# EDGAR Filing Document

**Accession Number:** 0000899148
**File Stem:** 0001398344-25-021767
**Filing Date:** 2025-12
**Character Count:** 2690158
**Document Hash:** 28f94c644e7530e09f18fa7e1f933c6a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-021767.hdr.sgml**: 20251204

**ACCESSION NUMBER**: 0001398344-25-021767

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 351

**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 SERIES FUNDS
- **CENTRAL INDEX KEY:** 0000899148

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07584
- **FILM NUMBER:** 251550731

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

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

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

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

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

## Series and Classes Contracts Data

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

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

### Banking Fund (Series ID: S000003683)

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

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

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

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

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

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

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

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

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

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

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

### Nova Fund (Series ID: S000003691)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

### Telecommunications Fund (Series ID: S000003799)

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

### Transportation Fund (Series ID: S000003800)

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

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

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

### Biotechnology Fund (Series ID: S000003802)

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

### Electronics Fund (Series ID: S000003803)

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

### Internet Fund (Series ID: S000003804)

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

### Utilities Fund (Series ID: S000003805)

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

### Energy Fund (Series ID: S000003806)

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

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

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

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

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

### Technology Fund (Series ID: S000003809)

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

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

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

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

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

### Leisure Fund (Series ID: S000003812)

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

### Retailing Fund (Series ID: S000003813)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT**

**INVESTMENT COMPANIES**

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

<u>Rydex Series 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 Series 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)

### Banking Fund

#### Investor Class \| RYKIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Banking 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**  |
| Investor Class | $79 | 1.43%<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 (Investor Class shares) returned 19.05%, 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 S&P 500 Financials Index, which returned 8.91% for the same period.

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

The industries that contributed the most to performance were diversified banks, regional banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Citigroup, Inc., NU Holdings Limited/Cayman Islands — Class A, and JP Morgan Chase & Co. Those that detracted the most were Grupo Financiero Galicia S.A. ADR, Pinnacle Financial Partners, Inc., and Prosperity Bancshares, Inc.

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

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

![Ad2 Performance Graph](fp0095394-7_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 19.05% | 23.48% | 17.92% | 8.59% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Financials Index | 8.91% | 20.75% | 19.70% | 13.61% |

---

**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 | $11151207 |
| Total Number of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 75% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Banking Fund \| Investor Class \| RYKIX | 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](fp0095394-7_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| JPMorgan Chase & Co. | 4.1% |
| Wells Fargo & Co. | 4.1% |
| Citigroup, Inc. | 4.1% |
| Bank of America Corp. | 4.1% |
| Capital One Financial Corp. | 3.8% |
| Bank of New York Mellon Corp. | 3.1% |
| PNC Financial Services Group, Inc. | 3.1% |
| U.S. Bancorp | 3.0% |
| NU Holdings Limited/Cayman Islands — Class A | 3.0% |
| Truist Financial Corp. | 2.7% |
| Top 10 Total | 35.1% |

---

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

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

**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-RYKIX-093025

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

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

### Banking Fund

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

This semi-annual shareholder report contains important information about the Banking 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 | 1.64%<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 18.92%, 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 S&P 500 Financials Index, which returned 8.91% for the same period.

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

The industries that contributed the most to performance were diversified banks, regional banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Citigroup, Inc., NU Holdings Limited/Cayman Islands — Class A, and JP Morgan Chase & Co. Those that detracted the most were Grupo Financiero Galicia S.A. ADR, Pinnacle Financial Partners, Inc., and Prosperity Bancshares, Inc.

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

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

![Ad2 Performance Graph](fp0095394-9_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) | 18.92% | 23.19% | 17.62% | 8.28% |
| Class A (with sales charge)<sup>‡</sup> | 13.27% | 17.33% | 16.49% | 7.75% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Financials Index | 8.91% | 20.75% | 19.70% | 13.61% |

---

**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 | $11151207 |
| Total Number of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 75% |

---

---

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

---

| | |
|:---|:---|
| Banking Fund \| Class A \| RYBKX | 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](fp0095394-9_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| JPMorgan Chase & Co. | 4.1% |
| Wells Fargo & Co. | 4.1% |
| Citigroup, Inc. | 4.1% |
| Bank of America Corp. | 4.1% |
| Capital One Financial Corp. | 3.8% |
| Bank of New York Mellon Corp. | 3.1% |
| PNC Financial Services Group, Inc. | 3.1% |
| U.S. Bancorp | 3.0% |
| NU Holdings Limited/Cayman Islands — Class A | 3.0% |
| Truist Financial Corp. | 2.7% |
| Top 10 Total | 35.1% |

---

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

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

**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-RYBKX-093025

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

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

### Banking Fund

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

This semi-annual shareholder report contains important information about the Banking 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 | $132 | 2.41%<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 18.48%, 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 S&P 500 Financials Index, which returned 8.91% for the same period.

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

The industries that contributed the most to performance were diversified banks, regional banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Citigroup, Inc., NU Holdings Limited/Cayman Islands — Class A, and JP Morgan Chase & Co. Those that detracted the most were Grupo Financiero Galicia S.A. ADR, Pinnacle Financial Partners, Inc., and Prosperity Bancshares, Inc.

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

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

![Ad2 Performance Graph](fp0095394-10_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) | 18.48% | 22.25% | 16.75% | 7.47% |
| Class C (with CDSC)<sup>§</sup> | 17.48% | 21.25% | 16.75% | 7.47% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Financials Index | 8.91% | 20.75% | 19.70% | 13.61% |

---

**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 | $11151207 |
| Total Number of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 75% |

---

---

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

---

| | |
|:---|:---|
| Banking Fund \| Class C \| RYKCX | 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](fp0095394-10_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| JPMorgan Chase & Co. | 4.1% |
| Wells Fargo & Co. | 4.1% |
| Citigroup, Inc. | 4.1% |
| Bank of America Corp. | 4.1% |
| Capital One Financial Corp. | 3.8% |
| Bank of New York Mellon Corp. | 3.1% |
| PNC Financial Services Group, Inc. | 3.1% |
| U.S. Bancorp | 3.0% |
| NU Holdings Limited/Cayman Islands — Class A | 3.0% |
| Truist Financial Corp. | 2.7% |
| Top 10 Total | 35.1% |

---

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

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

**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-RYKCX-093025

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

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

### Banking Fund

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

This semi-annual shareholder report contains important information about the Banking 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 | $90 | 1.64%<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 18.91%, 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 S&P 500 Financials Index, which returned 8.91% for the same period.

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

The industries that contributed the most to performance were diversified banks, regional banks, and asset management & custody banks. No industry detracted from performance. The holdings that contributed the most to performance were Citigroup, Inc., NU Holdings Limited/Cayman Islands — Class A, and JP Morgan Chase & Co. Those that detracted the most were Grupo Financiero Galicia S.A. ADR, Pinnacle Financial Partners, Inc., and Prosperity Bancshares, Inc.

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

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

![Ad2 Performance Graph](fp0095394-8_sa81.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H<sup>\*\*</sup> | 18.91% | 23.19% | 17.63% | 8.28% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Financials Index | 8.91% | 20.75% | 19.70% | 13.61% |

---

**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 | $11151207 |
| Total Number of Portfolio Holdings | 79 |
| Portfolio Turnover Rate | 75% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Banking Fund \| Class H \| RYKAX | 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](fp0095394-8_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| JPMorgan Chase & Co. | 4.1% |
| Wells Fargo & Co. | 4.1% |
| Citigroup, Inc. | 4.1% |
| Bank of America Corp. | 4.1% |
| Capital One Financial Corp. | 3.8% |
| Bank of New York Mellon Corp. | 3.1% |
| PNC Financial Services Group, Inc. | 3.1% |
| U.S. Bancorp | 3.0% |
| NU Holdings Limited/Cayman Islands — Class A | 3.0% |
| Truist Financial Corp. | 2.7% |
| Top 10 Total | 35.1% |

---

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

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

**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-RYKAX-093025

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

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

### Basic Materials Fund

#### Investor Class \| RYBIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Basic Materials 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**  |
| Investor Class | $77 | 1.40%<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 (Investor Class shares) returned 20.11%, 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 S&P 500 Materials Index, which returned 6.32% for the same period.

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

The industries that contributed the most to performance were gold, steel, and construction materials. Those that detracted the most were specialty chemicals, commodity chemicals, and paper & plastic packaging products & materials. The holdings that contributed the most to performance were Newmont Corp., Kinross Gold Corp., and Coeur Mining, Inc. Those that detracted the most were Dow, Inc., LyondellBasell Industries N.V. - Class A, and Eastman Chemical Co.

**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](fp0095394-59_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 20.11% | 11.53% | 12.60% | 11.80% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Materials Index | 6.32% | -4.27% | 9.47% | 10.82% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $26103035 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 83% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Basic Materials Fund \| Investor Class \| RYBIX | 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](fp0095394-59_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Linde plc | 4.3% |
| Newmont Corp. | 2.9% |
| CRH plc | 2.6% |
| Sherwin-Williams Co. | 2.5% |
| Ecolab, Inc. | 2.4% |
| Air Products and Chemicals, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Corteva, Inc. | 1.9% |
| Vulcan Materials Co. | 1.9% |
| Martin Marietta Materials, Inc. | 1.8% |
| Top 10 Total | 24.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYBIX-093025

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

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

### Basic Materials Fund

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

This semi-annual shareholder report contains important information about the Basic Materials 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 | $91 | 1.65%<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 19.97%, 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 S&P 500 Materials Index, which returned 6.32% for the same period.

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

The industries that contributed the most to performance were gold, steel, and construction materials. Those that detracted the most were specialty chemicals, commodity chemicals, and paper & plastic packaging products & materials. The holdings that contributed the most to performance were Newmont Corp., Kinross Gold Corp., and Coeur Mining, Inc. Those that detracted the most were Dow, Inc., LyondellBasell Industries N.V. - Class A, and Eastman Chemical Co.

**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](fp0095394-61_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) | 19.97% | 11.25% | 12.32% | 11.52% |
| Class A (with sales charge)<sup>‡</sup> | 14.27% | 5.97% | 11.23% | 10.98% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Materials Index | 6.32% | -4.27% | 9.47% | 10.82% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $26103035 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 83% |

---

---

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

---

| | |
|:---|:---|
| Basic Materials Fund \| Class A \| RYBMX | 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](fp0095394-61_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Linde plc | 4.3% |
| Newmont Corp. | 2.9% |
| CRH plc | 2.6% |
| Sherwin-Williams Co. | 2.5% |
| Ecolab, Inc. | 2.4% |
| Air Products and Chemicals, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Corteva, Inc. | 1.9% |
| Vulcan Materials Co. | 1.9% |
| Martin Marietta Materials, Inc. | 1.8% |
| Top 10 Total | 24.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYBMX-093025

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

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

### Basic Materials Fund

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

This semi-annual shareholder report contains important information about the Basic Materials 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 | $132 | 2.40%<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 19.52%, 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 S&P 500 Materials Index, which returned 6.32% for the same period.

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

The industries that contributed the most to performance were gold, steel, and construction materials. Those that detracted the most were specialty chemicals, commodity chemicals, and paper & plastic packaging products & materials. The holdings that contributed the most to performance were Newmont Corp., Kinross Gold Corp., and Coeur Mining, Inc. Those that detracted the most were Dow, Inc., LyondellBasell Industries N.V. - Class A, and Eastman Chemical Co.

**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](fp0095394-62_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) | 19.52% | 10.43% | 11.48% | 10.69% |
| Class C (with CDSC)<sup>§</sup> | 18.52% | 9.47% | 11.48% | 10.69% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Materials Index | 6.32% | -4.27% | 9.47% | 10.82% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $26103035 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 83% |

---

---

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

---

| | |
|:---|:---|
| Basic Materials Fund \| Class C \| RYBCX | 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](fp0095394-62_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Linde plc | 4.3% |
| Newmont Corp. | 2.9% |
| CRH plc | 2.6% |
| Sherwin-Williams Co. | 2.5% |
| Ecolab, Inc. | 2.4% |
| Air Products and Chemicals, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Corteva, Inc. | 1.9% |
| Vulcan Materials Co. | 1.9% |
| Martin Marietta Materials, Inc. | 1.8% |
| Top 10 Total | 24.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYBCX-093025

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

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

### Basic Materials Fund

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

This semi-annual shareholder report contains important information about the Basic Materials 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 | $90 | 1.64%<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 19.97%, 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 S&P 500 Materials Index, which returned 6.32% for the same period.

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

The industries that contributed the most to performance were gold, steel, and construction materials. Those that detracted the most were specialty chemicals, commodity chemicals, and paper & plastic packaging products & materials. The holdings that contributed the most to performance were Newmont Corp., Kinross Gold Corp., and Coeur Mining, Inc. Those that detracted the most were Dow, Inc., LyondellBasell Industries N.V. - Class A, and Eastman Chemical Co.

**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](fp0095394-60_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 19.97% | 11.25% | 12.31% | 11.53% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Materials Index | 6.32% | -4.27% | 9.47% | 10.82% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $26103035 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 83% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Basic Materials Fund \| Class H \| RYBAX | 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](fp0095394-60_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Linde plc | 4.3% |
| Newmont Corp. | 2.9% |
| CRH plc | 2.6% |
| Sherwin-Williams Co. | 2.5% |
| Ecolab, Inc. | 2.4% |
| Air Products and Chemicals, Inc. | 2.1% |
| Freeport-McMoRan, Inc. | 2.0% |
| Corteva, Inc. | 1.9% |
| Vulcan Materials Co. | 1.9% |
| Martin Marietta Materials, Inc. | 1.8% |
| Top 10 Total | 24.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYBAX-093025

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

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

### Biotechnology Fund

#### Investor Class \| RYOIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Biotechnology 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**  |
| Investor Class | $75 | 1.40%<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 (Investor Class shares) returned 15.00%, 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 S&P 500 Health Care Index, which returned -3.69% for the same period.

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

The industries that contributed the most to performance were biotechnology, life sciences tools & services, and pharmaceuticals. No industry detracted from performance. The holdings that contributed the most to performance were Alnylam Pharmaceuticals, Inc., Insmed, Inc., and Ionis Pharmaceuticals, Inc. Those that detracted the most were Vertex Pharmaceuticals, Inc., Sarepta Therapeutics, Inc., and Regeneron Pharmaceuticals, Inc.

**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](fp0095394-136_sa81.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 15.00% | 4.32% | 3.24% | 5.37% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Health Care Index | -3.69% | -7.95% | 7.49% | 9.66% |

---

**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 | $89999720 |
| Total Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 27% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Biotechnology Fund \| Investor Class \| RYOIX | 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](fp0095394-136_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| AbbVie, Inc. | 8.8% |
| Amgen, Inc. | 5.3% |
| Gilead Sciences, Inc. | 4.9% |
| Vertex Pharmaceuticals, Inc. | 4.3% |
| Alnylam Pharmaceuticals, Inc. | 3.3% |
| Regeneron Pharmaceuticals, Inc. | 3.3% |
| Corteva, Inc. | 2.8% |
| Insmed, Inc. | 2.4% |
| BeOne Medicines Ltd. ADR | 2.0% |
| AstraZeneca plc ADR | 2.0% |
| Top 10 Total | 39.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYOIX-093025

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

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

### Biotechnology Fund

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

This semi-annual shareholder report contains important information about the Biotechnology 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 | $89 | 1.65%<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 14.86%, 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 S&P 500 Health Care Index, which returned -3.69% for the same period.

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

The industries that contributed the most to performance were biotechnology, life sciences tools & services, and pharmaceuticals. No industry detracted from performance. The holdings that contributed the most to performance were Alnylam Pharmaceuticals, Inc., Insmed, Inc., and Ionis Pharmaceuticals, Inc. Those that detracted the most were Vertex Pharmaceuticals, Inc., Sarepta Therapeutics, Inc., and Regeneron Pharmaceuticals, Inc.

**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](fp0095394-138_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) | 14.86% | 4.08% | 2.99% | 5.11% |
| Class A (with sales charge)<sup>‡</sup> | 9.42% | -0.87% | 1.99% | 4.60% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Health Care Index | -3.69% | -7.95% | 7.49% | 9.66% |

---

**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 | $89999720 |
| Total Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 27% |

---

---

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

---

| | |
|:---|:---|
| Biotechnology Fund \| Class A \| RYBOX | 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](fp0095394-138_sa92.jpg)

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

---

| | |
|:---|:---|
|  |  |
| AbbVie, Inc. | 8.8% |
| Amgen, Inc. | 5.3% |
| Gilead Sciences, Inc. | 4.9% |
| Vertex Pharmaceuticals, Inc. | 4.3% |
| Alnylam Pharmaceuticals, Inc. | 3.3% |
| Regeneron Pharmaceuticals, Inc. | 3.3% |
| Corteva, Inc. | 2.8% |
| Insmed, Inc. | 2.4% |
| BeOne Medicines Ltd. ADR | 2.0% |
| AstraZeneca plc ADR | 2.0% |
| Top 10 Total | 39.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYBOX-093025

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

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

### Biotechnology Fund

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

This semi-annual shareholder report contains important information about the Biotechnology 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 | $129 | 2.40%<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 14.44%, 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 S&P 500 Health Care Index, which returned -3.69% for the same period.

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

The industries that contributed the most to performance were biotechnology, life sciences tools & services, and pharmaceuticals. No industry detracted from performance. The holdings that contributed the most to performance were Alnylam Pharmaceuticals, Inc., Insmed, Inc., and Ionis Pharmaceuticals, Inc. Those that detracted the most were Vertex Pharmaceuticals, Inc., Sarepta Therapeutics, Inc., and Regeneron Pharmaceuticals, Inc.

**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](fp0095394-139_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) | 14.44% | 3.29% | 2.22% | 4.33% |
| Class C (with CDSC)<sup>§</sup> | 13.44% | 2.44% | 2.22% | 4.33% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Health Care Index | -3.69% | -7.95% | 7.49% | 9.66% |

---

**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 | $89999720 |
| Total Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 27% |

---

---

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

---

| | |
|:---|:---|
| Biotechnology Fund \| Class C \| RYCFX | 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](fp0095394-139_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| AbbVie, Inc. | 8.8% |
| Amgen, Inc. | 5.3% |
| Gilead Sciences, Inc. | 4.9% |
| Vertex Pharmaceuticals, Inc. | 4.3% |
| Alnylam Pharmaceuticals, Inc. | 3.3% |
| Regeneron Pharmaceuticals, Inc. | 3.3% |
| Corteva, Inc. | 2.8% |
| Insmed, Inc. | 2.4% |
| BeOne Medicines Ltd. ADR | 2.0% |
| AstraZeneca plc ADR | 2.0% |
| Top 10 Total | 39.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYCFX-093025

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

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

### Biotechnology Fund

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

This semi-annual shareholder report contains important information about the Biotechnology 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 | $89 | 1.65%<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 14.86%, 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 S&P 500 Health Care Index, which returned -3.69% for the same period.

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

The industries that contributed the most to performance were biotechnology, life sciences tools & services, and pharmaceuticals. No industry detracted from performance. The holdings that contributed the most to performance were Alnylam Pharmaceuticals, Inc., Insmed, Inc., and Ionis Pharmaceuticals, Inc. Those that detracted the most were Vertex Pharmaceuticals, Inc., Sarepta Therapeutics, Inc., and Regeneron Pharmaceuticals, Inc.

**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](fp0095394-137_sa111.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 14.86% | 4.06% | 2.99% | 5.11% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Health Care Index | -3.69% | -7.95% | 7.49% | 9.66% |

---

**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 | $89999720 |
| Total Number of Portfolio Holdings | 76 |
| Portfolio Turnover Rate | 27% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Biotechnology Fund \| Class H \| RYOAX | 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](fp0095394-137_sa112.jpg)

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

---

| | |
|:---|:---|
|  |  |
| AbbVie, Inc. | 8.8% |
| Amgen, Inc. | 5.3% |
| Gilead Sciences, Inc. | 4.9% |
| Vertex Pharmaceuticals, Inc. | 4.3% |
| Alnylam Pharmaceuticals, Inc. | 3.3% |
| Regeneron Pharmaceuticals, Inc. | 3.3% |
| Corteva, Inc. | 2.8% |
| Insmed, Inc. | 2.4% |
| BeOne Medicines Ltd. ADR | 2.0% |
| AstraZeneca plc ADR | 2.0% |
| Top 10 Total | 39.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYOAX-093025

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

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

### Consumer Products Fund

#### Investor Class \| RYCIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Consumer Products 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**  |
| Investor Class | $69 | 1.40%<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 (Investor Class shares) returned -4.10%, 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 S&P 500 Consumer Staples Index, which returned -1.27% for the same period.

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

The industries that contributed the most to performance were tobacco, food distributors, and agricultural products & services. Those that detracted the most were packaged foods & meats, household products, and distillers & vintners. The holdings that contributed the most to performance were e.l.f. Beauty, Inc., Estee Lauder Companies Inc.—Class A, and Celsius Holdings, Inc. Those that detracted the most were Kenvue, Inc., Procter & Gamble Co., and BellRing Brands, Inc.

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

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

![Ad2 Performance Graph](fp0095394-64_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -4.10% | -5.94% | 4.01% | 5.22% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Staples Index | -1.27% | 0.51% | 8.51% | 8.95% |

---

**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 | $35229490 |
| Total Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 17% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Staples 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>

---

| | |
|:---|:---|
| Consumer Products Fund \| Investor Class \| RYCIX | 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](fp0095394-64_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Procter & Gamble Co. | 6.5% |
| Philip Morris International, Inc. | 5.4% |
| Coca-Cola Co. | 5.3% |
| PepsiCo, Inc. | 4.8% |
| Altria Group, Inc. | 3.7% |
| Mondelez International, Inc. — Class A | 3.2% |
| Colgate-Palmolive Co. | 2.7% |
| Monster Beverage Corp. | 2.4% |
| Kroger Co. | 2.2% |
| Sysco Corp. | 2.2% |
| Top 10 Total | 38.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYCIX-093025

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

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

### Consumer Products Fund

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

This semi-annual shareholder report contains important information about the Consumer Products 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 | $81 | 1.65%<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 -4.21%, 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 S&P 500 Consumer Staples Index, which returned -1.27% for the same period.

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

The industries that contributed the most to performance were tobacco, food distributors, and agricultural products & services. Those that detracted the most were packaged foods & meats, household products, and distillers & vintners. The holdings that contributed the most to performance were e.l.f. Beauty, Inc., Estee Lauder Companies Inc.—Class A, and Celsius Holdings, Inc. Those that detracted the most were Kenvue, Inc., Procter & Gamble Co., and BellRing Brands, Inc.

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

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

![Ad2 Performance Graph](fp0095394-66_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) | -4.21% | -6.17% | 3.75% | 4.96% |
| Class A (with sales charge)<sup>‡</sup> | -8.76% | -10.64% | 2.74% | 4.45% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Staples Index | -1.27% | 0.51% | 8.51% | 8.95% |

---

**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 | $35229490 |
| Total Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 17% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Staples 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>

---

| | |
|:---|:---|
| Consumer Products Fund \| Class A \| RYPDX | 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](fp0095394-66_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Procter & Gamble Co. | 6.5% |
| Philip Morris International, Inc. | 5.4% |
| Coca-Cola Co. | 5.3% |
| PepsiCo, Inc. | 4.8% |
| Altria Group, Inc. | 3.7% |
| Mondelez International, Inc. — Class A | 3.2% |
| Colgate-Palmolive Co. | 2.7% |
| Monster Beverage Corp. | 2.4% |
| Kroger Co. | 2.2% |
| Sysco Corp. | 2.2% |
| Top 10 Total | 38.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYPDX-093025

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

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

### Consumer Products Fund

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

This semi-annual shareholder report contains important information about the Consumer Products 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 | $118 | 2.41%<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 -4.56%, 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 S&P 500 Consumer Staples Index, which returned -1.27% for the same period.

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

The industries that contributed the most to performance were tobacco, food distributors, and agricultural products & services. Those that detracted the most were packaged foods & meats, household products, and distillers & vintners. The holdings that contributed the most to performance were e.l.f. Beauty, Inc., Estee Lauder Companies Inc.—Class A, and Celsius Holdings, Inc. Those that detracted the most were Kenvue, Inc., Procter & Gamble Co., and BellRing Brands, Inc.

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

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

![Ad2 Performance Graph](fp0095394-67_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) | -4.56% | -6.87% | 2.97% | 4.18% |
| Class C (with CDSC)<sup>§</sup> | -5.51% | -7.71% | 2.97% | 4.18% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Staples Index | -1.27% | 0.51% | 8.51% | 8.95% |

---

**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 | $35229490 |
| Total Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 17% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Staples 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>

---

| | |
|:---|:---|
| Consumer Products Fund \| Class C \| RYCPX | 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](fp0095394-67_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Procter & Gamble Co. | 6.5% |
| Philip Morris International, Inc. | 5.4% |
| Coca-Cola Co. | 5.3% |
| PepsiCo, Inc. | 4.8% |
| Altria Group, Inc. | 3.7% |
| Mondelez International, Inc. — Class A | 3.2% |
| Colgate-Palmolive Co. | 2.7% |
| Monster Beverage Corp. | 2.4% |
| Kroger Co. | 2.2% |
| Sysco Corp. | 2.2% |
| Top 10 Total | 38.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYCPX-093025

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

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

### Consumer Products Fund

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

This semi-annual shareholder report contains important information about the Consumer Products 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 | $81 | 1.65%<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 -4.21%, 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 S&P 500 Consumer Staples Index, which returned -1.27% for the same period.

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

The industries that contributed the most to performance were tobacco, food distributors, and agricultural products & services. Those that detracted the most were packaged foods & meats, household products, and distillers & vintners. The holdings that contributed the most to performance were e.l.f. Beauty, Inc., Estee Lauder Companies Inc.—Class A, and Celsius Holdings, Inc. Those that detracted the most were Kenvue, Inc., Procter & Gamble Co., and BellRing Brands, Inc.

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

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

![Ad2 Performance Graph](fp0095394-65_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | -4.21% | -6.17% | 3.75% | 4.96% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Staples Index | -1.27% | 0.51% | 8.51% | 8.95% |

---

**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 | $35229490 |
| Total Number of Portfolio Holdings | 69 |
| Portfolio Turnover Rate | 17% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Staples Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into H-Class shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Consumer Products Fund \| Class H \| RYCAX | 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](fp0095394-65_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Procter & Gamble Co. | 6.5% |
| Philip Morris International, Inc. | 5.4% |
| Coca-Cola Co. | 5.3% |
| PepsiCo, Inc. | 4.8% |
| Altria Group, Inc. | 3.7% |
| Mondelez International, Inc. — Class A | 3.2% |
| Colgate-Palmolive Co. | 2.7% |
| Monster Beverage Corp. | 2.4% |
| Kroger Co. | 2.2% |
| Sysco Corp. | 2.2% |
| Top 10 Total | 38.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYCAX-093025

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

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

### Electronics Fund

#### Investor Class \| RYSIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Electronics 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**  |
| Investor Class | $89 | 1.39%<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 (Investor Class shares) returned 54.99%, 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

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

**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](fp0095394-83_sa81.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 54.99% | 25.47% | 23.27% | 24.59% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $105359406 |
| Total Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 21% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Electronics Fund \| Investor Class \| RYSIX | 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](fp0095394-83_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 17.1% |
| Broadcom, Inc. | 9.6% |
| Advanced Micro Devices, Inc. | 4.2% |
| Micron Technology, Inc. | 3.5% |
| Applied Materials, Inc. | 3.5% |
| Intel Corp. | 3.4% |
| Lam Research Corp. | 3.4% |
| QUALCOMM, Inc. | 3.4% |
| Texas Instruments, Inc. | 3.3% |
| KLA Corp. | 3.2% |
| Top 10 Total | 54.6% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYSIX-093025

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

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

### Electronics Fund

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

This semi-annual shareholder report contains important information about the Electronics 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 | $105 | 1.64%<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 54.80%, 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

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

**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](fp0095394-85_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) | 54.80% | 25.16% | 22.96% | 24.29% |
| Class A (with sales charge)<sup>‡</sup> | 47.45% | 19.22% | 21.77% | 23.69% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $105359406 |
| Total Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 21% |

---

---

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

---

| | |
|:---|:---|
| Electronics Fund \| Class A \| RYELX | 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](fp0095394-85_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 17.1% |
| Broadcom, Inc. | 9.6% |
| Advanced Micro Devices, Inc. | 4.2% |
| Micron Technology, Inc. | 3.5% |
| Applied Materials, Inc. | 3.5% |
| Intel Corp. | 3.4% |
| Lam Research Corp. | 3.4% |
| QUALCOMM, Inc. | 3.4% |
| Texas Instruments, Inc. | 3.3% |
| KLA Corp. | 3.2% |
| Top 10 Total | 54.6% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYELX-093025

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

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

### Electronics Fund

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

This semi-annual shareholder report contains important information about the Electronics 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 | $152 | 2.39%<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 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

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

**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](fp0095394-86_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) | 54.22% | 24.23% | 22.04% | 23.36% |
| Class C (with CDSC)<sup>§</sup> | 53.22% | 23.23% | 22.04% | 23.36% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $105359406 |
| Total Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 21% |

---

---

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

---

| | |
|:---|:---|
| Electronics Fund \| Class C \| RYSCX | 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](fp0095394-86_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 17.1% |
| Broadcom, Inc. | 9.6% |
| Advanced Micro Devices, Inc. | 4.2% |
| Micron Technology, Inc. | 3.5% |
| Applied Materials, Inc. | 3.5% |
| Intel Corp. | 3.4% |
| Lam Research Corp. | 3.4% |
| QUALCOMM, Inc. | 3.4% |
| Texas Instruments, Inc. | 3.3% |
| KLA Corp. | 3.2% |
| Top 10 Total | 54.6% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYSCX-093025

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

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

### Electronics Fund

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

This semi-annual shareholder report contains important information about the Electronics 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 | $105 | 1.64%<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 54.80%, 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

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

**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](fp0095394-84_sa81.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 54.80% | 25.16% | 22.96% | 24.27% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $105359406 |
| Total Number of Portfolio Holdings | 63 |
| Portfolio Turnover Rate | 21% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Electronics Fund \| Class H \| RYSAX | 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](fp0095394-84_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 17.1% |
| Broadcom, Inc. | 9.6% |
| Advanced Micro Devices, Inc. | 4.2% |
| Micron Technology, Inc. | 3.5% |
| Applied Materials, Inc. | 3.5% |
| Intel Corp. | 3.4% |
| Lam Research Corp. | 3.4% |
| QUALCOMM, Inc. | 3.4% |
| Texas Instruments, Inc. | 3.3% |
| KLA Corp. | 3.2% |
| Top 10 Total | 54.6% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYSAX-093025

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

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

### Energy Fund

#### Investor Class \| RYEIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Energy 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**  |
| Investor Class | $72 | 1.40%<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 (Investor Class shares) returned 4.82%, 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 S&P 500 Energy Index, which returned -2.88% for the same period.

