24891 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* | 296 |  | 24636 |
| &nbsp;&nbsp;&nbsp;Alkermes plc\* | 820 |  | 24600 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.\* | 393 |  | 24118 |
| &nbsp;&nbsp;&nbsp;StoneCo Ltd. — Class A\* | 1270 |  | 24016 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 833 |  | 23124 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\* | 283 |  | 23079 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 515 |  | 22439 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 126 |  | 22243 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 232 |  | 21831 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 610 |  | 21039 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 579 |  | 20856 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc. — Class A\* | 651 |  | 20532 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\* | 808 |  | 19958 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 31

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 294 | $19530 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 165 | 19249 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 457 | 19034 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 168 | 18850 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. — Class B | 16 | 18837 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc. — Class A\* | 217 | 18766 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc. — Class A\* | 981 | 18570 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 261 | 18265 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* | 174 | 17979 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 344 | 17644 |
| &nbsp;&nbsp;&nbsp;Marzetti Co. | 102 | 17624 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. — Class B\* | 97 | 17183 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 1172 | 17182 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.\* | 356 | 16903 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | 252 | 15725 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc.\* | 387 | 15538 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.\* | 414 | 15417 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.\* | 204 | 14955 |
| &nbsp;&nbsp;&nbsp;Indivior plc\* | 613 | 14779 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\* | 123 | 14755 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.\* | 581 | 14467 |
| &nbsp;&nbsp;&nbsp;LivaNova plc\* | 276 | 14457 |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 313 | 14436 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.\* | 255 | 14433 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.\* | 173 | 14203 |
| &nbsp;&nbsp;&nbsp;Metsera, Inc.\* | 270 | 14129 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.\* | 684 | 14015 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.\* | 474 | 14011 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc.\* | 205 | 13858 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.\* | 844 | 13757 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 69 | 13635 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.\* | 396 | 13595 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 629 | 13423 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.\* | 250 | 13240 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.\* | 275 | 13142 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.\* | 241 | 12792 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.\* | 87 | 12769 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | 596 | 12474 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.\* | 244 | 11892 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.\* | 478 | 11864 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.\* | 488 | 11844 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 314 | 11825 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.\* | 198 | 11767 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 590 | 11623 |
| &nbsp;&nbsp;&nbsp;Premier, Inc. — Class A | 417 | 11593 |
| &nbsp;&nbsp;&nbsp;Acuren Corp.\* | 869 | 11566 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 288 | 11560 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* | 306 | 11512 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc.\* | 285 | 11480 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.\* | 148 | 11458 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.\* | 762 | 11399 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.\* | 550 | 11192 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 1420 | 11190 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 328 | 11080 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 406 | 11047 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.\* | 92 | 10855 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.\* | 186 | 10849 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.\* | 450 | 10755 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc. — Class A\* | 1962 | 10359 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.\* | 546 | 10292 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.\* | 95 | 10235 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | 153 | 10234 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.\* | 346 | 10190 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 118 | 10149 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc. — Class A\* | 1171 | 9918 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.\* | 675 | 9801 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.\* | 268 | 9565 |
| &nbsp;&nbsp;&nbsp;Vita Coco Company, Inc.\* | 223 | 9471 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc.\* | 657 | 9435 |
| &nbsp;&nbsp;&nbsp;89bio, Inc.\* | 636 | 9349 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 106 | 9276 |
| &nbsp;&nbsp;&nbsp;GRAIL, Inc.\* | 156 | 9224 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 93 | 9149 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 184 | 9053 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc. — Class A\* | 1854 | 9048 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.\* | 292 | 8859 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 94 | 8723 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.\* | 247 | 8707 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.\* | 502 | 8670 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 334 | 8641 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* | 592 | 8608 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 87 | 8601 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.\* | 1421 | 8597 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.\* | 507 | 8594 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.\* | 394 | 8526 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 93 | 8519 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. — Class A | 210 | 8499 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.\* | 302 | 8498 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.\* | 717 | 8382 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.\* | 1544 | 8291 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.\* | 705 | 8256 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.\* | 194 | 8214 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.\* | 380 | 8178 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.\* | 1068 | 8106 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.\* | 598 | 8097 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.\* | 257 | 8088 |
| &nbsp;&nbsp;&nbsp;National Healthcare Corp. | 65 | 7898 |
| &nbsp;&nbsp;&nbsp;Harrow, Inc.\* | 161 | 7757 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.\* | 483 | 7752 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc.\* | 117 | 7731 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.\* | 767 | 7678 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.\* | 354 | 7639 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.\* | 262 | 7614 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 79 | 7591 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.\* | 38 | 7585 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.\* | 200 | 7584 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. — Class A\* | 255 | 7530 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | 159 | 7478 |
| &nbsp;&nbsp;&nbsp;Cidara Therapeutics, Inc.\* | 78 | 7469 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.\* | 229 | 7454 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.\* | 327 | 7436 |

---

32 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 570 | $7319 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.\* | 435 | 7286 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.\* | 177 | 7283 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.\* | 238 | 7247 |
| &nbsp;&nbsp;&nbsp;Celcuity, Inc.\* | 146 | 7212 |
| &nbsp;&nbsp;&nbsp;Alight, Inc. — Class A | 2200 | 7172 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 552 | 6983 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals plc\* | 456 | 6963 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.\* | 897 | 6934 |
| &nbsp;&nbsp;&nbsp;Biohaven Ltd.\* | 461 | 6920 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 33 | 6881 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 123 | 6872 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.\* | 71 | 6865 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.\* | 255 | 6852 |
| &nbsp;&nbsp;&nbsp;Novocure Ltd.\* | 518 | 6692 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.\* | 435 | 6692 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 167 | 6648 |
| &nbsp;&nbsp;&nbsp;Ardelyx, Inc.\* | 1203 | 6629 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.\* | 763 | 6615 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy, Inc. | 77 | 6541 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.\* | 589 | 6508 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc.\* | 163 | 6476 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 199 | 6440 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 1115 | 6367 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 121 | 6356 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 268 | 6333 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments Corp.\* | 2059 | 6301 |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc. — Class A\* | 538 | 6289 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.\* | 372 | 6261 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.\* | 764 | 6219 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.\* | 404 | 6218 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 223 | 6146 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.\* | 235 | 6056 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | 84 | 6037 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.\* | 208 | 5974 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.\* | 75 | 5965 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.\* | 208 | 5897 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 169 | 5868 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.\* | 565 | 5865 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.\* | 321 | 5858 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 163 | 5703 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 127 | 5629 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.\* | 348 | 5610 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.\* | 341 | 5531 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc. — Class A | 75 | 5217 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.\* | 522 | 5183 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 104 | 5176 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.\* | 256 | 5174 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.\* | 658 | 5080 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.\* | 189 | 5037 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.\* | 193 | 4923 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.\* | 305 | 4914 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.\* | 201 | 4912 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.\* | 209 | 4912 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | 342 | 4901 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.\* | 363 | 4864 |
| &nbsp;&nbsp;&nbsp;Cimpress plc\* | 77 | 4854 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.\* | 91 | 4823 |
| &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals, Inc.\* | 354 | 4811 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 351 | 4774 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.\* | 1273 | 4710 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 230 | 4683 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc. — Class A\* | 224 | 4664 |
| &nbsp;&nbsp;&nbsp;Dole plc | 338 | 4543 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc.\* | 384 | 4527 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp.\* | 122 | 4504 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.\* | 397 | 4490 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | 369 | 4483 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.\* | 376 | 4403 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 226 | 4375 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc.\* | 173 | 4363 |
| &nbsp;&nbsp;&nbsp;Herbalife Ltd.\* | 516 | 4355 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics, Inc.\* | 212 | 4340 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc.\* | 250 | 4270 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc.\* | 254 | 4257 |
| &nbsp;&nbsp;&nbsp;Tourmaline Bio, Inc.\* | 89 | 4257 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.\* | 297 | 4229 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.\* | 472 | 4224 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.\* | 359 | 4211 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.\* | 603 | 4209 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. — Class A | 104 | 4208 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | 298 | 4205 |
| &nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd.\* | 572 | 4187 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 341 | 4140 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.\* | 602 | 4094 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.\* | 278 | 4042 |
| &nbsp;&nbsp;&nbsp;Mercurity Fintech Holding, Inc.\* | 163 | 4007 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.\* | 224 | 3996 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.\* | 466 | 3924 |
| &nbsp;&nbsp;&nbsp;Beta Bionics, Inc.\* | 194 | 3855 |
| &nbsp;&nbsp;&nbsp;LENZ Therapeutics, Inc.\* | 82 | 3820 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc.\* | 328 | 3815 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.\* | 426 | 3791 |
| &nbsp;&nbsp;&nbsp;Geron Corp.\* | 2761 | 3783 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.\* | 195 | 3775 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | 90 | 3773 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma Ltd.\* | 188 | 3751 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc.\* | 676 | 3718 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp. — Class A | 152 | 3691 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp. — Class A\* | 274 | 3680 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.\* | 403 | 3567 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.\* | 151 | 3548 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.\* | 384 | 3548 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics, Inc.\* | 387 | 3541 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.\* | 675 | 3524 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.\* | 293 | 3516 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc.\* | 89 | 3513 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.\* | 1073 | 3509 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp.\* | 772 | 3505 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc.\* | 1275 | 3481 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.\* | 495 | 3470 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.\* | 47 | 3440 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 33

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.\* | 464 | $3355 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 233 | 3313 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.\* | 145 | 3302 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc.\* | 83 | 3266 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. — Class A | 72 | 3207 |
| &nbsp;&nbsp;&nbsp;Rezolute, Inc.\* | 341 | 3205 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.\* | 166 | 3122 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.\* | 225 | 3089 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.\* | 363 | 3049 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.\* | 99 | 3031 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 42 | 2989 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.\* | 304 | 2976 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd.\* | 117 | 2948 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.\* | 198 | 2899 |
| &nbsp;&nbsp;&nbsp;ClearPoint Neuro, Inc.\* | 133 | 2898 |
| &nbsp;&nbsp;&nbsp;Ginkgo Bioworks Holdings, Inc.\* | 198 | 2887 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc.\* | 1173 | 2886 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.\* | 1845 | 2860 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.\* | 488 | 2860 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.\* | 194 | 2856 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.\* | 335 | 2854 |
| &nbsp;&nbsp;&nbsp;Eton Pharmaceuticals, Inc.\* | 131 | 2847 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 1307 | 2836 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.\* | 193 | 2818 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc.\* | 280 | 2814 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc.\* | 369 | 2771 |
| &nbsp;&nbsp;&nbsp;Performant Healthcare, Inc.\* | 358 | 2767 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics, Inc.\* | 174 | 2747 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc.\* | 167 | 2734 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | 152 | 2731 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 91 | 2728 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.\* | 172 | 2721 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics, Inc.\* | 1018 | 2698 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.\* | 506 | 2697 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics, Inc.\* | 90 | 2673 |
| &nbsp;&nbsp;&nbsp;Oruka Therapeutics, Inc.\* | 139 | 2673 |
| &nbsp;&nbsp;&nbsp;Vestis Corp.\* | 588 | 2664 |
| &nbsp;&nbsp;&nbsp;Zimvie, Inc.\* | 140 | 2652 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.\* | 228 | 2636 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics, Inc.\* | 277 | 2634 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 65 | 2600 |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. — Class A\* | 99 | 2597 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc.\* | 216 | 2596 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.\* | 454 | 2592 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.\* | 209 | 2592 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.\* | 367 | 2587 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 40 | 2571 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics, Inc.\* | 99 | 2567 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.\* | 90 | 2550 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio, Inc.\* | 968 | 2546 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.\* | 215 | 2531 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.\* | 765 | 2517 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp. — Class A\* | 23 | 2483 |
| &nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc.\* | 266 | 2482 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics, Inc.\* | 439 | 2454 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | 62 | 2438 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 128 | 2433 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc.\* | 275 | 2426 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.\* | 107 | 2418 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.\* | 680 | 2414 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.\* | 129 | 2377 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc.\* | 192 | 2339 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.\* | 239 | 2306 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 126 | 2303 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.\* | 160 | 2272 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | 86 | 2214 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.\* | 198 | 2212 |
| &nbsp;&nbsp;&nbsp;Palvella Therapeutics, Inc.\* | 35 | 2194 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma, Inc.\* | 117 | 2159 |
| &nbsp;&nbsp;&nbsp;Paysafe Ltd.\* | 166 | 2145 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.\* | 662 | 2125 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.\* | 71 | 2122 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.\* | 236 | 2093 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.\* | 600 | 2082 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.\* | 397 | 2076 |
| &nbsp;&nbsp;&nbsp;Savara, Inc.\* | 579 | 2067 |
| &nbsp;&nbsp;&nbsp;Septerna, Inc.\* | 109 | 2050 |
| &nbsp;&nbsp;&nbsp;Verastem, Inc.\* | 231 | 2040 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc. — Class A | 155 | 2034 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.\* | 253 | 2027 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics, Inc.\* | 218 | 2006 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.\* | 307 | 1971 |
| &nbsp;&nbsp;&nbsp;Corvus Pharmaceuticals, Inc.\* | 267 | 1968 |
| &nbsp;&nbsp;&nbsp;Prothena Corporation plc\* | 198 | 1932 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.\* | 885 | 1929 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | 209 | 1912 |
| &nbsp;&nbsp;&nbsp;Butterfly Network, Inc.\* | 979 | 1889 |
| &nbsp;&nbsp;&nbsp;Sionna Therapeutics, Inc.\* | 63 | 1853 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty Corp.\* | 48 | 1850 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc.\* | 385 | 1848 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma, Inc.\* | 83 | 1843 |
| &nbsp;&nbsp;&nbsp;Solid Biosciences, Inc.\* | 298 | 1839 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc.\* | 61 | 1830 |
| &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.\* | 174 | 1829 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.\* | 1408 | 1802 |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.\* | 205 | 1781 |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 446 | 1780 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.\* | 238 | 1764 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc. — Class A | 47 | 1756 |
| &nbsp;&nbsp;&nbsp;Honest Company, Inc.\* | 476 | 1752 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc\* | 212 | 1745 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 72 | 1742 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc. | 393 | 1741 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.\* | 123 | 1721 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co.\* | 107 | 1710 |
| &nbsp;&nbsp;&nbsp;Absci Corp.\* | 556 | 1690 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.\* | 272 | 1670 |
| &nbsp;&nbsp;&nbsp;Personalis, Inc.\* | 256 | 1669 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.\* | 120 | 1661 |
| &nbsp;&nbsp;&nbsp;Delcath Systems, Inc.\* | 154 | 1655 |
| &nbsp;&nbsp;&nbsp;Strata Critical Medical, Inc.\* | 327 | 1655 |

---

34 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Prime Medicine, Inc.\* | 298 | $1651 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.\* | 467 | 1634 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.\* | 243 | 1630 |
| &nbsp;&nbsp;&nbsp;Korro Bio, Inc.\* | 34 | 1628 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.\* | 1574 | 1621 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp.\* | 86 | 1594 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences, Inc.\* | 90 | 1593 |
| &nbsp;&nbsp;&nbsp;Kestra Medical Technologies Ltd.\* | 67 | 1592 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc. — Class A\* | 552 | 1584 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.\* | 176 | 1582 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc. — Class A\* | 235 | 1572 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.\* | 57 | 1570 |
| &nbsp;&nbsp;&nbsp;Ardent Health, Inc.\* | 118 | 1564 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences, Inc.\* | 46 | 1549 |
| &nbsp;&nbsp;&nbsp;Cullinan Therapeutics, Inc.\* | 260 | 1542 |
| &nbsp;&nbsp;&nbsp;Spire Global, Inc.\* | 140 | 1539 |
| &nbsp;&nbsp;&nbsp;MBX Biosciences, Inc.\* | 87 | 1523 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc.\* | 50 | 1504 |
| &nbsp;&nbsp;&nbsp;Cerus Corp.\* | 942 | 1498 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Inc.\* | 430 | 1492 |
| &nbsp;&nbsp;&nbsp;Altimmune, Inc.\* | 395 | 1489 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.\* | 488 | 1488 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics S.A.\* | 369 | 1476 |
| &nbsp;&nbsp;&nbsp;Monopar Therapeutics, Inc.\* | 18 | 1470 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.\* | 348 | 1469 |
| &nbsp;&nbsp;&nbsp;Ceribell, Inc.\* | 127 | 1459 |
| &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc.\* | 277 | 1446 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous, Inc. | 13 | 1439 |
| &nbsp;&nbsp;&nbsp;Jade Biosciences, Inc. | 165 | 1424 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.\* | 284 | 1417 |
| &nbsp;&nbsp;&nbsp;Capricor Therapeutics, Inc.\* | 196 | 1413 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc. — Class A\* | 334 | 1409 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.\* | 336 | 1408 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* | 43 | 1404 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc.\* | 428 | 1395 |
| &nbsp;&nbsp;&nbsp;Bright Minds Biosciences, Inc.\* | 23 | 1395 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp.\* | 164 | 1391 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.\* | 186 | 1354 |
| &nbsp;&nbsp;&nbsp;SANUWAVE Health, Inc.\* | 36 | 1349 |
| &nbsp;&nbsp;&nbsp;Cadiz, Inc.\* | 280 | 1322 |
| &nbsp;&nbsp;&nbsp;Outset Medical, Inc.\* | 90 | 1271 |
| &nbsp;&nbsp;&nbsp;NeuroPace, Inc.\* | 123 | 1268 |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | 85 | 1262 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.\* | 103 | 1233 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.\* | 383 | 1229 |
| &nbsp;&nbsp;&nbsp;Nano-X Imaging Ltd.\* | 328 | 1214 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare, Inc.\* | 178 | 1209 |
| &nbsp;&nbsp;&nbsp;Omeros Corp.\* | 288 | 1181 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.\* | 191 | 1180 |
| &nbsp;&nbsp;&nbsp;Abeona Therapeutics, Inc.\* | 223 | 1177 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.\* | 75 | 1164 |
| &nbsp;&nbsp;&nbsp;Beauty Health Co.\* | 583 | 1160 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology, Inc.\* | 216 | 1147 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.\* | 391 | 1134 |
| &nbsp;&nbsp;&nbsp;Fennec Pharmaceuticals, Inc.\* | 120 | 1123 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.\* | 639 | 1112 |
| &nbsp;&nbsp;&nbsp;Voyager Therapeutics, Inc.\* | 237 | 1107 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co.\* | 56 | 1087 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Companies, Inc.\* | 161 | 1069 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc. — Class A\* | 816 | 1069 |
| &nbsp;&nbsp;&nbsp;Oncology Institute, Inc.\* | 301 | 1051 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics, Inc.\* | 304 | 1043 |
| &nbsp;&nbsp;&nbsp;Benitec Biopharma, Inc.\* | 74 | 1038 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc.\* | 141 | 1038 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | 180 | 1035 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.\* | 349 | 1033 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics, Inc.\* | 201 | 1025 |
| &nbsp;&nbsp;&nbsp;Quanterix Corp.\* | 188 | 1021 |
| &nbsp;&nbsp;&nbsp;Quantum-Si, Inc.\* | 719 | 1014 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | 16 | 1007 |
| &nbsp;&nbsp;&nbsp;scPharmaceuticals, Inc.\* | 175 | 992 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.\* | 121 | 989 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.\* | 780 | 983 |
| &nbsp;&nbsp;&nbsp;Alumis, Inc.\* | 246 | 982 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.\* | 773 | 959 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings, Inc. | 54 | 942 |
| &nbsp;&nbsp;&nbsp;Tonix Pharmaceuticals Holding Corp.\* | 39 | 942 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings, Inc.\* | 716 | 938 |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | 27 | 936 |
| &nbsp;&nbsp;&nbsp;DiaMedica Therapeutics, Inc.\* | 135 | 927 |
| &nbsp;&nbsp;&nbsp;Quad/Graphics, Inc. | 148 | 926 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics, Inc.\* | 121 | 911 |
| &nbsp;&nbsp;&nbsp;Stereotaxis, Inc.\* | 292 | 908 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.\* | 146 | 895 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Co.\* | 184 | 894 |
| &nbsp;&nbsp;&nbsp;Coherus Oncology, Inc.\* | 541 | 887 |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics, Inc.\* | 463 | 880 |
| &nbsp;&nbsp;&nbsp;Tectonic Therapeutic, Inc.\* | 56 | 879 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings, Inc.\* | 127 | 872 |
| &nbsp;&nbsp;&nbsp;Neurogene, Inc.\* | 50 | 866 |
| &nbsp;&nbsp;&nbsp;Accuray, Inc.\* | 517 | 863 |
| &nbsp;&nbsp;&nbsp;Electromed, Inc.\* | 35 | 859 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | 166 | 838 |
| &nbsp;&nbsp;&nbsp;KORU Medical Systems, Inc.\* | 217 | 831 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics, Inc.\* | 143 | 829 |
| &nbsp;&nbsp;&nbsp;National Research Corp. — Class A | 64 | 818 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.\* | 511 | 818 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics, Inc.\* | 167 | 817 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.\* | 516 | 815 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics, Inc.\* | 122 | 810 |
| &nbsp;&nbsp;&nbsp;Protalix BioTherapeutics, Inc.\* | 356 | 790 |
| &nbsp;&nbsp;&nbsp;SELLAS Life Sciences Group, Inc.\* | 487 | 784 |
| &nbsp;&nbsp;&nbsp;Sonida Senior Living, Inc.\* | 28 | 776 |
| &nbsp;&nbsp;&nbsp;Eledon Pharmaceuticals, Inc.\* | 299 | 774 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc. | 104 | 753 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc.\* | 55 | 752 |
| &nbsp;&nbsp;&nbsp;Joint Corp.\* | 77 | 735 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc.\* | 462 | 730 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods, Inc.\* | 26 | 722 |
| &nbsp;&nbsp;&nbsp;Protara Therapeutics, Inc.\* | 165 | 718 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 35