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

The industries that contributed the most to performance were coal & consumable fuels, oil & gas refining and marketing, and semiconductors. Those that detracted the most were oil & gas exploration & production, integrated oil & gas, and automotive retail. The holdings that contributed the most to performance were Cameco Corp., SolarEdge Technologies, Inc., and First Solar, Inc. Those that detracted the most were ONEOK, Inc., Enphase Energy, Inc., and SLB (formerly Schlumberger N.V.).

**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](fp0095394-98_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 4.82% | 5.47% | 26.92% | 4.15% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Energy Index | -2.88% | 4.43% | 29.60% | 8.18% |

---

**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 | $18817623 |
| Total Number of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 440% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Energy Fund \| Investor Class \| RYEIX | 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](fp0095394-98_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Exxon Mobil Corp. | 6.8% |
| Chevron Corp. | 5.3% |
| ConocoPhillips | 3.4% |
| Williams Companies, Inc. | 2.8% |
| Marathon Petroleum Corp. | 2.4% |
| EOG Resources, Inc. | 2.3% |
| Valero Energy Corp. | 2.3% |
| Kinder Morgan, Inc. | 2.3% |
| Phillips 66 | 2.3% |
| Baker Hughes Co. | 2.2% |
| Top 10 Total | 32.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYEIX-093025

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

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

### Energy Fund

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

This semi-annual shareholder report contains important information about the Energy 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 | $85 | 1.65%<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 4.69%, 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 S&P 500 Energy Index, which returned -2.88% for the same period.

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

The industries that contributed the most to performance were coal & consumable fuels, oil & gas refining and marketing, and semiconductors. Those that detracted the most were oil & gas exploration & production, integrated oil & gas, and automotive retail. The holdings that contributed the most to performance were Cameco Corp., SolarEdge Technologies, Inc., and First Solar, Inc. Those that detracted the most were ONEOK, Inc., Enphase Energy, Inc., and SLB (formerly Schlumberger N.V.).

**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](fp0095394-100_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) | 4.69% | 5.21% | 26.61% | 3.89% |
| Class A (with sales charge)<sup>‡</sup> | -0.28% | 0.21% | 25.38% | 3.39% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Energy Index | -2.88% | 4.43% | 29.60% | 8.18% |

---

**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 | $18817623 |
| Total Number of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 440% |

---

---

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

---

| | |
|:---|:---|
| Energy Fund \| Class A \| RYENX | 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](fp0095394-100_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Exxon Mobil Corp. | 6.8% |
| Chevron Corp. | 5.3% |
| ConocoPhillips | 3.4% |
| Williams Companies, Inc. | 2.8% |
| Marathon Petroleum Corp. | 2.4% |
| EOG Resources, Inc. | 2.3% |
| Valero Energy Corp. | 2.3% |
| Kinder Morgan, Inc. | 2.3% |
| Phillips 66 | 2.3% |
| Baker Hughes Co. | 2.2% |
| Top 10 Total | 32.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYENX-093025

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

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

### Energy Fund

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

This semi-annual shareholder report contains important information about the Energy 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 | $123 | 2.40%<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 4.29%, 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 S&P 500 Energy Index, which returned -2.88% for the same period.

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

The industries that contributed the most to performance were coal & consumable fuels, oil & gas refining and marketing, and semiconductors. Those that detracted the most were oil & gas exploration & production, integrated oil & gas, and automotive retail. The holdings that contributed the most to performance were Cameco Corp., SolarEdge Technologies, Inc., and First Solar, Inc. Those that detracted the most were ONEOK, Inc., Enphase Energy, Inc., and SLB (formerly Schlumberger N.V.).

**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](fp0095394-101_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) | 4.29% | 4.43% | 25.66% | 3.12% |
| Class C (with CDSC)<sup>§</sup> | 3.29% | 3.43% | 25.66% | 3.12% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Energy Index | -2.88% | 4.43% | 29.60% | 8.18% |

---

**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 | $18817623 |
| Total Number of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 440% |

---

---

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

---

| | |
|:---|:---|
| Energy Fund \| Class C \| RYECX | 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](fp0095394-101_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Exxon Mobil Corp. | 6.8% |
| Chevron Corp. | 5.3% |
| ConocoPhillips | 3.4% |
| Williams Companies, Inc. | 2.8% |
| Marathon Petroleum Corp. | 2.4% |
| EOG Resources, Inc. | 2.3% |
| Valero Energy Corp. | 2.3% |
| Kinder Morgan, Inc. | 2.3% |
| Phillips 66 | 2.3% |
| Baker Hughes Co. | 2.2% |
| Top 10 Total | 32.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYECX-093025

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

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

### Energy Fund

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

This semi-annual shareholder report contains important information about the Energy 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 | $84 | 1.63%<sup>2</sup> |

---

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

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class H shares) returned 4.71%, 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 S&P 500 Energy Index, which returned -2.88% for the same period.

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

The industries that contributed the most to performance were coal & consumable fuels, oil & gas refining and marketing, and semiconductors. Those that detracted the most were oil & gas exploration & production, integrated oil & gas, and automotive retail. The holdings that contributed the most to performance were Cameco Corp., SolarEdge Technologies, Inc., and First Solar, Inc. Those that detracted the most were ONEOK, Inc., Enphase Energy, Inc., and SLB (formerly Schlumberger N.V.).

**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](fp0095394-99_sa81.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H<sup>\*\*</sup> | 4.71% | 5.21% | 26.60% | 3.87% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Energy Index | -2.88% | 4.43% | 29.60% | 8.18% |

---

**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 | $18817623 |
| Total Number of Portfolio Holdings | 85 |
| Portfolio Turnover Rate | 440% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Energy Fund \| Class H \| RYEAX | 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](fp0095394-99_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Exxon Mobil Corp. | 6.8% |
| Chevron Corp. | 5.3% |
| ConocoPhillips | 3.4% |
| Williams Companies, Inc. | 2.8% |
| Marathon Petroleum Corp. | 2.4% |
| EOG Resources, Inc. | 2.3% |
| Valero Energy Corp. | 2.3% |
| Kinder Morgan, Inc. | 2.3% |
| Phillips 66 | 2.3% |
| Baker Hughes Co. | 2.2% |
| Top 10 Total | 32.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYEAX-093025

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

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

### Energy Services Fund

#### Investor Class \| RYVIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Energy Services 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**  |
| Investor Class | $70 | 1.40%<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 (Investor Class shares) returned -0.09%, 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 S&P 500 Energy Index, which returned -2.88% for the same period.

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

The industry that contributed the most to performance was oil & gas drilling. The industry that detracted from performance was oil & gas equipment & services. The holdings that contributed the most to performance were Solaris Energy Infrastructure, Inc.—Class A, Baker Hughes Co., and Weatherford International plc. Those that detracted the most were SLB (formerly Schlumberger N.V.), Patterson-UTI Energy, Inc., and Atlas Energy Solutions, Inc.

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

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

![Ad2 Performance Graph](fp0095394-131_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -0.09% | -9.11% | 17.88% | -6.62% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Energy Index | -2.88% | 4.43% | 29.60% | 8.18% |

---

**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 | $4419212 |
| Total Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 291% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Energy Services Fund \| Investor Class \| RYVIX | 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](fp0095394-131_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Baker Hughes Co. | 12.6% |
| Schlumberger N.V. | 12.5% |
| Halliburton Co. | 8.2% |
| TechnipFMC plc | 4.2% |
| Weatherford International plc | 4.1% |
| Archrock, Inc. | 3.9% |
| NOV, Inc. | 3.9% |
| Noble Corporation plc | 3.2% |
| Solaris Energy Infrastructure, Inc. — Class A | 3.2% |
| Cactus, Inc. — Class A | 3.1% |
| Top 10 Total | 58.9% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYVIX-093025

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

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

### Energy Services Fund

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

This semi-annual shareholder report contains important information about the Energy Services 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 | $83 | 1.65%<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 -0.22%, 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 S&P 500 Energy Index, which returned -2.88% for the same period.

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

The industry that contributed the most to performance was oil & gas drilling. The industry that detracted from performance was oil & gas equipment & services. The holdings that contributed the most to performance were Solaris Energy Infrastructure, Inc.—Class A, Baker Hughes Co., and Weatherford International plc. Those that detracted the most were SLB (formerly Schlumberger N.V.), Patterson-UTI Energy, Inc., and Atlas Energy Solutions, Inc.

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

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

![Ad2 Performance Graph](fp0095394-133_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) | -0.22% | -9.33% | 17.58% | -6.86% |
| Class A (with sales charge)<sup>‡</sup> | -4.96% | -13.64% | 16.44% | -7.31% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Energy Index | -2.88% | 4.43% | 29.60% | 8.18% |

---

**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 | $4419212 |
| Total Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 291% |

---

---

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

---

| | |
|:---|:---|
| Energy Services Fund \| Class A \| RYESX | 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](fp0095394-133_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Baker Hughes Co. | 12.6% |
| Schlumberger N.V. | 12.5% |
| Halliburton Co. | 8.2% |
| TechnipFMC plc | 4.2% |
| Weatherford International plc | 4.1% |
| Archrock, Inc. | 3.9% |
| NOV, Inc. | 3.9% |
| Noble Corporation plc | 3.2% |
| Solaris Energy Infrastructure, Inc. — Class A | 3.2% |
| Cactus, Inc. — Class A | 3.1% |
| Top 10 Total | 58.9% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYESX-093025

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

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

### Energy Services Fund

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

This semi-annual shareholder report contains important information about the Energy Services 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 | $120 | 2.40%<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 -0.56%, 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 S&P 500 Energy Index, which returned -2.88% for the same period.

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

The industry that contributed the most to performance was oil & gas drilling. The industry that detracted from performance was oil & gas equipment & services. The holdings that contributed the most to performance were Solaris Energy Infrastructure, Inc.—Class A, Baker Hughes Co., and Weatherford International plc. Those that detracted the most were SLB (formerly Schlumberger N.V.), Patterson-UTI Energy, Inc., and Atlas Energy Solutions, Inc.

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

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

![Ad2 Performance Graph](fp0095394-134_sa91.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -0.56% | -10.01% | 16.70% | -7.55% |
| Class C (with CDSC)<sup>§</sup> | -1.55% | -10.91% | 16.70% | -7.55% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Energy Index | -2.88% | 4.43% | 29.60% | 8.18% |

---

**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 | $4419212 |
| Total Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 291% |

---

---

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

---

| | |
|:---|:---|
| Energy Services Fund \| Class C \| RYVCX | 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](fp0095394-134_sa92.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Baker Hughes Co. | 12.6% |
| Schlumberger N.V. | 12.5% |
| Halliburton Co. | 8.2% |
| TechnipFMC plc | 4.2% |
| Weatherford International plc | 4.1% |
| Archrock, Inc. | 3.9% |
| NOV, Inc. | 3.9% |
| Noble Corporation plc | 3.2% |
| Solaris Energy Infrastructure, Inc. — Class A | 3.2% |
| Cactus, Inc. — Class A | 3.1% |
| Top 10 Total | 58.9% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYVCX-093025

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

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

### Energy Services Fund

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

This semi-annual shareholder report contains important information about the Energy Services 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 | $83 | 1.65%<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 -0.18%, 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 S&P 500 Energy Index, which returned -2.88% for the same period.

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

The industry that contributed the most to performance was oil & gas drilling. The industry that detracted from performance was oil & gas equipment & services. The holdings that contributed the most to performance were Solaris Energy Infrastructure, Inc.—Class A, Baker Hughes Co., and Weatherford International plc. Those that detracted the most were SLB (formerly Schlumberger N.V.), Patterson-UTI Energy, Inc., and Atlas Energy Solutions, Inc.

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

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

![Ad2 Performance Graph](fp0095394-132_sa91.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H<sup>\*\*</sup> | -0.18% | -9.34% | 17.58% | -6.86% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Energy Index | -2.88% | 4.43% | 29.60% | 8.18% |

---

**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 | $4419212 |
| Total Number of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 291% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Energy Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Energy Services Fund \| Class H \| RYVAX | 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](fp0095394-132_sa92.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Baker Hughes Co. | 12.6% |
| Schlumberger N.V. | 12.5% |
| Halliburton Co. | 8.2% |
| TechnipFMC plc | 4.2% |
| Weatherford International plc | 4.1% |
| Archrock, Inc. | 3.9% |
| NOV, Inc. | 3.9% |
| Noble Corporation plc | 3.2% |
| Solaris Energy Infrastructure, Inc. — Class A | 3.2% |
| Cactus, Inc. — Class A | 3.1% |
| Top 10 Total | 58.9% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYVAX-093025

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

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

### Financial Services Fund

#### Investor Class \| RYFIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Financial Services 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**  |
| Investor Class | $76 | 1.43%<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 (Investor Class shares) returned 10.86%, 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 S&P 500 Financials Index, which returned 8.91% for the same period.

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

The industries that contributed the most to performance were investment banking & brokerage, diversified banks, and asset management & custody banks. Those that detracted the most were insurance brokers, multi-family residential REITs, and multi-sector holdings. The holdings that contributed the most to performance were Robinhood Markets, Inc.—Class A, JPMorgan Chase & Co., and Coinbase Global, Inc.—Class A. Those that detracted the most were Fiserv, Inc., Berkshire Hathaway Inc.—Class B, and Marsh & McLennan Companies, Inc.

**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](fp0095394-103_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 10.86% | 15.66% | 16.10% | 10.63% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Financials Index | 8.91% | 20.75% | 19.70% | 13.61% |

---

**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 | $14030222 |
| Total Number of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 132% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Financial Services Fund \| Investor Class \| RYFIX | 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](fp0095394-103_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Berkshire Hathaway, Inc. — Class B | 3.1% |
| JPMorgan Chase & Co. | 2.9% |
| Visa, Inc. — Class A | 2.5% |
| Mastercard, Inc. — Class A | 2.1% |
| Bank of America Corp. | 1.8% |
| Wells Fargo & Co. | 1.6% |
| Goldman Sachs Group, Inc. | 1.5% |
| Morgan Stanley | 1.4% |
| Citigroup, Inc. | 1.4% |
| Blackstone, Inc. — Class A | 1.4% |
| Top 10 Total | 19.7% |

---

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

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

**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-RYFIX-093025

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

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

### Financial Services Fund

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

This semi-annual shareholder report contains important information about the Financial Services 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 | $87 | 1.65%<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 10.71%, 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 S&P 500 Financials Index, which returned 8.91% for the same period.

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

The industries that contributed the most to performance were investment banking & brokerage, diversified banks, and asset management & custody banks. Those that detracted the most were insurance brokers, multi-family residential REITs, and multi-sector holdings. The holdings that contributed the most to performance were Robinhood Markets, Inc.—Class A, JPMorgan Chase & Co., and Coinbase Global, Inc.—Class A. Those that detracted the most were Fiserv, Inc., Berkshire Hathaway Inc.—Class B, and Marsh & McLennan Companies, Inc.

**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](fp0095394-105_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) | 10.71% | 15.36% | 15.81% | 10.36% |
| Class A (with sales charge)<sup>‡</sup> | 5.44% | 9.89% | 14.69% | 9.82% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Financials Index | 8.91% | 20.75% | 19.70% | 13.61% |

---

**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 | $14030222 |
| Total Number of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 132% |

---

---

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

---

| | |
|:---|:---|
| Financial Services Fund \| Class A \| RYFNX | 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](fp0095394-105_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Berkshire Hathaway, Inc. — Class B | 3.1% |
| JPMorgan Chase & Co. | 2.9% |
| Visa, Inc. — Class A | 2.5% |
| Mastercard, Inc. — Class A | 2.1% |
| Bank of America Corp. | 1.8% |
| Wells Fargo & Co. | 1.6% |
| Goldman Sachs Group, Inc. | 1.5% |
| Morgan Stanley | 1.4% |
| Citigroup, Inc. | 1.4% |
| Blackstone, Inc. — Class A | 1.4% |
| Top 10 Total | 19.7% |

---

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

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

**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-RYFNX-093025

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

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

### Financial Services Fund

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

This semi-annual shareholder report contains important information about the Financial Services 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 | $127 | 2.40%<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 10.30%, 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 S&P 500 Financials Index, which returned 8.91% for the same period.

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

The industries that contributed the most to performance were investment banking & brokerage, diversified banks, and asset management & custody banks. Those that detracted the most were insurance brokers, multi-family residential REITs, and multi-sector holdings. The holdings that contributed the most to performance were Robinhood Markets, Inc.—Class A, JPMorgan Chase & Co., and Coinbase Global, Inc.—Class A. Those that detracted the most were Fiserv, Inc., Berkshire Hathaway Inc.—Class B, and Marsh & McLennan Companies, Inc.

**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](fp0095394-106_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) | 10.30% | 14.49% | 14.94% | 9.54% |
| Class C (with CDSC)<sup>§</sup> | 9.30% | 13.49% | 14.94% | 9.54% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Financials Index | 8.91% | 20.75% | 19.70% | 13.61% |

---

**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 | $14030222 |
| Total Number of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 132% |

---

---

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

---

| | |
|:---|:---|
| Financial Services Fund \| Class C \| RYFCX | 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](fp0095394-106_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Berkshire Hathaway, Inc. — Class B | 3.1% |
| JPMorgan Chase & Co. | 2.9% |
| Visa, Inc. — Class A | 2.5% |
| Mastercard, Inc. — Class A | 2.1% |
| Bank of America Corp. | 1.8% |
| Wells Fargo & Co. | 1.6% |
| Goldman Sachs Group, Inc. | 1.5% |
| Morgan Stanley | 1.4% |
| Citigroup, Inc. | 1.4% |
| Blackstone, Inc. — Class A | 1.4% |
| Top 10 Total | 19.7% |

---

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

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

**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-RYFCX-093025

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

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

### Financial Services Fund

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

This semi-annual shareholder report contains important information about the Financial Services 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 | $87 | 1.65%<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 10.71%, 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 S&P 500 Financials Index, which returned 8.91% for the same period.

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

The industries that contributed the most to performance were investment banking & brokerage, diversified banks, and asset management & custody banks. Those that detracted the most were insurance brokers, multi-family residential REITs, and multi-sector holdings. The holdings that contributed the most to performance were Robinhood Markets, Inc.—Class A, JPMorgan Chase & Co., and Coinbase Global, Inc.—Class A. Those that detracted the most were Fiserv, Inc., Berkshire Hathaway Inc.—Class B, and Marsh & McLennan Companies, Inc.

**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](fp0095394-104_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 10.71% | 15.36% | 15.81% | 10.36% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Financials Index | 8.91% | 20.75% | 19.70% | 13.61% |

---

**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 | $14030222 |
| Total Number of Portfolio Holdings | 162 |
| Portfolio Turnover Rate | 132% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Financials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Financial Services Fund \| Class H \| RYFAX | 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](fp0095394-104_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Berkshire Hathaway, Inc. — Class B | 3.1% |
| JPMorgan Chase & Co. | 2.9% |
| Visa, Inc. — Class A | 2.5% |
| Mastercard, Inc. — Class A | 2.1% |
| Bank of America Corp. | 1.8% |
| Wells Fargo & Co. | 1.6% |
| Goldman Sachs Group, Inc. | 1.5% |
| Morgan Stanley | 1.4% |
| Citigroup, Inc. | 1.4% |
| Blackstone, Inc. — Class A | 1.4% |
| Top 10 Total | 19.7% |

---

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

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

**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-RYFAX-093025

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

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

### Health Care Fund

#### Investor Class \| RYHIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Health Care 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**  |
| Investor Class | $71 | 1.40%<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 (Investor Class shares) returned 2.45%, 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 S&P 500 Health Care Index, which returned -3.69% for the same period.

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

The industries that contributed the most to performance were biotechnology, health care facilities, and health care services. Those that detracted the most were managed health care, health care supplies, and pharmaceuticals. The holdings that contributed the most to performance were Alnylam Pharmaceuticals, Inc., CRISPR Therapeutics AG, and Insmed Inc. Those that detracted the most were UnitedHealth Group, Inc., Bristol-Myers Squibb Co., and Elevance Health, Inc.

**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](fp0095394-108_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 2.45% | -4.46% | 5.27% | 7.60% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Health Care Index | -3.69% | -7.95% | 7.49% | 9.66% |

---

**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 | $23132018 |
| Total Number of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 152% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Health Care Fund \| Investor Class \| RYHIX | 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](fp0095394-108_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Eli Lilly & Co. | 3.9% |
| Johnson & Johnson | 3.3% |
| AbbVie, Inc. | 3.1% |
| UnitedHealth Group, Inc. | 2.6% |
| Abbott Laboratories | 2.3% |
| Merck & Company, Inc. | 2.2% |
| Thermo Fisher Scientific, Inc. | 2.0% |
| Intuitive Surgical, Inc. | 1.9% |
| Amgen, Inc. | 1.9% |
| Pfizer, Inc. | 1.8% |
| Top 10 Total | 25.0% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYHIX-093025

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

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

### Health Care Fund

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

This semi-annual shareholder report contains important information about the Health Care 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 | $84 | 1.65%<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 2.33%, 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 S&P 500 Health Care Index, which returned -3.69% for the same period.

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

The industries that contributed the most to performance were biotechnology, health care facilities, and health care services. Those that detracted the most were managed health care, health care supplies, and pharmaceuticals. The holdings that contributed the most to performance were Alnylam Pharmaceuticals, Inc., CRISPR Therapeutics AG, and Insmed Inc. Those that detracted the most were UnitedHealth Group, Inc., Bristol-Myers Squibb Co., and Elevance Health, Inc.

**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](fp0095394-110_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) | 2.33% | -4.70% | 5.01% | 7.32% |
| Class A (with sales charge)<sup>‡</sup> | -2.53% | -9.22% | 3.99% | 6.80% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Health Care Index | -3.69% | -7.95% | 7.49% | 9.66% |

---

**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 | $23132018 |
| Total Number of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 152% |

---

---

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

---

| | |
|:---|:---|
| Health Care Fund \| Class A \| RYHEX | 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](fp0095394-110_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Eli Lilly & Co. | 3.9% |
| Johnson & Johnson | 3.3% |
| AbbVie, Inc. | 3.1% |
| UnitedHealth Group, Inc. | 2.6% |
| Abbott Laboratories | 2.3% |
| Merck & Company, Inc. | 2.2% |
| Thermo Fisher Scientific, Inc. | 2.0% |
| Intuitive Surgical, Inc. | 1.9% |
| Amgen, Inc. | 1.9% |
| Pfizer, Inc. | 1.8% |
| Top 10 Total | 25.0% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYHEX-093025

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

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

### Health Care Fund

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

This semi-annual shareholder report contains important information about the Health Care 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 | $122 | 2.41%<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 1.95%, 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 S&P 500 Health Care Index, which returned -3.69% for the same period.

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

The industries that contributed the most to performance were biotechnology, health care facilities, and health care services. Those that detracted the most were managed health care, health care supplies, and pharmaceuticals. The holdings that contributed the most to performance were Alnylam Pharmaceuticals, Inc., CRISPR Therapeutics AG, and Insmed Inc. Those that detracted the most were UnitedHealth Group, Inc., Bristol-Myers Squibb Co., and Elevance Health, Inc.

**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](fp0095394-111_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) | 1.95% | -5.42% | 4.23% | 6.53% |
| Class C (with CDSC)<sup>§</sup> | 0.95% | -6.37% | 4.23% | 6.53% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Health Care Index | -3.69% | -7.95% | 7.49% | 9.66% |

---

**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 | $23132018 |
| Total Number of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 152% |

---

---

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

---

| | |
|:---|:---|
| Health Care Fund \| Class C \| RYHCX | 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](fp0095394-111_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Eli Lilly & Co. | 3.9% |
| Johnson & Johnson | 3.3% |
| AbbVie, Inc. | 3.1% |
| UnitedHealth Group, Inc. | 2.6% |
| Abbott Laboratories | 2.3% |
| Merck & Company, Inc. | 2.2% |
| Thermo Fisher Scientific, Inc. | 2.0% |
| Intuitive Surgical, Inc. | 1.9% |
| Amgen, Inc. | 1.9% |
| Pfizer, Inc. | 1.8% |
| Top 10 Total | 25.0% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYHCX-093025

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

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

### Health Care Fund

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

This semi-annual shareholder report contains important information about the Health Care 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 | $84 | 1.65%<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 2.32%, 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 S&P 500 Health Care Index, which returned -3.69% for the same period.

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

The industries that contributed the most to performance were biotechnology, health care facilities, and health care services. Those that detracted the most were managed health care, health care supplies, and pharmaceuticals. The holdings that contributed the most to performance were Alnylam Pharmaceuticals, Inc., CRISPR Therapeutics AG, and Insmed Inc. Those that detracted the most were UnitedHealth Group, Inc., Bristol-Myers Squibb Co., and Elevance Health, Inc.

**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](fp0095394-109_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 2.32% | -4.70% | 5.02% | 7.33% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Health Care Index | -3.69% | -7.95% | 7.49% | 9.66% |

---

**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 | $23132018 |
| Total Number of Portfolio Holdings | 127 |
| Portfolio Turnover Rate | 152% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Health Care Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into H-Class shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Health Care Fund \| Class H \| RYHAX | 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](fp0095394-109_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Eli Lilly & Co. | 3.9% |
| Johnson & Johnson | 3.3% |
| AbbVie, Inc. | 3.1% |
| UnitedHealth Group, Inc. | 2.6% |
| Abbott Laboratories | 2.3% |
| Merck & Company, Inc. | 2.2% |
| Thermo Fisher Scientific, Inc. | 2.0% |
| Intuitive Surgical, Inc. | 1.9% |
| Amgen, Inc. | 1.9% |
| Pfizer, Inc. | 1.8% |
| Top 10 Total | 25.0% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYHAX-093025

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

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

### Internet Fund

#### Investor Class \| RYIIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Internet 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**  |
| Investor Class | $78 | 1.37%<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 (Investor Class shares) returned 28.17%, outperforming 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

The industries that contributed the most to performance were interactive media & services, communications equipment, and internet services & infrastructure. The industry that detracted the most was human resources & employment services. The holdings that contributed the most to performance were Alphabet, Inc.—Class A, ROBLOX Corp.—Class A, and Netflix, Inc. Those that detracted the most were Salesforce, Inc., GoDaddy, Inc.—Class A, and Adobe, Inc.

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

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

![Ad2 Performance Graph](fp0095394-88_sa91.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 28.17% | 31.76% | 6.91% | 13.87% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $40649929 |
| Total Number of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 15% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Internet Fund \| Investor Class \| RYIIX | 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](fp0095394-88_sa92.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Alphabet, Inc. — Class A | 7.1% |
| Amazon.com, Inc. | 5.9% |
| Meta Platforms, Inc. — Class A | 5.5% |
| Netflix, Inc. | 4.2% |
| Cisco Systems, Inc. | 3.2% |
| Uber Technologies, Inc. | 2.9% |
| Salesforce, Inc. | 2.9% |
| Adobe, Inc. | 2.5% |
| Arista Networks, Inc. | 2.2% |
| DoorDash, Inc. — Class A | 2.0% |
| Top 10 Total | 38.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYIIX-093025

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

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

### Internet Fund

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

This semi-annual shareholder report contains important information about the Internet 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 | $94 | 1.65%<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 28.00%, outperforming 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

The industries that contributed the most to performance were interactive media & services, communications equipment, and internet services & infrastructure. The industry that detracted the most was human resources & employment services. The holdings that contributed the most to performance were Alphabet, Inc.—Class A, ROBLOX Corp.—Class A, and Netflix, Inc. Those that detracted the most were Salesforce, Inc., GoDaddy, Inc.—Class A, and Adobe, Inc.

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

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

![Ad2 Performance Graph](fp0095394-90_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) | 28.00% | 31.42% | 6.64% | 13.59% |
| Class A (with sales charge)<sup>‡</sup> | 21.92% | 25.19% | 5.61% | 13.03% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $40649929 |
| Total Number of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 15% |

---

---

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

---

| | |
|:---|:---|
| Internet Fund \| Class A \| RYINX | 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](fp0095394-90_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Alphabet, Inc. — Class A | 7.1% |
| Amazon.com, Inc. | 5.9% |
| Meta Platforms, Inc. — Class A | 5.5% |
| Netflix, Inc. | 4.2% |
| Cisco Systems, Inc. | 3.2% |
| Uber Technologies, Inc. | 2.9% |
| Salesforce, Inc. | 2.9% |
| Adobe, Inc. | 2.5% |
| Arista Networks, Inc. | 2.2% |
| DoorDash, Inc. — Class A | 2.0% |
| Top 10 Total | 38.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYINX-093025

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

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

### Internet Fund

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

This semi-annual shareholder report contains important information about the Internet 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 | $137 | 2.40%<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 27.52%, outperforming 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

The industries that contributed the most to performance were interactive media & services, communications equipment, and internet services & infrastructure. The industry that detracted the most was human resources & employment services. The holdings that contributed the most to performance were Alphabet, Inc.—Class A, ROBLOX Corp.—Class A, and Netflix, Inc. Those that detracted the most were Salesforce, Inc., GoDaddy, Inc.—Class A, and Adobe, Inc.

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

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

![Ad2 Performance Graph](fp0095394-91_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) | 27.52% | 30.44% | 5.85% | 12.74% |
| Class C (with CDSC)<sup>§</sup> | 26.52% | 29.44% | 5.85% | 12.74% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $40649929 |
| Total Number of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 15% |

---

---

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

---

| | |
|:---|:---|
| Internet Fund \| Class C \| RYICX | 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](fp0095394-91_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Alphabet, Inc. — Class A | 7.1% |
| Amazon.com, Inc. | 5.9% |
| Meta Platforms, Inc. — Class A | 5.5% |
| Netflix, Inc. | 4.2% |
| Cisco Systems, Inc. | 3.2% |
| Uber Technologies, Inc. | 2.9% |
| Salesforce, Inc. | 2.9% |
| Adobe, Inc. | 2.5% |
| Arista Networks, Inc. | 2.2% |
| DoorDash, Inc. — Class A | 2.0% |
| Top 10 Total | 38.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYICX-093025

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

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

### Internet Fund

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

This semi-annual shareholder report contains important information about the Internet 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 | $94 | 1.65%<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 27.99%, outperforming 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

The industries that contributed the most to performance were interactive media & services, communications equipment, and internet services & infrastructure. The industry that detracted the most was human resources & employment services. The holdings that contributed the most to performance were Alphabet, Inc.—Class A, ROBLOX Corp.—Class A, and Netflix, Inc. Those that detracted the most were Salesforce, Inc., GoDaddy, Inc.—Class A, and Adobe, Inc.

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

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

![Ad2 Performance Graph](fp0095394-89_sa81.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 27.99% | 31.42% | 6.64% | 13.59% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $40649929 |
| Total Number of Portfolio Holdings | 83 |
| Portfolio Turnover Rate | 15% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Internet Fund \| Class H \| RYIAX | 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](fp0095394-89_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Alphabet, Inc. — Class A | 7.1% |
| Amazon.com, Inc. | 5.9% |
| Meta Platforms, Inc. — Class A | 5.5% |
| Netflix, Inc. | 4.2% |
| Cisco Systems, Inc. | 3.2% |
| Uber Technologies, Inc. | 2.9% |
| Salesforce, Inc. | 2.9% |
| Adobe, Inc. | 2.5% |
| Arista Networks, Inc. | 2.2% |
| DoorDash, Inc. — Class A | 2.0% |
| Top 10 Total | 38.4% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYIAX-093025

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

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

### Leisure Fund

#### Investor Class \| RYLIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Leisure 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**  |
| Investor Class | $75 | 1.39%<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 (Investor Class shares) returned 14.08%, 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 S&P 500 Consumer Discretionary Index, which returned 22.16% for the same period.

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

The industries that contributed the most to performance were movies & entertainment, hotels resorts & cruise lines, and interactive home entertainment. Those that detracted the most were restaurants, distillers & vintners, and brewers. The holdings that contributed the most to performance were ROBLOX Corp.—Class A, Netflix, Inc, and EchoStar Corp.—Class A. Those that detracted the most were Comcast Corp.—Class A, Chipotle Mexican Grill, Inc. —Class A, and Starbucks Corp.

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

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

![Ad2 Performance Graph](fp0095394-69_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 14.08% | 17.71% | 7.75% | 8.34% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Discretionary Index | 22.16% | 20.31% | 10.56% | 13.75% |

---

**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 | $10778656 |
| Total Number of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 108% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Leisure Fund \| Investor Class \| RYLIX | 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](fp0095394-69_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Netflix, Inc. | 5.5% |
| Philip Morris International, Inc. | 3.7% |
| McDonald's Corp. | 3.5% |
| Walt Disney Co. | 3.4% |
| Altria Group, Inc. | 2.5% |
| Comcast Corp. — Class A | 2.5% |
| DoorDash, Inc. — Class A | 2.5% |
| Starbucks Corp. | 2.4% |
| ROBLOX Corp. — Class A | 2.3% |
| Royal Caribbean Cruises Ltd. | 2.0% |
| Top 10 Total | 30.3% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYLIX-093025

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

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

### Leisure Fund

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

This semi-annual shareholder report contains important information about the Leisure 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 | $88 | 1.65%<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 13.93%, 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 S&P 500 Consumer Discretionary Index, which returned 22.16% for the same period.

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

The industries that contributed the most to performance were movies & entertainment, hotels resorts & cruise lines, and interactive home entertainment. Those that detracted the most were restaurants, distillers & vintners, and brewers. The holdings that contributed the most to performance were ROBLOX Corp.—Class A, Netflix, Inc, and EchoStar Corp.—Class A. Those that detracted the most were Comcast Corp.—Class A, Chipotle Mexican Grill, Inc. —Class A, and Starbucks Corp.

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

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

![Ad2 Performance Graph](fp0095394-71_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) | 13.93% | 17.43% | 7.48% | 8.07% |
| Class A (with sales charge)<sup>‡</sup> | 8.51% | 11.86% | 6.44% | 7.54% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Discretionary Index | 22.16% | 20.31% | 10.56% | 13.75% |

---

**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 | $10778656 |
| Total Number of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 108% |

---

---

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

---

| | |
|:---|:---|
| Leisure Fund \| Class A \| RYLSX | 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](fp0095394-71_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Netflix, Inc. | 5.5% |
| Philip Morris International, Inc. | 3.7% |
| McDonald's Corp. | 3.5% |
| Walt Disney Co. | 3.4% |
| Altria Group, Inc. | 2.5% |
| Comcast Corp. — Class A | 2.5% |
| DoorDash, Inc. — Class A | 2.5% |
| Starbucks Corp. | 2.4% |
| ROBLOX Corp. — Class A | 2.3% |
| Royal Caribbean Cruises Ltd. | 2.0% |
| Top 10 Total | 30.3% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYLSX-093025

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

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

### Leisure Fund

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

This semi-annual shareholder report contains important information about the Leisure 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 | $128 | 2.40%<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 13.50%, 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 S&P 500 Consumer Discretionary Index, which returned 22.16% for the same period.

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

The industries that contributed the most to performance were movies & entertainment, hotels resorts & cruise lines, and interactive home entertainment. Those that detracted the most were restaurants, distillers & vintners, and brewers. The holdings that contributed the most to performance were ROBLOX Corp.—Class A, Netflix, Inc, and EchoStar Corp.—Class A. Those that detracted the most were Comcast Corp.—Class A, Chipotle Mexican Grill, Inc. —Class A, and Starbucks Corp.

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

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

![Ad2 Performance Graph](fp0095394-72_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) | 13.50% | 16.56% | 6.68% | 7.26% |
| Class C (with CDSC)<sup>§</sup> | 12.50% | 15.56% | 6.68% | 7.26% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Discretionary Index | 22.16% | 20.31% | 10.56% | 13.75% |

---

**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 | $10778656 |
| Total Number of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 108% |

---

---

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

---

| | |
|:---|:---|
| Leisure Fund \| Class C \| RYLCX | 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](fp0095394-72_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Netflix, Inc. | 5.5% |
| Philip Morris International, Inc. | 3.7% |
| McDonald's Corp. | 3.5% |
| Walt Disney Co. | 3.4% |
| Altria Group, Inc. | 2.5% |
| Comcast Corp. — Class A | 2.5% |
| DoorDash, Inc. — Class A | 2.5% |
| Starbucks Corp. | 2.4% |
| ROBLOX Corp. — Class A | 2.3% |
| Royal Caribbean Cruises Ltd. | 2.0% |
| Top 10 Total | 30.3% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYLCX-093025

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

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

### Leisure Fund

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

This semi-annual shareholder report contains important information about the Leisure 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 | $88 | 1.65%<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 13.94%, 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 S&P 500 Consumer Discretionary Index, which returned 22.16% for the same period.

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

The industries that contributed the most to performance were movies & entertainment, hotels resorts & cruise lines, and interactive home entertainment. Those that detracted the most were restaurants, distillers & vintners, and brewers. The holdings that contributed the most to performance were ROBLOX Corp.—Class A, Netflix, Inc, and EchoStar Corp.—Class A. Those that detracted the most were Comcast Corp.—Class A, Chipotle Mexican Grill, Inc. —Class A, and Starbucks Corp.

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

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

![Ad2 Performance Graph](fp0095394-70_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H \*\* | 13.94% | 17.41% | 7.48% | 8.07% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Discretionary Index | 22.16% | 20.31% | 10.56% | 13.75% |

---

**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 | $10778656 |
| Total Number of Portfolio Holdings | 98 |
| Portfolio Turnover Rate | 108% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into H-Class shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Leisure Fund \| Class H \| RYLAX | 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](fp0095394-70_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Netflix, Inc. | 5.5% |
| Philip Morris International, Inc. | 3.7% |
| McDonald's Corp. | 3.5% |
| Walt Disney Co. | 3.4% |
| Altria Group, Inc. | 2.5% |
| Comcast Corp. — Class A | 2.5% |
| DoorDash, Inc. — Class A | 2.5% |
| Starbucks Corp. | 2.4% |
| ROBLOX Corp. — Class A | 2.3% |
| Royal Caribbean Cruises Ltd. | 2.0% |
| Top 10 Total | 30.3% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYLAX-093025

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

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

### Precious Metals Fund

#### Investor Class \| RYPMX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Precious Metals 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**  |
| Investor Class | $86 | 1.29%<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 (Investor Class shares) returned 67.41%, 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 S&P 500 Materials Index, which returned 6.32% for the same period.

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

The industries that contributed the most to performance were gold, silver, and precious metals & minerals. No industries detracted from performance. The holdings that contributed the most to performance were Newmont Corp., Agnicio Eagle Mines Ltd., and Barrick Mining Corp. One holding and Orla Mining Ltd. detracted from performance.

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

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

![Ad2 Performance Graph](fp0095394-116_sa81.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 67.41% | 86.20% | 14.94% | 19.76% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Materials Index | 6.32% | -4.27% | 9.47% | 10.82% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $182878755 |
| Total Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 210% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Precious Metals Fund \| Investor Class \| RYPMX | 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](fp0095394-116_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Newmont Corp. | 8.1% |
| Agnico Eagle Mines Ltd. | 8.0% |
| Barrick Mining Corp. | 6.5% |
| Wheaton Precious Metals Corp. | 6.0% |
| Freeport-McMoRan, Inc. | 5.7% |
| Franco-Nevada Corp. | 4.4% |
| Gold Fields Ltd. ADR | 4.3% |
| Anglogold Ashanti plc | 4.2% |
| Kinross Gold Corp. | 4.2% |
| Pan American Silver Corp. | 3.4% |
| Top 10 Total | 54.8% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYPMX-093025

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

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

### Precious Metals Fund

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

This semi-annual shareholder report contains important information about the Precious Metals 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 | $104 | 1.55%<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 67.21%, 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 S&P 500 Materials Index, which returned 6.32% for the same period.

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

The industries that contributed the most to performance were gold, silver, and precious metals & minerals. No industries detracted from performance. The holdings that contributed the most to performance were Newmont Corp., Agnicio Eagle Mines Ltd., and Barrick Mining Corp. One holding and Orla Mining Ltd. detracted from performance.

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

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

![Ad2 Performance Graph](fp0095394-118_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) | 67.21% | 85.78% | 14.66% | 19.46% |
| Class A (with sales charge)<sup>‡</sup> | 59.26% | 76.97% | 13.55% | 18.88% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Materials Index | 6.32% | -4.27% | 9.47% | 10.82% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $182878755 |
| Total Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 210% |

---

---

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

---

| | |
|:---|:---|
| Precious Metals Fund \| Class A \| RYMNX | 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](fp0095394-118_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Newmont Corp. | 8.1% |
| Agnico Eagle Mines Ltd. | 8.0% |
| Barrick Mining Corp. | 6.5% |
| Wheaton Precious Metals Corp. | 6.0% |
| Freeport-McMoRan, Inc. | 5.7% |
| Franco-Nevada Corp. | 4.4% |
| Gold Fields Ltd. ADR | 4.3% |
| Anglogold Ashanti plc | 4.2% |
| Kinross Gold Corp. | 4.2% |
| Pan American Silver Corp. | 3.4% |
| Top 10 Total | 54.8% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYMNX-093025

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

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

### Precious Metals Fund

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

This semi-annual shareholder report contains important information about the Precious Metals 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 | $153 | 2.29%<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 66.57%, 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 S&P 500 Materials Index, which returned 6.32% for the same period.

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

The industries that contributed the most to performance were gold, silver, and precious metals & minerals. No industries detracted from performance. The holdings that contributed the most to performance were Newmont Corp., Agnicio Eagle Mines Ltd., and Barrick Mining Corp. One holding and Orla Mining Ltd. detracted from performance.

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

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

![Ad2 Performance Graph](fp0095394-119_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) | 66.57% | 84.34% | 13.80% | 18.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C (with CDSC)<sup>§</sup> | 65.57% | 83.34% | 13.80% | 18.57% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Materials Index | 6.32% | -4.27% | 9.47% | 10.82% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $182878755 |
| Total Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 210% |

---

---

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

---

| | |
|:---|:---|
| Precious Metals Fund \| Class C \| RYZCX | 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](fp0095394-119_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Newmont Corp. | 8.1% |
| Agnico Eagle Mines Ltd. | 8.0% |
| Barrick Mining Corp. | 6.5% |
| Wheaton Precious Metals Corp. | 6.0% |
| Freeport-McMoRan, Inc. | 5.7% |
| Franco-Nevada Corp. | 4.4% |
| Gold Fields Ltd. ADR | 4.3% |
| Anglogold Ashanti plc | 4.2% |
| Kinross Gold Corp. | 4.2% |
| Pan American Silver Corp. | 3.4% |
| Top 10 Total | 54.8% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYZCX-093025

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

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

### Precious Metals Fund

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

This semi-annual shareholder report contains important information about the Precious Metals 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 | $104 | 1.55%<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 67.20%, 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 S&P 500 Materials Index, which returned 6.32% for the same period.

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

The industries that contributed the most to performance were gold, silver, and precious metals & minerals. No industries detracted from performance. The holdings that contributed the most to performance were Newmont Corp., Agnicio Eagle Mines Ltd., and Barrick Mining Corp. One holding and Orla Mining Ltd. detracted from performance.

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

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

![Ad2 Performance Graph](fp0095394-117_sa81.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 67.20% | 85.78% | 14.66% | 19.44% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Materials Index | 6.32% | -4.27% | 9.47% | 10.82% |

---

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

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $182878755 |
| Total Number of Portfolio Holdings | 36 |
| Portfolio Turnover Rate | 210% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Materials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Precious Metals Fund \| Class H \| RYMPX | 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](fp0095394-117_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Newmont Corp. | 8.1% |
| Agnico Eagle Mines Ltd. | 8.0% |
| Barrick Mining Corp. | 6.5% |
| Wheaton Precious Metals Corp. | 6.0% |
| Freeport-McMoRan, Inc. | 5.7% |
| Franco-Nevada Corp. | 4.4% |
| Gold Fields Ltd. ADR | 4.3% |
| Anglogold Ashanti plc | 4.2% |
| Kinross Gold Corp. | 4.2% |
| Pan American Silver Corp. | 3.4% |
| Top 10 Total | 54.8% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYMPX-093025

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

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

### Real Estate Fund

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

This semi-annual shareholder report contains important information about the Real Estate 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 | $85 | 1.65%<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 4.58%, 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 MSCI U.S. REIT Index, which returned 3.61% for the same period.

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

The industries that contributed the most to performance were real estate services, health care REITs, and retail REITs. Those that detracted the most were multi-family residential REITs, telecom tower REITs, and industrial REITS. The holdings that contributed the most to performance were Opendoor Technologies Inc., Digital Realty Trust, Inc., and Welltower, Inc. Those that detracted the most were Americold Realty Trust, Inc., American Tower Corp.—Class A, and Mid-America Apartment Communities, Inc.

**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](fp0095394-156_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) | 4.58% | -1.50% | 6.82% | 4.88% |
| Class A (with sales charge)<sup>‡</sup> | -0.39% | -6.19% | 5.78% | 4.37% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| MSCI U.S. REIT Index | 3.61% | -1.69% | 9.30% | 6.61% |

---

**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 | $1979004 |
| Total Number of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 690% |

---

---

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

---

| | |
|:---|:---|
| Real Estate Fund \| Class A \| RYREX | 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](fp0095394-156_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Welltower, Inc. | 3.7% |
| Prologis, Inc. | 3.4% |
| American Tower Corp. — Class A | 3.1% |
| Digital Realty Trust, Inc. | 2.5% |
| Simon Property Group, Inc. | 2.5% |
| Realty Income Corp. | 2.4% |
| Public Storage | 2.2% |
| CBRE Group, Inc. — Class A | 2.2% |
| Crown Castle, Inc. | 2.1% |
| Equinix, Inc. | 2.0% |
| Top 10 Total | 26.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYREX-093025

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

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

### Real Estate Fund

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

This semi-annual shareholder report contains important information about the Real Estate 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 | $123 | 2.41%<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 4.11%, 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 MSCI U.S. REIT Index, which returned 3.61% for the same period.

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

The industries that contributed the most to performance were real estate services, health care REITs, and retail REITs. Those that detracted the most were multi-family residential REITs, telecom tower REITs, and industrial REITS. The holdings that contributed the most to performance were Opendoor Technologies Inc., Digital Realty Trust, Inc., and Welltower, Inc. Those that detracted the most were Americold Realty Trust, Inc., American Tower Corp.—Class A, and Mid-America Apartment Communities, Inc.

**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](fp0095394-157_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) | 4.11% | -2.24% | 6.17% | 4.18% |
| Class C (with CDSC)<sup>§</sup> | 3.11% | -3.21% | 6.17% | 4.18% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| MSCI U.S. REIT Index | 3.61% | -1.69% | 9.30% | 6.61% |

---

**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 | $1979004 |
| Total Number of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 690% |

---

---

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

---

| | |
|:---|:---|
| Real Estate Fund \| Class C \| RYCRX | 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](fp0095394-157_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Welltower, Inc. | 3.7% |
| Prologis, Inc. | 3.4% |
| American Tower Corp. — Class A | 3.1% |
| Digital Realty Trust, Inc. | 2.5% |
| Simon Property Group, Inc. | 2.5% |
| Realty Income Corp. | 2.4% |
| Public Storage | 2.2% |
| CBRE Group, Inc. — Class A | 2.2% |
| Crown Castle, Inc. | 2.1% |
| Equinix, Inc. | 2.0% |
| Top 10 Total | 26.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYCRX-093025

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

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

### Real Estate Fund

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

This semi-annual shareholder report contains important information about the Real Estate 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 | $84 | 1.64%<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 4.59%, 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 MSCI U.S. REIT Index, which returned 3.61% for the same period.

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

The industries that contributed the most to performance were real estate services, health care REITs, and retail REITs. Those that detracted the most were multi-family residential REITs, telecom tower REITs, and industrial REITS. The holdings that contributed the most to performance were Opendoor Technologies Inc., Digital Realty Trust, Inc., and Welltower, Inc. Those that detracted the most were Americold Realty Trust, Inc., American Tower Corp.—Class A, and Mid-America Apartment Communities, Inc.

**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](fp0095394-155_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 4.59% | -1.48% | 6.83% | 4.90% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| MSCI U.S. REIT Index | 3.61% | -1.69% | 9.30% | 6.61% |

---

**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 | $1979004 |
| Total Number of Portfolio Holdings | 93 |
| Portfolio Turnover Rate | 690% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the MSCI U.S. REIT Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Real Estate Fund \| Class H \| RYHRX | 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](fp0095394-155_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Welltower, Inc. | 3.7% |
| Prologis, Inc. | 3.4% |
| American Tower Corp. — Class A | 3.1% |
| Digital Realty Trust, Inc. | 2.5% |
| Simon Property Group, Inc. | 2.5% |
| Realty Income Corp. | 2.4% |
| Public Storage | 2.2% |
| CBRE Group, Inc. — Class A | 2.2% |
| Crown Castle, Inc. | 2.1% |
| Equinix, Inc. | 2.0% |
| Top 10 Total | 26.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYHRX-093025

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

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

### Retailing Fund

#### Investor Class \| RYRIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Retailing 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**  |
| Investor Class | $76 | 1.40%<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 (Investor Class shares) returned 17.27%, 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 S&P 500 Consumer Discretionary Index, which returned 22.16% for the same period.

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

The industries that contributed the most to performance were broadline retail, other specialty retail, and apparel retail. Those that detracted the most were distributors and interactive home entertainment. The holdings that contributed the most to performance were Carvana Co., Amazon.com, Inc., and Wayfair, Inc.—Class A. Those that detracted the most were CarMax, Inc., LKQ Corp., and JD.com, Inc. ADR.

**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](fp0095394-74_sa81.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 17.27% | 13.12% | 7.77% | 9.80% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Discretionary Index | 22.16% | 20.31% | 10.56% | 13.75% |

---

**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 | $6499701 |
| Total Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 116% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Retailing Fund \| Investor Class \| RYRIX | 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](fp0095394-74_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Amazon.com, Inc. | 9.6% |
| TJX Companies, Inc. | 4.6% |
| Walmart, Inc. | 4.5% |
| Costco Wholesale Corp. | 4.2% |
| Home Depot, Inc. | 4.2% |
| Lowe's Companies, Inc. | 4.0% |
| O'Reilly Automotive, Inc. | 3.4% |
| Carvana Co. | 3.2% |
| PDD Holdings, Inc. ADR | 2.8% |
| Alibaba Group Holding Ltd. ADR | 2.7% |
| Top 10 Total | 43.2% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYRIX-093025

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

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

### Retailing Fund

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

This semi-annual shareholder report contains important information about the Retailing 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 | 1.65%<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 17.13%, 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 S&P 500 Consumer Discretionary Index, which returned 22.16% for the same period.

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

The industries that contributed the most to performance were broadline retail, other specialty retail, and apparel retail. Those that detracted the most were distributors and interactive home entertainment. The holdings that contributed the most to performance were Carvana Co., Amazon.com, Inc., and Wayfair, Inc.—Class A. Those that detracted the most were CarMax, Inc., LKQ Corp., and JD.com, Inc. ADR.

**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](fp0095394-76_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) | 17.13% | 12.82% | 7.49% | 9.53% |
| Class A (with sales charge)<sup>‡</sup> | 11.57% | 7.47% | 6.45% | 9.00% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Discretionary Index | 22.16% | 20.31% | 10.56% | 13.75% |

---

**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 | $6499701 |
| Total Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 116% |

---

---

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

---

| | |
|:---|:---|
| Retailing Fund \| Class A \| RYRTX | 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](fp0095394-76_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Amazon.com, Inc. | 9.6% |
| TJX Companies, Inc. | 4.6% |
| Walmart, Inc. | 4.5% |
| Costco Wholesale Corp. | 4.2% |
| Home Depot, Inc. | 4.2% |
| Lowe's Companies, Inc. | 4.0% |
| O'Reilly Automotive, Inc. | 3.4% |
| Carvana Co. | 3.2% |
| PDD Holdings, Inc. ADR | 2.8% |
| Alibaba Group Holding Ltd. ADR | 2.7% |
| Top 10 Total | 43.2% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYRTX-093025

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

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

### Retailing Fund

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

This semi-annual shareholder report contains important information about the Retailing 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 | $130 | 2.40%<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 16.60%, 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 S&P 500 Consumer Discretionary Index, which returned 22.16% for the same period.

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

The industries that contributed the most to performance were broadline retail, other specialty retail, and apparel retail. Those that detracted the most were distributors and interactive home entertainment. The holdings that contributed the most to performance were Carvana Co., Amazon.com, Inc., and Wayfair, Inc.—Class A. Those that detracted the most were CarMax, Inc., LKQ Corp., and JD.com, Inc. ADR.

**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](fp0095394-77_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) | 16.60% | 11.97% | 6.68% | 8.70% |
| Class C (with CDSC)<sup>§</sup> | 15.60% | 10.97% | 6.68% | 8.70% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Discretionary Index | 22.16% | 20.31% | 10.56% | 13.75% |

---

**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 | $6499701 |
| Total Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 116% |

---

---

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

---

| | |
|:---|:---|
| Retailing Fund \| Class C \| RYRCX | 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](fp0095394-77_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Amazon.com, Inc. | 9.6% |
| TJX Companies, Inc. | 4.6% |
| Walmart, Inc. | 4.5% |
| Costco Wholesale Corp. | 4.2% |
| Home Depot, Inc. | 4.2% |
| Lowe's Companies, Inc. | 4.0% |
| O'Reilly Automotive, Inc. | 3.4% |
| Carvana Co. | 3.2% |
| PDD Holdings, Inc. ADR | 2.8% |
| Alibaba Group Holding Ltd. ADR | 2.7% |
| Top 10 Total | 43.2% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYRCX-093025

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

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

### Retailing Fund

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

This semi-annual shareholder report contains important information about the Retailing 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 | $90 | 1.65%<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 17.11%, 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 S&P 500 Consumer Discretionary Index, which returned 22.16% for the same period.

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

The industries that contributed the most to performance were broadline retail, other specialty retail, and apparel retail. Those that detracted the most were distributors and interactive home entertainment. The holdings that contributed the most to performance were Carvana Co., Amazon.com, Inc., and Wayfair, Inc.—Class A. Those that detracted the most were CarMax, Inc., LKQ Corp., and JD.com, Inc. ADR.

**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](fp0095394-75_sa81.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 17.11% | 12.83% | 7.48% | 9.53% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Consumer Discretionary Index | 22.16% | 20.31% | 10.56% | 13.75% |

---

**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 | $6499701 |
| Total Number of Portfolio Holdings | 61 |
| Portfolio Turnover Rate | 116% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Consumer Discretionary Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Retailing Fund \| Class H \| RYRAX | 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](fp0095394-75_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Amazon.com, Inc. | 9.6% |
| TJX Companies, Inc. | 4.6% |
| Walmart, Inc. | 4.5% |
| Costco Wholesale Corp. | 4.2% |
| Home Depot, Inc. | 4.2% |
| Lowe's Companies, Inc. | 4.0% |
| O'Reilly Automotive, Inc. | 3.4% |
| Carvana Co. | 3.2% |
| PDD Holdings, Inc. ADR | 2.8% |
| Alibaba Group Holding Ltd. ADR | 2.7% |
| Top 10 Total | 43.2% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYRAX-093025

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

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

### Technology Fund

#### Investor Class \| RYTIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Technology 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**  |
| Investor Class | $83 | 1.38%<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 (Investor Class shares) returned 40.08%, 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

The industries that contributed the most to performance were semiconductors, application software, and systems software. The industry that detracted the most was IT consulting & other services. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc., and Alphabet, Inc.—Class A. Those that detracted the most were Enphase Energy, Inc., Atlassian Corp.—Class A, and Salesforce, Inc.

**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](fp0095394-54_sa141.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 40.08% | 32.14% | 16.54% | 19.64% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $84822674 |
| Total Number of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 53% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Technology Fund \| Investor Class \| RYTIX | 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](fp0095394-54_sa142.jpg)

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

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 5.7% |
| Apple, Inc. | 5.3% |
| Microsoft Corp. | 5.3% |
| Alphabet, Inc. — Class A | 4.5% |
| Meta Platforms, Inc. — Class A | 3.6% |
| Broadcom, Inc. | 3.2% |
| Palantir Technologies, Inc. — Class A | 1.8% |
| Oracle Corp. | 1.8% |
| International Business Machines Corp. | 1.4% |
| Advanced Micro Devices, Inc. | 1.4% |
| Top 10 Total | 34.0% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYTIX-093025

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

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

### Technology Fund

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

This semi-annual shareholder report contains important information about the Technology 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 | 1.65%<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 39.91%, outperforming 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

The industries that contributed the most to performance were semiconductors, application software, and systems software. The industry that detracted the most was IT consulting & other services. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc., and Alphabet, Inc.—Class A. Those that detracted the most were Enphase Energy, Inc., Atlassian Corp.—Class A, and Salesforce, Inc.

**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](fp0095394-56_sa101.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) | 39.91% | 31.80% | 16.25% | 19.35% |
| Class A (with sales charge)<sup>‡</sup> | 33.25% | 25.54% | 15.12% | 18.77% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $84822674 |
| Total Number of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 53% |

---

---

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

---

| | |
|:---|:---|
| Technology Fund \| Class A \| RYTHX | 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](fp0095394-56_sa102.jpg)

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

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 5.7% |
| Apple, Inc. | 5.3% |
| Microsoft Corp. | 5.3% |
| Alphabet, Inc. — Class A | 4.5% |
| Meta Platforms, Inc. — Class A | 3.6% |
| Broadcom, Inc. | 3.2% |
| Palantir Technologies, Inc. — Class A | 1.8% |
| Oracle Corp. | 1.8% |
| International Business Machines Corp. | 1.4% |
| Advanced Micro Devices, Inc. | 1.4% |
| Top 10 Total | 34.0% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYTHX-093025

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

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

### Technology Fund

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

This semi-annual shareholder report contains important information about the Technology 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 | $144 | 2.40%<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 39.37%, outperforming 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

The industries that contributed the most to performance were semiconductors, application software, and systems software. The industry that detracted the most was IT consulting & other services. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc., and Alphabet, Inc.—Class A. Those that detracted the most were Enphase Energy, Inc., Atlassian Corp.—Class A, and Salesforce, Inc.

**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](fp0095394-57_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) | 39.37% | 30.82% | 15.38% | 18.45% |
| Class C (with CDSC)<sup>§</sup> | 38.37% | 29.82% | 15.38% | 18.45% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $84822674 |
| Total Number of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 53% |

---

---

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

---

| | |
|:---|:---|
| Technology Fund \| Class C \| RYCHX | 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](fp0095394-57_sa102.jpg)

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

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 5.7% |
| Apple, Inc. | 5.3% |
| Microsoft Corp. | 5.3% |
| Alphabet, Inc. — Class A | 4.5% |
| Meta Platforms, Inc. — Class A | 3.6% |
| Broadcom, Inc. | 3.2% |
| Palantir Technologies, Inc. — Class A | 1.8% |
| Oracle Corp. | 1.8% |
| International Business Machines Corp. | 1.4% |
| Advanced Micro Devices, Inc. | 1.4% |
| Top 10 Total | 34.0% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYCHX-093025

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

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

### Technology Fund

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

This semi-annual shareholder report contains important information about the Technology 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 | 1.64%<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 39.89%, outperforming 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 S&P 500 Information Technology Index, which returned 40.03% for the same period.

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

The industries that contributed the most to performance were semiconductors, application software, and systems software. The industry that detracted the most was IT consulting & other services. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc., and Alphabet, Inc.—Class A. Those that detracted the most were Enphase Energy, Inc., Atlassian Corp.—Class A, and Salesforce, Inc.