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;BioAge Labs, Inc.\* | 121 | $| 711 |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.\* | 376 |  | 711 |
| &nbsp;&nbsp;&nbsp;MediWound Ltd.\* | 39 |  | 703 |
| &nbsp;&nbsp;&nbsp;Acme United Corp. | 17 |  | 700 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.\* | 555 |  | 699 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics, Inc.\* | 216 |  | 698 |
| &nbsp;&nbsp;&nbsp;RCM Technologies, Inc.\* | 25 |  | 664 |
| &nbsp;&nbsp;&nbsp;Tvardi Therapeutics, Inc.\* | 17 |  | 662 |
| &nbsp;&nbsp;&nbsp;CVRx, Inc.\* | 82 |  | 662 |
| &nbsp;&nbsp;&nbsp;Cardiff Oncology, Inc.\* | 316 |  | 651 |
| &nbsp;&nbsp;&nbsp;DocGo, Inc.\* | 465 |  | 632 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.\* | 58 |  | 615 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.\* | 64 |  | 602 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc. — Class A\* | 149 |  | 594 |
| &nbsp;&nbsp;&nbsp;LENSAR, Inc.\* | 48 |  | 593 |
| &nbsp;&nbsp;&nbsp;SoundThinking, Inc.\* | 49 |  | 591 |
| &nbsp;&nbsp;&nbsp;HF Foods Group, Inc.\* | 205 |  | 566 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.\* | 174 |  | 565 |
| &nbsp;&nbsp;&nbsp;Innovage Holding Corp.\* | 103 |  | 531 |
| &nbsp;&nbsp;&nbsp;Lifevantage Corp. | 54 |  | 525 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies, Inc.\* | 65 |  | 521 |
| &nbsp;&nbsp;&nbsp;Neuronetics, Inc.\* | 184 |  | 502 |
| &nbsp;&nbsp;&nbsp;Inhibikase Therapeutics, Inc.\* | 308 |  | 499 |
| &nbsp;&nbsp;&nbsp;Anteris Technologies Global Corp.\* | 110 |  | 495 |
| &nbsp;&nbsp;&nbsp;BRC, Inc. — Class A\* | 316 |  | 493 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.\* | 47 |  | 480 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech, Inc.\* | 15 |  | 476 |
| &nbsp;&nbsp;&nbsp;CPI Card Group, Inc.\* | 30 |  | 454 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.\* | 216 |  | 447 |
| &nbsp;&nbsp;&nbsp;Biote Corp. — Class A\* | 149 |  | 447 |
| &nbsp;&nbsp;&nbsp;Journey Medical Corp.\* | 62 |  | 441 |
| &nbsp;&nbsp;&nbsp;Zevia PBC — Class A\* | 161 |  | 438 |
| &nbsp;&nbsp;&nbsp;Waldencast plc — Class A\* | 216 |  | 428 |
| &nbsp;&nbsp;&nbsp;FitLife Brands, Inc.\* | 20 |  | 398 |
| &nbsp;&nbsp;&nbsp;Nuvectis Pharma, Inc.\* | 66 |  | 397 |
| &nbsp;&nbsp;&nbsp;Aardvark Therapeutics, Inc.\* | 29 |  | 385 |
| &nbsp;&nbsp;&nbsp;TriSalus Life Sciences, Inc.\* | 81 |  | 377 |
| &nbsp;&nbsp;&nbsp;Emerald Holding, Inc. | 71 |  | 361 |
| &nbsp;&nbsp;&nbsp;Lucid Diagnostics, Inc.\* | 353 |  | 356 |
| &nbsp;&nbsp;&nbsp;Gyre Therapeutics, Inc.\* | 46 |  | 343 |
| &nbsp;&nbsp;&nbsp;Alpha Teknova, Inc.\* | 55 |  | 340 |
| &nbsp;&nbsp;&nbsp;TuHURA Biosciences, Inc.\* | 131 |  | 325 |
| &nbsp;&nbsp;&nbsp;aTyr Pharma, Inc.\* | 444 |  | 320 |
| &nbsp;&nbsp;&nbsp;Avita Medical, Inc.\* | 62 |  | 317 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.\* | 195 |  | 316 |
| &nbsp;&nbsp;&nbsp;Solesence, Inc.\* | 96 |  | 309 |
| &nbsp;&nbsp;&nbsp;Greenwich Lifesciences, Inc.\* | 31 |  | 308 |
| &nbsp;&nbsp;&nbsp;HireQuest, Inc. | 28 |  | 269 |
| &nbsp;&nbsp;&nbsp;Ispire Technology, Inc.\* | 96 |  | 246 |
| &nbsp;&nbsp;&nbsp;Forafric Global plc\* | 26 |  | 226 |
| &nbsp;&nbsp;&nbsp;Actuate Therapeutics, Inc.\* | 30 |  | 201 |
| &nbsp;&nbsp;&nbsp;MarketWise, Inc. | 11 |  | 182 |
| &nbsp;&nbsp;&nbsp;Inmune Bio, Inc.\* | 85 |  | 176 |
| &nbsp;&nbsp;&nbsp;Atlantic International Corp.\* | 55 |  | 168 |
| &nbsp;&nbsp;&nbsp;Myomo, Inc.\* | 166 |  | 148 |
| &nbsp;&nbsp;&nbsp;SBC Medical Group Holdings, Inc.\* | 29 |  | 126 |
| &nbsp;&nbsp;&nbsp;Tevogen Bio Holdings, Inc.\* | 145 |  | 114 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics\* | 1 |  | 57 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 23 |  |  |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 23 |  |  |
| **Total Consumer, Non-cyclical** |  |  | 3049844 |
| **Industrial - 5.4%** | **Industrial - 5.4%** | **Industrial - 5.4%** | **Industrial - 5.4%** |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp. — Class A\* | 1086 |  | 91843 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\* | 841 |  | 76842 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 183 |  | 66725 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.\* | 151 |  | 51292 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.\* | 161 |  | 50697 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 229 |  | 45834 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.\* | 244 |  | 45574 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.\* | 142 |  | 41430 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. — Class A | 139 |  | 38820 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\* | 265 |  | 37672 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.\* | 2333 |  | 37655 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 274 |  | 37628 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | 264 |  | 37079 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 304 |  | 36173 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 760 |  | 35743 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\* | 829 |  | 34876 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 191 |  | 32497 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 182 |  | 31814 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.\* | 264 |  | 30389 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. — Class A\* | 318 |  | 30172 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc. — Class A\* | 237 |  | 30099 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. — Class A | 142 |  | 29489 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* | 509 |  | 29318 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.\* | 230 |  | 28649 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 305 |  | 28514 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* | 1189 |  | 27656 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 131 |  | 27655 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 150 |  | 26787 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc. — Class A\* | 2781 |  | 26642 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.\* | 376 |  | 25301 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 221 |  | 24233 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | 107 |  | 24182 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 200 |  | 24054 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.\* | 641 |  | 23076 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 246 |  | 23053 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 289 |  | 22215 |
| &nbsp;&nbsp;&nbsp;EnerSys | 194 |  | 21914 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | 505 |  | 20407 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.\* | 263 |  | 20356 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.\* | 81 |  | 20188 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. — Class A | 789 |  | 20135 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 82 |  | 19906 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.\* | 136 |  | 19678 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Company, Inc. | 202 |  | 19231 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | 422 |  | 19028 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 183 |  | 18328 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.\* | 46 |  | 18292 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 67 |  | 18093 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 257 |  | 17856 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 60 |  | 17855 |

---

36 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 326 | $16724 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 151 | 16479 |
| &nbsp;&nbsp;&nbsp;AAR Corp.\* | 182 | 16320 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.\* | 78 | 16226 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 164 | 16169 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.\* | 227 | 14889 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 194 | 14773 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 191 | 14768 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 48 | 14631 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 347 | 13696 |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp.\* | 221 | 13125 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.\* | 829 | 12750 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 60 | 12714 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 105 | 12685 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 222 | 12443 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc. — Class A\* | 222 | 12092 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 418 | 11721 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 277 | 11357 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | 170 | 10666 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. — Class A | 305 | 10504 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 784 | 10168 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.\* | 432 | 10070 |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 52 | 9927 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 360 | 9734 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.\* | 152 | 9546 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 618 | 9455 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | 205 | 9446 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.\* | 1010 | 9272 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | 160 | 8878 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 169 | 8810 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.\* | 662 | 8705 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.\* | 648 | 8534 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 338 | 8413 |
| &nbsp;&nbsp;&nbsp;Enovix Corp.\* | 840 | 8375 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 124 | 8297 |
| &nbsp;&nbsp;&nbsp;Albany International Corp. — Class A | 154 | 8208 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | 385 | 8058 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 115 | 8035 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.\* | 66 | 7859 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 96 | 7782 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 650 | 7768 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 55 | 7731 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 293 | 7712 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class A | 129 | 7709 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp.\* | 149 | 7629 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | 175 | 7516 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings, Inc.\* | 355 | 7515 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class B | 53 | 7474 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 282 | 7318 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.\* | 245 | 7259 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.\* | 274 | 7105 |
| &nbsp;&nbsp;&nbsp;Greenbrier Companies, Inc. | 153 | 7064 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.\* | 154 | 7024 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 182 | 7016 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.\* | 692 | 6830 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.\* | 70 | 6729 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 169 | 6530 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. — Class A | 123 | 6218 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.\* | 157 | 6054 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.\* | 121 | 6054 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.\* | 119 | 5917 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | 148 | 5911 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines, Inc.\* | 558 | 5870 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 190 | 5662 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 117 | 5631 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings, Inc. | 145 | 5294 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.\* | 54 | 5244 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | 168 | 5106 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies, Inc.\* | 475 | 4997 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | 107 | 4966 |
| &nbsp;&nbsp;&nbsp;Enviri Corp.\* | 388 | 4923 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.\* | 73 | 4873 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 108 | 4706 |
| &nbsp;&nbsp;&nbsp;SFL Corporation Ltd. | 619 | 4661 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.\* | 170 | 4542 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.\* | 165 | 4531 |
| &nbsp;&nbsp;&nbsp;Red Cat Holdings, Inc.\* | 432 | 4471 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc.\* | 729 | 4461 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.\* | 590 | 4455 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.\* | 272 | 4194 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* | 339 | 4065 |
| &nbsp;&nbsp;&nbsp;FLEX LNG Ltd. | 160 | 4032 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.\* | 124 | 3703 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 95 | 3642 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Company, Inc. | 82 | 3564 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers Ltd. | 1046 | 3284 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | 73 | 3267 |
| &nbsp;&nbsp;&nbsp;Power Solutions International, Inc.\* | 33 | 3241 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | 136 | 3211 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 189 | 3202 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | 298 | 3177 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 138 | 3155 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.\* | 187 | 3091 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 172 | 3062 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group Ltd.\* | 72 | 3050 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd.\* | 173 | 3031 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | 27 | 3028 |
| &nbsp;&nbsp;&nbsp;Graham Corp.\* | 53 | 2910 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging S.A. | 711 | 2837 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.\* | 107 | 2743 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | 226 | 2692 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc.\* | 50 | 2647 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings Ltd. | 167 | 2587 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.\* | 249 | 2361 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.\* | 338 | 2352 |
| &nbsp;&nbsp;&nbsp;Redwire Corp.\* | 250 | 2248 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | 60 | 2212 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. | 224 | 2202 |
| &nbsp;&nbsp;&nbsp;Teekay Corporation Ltd. | 266 | 2176 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc.\* | 275 | 2167 |
| &nbsp;&nbsp;&nbsp;Aebi Schmidt Holding AG | 172 | 2145 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.\* | 434 | 2131 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 37

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | 176 | $| 2089 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Co.\* | 324 |  | 2077 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 144 |  | 2065 |
| &nbsp;&nbsp;&nbsp;Voyager Technologies, Inc. — Class A\* | 69 |  | 2055 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies, Inc.\* | 92 |  | 2039 |
| &nbsp;&nbsp;&nbsp;Lightbridge Corp.\* | 96 |  | 2036 |
| &nbsp;&nbsp;&nbsp;Standard BioTools, Inc.\* | 1526 |  | 1984 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | 14 |  | 1919 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | 93 |  | 1892 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings plc | 136 |  | 1890 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 225 |  | 1885 |
| &nbsp;&nbsp;&nbsp;Titan America S.A. | 124 |  | 1853 |
| &nbsp;&nbsp;&nbsp;Kopin Corp.\* | 762 |  | 1852 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. — Class A | 83 |  | 1798 |
| &nbsp;&nbsp;&nbsp;Manitowoc Company, Inc.\* | 176 |  | 1762 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.\* | 229 |  | 1743 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 26 |  | 1742 |
| &nbsp;&nbsp;&nbsp;TSS, Inc.\* | 93 |  | 1684 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* | 81 |  | 1682 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | 25 |  | 1632 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings, Inc.\* | 192 |  | 1597 |
| &nbsp;&nbsp;&nbsp;MicroVision, Inc.\* | 1251 |  | 1551 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | 50 |  | 1523 |
| &nbsp;&nbsp;&nbsp;Richtech Robotics, Inc. — Class B\* | 353 |  | 1514 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class B | 24 |  | 1479 |
| &nbsp;&nbsp;&nbsp;L B Foster Co. — Class A\* | 52 |  | 1401 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp.\* | 239 |  | 1343 |
| &nbsp;&nbsp;&nbsp;AerSale Corp.\* | 164 |  | 1343 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | 294 |  | 1305 |
| &nbsp;&nbsp;&nbsp;Himalaya Shipping Ltd. | 152 |  | 1251 |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\* | 140 |  | 1226 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.\* | 76 |  | 1208 |
| &nbsp;&nbsp;&nbsp;Arq, Inc.\* | 161 |  | 1153 |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp.\* | 101 |  | 1118 |
| &nbsp;&nbsp;&nbsp;Palladyne AI Corp.\* | 130 |  | 1117 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp.\* | 136 |  | 1092 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | 49 |  | 1041 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Company, Inc.\* | 73 |  | 1004 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.\* | 169 |  | 997 |
| &nbsp;&nbsp;&nbsp;Eve Holding, Inc.\* | 260 |  | 991 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class A | 8 |  | 931 |
| &nbsp;&nbsp;&nbsp;Perma-Fix Environmental Services, Inc.\* | 88 |  | 889 |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies, Inc.\* | 43 |  | 884 |
| &nbsp;&nbsp;&nbsp;Karat Packaging, Inc. | 35 |  | 882 |
| &nbsp;&nbsp;&nbsp;Proficient Auto Logistics, Inc.\* | 120 |  | 827 |
| &nbsp;&nbsp;&nbsp;Mistras Group, Inc.\* | 84 |  | 827 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings, Inc. | 115 |  | 811 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. | 34 |  | 797 |
| &nbsp;&nbsp;&nbsp;Gencor Industries, Inc.\* | 53 |  | 775 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions Ltd. | 152 |  | 772 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.\* | 211 |  | 726 |
| &nbsp;&nbsp;&nbsp;M-Tron Industries, Inc.\* | 13 |  | 721 |
| &nbsp;&nbsp;&nbsp;KULR Technology Group, Inc.\* | 168 |  | 699 |
| &nbsp;&nbsp;&nbsp;Eastern Co. | 29 |  | 680 |
| &nbsp;&nbsp;&nbsp;AIRO Group Holdings, Inc.\* | 35 |  | 672 |
| &nbsp;&nbsp;&nbsp;Outdoor Holding Co.\* | 448 |  | 663 |
| &nbsp;&nbsp;&nbsp;Costamare Bulkers Holdings Ltd.\* | 44 |  | 632 |
| &nbsp;&nbsp;&nbsp;Energy Services of America Corp. | 60 |  | 621 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc. | 18 |  | 561 |
| &nbsp;&nbsp;&nbsp;Ascent Industries Co.\* | 41 |  | 528 |
| &nbsp;&nbsp;&nbsp;Net Power, Inc.\* | 173 |  | 521 |
| &nbsp;&nbsp;&nbsp;Smith-Midland Corp.\* | 14 |  | 517 |
| &nbsp;&nbsp;&nbsp;AirJoule Technologies Corp.\* | 110 |  | 516 |
| &nbsp;&nbsp;&nbsp;Pro-DEX, Inc.\* | 11 |  | 372 |
| &nbsp;&nbsp;&nbsp;PAMT CORP\* | 31 |  | 353 |
| &nbsp;&nbsp;&nbsp;SKYX Platforms Corp.\* | 312 |  | 349 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | 43 |  | 264 |
| &nbsp;&nbsp;&nbsp;Southland Holdings, Inc.\* | 54 |  | 232 |
| &nbsp;&nbsp;&nbsp;Neonode, Inc.\* | 54 |  | 189 |
| **Total Industrial** |  |  | 2452278 |
| **Consumer, Cyclical - 3.3%** | **Consumer, Cyclical - 3.3%** | **Consumer, Cyclical - 3.3%** | **Consumer, Cyclical - 3.3%** |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. — Class A\* | 491 |  | 32411 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 200 |  | 31684 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.\* | 698 |  | 30140 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 119 |  | 29353 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 224 |  | 28376 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 64 |  | 28001 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 359 |  | 26002 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 156 |  | 25852 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 99 |  | 24201 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.\* | 39 |  | 22648 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 279 |  | 22256 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.\* | 290 |  | 22147 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.\* | 309 |  | 22072 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 140 |  | 21823 |
| &nbsp;&nbsp;&nbsp;KB Home | 336 |  | 21383 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 205 |  | 20627 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 238 |  | 20361 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 203 |  | 19472 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.\* | 132 |  | 19066 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.\* | 686 |  | 18934 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 303 |  | 18604 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. — Class A\* | 197 |  | 18441 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | 103 |  | 17123 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 164 |  | 16963 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. — Class A\* | 1881 |  | 16929 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 338 |  | 16907 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | 139 |  | 16661 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class A | 309 |  | 16522 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 130 |  | 15755 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 270 |  | 15695 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.\* | 542 |  | 15599 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc. — Class A | 249 |  | 15204 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.\* | 436 |  | 14811 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 526 |  | 14739 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 822 |  | 14064 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 245 |  | 13884 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc. — Class A\* | 501 |  | 13818 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 675 |  | 13527 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. | 236 |  | 12895 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 76 |  | 12706 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 292 |  | 12208 |

---

38 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 354 | $11852 |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 594 | 11832 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.\* | 1793 | 11816 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.\* | 158 | 11670 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 125 | 11644 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 397 | 11588 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 411 | 11278 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | 195 | 11209 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\* | 489 | 11110 |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 140 | 10989 |
| &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | 813 | 10732 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 229 | 10729 |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 429 | 10330 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 484 | 10232 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 1332 | 9963 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery plc | 571 | 9850 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class C\* | 235 | 9774 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.\* | 600 | 9480 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.\* | 349 | 9472 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | 161 | 9444 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 141 | 9385 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.\* | 453 | 9277 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.\* | 160 | 9208 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp.\* | 202 | 9139 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | 648 | 8826 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. — Class A | 296 | 8566 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | 556 | 8546 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 132 | 8365 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 511 | 8319 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.\* | 1641 | 8074 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 167 | 8041 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | 15 | 7467 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc. — Class A | 428 | 7361 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 212 | 7276 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.\* | 220 | 7205 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.\* | 139 | 7186 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 64 | 6774 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp.\* | 978 | 6748 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc. — Class A\* | 2220 | 6438 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 673 | 6393 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.\* | 425 | 6129 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 345 | 6120 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | 680 | 6038 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. — Class A | 75 | 5707 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.\* | 106 | 5481 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.\* | 155 | 5279 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 214 | 5198 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.\* | 195 | 5189 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | 182 | 5136 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 113 | 4979 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc. — Class A | 307 | 4848 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.\* | 106 | 4663 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 139 | 4648 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. — Class A\* | 74 | 4497 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 108 | 4409 |
| &nbsp;&nbsp;&nbsp;ThredUp, Inc. — Class A\* | 464 | 4385 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc. — Class A\* | 528 | 4213 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. — Class A | 63 | 4108 |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.\* | 195 | 4079 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.\* | 123 | 4068 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Inc. — Class A\* | 989 | 4025 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc. — Class A\* | 154 | 3992 |
| &nbsp;&nbsp;&nbsp;ODP Corp.\* | 141 | 3927 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings, Inc.\* | 1015 | 3908 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality, Inc.\* | 108 | 3907 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I\* | 482 | 3895 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 116 | 3626 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 590 | 3546 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 57 | 3533 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.\* | 142 | 3486 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 118 | 3476 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.\* | 1850 | 3385 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.\* | 208 | 3253 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc.\* | 86 | 3176 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc. — Class A\* | 96 | 3115 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.\* | 102 | 3114 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.\* | 654 | 3093 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc. — Class A\* | 24 | 3084 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 261 | 3082 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 428 | 3069 |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.\* | 276 | 3055 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc. — Class A | 249 | 3035 |
| &nbsp;&nbsp;&nbsp;Ermenegildo Zegna N.V. | 315 | 2977 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.\* | 40 | 2923 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 72 | 2919 |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc.\* | 261 | 2775 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 73 | 2677 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* | 99 | 2632 |
| &nbsp;&nbsp;&nbsp;Savers Value Village, Inc.\* | 194 | 2571 |
| &nbsp;&nbsp;&nbsp;Solid Power, Inc.\* | 739 | 2564 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class B | 44 | 2526 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 139 | 2524 |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | 97 | 2509 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* | 192 | 2458 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.\* | 97 | 2457 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | 100 | 2358 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.\* | 899 | 2319 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | 56 | 2263 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.\* | 156 | 2262 |
| &nbsp;&nbsp;&nbsp;Potbelly Corp.\* | 130 | 2215 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 168 | 2191 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | 210 | 2073 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.\* | 198 | 1966 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 93 | 1933 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | 78 | 1928 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.\* | 432 | 1907 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc. — Class A\* | 32 | 1901 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc.\* | 96 | 1898 |
| &nbsp;&nbsp;&nbsp;Marcus Corp. | 121 | 1877 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 39

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.\* | 248 | $| 1875 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc. — Class A\* | 288 |  | 1858 |
| &nbsp;&nbsp;&nbsp;Arko Corp. | 392 |  | 1791 |
| &nbsp;&nbsp;&nbsp;Webtoon Entertainment, Inc.\* | 92 |  | 1786 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.\* | 83 |  | 1781 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.\* | 106 |  | 1774 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Company, Inc.\* | 400 |  | 1548 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class A\* | 34 |  | 1546 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc.\* | 393 |  | 1521 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Companies, Inc. | 69 |  | 1513 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.\* | 52 |  | 1507 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | 78 |  | 1480 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.\* | 228 |  | 1478 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.\* | 72 |  | 1412 |
| &nbsp;&nbsp;&nbsp;Strattec Security Corp.\* | 20 |  | 1361 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.\* | 257 |  | 1344 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.\* | 135 |  | 1309 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 173 |  | 1306 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp.\* | 661 |  | 1302 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc. | 42 |  | 1281 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc.\* | 127 |  | 1191 |
| &nbsp;&nbsp;&nbsp;Lovesac Co.\* | 69 |  | 1168 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.\* | 38 |  | 1110 |
| &nbsp;&nbsp;&nbsp;Motorcar Parts of America, Inc.\* | 67 |  | 1108 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Inc. — Class A\* | 140 |  | 1091 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc. — Class A | 27 |  | 1090 |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | 36 |  | 1072 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc. — Class B\* | 3 |  | 971 |
| &nbsp;&nbsp;&nbsp;Starz Entertainment Corp.\* | 65 |  | 957 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.\* | 304 |  | 955 |
| &nbsp;&nbsp;&nbsp;Weyco Group, Inc. | 31 |  | 933 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Inc. — Class A\* | 57 |  | 903 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings, Inc.\* | 147 |  | 889 |
| &nbsp;&nbsp;&nbsp;Livewire Group, Inc.\* | 187 |  | 888 |
| &nbsp;&nbsp;&nbsp;Flexsteel Industries, Inc. | 19 |  | 881 |
| &nbsp;&nbsp;&nbsp;Reservoir Media, Inc.\* | 104 |  | 847 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific, Inc. | 45 |  | 843 |
| &nbsp;&nbsp;&nbsp;EVI Industries, Inc. | 26 |  | 822 |
| &nbsp;&nbsp;&nbsp;Barnes & Noble Education, Inc.\* | 76 |  | 756 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.\* | 107 |  | 751 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.\* | 24 |  | 745 |
| &nbsp;&nbsp;&nbsp;Lakeland Industries, Inc. | 47 |  | 695 |
| &nbsp;&nbsp;&nbsp;Bassett Furniture Industries, Inc. | 42 |  | 657 |
| &nbsp;&nbsp;&nbsp;Escalade, Inc. | 52 |  | 654 |
| &nbsp;&nbsp;&nbsp;J Jill, Inc. | 37 |  | 635 |
| &nbsp;&nbsp;&nbsp;Superior Group of Companies, Inc. | 58 |  | 622 |
| &nbsp;&nbsp;&nbsp;Funko, Inc. — Class A\* | 177 |  | 609 |
| &nbsp;&nbsp;&nbsp;Faraday Future Intelligent Electric, Inc.\* | 454 |  | 590 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc. — Class A | 164 |  | 581 |
| &nbsp;&nbsp;&nbsp;American Outdoor Brands, Inc.\* | 63 |  | 547 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Co. — Class A | 37 |  | 532 |
| &nbsp;&nbsp;&nbsp;Clarus Corp. | 151 |  | 528 |
| &nbsp;&nbsp;&nbsp;Virco Mfg. Corp. | 56 |  | 434 |
| &nbsp;&nbsp;&nbsp;Bally's Corp.\* | 37 |  | 411 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp. | 45 |  | 399 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.\* | 205 |  | 392 |
| &nbsp;&nbsp;&nbsp;Envela Corp.\* | 34 |  | 266 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings, Inc.\* | 121 |  | 212 |
| &nbsp;&nbsp;&nbsp;Traeger, Inc.\* | 162 |  | 198 |
| &nbsp;&nbsp;&nbsp;CompX International, Inc. | 8 |  | 187 |
| **Total Consumer, Cyclical** |  |  | 1481904 |
| **Technology - 3.3%** | **Technology - 3.3%** | **Technology - 3.3%** | **Technology - 3.3%** |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.\* | 1398 |  | 85986 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 546 |  | 56893 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.\* | 1615 |  | 48111 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 226 |  | 42664 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.\* | 1562 |  | 38597 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.\* | 108 |  | 32541 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* | 558 |  | 32068 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 441 |  | 31509 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc. — Class A\* | 1852 |  | 29780 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 533 |  | 28126 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 286 |  | 26132 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | 185 |  | 24481 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 131 |  | 23678 |
| &nbsp;&nbsp;&nbsp;Box, Inc. — Class A\* | 710 |  | 22912 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. — Class A\* | 1247 |  | 22471 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.\* | 254 |  | 21864 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 163 |  | 21374 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.\* | 553 |  | 20970 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 193 |  | 20099 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp. — Class A\* | 942 |  | 18718 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.\* | 610 |  | 17788 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.\* | 206 |  | 16999 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.\* | 142 |  | 16104 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 164 |  | 16013 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC\* | 1180 |  | 15316 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.\* | 370 |  | 14545 |
| &nbsp;&nbsp;&nbsp;WNS Holdings Ltd.\* | 190 |  | 14491 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.\* | 397 |  | 14459 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. — Class A | 423 |  | 14120 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.\* | 263 |  | 13965 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 132 |  | 13893 |
| &nbsp;&nbsp;&nbsp;Genius Sports Ltd.\* | 1106 |  | 13692 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 194 |  | 13258 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.\* | 739 |  | 12896 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 195 |  | 12540 |
| &nbsp;&nbsp;&nbsp;Quantum Computing, Inc.\* | 679 |  | 12500 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.\* | 234 |  | 12451 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc. — Class A\* | 1016 |  | 11958 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc.\* | 155 |  | 11946 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 346 |  | 11819 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 289 |  | 11621 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.\* | 283 |  | 11575 |
| &nbsp;&nbsp;&nbsp;Braze, Inc. — Class A\* | 389 |  | 11063 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc. — Class A\* | 618 |  | 10716 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 261 |  | 10607 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.\* | 218 |  | 10322 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc.\* | 678 |  | 10177 |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc. — Class A\* | 258 |  | 10096 |

---

40 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 872 | $9950 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.\* | 1476 | 9623 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp.\* | 218 | 9577 |
| &nbsp;&nbsp;&nbsp;Five9, Inc.\* | 390 | 9438 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 555 | 9324 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.\* | 357 | 9221 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 142 | 9142 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.\* | 330 | 8956 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.\* | 710 | 8911 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.\* | 292 | 8886 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.\* | 82 | 8717 |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.\* | 872 | 8676 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* | 348 | 8644 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc. — Class A\* | 857 | 8493 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc. — Class A\* | 332 | 8230 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.\* | 204 | 8074 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.\* | 130 | 7414 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.\* | 430 | 7104 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.\* | 259 | 7006 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.\* | 136 | 6994 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. — Class A\* | 233 | 6918 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.\* | 263 | 6912 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.\* | 411 | 6897 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corporation N.V. | 159 | 6837 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.\* | 186 | 6782 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.\* | 288 | 6774 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.\* | 294 | 6747 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc. — Class A\* | 416 | 6689 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc.\* | 449 | 6421 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.\* | 228 | 6213 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.\* | 304 | 6156 |
| &nbsp;&nbsp;&nbsp;Appian Corp. — Class A\* | 201 | 6145 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.\* | 326 | 6113 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc. — Class A\* | 699 | 5976 |
| &nbsp;&nbsp;&nbsp;Asana, Inc. — Class A\* | 438 | 5852 |
| &nbsp;&nbsp;&nbsp;Vimeo, Inc.\* | 749 | 5805 |
| &nbsp;&nbsp;&nbsp;Schrodinger Inc./United States\* | 287 | 5757 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.\* | 98 | 5693 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.\* | 223 | 5109 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc. — Class A\* | 598 | 5059 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.\* | 683 | 4931 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc. — Class A\* | 444 | 4760 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.\* | 233 | 4737 |
| &nbsp;&nbsp;&nbsp;Yext, Inc.\* | 513 | 4371 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems\* | 145 | 4366 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.\* | 163 | 4209 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.\* | 389 | 3956 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc. — Class A\* | 1070 | 3905 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc. — Class A\* | 118 | 3830 |
| &nbsp;&nbsp;&nbsp;Rezolve AI plc\* | 741 | 3690 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp.\* | 344 | 3681 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc. — Class A\* | 126 | 3578 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd.\* | 126 | 3523 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc. — Class A\* | 264 | 3411 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.\* | 519 | 3322 |
| &nbsp;&nbsp;&nbsp;MeridianLink, Inc.\* | 163 | 3249 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.\* | 119 | 3143 |
| &nbsp;&nbsp;&nbsp;Red Violet, Inc. | 58 | 3030 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | 184 | 2924 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.\* | 99 | 2908 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.\* | 368 | 2870 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.\* | 271 | 2864 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp.\* | 6 | 2791 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | 20 | 2697 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.\* | 337 | 2598 |
| &nbsp;&nbsp;&nbsp;Domo, Inc. — Class B\* | 164 | 2598 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.\* | 205 | 2554 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology, Inc.\* | 134 | 2500 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc. — Class A\* | 137 | 2284 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | 601 | 2260 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.\* | 227 | 2218 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.\* | 760 | 2128 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.\* | 238 | 2123 |
| &nbsp;&nbsp;&nbsp;Claritev Corp.\* | 39 | 2070 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd.\* | 51 | 2067 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.\* | 297 | 1984 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.\* | 61 | 1955 |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.\* | 672 | 1949 |
| &nbsp;&nbsp;&nbsp;Telos Corp.\* | 280 | 1915 |
| &nbsp;&nbsp;&nbsp;Ibotta, Inc. — Class A\* | 67 | 1866 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc. — Class A\* | 213 | 1764 |
| &nbsp;&nbsp;&nbsp;Nutex Health, Inc.\* | 17 | 1756 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.\* | 628 | 1733 |
| &nbsp;&nbsp;&nbsp;Commerce.com, Inc.\* | 335 | 1672 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc. — Class A\* | 235 | 1664 |
| &nbsp;&nbsp;&nbsp;McGraw Hill, Inc.\* | 119 | 1493 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc. — Class A | 235 | 1478 |
| &nbsp;&nbsp;&nbsp;Arteris, Inc.\* | 144 | 1454 |
| &nbsp;&nbsp;&nbsp;8x8, Inc.\* | 665 | 1410 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.\* | 340 | 1326 |
| &nbsp;&nbsp;&nbsp;VTEX — Class A\* | 294 | 1288 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc.\* | 85 | 1281 |
| &nbsp;&nbsp;&nbsp;Blaize Holdings, Inc.\* | 370 | 1277 |
| &nbsp;&nbsp;&nbsp;Rimini Street, Inc.\* | 249 | 1165 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | 287 | 1116 |
| &nbsp;&nbsp;&nbsp;Immersion Corp. | 151 | 1108 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.\* | 191 | 1092 |
| &nbsp;&nbsp;&nbsp;Omada Health, Inc.\* | 47 | 1039 |
| &nbsp;&nbsp;&nbsp;Asure Software, Inc.\* | 126 | 1033 |
| &nbsp;&nbsp;&nbsp;TruBridge, Inc.\* | 51 | 1029 |
| &nbsp;&nbsp;&nbsp;Vuzix Corp.\* | 327 | 1024 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.\* | 345 | 983 |
| &nbsp;&nbsp;&nbsp;ReposiTrak, Inc. | 57 | 845 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc.\* | 75 | 835 |
| &nbsp;&nbsp;&nbsp;eGain Corp.\* | 93 | 810 |
| &nbsp;&nbsp;&nbsp;Aeluma, Inc.\* | 49 | 789 |
| &nbsp;&nbsp;&nbsp;CS Disco, Inc.\* | 122 | 788 |
| &nbsp;&nbsp;&nbsp;Digimarc Corp.\* | 80 | 782 |
| &nbsp;&nbsp;&nbsp;CoreCard Corp.\* | 29 | 781 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp.\* | 181 | 735 |
| &nbsp;&nbsp;&nbsp;Ambiq Micro, Inc.\* | 24 | 718 |
| &nbsp;&nbsp;&nbsp;Atomera, Inc.\* | 149 | 659 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 41

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Richardson Electronics Ltd. | 62 | $| 607 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology, Inc.\* | 426 |  | 601 |
| &nbsp;&nbsp;&nbsp;Kaltura, Inc.\* | 415 |  | 598 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Inc. — Class A\* | 68 |  | 587 |
| &nbsp;&nbsp;&nbsp;Expensify, Inc. — Class A\* | 305 |  | 564 |
| &nbsp;&nbsp;&nbsp;Airship AI Holdings, Inc.\* | 102 |  | 527 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.\* | 445 |  | 516 |
| &nbsp;&nbsp;&nbsp;Carlsmed, Inc.\* | 34 |  | 455 |
| &nbsp;&nbsp;&nbsp;Playstudios, Inc.\* | 450 |  | 433 |
| &nbsp;&nbsp;&nbsp;CSP, Inc. | 35 |  | 404 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc.\* | 101 |  | 339 |
| &nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc.\* | 55 |  | 334 |
| &nbsp;&nbsp;&nbsp;Teads Holding Co.\* | 184 |  | 304 |
| &nbsp;&nbsp;&nbsp;Skillsoft Corp.\* | 23 |  | 299 |
| &nbsp;&nbsp;&nbsp;Silvaco Group, Inc.\* | 39 |  | 211 |
| &nbsp;&nbsp;&nbsp;Golden Matrix Group, Inc.\* | 74 |  | 84 |
| &nbsp;&nbsp;&nbsp;Zspace, Inc.\* | 11 |  | 11 |
| **Total Technology** |  |  | 1478755 |
| **Communications - 1.7%** | **Communications - 1.7%** | **Communications - 1.7%** | **Communications - 1.7%** |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 748 |  | 108916 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 964 |  | 54678 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 686 |  | 52383 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 131 |  | 45225 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.\* | 4823 |  | 29517 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.\* | 1083 |  | 24844 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.\* | 315 |  | 22803 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | 501 |  | 19659 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.\* | 298 |  | 18288 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 596 |  | 17463 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Company, Inc.\* | 1079 |  | 16703 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 813 |  | 16528 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.\* | 416 |  | 15488 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.\* | 708 |  | 15420 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 1129 |  | 14327 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 667 |  | 13773 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.\* | 622 |  | 11551 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 874 |  | 10226 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc. — Class A\* | 315 |  | 9828 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.\* | 594 |  | 9658 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. | 133 |  | 9444 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.\* | 256 |  | 9316 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co.\* | 142 |  | 8821 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 230 |  | 8820 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.\* | 211 |  | 8039 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.\* | 1702 |  | 7063 |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 364 |  | 6607 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.\* | 574 |  | 5843 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class C\* | 640 |  | 5402 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.\* | 486 |  | 5166 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc.\* | 26 |  | 4603 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.\* | 141 |  | 4567 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.\* | 207 |  | 4409 |
| &nbsp;&nbsp;&nbsp;IDT Corp. — Class B | 83 |  | 4342 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc. — Class A\* | 562 |  | 4339 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.\* | 277 |  | 4285 |
| &nbsp;&nbsp;&nbsp;Rumble, Inc.\* | 539 |  | 3902 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.\* | 297 |  | 3629 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.\* | 379 |  | 3555 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | 125 |  | 3530 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 259 |  | 3476 |
| &nbsp;&nbsp;&nbsp;Angi, Inc.\* | 206 |  | 3350 |
| &nbsp;&nbsp;&nbsp;Powerfleet Incorporated NJ\* | 634 |  | 3322 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.\* | 589 |  | 3316 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.\* | 119 |  | 3264 |
| &nbsp;&nbsp;&nbsp;Altice USA, Inc. — Class A\* | 1333 |  | 3213 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc. — Class A\* | 140 |  | 3202 |
| &nbsp;&nbsp;&nbsp;Figs, Inc. — Class A\* | 451 |  | 3017 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.\* | 349 |  | 2998 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.\* | 128 |  | 2989 |
| &nbsp;&nbsp;&nbsp;Sinclair, Inc. | 197 |  | 2975 |
| &nbsp;&nbsp;&nbsp;Gannett Company, Inc.\* | 719 |  | 2970 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Inc.\* | 143 |  | 2881 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 103 |  | 2820 |
| &nbsp;&nbsp;&nbsp;Serve Robotics, Inc.\* | 239 |  | 2780 |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond, Inc.\* | 281 |  | 2751 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | 448 |  | 2589 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.\* | 170 |  | 2553 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | 122 |  | 2544 |
| &nbsp;&nbsp;&nbsp;Backblaze, Inc. — Class A\* | 273 |  | 2533 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 12 |  | 2354 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc. — Class A\* | 541 |  | 2353 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.\* | 190 |  | 2291 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc. — Class A\* | 371 |  | 2259 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings, Inc.\* | 1080 |  | 2257 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.\* | 60 |  | 2063 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc. — Class A\* | 170 |  | 1935 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc.\* | 478 |  | 1816 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | 104 |  | 1794 |
| &nbsp;&nbsp;&nbsp;Nexxen International Ltd.\* | 193 |  | 1785 |
| &nbsp;&nbsp;&nbsp;iHeartMedia, Inc. — Class A\* | 608 |  | 1745 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.\* | 80 |  | 1640 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.\* | 129 |  | 1547 |
| &nbsp;&nbsp;&nbsp;National CineMedia, Inc. | 327 |  | 1475 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp. — Class A\* | 111 |  | 1452 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc. — Class A\* | 165 |  | 1360 |
| &nbsp;&nbsp;&nbsp;Aviat Networks, Inc.\* | 59 |  | 1353 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc.\* | 258 |  | 1331 |
| &nbsp;&nbsp;&nbsp;LifeMD, Inc.\* | 188 |  | 1276 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class A\* | 149 |  | 1235 |
| &nbsp;&nbsp;&nbsp;Anterix, Inc.\* | 57 |  | 1224 |
| &nbsp;&nbsp;&nbsp;BK Technologies Corp.\* | 14 |  | 1183 |
| &nbsp;&nbsp;&nbsp;Satellogic, Inc. — Class A\* | 352 |  | 1155 |
| &nbsp;&nbsp;&nbsp;Frequency Electronics, Inc.\* | 34 |  | 1153 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings, Inc.\* | 561 |  | 1111 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp. — Class A\* | 523 |  | 1104 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc. — Class A\* | 380 |  | 958 |
| &nbsp;&nbsp;&nbsp;Inseego Corp.\* | 63 |  | 943 |
| &nbsp;&nbsp;&nbsp;CuriosityStream, Inc. | 163 |  | 864 |
| &nbsp;&nbsp;&nbsp;Lands' End, Inc.\* | 61 |  | 860 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. — Class A\* | 321 |  | 790 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.\* | 135 |  | 784 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | 51 |  | 763 |