**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](fp0095394-55_sa101.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 39.89% | 31.81% | 16.25% | 19.34% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Information Technology Index | 40.03% | 28.22% | 23.29% | 25.22% |

---

**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 | $84822674 |
| Total Number of Portfolio Holdings | 138 |
| Portfolio Turnover Rate | 53% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Information Technology Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Technology Fund \| Class H \| RYTAX | 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](fp0095394-55_sa102.jpg)

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

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 5.7% |
| Apple, Inc. | 5.3% |
| Microsoft Corp. | 5.3% |
| Alphabet, Inc. — Class A | 4.5% |
| Meta Platforms, Inc. — Class A | 3.6% |
| Broadcom, Inc. | 3.2% |
| Palantir Technologies, Inc. — Class A | 1.8% |
| Oracle Corp. | 1.8% |
| International Business Machines Corp. | 1.4% |
| Advanced Micro Devices, Inc. | 1.4% |
| Top 10 Total | 34.0% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYTAX-093025

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

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

### Telecommunications Fund

#### Investor Class \| RYMIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Telecommunications 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**  |
| Investor Class | $78 | 1.39%<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 (Investor Class shares) returned 23.98%, 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 S&P 500 Telecommunication Services Index, which returned -1.62% for the same period.

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

The industries that contributed the most to performance were communications equipment, alternative carriers, and cable & satellite. The industry that detracted the most from performance was other specialized REITs. The holdings that contributed the most to performance were Arista Networks, Inc., EchoStar Corp.— Class A, and Ciena Corp. Those that detracted the most were Charter Communications, Inc.— Class A, Comcast Corp.— Class A, and T-Mobile US, Inc.

**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](fp0095394-121_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 23.98% | 26.87% | 7.60% | 6.63% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Telecommunication Services Index | -1.62% | 18.02% | 6.98% | 7.00% |

---

**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 | $10360717 |
| Total Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 170% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Telecommunications Fund \| Investor Class \| RYMIX | 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](fp0095394-121_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Cisco Systems, Inc. | 7.6% |
| AT&T, Inc. | 6.7% |
| Arista Networks, Inc. | 6.6% |
| Verizon Communications, Inc. | 6.2% |
| T-Mobile US, Inc. | 5.1% |
| Comcast Corp. — Class A | 5.0% |
| Motorola Solutions, Inc. | 4.0% |
| Charter Communications, Inc. — Class A | 3.7% |
| Ciena Corp. | 3.2% |
| EchoStar Corp. — Class A | 3.0% |
| Top 10 Total | 51.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYMIX-093025

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

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

### Telecommunications Fund

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

This semi-annual shareholder report contains important information about the Telecommunications 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 | $92 | 1.64%<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 23.79%, 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 S&P 500 Telecommunication Services Index, which returned -1.62% for the same period.

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

The industries that contributed the most to performance were communications equipment, alternative carriers, and cable & satellite. The industry that detracted the most from performance was other specialized REITs. The holdings that contributed the most to performance were Arista Networks, Inc., EchoStar Corp.— Class A, and Ciena Corp. Those that detracted the most were Charter Communications, Inc.— Class A, Comcast Corp.— Class A, and T-Mobile US, Inc.

**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](fp0095394-123_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A (without sales charge) | 23.79% | 26.54% | 7.33% | 6.36% |
| Class A (with sales charge)<sup>‡</sup> | 17.92% | 20.53% | 6.29% | 5.85% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Telecommunication Services Index | -1.62% | 18.02% | 6.98% | 7.00% |

---

**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 | $10360717 |
| Total Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 170% |

---

---

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

---

| | |
|:---|:---|
| Telecommunications Fund \| Class A \| RYTLX | 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](fp0095394-123_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Cisco Systems, Inc. | 7.6% |
| AT&T, Inc. | 6.7% |
| Arista Networks, Inc. | 6.6% |
| Verizon Communications, Inc. | 6.2% |
| T-Mobile US, Inc. | 5.1% |
| Comcast Corp. — Class A | 5.0% |
| Motorola Solutions, Inc. | 4.0% |
| Charter Communications, Inc. — Class A | 3.7% |
| Ciena Corp. | 3.2% |
| EchoStar Corp. — Class A | 3.0% |
| Top 10 Total | 51.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYTLX-093025

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

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

### Telecommunications Fund

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

This semi-annual shareholder report contains important information about the Telecommunications 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 | $136 | 2.43%<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 23.35%, 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 S&P 500 Telecommunication Services Index, which returned -1.62% for the same period.

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

The industries that contributed the most to performance were communications equipment, alternative carriers, and cable & satellite. The industry that detracted the most from performance was other specialized REITs. The holdings that contributed the most to performance were Arista Networks, Inc., EchoStar Corp.— Class A, and Ciena Corp. Those that detracted the most were Charter Communications, Inc.— Class A, Comcast Corp.— Class A, and T-Mobile US, Inc.

**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](fp0095394-124_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) | 23.35% | 25.56% | 6.52% | 5.56% |
| Class C (with CDSC)<sup>§</sup> | 22.35% | 24.56% | 6.52% | 5.56% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Telecommunication Services Index | -1.62% | 18.02% | 6.98% | 7.00% |

---

**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 | $10360717 |
| Total Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 170% |

---

---

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

---

| | |
|:---|:---|
| Telecommunications Fund \| Class C \| RYCSX | 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](fp0095394-124_sa82.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Cisco Systems, Inc. | 7.6% |
| AT&T, Inc. | 6.7% |
| Arista Networks, Inc. | 6.6% |
| Verizon Communications, Inc. | 6.2% |
| T-Mobile US, Inc. | 5.1% |
| Comcast Corp. — Class A | 5.0% |
| Motorola Solutions, Inc. | 4.0% |
| Charter Communications, Inc. — Class A | 3.7% |
| Ciena Corp. | 3.2% |
| EchoStar Corp. — Class A | 3.0% |
| Top 10 Total | 51.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYCSX-093025

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

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

### Telecommunications Fund

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

This semi-annual shareholder report contains important information about the Telecommunications 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 | $93 | 1.65%<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 23.82%, 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 S&P 500 Telecommunication Services Index, which returned -1.62% for the same period.

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

The industries that contributed the most to performance were communications equipment, alternative carriers, and cable & satellite. The industry that detracted the most from performance was other specialized REITs. The holdings that contributed the most to performance were Arista Networks, Inc., EchoStar Corp.— Class A, and Ciena Corp. Those that detracted the most were Charter Communications, Inc.— Class A, Comcast Corp.— Class A, and T-Mobile US, Inc.

**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](fp0095394-122_sa101.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H<sup>\*\*</sup> | 23.82% | 26.52% | 7.33% | 6.38% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Telecommunication Services Index | -1.62% | 18.02% | 6.98% | 7.00% |

---

**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 | $10360717 |
| Total Number of Portfolio Holdings | 46 |
| Portfolio Turnover Rate | 170% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Telecommunication Services Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Telecommunications Fund \| Class H \| RYMAX | 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](fp0095394-122_sa102.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Cisco Systems, Inc. | 7.6% |
| AT&T, Inc. | 6.7% |
| Arista Networks, Inc. | 6.6% |
| Verizon Communications, Inc. | 6.2% |
| T-Mobile US, Inc. | 5.1% |
| Comcast Corp. — Class A | 5.0% |
| Motorola Solutions, Inc. | 4.0% |
| Charter Communications, Inc. — Class A | 3.7% |
| Ciena Corp. | 3.2% |
| EchoStar Corp. — Class A | 3.0% |
| Top 10 Total | 51.1% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYMAX-093025

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

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

### Transportation Fund

#### Investor Class \| RYPIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Transportation 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**  |
| Investor Class | $78 | 1.40%<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 (Investor Class shares) returned 23.58%, 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 S&P 500 Industrials Index, which returned 18.61% for the same period.

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

The industries that contributed the most to performance were automobile manufacturers, automotive parts & equipment, and passenger ground transportation. Those that detracted the most were air freight & logistics, marine transportation, and tires & rubber. The holdings that contributed the most to performance were Tesla, Inc., Uber Technologies, Inc., and NIO Inc. ADR. Those that detracted the most were United Parcel Service, Inc.— Class B, Old Dominion Freight Line, Inc., and Matson, Inc.

**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](fp0095394-126_sa71.jpg)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 23.58% | 13.20% | 6.98% | 8.05% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Industrials Index | 18.61% | 15.69% | 16.82% | 13.79% |

---

**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 | $6211380 |
| Total Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 73% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

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

---

| | |
|:---|:---|
| Transportation Fund \| Investor Class \| RYPIX | 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](fp0095394-126_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Tesla, Inc. | 13.3% |
| Uber Technologies, Inc. | 5.1% |
| Union Pacific Corp. | 4.3% |
| Norfolk Southern Corp. | 3.0% |
| CSX Corp. | 2.9% |
| United Parcel Service, Inc. — Class B | 2.9% |
| General Motors Co. | 2.7% |
| FedEx Corp. | 2.5% |
| Ford Motor Co. | 2.4% |
| Delta Air Lines, Inc. | 2.1% |
| Top 10 Total | 41.2% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYPIX-093025

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

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

### Transportation Fund

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

This semi-annual shareholder report contains important information about the Transportation 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 | $93 | 1.66%<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 23.45%, 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 S&P 500 Industrials Index, which returned 18.61% for the same period.

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

The industries that contributed the most to performance were automobile manufacturers, automotive parts & equipment, and passenger ground transportation. Those that detracted the most were air freight & logistics, marine transportation, and tires & rubber. The holdings that contributed the most to performance were Tesla, Inc., Uber Technologies, Inc., and NIO Inc. ADR. Those that detracted the most were United Parcel Service, Inc.— Class B, Old Dominion Freight Line, Inc., and Matson, Inc.

**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](fp0095394-128_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) | 23.45% | 12.92% | 6.71% | 7.78% |
| Class A (with sales charge)<sup>‡</sup> | 17.57% | 7.56% | 5.68% | 7.26% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Industrials Index | 18.61% | 15.69% | 16.82% | 13.79% |

---

**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 | $6211380 |
| Total Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 73% |

---

---

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

---

| | |
|:---|:---|
| Transportation Fund \| Class A \| RYTSX | 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](fp0095394-128_sa72.jpg)

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

---

| | |
|:---|:---|
|  |  |
| Tesla, Inc. | 13.3% |
| Uber Technologies, Inc. | 5.1% |
| Union Pacific Corp. | 4.3% |
| Norfolk Southern Corp. | 3.0% |
| CSX Corp. | 2.9% |
| United Parcel Service, Inc. — Class B | 2.9% |
| General Motors Co. | 2.7% |
| FedEx Corp. | 2.5% |
| Ford Motor Co. | 2.4% |
| Delta Air Lines, Inc. | 2.1% |
| Top 10 Total | 41.2% |

---

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

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

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

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

---

| | |
|:---|:---|
| ![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-RYTSX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Transportation Fund

#### Class C \| RYCNX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Transportation 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 | $134 | 2.40%<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 23.01%, 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 S&P 500 Industrials Index, which returned 18.61% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The industries that contributed the most to performance were automobile manufacturers, automotive parts & equipment, and passenger ground transportation. Those that detracted the most were air freight & logistics, marine transportation, and tires & rubber. The holdings that contributed the most to performance were Tesla, Inc., Uber Technologies, Inc., and NIO Inc. ADR. Those that detracted the most were United Parcel Service, Inc.— Class B, Old Dominion Freight Line, Inc., and Matson, Inc.

**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](fp0095394-129_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) | 23.01% | 12.09% | 5.92% | 6.98% |
| Class C (with CDSC)<sup>§</sup> | 22.01% | 11.09% | 5.92% | 6.98% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Industrials Index | 18.61% | 15.69% | 16.82% | 13.79% |

---

**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 | $6211380 |
| Total Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 73% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Transportation Fund \| Class C \| RYCNX | 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](fp0095394-129_sa72.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Tesla, Inc. | 13.3% |
| Uber Technologies, Inc. | 5.1% |
| Union Pacific Corp. | 4.3% |
| Norfolk Southern Corp. | 3.0% |
| CSX Corp. | 2.9% |
| United Parcel Service, Inc. — Class B | 2.9% |
| General Motors Co. | 2.7% |
| FedEx Corp. | 2.5% |
| Ford Motor Co. | 2.4% |
| Delta Air Lines, Inc. | 2.1% |
| Top 10 Total | 41.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYCNX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Transportation Fund

#### Class H \| RYPAX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Transportation 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 | $92 | 1.65%<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 23.45%, 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 S&P 500 Industrials Index, which returned 18.61% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The industries that contributed the most to performance were automobile manufacturers, automotive parts & equipment, and passenger ground transportation. Those that detracted the most were air freight & logistics, marine transportation, and tires & rubber. The holdings that contributed the most to performance were Tesla, Inc., Uber Technologies, Inc., and NIO Inc. ADR. Those that detracted the most were United Parcel Service, Inc.— Class B, Old Dominion Freight Line, Inc., and Matson, Inc.

**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](fp0095394-127_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 23.45% | 12.92% | 6.72% | 7.78% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Industrials Index | 18.61% | 15.69% | 16.82% | 13.79% |

---

**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 | $6211380 |
| Total Number of Portfolio Holdings | 74 |
| Portfolio Turnover Rate | 73% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Industrials Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Transportation Fund \| Class H \| RYPAX | 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](fp0095394-127_sa72.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Tesla, Inc. | 13.3% |
| Uber Technologies, Inc. | 5.1% |
| Union Pacific Corp. | 4.3% |
| Norfolk Southern Corp. | 3.0% |
| CSX Corp. | 2.9% |
| United Parcel Service, Inc. — Class B | 2.9% |
| General Motors Co. | 2.7% |
| FedEx Corp. | 2.5% |
| Ford Motor Co. | 2.4% |
| Delta Air Lines, Inc. | 2.1% |
| Top 10 Total | 41.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYPAX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Utilities Fund

#### Investor Class \| RYUIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Utilities 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**  |
| Investor Class | $74 | 1.38%<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 (Investor Class shares) returned 13.85%, 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 S&P 500 Utilities Index, which returned 12.15% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The industries that contributed the most to performance were electric utilities, independent power producers & energy traders, and multi-utilities. The industry that detracted from performance was water utilities. The holdings that contributed the most to performance were Constellation Energy Corp., Oklo Inc., and Vistra Corp. Those that detracted the most were PG&E Corp., Consolidated Edison, Inc., and American Water Works Company, Inc.

**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](fp0095394-93_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 13.85% | 13.91% | 11.07% | 9.48% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Utilities Index | 12.15% | 11.20% | 11.44% | 10.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $26722079 |
| Total Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 231% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Utilities Fund \| Investor Class \| RYUIX | 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](fp0095394-93_sa72.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NextEra Energy, Inc. | 5.1% |
| Constellation Energy Corp. | 4.1% |
| Southern Co. | 4.1% |
| Duke Energy Corp. | 3.9% |
| Vistra Corp. | 3.2% |
| Sempra | 3.2% |
| American Electric Power Company, Inc. | 3.1% |
| Dominion Energy, Inc. | 2.9% |
| Xcel Energy, Inc. | 2.9% |
| Exelon Corp. | 2.7% |
| Top 10 Total | 35.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**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-RYUIX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Utilities Fund

#### Class A \| RYUTX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Utilities 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 | $88 | 1.65%<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 13.71%, 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 S&P 500 Utilities Index, which returned 12.15% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The industries that contributed the most to performance were electric utilities, independent power producers & energy traders, and multi-utilities. The industry that detracted from performance was water utilities. The holdings that contributed the most to performance were Constellation Energy Corp., Oklo Inc., and Vistra Corp. Those that detracted the most were PG&E Corp., Consolidated Edison, Inc., and American Water Works Company, Inc.

**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](fp0095394-95_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) | 13.71% | 13.62% | 10.79% | 9.20% |
| Class A (with sales charge)<sup>‡</sup> | 8.30% | 8.22% | 9.72% | 8.67% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Utilities Index | 12.15% | 11.20% | 11.44% | 10.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $26722079 |
| Total Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 231% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Utilities Fund \| Class A \| RYUTX | 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](fp0095394-95_sa72.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NextEra Energy, Inc. | 5.1% |
| Constellation Energy Corp. | 4.1% |
| Southern Co. | 4.1% |
| Duke Energy Corp. | 3.9% |
| Vistra Corp. | 3.2% |
| Sempra | 3.2% |
| American Electric Power Company, Inc. | 3.1% |
| Dominion Energy, Inc. | 2.9% |
| Xcel Energy, Inc. | 2.9% |
| Exelon Corp. | 2.7% |
| Top 10 Total | 35.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**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-RYUTX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Utilities Fund

#### Class C \| RYCUX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Utilities 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 | $128 | 2.40%<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 13.30%, 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 S&P 500 Utilities Index, which returned 12.15% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The industries that contributed the most to performance were electric utilities, independent power producers & energy traders, and multi-utilities. The industry that detracted from performance was water utilities. The holdings that contributed the most to performance were Constellation Energy Corp., Oklo Inc., and Vistra Corp. Those that detracted the most were PG&E Corp., Consolidated Edison, Inc., and American Water Works Company, Inc.

**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](fp0095394-96_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) | 13.30% | 12.76% | 9.96% | 8.39% |
| Class C (with CDSC)<sup>§</sup> | 12.30% | 11.76% | 9.96% | 8.39% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Utilities Index | 12.15% | 11.20% | 11.44% | 10.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $26722079 |
| Total Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 231% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Utilities Fund \| Class C \| RYCUX | 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](fp0095394-96_sa72.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NextEra Energy, Inc. | 5.1% |
| Constellation Energy Corp. | 4.1% |
| Southern Co. | 4.1% |
| Duke Energy Corp. | 3.9% |
| Vistra Corp. | 3.2% |
| Sempra | 3.2% |
| American Electric Power Company, Inc. | 3.1% |
| Dominion Energy, Inc. | 2.9% |
| Xcel Energy, Inc. | 2.9% |
| Exelon Corp. | 2.7% |
| Top 10 Total | 35.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**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-RYCUX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Utilities Fund

#### Class H \| RYAUX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Utilities 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 | $88 | 1.65%<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 13.72%, 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 S&P 500 Utilities Index, which returned 12.15% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The industries that contributed the most to performance were electric utilities, independent power producers & energy traders, and multi-utilities. The industry that detracted from performance was water utilities. The holdings that contributed the most to performance were Constellation Energy Corp., Oklo Inc., and Vistra Corp. Those that detracted the most were PG&E Corp., Consolidated Edison, Inc., and American Water Works Company, Inc.

**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](fp0095394-94_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H\*\* | 13.72% | 13.59% | 10.79% | 9.20% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Utilities Index | 12.15% | 11.20% | 11.44% | 10.88% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $26722079 |
| Total Number of Portfolio Holdings | 54 |
| Portfolio Turnover Rate | 231% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Utilities Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>\*\*</sup> | Effective September 30, 2015, the Fund's Advisor Class shares were converted into Class H shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Utilities Fund \| Class H \| RYAUX | 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](fp0095394-94_sa72.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NextEra Energy, Inc. | 5.1% |
| Constellation Energy Corp. | 4.1% |
| Southern Co. | 4.1% |
| Duke Energy Corp. | 3.9% |
| Vistra Corp. | 3.2% |
| Sempra | 3.2% |
| American Electric Power Company, Inc. | 3.1% |
| Dominion Energy, Inc. | 2.9% |
| Xcel Energy, Inc. | 2.9% |
| Exelon Corp. | 2.7% |
| Top 10 Total | 35.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**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-RYAUX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Dow Jones Industrial Average<sup>®</sup> Fund

#### Class A \| RYDAX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Dow Jones Industrial Average<sup>®</sup> 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 | $84 | 1.60%<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 10.53%, 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 100% of the daily price movement of the Dow Jones Industrial Average.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-34_sa131.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (12.01.15)**  |
| Class A (without sales charge) | 10.53% | 9.59% | 11.05% | 10.68% |
| Class A (with sales charge)<sup>‡</sup> | 5.28% | 4.39% | 9.98% | 10.13% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 14.47% |
| Dow Jones Industrial Average | 11.44% | 11.50% | 12.98% | 12.60% |

---

**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 | $21144359 |
| Total Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 56% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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 Jones Industrial Average<sup>®</sup> Fund \| Class A \| RYDAX | 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](fp0095394-34_sa132.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 9.4% |
| Microsoft Corp. | 6.1% |
| Caterpillar, Inc. | 5.6% |
| Home Depot, Inc. | 4.8% |
| Sherwin-Williams Co. | 4.1% |
| UnitedHealth Group, Inc. | 4.1% |
| Visa, Inc. — Class A | 4.0% |
| American Express Co. | 3.9% |
| JPMorgan Chase & Co. | 3.7% |
| McDonald's Corp. | 3.6% |
| Top 10 Total | 49.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYDAX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Dow Jones Industrial Average<sup>®</sup> Fund

#### Class C \| RYDKX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Dow Jones Industrial Average<sup>®</sup> 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 | $124 | 2.35%<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 10.11%, 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 100% of the daily price movement of the Dow Jones Industrial Average.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-35_sa131.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (12.01.15)**  |
| Class C (without CDSC) | 10.11% | 8.77% | 10.22% | 9.85% |
| Class C (with CDSC)<sup>§</sup> | 9.10% | 7.77% | 10.22% | 9.85% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 14.47% |
| Dow Jones Industrial Average | 11.44% | 11.50% | 12.98% | 12.60% |

---

**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 | $21144359 |
| Total Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 56% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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 Jones Industrial Average<sup>®</sup> Fund \| Class C \| RYDKX | 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](fp0095394-35_sa132.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 9.4% |
| Microsoft Corp. | 6.1% |
| Caterpillar, Inc. | 5.6% |
| Home Depot, Inc. | 4.8% |
| Sherwin-Williams Co. | 4.1% |
| UnitedHealth Group, Inc. | 4.1% |
| Visa, Inc. — Class A | 4.0% |
| American Express Co. | 3.9% |
| JPMorgan Chase & Co. | 3.7% |
| McDonald's Corp. | 3.6% |
| Top 10 Total | 49.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYDKX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Dow Jones Industrial Average<sup>®</sup> Fund

#### Class H \| RYDHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Dow Jones Industrial Average<sup>®</sup> 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 | $84 | 1.60%<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 10.53%, 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 100% of the daily price movement of the Dow Jones Industrial Average.

**How did the fund perform since inception?**

Cumulative performance\* for the fund since inception (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-33_sa131.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Since Inception<br> (12.01.15)**  |
| Class H | 10.53% | 9.57% | 11.05% | 10.69% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 14.47% |
| Dow Jones Industrial Average | 11.44% | 11.50% | 12.98% | 12.60% |

---

**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 | $21144359 |
| Total Number of Portfolio Holdings | 39 |
| Portfolio Turnover Rate | 56% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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 Jones Industrial Average<sup>®</sup> Fund \| Class H \| RYDHX | 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](fp0095394-33_sa132.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Goldman Sachs Group, Inc. | 9.4% |
| Microsoft Corp. | 6.1% |
| Caterpillar, Inc. | 5.6% |
| Home Depot, Inc. | 4.8% |
| Sherwin-Williams Co. | 4.1% |
| UnitedHealth Group, Inc. | 4.1% |
| Visa, Inc. — Class A | 4.0% |
| American Express Co. | 3.9% |
| JPMorgan Chase & Co. | 3.7% |
| McDonald's Corp. | 3.6% |
| Top 10 Total | 49.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYDHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Mid-Cap 1.5x Strategy Fund

#### Class A \| RYAHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Mid-Cap 1.5x 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 | $91 | 1.68%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class A shares) returned 15.85%, 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 S&P MidCap 400 Index, which returned 12.63% 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 financials. The sector that detracted the most was energy. The holdings that contributed the most to the return of the underlying index were Comfort Systems USA, Inc., EMCOR Group, Inc., and Pure Storage, Inc.—Class A. Those that detracted the most were BellRing Brands, Inc., Sarepta Therapeutics, Inc., and Watsco, Inc. The Fund maintained a correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-18_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) | 15.85% | 3.25% | 15.31% | 11.36% |
| Class A (with sales charge)<sup>‡</sup> | 10.36% | -1.66% | 14.19% | 10.82% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Index | 12.63% | 6.13% | 13.61% | 10.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $12352331 |
| Total Number of Portfolio Holdings | 410 |
| Portfolio Turnover Rate | 6% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Mid-Cap 1.5x Strategy Fund \| Class A \| RYAHX | 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](fp0095394-18_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.2% |
| Guggenheim Strategy Fund II | 2.0% |
| Comfort Systems USA, Inc. | 0.7% |
| Pure Storage, Inc. — Class A | 0.6% |
| Flex Ltd. | 0.5% |
| Casey's General Stores, Inc. | 0.5% |
| Ciena Corp. | 0.5% |
| Curtiss-Wright Corp. | 0.5% |
| RB Global, Inc. | 0.5% |
| Nutanix, Inc. — Class A | 0.5% |
| Top 10 Total | 13.5% |

---

<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-RYAHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Mid-Cap 1.5x Strategy Fund

#### Class C \| RYDCX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Mid-Cap 1.5x 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 | $131 | 2.43%<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 15.45%, 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 S&P MidCap 400 Index, which returned 12.63% 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 financials. The sector that detracted the most was energy. The holdings that contributed the most to the return of the underlying index were Comfort Systems USA, Inc., EMCOR Group, Inc., and Pure Storage, Inc.—Class A. Those that detracted the most were BellRing Brands, Inc., Sarepta Therapeutics, Inc., and Watsco, Inc. The Fund maintained a correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-19_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) | 15.45% | 2.48% | 14.45% | 10.53% |
| Class C (with CDSC)<sup>§</sup> | 14.43% | 1.48% | 14.45% | 10.53% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Index | 12.63% | 6.13% | 13.61% | 10.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $12352331 |
| Total Number of Portfolio Holdings | 410 |
| Portfolio Turnover Rate | 6% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Mid-Cap 1.5x Strategy Fund \| Class C \| RYDCX | 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](fp0095394-19_sa102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.2% |
| Guggenheim Strategy Fund II | 2.0% |
| Comfort Systems USA, Inc. | 0.7% |
| Pure Storage, Inc. — Class A | 0.6% |
| Flex Ltd. | 0.5% |
| Casey's General Stores, Inc. | 0.5% |
| Ciena Corp. | 0.5% |
| Curtiss-Wright Corp. | 0.5% |
| RB Global, Inc. | 0.5% |
| Nutanix, Inc. — Class A | 0.5% |
| Top 10 Total | 13.5% |

---

<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-RYDCX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Mid-Cap 1.5x Strategy Fund

#### Class H \| RYMDX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Mid-Cap 1.5x 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 | $91 | 1.68%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class H shares) returned 15.86%, 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 S&P MidCap 400 Index, which returned 12.63% 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 financials. The sector that detracted the most was energy. The holdings that contributed the most to the return of the underlying index were Comfort Systems USA, Inc., EMCOR Group, Inc., and Pure Storage, Inc.—Class A. Those that detracted the most were BellRing Brands, Inc., Sarepta Therapeutics, Inc., and Watsco, Inc. The Fund maintained a correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P MidCap 400 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-17_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 15.86% | 3.25% | 15.31% | 11.38% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Index | 12.63% | 6.13% | 13.61% | 10.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $12352331 |
| Total Number of Portfolio Holdings | 410 |
| Portfolio Turnover Rate | 6% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Mid-Cap 1.5x Strategy Fund \| Class H \| RYMDX | 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](fp0095394-17_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 7.2% |
| Guggenheim Strategy Fund II | 2.0% |
| Comfort Systems USA, Inc. | 0.7% |
| Pure Storage, Inc. — Class A | 0.6% |
| Flex Ltd. | 0.5% |
| Casey's General Stores, Inc. | 0.5% |
| Ciena Corp. | 0.5% |
| Curtiss-Wright Corp. | 0.5% |
| RB Global, Inc. | 0.5% |
| Nutanix, Inc. — Class A | 0.5% |
| Top 10 Total | 13.5% |

---

<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-RYMDX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Mid-Cap Strategy Fund

#### Class A \| RYAGX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Mid-Cap 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 | $81 | 1.70%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class A shares) returned -9.84%, 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 S&P MidCap 400 Index, which returned 12.63% 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 financials. The sector that detracted the most was energy. The holdings that contributed the most to the return of the underlying index were Comfort Systems USA, Inc., EMCOR Group, Inc., and Pure Storage, Inc.—Class A. Those that detracted the most were BellRing Brands, Inc., Sarepta Therapeutics, Inc., and Watsco, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-150_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) | -9.84% | -1.63% | -11.27% | -11.11% |
| Class A (with sales charge)<sup>‡</sup> | -14.11% | -6.30% | -12.13% | -11.55% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Index | 12.63% | 6.13% | 13.61% | 10.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $153180 |
| Total Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 Mid-Cap Strategy Fund \| Class A \| RYAGX | 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](fp0095394-150_sa92.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 23.0% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 20.7% |
| Total | 43.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "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-RYAGX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Mid-Cap Strategy Fund

#### Class C \| RYCLX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Mid-Cap 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 | 2.44%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class C shares) returned -10.16%, 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 S&P MidCap 400 Index, which returned 12.63% 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 financials. The sector that detracted the most was energy. The holdings that contributed the most to the return of the underlying index were Comfort Systems USA, Inc., EMCOR Group, Inc., and Pure Storage, Inc.—Class A. Those that detracted the most were BellRing Brands, Inc., Sarepta Therapeutics, Inc., and Watsco, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-151_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -10.16% | -1.37% | -11.22% | -11.41% |
| Class C (with CDSC)<sup>§</sup> | -11.06% | -2.15% | -11.22% | -11.41% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Index | 12.63% | 6.13% | 13.61% | 10.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $153180 |
| Total Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 Mid-Cap Strategy Fund \| Class C \| RYCLX | 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](fp0095394-151_sa92.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 23.0% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 20.7% |
| Total | 43.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "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-RYCLX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Mid-Cap Strategy Fund

#### Class H \| RYMHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Mid-Cap 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 | 1.61%<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 -9.42%, 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 S&P MidCap 400 Index, which returned 12.63% 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 financials. The sector that detracted the most was energy. The holdings that contributed the most to the return of the underlying index were Comfort Systems USA, Inc., EMCOR Group, Inc., and Pure Storage, Inc.—Class A. Those that detracted the most were BellRing Brands, Inc., Sarepta Therapeutics, Inc., and Watsco, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P MidCap 400 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-149_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -9.42% | -1.34% | -11.22% | -11.07% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Index | 12.63% | 6.13% | 13.61% | 10.82% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $153180 |
| Total Number of Portfolio Holdings | 8 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Mid-Cap Strategy Fund \| Class H \| RYMHX | 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](fp0095394-149_sa92.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 23.0% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 20.7% |
| Total | 43.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "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-RYMHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund

#### Class A \| RMQAX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Monthly Rebalance 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 | $87 | 1.35%<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 57.69%, 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 monthly price movement of the NASDAQ-100 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-31_sa131.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) | 57.69% | 40.28% | 26.21% | 34.56% |
| Class A (with sales charge)<sup>‡</sup> | 50.20% | 33.62% | 24.99% | 33.91% |
| 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 | $957741936 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 500% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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>

---

| | |
|:---|:---|
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class A \| RMQAX | 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](fp0095394-31_sa132.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 8.5% |
| Microsoft Corp. | 7.3% |
| Apple, Inc. | 7.1% |
| Broadcom, Inc. | 4.8% |
| 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 | 45.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RMQAX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund

#### Class C \| RMQCX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Monthly Rebalance 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 | $135 | 2.10%<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 57.10%, 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 monthly price movement of the NASDAQ-100 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-32_sa131.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 57.10% | 39.22% | 25.25% | 33.55% |
| Class C (with CDSC)<sup>§</sup> | 56.10% | 38.22% | 25.25% | 33.55% |
| 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 | $957741936 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 500% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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>

---

| | |
|:---|:---|
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class C \| RMQCX | 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](fp0095394-32_sa132.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 8.5% |
| Microsoft Corp. | 7.3% |
| Apple, Inc. | 7.1% |
| Broadcom, Inc. | 4.8% |
| 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 | 45.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RMQCX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund

#### Class H \| RMQHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Monthly Rebalance 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 | $88 | 1.37%<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 57.68%, 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 monthly price movement of the NASDAQ-100 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-30_sa131.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 57.68% | 40.25% | 26.18% | 34.59% |
| 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 | $957741936 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 500% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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>

---

| | |
|:---|:---|
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund \| Class H \| RMQHX | 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](fp0095394-30_sa132.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 8.5% |
| Microsoft Corp. | 7.3% |
| Apple, Inc. | 7.1% |
| Broadcom, Inc. | 4.8% |
| 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 | 45.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RMQHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### NASDAQ-100 Fund

#### Investor Class \| RYOCX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the NASDAQ-100 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**  |
| Investor Class | $72 | 1.26%<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 (Investor Class shares) returned 27.68%, outperforming 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 100% of the daily price movement of the NASDAQ-100 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-195_sa101.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 27.68% | 22.39% | 16.12% | 19.00% |
| 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 | $2081501525 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 16% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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 Fund \| Investor Class \| RYOCX | 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](fp0095394-195_sa102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 9.5% |
| Microsoft Corp. | 8.1% |
| Apple, Inc. | 7.9% |
| Broadcom, Inc. | 5.4% |
| Amazon.com, Inc. | 4.9% |
| Tesla, Inc. | 3.4% |
| Meta Platforms, Inc. — Class A | 3.3% |
| Alphabet, Inc. — Class A | 3.0% |
| Alphabet, Inc. — Class C | 2.8% |
| Netflix, Inc. | 2.6% |
| Top 10 Total | 50.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYOCX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### NASDAQ-100 Fund

#### Class A \| RYATX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the NASDAQ-100 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 | $86 | 1.51%<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 27.53%, outperforming 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 100% of the daily price movement of the NASDAQ-100 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-197_sa101.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) | 27.53% | 22.09% | 15.83% | 18.69% |
| Class A (with sales charge)<sup>‡</sup> | 21.47% | 16.29% | 14.71% | 18.12% |
| 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 | $2081501525 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 16% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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 Fund \| Class A \| RYATX | 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](fp0095394-197_sa102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 9.5% |
| Microsoft Corp. | 8.1% |
| Apple, Inc. | 7.9% |
| Broadcom, Inc. | 5.4% |
| Amazon.com, Inc. | 4.9% |
| Tesla, Inc. | 3.4% |
| Meta Platforms, Inc. — Class A | 3.3% |
| Alphabet, Inc. — Class A | 3.0% |
| Alphabet, Inc. — Class C | 2.8% |
| Netflix, Inc. | 2.6% |
| Top 10 Total | 50.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYATX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### NASDAQ-100 Fund

#### Class C \| RYCOX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the NASDAQ-100 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 | $129 | 2.26%<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 27.05%, outperforming 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 100% of the daily price movement of the NASDAQ-100 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-198_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) | 27.05% | 21.18% | 14.97% | 17.82% |
| Class C (with CDSC)<sup>§</sup> | 26.05% | 20.18% | 14.97% | 17.82% |
| 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 | $2081501525 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 16% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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 Fund \| Class C \| RYCOX | 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](fp0095394-198_sa102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 9.5% |
| Microsoft Corp. | 8.1% |
| Apple, Inc. | 7.9% |
| Broadcom, Inc. | 5.4% |
| Amazon.com, Inc. | 4.9% |
| Tesla, Inc. | 3.4% |
| Meta Platforms, Inc. — Class A | 3.3% |
| Alphabet, Inc. — Class A | 3.0% |
| Alphabet, Inc. — Class C | 2.8% |
| Netflix, Inc. | 2.6% |
| Top 10 Total | 50.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYCOX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### NASDAQ-100 Fund

#### Class H \| RYHOX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the NASDAQ-100 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 | $86 | 1.51%<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 27.54%, outperforming 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 100% of the daily price movement of the NASDAQ-100 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-199_sa101.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 27.54% | 22.09% | 15.83% | 18.71% |
| 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 | $2081501525 |
| Total Number of Portfolio Holdings | 113 |
| Portfolio Turnover Rate | 16% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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 Fund \| Class H \| RYHOX | 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](fp0095394-199_sa102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 9.5% |
| Microsoft Corp. | 8.1% |
| Apple, Inc. | 7.9% |
| Broadcom, Inc. | 5.4% |
| Amazon.com, Inc. | 4.9% |
| Tesla, Inc. | 3.4% |
| Meta Platforms, Inc. — Class A | 3.3% |
| Alphabet, Inc. — Class A | 3.0% |
| Alphabet, Inc. — Class C | 2.8% |
| Netflix, Inc. | 2.6% |
| Top 10 Total | 50.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYHOX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse NASDAQ-100<sup>®</sup> Strategy Fund

#### Investor Class \| RYAIX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> 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**  |
| Investor Class | $65 | 1.46%<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 (Investor Class shares) returned -21.79%, 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 -100% of the daily price movement of the NASDAQ-100 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-200_sa101.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -21.79% | -17.26% | -15.19% | -18.53% |
| 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 | $14747313 |
| 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> Strategy Fund \| Investor Class \| RYAIX | 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](fp0095394-200_sa102.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 8.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 6.0% |
| Total | 14.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYAIX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse NASDAQ-100<sup>®</sup> Strategy Fund

#### Class A \| RYAPX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> 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 | $75 | 1.69%<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 -21.89%, 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 -100% of the daily price movement of the NASDAQ-100 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-202_sa101.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) | -21.89% | -17.45% | -15.40% | -18.68% |
| Class A (with sales charge)<sup>‡</sup> | -25.60% | -21.37% | -16.22% | -19.07% |
| 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 | $14747313 |
| 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> Strategy Fund \| Class A \| RYAPX | 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](fp0095394-202_sa102.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 8.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 6.0% |
| Total | 14.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYAPX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse NASDAQ-100<sup>®</sup> Strategy Fund

#### Class C \| RYACX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> 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 | $108 | 2.42%<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 -22.16%, 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 -100% of the daily price movement of the NASDAQ-100 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-203_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) | -22.16% | -18.04% | -16.04% | -19.34% |
| Class C (with CDSC)<sup>§</sup> | -22.94% | -18.80% | -16.04% | -19.34% |
| 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 | $14747313 |
| 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> Strategy Fund \| Class C \| RYACX | 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](fp0095394-203_sa102.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 8.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 6.0% |
| Total | 14.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYACX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse NASDAQ-100<sup>®</sup> Strategy Fund

#### Class H \| RYALX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100<sup>®</sup> 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 | 1.71%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class H shares) returned -21.88%, 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 -100% of the daily price movement of the NASDAQ-100 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-204_sa101.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -21.88% | -17.42% | -15.40% | -18.74% |
| 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 | $14747313 |
| 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> Strategy Fund \| Class H \| RYALX | 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](fp0095394-204_sa102.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 8.3% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 6.0% |
| Total | 14.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYALX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> 1.5x Strategy Fund

#### Class A \| RYAKX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Russell 2000<sup>®</sup> 1.5x 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 | 1.71%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class A shares) returned 30.54%, 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 150% of the daily price movement of the Russell 2000 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-163_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) | 30.54% | 9.85% | 11.90% | 9.69% |
| Class A (with sales charge)<sup>‡</sup> | 24.35% | 4.63% | 10.81% | 9.16% |
| 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 | $6681347 |
| Total Number of Portfolio Holdings | 1979 |
| Portfolio Turnover Rate | 7% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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> 1.5x Strategy Fund \| Class A \| RYAKX | 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](fp0095394-163_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 9.5% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 6.3% |
| Credo Technology Group Holding Ltd. | 0.5% |
| Bloom Energy Corp. — Class A | 0.4% |
| IonQ, Inc. | 0.4% |
| Kratos Defense & Security Solutions, Inc. | 0.3% |
| Fabrinet | 0.3% |
| Oklo, Inc. | 0.3% |
| Coeur Mining, Inc. | 0.3% |
| Rambus, Inc. | 0.2% |
| Top 10 Total | 18.5% |

---

<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-RYAKX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> 1.5x Strategy Fund

#### Class C \| RYCMX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Russell 2000<sup>®</sup> 1.5x 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 | $143 | 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 29.93%, 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 150% of the daily price movement of the Russell 2000 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-164_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) | 29.93% | 9.02% | 11.05% | 8.86% |
| Class C (with CDSC)<sup>§</sup> | 28.93% | 8.02% | 11.05% | 8.86% |
| 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 | $6681347 |
| Total Number of Portfolio Holdings | 1979 |
| Portfolio Turnover Rate | 7% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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> 1.5x Strategy Fund \| Class C \| RYCMX | 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](fp0095394-164_sa102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 9.5% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 6.3% |
| Credo Technology Group Holding Ltd. | 0.5% |
| Bloom Energy Corp. — Class A | 0.4% |
| IonQ, Inc. | 0.4% |
| Kratos Defense & Security Solutions, Inc. | 0.3% |
| Fabrinet | 0.3% |
| Oklo, Inc. | 0.3% |
| Coeur Mining, Inc. | 0.3% |
| Rambus, Inc. | 0.2% |
| Top 10 Total | 18.5% |

---

<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-RYCMX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> 1.5x Strategy Fund

#### Class H \| RYMKX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Russell 2000<sup>®</sup> 1.5x 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 | 1.71%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class H shares) returned 30.56%, 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 150% of the daily price movement of the Russell 2000 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-162_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 30.56% | 9.86% | 11.90% | 9.67% |
| 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 | $6681347 |
| Total Number of Portfolio Holdings | 1979 |
| Portfolio Turnover Rate | 7% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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> 1.5x Strategy Fund \| Class H \| RYMKX | 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](fp0095394-162_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 9.5% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 6.3% |
| Credo Technology Group Holding Ltd. | 0.5% |
| Bloom Energy Corp. — Class A | 0.4% |
| IonQ, Inc. | 0.4% |
| Kratos Defense & Security Solutions, Inc. | 0.3% |
| Fabrinet | 0.3% |
| Oklo, Inc. | 0.3% |
| Coeur Mining, Inc. | 0.3% |
| Rambus, Inc. | 0.2% |
| Top 10 Total | 18.5% |

---

<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-RYMKX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> Fund

#### Class A \| RYRRX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Russell 2000<sup>®</sup> 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 | $91 | 1.65%<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 20.99%, outperforming 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 100% of the daily price movement of the Russell 2000 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-36_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) | 20.99% | 8.89% | 9.78% | 7.96% |
| Class A (with sales charge)<sup>‡</sup> | 15.23% | 3.72% | 8.71% | 7.44% |
| 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 | $12390358 |
| Total Number of Portfolio Holdings | 1979 |
| Portfolio Turnover Rate | 7% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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> Fund \| Class A \| RYRRX | 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](fp0095394-36_sa112.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 12.4% |
| iShares Russell 2000 Index ETF | 12.4% |
| Credo Technology Group Holding Ltd. | 0.4% |
| Bloom Energy Corp. — Class A | 0.3% |
| IonQ, Inc. | 0.3% |
| Kratos Defense & Security Solutions, Inc. | 0.3% |
| Fabrinet | 0.3% |
| Oklo, Inc. | 0.2% |
| Coeur Mining, Inc. | 0.2% |
| Rambus, Inc. | 0.2% |
| Top 10 Total | 27.0% |

---

<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-RYRRX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> Fund

#### Class C \| RYROX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Russell 2000<sup>®</sup> 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 | $133 | 2.40%<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 20.54%, outperforming 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 100% of the daily price movement of the Russell 2000 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-37_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) | 20.54% | 8.08% | 8.95% | 7.15% |
| Class C (with CDSC)<sup>§</sup> | 19.54% | 7.08% | 8.95% | 7.15% |
| 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 | $12390358 |
| Total Number of Portfolio Holdings | 1979 |
| Portfolio Turnover Rate | 7% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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> Fund \| Class C \| RYROX | 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](fp0095394-37_sa102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 12.4% |
| iShares Russell 2000 Index ETF | 12.4% |
| Credo Technology Group Holding Ltd. | 0.4% |
| Bloom Energy Corp. — Class A | 0.3% |
| IonQ, Inc. | 0.3% |
| Kratos Defense & Security Solutions, Inc. | 0.3% |
| Fabrinet | 0.3% |
| Oklo, Inc. | 0.2% |
| Coeur Mining, Inc. | 0.2% |
| Rambus, Inc. | 0.2% |
| Top 10 Total | 27.0% |

---

<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-RYROX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Russell 2000<sup>®</sup> Fund

#### Class H \| RYRHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Russell 2000<sup>®</sup> 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 | $91 | 1.65%<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 21.02%, outperforming 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 100% of the daily price movement of the Russell 2000 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-38_sa101.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 21.02% | 8.91% | 9.79% | 7.97% |
| 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 | $12390358 |
| Total Number of Portfolio Holdings | 1979 |
| Portfolio Turnover Rate | 7% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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> Fund \| Class H \| RYRHX | 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](fp0095394-38_sa102.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Vanguard Russell 2000 ETF | 12.4% |
| iShares Russell 2000 Index ETF | 12.4% |
| Credo Technology Group Holding Ltd. | 0.4% |
| Bloom Energy Corp. — Class A | 0.3% |
| IonQ, Inc. | 0.3% |
| Kratos Defense & Security Solutions, Inc. | 0.3% |
| Fabrinet | 0.3% |
| Oklo, Inc. | 0.2% |
| Coeur Mining, Inc. | 0.2% |
| Rambus, Inc. | 0.2% |
| Top 10 Total | 27.0% |

---

<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-RYRHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Russell 2000<sup>®</sup> Strategy Fund

#### Class A \| RYAFX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> 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 | $75 | 1.64%<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 -17.60%, 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 -100% of the daily price movement of the Russell 2000 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-153_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) | -17.60% | -7.57% | -10.91% | -11.40% |
| Class A (with sales charge)<sup>‡</sup> | -21.51% | -11.96% | -11.77% | -11.83% |
| 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 | $1406938 |
| Total Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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> Strategy Fund \| Class A \| RYAFX | 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](fp0095394-153_sa112.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 31.9% |
| Guggenheim Strategy Fund II | 31.6% |
| Total | 63.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYAFX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Russell 2000<sup>®</sup> Strategy Fund

#### Class C \| RYCQX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> 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 | $112 | 2.45%<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 -17.68%, 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 -100% of the daily price movement of the Russell 2000 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-154_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) | -17.68% | -7.84% | -11.50% | -12.02% |
| Class C (with CDSC)<sup>§</sup> | -18.50% | -8.70% | -11.50% | -12.02% |
| 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 | $1406938 |
| Total Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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> Strategy Fund \| Class C \| RYCQX | 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](fp0095394-154_sa122.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 31.9% |
| Guggenheim Strategy Fund II | 31.6% |
| Total | 63.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYCQX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Russell 2000<sup>®</sup> Strategy Fund

#### Class H \| RYSHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Russell 2000<sup>®</sup> 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 | 1.68%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class H shares) returned -17.38%, 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 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 -100% of the daily price movement of the Russell 2000 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-152_sa111.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -17.38% | -7.31% | -10.86% | -11.36% |
| 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 | $1406938 |
| Total Number of Portfolio Holdings | 10 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Russell 2000<sup>®</sup> Strategy Fund \| Class H \| RYSHX | 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](fp0095394-152_sa112.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 31.9% |
| Guggenheim Strategy Fund II | 31.6% |
| Total | 63.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYSHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Nova Fund

#### Investor Class \| RYNVX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Nova 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**  |
| Investor Class | $78 | 1.37%<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 (Investor Class shares) returned 27.69%, 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 150% of the daily price movement of the S&P 500 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-185_sa121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 27.69% | 20.95% | 20.21% | 18.66% |
| 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 | $262764025 |
| Total Number of Portfolio Holdings | 516 |
| Portfolio Turnover Rate | 198% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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>

---

| | |
|:---|:---|
| Nova Fund \| Investor Class \| RYNVX | 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](fp0095394-185_sa122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 6.2% |
| Microsoft Corp. | 5.2% |
| Apple, Inc. | 5.1% |
| Amazon.com, Inc. | 2.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 2.8% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Guggenheim Strategy Fund II | 2.1% |
| Broadcom, Inc. | 2.1% |
| Alphabet, Inc. — Class A | 1.9% |
| Guggenheim Strategy Fund III | 1.8% |
| Top 10 Total | 32.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash 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-RYNVX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Nova Fund

#### Class A \| RYANX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Nova 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 | $93 | 1.63%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class A shares) returned 27.51%, 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 150% of the daily price movement of the S&P 500 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-187_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) | 27.51% | 20.64% | 19.91% | 18.38% |
| Class A (with sales charge)<sup>‡</sup> | 21.45% | 14.91% | 18.75% | 17.80% |
| 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 | $262764025 |
| Total Number of Portfolio Holdings | 516 |
| Portfolio Turnover Rate | 198% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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>

---

| | |
|:---|:---|
| Nova Fund \| Class A \| RYANX | 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](fp0095394-187_sa122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 6.2% |
| Microsoft Corp. | 5.2% |
| Apple, Inc. | 5.1% |
| Amazon.com, Inc. | 2.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 2.8% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Guggenheim Strategy Fund II | 2.1% |
| Broadcom, Inc. | 2.1% |
| Alphabet, Inc. — Class A | 1.9% |
| Guggenheim Strategy Fund III | 1.8% |
| Top 10 Total | 32.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash 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-RYANX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Nova Fund

#### Class C \| RYNCX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Nova 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 | $135 | 2.38%<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 27.03%, 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 150% of the daily price movement of the S&P 500 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-188_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) | 27.03% | 19.74% | 19.02% | 17.50% |
| Class C (with CDSC)<sup>§</sup> | 26.03% | 18.74% | 19.02% | 17.50% |
| 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 | $262764025 |
| Total Number of Portfolio Holdings | 516 |
| Portfolio Turnover Rate | 198% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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>

---

| | |
|:---|:---|
| Nova Fund \| Class C \| RYNCX | 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](fp0095394-188_sa122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 6.2% |
| Microsoft Corp. | 5.2% |
| Apple, Inc. | 5.1% |
| Amazon.com, Inc. | 2.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 2.8% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Guggenheim Strategy Fund II | 2.1% |
| Broadcom, Inc. | 2.1% |
| Alphabet, Inc. — Class A | 1.9% |
| Guggenheim Strategy Fund III | 1.8% |
| Top 10 Total | 32.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash 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-RYNCX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Nova Fund

#### Class H \| RYNHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Nova 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 | $93 | 1.63%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class H shares) returned 27.52%, 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 150% of the daily price movement of the S&P 500 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-189_sa121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 27.52% | 20.64% | 19.92% | 18.39% |
| 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 | $262764025 |
| Total Number of Portfolio Holdings | 516 |
| Portfolio Turnover Rate | 198% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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>

---

| | |
|:---|:---|
| Nova Fund \| Class H \| RYNHX | 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](fp0095394-189_sa122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 6.2% |
| Microsoft Corp. | 5.2% |
| Apple, Inc. | 5.1% |
| Amazon.com, Inc. | 2.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 2.8% |
| Meta Platforms, Inc. — Class A | 2.2% |
| Guggenheim Strategy Fund II | 2.1% |
| Broadcom, Inc. | 2.1% |
| Alphabet, Inc. — Class A | 1.9% |
| Guggenheim Strategy Fund III | 1.8% |
| Top 10 Total | 32.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash 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-RYNHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Fund

#### Class A \| RYSOX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> 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 | $89 | 1.62%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class A shares) returned 19.00%, 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 100% of the daily price movement of the S&P 500 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-79_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) | 19.00% | 15.66% | 14.55% | 13.35% |
| Class A (with sales charge)<sup>‡</sup> | 13.34% | 10.17% | 13.44% | 12.80% |
| 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 | $165514130 |
| Total Number of Portfolio Holdings | 510 |
| Portfolio Turnover Rate | 92% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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> Fund \| Class A \| RYSOX | 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](fp0095394-79_sa122.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 7.7% |
| Microsoft Corp. | 6.5% |
| Apple, Inc. | 6.4% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc. — Class A | 2.7% |
| Broadcom, Inc. | 2.6% |
| Alphabet, Inc. — Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Alphabet, Inc. — Class C | 1.9% |
| Berkshire Hathaway, Inc. — Class B | 1.5% |
| Top 10 Total | 37.4% |

---

<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-RYSOX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Fund

#### Class C \| RYSYX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> 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 | $130 | 2.37%<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 18.56%, 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 100% of the daily price movement of the S&P 500 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-80_sa111.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 18.56% | 14.79% | 13.69% | 12.51% |
| Class C (with CDSC)<sup>§</sup> | 17.56% | 13.79% | 13.69% | 12.51% |
| 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 | $165514130 |
| Total Number of Portfolio Holdings | 510 |
| Portfolio Turnover Rate | 92% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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> Fund \| Class C \| RYSYX | 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](fp0095394-80_sa112.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 7.7% |
| Microsoft Corp. | 6.5% |
| Apple, Inc. | 6.4% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc. — Class A | 2.7% |
| Broadcom, Inc. | 2.6% |
| Alphabet, Inc. — Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Alphabet, Inc. — Class C | 1.9% |
| Berkshire Hathaway, Inc. — Class B | 1.5% |
| Top 10 Total | 37.4% |

---

<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-RYSYX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Fund

#### Class H \| RYSPX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> 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 | $89 | 1.62%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class H shares) returned 18.99%, 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 100% of the daily price movement of the S&P 500 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-81_sa111.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 18.99% | 15.66% | 14.55% | 13.35% |
| 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 | $165514130 |
| Total Number of Portfolio Holdings | 510 |
| Portfolio Turnover Rate | 92% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not 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> Fund \| Class H \| RYSPX | 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](fp0095394-81_sa112.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| NVIDIA Corp. | 7.7% |
| Microsoft Corp. | 6.5% |
| Apple, Inc. | 6.4% |
| Amazon.com, Inc. | 3.6% |
| Meta Platforms, Inc. — Class A | 2.7% |
| Broadcom, Inc. | 2.6% |
| Alphabet, Inc. — Class A | 2.4% |
| Tesla, Inc. | 2.1% |
| Alphabet, Inc. — Class C | 1.9% |
| Berkshire Hathaway, Inc. — Class B | 1.5% |
| Top 10 Total | 37.4% |

---

<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-RYSPX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse S&P 500<sup>®</sup> Strategy Fund

#### Investor Class \| RYURX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> 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**  |
| Investor Class | $66 | 1.42%<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 (Investor Class shares) returned -15.37%, 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 -100% of the daily price movement of the S&P 500 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-190_sa121.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -15.37% | -10.84% | -12.11% | -13.25% |
| 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 | $38509431 |
| Total Number of Portfolio Holdings | 13 |
| 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> Strategy Fund \| Investor Class \| RYURX | 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](fp0095394-190_sa122.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 16.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.2% |
| Total | 28.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "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-RYURX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse S&P 500<sup>®</sup> Strategy Fund

#### Class A \| RYARX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> 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 | $76 | 1.65%<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 -15.47%, 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 -100% of the daily price movement of the S&P 500 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-192_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) | -15.47% | -11.03% | -12.32% | -13.46% |
| Class A (with sales charge)<sup>‡</sup> | -19.49% | -15.26% | -13.17% | -13.88% |
| 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 | $38509431 |
| Total Number of Portfolio Holdings | 13 |
| 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> Strategy Fund \| Class A \| RYARX | 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](fp0095394-192_sa112.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 16.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.2% |
| Total | 28.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "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-RYARX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse S&P 500<sup>®</sup> Strategy Fund

#### Class C \| RYUCX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> 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 | $111 | 2.40%<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 -15.79%, 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 -100% of the daily price movement of the S&P 500 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-193_sa111.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -15.79% | -11.71% | -12.98% | -14.11% |
| Class C (with CDSC)<sup>§</sup> | -16.63% | -12.52% | -12.98% | -14.11% |
| 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 | $38509431 |
| Total Number of Portfolio Holdings | 13 |
| 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> Strategy Fund \| Class C \| RYUCX | 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](fp0095394-193_sa112.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 16.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.2% |
| Total | 28.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "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-RYUCX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse S&P 500<sup>®</sup> Strategy Fund

#### Class H \| RYUHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse S&P 500<sup>®</sup> 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 | 1.67%<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 -15.46%, 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 -100% of the daily price movement of the S&P 500 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-194_sa111.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -15.46% | -11.01% | -12.30% | -13.45% |
| 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 | $38509431 |
| Total Number of Portfolio Holdings | 13 |
| 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> Strategy Fund \| Class H \| RYUHX | 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](fp0095394-194_sa112.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 16.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 11.2% |
| Total | 28.1% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "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-RYUHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Growth Fund

#### Class A \| RYLGX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Growth 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 | $87 | 1.55%<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 23.96%, outperforming 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 S&P 500 Pure Growth Index, which returned 25.06% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, industrials, and consumer discretionary. The sectors that detracted were energy and financials. The holdings that contributed the most to the return of the underlying index for the reporting period were Palantir Technologies, Inc. —Class A, Vistra Corp., and Royal Caribbean Cruises Ltd. Those that detracted the most were Trade Desk, Inc.—Class A, Texas Pacific Land Corp., and Fiserv, Inc. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-177_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) | 23.96% | 20.29% | 10.23% | 11.15% |
| Class A (with sales charge)<sup>‡</sup> | 18.06% | 14.57% | 9.16% | 10.61% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Pure Growth Index | 25.06% | 22.34% | 12.00% | 12.99% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $30029488 |
| Total Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 792% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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> Pure Growth Fund \| Class A \| RYLGX | 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](fp0095394-177_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Palantir Technologies, Inc. — Class A | 2.9% |
| Royal Caribbean Cruises Ltd. | 2.4% |
| Vistra Corp. | 2.3% |
| NVIDIA Corp. | 2.3% |
| Arista Networks, Inc. | 2.1% |
| Carnival Corp. | 2.1% |
| Howmet Aerospace, Inc. | 2.0% |
| Norwegian Cruise Line Holdings Ltd. | 1.9% |
| United Airlines Holdings, Inc. | 1.9% |
| TKO Group Holdings, Inc. | 1.8% |
| Top 10 Total | 21.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYLGX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Growth Fund

#### Class C \| RYGRX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Growth 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 | $129 | 2.30%<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 23.49%, outperforming 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 S&P 500 Pure Growth Index, which returned 25.06% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, industrials, and consumer discretionary. The sectors that detracted were energy and financials. The holdings that contributed the most to the return of the underlying index for the reporting period were Palantir Technologies, Inc. —Class A, Vistra Corp., and Royal Caribbean Cruises Ltd. Those that detracted the most were Trade Desk, Inc.—Class A, Texas Pacific Land Corp., and Fiserv, Inc. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-178_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) | 23.49% | 19.39% | 9.41% | 10.32% |
| Class C (with CDSC)<sup>§</sup> | 22.49% | 18.39% | 9.41% | 10.32% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Pure Growth Index | 25.06% | 22.34% | 12.00% | 12.99% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $30029488 |
| Total Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 792% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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> Pure Growth Fund \| Class C \| RYGRX | 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](fp0095394-178_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Palantir Technologies, Inc. — Class A | 2.9% |
| Royal Caribbean Cruises Ltd. | 2.4% |
| Vistra Corp. | 2.3% |
| NVIDIA Corp. | 2.3% |
| Arista Networks, Inc. | 2.1% |
| Carnival Corp. | 2.1% |
| Howmet Aerospace, Inc. | 2.0% |
| Norwegian Cruise Line Holdings Ltd. | 1.9% |
| United Airlines Holdings, Inc. | 1.9% |
| TKO Group Holdings, Inc. | 1.8% |
| Top 10 Total | 21.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYGRX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Growth Fund

#### Class H \| RYAWX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Growth 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 | $87 | 1.55%<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 23.93%, outperforming 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 S&P 500 Pure Growth Index, which returned 25.06% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, industrials, and consumer discretionary. The sectors that detracted were energy and financials. The holdings that contributed the most to the return of the underlying index for the reporting period were Palantir Technologies, Inc. —Class A, Vistra Corp., and Royal Caribbean Cruises Ltd. Those that detracted the most were Trade Desk, Inc.—Class A, Texas Pacific Land Corp., and Fiserv, Inc. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-176_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 23.93% | 20.26% | 10.23% | 11.15% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Pure Growth Index | 25.06% | 22.34% | 12.00% | 12.99% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $30029488 |
| Total Number of Portfolio Holdings | 96 |
| Portfolio Turnover Rate | 792% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Growth Fund \| Class H \| RYAWX | 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](fp0095394-176_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Palantir Technologies, Inc. — Class A | 2.9% |
| Royal Caribbean Cruises Ltd. | 2.4% |
| Vistra Corp. | 2.3% |
| NVIDIA Corp. | 2.3% |
| Arista Networks, Inc. | 2.1% |
| Carnival Corp. | 2.1% |
| Howmet Aerospace, Inc. | 2.0% |
| Norwegian Cruise Line Holdings Ltd. | 1.9% |
| United Airlines Holdings, Inc. | 1.9% |
| TKO Group Holdings, Inc. | 1.8% |
| Top 10 Total | 21.7% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYAWX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Value Fund