---

42 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp. — Class A | 317 | $| 739 |
| &nbsp;&nbsp;&nbsp;Advantage Solutions, Inc.\* | 481 |  | 736 |
| &nbsp;&nbsp;&nbsp;Gambling.com Group Ltd.\* | 84 |  | 687 |
| &nbsp;&nbsp;&nbsp;Tucows, Inc. — Class A\* | 34 |  | 631 |
| &nbsp;&nbsp;&nbsp;AudioEye, Inc.\* | 41 |  | 568 |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc. — Class A\* | 112 |  | 515 |
| &nbsp;&nbsp;&nbsp;Gaia, Inc.\* | 87 |  | 515 |
| &nbsp;&nbsp;&nbsp;Newsmax, Inc.\* | 39 |  | 484 |
| &nbsp;&nbsp;&nbsp;Crexendo, Inc.\* | 74 |  | 481 |
| &nbsp;&nbsp;&nbsp;BARK, Inc.\* | 544 |  | 452 |
| &nbsp;&nbsp;&nbsp;Triller Group, Inc.\* | 525 |  | 436 |
| &nbsp;&nbsp;&nbsp;Nerdy, Inc.\* | 295 |  | 372 |
| &nbsp;&nbsp;&nbsp;Arena Group Holdings, Inc.\* | 66 |  | 361 |
| &nbsp;&nbsp;&nbsp;Travelzoo\* | 32 |  | 315 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc. — Class A\* | 16 |  | 266 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | 4 |  | 156 |
| **Total Communications** |  |  | 758430 |
| **Energy - 1.5%** | **Energy - 1.5%** | **Energy - 1.5%** | **Energy - 1.5%** |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc. — Class A\* | 738 |  | 54605 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. — Class A | 942 |  | 22486 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 692 |  | 22227 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 264 |  | 22039 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 836 |  | 21995 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 683 |  | 19404 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 1060 |  | 18327 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 343 |  | 18241 |
| &nbsp;&nbsp;&nbsp;Noble Corporation plc | 639 |  | 18071 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 264 |  | 16801 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 624 |  | 16549 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 322 |  | 15704 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc.\* | 1287 |  | 14659 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 577 |  | 14408 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.\* | 78 |  | 14116 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.\* | 4303 |  | 13425 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 249 |  | 13279 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.\* | 5520 |  | 12862 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 424 |  | 12792 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | 327 |  | 12089 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 479 |  | 11870 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 471 |  | 11681 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 493 |  | 10890 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. — Class A | 806 |  | 9946 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | 302 |  | 9746 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.\* | 59 |  | 9681 |
| &nbsp;&nbsp;&nbsp;Seadrill Ltd.\* | 320 |  | 9667 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. — Class A | 226 |  | 9659 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 1802 |  | 9334 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 256 |  | 9068 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. — Class A | 913 |  | 8144 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.\* | 526 |  | 8021 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.\* | 378 |  | 7496 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. — Class A | 186 |  | 7434 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp.\* | 384 |  | 6705 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. — Class A\* | 858 |  | 6358 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.\* | 775 |  | 6316 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings N.V.\* | 527 |  | 6261 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.\* | 614 |  | 5888 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.\* | 158 |  | 5764 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.\* | 145 |  | 5232 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. — Class A | 476 |  | 5088 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc. — Class A\* | 146 |  | 4846 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.\* | 152 |  | 4654 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.\* | 682 |  | 4631 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 703 |  | 4612 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc. | 396 |  | 4503 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.\* | 387 |  | 4180 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd.\* | 2419 |  | 4016 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Company plc | 280 |  | 3923 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. — Class A | 157 |  | 3872 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.\* | 648 |  | 3726 |
| &nbsp;&nbsp;&nbsp;ASP Isotopes, Inc.\* | 387 |  | 3723 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.\* | 198 |  | 3671 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 433 |  | 3533 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc. | 150 |  | 3484 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp.\* | 311 |  | 3191 |
| &nbsp;&nbsp;&nbsp;Hallador Energy Co.\* | 158 |  | 3092 |
| &nbsp;&nbsp;&nbsp;Borr Drilling Ltd.\* | 1135 |  | 3053 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 240 |  | 2966 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc. — Class A | 117 |  | 2947 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\* | 72 |  | 2943 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.\* | 328 |  | 2883 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.\* | 152 |  | 2567 |
| &nbsp;&nbsp;&nbsp;Gevo, Inc.\* | 1180 |  | 2313 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 456 |  | 2171 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 409 |  | 2143 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc. | 528 |  | 2123 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc. | 185 |  | 2087 |
| &nbsp;&nbsp;&nbsp;BKV Corp.\* | 85 |  | 1966 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\* | 863 |  | 1907 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | 67 |  | 1816 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.\* | 299 |  | 1812 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co.\* | 136 |  | 1779 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.\* | 57 |  | 1522 |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources, Inc. | 276 |  | 1493 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | 393 |  | 1486 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc. | 52 |  | 1455 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc. — Class A | 94 |  | 1396 |
| &nbsp;&nbsp;&nbsp;T1 Energy, Inc.\* | 569 |  | 1240 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc. — Class A | 87 |  | 1221 |
| &nbsp;&nbsp;&nbsp;Flotek Industries, Inc.\* | 73 |  | 1066 |
| &nbsp;&nbsp;&nbsp;Summit Midstream Corp.\* | 50 |  | 1027 |
| &nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc. — Class A\* | 75 |  | 983 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc. | 506 |  | 921 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc. — Class A | 20 |  | 843 |
| &nbsp;&nbsp;&nbsp;Kolibri Global Energy, Inc.\* | 151 |  | 838 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.\* | 99 |  | 837 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | 159 |  | 766 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables, Inc.\* | 343 |  | 689 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 43

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings, Inc.\* | 105 | $| 681 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc. | 93 |  | 657 |
| &nbsp;&nbsp;&nbsp;Complete Solaria, Inc.\* | 307 |  | 540 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | 128 |  | 497 |
| &nbsp;&nbsp;&nbsp;Epsilon Energy Ltd. | 98 |  | 494 |
| &nbsp;&nbsp;&nbsp;Empire Petroleum Corp.\* | 75 |  | 339 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corp.\* | 2 |  | 334 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services, Inc.\* | 124 |  | 284 |
| &nbsp;&nbsp;&nbsp;OPAL Fuels, Inc. — Class A\* | 108 |  | 238 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp. — Class A\* | 63 |  | 233 |
| &nbsp;&nbsp;&nbsp;Prairie Operating Co.\* | 110 |  | 218 |
| &nbsp;&nbsp;&nbsp;NextNRG, Inc.\* | 89 |  | 163 |
| &nbsp;&nbsp;&nbsp;Verde Clean Fuels, Inc.\* | 21 |  | 64 |
| **Total Energy** |  |  | 677986 |
| **Basic Materials - 1.2%** | **Basic Materials - 1.2%** | **Basic Materials - 1.2%** | **Basic Materials - 1.2%** |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.\* | 3238 |  | 60745 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 3034 |  | 36711 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 573 |  | 32822 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.\* | 2152 |  | 28708 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.\* | 1030 |  | 25153 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 166 |  | 24910 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp. — Class A\* | 80 |  | 24806 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 274 |  | 20838 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 214 |  | 20084 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 99 |  | 18089 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. | 277 |  | 16421 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.\* | 1062 |  | 16302 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.\* | 704 |  | 15763 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 465 |  | 15322 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.\* | 1532 |  | 13482 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | 768 |  | 12165 |
| &nbsp;&nbsp;&nbsp;Constellium SE\* | 726 |  | 10803 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.\* | 186 |  | 10265 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 160 |  | 9939 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 128 |  | 9876 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 71 |  | 9354 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 267 |  | 7839 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 175 |  | 7739 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.\* | 380 |  | 7687 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.\* | 95 |  | 7644 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 55 |  | 7235 |
| &nbsp;&nbsp;&nbsp;Calumet, Inc.\* | 352 |  | 6424 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 82 |  | 6327 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric Incorporated / US\* | 438 |  | 5497 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 110 |  | 5247 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.\* | 551 |  | 4827 |
| &nbsp;&nbsp;&nbsp;MAC Copper Ltd. — Class A\* | 311 |  | 3797 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc.\* | 176 |  | 3379 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | 276 |  | 3122 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corporation of America | 51 |  | 3113 |
| &nbsp;&nbsp;&nbsp;Caledonia Mining Corporation plc | 84 |  | 3042 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.\* | 939 |  | 3014 |
| &nbsp;&nbsp;&nbsp;US Antimony Corp.\* | 467 |  | 2895 |
| &nbsp;&nbsp;&nbsp;Ferroglobe plc | 610 |  | 2775 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 98 |  | 2744 |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 134 |  | 2597 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings plc — Class A | 610 |  | 2452 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.\* | 329 |  | 2375 |
| &nbsp;&nbsp;&nbsp;NioCorp Developments Ltd.\* | 351 |  | 2345 |
| &nbsp;&nbsp;&nbsp;Idaho Strategic Resources, Inc.\* | 64 |  | 2163 |
| &nbsp;&nbsp;&nbsp;Orion S.A. | 283 |  | 2145 |
| &nbsp;&nbsp;&nbsp;American Battery Technology Co.\* | 414 |  | 2012 |
| &nbsp;&nbsp;&nbsp;Dakota Gold Corp.\* | 439 |  | 1997 |
| &nbsp;&nbsp;&nbsp;Magnera Corp.\* | 170 |  | 1992 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.\* | 55 |  | 1682 |
| &nbsp;&nbsp;&nbsp;Contango ORE, Inc.\* | 44 |  | 1097 |
| &nbsp;&nbsp;&nbsp;Critical Metals Corp.\* | 164 |  | 1020 |
| &nbsp;&nbsp;&nbsp;Codexis, Inc.\* | 417 |  | 1018 |
| &nbsp;&nbsp;&nbsp;US Gold Corp.\* | 56 |  | 923 |
| &nbsp;&nbsp;&nbsp;Vox Royalty Corp. | 205 |  | 881 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals Ltd.\* | 142 |  | 778 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp.\* | 133 |  | 763 |
| &nbsp;&nbsp;&nbsp;Friedman Industries, Inc. | 34 |  | 744 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | 111 |  | 637 |
| &nbsp;&nbsp;&nbsp;Trinseo plc | 174 |  | 409 |
| &nbsp;&nbsp;&nbsp;Valhi, Inc. | 12 |  | 189 |
| &nbsp;&nbsp;&nbsp;US Goldmining, Inc.\* | 8 |  | 103 |
| **Total Basic Materials** |  |  | 557227 |
| **Utilities - 1.0%** | **Utilities - 1.0%** | **Utilities - 1.0%** | **Utilities - 1.0%** |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.\* | 550 |  | 61396 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 309 |  | 29741 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 493 |  | 27879 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 327 |  | 25617 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp. — Class A | 609 |  | 25042 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 511 |  | 24605 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 558 |  | 24552 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 303 |  | 24525 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 294 |  | 23967 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 368 |  | 22665 |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 296 |  | 19654 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 312 |  | 18286 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 195 |  | 15984 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 188 |  | 15826 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 116 |  | 15624 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 407 |  | 15389 |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 197 |  | 14444 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 305 |  | 13996 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.\* | 890 |  | 9826 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 206 |  | 9256 |
| &nbsp;&nbsp;&nbsp;H2O America | 162 |  | 7889 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc. — Class A\* | 164 |  | 5507 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | 91 |  | 4925 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 82 |  | 3925 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Company Ltd. | 77 |  | 2717 |
| &nbsp;&nbsp;&nbsp;York Water Co. | 73 |  | 2221 |
| &nbsp;&nbsp;&nbsp;Genie Energy Ltd. — Class B | 108 |  | 1615 |
| &nbsp;&nbsp;&nbsp;RGC Resources, Inc. | 42 |  | 942 |
| &nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | 63 |  | 649 |
| **Total Utilities** |  |  | 468664 |

---

44 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. — Class E | 144 | $6620 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,179,437) |  | 14337587 |
| **RIGHTS<sup>††</sup>** **- 0.0%** | **RIGHTS<sup>††</sup>** **- 0.0%** | **RIGHTS<sup>††</sup>** **- 0.0%** |
| **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
| Cartesian Therapeutics, Inc.\* | 525 |  |
| Sanofi SA\* | 160 |  |
| Oncternal Therapeutics, Inc.\*<sup>,†††</sup> | 2 |  |
| Tobira Therapeutics, Inc.\*<sup>,†††</sup> | 80 |  |
| Novartis AG\*<sup>,†††</sup> | 262 |  |
| **Total Consumer, Non-cyclical** |  |  |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $106) |  |  |
| **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 1.2%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 1.2%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 1.2%** |
| &nbsp;&nbsp;&nbsp;Vanguard Russell 2000 ETF | 2883 | 282015 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Index ETF | 1164 | 281642 |
| **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $509,845) |  | 563657 |
|  | **Face<br> Amount** |  |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 6.6%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 6.6%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 6.6%** |
| U.S. Treasury Floating Rate Note | U.S. Treasury Floating Rate Note | U.S. Treasury Floating Rate Note |
| &nbsp;&nbsp;&nbsp;4.14% (3 Month U.S. Treasury Bill Rate + 0.25%, Rate Floor: 0.00%) due 01/31/26<sup>◊</sup> | $3000000 | 3000002 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,001,811) |  | 3000002 |

---

---

| | | |
|:---|:---|:---|
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.0%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.0%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 6.0%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.13% (SOFR, Rate Floor: 0.00%) due 01/09/26<sup>◊</sup> | 2700000 | 2700049 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,700,000) |  | 2700049 |
| **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;3.93% due 10/14/25<sup>1,2</sup> | 1459000 | 1456872 |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>2,3</sup> | 800000 | 793297 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,250,128) |  | 2250169 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 32.9%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 32.9%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 32.9%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 8636532 | 8636532 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 6214549 | 6214549 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,851,081) |  | 14851081 |
| **Total Investments - 83.4%** | **Total Investments - 83.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,492,408) | &nbsp;&nbsp;&nbsp;(Cost $33,492,408) | $37702545 |
| **Other Assets & Liabilities, net - 16.6%** | **Other Assets & Liabilities, net - 16.6%** | 7478099 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $45180644 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 103 | Dec 2025 | $12646855 | $139768 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> (Depreciation)** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Barclays Bank plc | Russell 2000 Index | Pay | 4.88% (SOFR + 0.75%) | At Maturity | 11/20/25 | 2889 | $7039949 | $4347 |
| BNP Paribas | Russell 2000 Index | Pay | 4.64% (Federal Funds Rate + 0.55%) | At Maturity | 11/20/25 | 2538 | 6184487 | 3817 |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.44% (Federal Funds Rate + 0.35%) | At Maturity | 11/19/25 | 20318 | 49505282 | (359977) |
|  |  |  |  |  |  |  | $62729718 | $(351813) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 45

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| <sup>~</sup> | &nbsp;&nbsp;&nbsp;The face amount is denominated in U.S. dollars unless otherwise indicated. |
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs, unless otherwise noted — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 3 inputs — See Note 4. |
| <sup>◊</sup> | &nbsp;&nbsp;&nbsp;Variable rate security. Rate indicated is the rate effective at September 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;All or a portion of this security is pledged as futures collateral at September 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 equity index swap collateral at September 30, 2025. |
| <sup>4</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;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 September 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 | $14337587 | $— | $— \* | $14337587 |
| Rights |  | — \* | — \* |  |
| Exchange-Traded Funds | 563657 |  |  | 563657 |
| U.S. Government Securities |  | 3000002 |  | 3000002 |
| Federal Agency Notes |  | 2700049 |  | 2700049 |
| U.S. Treasury Bills |  | 2250169 |  | 2250169 |
| Repurchase Agreements |  | 14851081 |  | 14851081 |
| Equity Futures Contracts\*\* | 139768 |  |  | 139768 |
| Equity Index Swap Agreements\*\* |  | 8164 |  | 8164 |
| Total Assets | $15041012 | $22809465 | $— | $37850477 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 359977 | $– $| 359977 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Includes securities with a market value of $0. |
| \*\* | &nbsp;&nbsp;&nbsp;This derivative is reported as unrealized appreciation/depreciation at period end. |

---

46 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $18,641,327) | $22851464 |
| Repurchase agreements, at value (cost $14,851,081) | 14851081 |
| Segregated cash with broker | 8286528 |
| Unrealized appreciation on OTC swap agreements | 8164 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1155442 |
| &nbsp;&nbsp;&nbsp;Interest | 51056 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 15742 |
| &nbsp;&nbsp;&nbsp;Dividends | 12494 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 194 |
| **Total assets** | 47232165 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 119087 |
| Unrealized depreciation on OTC swap agreements | 359977 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1321305 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 125989 |
| &nbsp;&nbsp;&nbsp;Management fees | 34865 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 19179 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 9815 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 4068 |
| &nbsp;&nbsp;&nbsp;Securities purchased | 2001 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 436 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 54799 |
| **Total liabilities** | 2051521 |
| **Net assets** | $45180644 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $54942749 |
| Total distributable earnings (loss) | (9762105) |
| Net assets | $45180644 |
|  **Class A:** | **Class A:** |
| Net assets | $2682394 |
| Capital shares outstanding | 14771 |
| Net asset value per share | $181.60 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $190.66 |
|  **Class C:** | **Class C:** |
| Net assets | $253461 |
| Capital shares outstanding | 1644 |
| Net asset value per share | $154.17 |
|  **Class H:** | **Class H:** |
| Net assets | $42244789 |
| Capital shares outstanding | 235086 |
| Net asset value per share | $179.70 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $210) | $90688 |
| Interest | 804967 |
| Income from securities lending, net | 2451 |
| &nbsp;&nbsp;&nbsp;Total investment income | 898106 |
| **Expenses:** | **Expenses:** |
| Management fees | 220483 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 3311 |
| &nbsp;&nbsp;&nbsp;Class C | 1080 |
| &nbsp;&nbsp;&nbsp;Class H | 57666 |
| Transfer agent fees | 56001 |
| Portfolio accounting and administration fees | 50223 |
| Interest expense | 49826 |
| Registration fees | 46388 |
| Professional fees | 6728 |
| Custodian fees | 3285 |
| Trustees' fees\* | 3074 |
| Miscellaneous | 5740 |
| &nbsp;&nbsp;&nbsp;Total expenses | 503805 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (24497) |
| Net expenses | 479308 |
| Net investment income | 418798 |
| **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 | 532132 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 9508557 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 3394505 |
| Net realized gain | 13435194 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 2084252 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 1440670 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 328152 |
| Net change in unrealized appreciation (depreciation) | 3853074 |
| Net realized and unrealized gain | 17288268 |
| **Net increase in net assets resulting from operations** | $17707066 |

---

\* 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

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $418798 | $968804 |
| Net realized gain (loss) on investments | 13435194 | (5451361) |
| Net change in unrealized appreciation (depreciation) on investments | 3853074 | (4822461) |
| Net increase (decrease) in net assets resulting from operations | 17707066 | (9305018) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (82758) |
| &nbsp;&nbsp;&nbsp;Class C |  | (7395) |
| &nbsp;&nbsp;&nbsp;Class H |  | (974538) |
| Total distributions to shareholders |  | (1064691) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1946743 | 3968881 |
| &nbsp;&nbsp;&nbsp;Class C | 323925 | 496893 |
| &nbsp;&nbsp;&nbsp;Class H | 287078434 | 711284119 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 82001 |
| &nbsp;&nbsp;&nbsp;Class C |  | 6588 |
| &nbsp;&nbsp;&nbsp;Class H |  | 969470 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2617336) | (3846587) |
| &nbsp;&nbsp;&nbsp;Class C | (319353) | (590653) |
| &nbsp;&nbsp;&nbsp;Class H | (301668142) | (710016218) |
| Net increase (decrease) from capital share transactions | (15255729) | 2354494 |
| Net increase (decrease) in net assets | 2451337 | (8015215) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 42729307 | 50744522 |
| &nbsp;&nbsp;&nbsp;End of period | $45180644 | $42729307 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 13417 | 24188 |
| &nbsp;&nbsp;&nbsp;Class C | 2415 | 3323 |
| &nbsp;&nbsp;&nbsp;Class H | 2128947 | 4478966 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 444 |
| &nbsp;&nbsp;&nbsp;Class C |  | 42 |
| &nbsp;&nbsp;&nbsp;Class H |  | 5307 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (17470) | (23355) |
| &nbsp;&nbsp;&nbsp;Class C | (2304) | (4081) |
| &nbsp;&nbsp;&nbsp;Class H | (2204015) | (4469049) |
| Net increase (decrease) in shares | (79010) | 15785 |

---

48 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $130.62 | $162.74 | $127.13 | $183.91 | $227.30 | $67.63 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.24 | 3.04 | 3.27 | .63 | (3.04) | (2.33) |
| Net gain (loss) on investments (realized and unrealized) | 49.74 | (30.37) | 32.88 | (57.41) | (36.22) | 162.00 |
| Total from investment operations | 50.98 | (27.33) | 36.15 | (56.78) | (39.26) | 159.67 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (4.79) | (.54) |  |  |  |
| Net realized gains |  |  |  |  | (4.13) |  |
| Total distributions |  | (4.79) | (.54) |  | (4.13) |  |
| Net asset value, end of period | $181.60 | $130.62 | $162.74 | $127.13 | $183.91 | $227.30 |
| **Total Return<sup>c</sup>** | **39.03%** | **(17.65** **%)** | **28.57%** | **(30.87** **%)** | **(17.50** **%)** | **236.09%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2682 | $2459 | $2856 | $2982 | $4025 | $8661 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.70% | 1.87% | 2.46% | 0.45% | (1.36%) | (1.57%) |
| Total expenses<sup>d</sup> | 2.05% | 1.94% | 1.94% | 1.89% | 1.78% | 1.81% |
| Net expenses<sup>e</sup> | 1.95% | 1.84% | 1.86% | 1.86% | 1.78% | 1.81% |
| Portfolio turnover rate | 9% | 105% | 11% | 43% | 574% |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $111.30 | $140.29 | $110.50 | $161.04 | $201.10 | $60.28 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .58 | 1.58 | 2.05 | (.36) | (3.95) | (2.85) |
| Net gain (loss) on investments (realized and unrealized) | 42.29 | (25.78) | 28.28 | (50.18) | (31.98) | 143.67 |
| Total from investment operations | 42.87 | (24.20) | 30.33 | (50.54) | (35.93) | 140.82 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (4.79) | (.54) |  |  |  |
| Net realized gains |  |  |  |  | (4.13) |  |
| Total distributions |  | (4.79) | (.54) |  | (4.13) |  |
| Net asset value, end of period | $154.17 | $111.30 | $140.29 | $110.50 | $161.04 | $201.10 |
| **Total Return<sup>c</sup>** | **38.51%** | **(18.26** **%)** | **27.63%** | **(31.38** **%)** | **(18.13** **%)** | **233.61%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $253 | $171 | $316 | $299 | $540 | $673 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.92% | 1.14% | 1.79% | (0.30%) | (2.04%) | (2.31%) |
| Total expenses<sup>d</sup> | 2.80% | 2.70% | 2.68% | 2.64% | 2.53% | 2.57% |
| Net expenses<sup>e</sup> | 2.70% | 2.60% | 2.60% | 2.60% | 2.53% | 2.57% |
| Portfolio turnover rate | 9% | 105% | 11% | 43% | 574% |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 49

**RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $129.29 | $161.30 | $126.12 | $182.59 | $225.73 | $67.21 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.22 | 3.02 | 3.39 | .81 | (2.97) | (2.22) |
| Net gain (loss) on investments (realized and unrealized) | 49.19 | (30.24) | 32.33 | (57.28) | (36.04) | 160.74 |
| Total from investment operations | 50.41 | (27.22) | 35.72 | (56.47) | (39.01) | 158.52 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (4.79) | (.54) |  |  |  |
| Net realized gains |  |  |  |  | (4.13) |  |
| Total distributions |  | (4.79) | (.54) |  | (4.13) |  |
| Net asset value, end of period | $179.70 | $129.29 | $161.30 | $126.12 | $182.59 | $225.73 |
| **Total Return** | **38.99%** | **(17.74** **%)** | **28.46%** | **(30.93** **%)** | **(17.52** **%)** | **235.86%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $42245 | $40100 | $47573 | $26234 | $33076 | $71754 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.71% | 1.91% | 2.58% | 0.61% | (1.40%) | (1.75%) |
| Total expenses<sup>d</sup> | 2.05% | 1.94% | 1.93% | 1.91% | 1.80% | 1.85% |
| Net expenses<sup>e</sup> | 1.95% | 1.84% | 1.85% | 1.88% | 1.80% | 1.85% |
| Portfolio turnover rate | 9% | 105% | 11% | 43% | 574% |  |

---

<sup>a</sup> Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.

<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.

50 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 10.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 10.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 10.5%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>1,2</sup> | $350000 | $347068 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>1,2</sup> | 100000 | 99162 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 42000 | 41939 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $488,159) |  | 488169 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 61.8%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 61.8%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 61.8%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $1672052 | $1672052 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 1203150 | 1203150 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,875,202) |  | 2875202 |
| **Total Investments - 72.3%** | **Total Investments - 72.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,363,361) | &nbsp;&nbsp;&nbsp;(Cost $3,363,361) | $3363371 |
| **Other Assets & Liabilities, net - 27.7%** | **Other Assets & Liabilities, net - 27.7%** | 1289035 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $4652406 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>** |
| Russell 2000 Index Mini Futures Contracts | 7 | Dec 2025 | $859495 | $(12201) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <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 | 4.19% (Federal Funds Rate + 0.10%) | At Maturity | 11/19/25 | 1490 | $3630880 | $6505 |
| Barclays Bank plc | Russell 2000 Index | Receive | 4.48% (SOFR + 0.35%) | At Maturity | 11/20/25 | 516 | 1257739 | (777) |
| BNP Paribas | Russell 2000 Index | Receive | 4.24% (Federal Funds Rate + 0.15%) | At Maturity | 11/20/25 | 1452 | 3538652 | (2183) |
|  |  |  |  |  |  |  | $8427271 | $3545 |

---

---

| | |
|:---|:---|
| \*\* | &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 September 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 September 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. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 51

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at September 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 | $— | $488169 | $— | $488169 |
| Repurchase Agreements |  | 2875202 |  | 2875202 |
| Equity Index Swap Agreements\*\* |  | 6505 |  | 6505 |
| Total Assets | $— | $3369876 | $— | $3369876 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $12201 | $— | $— | $12201 |
| Equity Index Swap Agreements\*\* |  | 2960 |  | 2960 |
| Total Liabilities | $12201 | $2960 | $— | $15161 |

---

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

52 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $488,159) | $488169 |
| Repurchase agreements, at value (cost $2,875,202) | 2875202 |
| Segregated cash with broker | 605941 |
| Unrealized appreciation on OTC swap agreements | 6505 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 2363765 |
| &nbsp;&nbsp;&nbsp;Interest | 335 |
| **Total assets** | 6339917 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 2960 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1670574 |
| &nbsp;&nbsp;&nbsp;Management fees | 2898 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 2871 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 2428 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1899 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 855 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 339 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 38 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2649 |
| **Total liabilities** | 1687511 |
| **Net assets** | $4652406 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $88008254 |
| Total distributable earnings (loss) | (83355848) |
| Net assets | $4652406 |
| **Class A:** | **Class A:** |
| Net assets | $393617 |
| Capital shares outstanding | 3921 |
| Net asset value per share | $100.39 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $105.39 |
| **Class C:** | **Class C:** |
| Net assets | $80747 |
| Capital shares outstanding | 946 |
| Net asset value per share | $85.38 |
| **Class H:** | **Class H:** |
| Net assets | $4178042 |
| Capital shares outstanding | 42478 |
| Net asset value per share | $98.36 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $137013 |
| &nbsp;&nbsp;&nbsp;Total investment income | 137013 |
| **Expenses:** | **Expenses:** |
| Management fees | 24800 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 387 |
| &nbsp;&nbsp;&nbsp;Class C | 395 |
| &nbsp;&nbsp;&nbsp;Class H | 6405 |
| Transfer agent fees | 6424 |
| Portfolio accounting and administration fees | 5651 |
| Registration fees | 5112 |
| Interest expense | 1151 |
| Professional fees | 648 |
| Custodian fees | 509 |
| Trustees' fees\* | 289 |
| Miscellaneous | 1178 |
| &nbsp;&nbsp;&nbsp;Total expenses | 52949 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2754) |
| Net expenses | 50195 |
| Net investment income | 86818 |
| **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 | (12) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (2306477) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (531720) |
| Net realized loss | (2838209) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 5 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (280891) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (25590) |
| Net change in unrealized appreciation (depreciation) | (306476) |
| Net realized and unrealized loss | (3144685) |
| **Net decrease in net assets resulting from operations** | $(3057867) |

---

\* 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 \| 53

**INVERSE RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $86818 | $157603 |
| Net realized loss on investments | (2838209) | (271665) |
| Net change in unrealized appreciation (depreciation) on investments | (306476) | 575126 |
| Net increase (decrease) in net assets resulting from operations | (3057867) | 461064 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (6502) |
| &nbsp;&nbsp;&nbsp;Class C |  | (1781) |
| &nbsp;&nbsp;&nbsp;Class H |  | (187776 |
| Total distributions to shareholders |  | (196059 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2051021 | 2254242 |
| &nbsp;&nbsp;&nbsp;Class C | 870464 | 525675 |
| &nbsp;&nbsp;&nbsp;Class H | 187975066 | 354161894 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 6305 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1668 |
| &nbsp;&nbsp;&nbsp;Class H |  | 180723 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1765164) | (2334772) |
| &nbsp;&nbsp;&nbsp;Class C | (792505) | (539673) |
| &nbsp;&nbsp;&nbsp;Class H | (186169275) | (357003712) |
| Voluntary capital contribution from adviser |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 8493 |
| &nbsp;&nbsp;&nbsp;Class C |  | 6102 |
| &nbsp;&nbsp;&nbsp;Class H |  | 112052 |
| Net increase (decrease) from capital share transactions | 2169607 | (2621003 |
| Net decrease in net assets | (888260) | (2355998) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 5540666 | 7896664 |
| &nbsp;&nbsp;&nbsp;End of period | $4652406 | $5540666 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 15374 | 15960 |
| &nbsp;&nbsp;&nbsp;Class C | 7283 | 4251 |
| &nbsp;&nbsp;&nbsp;Class H | 1492161 | 2531568 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 55 |
| &nbsp;&nbsp;&nbsp;Class C |  | 17 |
| &nbsp;&nbsp;&nbsp;Class H |  | 1602 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (12972) | (16456) |
| &nbsp;&nbsp;&nbsp;Class C | (6606) | (4393) |
| &nbsp;&nbsp;&nbsp;Class H | (1483956) | (2549289 |
| Net increase (decrease) in shares | 11284 | (16685 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:20 reverse share split effective February 24, 2025.

54 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f.g</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $156.73 | $152.60 | $220.03 | $201.80 | $210.60 | $1105.88 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 2.20 | 4.68 | 8.20 | 1.00 | (3.00) | (7.80) |
| Net gain (loss) on investments (realized and unrealized) | (58.54) | (.05) | (71.03) | 17.23 <sup>e</sup> | (5.80)<sup>e</sup> | (887.48) |
| Total from investment operations | (56.34) | 4.63 | (62.83) | 18.23 | (8.80) | (895.28) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.93) | (4.60) |  |  |  |
| Total distributions |  | (5.93) | (4.60) |  |  |  |
| Voluntary capital contribution from adviser |  | 5.43 |  |  |  |  |
| Net asset value, end of period | $100.39 | $156.73 | $152.60 | $220.03 | $201.80 | $210.60 |
| **Total Return<sup>c</sup>** | **(35.95** **%)** | **8.00%** | **(29.03** **%)** | **9.02%** | **(4.18** **%)** | **(80.95** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $394 | $238 | $299 | $720 | $1662 | $2286 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.48% | 3.24% | 3.92% | 0.47% | (1.51 %) | (1.61%) |
| Total expenses | 1.83% | 1.84% | 1.86% | 2.08% | 1.76% | 1.82% |
| Net expenses<sup>d</sup> | 1.74% | 1.75% | 1.79% | 2.05% | 1.76% | 1.82% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f,g</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $133.82 | $132.40 | $192.94 | $178.16 | $187.40 | $992.20 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.56 | 3.90 | 5.60 |  | (4.00) | (10.00) |
| Net gain (loss) on investments (realized and unrealized) | (50.00) | (1.15) | (61.64) | 14.78 <sup>e</sup> | (5.24)<sup>e</sup> | (794.80) |
| Total from investment operations | (48.44) | 2.75 | (55.94) | 14.78 | (9.24) | (804.80) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.93) | (4.60) |  |  |  |
| Total distributions |  | (5.93) | (4.60) |  |  |  |
| Voluntary capital contribution from adviser |  | 4.60 |  |  |  |  |
| Net asset value, end of period | $85.38 | $133.82 | $132.40 | $192.94 | $178.16 | $187.40 |
| **Total Return<sup>c</sup>** | **(36.20** **%)** | **7.16%** | **(29.57** **%)** | **8.31%** | **(4.91** **%)** | **(81.11** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $81 | $36 | $52 | $75 | $68 | $86 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.95% | 3.08% | 3.18% | 0.01% | (2.26 %) | (2.36%) |
| Total expenses | 2.56% | 2.57% | 2.60% | 2.80% | 2.51% | 2.57% |
| Net expenses<sup>d</sup> | 2.48% | 2.49% | 2.53% | 2.77% | 2.51% | 2.57% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 55

**INVERSE RUSSELL 2000<sup>®</sup>** **2x STRATEGY FUND**<br>

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f,g</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $153.67 | $149.74 | $216.02 | $198.34 | $208.21 | $1099.09 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.72 | 3.96 | 6.60 | 1.40 | (2.60) | (6.60) |
| Net gain (loss) on investments (realized and unrealized) | (57.03) | 2.43 | (68.28) | 16.28 <sup>e</sup> | (7.27)<sup>e</sup> | (884.28) |
| Total from investment operations | (55.31) | 6.39 | (61.68) | 17.68 | (9.87) | (890.88) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.93) | (4.60) |  |  |  |
| Total distributions |  | (5.93) | (4.60) |  |  |  |
| Voluntary capital contribution from adviser |  | 3.47 |  |  |  |  |
| Net asset value, end of period | $98.36 | $153.67 | $149.74 | $216.02 | $198.34 | $208.21 |
| **Total Return** | **(35.99** **%)** | **7.97%** | **(29.01** **%)** | **8.87%** | **(4.71** **%)** | **(81.06** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4178 | $5267 | $7546 | $5405 | $4598 | $3923 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.13% | 3.37% | 3.71% | 0.69% | (1.62 %) | (1.70%) |
| Total expenses | 1.92% | 1.92% | 1.90% | 2.10% | 1.82% | 1.89% |
| Net expenses<sup>d</sup> | 1.82% | 1.82% | 1.82% | 2.06% | 1.82% | 1.89% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

<sup>a</sup> Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.

<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 gain or loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>f</sup> Reverse share split – Per share amounts have been restated to reflect a 1:20 reverse share split effective February 24, 2025.

<sup>g</sup> On August 5, 2024, the Adviser made a voluntary capital contribution to the Fund, relating to an operational issue. The impact of the capital contribution to the total return for the year ended March 31, 2025 was 3.50%, 3.41% and 2.27% for Class A, Class C and Class H, respectively. 

56 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 81.1%** | **COMMON STOCKS<sup>†</sup>** **- 81.1%** | **COMMON STOCKS<sup>†</sup>** **- 81.1%** |
| **Technology - 26.8%** | **Technology - 26.8%** | **Technology - 26.8%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 124269 | $23186110 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 37857 | 19608033 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 75582 | 19245445 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 23955 | 7902994 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 8440 | 2373666 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 11583 | 2112971 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4744 | 1338567 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 8265 | 1337194 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 4869 | 1153953 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 1059 | 974577 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 1421 | 970415 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 5700 | 953724 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 5493 | 913816 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 6446 | 863120 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 4630 | 850670 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 4087 | 836772 |
| &nbsp;&nbsp;&nbsp;Accenture plc — Class A | 3172 | 782215 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 2160 | 761940 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 22292 | 747897 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 672 | 724819 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 1269 | 622292 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 2527 | 620884 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 1388 | 487549 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 942 | 464773 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 2769 | 357007 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 1090 | 346260 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 1284 | 292405 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 3317 | 278893 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 548 | 273282 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 1100 | 264803 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 1083 | 255653 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 1646 | 234390 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 1147 | 231350 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 883 | 228132 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 244 | 224636 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. — Class A | 394 | 223560 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc. — Class C | 1544 | 218893 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 1767 | 212146 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 1651 | 209281 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* | 122 | 182577 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 2749 | 176541 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 2660 | 175400 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 2487 | 166803 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 6683 | 164135 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 597 | 142187 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 4784 | 130268 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 610 | 123842 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 653 | 123391 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\* | 2553 | 122391 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 1019 | 120711 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 220 | 115095 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 810 | 111488 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 2083 | 102713 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.\* | 386 | 101468 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. — Class A\* | 259 | 76964 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 756 | 58197 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.\* | 813 | 56008 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 730 | 55305 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 371 | 55253 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 255 | 53076 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 284 | 42824 |
| **Total Technology** |  | 96141724 |
| **Communications - 13.5%** | **Communications - 13.5%** | **Communications - 13.5%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 49428 | 10852906 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 11047 | 8112696 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 29626 | 7202081 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 23783 | 5792350 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 2164 | 2594463 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 20168 | 1379895 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 9157 | 1048476 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 10621 | 1040539 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 36417 | 1028416 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 1379 | 990867 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 21474 | 943782 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 165 | 890879 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 5249 | 764832 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 3402 | 692715 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 2465 | 590072 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 18756 | 589313 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. — Class A\* | 3942 | 564415 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 1885 | 512701 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 849 | 388239 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 3970 | 325659 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 2185 | 265303 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 12609 | 246254 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 2328 | 211732 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 473 | 130125 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 602 | 128677 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 428 | 119656 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. — Class A\* | 2270 | 111253 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 667 | 106240 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 705 | 96465 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 293 | 94695 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 2854 | 81025 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 987 | 80470 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class A | 1069 | 67411 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class A | 1917 | 58871 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 193 | 55293 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Companies, Inc. | 1865 | 52052 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class B | 756 | 43311 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 1225 | 43267 |
| &nbsp;&nbsp;&nbsp;Paramount Skydance Corp. — Class B | 1572 | 29742 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class B | 634 | 21905 |
| **Total Communications** |  | 48349043 |
| **Financial - 11.6%** | **Financial - 11.6%** | **Financial - 11.6%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. — Class B\* | 9339 | 4695089 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 14005 | 4417597 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 8651 | 2953278 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 57