#### Class A \| RYLVX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Value 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 | 1.56%<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 8.72%, 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 S&P 500 Pure Value Index, which returned 9.08% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, communication services, and consumer discretionary. Those that detracted the most were health care and real estate. The holdings that contributed the most to the return of the underlying index for the reporting period were Paramount Skydance Corp. — Class B, Warner Bros. Discovery, Inc., and General Motors Co. Those that detracted the most were Centene Corp., Molina Healthcare, Inc., and CarMax, Inc. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-21_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) | 8.72% | 13.76% | 16.27% | 8.62% |
| Class A (with sales charge)<sup>‡</sup> | 3.55% | 8.35% | 15.15% | 8.09% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Pure Value Index | 9.08% | 14.92% | 18.20% | 10.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $143994650 |
| Total Number of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 833% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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> Pure Value Fund \| Class A \| RYLVX | 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](fp0095394-21_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| CVS Health Corp. | 3.5% |
| Paramount Skydance Corp. — Class B | 2.9% |
| General Motors Co. | 2.9% |
| Ford Motor Co. | 2.8% |
| Archer-Daniels-Midland Co. | 2.5% |
| Mosaic Co. | 2.5% |
| Warner Bros Discovery, Inc. | 2.4% |
| Valero Energy Corp. | 2.3% |
| Bunge Global S.A. | 2.1% |
| Citigroup, Inc. | 2.0% |
| Top 10 Total | 25.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYLVX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Value Fund

#### Class C \| RYVVX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Value 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 | $121 | 2.31%<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 8.31%, 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 S&P 500 Pure Value Index, which returned 9.08% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, communication services, and consumer discretionary. Those that detracted the most were health care and real estate. The holdings that contributed the most to the return of the underlying index for the reporting period were Paramount Skydance Corp. — Class B, Warner Bros. Discovery, Inc., and General Motors Co. Those that detracted the most were Centene Corp., Molina Healthcare, Inc., and CarMax, Inc. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-22_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 8.31% | 12.91% | 15.41% | 7.80% |
| Class C (with CDSC)<sup>§</sup> | 7.31% | 11.91% | 15.41% | 7.80% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Pure Value Index | 9.08% | 14.92% | 18.20% | 10.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $143994650 |
| Total Number of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 833% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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> Pure Value Fund \| Class C \| RYVVX | 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](fp0095394-22_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| CVS Health Corp. | 3.5% |
| Paramount Skydance Corp. — Class B | 2.9% |
| General Motors Co. | 2.9% |
| Ford Motor Co. | 2.8% |
| Archer-Daniels-Midland Co. | 2.5% |
| Mosaic Co. | 2.5% |
| Warner Bros Discovery, Inc. | 2.4% |
| Valero Energy Corp. | 2.3% |
| Bunge Global S.A. | 2.1% |
| Citigroup, Inc. | 2.0% |
| Top 10 Total | 25.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYVVX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P 500<sup>®</sup> Pure Value Fund

#### Class H \| RYZAX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P 500<sup>®</sup> Pure Value 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 | $81 | 1.54%<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 8.72%, 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 S&P 500 Pure Value Index, which returned 9.08% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, communication services, and consumer discretionary. Those that detracted the most were health care and real estate. The holdings that contributed the most to the return of the underlying index for the reporting period were Paramount Skydance Corp. — Class B, Warner Bros. Discovery, Inc., and General Motors Co. Those that detracted the most were Centene Corp., Molina Healthcare, Inc., and CarMax, Inc. The Fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-20_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 8.72% | 13.75% | 16.27% | 8.62% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P 500 Pure Value Index | 9.08% | 14.92% | 18.20% | 10.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $143994650 |
| Total Number of Portfolio Holdings | 107 |
| Portfolio Turnover Rate | 833% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P 500 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P 500<sup>®</sup> Pure Value Fund \| Class H \| RYZAX | 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](fp0095394-20_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| CVS Health Corp. | 3.5% |
| Paramount Skydance Corp. — Class B | 2.9% |
| General Motors Co. | 2.9% |
| Ford Motor Co. | 2.8% |
| Archer-Daniels-Midland Co. | 2.5% |
| Mosaic Co. | 2.5% |
| Warner Bros Discovery, Inc. | 2.4% |
| Valero Energy Corp. | 2.3% |
| Bunge Global S.A. | 2.1% |
| Citigroup, Inc. | 2.0% |
| Top 10 Total | 25.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYZAX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Growth Fund

#### Class A \| RYMGX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Growth Fund for the period of 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 | $84 | 1.55%<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 15.87%, 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 S&P MidCap 400 Pure Growth Index, which returned 16.93% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were industrials, health care, and information technology. The sector that detracted the most from the return of the underlying index was consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were Comfort Systems USA, Inc., Hims & Hers Health, Inc., and EMCOR Group, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Lantheus Holdings, Inc., and Globus Medical, Inc.—Class A. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-146_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) | 15.87% | 2.86% | 7.84% | 6.75% |
| Class A (with sales charge)<sup>‡</sup> | 10.37% | -2.02% | 6.79% | 6.23% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Pure Growth Index | 16.93% | 4.44% | 9.58% | 8.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $28725034 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 345% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 MidCap 400<sup>®</sup> Pure Growth Fund \| Class A \| RYMGX | 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](fp0095394-146_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Comfort Systems USA, Inc. | 3.5% |
| Hims & Hers Health, Inc. | 3.0% |
| Roivant Sciences Ltd. | 2.7% |
| Carpenter Technology Corp. | 2.5% |
| Valaris Ltd. | 2.1% |
| MasTec, Inc. | 1.8% |
| Exelixis, Inc. | 1.6% |
| Medpace Holdings, Inc. | 1.6% |
| Halozyme Therapeutics, Inc. | 1.6% |
| ATI, Inc. | 1.5% |
| Top 10 Total | 21.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash 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-RYMGX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Growth Fund

#### Class C \| RYCKX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Growth Fund for the period of 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 | $124 | 2.30%<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 15.46%, 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 S&P MidCap 400 Pure Growth Index, which returned 16.93% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were industrials, health care, and information technology. The sector that detracted the most from the return of the underlying index was consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were Comfort Systems USA, Inc., Hims & Hers Health, Inc., and EMCOR Group, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Lantheus Holdings, Inc., and Globus Medical, Inc.—Class A. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-147_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 15.46% | 2.10% | 7.03% | 5.95% |
| Class C (with CDSC)<sup>§</sup> | 14.46% | 1.24% | 7.03% | 5.95% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Pure Growth Index | 16.93% | 4.44% | 9.58% | 8.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $28725034 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 345% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 MidCap 400<sup>®</sup> Pure Growth Fund \| Class C \| RYCKX | 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](fp0095394-147_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Comfort Systems USA, Inc. | 3.5% |
| Hims & Hers Health, Inc. | 3.0% |
| Roivant Sciences Ltd. | 2.7% |
| Carpenter Technology Corp. | 2.5% |
| Valaris Ltd. | 2.1% |
| MasTec, Inc. | 1.8% |
| Exelixis, Inc. | 1.6% |
| Medpace Holdings, Inc. | 1.6% |
| Halozyme Therapeutics, Inc. | 1.6% |
| ATI, Inc. | 1.5% |
| Top 10 Total | 21.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash 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-RYCKX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Growth Fund

#### Class H \| RYBHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Growth Fund for the period of 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 | $84 | 1.55%<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 15.92%, 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 S&P MidCap 400 Pure Growth Index, which returned 16.93% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were industrials, health care, and information technology. The sector that detracted the most from the return of the underlying index was consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were Comfort Systems USA, Inc., Hims & Hers Health, Inc., and EMCOR Group, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Lantheus Holdings, Inc., and Globus Medical, Inc.—Class A. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-145_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 15.92% | 2.90% | 7.83% | 6.75% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Pure Growth Index | 16.93% | 4.44% | 9.58% | 8.43% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $28725034 |
| Total Number of Portfolio Holdings | 97 |
| Portfolio Turnover Rate | 345% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Growth Fund \| Class H \| RYBHX | 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](fp0095394-145_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Comfort Systems USA, Inc. | 3.5% |
| Hims & Hers Health, Inc. | 3.0% |
| Roivant Sciences Ltd. | 2.7% |
| Carpenter Technology Corp. | 2.5% |
| Valaris Ltd. | 2.1% |
| MasTec, Inc. | 1.8% |
| Exelixis, Inc. | 1.6% |
| Medpace Holdings, Inc. | 1.6% |
| Halozyme Therapeutics, Inc. | 1.6% |
| ATI, Inc. | 1.5% |
| Top 10 Total | 21.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash 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-RYBHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Value Fund

#### Class A \| RYMVX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Value Fund for the period of 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 | $83 | 1.56%<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 12.96%, 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 S&P MidCap 400 Pure Value Index, which returned 13.83% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were consumer discretionary, information technology, and energy. The sector that detracted the most from the return of the underlying index was health care. The holdings that contributed the most to the return of the underlying index for the reporting period were HF Sinclair Corp., TD SYNNEX Corp., and Avis Budget Group, Inc. Those that detracted the most were Manpower Group, Inc., Concentrix Corp., and Goodyear Tire & Rubber Co. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-142_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) | 12.96% | 8.63% | 18.80% | 10.27% |
| Class A (with sales charge)<sup>‡</sup> | 7.59% | 3.46% | 17.65% | 9.74% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Pure Value Index | 13.83% | 10.91% | 21.16% | 12.57% |

---

**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 | $6992095 |
| Total Number of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 763% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 MidCap 400<sup>®</sup> Pure Value Fund \| Class A \| RYMVX | 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](fp0095394-142_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| HF Sinclair Corp. | 4.4% |
| Concentrix Corp. | 3.7% |
| TD SYNNEX Corp. | 3.4% |
| PBF Energy, Inc. — Class A | 3.2% |
| Cleveland-Cliffs, Inc. | 3.0% |
| Macy's, Inc. | 3.0% |
| Avnet, Inc. | 2.9% |
| Arrow Electronics, Inc. | 2.8% |
| Lear Corp. | 2.7% |
| Goodyear Tire & Rubber Co. | 2.4% |
| Top 10 Total | 31.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYMVX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Value Fund

#### Class C \| RYMMX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Value Fund for the period of 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 | $123 | 2.31%<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 12.55%, 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 S&P MidCap 400 Pure Value Index, which returned 13.83% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were consumer discretionary, information technology, and energy. The sector that detracted the most from the return of the underlying index was health care. The holdings that contributed the most to the return of the underlying index for the reporting period were HF Sinclair Corp., TD SYNNEX Corp., and Avis Budget Group, Inc. Those that detracted the most were Manpower Group, Inc., Concentrix Corp., and Goodyear Tire & Rubber Co. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-143_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 12.55% | 7.84% | 17.92% | 9.45% |
| Class C (with CDSC)<sup>§</sup> | 11.55% | 6.84% | 17.92% | 9.45% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Pure Value Index | 13.83% | 10.91% | 21.16% | 12.57% |

---

**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 | $6992095 |
| Total Number of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 763% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 MidCap 400<sup>®</sup> Pure Value Fund \| Class C \| RYMMX | 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](fp0095394-143_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| HF Sinclair Corp. | 4.4% |
| Concentrix Corp. | 3.7% |
| TD SYNNEX Corp. | 3.4% |
| PBF Energy, Inc. — Class A | 3.2% |
| Cleveland-Cliffs, Inc. | 3.0% |
| Macy's, Inc. | 3.0% |
| Avnet, Inc. | 2.9% |
| Arrow Electronics, Inc. | 2.8% |
| Lear Corp. | 2.7% |
| Goodyear Tire & Rubber Co. | 2.4% |
| Top 10 Total | 31.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYMMX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P MidCap 400<sup>®</sup> Pure Value Fund

#### Class H \| RYAVX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P MidCap 400<sup>®</sup> Pure Value Fund for the period of 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 | $83 | 1.55%<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 12.90%, 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 S&P MidCap 400 Pure Value Index, which returned 13.83% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were consumer discretionary, information technology, and energy. The sector that detracted the most from the return of the underlying index was health care. The holdings that contributed the most to the return of the underlying index for the reporting period were HF Sinclair Corp., TD SYNNEX Corp., and Avis Budget Group, Inc. Those that detracted the most were Manpower Group, Inc., Concentrix Corp., and Goodyear Tire & Rubber Co. The Fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-141_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 12.90% | 8.54% | 18.80% | 10.27% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P MidCap 400 Pure Value Index | 13.83% | 10.91% | 21.16% | 12.57% |

---

**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 | $6992095 |
| Total Number of Portfolio Holdings | 84 |
| Portfolio Turnover Rate | 763% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P MidCap 400 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P MidCap 400<sup>®</sup> Pure Value Fund \| Class H \| RYAVX | 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](fp0095394-141_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| HF Sinclair Corp. | 4.4% |
| Concentrix Corp. | 3.7% |
| TD SYNNEX Corp. | 3.4% |
| PBF Energy, Inc. — Class A | 3.2% |
| Cleveland-Cliffs, Inc. | 3.0% |
| Macy's, Inc. | 3.0% |
| Avnet, Inc. | 2.9% |
| Arrow Electronics, Inc. | 2.8% |
| Lear Corp. | 2.7% |
| Goodyear Tire & Rubber Co. | 2.4% |
| Top 10 Total | 31.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYAVX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Growth Fund

#### Class A \| RYSGX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Growth Fund for the period of 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 | $84 | 1.55%<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 15.74%, 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 S&P SmallCap 600 Pure Growth Index, which returned 16.84% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were industrials, information technology, and financials. The sectors that detracted were energy and consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were InterDigital, Inc., Acadian Asset Management, Inc., and Sterling Infrastructure, Inc. Those that detracted the most were Corcept Therapeutics Inc., Inspire Medical Systems, Inc., and Freshpet, Inc. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Growth Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-173_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) | 15.74% | 4.81% | 8.44% | 6.61% |
| Class A (with sales charge)<sup>‡</sup> | 10.24% | -0.17% | 7.39% | 6.10% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P SmallCap 600 Pure Growth Index | 16.84% | 6.69% | 10.37% | 8.52% |

---

**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 | $4759671 |
| Total Number of Portfolio Holdings | 139 |
| Portfolio Turnover Rate | 28% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 SmallCap 600<sup>®</sup> Pure Growth Fund \| Class A \| RYSGX | 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](fp0095394-173_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| InterDigital, Inc. | 2.3% |
| Protagonist Therapeutics, Inc. | 2.2% |
| DXP Enterprises, Inc. | 1.9% |
| Adtalem Global Education, Inc. | 1.8% |
| Corcept Therapeutics, Inc. | 1.8% |
| Acadian Asset Management, Inc. | 1.7% |
| TG Therapeutics, Inc. | 1.5% |
| Powell Industries, Inc. | 1.5% |
| AZZ, Inc. | 1.4% |
| Veracyte, Inc. | 1.4% |
| Top 10 Total | 17.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYSGX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Growth Fund

#### Class C \| RYWCX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Growth Fund for the period of 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 | $123 | 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 C shares) returned 15.32%, 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 S&P SmallCap 600 Pure Growth Index, which returned 16.84% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were industrials, information technology, and financials. The sectors that detracted were energy and consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were InterDigital, Inc., Acadian Asset Management, Inc., and Sterling Infrastructure, Inc. Those that detracted the most were Corcept Therapeutics Inc., Inspire Medical Systems, Inc., and Freshpet, Inc. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Growth Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-174_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) | 15.32% | 4.04% | 7.63% | 5.82% |
| Class C (with CDSC)<sup>§</sup> | 14.32% | 3.13% | 7.63% | 5.82% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P SmallCap 600 Pure Growth Index | 16.84% | 6.69% | 10.37% | 8.52% |

---

**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 | $4759671 |
| Total Number of Portfolio Holdings | 139 |
| Portfolio Turnover Rate | 28% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 SmallCap 600<sup>®</sup> Pure Growth Fund \| Class C \| RYWCX | 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](fp0095394-174_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| InterDigital, Inc. | 2.3% |
| Protagonist Therapeutics, Inc. | 2.2% |
| DXP Enterprises, Inc. | 1.9% |
| Adtalem Global Education, Inc. | 1.8% |
| Corcept Therapeutics, Inc. | 1.8% |
| Acadian Asset Management, Inc. | 1.7% |
| TG Therapeutics, Inc. | 1.5% |
| Powell Industries, Inc. | 1.5% |
| AZZ, Inc. | 1.4% |
| Veracyte, Inc. | 1.4% |
| Top 10 Total | 17.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYWCX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Growth Fund

#### Class H \| RYWAX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Growth Fund for the period of 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 | $84 | 1.55%<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 15.75%, 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 S&P SmallCap 600 Pure Growth Index, which returned 16.84% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were industrials, information technology, and financials. The sectors that detracted were energy and consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were InterDigital, Inc., Acadian Asset Management, Inc., and Sterling Infrastructure, Inc. Those that detracted the most were Corcept Therapeutics Inc., Inspire Medical Systems, Inc., and Freshpet, Inc. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Growth Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-172_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 15.75% | 4.86% | 8.42% | 6.60% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P SmallCap 600 Pure Growth Index | 16.84% | 6.69% | 10.37% | 8.52% |

---

**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 | $4759671 |
| Total Number of Portfolio Holdings | 139 |
| Portfolio Turnover Rate | 28% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund \| Class H \| RYWAX | 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](fp0095394-172_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| InterDigital, Inc. | 2.3% |
| Protagonist Therapeutics, Inc. | 2.2% |
| DXP Enterprises, Inc. | 1.9% |
| Adtalem Global Education, Inc. | 1.8% |
| Corcept Therapeutics, Inc. | 1.8% |
| Acadian Asset Management, Inc. | 1.7% |
| TG Therapeutics, Inc. | 1.5% |
| Powell Industries, Inc. | 1.5% |
| AZZ, Inc. | 1.4% |
| Veracyte, Inc. | 1.4% |
| Top 10 Total | 17.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYWAX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Value Fund

#### Class A \| RYSVX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Value Fund for the period of 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 | $86 | 1.56%<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 19.24%, 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 S&P SmallCap 600 Pure Value Index, which returned 20.79% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were consumer discretionary, industrials, and energy. The sector that detracted the most was health care. The holdings that contributed the most to the return of the underlying index for the reporting period were Viasat, Inc., Par Pacific Holdings, Inc., and National Vision Holdings, Inc. Those that detracted the most were B&G Foods, Inc., Owens & Minor, Inc., and PRA Group, Inc. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Value Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-166_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) | 19.24% | 7.84% | 17.93% | 7.42% |
| Class A (with sales charge)<sup>‡</sup> | 13.58% | 2.71% | 16.79% | 6.90% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P SmallCap 600 Pure Value Index | 20.79% | 10.06% | 20.45% | 9.81% |

---

**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 | $3694232 |
| Total Number of Portfolio Holdings | 143 |
| Portfolio Turnover Rate | 3,423% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 SmallCap 600<sup>®</sup> Pure Value Fund \| Class A \| RYSVX | 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](fp0095394-166_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Viasat, Inc. | 4.0% |
| Par Pacific Holdings, Inc. | 3.4% |
| National Vision Holdings, Inc. | 2.0% |
| Dana, Inc. | 2.0% |
| Adient plc | 1.9% |
| Advance Auto Parts, Inc. | 1.8% |
| United Natural Foods, Inc. | 1.7% |
| Kohl's Corp. | 1.7% |
| Enviri Corp. | 1.7% |
| Topgolf Callaway Brands Corp. | 1.7% |
| Top 10 Total | 21.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash 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-RYSVX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Value Fund

#### Class C \| RYYCX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Value Fund for the period of 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 | $126 | 2.31%<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 17.45%, 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 S&P SmallCap 600 Pure Value Index, which returned 20.79% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were consumer discretionary, industrials, and energy. The sector that detracted the most was health care. The holdings that contributed the most to the return of the underlying index for the reporting period were Viasat, Inc., Par Pacific Holdings, Inc., and National Vision Holdings, Inc. Those that detracted the most were B&G Foods, Inc., Owens & Minor, Inc., and PRA Group, Inc. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Value Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-167_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 17.45% | 7.02% | 17.05% | 6.62% |
| Class C (with CDSC)<sup>§</sup> | 16.45% | 6.02% | 17.05% | 6.62% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P SmallCap 600 Pure Value Index | 20.79% | 10.06% | 20.45% | 9.81% |

---

**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 | $3694232 |
| Total Number of Portfolio Holdings | 143 |
| Portfolio Turnover Rate | 3,423% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 SmallCap 600<sup>®</sup> Pure Value Fund \| Class C \| RYYCX | 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](fp0095394-167_sa92.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Viasat, Inc. | 4.0% |
| Par Pacific Holdings, Inc. | 3.4% |
| National Vision Holdings, Inc. | 2.0% |
| Dana, Inc. | 2.0% |
| Adient plc | 1.9% |
| Advance Auto Parts, Inc. | 1.8% |
| United Natural Foods, Inc. | 1.7% |
| Kohl's Corp. | 1.7% |
| Enviri Corp. | 1.7% |
| Topgolf Callaway Brands Corp. | 1.7% |
| Top 10 Total | 21.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash 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-RYYCX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### S&P SmallCap 600<sup>®</sup> Pure Value Fund

#### Class H \| RYAZX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the S&P SmallCap 600<sup>®</sup> Pure Value Fund for the period of 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 | $83 | 1.51%<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 S&P SmallCap 600 Pure Value Index, which returned 20.79% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were consumer discretionary, industrials, and energy. The sector that detracted the most was health care. The holdings that contributed the most to the return of the underlying index for the reporting period were Viasat, Inc., Par Pacific Holdings, Inc., and National Vision Holdings, Inc. Those that detracted the most were B&G Foods, Inc., Owens & Minor, Inc., and PRA Group, Inc. The Fund maintained a daily correlation of over 99% to the S&P 600 Pure Value Index for the reporting period.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-165_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 19.21% | 7.81% | 17.91% | 7.43% |
| S&P 500 Index | 19.96% | 17.60% | 16.47% | 15.30% |
| S&P SmallCap 600 Pure Value Index | 20.79% | 10.06% | 20.45% | 9.81% |

---

**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 | $3694232 |
| Total Number of Portfolio Holdings | 143 |
| Portfolio Turnover Rate | 3,423% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| S&P SmallCap 600<sup>®</sup> Pure Value Fund \| Class H \| RYAZX | 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](fp0095394-165_sa82.jpg)

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Viasat, Inc. | 4.0% |
| Par Pacific Holdings, Inc. | 3.4% |
| National Vision Holdings, Inc. | 2.0% |
| Dana, Inc. | 2.0% |
| Adient plc | 1.9% |
| Advance Auto Parts, Inc. | 1.8% |
| United Natural Foods, Inc. | 1.7% |
| Kohl's Corp. | 1.7% |
| Enviri Corp. | 1.7% |
| Topgolf Callaway Brands Corp. | 1.7% |
| Top 10 Total | 21.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash 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-RYAZX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets Bond Strategy Fund

#### Class A \| RYIEX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Emerging Markets Bond 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 | $83 | 1.60%<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 6.01%, underperforming the fund's broad-based securities market index, the Bloomberg Emerging Markets USD Aggregate Bond Index, which returned 6.03% for the same period and underperforming the fund's secondary index, the ICE BofA BBB & Lower Sovereign USD External Debt Index, which returned 8.05% for the same period.

**What factors materially affected the fund's performance over the last six months?**

Over the period, credit default swap spreads tightened for most emerging markets countries included in the credit default swap index. Argentina experienced notable credit default swap spread widening over the period. Nigeria and Egypt experienced some of the larger decreases in credit default swap spreads.

**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](fp0095394-27_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) | 6.01% | 4.38% | 0.03% | 2.05% |
| Class A (with sales charge)<sup>‡</sup> | 0.98% | -0.58% | -0.94% | 1.55% |
| Bloomberg Emerging Markets USD Aggregate Bond Index | 6.03% | 6.91% | 1.90% | 4.02% |
| ICE BofA BBB & Lower Sovereign USD External Debt Index | 8.05% | 8.06% | 2.41% | 3.92% |

---

**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 | $1615010 |
| 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 Bloomberg Emerging Markets USD Aggregate Bond Index and the ICE BofA BBB & Lower Sovereign USD External Debt Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Emerging Markets Bond Strategy Fund \| Class A \| RYIEX | 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](fp0095394-27_sa92.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYIEX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets Bond Strategy Fund

#### Class C \| RYFTX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Emerging Markets Bond 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 | $121 | 2.34%<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 5.62%, underperforming the fund's broad-based securities market index, the Bloomberg Emerging Markets USD Aggregate Bond Index, which returned 6.03% for the same period and underperforming the fund's secondary index, the ICE BofA BBB & Lower Sovereign USD External Debt Index, which returned 8.05% for the same period.

**What factors materially affected the fund's performance over the last six months?**

Over the period, credit default swap spreads tightened for most emerging markets countries included in the credit default swap index. Argentina experienced notable credit default swap spread widening over the period. Nigeria and Egypt experienced some of the larger decreases in credit default swap spreads.

**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](fp0095394-28_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) | 5.62% | 3.58% | -0.72% | 1.24% |
| Class C (with CDSC)<sup>§</sup> | 4.62% | 2.63% | -0.72% | 1.24% |
| Bloomberg Emerging Markets USD Aggregate Bond Index | 6.03% | 6.91% | 1.90% | 4.02% |
| ICE BofA BBB & Lower Sovereign USD External Debt Index | 8.05% | 8.06% | 2.41% | 3.92% |

---

**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 | $1615010 |
| 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 Bloomberg Emerging Markets USD Aggregate Bond Index and the ICE BofA BBB & Lower Sovereign USD External Debt Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Emerging Markets Bond Strategy Fund \| Class C \| RYFTX | 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](fp0095394-28_sa82.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYFTX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets Bond Strategy Fund

#### Class H \| RYGTX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Emerging Markets Bond 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 | $83 | 1.60%<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 6.02%, underperforming the fund's broad-based securities market index, the Bloomberg Emerging Markets USD Aggregate Bond Index, which returned 6.03% for the same period and underperforming the fund's secondary index, the ICE BofA BBB & Lower Sovereign USD External Debt Index, which returned 8.05% for the same period.

**What factors materially affected the fund's performance over the last six months?**

Over the period, credit default swap spreads tightened for most emerging markets countries included in the credit default swap index. Argentina experienced notable credit default swap spread widening over the period. Nigeria and Egypt experienced some of the larger decreases in credit default swap spreads.

**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](fp0095394-29_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 6.02% | 4.35% | 0.06% | 2.05% |
| Bloomberg Emerging Markets USD Aggregate Bond Index | 6.03% | 6.91% | 1.90% | 4.02% |
| ICE BofA BBB & Lower Sovereign USD External Debt Index | 8.05% | 8.06% | 2.41% | 3.92% |

---

**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 | $1615010 |
| 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 Bloomberg Emerging Markets USD Aggregate Bond Index and the ICE BofA BBB & Lower Sovereign USD External Debt Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Emerging Markets Bond Strategy Fund \| Class H \| RYGTX | 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](fp0095394-29_sa82.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYGTX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Government Long Bond 1.2x Strategy Fund

#### Investor Class \| RYGBX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x 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**  |
| Investor Class | $51 | 1.03%<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 (Investor Class shares) returned -1.12%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.02% for the same period.

**What factors materially affected the fund's performance over the last six months?**

During the reporting period, uncertainty about the effects of tariffs initially moved 30-year Treasury yields to their period lows in April. Yields then rose to period highs in May, ending the reporting period at 4.73%. Ongoing uncertainty regarding the impact of tariffs on the economy has kept long term rates elevated, even though the U.S. Federal Reserve (the "Fed") cut short term rates by 25 basis points at the September Fed meeting and the market is pricing in at least one more 25 basis point rate cut by the end of the 2025. The September 2025 US Federal Open Market Committee ("FOMC") statement noted job gains slowed, inflation increased and remained elevated, and downside risks to employment have risen.

**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](fp0095394-12_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | -1.12% | -8.85% | -13.78% | -3.05% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.02% | -5.53% | -9.85% | -1.04% |

---

**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 | $13005771 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 590% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Government Long Bond 1.2x Strategy Fund \| Investor Class \| RYGBX | 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](fp0095394-12_sa82.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bonds | 84.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 4.0% |
| Guggenheim Strategy Fund II | 3.9% |
| Total | 92.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYGBX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Government Long Bond 1.2x Strategy Fund

#### Class A \| RYABX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x 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 | $63 | 1.27%<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 -1.24%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.02% for the same period.

**What factors materially affected the fund's performance over the last six months?**

During the reporting period, uncertainty about the effects of tariffs initially moved 30-year Treasury yields to their period lows in April. Yields then rose to period highs in May, ending the reporting period at 4.73%. Ongoing uncertainty regarding the impact of tariffs on the economy has kept long term rates elevated, even though the U.S. Federal Reserve (the "Fed") cut short term rates by 25 basis points at the September Fed meeting and the market is pricing in at least one more 25 basis point rate cut by the end of the 2025. The September 2025 US Federal Open Market Committee ("FOMC") statement noted job gains slowed, inflation increased and remained elevated, and downside risks to employment have risen.

**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](fp0095394-14_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) | -1.24% | -9.04% | -14.04% | -3.30% |
| Class A (with sales charge)<sup>‡</sup> | -5.93% | -13.36% | -14.87% | -3.77% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.02% | -5.53% | -9.85% | -1.04% |

---

**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 | $13005771 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 590% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Government Long Bond 1.2x Strategy Fund \| Class A \| RYABX | 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](fp0095394-14_sa82.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bonds | 84.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 4.0% |
| Guggenheim Strategy Fund II | 3.9% |
| Total | 92.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYABX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Government Long Bond 1.2x Strategy Fund

#### Class C \| RYCGX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x 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 | $100 | 2.01%<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 -1.61%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.02% for the same period.