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. — Class A | 4204 | $| 2391277 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 34706 |  | 1790483 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 16315 |  | 1367523 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 1542 |  | 1227972 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 6179 |  | 982214 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 9376 |  | 951664 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 2764 |  | 918090 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 733 |  | 854583 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 8690 |  | 829634 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 2986 |  | 737393 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 3257 |  | 692373 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. — Class A | 3754 |  | 641371 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. REIT | 3406 |  | 606745 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. REIT | 4727 |  | 541336 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 1888 |  | 532888 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 2504 |  | 504631 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. — Class A | 1835 |  | 495799 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2915 |  | 491119 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. — Class A REIT | 2385 |  | 458683 |
| &nbsp;&nbsp;&nbsp;KKR & Company, Inc. — Class A | 3494 |  | 454045 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 1306 |  | 404520 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 2006 |  | 403066 |
| &nbsp;&nbsp;&nbsp;Aon plc — Class A | 1098 |  | 391525 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 3592 |  | 391384 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. REIT | 498 |  | 390054 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. — Class A\* | 1152 |  | 388789 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 7926 |  | 383064 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 1147 |  | 320265 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 2344 |  | 312385 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. REIT | 1663 |  | 312095 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 6567 |  | 300243 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 1342 |  | 288060 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. REIT | 4657 |  | 283099 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. REIT | 1633 |  | 282313 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 2452 |  | 273888 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 480 |  | 235800 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. — Class A\* | 1493 |  | 235237 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 2845 |  | 234343 |
| &nbsp;&nbsp;&nbsp;Public Storage REIT | 804 |  | 232235 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 2822 |  | 221640 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. REIT | 2218 |  | 214015 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 2309 |  | 204231 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 1432 |  | 191014 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1793 |  | 186006 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 2158 |  | 182071 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 5431 |  | 177105 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 1893 |  | 171752 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 497 |  | 171689 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 1445 |  | 167634 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. REIT | 2315 |  | 162027 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 796 |  | 157306 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. — Class A | 2268 |  | 156061 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 904 |  | 156030 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 1504 |  | 153318 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. REIT | 1081 |  | 152356 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 3371 |  | 150178 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 1492 |  | 139935 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. REIT | 724 |  | 139855 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 1895 |  | 134640 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 974 |  | 131100 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 533 |  | 130718 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 7466 |  | 128938 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 796 |  | 125847 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 4545 |  | 119852 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 1526 |  | 116922 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 2197 |  | 116792 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 1119 |  | 114854 |
| &nbsp;&nbsp;&nbsp;Equity Residential REIT | 1770 |  | 114572 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. REIT | 547 |  | 105762 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. REIT | 3675 |  | 91103 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 4747 |  | 88721 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. REIT | 328 |  | 87793 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 866 |  | 86938 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 1032 |  | 85563 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. REIT | 2872 |  | 84236 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | 596 |  | 83279 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. REIT | 3449 |  | 75361 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 214 |  | 74949 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. REIT | 3539 |  | 67772 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 793 |  | 66089 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. REIT | 832 |  | 60653 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 413 |  | 59047 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust REIT | 544 |  | 58088 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. REIT | 1536 |  | 57231 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. REIT | 750 |  | 55755 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 257 |  | 55666 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. REIT | 3257 |  | 55434 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 2271 |  | 52097 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. — Class A | 129 |  | 41043 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust REIT | 400 |  | 40524 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 1560 |  | 36083 |
| **Total Financial** |  |  | 41655797 |
| **Consumer, Non-cyclical - 11.0%** | **Consumer, Non-cyclical - 11.0%** | **Consumer, Non-cyclical - 11.0%** | **Consumer, Non-cyclical - 11.0%** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 4049 |  | 3089387 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 12266 |  | 2274362 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 8997 |  | 2083165 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 11930 |  | 1833045 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 4613 |  | 1592869 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 19727 |  | 1308294 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 7928 |  | 1285922 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 8864 |  | 1187244 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 12721 |  | 1067674 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 6973 |  | 979288 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1923 |  | 932693 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 1826 |  | 816642 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1592 |  | 774842 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 2742 |  | 773793 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 28957 |  | 737824 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 7547 |  | 736814 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 6319 |  | 701409 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 1752 |  | 647662 |

---

58 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 3246 | $| 643552 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 6525 |  | 621441 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 2063 |  | 605490 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 8556 |  | 565209 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 1306 |  | 511482 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 633 |  | 489018 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 6460 |  | 487020 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 10366 |  | 467507 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 6590 |  | 411677 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 1359 |  | 391732 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 786 |  | 374513 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 1147 |  | 370619 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 1745 |  | 358179 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 834 |  | 355451 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 2257 |  | 330244 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 4116 |  | 329033 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 4866 |  | 326314 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 759 |  | 314545 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 328 |  | 313128 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. — Class A | 987 |  | 308467 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 519 |  | 291818 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 1460 |  | 273268 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 407 |  | 260028 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 3630 |  | 244335 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 3459 |  | 233932 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 2990 |  | 232532 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 1690 |  | 210135 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 3098 |  | 208836 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 746 |  | 204203 |
| &nbsp;&nbsp;&nbsp;Block, Inc. — Class A\* | 2799 |  | 202284 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 2432 |  | 200251 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 1216 |  | 190863 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 1447 |  | 185722 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 712 |  | 179075 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 6919 |  | 176504 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 2325 |  | 174608 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 866 |  | 164488 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 630 |  | 161614 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 613 |  | 159484 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 9774 |  | 158632 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 2447 |  | 146184 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 754 |  | 141036 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 2723 |  | 137294 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 1997 |  | 134378 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 502 |  | 124215 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 423 |  | 121426 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 4340 |  | 113014 |
| &nbsp;&nbsp;&nbsp;Kellanova | 1369 |  | 112285 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 359 |  | 110834 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 1241 |  | 108749 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 570 |  | 108631 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. — Class A | 1193 |  | 105127 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 747 |  | 104640 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.\* | 360 |  | 103702 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 1236 |  | 102687 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 1009 |  | 99387 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. — Class A | 727 |  | 97905 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 366 |  | 96013 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 303 |  | 90842 |
| &nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 1289 |  | 86247 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 2376 |  | 84776 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 1432 |  | 84116 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. — Class A | 1455 |  | 79006 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 623 |  | 76816 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 1133 |  | 76466 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 835 |  | 70816 |
| &nbsp;&nbsp;&nbsp;Cooper Companies, Inc.\* | 1016 |  | 69657 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 397 |  | 64381 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 2616 |  | 59566 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | 543 |  | 58970 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 5938 |  | 58786 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. — Class B | 287 |  | 58674 |
| &nbsp;&nbsp;&nbsp;Bunge Global S.A. | 713 |  | 57931 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.\* | 751 |  | 54823 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 276 |  | 52815 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 591 |  | 51801 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 1764 |  | 45564 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 2440 |  | 44676 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 798 |  | 44393 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 343 |  | 42951 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 710 |  | 41237 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 251 |  | 39271 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 863 |  | 39051 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 1484 |  | 36714 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 525 |  | 34844 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 1002 |  | 31643 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. — Class B | 897 |  | 24291 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 182 |  | 24182 |
| **Total Consumer, Non-cyclical** |  |  | 39262975 |
| **Consumer, Cyclical - 6.8%** | **Consumer, Cyclical - 6.8%** | **Consumer, Cyclical - 6.8%** | **Consumer, Cyclical - 6.8%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 14292 |  | 6355938 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 22354 |  | 2303803 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 2259 |  | 2090998 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 5067 |  | 2053098 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 3634 |  | 1104336 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. | 5682 |  | 821276 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 2854 |  | 717239 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 5789 |  | 489749 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 4321 |  | 465847 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. — Class B | 6051 |  | 421936 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 1287 |  | 416448 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 85 |  | 364670 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 1198 |  | 310809 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 1148 |  | 298985 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 702 |  | 296504 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 4849 |  | 295643 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 5845 |  | 286639 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. — Class A\* | 6829 |  | 267628 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 2674 |  | 262908 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 1666 |  | 253882 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 1412 |  | 239292 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 59

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 19909 | $| 238112 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 1413 |  | 214776 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 224 |  | 213463 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 2314 |  | 207566 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 4531 |  | 203759 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 3303 |  | 187445 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 5529 |  | 159843 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 1649 |  | 159129 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 2699 |  | 153492 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. — Class A | 1159 |  | 146080 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 1005 |  | 132791 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 803 |  | 131210 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 229 |  | 125206 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 626 |  | 122352 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 15 |  | 120520 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 1060 |  | 120013 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 1121 |  | 115855 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 596 |  | 113455 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 555 |  | 98751 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 708 |  | 98129 |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 1109 |  | 95618 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 988 |  | 93238 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 2675 |  | 85359 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 1573 |  | 84612 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.\* | 756 |  | 76636 |
| &nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | 1001 |  | 75696 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 351 |  | 70888 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 159 |  | 68642 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. — Class A | 197 |  | 61771 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 2302 |  | 56698 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 430 |  | 55156 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 167 |  | 51782 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 678 |  | 51426 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 1310 |  | 40007 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International\* | 1040 |  | 36046 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 764 |  | 34281 |
| **Total Consumer, Cyclical** |  |  | 24217431 |
| **Industrial - 6.0%** | **Industrial - 6.0%** | **Industrial - 6.0%** | **Industrial - 6.0%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 5401 |  | 1624729 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 6817 |  | 1140688 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 2386 |  | 1138480 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 1386 |  | 852251 |
| &nbsp;&nbsp;&nbsp;Boeing Co.\* | 3851 |  | 831161 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. — Class A | 6218 |  | 769477 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 1983 |  | 742138 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 3020 |  | 713837 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 3234 |  | 680757 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 1283 |  | 586665 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 1046 |  | 522174 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 651 |  | 493556 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 1133 |  | 478081 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 1286 |  | 438526 |
| &nbsp;&nbsp;&nbsp;3M Co. | 2713 |  | 421003 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 685 |  | 417384 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1887 |  | 416706 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 2053 |  | 402860 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 287 |  | 378272 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2866 |  | 375962 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 3333 |  | 366463 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 1351 |  | 352287 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 1143 |  | 343369 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 9495 |  | 337168 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 1505 |  | 330393 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. — Class B | 3749 |  | 313154 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 953 |  | 291056 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 400 |  | 287056 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 1105 |  | 260570 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 4074 |  | 243218 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. — Class A | 1034 |  | 237282 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 1176 |  | 221088 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 673 |  | 207028 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 833 |  | 205101 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 573 |  | 200281 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 307 |  | 193496 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 1240 |  | 182900 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 1999 |  | 182769 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 871 |  | 174609 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 877 |  | 153405 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 1842 |  | 152186 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 228 |  | 148095 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.\* | 239 |  | 140063 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 1264 |  | 134755 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 942 |  | 132615 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 105 |  | 128899 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 547 |  | 118792 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 271 |  | 116614 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 698 |  | 116447 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 2659 |  | 113194 |
| &nbsp;&nbsp;&nbsp;Packaging Corporation of America | 455 |  | 99158 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 1212 |  | 98960 |
| &nbsp;&nbsp;&nbsp;Amcor plc | 11741 |  | 96041 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 835 |  | 92485 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 266 |  | 92177 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 609 |  | 91265 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 163 |  | 86285 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 691 |  | 84710 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 1723 |  | 84410 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 601 |  | 79572 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 437 |  | 77502 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 908 |  | 76717 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 1066 |  | 75036 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 1386 |  | 69882 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.\* | 563 |  | 68264 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 383 |  | 62337 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 273 |  | 61957 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 788 |  | 58572 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 200 |  | 57582 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 389 |  | 52192 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 299 |  | 50052 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 582 |  | 42725 |

---

60 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 266 | $34293 |
| **Total Industrial** |  | 21501234 |
| **Energy - 2.4%** | **Energy - 2.4%** | **Energy - 2.4%** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 21713 | 2448141 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 9802 | 1522153 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 6361 | 601687 |
| &nbsp;&nbsp;&nbsp;Williams Companies, Inc. | 6219 | 393974 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 2781 | 311806 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 1548 | 298361 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 9959 | 281939 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 2058 | 279929 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1582 | 269351 |
| &nbsp;&nbsp;&nbsp;Schlumberger N.V. | 7599 | 261178 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 5021 | 244623 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 3207 | 234015 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 1096 | 183624 |
| &nbsp;&nbsp;&nbsp;Equities Corp. | 3178 | 172978 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 3660 | 172935 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 958 | 137090 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 1213 | 128869 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 546 | 120409 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 3233 | 113349 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 4342 | 106813 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. — Class A | 3887 | 91928 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 98 | 91497 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 1822 | 44238 |
| **Total Energy** |  | 8510887 |
| **Utilities - 1.9%** | **Utilities - 1.9%** | **Utilities - 1.9%** |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 10488 | 791739 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 5603 | 530996 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 1591 | 523550 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 3960 | 490050 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 1622 | 317782 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 2724 | 306450 |
| &nbsp;&nbsp;&nbsp;Sempra | 3323 | 299004 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 4347 | 265906 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 3012 | 242918 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 5144 | 231531 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 2542 | 212155 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 2274 | 211914 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 1639 | 187813 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1837 | 184655 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 11194 | 168806 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 985 | 159521 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 1057 | 149492 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 1377 | 143731 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 3766 | 139945 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 818 | 139674 |
| &nbsp;&nbsp;&nbsp;American Water Works Company, Inc. | 994 | 138355 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1890 | 134455 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 3325 | 129010 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 2647 | 121286 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 1525 | 111721 |
| &nbsp;&nbsp;&nbsp;Edison International | 1960 | 108349 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 2398 | 103833 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 1172 | 89095 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 1309 | 88240 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 608 | 54513 |
| &nbsp;&nbsp;&nbsp;AES Corp. | 3626 | 47718 |
| **Total Utilities** |  | 6824207 |
| **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 2388 | 1134300 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 5594 | 471630 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 1181 | 408933 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 1300 | 356018 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 1133 | 308992 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 7312 | 286777 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 2133 | 166161 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 1169 | 158318 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 2689 | 124769 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 1149 | 120771 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 705 | 98298 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 3610 | 82777 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 1305 | 80310 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 825 | 74003 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. — Class A | 1311 | 64291 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 1616 | 56043 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 599 | 48567 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 585 | 36884 |
| **Total Basic Materials** |  | 4077842 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $198,229,191) |  | 290541140 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 10.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 10.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 10.9%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.05% due 10/28/25<sup>1,2</sup> | $15000000 | 14954499 |
| &nbsp;&nbsp;&nbsp;4.02% due 10/28/25<sup>1,2</sup> | 15000000 | 14954498 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 6237000 | 6227902 |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>1,2</sup> | 2650000 | 2627798 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>1,2</sup> | 50000 | 49581 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $38,813,482) |  | 38814278 |
| **Total Investments - 92.0%** | **Total Investments - 92.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $237,042,673) | &nbsp;&nbsp;&nbsp;(Cost $237,042,673) | $329355418 |
| **Other Assets & Liabilities, net - 8.0%** | **Other Assets & Liabilities, net - 8.0%** | 28739431 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $358094849 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 61

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> 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 | 325 | Dec 2025 | $109476250 | $802976 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 4.69% (Federal Funds Rate + 0.60%) | At Maturity | 11/19/25 | 35604 | $238139165 | $1404579 |
| BNP Paribas | S&P 500 Index | Pay | 4.94% (Federal Funds Rate + 0.85%) | At Maturity | 11/20/25 | 7289 | 48750522 | 368009 |
| Barclays Bank plc | S&P 500 Index | Pay | 5.03% (SOFR + 0.90%) | At Maturity | 11/20/25 | 4532 | 30308806 | 228793 |
|  |  |  |  |  |  |  | $317198493 | $2001381 |

---

---

| | |
|:---|:---|
| \* | &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 September 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 September 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. |

---

The following table summarizes the inputs used to value the Fund's investments at September 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 | $290541140 | $— | $— | $290541140 |
| U.S. Treasury Bills |  | 38814278 |  | 38814278 |
| Equity Futures Contracts\*\* | 802976 |  |  | 802976 |
| Equity Index Swap Agreements\*\* |  | 2001381 |  | 2001381 |
| Total Assets | $291344116 | $40815659 | $— | $332159775 |

---

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

62 \| 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) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $237,042,673) | $329355418 |
| Segregated cash with broker | 2778297 |
| Unrealized appreciation on OTC swap agreements | 2001381 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 91752234 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 290486 |
| &nbsp;&nbsp;&nbsp;Dividends | 106652 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 4 |
| **Total assets** | 426284472 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 349436 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 65192295 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1861362 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 264440 |
| &nbsp;&nbsp;&nbsp;Management fees | 214111 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 97828 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 60539 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 24980 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 2496 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 122136 |
| **Total liabilities** | 68189623 |
| **Net assets** | $358094849 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $246628409 |
| Total distributable earnings (loss) | 111466440 |
| Net assets | $358094849 |
| **Class A:** | **Class A:** |
| Net assets | $32336694 |
| Capital shares outstanding | 82302 |
| Net asset value per share | $392.90 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $412.49 |
| **Class C:** | **Class C:** |
| Net assets | $1850856 |
| Capital shares outstanding | 5902 |
| Net asset value per share | $313.60 |
| **Class H:** | **Class H:** |
| Net assets | $323907299 |
| Capital shares outstanding | 825997 |
| Net asset value per share | $392.14 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $317) | $1221925 |
| Interest | 911355 |
| Income from securities lending, net | 2364 |
| &nbsp;&nbsp;&nbsp;Total investment income | 2135644 |
| **Expenses:** | **Expenses:** |
| Management fees | 1035421 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 34722 |
| &nbsp;&nbsp;&nbsp;Class C | 8302 |
| &nbsp;&nbsp;&nbsp;Class H | 250821 |
| Transfer agent fees | 257149 |
| Portfolio accounting and administration fees | 235847 |
| Registration fees | 209378 |
| Interest expense | 121408 |
| Professional fees | 31561 |
| Custodian fees | 15861 |
| Trustees' fees\* | 13526 |
| Line of credit fees | 777 |
| Miscellaneous | 2714 |
| &nbsp;&nbsp;&nbsp;Total expenses | 2217487 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (115045) |
| Net expenses | 2102442 |
| Net investment income | 33202 |
| **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 | 12395242 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 27524291 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 10420152 |
| Net realized gain | 50339685 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 22084306 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 6176634 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 1080306 |
| Net change in unrealized appreciation (depreciation) | 29341246 |
| Net realized and unrealized gain | 79680931 |
| **Net increase in net assets resulting from operations** | $79714133 |

---

\* 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 \| 63

**S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $33202 | $460928 |
| Net realized gain on investments | 50339685 | 15963732 |
| Net change in unrealized appreciation (depreciation) on investments | 29341246 | 1239645 |
| Net increase in net assets resulting from operations | 79714133 | 17664305 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (1391849) |
| &nbsp;&nbsp;&nbsp;Class C |  | (114813) |
| &nbsp;&nbsp;&nbsp;Class H |  | (9197234) |
| Total distributions to shareholders |  | (10703896) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3689421 | 8084411 |
| &nbsp;&nbsp;&nbsp;Class C | 685277 | 1676373 |
| &nbsp;&nbsp;&nbsp;Class H | 2721825147 | 3865491204 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 1362270 |
| &nbsp;&nbsp;&nbsp;Class C |  | 111585 |
| &nbsp;&nbsp;&nbsp;Class H |  | 8077064 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4783386) | (8334806) |
| &nbsp;&nbsp;&nbsp;Class C | (1251568) | (1563657) |
| &nbsp;&nbsp;&nbsp;Class H | (2622646286) | (3960151740) |
| Net increase (decrease) from capital share transactions | 97518605 | (85247296) |
| Net increase (decrease) in net assets | 177232738 | (78286887) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 180862111 | 259148998 |
| &nbsp;&nbsp;&nbsp;End of period | $358094849 | $180862111 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 11343 | 25587 |
| &nbsp;&nbsp;&nbsp;Class C | 2861 | 6658 |
| &nbsp;&nbsp;&nbsp;Class H | 7970644 | 12365403 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 3952 |
| &nbsp;&nbsp;&nbsp;Class C |  | 403 |
| &nbsp;&nbsp;&nbsp;Class H |  | 23475 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (14635) | (26506) |
| &nbsp;&nbsp;&nbsp;Class C | (5330) | (6179) |
| &nbsp;&nbsp;&nbsp;Class H | (7676836) | (12673740) |
| Net increase (decrease) in shares | 288047 | (280947) |

---

64 \| 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.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $290.09 | $286.56 | $186.61 | $244.03 | $195.48 | $86.56 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .06 | .70 | .90 | .31 | (1.47) | (.75) |
| Net gain (loss) on investments (realized and unrealized) | 102.75 | 20.45 | 99.39 | (57.73) | 55.90 | 110.89 |
| Total from investment operations | 102.81 | 21.15 | 100.29 | (57.42) | 54.43 | 110.14 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.19) | (.34) |  |  |  |
| Net realized gains |  | (16.43) |  |  | (5.88) | (1.22) |
| Total distributions |  | (17.62) | (.34) |  | (5.88) | (1.22) |
| Net asset value, end of period | $392.90 | $290.09 | $286.56 | $186.61 | $244.03 | $195.48 |
| **Total Return<sup>c</sup>** | **35.44%** | **6.40%** | **53.82%** | **(23.53** **%)** | **27.59%** | **127.44%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $32337 | $24830 | $23659 | $16858 | $25694 | $21176 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.03% | 0.22% | 0.41% | 0.17% | (0.61%) | (0.51%) |
| Total expenses | 1.93% | 1.84% | 1.94% | 1.85% | 1.75% | 1.81% |
| Net expenses<sup>d</sup> | 1.83% | 1.74% | 1.86% | 1.82% | 1.75% | 1.81% |
| Portfolio turnover rate | 824% | 1197% | 1312% | 554% | 610% | 634% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $232.43 | $234.07 | $153.62 | $202.40 | $164.10 | $73.30 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.93) | (1.35) | (.62) | (.99) | (2.70) | (1.51) |
| Net gain (loss) on investments (realized and unrealized) | 82.10 | 17.33 | 81.41 | (47.79) | 46.88 | 93.53 |
| Total from investment operations | 81.17 | 15.98 | 80.79 | (48.78) | 44.18 | 92.02 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.19) | (.34) |  |  |  |
| Net realized gains |  | (16.43) |  |  | (5.88) | (1.22) |
| Total distributions |  | (17.62) | (.34) |  | (5.88) | (1.22) |
| Net asset value, end of period | $313.60 | $232.43 | $234.07 | $153.62 | $202.40 | $164.10 |
| **Total Return<sup>c</sup>** | **34.92%** | **5.62%** | **52.68%** | **(24.10** **%)** | **26.62%** | **125.76%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1851 | $1946 | $1753 | $2132 | $4317 | $2919 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.71%) | (0.53%) | (0.35%) | (0.65%) | (1.36%) | (1.23%) |
| Total expenses | 2.67% | 2.59% | 2.69% | 2.59% | 2.50% | 2.56% |
| Net expenses<sup>d</sup> | 2.57% | 2.49% | 2.61% | 2.57% | 2.50% | 2.56% |
| Portfolio turnover rate | 824% | 1197% | 1312% | 554% | 610% | 634% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 65

**S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025** | **Year Ended <br> March 31, <br> 2024** | **Year Ended <br> March 31, <br> 2023** | **Year Ended <br> March 31, <br> 2022** | **Year Ended <br> March 31, <br> 2021** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $289.53 | $286.07 | $186.32 | $243.65 | $195.18 | $86.43 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .06 | .64 | .89 | .31 | (1.46) | (.78) |
| Net gain (loss) on investments (realized and unrealized) | 102.55 | 20.44 | 99.20 | (57.64) | 55.81 | 110.75 |
| Total from investment operations | 102.61 | 21.08 | 100.09 | (57.33) | 54.35 | 109.97 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.19) | (.34) |  |  |  |
| Net realized gains |  | (16.43) |  |  | (5.88) | (1.22) |
| Total distributions |  | (17.62) | (.34) |  | (5.88) | (1.22) |
| Net asset value, end of period | $392.14 | $289.53 | $286.07 | $186.32 | $243.65 | $195.18 |
| **Total Return** | **35.44%** | **6.39%** | **53.81%** | **(23.53** **%)** | **27.59%** | **127.44%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $323907 | $154087 | $233737 | $108204 | $219097 | $123790 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.03% | 0.20% | 0.40% | 0.17% | (0.61%) | (0.53%) |
| Total expenses | 1.92% | 1.84% | 1.94% | 1.85% | 1.75% | 1.81% |
| Net expenses<sup>d</sup> | 1.82% | 1.74% | 1.85% | 1.82% | 1.75% | 1.81% |
| Portfolio turnover rate | 824% | 1197% | 1312% | 554% | 610% | 634% |

---

<sup>a</sup> Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.

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

66 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 13.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 13.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 13.1%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>1,2</sup> | $950000 | $942041 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>1,2</sup> | 250000 | 247905 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 181000 | 180736 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,370,655) |  | 1370682 |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 4.8%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 4.8%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 4.8%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.13% (SOFR, Rate Floor: 0.00%) due 01/09/26<sup>◊</sup> | 500000 | 500009 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $500,000) |  | 500009 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 74.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 74.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 74.7%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 4520258 | 4520258 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 3252621 | 3252621 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,772,879) |  | 7772879 |
| **Total Investments - 92.6%** | **Total Investments - 92.6%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,643,534) | &nbsp;&nbsp;&nbsp;(Cost $9,643,534) | $9643570 |
| **Other Assets & Liabilities, net - 7.4%** | **Other Assets & Liabilities, net - 7.4%** | 767191 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $10410761 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 9 | Dec 2025 | $3031650 | $(25935) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | S&P 500 Index | Receive | 4.54% (Federal Funds Rate + 0.45%) | At Maturity | 11/20/25 | 471 | $3150622 | $(23780) |
| Goldman Sachs International | S&P 500 Index | Receive | 4.49% (Federal Funds Rate + 0.40%) | At Maturity | 11/19/25 | 1294 | 8657129 | (40240) |
| Barclays Bank plc | S&P 500 Index | Receive | 4.73% (SOFR + 0.60%) | At Maturity | 11/20/25 | 892 | 5967867 | (45052) |
|  |  |  |  |  |  |  | $17775618 | $(109072) |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>◊</sup> | &nbsp;&nbsp;&nbsp;Variable rate security. Rate indicated is the rate effective at September 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;All or a portion of this security is pledged as equity index swap collateral at September 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 September 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. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 67

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **2x STRATEGY FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at September 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 | $— | $1370682 | $— | $1370682 |
| Federal Agency Notes |  | 500009 |  | 500009 |
| Repurchase Agreements |  | 7772879 |  | 7772879 |
| Total Assets | $— | $9643570 | $— | $9643570 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $25935 | $— | $— | $25935 |
| Equity Index Swap Agreements\*\* |  | 109072 |  | 109072 |
| Total Liabilities | $25935 | $109072 | $— | $135007 |

---

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

68 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $1,870,655) | $1870691 |
| Repurchase agreements, at value (cost $7,772,879) | 7772879 |
| Segregated cash with broker | 1734564 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 263762 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 9327 |
| &nbsp;&nbsp;&nbsp;Interest | 5890 |
| **Total assets** | 11657113 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 130000 |
| Unrealized depreciation on OTC swap agreements | 109072 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 969121 |
| &nbsp;&nbsp;&nbsp;Management fees | 11802 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 10575 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 6149 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 3402 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1377 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 131 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 4723 |
| **Total liabilities** | 1246352 |
| **Net assets** | $10410761 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $257935415 |
| Total distributable earnings (loss) | (247524654) |
| Net assets | $10410761 |
| **Class A:** | **Class A:** |
| Net assets | $922030 |
| Capital shares outstanding | 11346 |
| Net asset value per share | $81.26 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $85.31 |
| **Class C:** | **Class C:** |
| Net assets | $209606 |
| Capital shares outstanding | 3177 |
| Net asset value per share | $65.98 |
| **Class H:** | **Class H:** |
| Net assets | $9279125 |
| Capital shares outstanding | 113235 |
| Net asset value per share | $81.95 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $427728 |
| &nbsp;&nbsp;&nbsp;Total investment income | 427728 |
| **Expenses:** | **Expenses:** |
| Management fees | 78561 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 734 |
| &nbsp;&nbsp;&nbsp;Class C | 1274 |
| &nbsp;&nbsp;&nbsp;Class H | 20772 |
| Transfer agent fees | 20372 |
| Portfolio accounting and administration fees | 17896 |
| Registration fees | 16680 |
| Interest expense | 7467 |
| Professional fees | 2203 |
| Custodian fees | 1156 |
| Trustees' fees\* | 965 |
| Miscellaneous | 52 |
| &nbsp;&nbsp;&nbsp;Total expenses | 168132 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (8728) |
| Net expenses | 159404 |
| Net investment income | 268324 |
| **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 | (134) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (1538400) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (141517) |
| Net realized loss | (1680051) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 65 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (487233) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (88432) |
| Net change in unrealized appreciation (depreciation) | (575600) |
| Net realized and unrealized loss | (2255651) |
| **Net decrease in net assets resulting from operations** | $(1987327) |

---

\* 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 \| 69

**INVERSE S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

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

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $268324 | $542371 |
| Net realized loss on investments | (1680051) | (2641542) |
| Net change in unrealized appreciation (depreciation) on investments | (575600) | 511730 |
| Net decrease in net assets resulting from operations | (1987327) | (1587441 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (40967) |
| &nbsp;&nbsp;&nbsp;Class C |  | (26388) |
| &nbsp;&nbsp;&nbsp;Class H |  | (596905 |
| Total distributions to shareholders |  | (664260 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2056728 | 3433037 |
| &nbsp;&nbsp;&nbsp;Class C | 103104 | 820249 |
| &nbsp;&nbsp;&nbsp;Class H | 555405922 | 827752272 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 40918 |
| &nbsp;&nbsp;&nbsp;Class C |  | 26388 |
| &nbsp;&nbsp;&nbsp;Class H |  | 578519 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1808663) | (3124364) |
| &nbsp;&nbsp;&nbsp;Class C | (143099) | (809831) |
| &nbsp;&nbsp;&nbsp;Class H | (553832493) | (829427361 |
| Net increase (decrease) from capital share transactions | 1781499 | (710173 |
| Net decrease in net assets | (205828) | (2961874) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 10616589 | 13578463 |
| &nbsp;&nbsp;&nbsp;End of period | $10410761 | $10616589 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 20062 | 27687 |
| &nbsp;&nbsp;&nbsp;Class C | 1251 | 8138 |
| &nbsp;&nbsp;&nbsp;Class H | 5120443 | 6947998 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 402 |
| &nbsp;&nbsp;&nbsp;Class C |  | 317 |
| &nbsp;&nbsp;&nbsp;Class H |  | 5628 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (16135) | (24978) |
| &nbsp;&nbsp;&nbsp;Class C | (1643) | (8133) |
| &nbsp;&nbsp;&nbsp;Class H | (5085486) | (6966061 |
| Net increase (decrease) in shares | 38492 | (9002 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 24, 2025.

70 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $118.88 | $138.42 | $217.58 | $204.13 | $296.23 | $839.94 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.57 | 4.02 | 7.05 | (.20) | (3.55) | (2.90) |
| Net gain (loss) on investments (realized and unrealized) | (39.19) | (16.05) | (80.66) | 13.65 | (88.55) | (540.81) |
| Total from investment operations | (37.62) | (12.03) | (73.61) | 13.45 | (92.10) | (543.71) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (7.51) | (5.55) |  |  |  |
| Total distributions |  | (7.51) | (5.55) |  |  |  |
| Net asset value, end of period | $81.26 | $118.88 | $138.42 | $217.58 | $204.13 | $296.23 |
| **Total Return<sup>c</sup>** | **(31.65** **%)** | **(7.76** **%)** | **(34.38** **%)** | **6.59%** | **(31.09** **%)** | **(64.73** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $922 | $882 | $596 | $799 | $2399 | $911 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.20% | 3.33% | 3.83% | (0.09%) | (1.56%) | (1.67%) |
| Total expenses | 1.96% | 1.87% | 1.85% | 2.14% | 1.77% | 1.81% |
| Net expenses<sup>d</sup> | 1.86% | 1.77% | 1.77% | 2.12% | 1.77% | 1.81% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $96.88 | $115.42 | $183.90 | $173.85 | $254.16 | $726.40 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.02 | 2.70 | 4.80 | (.35) | (4.40) | (4.15) |
| Net gain (loss) on investments (realized and unrealized) | (31.92) | (13.73) | (67.73) | 10.40 | (75.91) | (468.09) |
| Total from investment operations | (30.90) | (11.03) | (62.93) | 10.05 | (80.31) | (472.24) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (7.51) | (5.55) |  |  |  |
| Total distributions |  | (7.51) | (5.55) |  |  |  |
| Net asset value, end of period | $65.98 | $96.88 | $115.42 | $183.90 | $173.85 | $254.16 |
| **Total Return<sup>c</sup>** | **(31.90** **%)** | **(8.47** **%)** | **(34.87** **%)** | **5.78%** | **31.61%** | **(65.01** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $210 | $346 | $375 | $595 | $193 | $276 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.52% | 2.68% | 3.07% | (0.17%) | (2.24%) | (2.43%) |
| Total expenses | 2.72% | 2.60% | 2.60% | 2.99% | 2.50% | 2.55% |
| Net expenses<sup>d</sup> | 2.62% | 2.51% | 2.52% | 2.96% | 2.50% | 2.55% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 71

**INVERSE S&P 500<sup>®</sup>** **2x STRATEGY FUND**<br>

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>e</sup>** | **Year Ended <br> March 31, <br> 2024<sup>e</sup>** | **Year Ended <br> March 31, <br> 2023<sup>e</sup>** | **Year Ended <br> March 31, <br> 2022<sup>e</sup>** | **Year Ended <br> March 31, <br> 2021<sup>e</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $119.94 | $138.98 | $218.61 | $205.03 | $297.24 | $842.81 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.54 | 3.96 | 6.80 | 1.45 | (3.55) | (2.75) |
| Net gain (loss) on investments (realized and unrealized) | (39.53) | (15.49) | (80.88) | 12.13 | (88.66) | (542.82) |
| Total from investment operations | (37.99) | (11.53) | (74.08) | 13.58 | (92.21) | (545.57) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (7.51) | (5.55) |  |  |  |
| Total distributions |  | (7.51) | (5.55) |  |  |  |
| Net asset value, end of period | $81.95 | $119.94 | $138.98 | $218.61 | $205.03 | $297.24 |
| **Total Return** | **(31.67** **%)** | **(7.41** **%)** | **(34.41** **%)** | **6.61%** | **(31.02** **%)** | **(64.73** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $9279 | $9389 | $12607 | $55957 | $13017 | $12747 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.08% | 3.33% | 3.71% | 0.59% | (1.55%) | (1.65%) |
| Total expenses | 1.91% | 1.85% | 1.84% | 2.20% | 1.75% | 1.81% |
| Net expenses<sup>d</sup> | 1.81% | 1.75% | 1.76% | 2.16% | 1.75% | 1.81% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

<sup>a</sup> Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.

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

<sup>e</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 24, 2025.

72 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)<br>

**Note 1 – Organization and Significant Accounting Policies** 

**Organization** 

Rydex Dynamic Funds (the "Trust"), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the "Funds"). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of three separate classes of shares: Class A shares, Class C shares and Class H shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share ("NAV"), with the exception of Class A shares. Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Class A share purchases of $1 million or more are exempt from the front-end sales charge but are subject to a 1% contingent deferred sales charge ("CDSC") if shares are redeemed within 12 months of purchase. Class C shares are subject to a 1% CDSC if shares are redeemed within 12 months of purchase. Class C shares of each Fund automatically convert to Class A shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the Class C shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of Class A shares. At September 30, 2025, the Trust consisted of eight Funds.

This report covers the following Funds:

---

| | |
|:---|:---|
| **Fund Name** | **Diversification <br> Status** |
| Dow 2x Strategy Fund | Non-diversified |
| Inverse Dow 2x Strategy Fund | Non-diversified |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Non-diversified |
| S&P 500<sup>®</sup> 2x Strategy Fund | Non-diversified |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | Non-diversified |

---

The Funds are designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offer unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Funds to experience high portfolio turnover.

Security Investors, LLC (the "Adviser"), which operates under the name Guggenheim Investments ("GI"), provides advisory services to the Funds. Guggenheim Funds Distributors, LLC ("GFD") serves as distributor of the Funds' shares. GI and GFD are affiliated entities.

**Significant Accounting Policies** 

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The NAV of each share class of each Fund is calculated by dividing the current value of the Fund's securities and other assets, less all liabilities attributable to the share class by the number of outstanding shares of the share class on the specified date.

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange ("NYSE"), usually 4:00 p.m. The NAV is calculated using the current market value of each Fund's total assets, as of the respective time of calculation. These financial statements are based on the September 30, 2025, afternoon NAV.

**(a) Valuation of Investments** 

The Board of Trustees of the Trust (the "Board") has adopted policies and procedures for the valuation of the Funds' investments (the "Fund Valuation Procedures").

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the valuation designee to perform fair valuation determinations for each Fund 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

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 73

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

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.

U.S. Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent third-party pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount 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.

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.

74 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

**(c) Futures Contracts** 

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

**(d) Swap Agreements** 

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

**(e) Foreign Taxes** 

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**(f) Security Transactions** 

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts ("REITs") is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

**(g) Distributions** 

Distributions of net investment income and distributions of net realized gains, if any, are declared and paid at least annually. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

**(h) Class Allocations** 

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the share classes based upon the value of the outstanding shares in each share class. Certain costs, such as distribution and service fees are charged directly to specific share classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

**(i) Cash** 

The Funds may leave cash overnight in their cash account with their custodian. Periodically, a Fund may have cash due to their custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.09% at September 30, 2025.

**(j) Indemnifications** 

Under the Trust's organizational documents, the Trustees and Officers of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Trust, on behalf of the Funds, enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 75

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

**Note 2 – Derivatives** 

As part of their investment strategies, the Funds may utilize a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds' Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The Funds utilized derivatives for the following purposes:

**Index Exposure:** the use of an instrument to obtain exposure to a listed or other type of index.

**Leverage:** gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

**Liquidity:** the ability to buy or sell exposure with little price/market impact.

If a Fund's investment strategy consistently involves applying leverage, the value of the Fund's shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. A Fund's use of leverage, through borrowings or instruments such as derivatives, may cause an investment in the Fund to be more volatile and riskier than if the Fund had not been leveraged.

**Futures Contracts** 

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund's use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds' Statements of Assets and Liabilities; securities held as collateral are noted on the Funds' Schedules of Investments.