**What factors materially affected the fund's performance over the last six months?**

During the reporting period, uncertainty about the effects of tariffs initially moved 30-year Treasury yields to their period lows in April. Yields then rose to period highs in May, ending the reporting period at 4.73%. Ongoing uncertainty regarding the impact of tariffs on the economy has kept long term rates elevated, even though the U.S. Federal Reserve (the "Fed") cut short term rates by 25 basis points at the September Fed meeting and the market is pricing in at least one more 25 basis point rate cut by the end of the 2025. The September 2025 US Federal Open Market Committee ("FOMC") statement noted job gains slowed, inflation increased and remained elevated, and downside risks to employment have risen.

**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](fp0095394-15_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) | -1.61% | -9.74% | -14.68% | -4.02% |
| Class C (with CDSC)<sup>§</sup> | -2.58% | -10.62% | -14.68% | -4.02% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.02% | -5.53% | -9.85% | -1.04% |

---

**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 | $13005771 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 590% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Government Long Bond 1.2x Strategy Fund \| Class C \| RYCGX | 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](fp0095394-15_sa82.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bonds | 84.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 4.0% |
| Guggenheim Strategy Fund II | 3.9% |
| Total | 92.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYCGX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Government Long Bond 1.2x Strategy Fund

#### Class H \| RYHBX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x 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 | $64 | 1.29%<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 -1.24%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.02% for the same period.

**What factors materially affected the fund's performance over the last six months?**

During the reporting period, uncertainty about the effects of tariffs initially moved 30-year Treasury yields to their period lows in April. Yields then rose to period highs in May, ending the reporting period at 4.73%. Ongoing uncertainty regarding the impact of tariffs on the economy has kept long term rates elevated, even though the U.S. Federal Reserve (the "Fed") cut short term rates by 25 basis points at the September Fed meeting and the market is pricing in at least one more 25 basis point rate cut by the end of the 2025. The September 2025 US Federal Open Market Committee ("FOMC") statement noted job gains slowed, inflation increased and remained elevated, and downside risks to employment have risen.

**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](fp0095394-16_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -1.24% | -8.99% | -14.00% | -3.28% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.02% | -5.53% | -9.85% | -1.04% |

---

**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 | $13005771 |
| Total Number of Portfolio Holdings | 7 |
| Portfolio Turnover Rate | 590% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Government Long Bond 1.2x Strategy Fund \| Class H \| RYHBX | 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](fp0095394-16_sa82.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| U.S. Treasury Bonds | 84.9% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 4.0% |
| Guggenheim Strategy Fund II | 3.9% |
| Total | 92.8% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYHBX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Government Long Bond Strategy Fund

#### Investor Class \| RYJUX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Government Long Bond 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**  |
| Investor Class | $259 | 5.08%<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 (Investor Class shares) returned 3.02%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.02% for the same period.

**What factors materially affected the fund's performance over the last six months?**

During the reporting period, uncertainty about the effects of tariffs initially moved 30-year Treasury yields to their period lows in April. Yields then rose to period highs in May, ending the reporting period at 4.73%. Ongoing uncertainty regarding the impact of tariffs on the economy has kept long term rates elevated, even though the U.S. Federal Reserve (the "Fed") cut short term rates by 25 basis points at the September Fed meeting and the market is pricing in at least one more 25 basis point rate cut by the end of the 2025. The September 2025 US Federal Open Market Committee ("FOMC") statement noted job gains slowed, inflation increased and remained elevated, and downside risks to employment have risen.

**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](fp0095394-180_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Investor Class | 3.02% | 12.45% | 13.51% | 1.58% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.02% | -5.53% | -9.85% | -1.04% |

---

**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 | $15899895 |
| Total Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 309% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Government Long Bond Strategy Fund \| Investor Class \| RYJUX | 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](fp0095394-180_sa92.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 21.6% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 20.7% |
| Total | 42.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYJUX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Government Long Bond Strategy Fund

#### Class A \| RYAQX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Government Long Bond 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 | $271 | 5.33%<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 2.89%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.02% for the same period.

**What factors materially affected the fund's performance over the last six months?**

During the reporting period, uncertainty about the effects of tariffs initially moved 30-year Treasury yields to their period lows in April. Yields then rose to period highs in May, ending the reporting period at 4.73%. Ongoing uncertainty regarding the impact of tariffs on the economy has kept long term rates elevated, even though the U.S. Federal Reserve (the "Fed") cut short term rates by 25 basis points at the September Fed meeting and the market is pricing in at least one more 25 basis point rate cut by the end of the 2025. The September 2025 US Federal Open Market Committee ("FOMC") statement noted job gains slowed, inflation increased and remained elevated, and downside risks to employment have risen.

**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](fp0095394-182_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) | 2.89% | 12.18% | 13.23% | 1.33% |
| Class A (with sales charge)<sup>‡</sup> | -2.00% | 6.85% | 12.13% | 0.83% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.02% | -5.53% | -9.85% | -1.04% |

---

**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 | $15899895 |
| Total Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 309% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 Government Long Bond Strategy Fund \| Class A \| RYAQX | 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](fp0095394-182_sa82.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 21.6% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 20.7% |
| Total | 42.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYAQX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Government Long Bond Strategy Fund

#### Class C \| RYJCX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Government Long Bond 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 | $309 | 6.08%<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 2.50%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.02% for the same period.

**What factors materially affected the fund's performance over the last six months?**

During the reporting period, uncertainty about the effects of tariffs initially moved 30-year Treasury yields to their period lows in April. Yields then rose to period highs in May, ending the reporting period at 4.73%. Ongoing uncertainty regarding the impact of tariffs on the economy has kept long term rates elevated, even though the U.S. Federal Reserve (the "Fed") cut short term rates by 25 basis points at the September Fed meeting and the market is pricing in at least one more 25 basis point rate cut by the end of the 2025. The September 2025 US Federal Open Market Committee ("FOMC") statement noted job gains slowed, inflation increased and remained elevated, and downside risks to employment have risen.

**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](fp0095394-183_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) | 2.50% | 11.35% | 12.38% | 0.57% |
| Class C (with CDSC)<sup>§</sup> | 1.50% | 10.35% | 12.38% | 0.57% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.02% | -5.53% | -9.85% | -1.04% |

---

**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 | $15899895 |
| Total Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 309% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 Government Long Bond Strategy Fund \| Class C \| RYJCX | 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](fp0095394-183_sa82.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 21.6% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 20.7% |
| Total | 42.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYJCX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Government Long Bond Strategy Fund

#### Class H \| RYHJX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Government Long Bond 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 | $271 | 5.33%<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 2.89%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index, which returned -0.02% for the same period.

**What factors materially affected the fund's performance over the last six months?**

During the reporting period, uncertainty about the effects of tariffs initially moved 30-year Treasury yields to their period lows in April. Yields then rose to period highs in May, ending the reporting period at 4.73%. Ongoing uncertainty regarding the impact of tariffs on the economy has kept long term rates elevated, even though the U.S. Federal Reserve (the "Fed") cut short term rates by 25 basis points at the September Fed meeting and the market is pricing in at least one more 25 basis point rate cut by the end of the 2025. The September 2025 US Federal Open Market Committee ("FOMC") statement noted job gains slowed, inflation increased and remained elevated, and downside risks to employment have risen.

**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](fp0095394-184_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 2.89% | 12.18% | 13.23% | 1.37% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Treasury Bellwethers 30 Year Total Return Index | -0.02% | -5.53% | -9.85% | -1.04% |

---

**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 | $15899895 |
| Total Number of Portfolio Holdings | 12 |
| Portfolio Turnover Rate | 309% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwethers 30 Year Total Return Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Government Long Bond Strategy Fund \| Class H \| RYHJX | 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](fp0095394-184_sa82.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund II | 21.6% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 20.7% |
| Total | 42.3% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**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-RYHJX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### High Yield Strategy Fund

#### Class A \| RYHDX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the High Yield 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 | $80 | 1.54%<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 7.33%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.15% for the same period.

**What factors materially affected the fund's performance over the last six months?**

High yield generated a positive total return for the reporting period. At the beginning of the reporting period, risk assets experienced some volatility due to macroeconomic factors stemming from trade negotiations and tariffs. After the initial market shock of increased tariffs on trading partners, risk assets rebounded and generated positive total returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings were a leading contributor to index returns.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-40_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) | 7.33% | 7.08% | 4.49% | 4.55% |
| Class A (with sales charge)<sup>‡</sup> | 2.23% | 2.00% | 3.47% | 4.04% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 6.15% | 7.41% | 5.55% | 6.17% |

---

**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 | $22695233 |
| Total Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| High Yield Strategy Fund \| Class A \| RYHDX | 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](fp0095394-40_sa122.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund III | 8.8% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 5.9% |
| Guggenheim Strategy Fund II | 5.8% |
| Total | 20.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts. 

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYHDX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### High Yield Strategy Fund

#### Class C \| RYHHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the High Yield 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 | $119 | 2.29%<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 6.91%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.15% for the same period.

**What factors materially affected the fund's performance over the last six months?**

High yield generated a positive total return for the reporting period. At the beginning of the reporting period, risk assets experienced some volatility due to macroeconomic factors stemming from trade negotiations and tariffs. After the initial market shock of increased tariffs on trading partners, risk assets rebounded and generated positive total returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings were a leading contributor to index returns.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-41_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 6.91% | 6.28% | 3.71% | 3.78% |
| Class C (with CDSC)<sup>§</sup> | 5.91% | 5.30% | 3.71% | 3.78% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 6.15% | 7.41% | 5.55% | 6.17% |

---

**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 | $22695233 |
| Total Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| High Yield Strategy Fund \| Class C \| RYHHX | 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](fp0095394-41_sa92.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund III | 8.8% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 5.9% |
| Guggenheim Strategy Fund II | 5.8% |
| Total | 20.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts. 

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYHHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### High Yield Strategy Fund

#### Class H \| RYHGX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the High Yield 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 | $80 | 1.54%<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 7.34%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.15% for the same period.

**What factors materially affected the fund's performance over the last six months?**

High yield generated a positive total return for the reporting period. At the beginning of the reporting period, risk assets experienced some volatility due to macroeconomic factors stemming from trade negotiations and tariffs. After the initial market shock of increased tariffs on trading partners, risk assets rebounded and generated positive total returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings were a leading contributor to index returns.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-42_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 7.34% | 7.10% | 4.49% | 4.54% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 6.15% | 7.41% | 5.55% | 6.17% |

---

**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 | $22695233 |
| Total Number of Portfolio Holdings | 18 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| High Yield Strategy Fund \| Class H \| RYHGX | 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](fp0095394-42_sa92.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Strategy Fund III | 8.8% |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 5.9% |
| Guggenheim Strategy Fund II | 5.8% |
| Total | 20.5% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts. 

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYHGX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse High Yield Strategy Fund

#### Class A \| RYILX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse High Yield 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 | $77 | 1.57%<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 A shares) returned -4.19%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.15% for the same period.

**What factors materially affected the fund's performance over the last six months?**

High yield generated a positive total return for the reporting period. At the beginning of the reporting period, risk assets experienced some volatility due to macroeconomic factors stemming from trade negotiations and tariffs. After the initial market shock of increased tariffs on trading partners, risk assets rebounded and generated positive total returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings were a leading contributor to index returns.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-43_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) | -4.19% | -1.10% | -2.05% | -3.98% |
| Class A (with sales charge)<sup>‡</sup> | -8.74% | -5.79% | -3.00% | -4.44% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 6.15% | 7.41% | 5.55% | 6.17% |

---

**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 | $688213 |
| 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 Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 High Yield Strategy Fund \| Class A \| RYILX | 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](fp0095394-43_sa92.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 24.5% |
| Guggenheim Strategy Fund II | 24.4% |
| Total | 48.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of credit default swaps and interest rate futures contracts.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYILX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse High Yield Strategy Fund

#### Class C \| RYIYX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse High Yield 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 | 2.25%<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 -4.53%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.15% for the same period.

**What factors materially affected the fund's performance over the last six months?**

High yield generated a positive total return for the reporting period. At the beginning of the reporting period, risk assets experienced some volatility due to macro-economic factors stemming from trade negotiations and tariffs. After the initial market shock of increased tariffs on trading partners, risk assets rebounded and generated positive total returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings were a leading contributor to Index returns.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-44_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | -4.53% | -1.82% | -2.78% | -4.73% |
| Class C (with CDSC)<sup>§</sup> | -5.48% | -2.80% | -2.78% | -4.73% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 6.15% | 7.41% | 5.55% | 6.17% |

---

**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 | $688213 |
| 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 Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 High Yield Strategy Fund \| Class C \| RYIYX | 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](fp0095394-44_sa92.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 24.5% |
| Guggenheim Strategy Fund II | 24.4% |
| Total | 48.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of credit default swaps and interest rate futures contracts.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYIYX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse High Yield Strategy Fund

#### Class H \| RYIHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse High Yield 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 | $78 | 1.58%<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 -4.14%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 6.15% for the same period.

**What factors materially affected the fund's performance over the last six months?**

High yield generated a positive total return for the reporting period. At the beginning of the reporting period, risk assets experienced some volatility due to macro-economic factors stemming from trade negotiations and tariffs. After the initial market shock of increased tariffs on trading partners, risk assets rebounded and generated positive total returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings were a leading contributor to Index returns.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-45_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -4.14% | -1.20% | -2.06% | -3.89% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| Bloomberg U.S. Corporate High Yield Index | 6.15% | 7.41% | 5.55% | 6.17% |

---

**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 | $688213 |
| 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 Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Corporate High Yield Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse High Yield Strategy Fund \| Class H \| RYIHX | 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](fp0095394-45_sa92.jpg)

**Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 24.5% |
| Guggenheim Strategy Fund II | 24.4% |
| Total | 48.9% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of credit default swaps and interest rate futures contracts.

<sup>2</sup> "Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYIHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets 2x Strategy Fund

#### Class A \| RYWTX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Emerging Markets 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 | $121 | 1.88%<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 57.26%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and outperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 29.47% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were semiconductors & semiconductor equipment, broadline retail, and metals & mining. Those that detracted the most from performance were oil, gas & consumable fuels, IT services, and banks. The holdings that contributed the most to the return of the underlying index were Taiwan Semiconductor Manufacturing Company Ltd. ADR, Alibaba Group Holding Ltd. ADR, and Gold Fields Ltd ADR. Those that detracted the most were Infosys Ltd. ADR, JD.com Inc. ADR, and HDFC Bank Ltd. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the S&P Emerging 50 ADR Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-46_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) | 57.26% | 50.40% | 5.63% | 11.33% |
| Class A (with sales charge)<sup>‡</sup> | 49.79% | 43.26% | 4.60% | 10.79% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| S&P Emerging 50 ADR Index | 29.47% | 30.76% | 9.16% | 11.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $11270092 |
| Total Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 150% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Emerging Markets 2x Strategy Fund \| Class A \| RYWTX | 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](fp0095394-46_sa82.jpg)

**Country Diversification<sup>3</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 40.9% |
| Taiwan, Province of China | 13.4% |
| China | 13.4% |
| Cayman Islands | 10.6% |
| India | 8.4% |
| Brazil | 5.9% |
| Republic of Korea | 2.7% |
| Other | 4.7% |
| **Total Investments** | 100.0% |

---

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Alibaba Group Holding Ltd. ADR | 8.9% |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 8.5% |
| HDFC Bank Ltd. ADR | 2.7% |
| PDD Holdings, Inc. ADR | 1.9% |
| ICICI Bank Ltd. ADR | 1.7% |
| Infosys Ltd. ADR | 1.3% |
| NetEase, Inc. ADR | 1.2% |
| JD.com, Inc. ADR | 1.1% |
| Trip.com Group Ltd. ADR | 1.0% |
| Itau Unibanco Holding S.A. ADR | 0.9% |
| Top 10 Total | 29.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments. 

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYWTX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets 2x Strategy Fund

#### Class C \| RYWUX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Emerging Markets 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 | $170 | 2.64%<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 56.64%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and outperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 29.47% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were semiconductors & semiconductor equipment, broadline retail, and metals & mining. Those that detracted the most from performance were oil, gas & consumable fuels, IT services, and banks. The holdings that contributed the most to the return of the underlying index were Taiwan Semiconductor Manufacturing Company Ltd. ADR, Alibaba Group Holding Ltd. ADR, and Gold Fields Ltd ADR. Those that detracted the most were Infosys Ltd. ADR, JD.com Inc. ADR, and HDFC Bank Ltd. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the S&P Emerging 50 ADR Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-47_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) | 56.64% | 49.27% | 4.81% | 10.48% |
| Class C (with CDSC)<sup>§</sup> | 55.64% | 48.27% | 4.81% | 10.48% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| S&P Emerging 50 ADR Index | 29.47% | 30.76% | 9.16% | 11.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $11270092 |
| Total Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 150% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Emerging Markets 2x Strategy Fund \| Class C \| RYWUX | 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](fp0095394-47_sa82.jpg)

**Country Diversification<sup>3</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 40.9% |
| Taiwan, Province of China | 13.4% |
| China | 13.4% |
| Cayman Islands | 10.6% |
| India | 8.4% |
| Brazil | 5.9% |
| Republic of Korea | 2.7% |
| Other | 4.7% |
| **Total Investments** | 100.0% |

---

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Alibaba Group Holding Ltd. ADR | 8.9% |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 8.5% |
| HDFC Bank Ltd. ADR | 2.7% |
| PDD Holdings, Inc. ADR | 1.9% |
| ICICI Bank Ltd. ADR | 1.7% |
| Infosys Ltd. ADR | 1.3% |
| NetEase, Inc. ADR | 1.2% |
| JD.com, Inc. ADR | 1.1% |
| Trip.com Group Ltd. ADR | 1.0% |
| Itau Unibanco Holding S.A. ADR | 0.9% |
| Top 10 Total | 29.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYWUX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Emerging Markets 2x Strategy Fund

#### Class H \| RYWVX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Emerging Markets 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 | $124 | 1.93%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class H shares) returned 57.11%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and outperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 29.47% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were semiconductors & semiconductor equipment, broadline retail, and metals & mining. Those that detracted the most from performance were oil, gas & consumable fuels, IT services, and banks. The holdings that contributed the most to the return of the underlying index were Taiwan Semiconductor Manufacturing Company Ltd. ADR, Alibaba Group Holding Ltd. ADR, and Gold Fields Ltd ADR. Those that detracted the most were Infosys Ltd. ADR, JD.com Inc. ADR, and HDFC Bank Ltd. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the S&P Emerging 50 ADR Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-48_sa81.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 57.11% | 50.19% | 5.53% | 11.27% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| S&P Emerging 50 ADR Index | 29.47% | 30.76% | 9.16% | 11.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $11270092 |
| Total Number of Portfolio Holdings | 55 |
| Portfolio Turnover Rate | 150% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Emerging Markets 2x Strategy Fund \| Class H \| RYWVX | 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](fp0095394-48_sa82.jpg)

**Country Diversification<sup>3</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 40.9% |
| Taiwan, Province of China | 13.4% |
| China | 13.4% |
| Cayman Islands | 10.6% |
| India | 8.4% |
| Brazil | 5.9% |
| Republic of Korea | 2.7% |
| Other | 4.7% |
| **Total Investments** | 100.0% |

---

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Alibaba Group Holding Ltd. ADR | 8.9% |
| Taiwan Semiconductor Manufacturing Company Ltd. ADR | 8.5% |
| HDFC Bank Ltd. ADR | 2.7% |
| PDD Holdings, Inc. ADR | 1.9% |
| ICICI Bank Ltd. ADR | 1.7% |
| Infosys Ltd. ADR | 1.3% |
| NetEase, Inc. ADR | 1.2% |
| JD.com, Inc. ADR | 1.1% |
| Trip.com Group Ltd. ADR | 1.0% |
| Itau Unibanco Holding S.A. ADR | 0.9% |
| Top 10 Total | 29.2% |

---

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund.

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments. 

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYWVX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Emerging Markets 2x Strategy Fund

#### Class A \| RYWWX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Emerging Markets 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 | $84 | 2.13%<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 -42.45%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and underperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 29.47% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were semiconductors & semiconductor equipment, broadline retail, and metals & mining. Those that detracted the most from performance were oil, gas & consumable fuels, IT services, and banks. The holdings that contributed the most to the return of the underlying index were Taiwan Semiconductor Manufacturing Company Ltd. ADR, Alibaba Group Holding Ltd. ADR, and Gold Fields Ltd. ADR. Those that detracted the most were Infosys Ltd. ADR, JD.com Inc. ADR, and HDFC Bank Ltd. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the fair value of the S&P Emerging 50 ADR Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-50_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) | -42.45% | -44.82% | -25.98% | -28.88% |
| Class A (with sales charge)<sup>‡</sup> | -45.18% | -47.44% | -26.70% | -29.23% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| S&P Emerging 50 ADR Index | 29.47% | 30.76% | 9.16% | 11.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $105785 |
| Total Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 Emerging Markets 2x Strategy Fund \| Class A \| RYWWX | 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](fp0095394-50_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-RYWWX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Emerging Markets 2x Strategy Fund

#### Class C \| RYWZX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Emerging Markets 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 | $113 | 2.87%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class C shares) returned -42.75%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and underperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 29.47% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were semiconductors & semiconductor equipment, broadline retail, and metals & mining. Those that detracted the most from performance were oil, gas & consumable fuels, IT services, and banks. The holdings that contributed the most to the return of the underlying index were Taiwan Semiconductor Manufacturing Company Ltd. ADR, Alibaba Group Holding Ltd. ADR, and Gold Fields Ltd. ADR. Those that detracted the most were Infosys Ltd. ADR, JD.com Inc. ADR, and HDFC Bank Ltd. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the fair value of the S&P Emerging 50 ADR Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-51_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) | -42.75% | -45.30% | -26.42% | -29.26% |
| Class C (with CDSC)<sup>§</sup> | -43.32% | -45.82% | -26.42% | -29.26% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| S&P Emerging 50 ADR Index | 29.47% | 30.76% | 9.16% | 11.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $105785 |
| Total Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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 Emerging Markets 2x Strategy Fund \| Class C \| RYWZX | 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](fp0095394-51_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-RYWZX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Inverse Emerging Markets 2x Strategy Fund

#### Class H \| RYWYX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Inverse Emerging Markets 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 | $84 | 2.13%<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 -42.50%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and underperforming the fund's secondary index, the S&P Emerging 50 ADR Index, which returned 29.47% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were semiconductors & semiconductor equipment, broadline retail, and metals & mining. Those that detracted the most from performance were oil, gas & consumable fuels, IT services, and banks. The holdings that contributed the most to the return of the underlying index were Taiwan Semiconductor Manufacturing Company Ltd. ADR, Alibaba Group Holding Ltd. ADR, and Gold Fields Ltd. ADR. Those that detracted the most were Infosys Ltd. ADR, JD.com Inc. ADR, and HDFC Bank Ltd. ADR. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the fair value of the S&P Emerging 50 ADR Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-52_sa101.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -42.50% | -44.79% | -25.75% | -28.76% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| S&P Emerging 50 ADR Index | 29.47% | 30.76% | 9.16% | 11.07% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $105785 |
| Total Number of Portfolio Holdings | 4 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the S&P Emerging 50 ADR Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Inverse Emerging Markets 2x Strategy Fund \| Class H \| RYWYX | 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](fp0095394-52_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-RYWYX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Europe 1.25x Strategy Fund

#### Class A \| RYAEX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Europe 1.25x 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 | $83 | 1.59%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class A shares) returned 9.40%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and underperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 12.68% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and information technology. The sector that detracted the most from performance was communication services. The holdings that contributed the most to the return of the underlying index for the reporting period were ASML Holding N.V. - Class G, Banco Santander S.A. ADR, and HSBC Holdings plc ADR. Those that detracted the most were Novo Nordisk A/S ADR, London Stock Exchange Group plc ADR, and Nestle S.A. ADR. The Fund maintained a daily correlation of over 98% to its benchmark of 125% of the daily price movement of the STOXX Europe 50 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-160_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) | 9.40% | 7.88% | 11.94% | 6.86% |
| Class A (with sales charge)<sup>‡</sup> | 4.21% | 2.76% | 10.85% | 6.35% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| STOXX Europe 50 Index | 12.68% | 12.46% | 12.79% | 8.19% |

---

**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 | $2054746 |
| Total Number of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 840% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Europe 1.25x Strategy Fund \| Class A \| RYAEX | 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](fp0095394-160_sa72.jpg)

**Country Diversification<sup>3</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 45.0% |
| France | 12.6% |
| United Kingdom | 11.0% |
| Switzerland | 9.7% |
| Germany | 7.9% |
| Netherlands | 5.5% |
| Spain | 3.2% |
| Other | 5.1% |
| **Total Investments** | 100.0% |

---

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 3.5% |
| Guggenheim Strategy Fund II | 3.3% |
| ASML Holding N.V. — Class G | 3.1% |
| SAP SE ADR | 2.2% |
| Novartis AG ADR | 2.0% |
| HSBC Holdings plc ADR | 2.0% |
| AstraZeneca plc ADR | 1.9% |
| Nestle S.A. ADR | 1.9% |
| Roche Holding AG ADR | 1.9% |
| Shell plc ADR | 1.7% |
| Top 10 Total | 23.5% |

---

<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. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts. 

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYAEX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Europe 1.25x Strategy Fund

#### Class C \| RYCEX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Europe 1.25x 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 | $124 | 2.37%<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 8.99%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and underperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 12.68% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and information technology. The sector that detracted the most from performance was communication services. The holdings that contributed the most to the return of the underlying index for the reporting period were ASML Holding N.V. - Class G, Banco Santander S.A. ADR, and HSBC Holdings plc ADR. Those that detracted the most were Novo Nordisk A/S ADR, London Stock Exchange Group plc ADR, and Nestle S.A. ADR. The Fund maintained a daily correlation of over 98% to its benchmark of 125% of the daily price movement of the STOXX Europe 50 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-161_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) | 8.99% | 7.06% | 10.93% | 6.01% |
| Class C (with CDSC)<sup>§</sup> | 7.99% | 6.13% | 10.93% | 6.01% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| STOXX Europe 50 Index | 12.68% | 12.46% | 12.79% | 8.19% |

---

**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 | $2054746 |
| Total Number of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 840% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Europe 1.25x Strategy Fund \| Class C \| RYCEX | 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](fp0095394-161_sa72.jpg)

**Country Diversification<sup>3</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 45.0% |
| France | 12.6% |
| United Kingdom | 11.0% |
| Switzerland | 9.7% |
| Germany | 7.9% |
| Netherlands | 5.5% |
| Spain | 3.2% |
| Other | 5.1% |
| **Total Investments** | 100.0% |

---

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 3.5% |
| Guggenheim Strategy Fund II | 3.3% |
| ASML Holding N.V. — Class G | 3.1% |
| SAP SE ADR | 2.2% |
| Novartis AG ADR | 2.0% |
| HSBC Holdings plc ADR | 2.0% |
| AstraZeneca plc ADR | 1.9% |
| Nestle S.A. ADR | 1.9% |
| Roche Holding AG ADR | 1.9% |
| Shell plc ADR | 1.7% |
| Top 10 Total | 23.5% |

---

<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. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts. 

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYCEX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Europe 1.25x Strategy Fund

#### Class H \| RYEUX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Europe 1.25x 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 | $84 | 1.60%<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 9.70%, underperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and underperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 12.68% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, industrials, and information technology. The sector that detracted the most from performance was communication services. The holdings that contributed the most to the return of the underlying index for the reporting period were ASML Holding N.V. - Class G, Banco Santander S.A. ADR, and HSBC Holdings plc ADR. Those that detracted the most were Novo Nordisk A/S ADR, London Stock Exchange Group plc ADR, and Nestle S.A. ADR. The Fund maintained a daily correlation of over 98% to its benchmark of 125% of the daily price movement of the STOXX Europe 50 Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-159_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 9.70% | 8.22% | 11.83% | 6.84% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| STOXX Europe 50 Index | 12.68% | 12.46% | 12.79% | 8.19% |

---

**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 | $2054746 |
| Total Number of Portfolio Holdings | 57 |
| Portfolio Turnover Rate | 840% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Europe 1.25x Strategy Fund \| Class H \| RYEUX | 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](fp0095394-159_sa72.jpg)

**Country Diversification<sup>3</sup> (% of Total Investments) as of 9.30.25**

---

| | |
|:---|:---|
| **Geographic Region** | **% of Net Assets** |
| United States | 45.0% |
| France | 12.6% |
| United Kingdom | 11.0% |
| Switzerland | 9.7% |
| Germany | 7.9% |
| Netherlands | 5.5% |
| Spain | 3.2% |
| Other | 5.1% |
| **Total Investments** | 100.0% |

---

**10 Largest Holdings<sup>2</sup> (as a % of Net Assets) as of 9.30.25**

---

| | |
|:---|:---|
|  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class | 3.5% |
| Guggenheim Strategy Fund II | 3.3% |
| ASML Holding N.V. — Class G | 3.1% |
| SAP SE ADR | 2.2% |
| Novartis AG ADR | 2.0% |
| HSBC Holdings plc ADR | 2.0% |
| AstraZeneca plc ADR | 1.9% |
| Nestle S.A. ADR | 1.9% |
| Roche Holding AG ADR | 1.9% |
| Shell plc ADR | 1.7% |
| Top 10 Total | 23.5% |

---

<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. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts. 

<sup>2</sup> "10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.