The following table represents the Funds' use and volume of futures on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
| Dow 2x Strategy Fund | Index exposure, Leverage, Liquidity | $13497857 | $— |
| Inverse Dow 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 683080 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 513147736 |  |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 8028008 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 20067545 |  |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 1670358 |
| S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 69701744 |  |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 2781485 |

---

76 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

**Swap Agreements** 

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter ("OTC") swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

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 | $28067501 | $— |
| Inverse Dow 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 7915079 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 771540007 |  |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 61096350 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 68725639 |  |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 8682440 |
| S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 206426475 |  |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 19253465 |

---

**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 September 30, 2025:

---

| | | |
|:---|:---|:---|
| **Derivative Investment Type** | **Asset Derivatives** | **Liability Derivatives** |
| Equity futures contracts  | Variation margin on futures contracts  | Variation margin on futures contracts  |
| Equity swap agreements  | Unrealized appreciation on OTC swap agreements | Unrealized depreciation on OTC swap agreements |

---

The following tables set forth the fair value of the Funds' derivative investments categorized by primary risk exposure at September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Total Value at <br> September 30, <br> 2025** |
| Dow 2x Strategy Fund | $103343 | $178942 | $282285 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 9102527 | 4283096 | 13385623 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 139768 | 8164 | 147932 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund |  | 6505 | 6505 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 802976 | 2001381 | 2804357 |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 77

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | | | |
|:---|:---|:---|:---|
| **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Total Value at <br> September 30, <br> 2025** |
| Inverse Dow 2x Strategy Fund | $4656 | $37170 | $41826 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund |  | 162296 | 162296 |
| Russell 2000<sup>®</sup> 2x Strategy Fund |  | 359977 | 359977 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 12201 | 2960 | 15161 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 25935 | 109072 | 135007 |

---

<sup>\*</sup> Includes cumulative appreciation (depreciation) of futures contracts as reported on the Funds' Schedules of Investments. Variation margin is reported within the Funds' Statements of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds' Statements of Operations for the period ended September 30, 2025:

---

| | |
|:---|:---|
| **Derivative Investment Type** | **Location of Gain (Loss) on Derivatives** |
| Equity futures contracts  | Net realized gain (loss) on futures contracts |
|  | Net change in unrealized appreciation (depreciation) on futures contracts  |
| Equity swap agreements | Net realized gain (loss) on swap agreements |
|  | Net change in unrealized appreciation (depreciation) on swap agreements  |

---

The following is a summary of the Funds' realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds' Statements of Operations categorized by primary risk exposure for the period ended September 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** |
| **Fund** | **Futures<br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Total** |
| Dow 2x Strategy Fund | $823463 | $743596 | $1567059 |
| Inverse Dow 2x Strategy Fund | (23114) | (1299160) | (1322274) |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 105267288 | 130997183 | 236264471 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 1733734 | 440111 | 2173845 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 3394505 | 9508557 | 12903062 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | (531720) | (2306477) | (2838197) |
| S&P 500<sup>®</sup> 2x Strategy Fund | 10420152 | 27524291 | 37944443 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | (141517) | (1538400) | (1679917) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations**  | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations**  | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations**  | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations**  |
| **Fund** | **Futures<br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Total** |
| Dow 2x Strategy Fund | $128538 | $536270 | $664808 |
| Inverse Dow 2x Strategy Fund | (1054) | (114372) | (115426) |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 18244934 | 24785783 | 43030717 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | (49377) | (1177542) | (1226919) |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 328152 | 1440670 | 1768822 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | (25590) | (280891) | (306481) |
| S&P 500<sup>®</sup> 2x Strategy Fund | 1080306 | 6176634 | 7256940 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | (88432) | (487233) | (575665) |

---

In conjunction with the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

78 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

**Note 3 – Offsetting** 

In the normal course of business, the Funds enter into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Funds to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Funds' Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Funds' Statements of Assets and Liabilities.

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross <br> Amounts of <br> Recognized <br> Assets<sup>1</sup>** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amount <br> of Assets <br> Presented on <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Received** | <br>**Net Amount** |
| Dow 2x Strategy Fund | Swap equity agreements | $178942 | $— | $178942 | $— | $— | $178942 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Swap equity agreements  | 4283096 |  | 4283096 |  |  | 4283096 |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 8164 |  | 8164 |  |  | 8164 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Swap equity agreements  | 6505 |  | 6505 |  |  | 6505 |
| S&P 500<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 2001381 |  | 2001381 |  |  | 2001381 |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 79

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | **Gross Amounts Not Offset <br> in the Statements of <br> Assets and Liabilities** | |
| <br>**Fund** | <br>**Instrument** | <br>**Gross <br> Amounts of <br> Recognized <br> Liabilities<sup>1</sup>** | <br>**Gross <br> Amounts <br> Offset in the <br> Statements <br> of Assets and <br> Liabilities** | <br>**Net Amount <br> of Liabilities <br> Presented on <br> the Statements <br> of Assets and <br> Liabilities** | **Financial <br> Instruments** | **Cash <br> Collateral <br> Pledged** | <br>**Net Amount** |
| Inverse Dow 2x Strategy Fund | Swap equity agreements | $37170 | $— | $37170 | $(26068) | $(11102) | $— |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | Swap equity agreements  | 162296 |  | 162296 | (111643) | (50653) |  |
| Russell 2000<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 359977 |  | 359977 |  | (359977) |  |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 2960 |  | 2960 | (777) | (2183) |  |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | Swap equity agreements | 109072 |  | 109072 | (45052) | (64020) |  |

---

<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 September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
| Dow 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | $90455 | $— |
|  | BNP Paribas | Total return swap agreements | 375579 |  |
|  | Goldman Sachs International | Futures contracts | 42856 |  |
| Dow 2x Strategy Fund Total |  |  | 508890 |  |
| Inverse Dow 2x Strategy Fund | BNP Paribas | Total return swap agreements | 105099 |  |
|  | Goldman Sachs International | Futures contracts | 13151 |  |
| Inverse Dow 2x Strategy Fund Total |  |  | 118250 |  |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | 766908 |  |
|  | BNP Paribas | Total return swap agreements | 11561931 |  |
|  | Goldman Sachs International | Futures contracts | 7474745 |  |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund Total |  |  | 19803584 |  |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | BNP Paribas | Total return swap agreements | 247285 |  |
|  | Goldman Sachs International | Total return swap agreements | 690000 |  |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund Total |  |  | 937285 |  |
| Russell 2000<sup>®</sup> 2x Strategy Fund | BNP Paribas | Total return swap agreements | 316528 |  |
|  | Goldman Sachs International | Total return swap agreements | 7970000 |  |
| Russell 2000<sup>®</sup> 2x Strategy Fund Total |  |  | 8286528 |  |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | BNP Paribas | Total return swap agreements | 181986 |  |
|  | Goldman Sachs International | Futures contracts | 43955 |  |
|  | Goldman Sachs International | Total return swap agreements | 380000 |  |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund Total |  |  | 605941 |  |
| S&P 500<sup>®</sup> 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | 354476 |  |
|  | BNP Paribas | Total return swap agreements | 2423821 |  |
| S&P 500<sup>®</sup> 2x Strategy Fund Total |  |  | 2778297 |  |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | BNP Paribas | Total return swap agreements | 183882 |  |
|  | Goldman Sachs International | Futures contracts | 682 |  |
|  | Goldman Sachs International | Total return swap agreements | 1550000 |  |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund Total |  |  | 1734564 |  |

---

80 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

**Note 4 – Fair Value Measurement** 

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of "readily available market quotations," which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that "a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable."

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

**Note 5 – Investment Advisory Agreement and Other Agreements** 

Under the terms of an investment advisory contract between the Trust, on behalf of the Funds, and the Adviser, the Funds pay GI investment advisory fees on a monthly basis calculated daily at the annualized rates below, based on the average daily net assets of the Funds:

---

| | |
|:---|:---|
| **Fund** | **Management Fees <br> (as a % of Net Assets)** |
| Dow 2x Strategy Fund | 0.90% |
| Inverse Dow 2x Strategy Fund | 0.90% |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 0.90% |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 0.90% |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 0.90% |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 0.90% |
| S&P 500<sup>®</sup> 2x Strategy Fund | 0.90% |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 0.90% |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 81

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

When the aggregate assets of each series of the Trust and each series of Rydex Series Funds (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) will be reduced in accordance with the asset level and breakpoint schedule set forth below.

---

| | |
|:---|:---|
| **Fund Assets Under Management** | **Fund Asset-Based <br> Breakpoint Reductions** |
| $500 million - $1 billion | 0.025% |
| > $1 billion - $2 billion | 0.050% |
| > $2 billion | 0.075% |

---

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted separate Distribution and Shareholder Services Plans applicable to Class A shares and Class H shares of the Funds, pursuant to which GFD and other firms that provide distribution and/or shareholder services ("Service Providers") may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Providers out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services it performs.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to Class C shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds' Class C shares average daily net assets. The annual 0.25% service fee compensates a shareholder's financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder's financial adviser an ongoing sales commission. GFD advances the first year's service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

For the period ended September 30, 2025, GFD retained sales charges of $23,706 relating to sales of Class A shares of the Trust.

Effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for the NASDAQ-100<sup>®</sup> 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of the Fund's average daily net assets in excess of $500,000,000. This agreement will 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 Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Additionally, effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for S&P 500<sup>®</sup> 2x Strategy Fund, Inverse S&P 500<sup>®</sup> 2x Strategy Fund, NASDAQ-100<sup>®</sup> 2x Strategy Fund, Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Russell 2000<sup>®</sup> 2x Strategy Fund and Inverse Russell 2000<sup>®</sup> 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund's average daily net assets (in addition to any other contractual waiver and/or reimbursement arrangements). This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Further, effective August 1, 2023, GI has contractually agreed to waive and/or reimburse expenses for S&P 500<sup>®</sup> 2x Strategy Fund, Inverse S&P 500<sup>®</sup> 2x Strategy Fund, NASDAQ-100<sup>®</sup> 2x Strategy Fund, Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Russell 2000<sup>®</sup> 2x Strategy Fund and Inverse Russell 2000<sup>®</sup> 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund's average daily net assets (in addition to any other contractual waiver and/or reimbursement arrangements). This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

82 \| 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.

MUFG Investor Services (US), LLC ("MUIS") serves as the Funds' administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Funds' securities and cash. The Bank of New York Mellon ("BNY") serves as the Funds' custodian. Prior to September 29, 2025, U.S. Bank, N.A. ("U.S. Bank") served as the Funds' custodian. As custodian, BNY is responsible for the custody of the Funds' assets. For providing the aforementioned administrative 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 BNY 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 September 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 Strips |  |  |
| &nbsp;&nbsp;4.20% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | $20072005 | $20074347 | &nbsp;&nbsp;Due 11/15/25 - 02/15/47 | $20571636 | $20472946 |
|  |  |  | U.S. Treasury Bond |  |  |
|  |  |  | &nbsp;&nbsp;2.25% |  |  |
|  |  |  | &nbsp;&nbsp;Due 02/15/52 | 800 | 500 |
|  |  |  |  | 20572436 | 20473446 |
| BofA Securities, Inc. |  |  | U.S. Treasury Strips |  |  |
| &nbsp;&nbsp;4.19% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 14443120 | 14444801 | &nbsp;&nbsp;Due 08/15/39 - 05/15/55 | 47578321 | 14731982 |

---

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

**Note 7 – Portfolio Securities Loaned** 

The Funds may lend their securities to approved brokers to earn additional income. Securities lending income shown on the Funds' Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, BNY acts as the lending agent (prior to September 29, 2025, U.S. Bank acted as the lending agent), and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds' securities lending agreement with BNY, cash collateral and proceeds are invested in the Dreyfus Treasury Obligations Cash Management Fund – Institutional Shares. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering their securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand, including if a Fund determines it would like to vote a security on loan. The Adviser will vote such securities where the

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 83

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

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 September 30, 2025, none of the Funds participated in securities lending transactions.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of such counterparties to evaluate potential risks.

**Note 8 – Federal Income Tax Information** 

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service 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.

At September 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)** |
| Dow 2x Strategy Fund | $23577767 | $13041552 | $— | $13041552 |
| Inverse Dow 2x Strategy Fund | 4055409 | 23 | (41826) | (41803) |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 877080678 | 422805730 | (1125342) | 421680388 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 11426141 | 281 | (162446) | (162165) |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 34001274 | 4575213 | (1085987) | 3489226 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund | 3363361 | 6515 | (15161) | (8646) |
| S&P 500<sup>®</sup> 2x Strategy Fund | 268634087 | 63575383 | (49695) | 63525688 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund | 9643534 | 36 | (135007) | (134971) |

---

84 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

**Note 9 – Securities Transactions** 

For the period ended September 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** |
| Dow 2x Strategy Fund | $52726965 | $66946752 |
| Inverse Dow 2x Strategy Fund |  |  |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 3187713544 | 2853774629 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund |  |  |
| Russell 2000<sup>®</sup> 2x Strategy Fund | 1235932 | 1512003 |
| Inverse Russell 2000<sup>®</sup> 2x Strategy Fund |  |  |
| S&P 500<sup>®</sup> 2x Strategy Fund | 1643716228 | 1539419264 |
| Inverse S&P 500<sup>®</sup> 2x Strategy Fund |  |  |

---

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the period ended September 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)**  |
| Dow 2x Strategy Fund | $5072863 | $4864852 | $(43719) |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 931385833 | 602232462 | 16614953 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 510673075 | 651377075 | 8842771 |

---

**Note 10 – Line of Credit** 

The Trust, along with other affiliated trusts, previously secured an uncommitted $200,000,000 line of credit from U.S. Bank, N.A. that terminated on September 23, 2025. On September 26, 2025, a new, uncommitted $200,000,000 line of credit agreement was entered into with BNY, which expires on September 25, 2026. This line of credit is reserved for temporary or emergency purposes, and the Funds' general business purposes. Borrowings, if any, under this arrangement bear interest which varies between the greater of BNY's "overnight rate", SOFR, the Federal Funds Rate, or 0%, plus 1%, which shall be paid monthly. The effective interest rate averaged 5.48% for the period ended September 30, 2025. The Funds did not have any borrowings outstanding under this agreement at September 30, 2025.

The average daily balances borrowed for the period ended September 30, 2025, were as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Daily Balance** |
| Dow 2x Strategy Fund | $499 |
| NASDAQ-100<sup>®</sup> 2x Strategy Fund | 2556 |
| Inverse NASDAQ-100<sup>®</sup> 2x Strategy Fund | 9792 |
| S&P 500<sup>®</sup> 2x Strategy Fund | 13940 |

---

**Note 11 – 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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 85

**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 12 – Recent Accounting Pronouncements** 

In December 2023, the Financial Accounting Standards Board issued an Accounting Standards Update, ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (the "2023 ASU") which establishes new income tax disclosure requirements and modifies or eliminates certain existing disclosure provisions. Included within the new disclosure requirements, among other amendments, is an expanded rate reconciliation and disaggregation of income taxes paid. The 2023 ASU is effective for fiscal years beginning after December 15, 2024. At this time, management is evaluating the implications of these changes on the financial statements, though adoption of the new standard is expected to impact financial statement disclosures only and not affect any Fund's financial position or the results of its 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.

86 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**OTHER INFORMATION** (Unaudited)<br>

**A Brief Note on The Compounding of Returns** 

The Funds described in this report are benchmarked daily to leveraged and/or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in-line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period on a cumulative basis. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

**An Example of Compounding** 

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund's net asset value per share ("NAV") increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Index <br> Level** | **Index <br> Performance** | **Fund <br> Expectation** | **Fund <br> NAV** | **Fund <br> Performance** | **Assessment** |
| Start | 100 |  |  | $10.00 |  |  |
| Day 1 | 106 | 6.0% | 9.0% | $10.90 | 9.0% | In line |
| Day 2 | 99 | -6.6% | -9.9% | $9.82 | -9.9% | In line |
| Cumulative |  | -1.0% | -1.5% |  | -1.8% | -0.3% |

---

As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.

Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds' returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds' holdings to ensure that they are consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund's shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more information on correlation, leverage and other risks, please read the prospectus.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor's favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

**Sector Classification** 

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund's registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 87

**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. The Funds' Form N-PORT is available on the SEC's website at https://www.sec.gov. The Funds' complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on our website at www.guggenheiminvestments.com, and will be made available, upon request and without charge, by calling 800.820.0888.

88 \| 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 \| 89

**ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**<br>

Note: This is not applicable for any fund included in this document.

90 \| 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 \| 91

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**Report of the Rydex Dynamic Funds Board of Trustees** 

The Board of Trustees (the "Board") of Rydex Dynamic Funds (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"):

● Dow 2x Strategy Fund ● Inverse Dow 2x Strategy Fund

● Inverse NASDAQ-100 2x Strategy Fund ● Inverse Russell 2000 2x Strategy Fund

● Inverse S&P 500 2x Strategy Fund ● NASDAQ-100 2x Strategy Fund

● Russell 2000 2x Strategy Fund ● S&P 500 2x Strategy Fund

Security Investors 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.

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 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 summary of notable distinctions between the Funds and the applicable peer group identified in the FUSE reports.

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 Fund is designed to provide such tactical advisors with specific exposures while also providing for unlimited trading privileges, and that the Funds offer a unique set of product features. The Committee noted that each Fund seeks to track the performance (before fees and expenses) of a specific benchmark index on a daily basis. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Fund relative to the applicable benchmark index. The Committee took into account the limitations of the peer group comparisons provided by FUSE with respect to the 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.

92 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract** (Continued)

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 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 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.

The Committee considered the Funds' unique product features, including their tradability, the real time cash process employed for the Funds, twice-daily pricing for the Funds on select trading platforms, 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 Funds allow frequent trading and unlimited exchange privileges among like share classes 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 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 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 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 Funds continue to be utilized by tactical advisors as intended.

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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 93

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract** (Continued)

*Investment Performance*: The Committee received, for each Fund, investment returns for the five-year, three-year and one-year periods ended December 31, 2024. In addition, the Committee received a comparison of each Fund's performance to the performance of one or two peer funds identified by FUSE from the two direct competitor product suites, in each case for the same periods. The Committee also received from FUSE a description of the methodology for identifying each Fund's peer group for performance and expense comparisons. The Committee received tracking error data for the Funds relative to the applicable benchmark index for the five-year, three-year and one-year periods ended December 31, 2024, as well as a comparison of the tracking error of each Fund's Class H shares to the tracking error of a peer fund, in each case for the same periods. 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.

The Committee considered the Adviser's statement that the 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 Class H shares relative to its applicable benchmark index and compared to the tracking error of a peer fund.

The Committee considered the Adviser's summary of notable distinctions between the Funds and the peer funds in the two direct competitor product suites. The Committee observed that the performance of the Funds' Class H shares over the five-year, three-year and one-year periods ended December 31, 2024 was generally in line with the performance of their respective peer 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 each Fund's performance was acceptable.

*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>1</sup> and total net expense ratio to the applicable peer group.] 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 variable insurance fund counterparts to certain Funds, each of which is charged the same advisory fee as the corresponding Fund.

The Committee considered the Adviser's summary of notable distinctions between the 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 the Funds' advisory fees. The Committee noted that the contractual advisory fee for each Fund's Class H shares was equal to the contractual advisory fee charged to the comparable peer fund. The Committee also considered the net effective management fee and total net expense ratio for each Fund's Class H shares as compared to those of the peer fund.

The Committee 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 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

<sup>1</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. 

94 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract** (Continued)

arrangements in place. The Committee also noted the continuation through August 1, 2026 of management's separate agreement, implemented as part of the 2022 annual contract review process, to reduce the total net expense ratio of each Fund by 0.05% of its average daily net assets and, with respect to NASDAQ-100 2x Strategy Fund, to further reduce the total net expense ratio of the Fund by 0.05% of its average daily net assets in excess of $500 million, through expense reimbursement and/or waiver agreements.

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.

*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 noted that, in addition to the expense reimbursement and/or waiver arrangement implemented in August 2022 for the NASDAQ-100 2x Strategy Fund on average daily net assets in excess of $500 million, the Adviser has agreed to a contractual advisory fee breakpoint schedule for the Funds that is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund's advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Funds and the tradable series of Rydex Series Funds, a separate trust, equal or exceed $10 billion.

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 breakpoints, 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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 95

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract** (Concluded)

**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.

96 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

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**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.**

(a) The registrant's President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) as of a date within 90 days of this filing and have concluded that based on such evaluation as required by Rule 30a-3(b) under the Investment Company Act, that the registrant's disclosure controls and procedures were effective as of that date in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that the officers listed above believe to have materially affected, or to be reasonably likely to materially affect, the registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to this registrant.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable

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

**Item 19.** **Exhibits.**

(a)(1) Not applicable.

(a)(2) Not applicable.

[(a)(3) Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) are attached.](fp0095395-27_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) A certification by the registrant's President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Investment Company Act (17 CFR 270.30a-2(b)) is attached.](fp0095395-27_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 Dynamic Funds |
| By (Signature and Title)\* | /s/ Brian E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |
| Date | December 4, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By (Signature and Title)\* | /s/ Brian E. Binder |
|  | Brian E. Binder, President and Chief Executive Officer |
| Date | December 4, 2025 |
| By (Signature and Title)\* | /s/ James Howley |
|  | James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer |
| Date | December 4, 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 Dynamic Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 4, 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 Dynamic Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | December 4, 2025 | /s/ James Howley |
|  |  | James Howley, |
|  |  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

---

## Exhibit 99.906

EX.-19(b)

**CERTIFICATION**

I, Brian E. Binder, President and Chief Executive Officer, and I, James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer of Rydex Dynamic Funds (the "Registrant") each certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

A signed original of this written statement required by Section 906 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission or its staff upon request.

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| | | |
|:---|:---|:---|
| Date: | December 4, 2025 | /s/ Brian E. Binder |
|  |  | Brian E. Binder |
|  |  | President and Chief Executive Officer |
| Date: | December 4, 2025 | /s/ James Howley |
|  |  | James Howley, |
|  |  | Chief Financial Officer, Chief Accounting Officer and Treasurer |

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