<sup>3</sup> Country Diversification (% of Total Investments) includes temporary cash investments.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYEUX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Japan 2x Strategy Fund

#### Class A \| RYJSX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Japan 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 | $97 | 1.54%<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 51.72%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and outperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned 28.00% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, communication services, and industrials. No sector detracted from performance. The holdings that contributed the most to the return of the underlying index were SoftBank Group Corp., Advantest Corp., and Tokyo Electron, Ltd. Those that detracted the most were Terumo Corporation, Trend Micro Inc., and Seiko Epson Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-24_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) | 51.72% | 19.06% | 5.93% | 9.85% |
| Class A (with sales charge)<sup>‡</sup> | 44.51% | 13.40% | 4.90% | 9.32% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| Nikkei-225 Stock Average Index | 28.00% | 14.79% | 6.72% | 7.67% |

---

**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 | $1988400 |
| Total Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Japan 2x Strategy Fund \| Class A \| RYJSX | 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](fp0095394-24_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. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYJSX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Japan 2x Strategy Fund

#### Class C \| RYJTX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Japan 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 | $142 | 2.26%<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 51.18%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and outperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned 28.00% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, communication services, and industrials. No sector detracted from performance. The holdings that contributed the most to the return of the underlying index were SoftBank Group Corp., Advantest Corp., and Tokyo Electron, Ltd. Those that detracted the most were Terumo Corporation, Trend Micro Inc., and Seiko Epson Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-25_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) | 51.18% | 18.12% | 5.12% | 9.02% |
| Class C (with CDSC)<sup>§</sup> | 50.18% | 17.12% | 5.12% | 9.02% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| Nikkei-225 Stock Average Index | 28.00% | 14.79% | 6.72% | 7.67% |

---

**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 | $1988400 |
| Total Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Japan 2x Strategy Fund \| Class C \| RYJTX | 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](fp0095394-25_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. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYJTX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Japan 2x Strategy Fund

#### Class H \| RYJHX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Japan 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 | $97 | 1.54%<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 51.72%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 16.23% for the same period and outperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned 28.00% for the same period.

**What factors materially affected the fund's performance over the last six months?**

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, communication services, and industrials. No sector detracted from performance. The holdings that contributed the most to the return of the underlying index were SoftBank Group Corp., Advantest Corp., and Tokyo Electron, Ltd. Those that detracted the most were Terumo Corporation, Trend Micro Inc., and Seiko Epson Corp. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-26_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 51.72% | 19.07% | 5.93% | 9.89% |
| MSCI World ex US Index | 16.23% | 13.17% | 8.79% | 5.62% |
| Nikkei-225 Stock Average Index | 28.00% | 14.79% | 6.72% | 7.67% |

---

**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 | $1988400 |
| Total Number of Portfolio Holdings | 6 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Japan 2x Strategy Fund \| Class H \| RYJHX | 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](fp0095394-26_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. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYJHX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Strengthening Dollar 2x Strategy Fund

#### Class A \| RYSDX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Strengthening Dollar 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 | $91 | 1.90%<sup>2</sup> |

---

<sup>1</sup> Excludes expenses of the underlying funds in which the fund invests, if any. <br> <sup>2</sup> Annualized.

**How did the fund perform over the last six months?\***

For the period of April 1, 2025 to September 30, 2025, the fund (Class A shares) returned -9.65%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned -6.17% for the same period.

**What factors materially affected the fund's performance over the last six months?**

There were no components which positively contributed to the performance of the U.S. Dollar Index (the "Index") for the Reporting Period. The components that detracted from Index performance were the euro, British pound, and Swiss franc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-114_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) | -9.65% | -1.28% | 4.13% | 2.06% |
| Class A (with sales charge)<sup>‡</sup> | -13.94% | -5.97% | 3.12% | 1.56% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| U.S. Dollar Index | -6.17% | -2.98% | 0.82% | 0.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $3458423 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Strengthening Dollar 2x Strategy Fund \| Class A \| RYSDX | 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](fp0095394-114_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. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYSDX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Strengthening Dollar 2x Strategy Fund

#### Class C \| RYSJX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Strengthening Dollar 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 | $124 | 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 -10.73%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned -6.17% for the same period.

**What factors materially affected the fund's performance over the last six months?**

There were no components which positively contributed to the performance of the U.S. Dollar Index (the "Index") for the Reporting Period. The components that detracted from Index performance were the euro, British pound, and Swiss franc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-115_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) | -10.73% | -2.03% | 3.35% | 1.30% |
| Class C (with CDSC)<sup>§</sup> | -11.62% | -2.97% | 3.35% | 1.30% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| U.S. Dollar Index | -6.17% | -2.98% | 0.82% | 0.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $3458423 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Strengthening Dollar 2x Strategy Fund \| Class C \| RYSJX | 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](fp0095394-115_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. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYSJX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Strengthening Dollar 2x Strategy Fund

#### Class H \| RYSBX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Strengthening Dollar 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 | $90 | 1.88%<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 -9.65%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned -6.17% for the same period.

**What factors materially affected the fund's performance over the last six months?**

There were no components which positively contributed to the performance of the U.S. Dollar Index (the "Index") for the Reporting Period. The components that detracted from Index performance were the euro, British pound, and Swiss franc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-113_sa71.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | -9.65% | -1.29% | 4.13% | 2.06% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| U.S. Dollar Index | -6.17% | -2.98% | 0.82% | 0.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $3458423 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Strengthening Dollar 2x Strategy Fund \| Class H \| RYSBX | 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](fp0095394-113_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. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYSBX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Weakening Dollar 2x Strategy Fund

#### Class A \| RYWDX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Weakening Dollar 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 | $101 | 1.91%<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 11.57%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -6.17% for the same period.

**What factors materially affected the fund's performance over the last six months?**

There were no components which positively contributed to the performance of the U.S. Dollar Index (the "Index") for the Reporting Period. The components that detracted from Index performance were the euro, British pound, and Swiss franc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-170_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) | 11.57% | 3.82% | -3.98% | -3.35% |
| Class A (with sales charge)<sup>‡</sup> | 6.28% | -1.11% | -4.91% | -3.82% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| U.S. Dollar Index | -6.17% | -2.98% | 0.82% | 0.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $1381850 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Weakening Dollar 2x Strategy Fund \| Class A \| RYWDX | 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](fp0095394-170_sa92.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYWDX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Weakening Dollar 2x Strategy Fund

#### Class C \| RYWJX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Weakening Dollar 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 | 2.64%<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 11.15%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -6.17% for the same period.

**What factors materially affected the fund's performance over the last six months?**

There were no components which positively contributed to the performance of the U.S. Dollar Index (the "Index") for the Reporting Period. The components that detracted from Index performance were the euro, British pound, and Swiss franc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-171_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class C (without CDSC) | 11.15% | 2.89% | -4.76% | -4.11% |
| Class C (with CDSC)<sup>§</sup> | 10.15% | 1.91% | -4.76% | -4.11% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| U.S. Dollar Index | -6.17% | -2.98% | 0.82% | 0.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $1381850 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 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>

---

| | |
|:---|:---|
| Weakening Dollar 2x Strategy Fund \| Class C \| RYWJX | 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](fp0095394-171_sa92.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYWJX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### Weakening Dollar 2x Strategy Fund

#### Class H \| RYWBX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the Weakening Dollar 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 | $102 | 1.92%<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 11.57%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 3.26% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -6.17% for the same period.

**What factors materially affected the fund's performance over the last six months?**

There were no components which positively contributed to the performance of the U.S. Dollar Index (the "Index") for the Reporting Period. The components that detracted from Index performance were the euro, British pound, and Swiss franc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

**How did the fund perform over the last 10 years?**

Cumulative performance\* for the fund's most recently completed 10 years (as of 9.30.25), assuming a $10,000 initial investment.

![Ad2 Performance Graph](fp0095394-169_sa91.jpg)

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| Class H | 11.57% | 3.81% | -3.98% | -3.35% |
| Bloomberg U.S. Aggregate Bond Index | 3.26% | 2.88% | -0.45% | 1.84% |
| U.S. Dollar Index | -6.17% | -2.98% | 0.82% | 0.15% |

---

**The fund's past performance is not a good predictor of the fund's future performance.** Visit GuggenheimInvestments.com/mutual-funds/performance for more recent performance information.

**Fund Statistics as of 9.30.25**

---

| | |
|:---|:---|
| Net Assets | $1381850 |
| Total Number of Portfolio Holdings | 5 |
| Portfolio Turnover Rate | 0% |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the U.S. Dollar Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| Weakening Dollar 2x Strategy Fund \| Class H \| RYWBX | 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](fp0095394-169_sa92.jpg)

<sup>1</sup> "Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps and futures contracts. 

**What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYWBX-093025

**Guggenheim Investments**<sub>2</sub>

![MUFG Logo](mufg-header.jpg)

### U.S. Government Money Market Fund

#### Money Market Class \| RYFXX
Semi-Annual Shareholder Report \| 9.30.25

This semi-annual shareholder report contains important information about the U.S. Government Money Market 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**  |
| Money Market Class | $54 | 1.07%<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 (Money Market Class shares) returned 1.66%.

**What factors materially affected the fund's performance over the last six months?**

During the reporting period, the U.S. Federal Reserve (the "Fed") lowered the federal funds target rate by 25 basis-points at the September meeting. It was noted in the September 2025 US Federal Open Market Committee ("FOMC") statement, that economic activity moderated in the first half of the year, job gains have slowed, and inflation has moved up and remains somewhat elevated. Also noted in the FOMC statement, uncertainty about the economic outlook remains elevated and downside risks to employment have risen. Current inflation and employment conditions have resulted in the market pricing in at least one 25 basis-point rate cut for the remainder of 2025.

**Average Annual Total Returns\* as of 9.30.25**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6 Month<sup>†</sup>** | **One Year** | **Five Years** | **Ten Years** |
| U.S. Government Money Market Fund | 1.66% | 3.45% | 2.37% | 1.41% |

---

**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 | $259060196 |
| Total Number of Portfolio Holdings | 20 |

---

---

| | |
|:---|:---|
| <sup>\*</sup> | The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
| <sup>†</sup> | 6 month returns are not annualized. |

---

**Guggenheim Investments**<sub>1</sub>

---

| | |
|:---|:---|
| U.S. Government Money Market Fund \| Money Market Class \| RYFXX | Semi-Annual Shareholder Report \| **September 30, 2025** |

---

**What did the fund invest in?**

**Holdings Diversification (Market Exposure as a % of Net Assets) as of 9.30.25**

![Af Image](fp0095394-6_sa101.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **What changes in or disagreements with accountants occurred?**

There were no changes in or disagreements with fund accountants for the period.

---

| | |
|:---|:---|
| ![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-RYFXX-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.**

(a) The Schedule of Investments is included under Item 7 of this
Form.

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

![](fp0095394-206_i.jpg)<br>

**9.30.25** 

**Rydex Funds Semi-Annual Financial Report**

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Sector Funds** | &nbsp;&nbsp;**Domestic Equity Funds** |
| &nbsp;&nbsp;**Banking Fund** | &nbsp;&nbsp;**Dow Jones Industrial Average<sup>®</sup>** **Fund** |
| &nbsp;&nbsp;**Basic Materials Fund** | &nbsp;&nbsp;**Mid-Cap 1.5x Strategy Fund** |
| &nbsp;&nbsp;**Biotechnology Fund** | &nbsp;&nbsp;**Inverse Mid-Cap Strategy Fund** |
| &nbsp;&nbsp;**Consumer Products Fund** | &nbsp;&nbsp;**Monthly Rebalance NASDAQ-100<sup>®</sup>** **2x Strategy Fund** |
| &nbsp;&nbsp;**Electronics Fund** | &nbsp;&nbsp;**NASDAQ-100<sup>®</sup>** **Fund** |
| &nbsp;&nbsp;**Energy Fund** | &nbsp;&nbsp;**Inverse NASDAQ-100<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp;**Energy Services Fund** | &nbsp;&nbsp;**Russell 2000<sup>®</sup>** **1.5x Strategy Fund** |
| &nbsp;&nbsp;**Financial Services Fund** | &nbsp;&nbsp;**Russell 2000<sup>®</sup>** **Fund** |
| &nbsp;&nbsp;**Health Care Fund** | &nbsp;&nbsp;**Inverse Russell 2000<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp;**Internet Fund** | &nbsp;&nbsp;**Nova Fund** |
| &nbsp;&nbsp;**Leisure Fund** | &nbsp;&nbsp;**S&P 500<sup>®</sup>** **Fund** |
| &nbsp;&nbsp;**Precious Metals Fund** | &nbsp;&nbsp;**Inverse S&P 500<sup>®</sup>** **Strategy Fund** |
| &nbsp;&nbsp;**Real Estate Fund** | &nbsp;&nbsp;**S&P 500<sup>®</sup>** **Pure Growth Fund** |
| &nbsp;&nbsp;**Retailing Fund** | &nbsp;&nbsp;**S&P 500<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp;**Technology Fund** | &nbsp;&nbsp;**S&P MidCap 400<sup>®</sup>** **Pure Growth Fund** |
| &nbsp;&nbsp;**Telecommunications Fund** | &nbsp;&nbsp;**S&P MidCap 400<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp;**Transportation Fund** | &nbsp;&nbsp;**S&P SmallCap 600<sup>®</sup>** **Pure Growth Fund** |
| &nbsp;&nbsp;**Utilities Fund** | &nbsp;&nbsp;**S&P SmallCap 600<sup>®</sup>** **Pure Value Fund** |
| &nbsp;&nbsp;**Fixed Income Funds** | &nbsp;&nbsp;**International Equity Funds** |
| &nbsp;&nbsp;**Emerging Markets Bond Strategy Fund** | &nbsp;&nbsp;**Emerging Markets 2x Strategy Fund** |
| &nbsp;&nbsp;**Government Long Bond 1.2x Strategy Fund** | &nbsp;&nbsp;**Inverse Emerging Markets 2x Strategy Fund** |
| &nbsp;&nbsp;**Inverse Government Long Bond Strategy Fund** | &nbsp;&nbsp;**Europe 1.25x Strategy Fund** |
| &nbsp;&nbsp;**High Yield Strategy Fund** | &nbsp;&nbsp;**Japan 2x Strategy Fund** |
| &nbsp;&nbsp;**Inverse High Yield Strategy Fund** |  |
| &nbsp;&nbsp;**Specialty Funds** | &nbsp;&nbsp;**Money Market Fund** |
| &nbsp;&nbsp;**Strengthening Dollar 2x Strategy Fund** | &nbsp;&nbsp;**U.S. Government Money Market Fund** |
| &nbsp;&nbsp;**Weakening Dollar 2x Strategy Fund** |  |

---

**GuggenheimInvestments.com**<br>

This report and the financial statements contained herein are submitted for the general information of our shareholders. The report is not authorized for distribution to prospective investors unless preceded or accompanied by an effective prospectus.

Distributed by Guggenheim Funds Distributors, LLC.

**TABLE OF CONTENTS** <br>

---

| | |
|:---|:---|
| Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Financial Report) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;BANKING FUND  | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;BASIC MATERIALS FUND  | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;BIOTECHNOLOGY FUND  | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;CONSUMER PRODUCTS FUND  | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;ELECTRONICS FUND  | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;ENERGY FUND  | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;ENERGY SERVICES FUND  | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;FINANCIAL SERVICES FUND  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;HEALTH CARE FUND  | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp;INTERNET FUND  | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;LEISURE FUND  | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;PRECIOUS METALS FUND  | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp;REAL ESTATE FUND  | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;RETAILING FUND  | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;TECHNOLOGY FUND  | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;TELECOMMUNICATIONS FUND  | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;TRANSPORTATION FUND  | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;UTILITIES FUND  | 125 |
| &nbsp;&nbsp;&nbsp;&nbsp;DOW JONES INDUSTRIAL AVERAGE<sup>®</sup> FUND  | 132 |
| &nbsp;&nbsp;&nbsp;&nbsp;MID-CAP 1.5x STRATEGY FUND  | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE MID-CAP STRATEGY FUND  | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp;MONTHLY REBALANCE NASDAQ-100<sup>®</sup> 2x STRATEGY FUND  | 155 |
| &nbsp;&nbsp;&nbsp;&nbsp;NASDAQ-100<sup>®</sup> FUND  | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE NASDAQ-100<sup>®</sup> STRATEGY FUND  | 172 |
| &nbsp;&nbsp;&nbsp;&nbsp;RUSSELL 2000<sup>®</sup> 1.5x STRATEGY FUND  | 180 |
| &nbsp;&nbsp;&nbsp;&nbsp;RUSSELL 2000<sup>®</sup> FUND  | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE RUSSELL 2000<sup>®</sup> STRATEGY FUND  | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOVA FUND  | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> FUND  | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE S&P 500<sup>®</sup> STRATEGY FUND  | 260 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> PURE GROWTH FUND  | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P 500<sup>®</sup> PURE VALUE FUND  | 274 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P MIDCAP 400<sup>®</sup> PURE GROWTH FUND  | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P MIDCAP 400<sup>®</sup> PURE VALUE FUND  | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P SMALLCAP 600<sup>®</sup> PURE GROWTH FUND  | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp;S&P SMALLCAP 600<sup>®</sup> PURE VALUE FUND  | 299 |
| &nbsp;&nbsp;&nbsp;&nbsp;EMERGING MARKETS BOND STRATEGY FUND  | 306 |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 1

**TABLE OF CONTENTS** (concluded)<br>

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GOVERNMENT LONG BOND 1.2x STRATEGY FUND  | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE GOVERNMENT LONG BOND STRATEGY FUND  | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp;HIGH YIELD STRATEGY FUND  | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE HIGH YIELD STRATEGY FUND  | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;EMERGING MARKETS 2x STRATEGY FUND  | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;INVERSE EMERGING MARKETS 2x STRATEGY FUND  | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp;EUROPE 1.25x STRATEGY FUND  | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;JAPAN 2x STRATEGY FUND  | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp;STRENGTHENING DOLLAR 2x STRATEGY FUND  | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp;WEAKENING DOLLAR 2x STRATEGY FUND  | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. GOVERNMENT MONEY MARKET FUND  | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;NOTES TO FINANCIAL STATEMENTS  | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp;OTHER INFORMATION  | 409 |
| ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 411 |
| ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 412 |
| ITEM 10: REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES  | 413 |
| ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT  | 414 |

---

2 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **BANKING FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 98.2%** | **COMMON STOCKS<sup>†</sup>** **- 98.2%** | **COMMON STOCKS<sup>†</sup>** **- 98.2%** |
| **Banks - 91.4%** | **Banks - 91.4%** | **Banks - 91.4%** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1464 | $461790 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 5506 | 461513 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 4521 | 458881 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 8806 | 454302 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 3166 | 344967 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 1713 | 344193 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 6916 | 334250 |
| &nbsp;&nbsp;&nbsp;NU Holdings Limited/Cayman Islands — Class A\* | 20782 | 332720 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 6565 | 300152 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 1881 | 218215 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 1092 | 215801 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 4723 | 210410 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 1452 | 195439 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 11103 | 191749 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 7088 | 186911 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 3454 | 183615 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 9356 | 174864 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 5581 | 168714 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 1945 | 155503 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 4450 | 152012 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 1014 | 149382 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 1374 | 146262 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 2252 | 145592 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 1116 | 141743 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 5786 | 130821 |
| &nbsp;&nbsp;&nbsp;Barclays plc ADR | 6199 | 128133 |
| &nbsp;&nbsp;&nbsp;SOUTHSTATE BANK CORP | 1226 | 121215 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 2017 | 119890 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | 1331 | 115424 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 1672 | 114565 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 862 | 114163 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp North America | 1949 | 110274 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 926 | 109592 |
| &nbsp;&nbsp;&nbsp;Canadian Imperial Bank of Commerce | 1362 | 108810 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 1808 | 108046 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 4144 | 106667 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 4856 | 106589 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 840 | 106487 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 1089 | 102137 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 2718 | 102034 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings plc ADR | 1409 | 100011 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 1966 | 96491 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 1430 | 94881 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | 2260 | 92660 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 5730 | 92310 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal | 703 | 91566 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 1763 | 89878 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 1409 | 88217 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 2350 | 87444 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 8206 | 86984 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Galicia S.A. ADR\* | 3100 | 85436 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco S.A. ADR | 24363 | 82347 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 3053 | 78493 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 2262 | 76116 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. — Class A | 42 | 75145 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 887 | 74978 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | 4068 | 73834 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 1025 | 70899 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 3765 | 70142 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.\* | 926 | 69348 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 1428 | 68558 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | 2707 | 67215 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. — Class A | 2008 | 63995 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 930 | 63937 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 2055 | 62534 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. — Class A | 3237 | 62053 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 3119 | 58980 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 2308 | 58277 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 602 | 39431 |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | 345 | 38447 |
| **Total Banks** |  | 10194434 |
| **Diversified Financial Services - 3.8%** | **Diversified Financial Services - 3.8%** | **Diversified Financial Services - 3.8%** |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1989 | 422822 |
| **Savings & Loans - 3.0%** | **Savings & Loans - 3.0%** | **Savings & Loans - 3.0%** |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 944 | 79909 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 6337 | 73192 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 1219 | 65741 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | 1930 | 58460 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 3398 | 56237 |
| **Total Savings & Loans** |  | 333539 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,489,826) |  | 10950795 |
| **PREFERRED STOCKS<sup>†</sup>** **- 1.1%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.1%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.1%** |
| **Banks - 1.1%** | **Banks - 1.1%** | **Banks - 1.1%** |
| Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. |
| &nbsp;&nbsp;&nbsp;ADR | 16953 | 124435 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $85,106) |  | 124435 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $43549 | 43549 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 31336 | 31336 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $74,885) |  | 74885 |
| **Total Investments - 100.0%** | **Total Investments - 100.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,649,817) | &nbsp;&nbsp;&nbsp;(Cost $7,649,817) | $11150115 |
| **Other Assets & Liabilities, net - 0.0%** | **Other Assets & Liabilities, net - 0.0%** | 1092 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $11151207 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 3

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **BANKING FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $10950795 | $— | $— | $10950795 |
| Preferred Stocks | 124435 |  |  | 124435 |
| Repurchase Agreements |  | 74885 |  | 74885 |
| Total Assets | $11075230 | $74885 | $— | $11150115 |

---

4 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BANKING FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $7,574,932) | $11075230 |
| Repurchase agreements, at value (cost $74,885) | 74885 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 24735 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 1529 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 514 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 14 |
| &nbsp;&nbsp;&nbsp;Interest | 9 |
| **Total assets** | 11176916 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 7398 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 4852 |
| &nbsp;&nbsp;&nbsp;Professional fees | 2327 |
| &nbsp;&nbsp;&nbsp;Printing fees | 1993 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 892 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 804 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 217 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 158 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 7068 |
| **Total liabilities** | 25709 |
| **Net assets** | $11151207 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $16252168 |
| Total distributable earnings (loss) | (5100961) |
| Net assets | $11151207 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $7259301 |
| Capital shares outstanding | 62011 |
| Net asset value per share | $117.06 |
| **Class A:** | **Class A:** |
| Net assets | $3360567 |
| Capital shares outstanding | 32703 |
| Net asset value per share | $102.76 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $107.88 |
| **Class C:** | **Class C:** |
| Net assets | $149837 |
| Capital shares outstanding | 1753 |
| Net asset value per share | $85.47 |
| **Class H:** | **Class H:** |
| Net assets | $381502 |
| Capital shares outstanding | 3828 |
| Net asset value per share | $99.66 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $4,517) | $271786 |
| Interest | 2342 |
| Income from securities lending, net | 1292 |
| &nbsp;&nbsp;&nbsp;Total investment income | 275420 |
| **Expenses:** | **Expenses:** |
| Management fees | 78471 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 3190 |
| &nbsp;&nbsp;&nbsp;Class C | 761 |
| &nbsp;&nbsp;&nbsp;Class H | 191 |
| Transfer agent fees | 21072 |
| Portfolio accounting and administration fees | 14078 |
| Registration fees | 12516 |
| Trustees' fees\* | 1436 |
| Custodian fees | 1295 |
| Professional fees | 1294 |
| Miscellaneous | 5868 |
| &nbsp;&nbsp;&nbsp;Total expenses | 140172 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (4616) |
| Net expenses | 135556 |
| Net investment income | 139864 |
| **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 | 1513022 |
| Net realized gain | 1513022 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 2278953 |
| Net change in unrealized appreciation (depreciation) | 2278953 |
| Net realized and unrealized gain | 3791975 |
| **Net increase in net assets resulting from operations** | $3931839 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 5

**BANKING FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $139864 | $289194 |
| Net realized gain on investments | 1513022 | 1049372 |
| Net change in unrealized appreciation (depreciation) on investments | 2278953 | (1909793) |
| Net increase (decrease) in net assets resulting from operations | 3931839 | (571227) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (173671) |
| &nbsp;&nbsp;&nbsp;Class A |  | (101730) |
| &nbsp;&nbsp;&nbsp;Class C |  | (9507) |
| &nbsp;&nbsp;&nbsp;Class H |  | (6707) |
| Total distributions to shareholders |  | (291615) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 15819831 | 56535563 |
| &nbsp;&nbsp;&nbsp;Class A | 1315279 | 1334795 |
| &nbsp;&nbsp;&nbsp;Class C | 83619 | 73767 |
| &nbsp;&nbsp;&nbsp;Class H | 278795 | 302766 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 170841 |
| &nbsp;&nbsp;&nbsp;Class A |  | 101356 |
| &nbsp;&nbsp;&nbsp;Class C |  | 9507 |
| &nbsp;&nbsp;&nbsp;Class H |  | 6707 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (35165762) | (55912178) |
| &nbsp;&nbsp;&nbsp;Class A | (662090) | (1866195) |
| &nbsp;&nbsp;&nbsp;Class C | (134236) | (241429) |
| &nbsp;&nbsp;&nbsp;Class H | (77214) | (401362) |
| Net increase (decrease) from capital share transactions | (18541778) | 114138 |
| Net decrease in net assets | (14609939) | (748704) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 25761146 | 26509850 |
| &nbsp;&nbsp;&nbsp;End of period | $11151207 | $25761146 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 143763 | 566825 |
| &nbsp;&nbsp;&nbsp;Class A | 13432 | 15794 |
| &nbsp;&nbsp;&nbsp;Class C | 1019 | 1034 |
| &nbsp;&nbsp;&nbsp;Class H | 2816 | 3753 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 1604 |
| &nbsp;&nbsp;&nbsp;Class A |  | 1082 |
| &nbsp;&nbsp;&nbsp;Class C |  | 121 |
| &nbsp;&nbsp;&nbsp;Class H |  | 74 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (317204) | (599608) |
| &nbsp;&nbsp;&nbsp;Class A | (7093) | (22127) |
| &nbsp;&nbsp;&nbsp;Class C | (1675) | (3414) |
| &nbsp;&nbsp;&nbsp;Class H | (872) | (5075) |
| Net decrease in shares | (165814) | (39937) |

---

6 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BANKING FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $98.33 | $88.13 | $70.50 | $99.66 | $95.71 | $51.83 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .80 | 1.71 | 1.96 | 1.43 | 1.03 | 1.25 |
| Net gain (loss) on investments (realized and unrealized) | 17.93 | 11.82 <sup>e</sup> | 16.90 | (28.00) | 3.42 | 44.89 |
| Total from investment operations | 18.73 | 13.53 | 18.86 | (26.57) | 4.45 | 46.14 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Total distributions |  | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Net asset value, end of period | $117.06 | $98.33 | $88.13 | $70.50 | $99.66 | $95.71 |
| **Total Return** | **19.05%** | **15.06%** | **26.99%** | **(27.01** **%)** | **4.62%** | **90.06%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $7259 | $23151 | $23499 | $1531 | $4239 | $9027 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.57% | 1.80% | 2.46% | 1.62% | 1.02% | 1.79% |
| Total expenses | 1.48% | 1.43% | 1.43% | 1.40% | 1.36% | 1.43% |
| Net expenses<sup>c</sup> | 1.43% | 1.38% | 1.39% | 1.40% | 1.36% | 1.43% |
| Portfolio turnover rate | 75% | 280% | 233% | 384% | 501% | 799% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $86.41 | $77.97 | $62.66 | $89.12 | $85.85 | $46.98 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .60 | 1.16 | 1.49 | 1.08 | .71 | 1.02 |
| Net gain (loss) on investments (realized and unrealized) | 15.75 | 10.61 <sup>e</sup> | 15.05 | (24.95) | 3.06 | 40.11 |
| Total from investment operations | 16.35 | 11.77 | 16.54 | (23.87) | 3.77 | 41.13 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Total distributions |  | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Net asset value, end of period | $102.76 | $86.41 | $77.97 | $62.66 | $89.12 | $85.85 |
| **Total Return<sup>d</sup>** | **18.92%** | **14.76%** | **26.66%** | **(27.18** **%)** | **4.36%** | **88.72%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3361 | $2278 | $2465 | $2845 | $4591 | $4050 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.27% | 1.36% | 2.25% | 1.38% | 0.77% | 1.67% |
| Total expenses | 1.69% | 1.69% | 1.69% | 1.65% | 1.61% | 1.69% |
| Net expenses<sup>c</sup> | 1.64% | 1.64% | 1.65% | 1.65% | 1.61% | 1.69% |
| Portfolio turnover rate | 75% | 280% | 233% | 384% | 501% | 799% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 7

**BANKING FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $72.14 | $66.03 | $53.62 | $77.28 | $75.07 | $41.57 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .18 | .46 | .85 | .41 | .03 | .49 |
| Net gain (loss) on investments (realized and unrealized) | 13.15 | 8.98 <sup>e</sup> | 12.79 | (21.48) | 2.68 | 35.27 |
| Total from investment operations | 13.33 | 9.44 | 13.64 | (21.07) | 2.71 | 35.76 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Total distributions |  | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Net asset value, end of period | $85.47 | $72.14 | $66.03 | $53.62 | $77.28 | $75.07 |
| **Total Return<sup>d</sup>** | **18.48%** | **13.91%** | **25.72%** | **(27.73** **%)** | **3.58%** | **87.34%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $150 | $174 | $308 | $828 | $2010 | $892 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.47% | 0.64% | 1.54% | 0.61% | 0.03% | 0.93% |
| Total expenses | 2.46% | 2.44% | 2.43% | 2.40% | 2.36% | 2.45% |
| Net expenses<sup>c</sup> | 2.41% | 2.39% | 2.41% | 2.40% | 2.36% | 2.45% |
| Portfolio turnover rate | 75% | 280% | 233% | 384% | 501% | 799% |

---

8 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BANKING FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $83.81 | $75.71 | $60.85 | $86.66 | $83.48 | $45.73 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .56 | 1.17 | 1.47 | .91 | .63 | .85 |
| Net gain (loss) on investments (realized and unrealized) | 15.29 | 10.26 <sup>e</sup> | 14.62 | (24.13) | 3.05 | 39.16 |
| Total from investment operations | 15.85 | 11.43 | 16.09 | (23.22) | 3.68 | 40.01 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Total distributions |  | (3.33) | (1.23) | (2.59) | (.50) | (2.26) |
| Net asset value, end of period | $99.66 | $83.81 | $75.71 | $60.85 | $86.66 | $83.48 |
| **Total Return** | **18.91%** | **14.77%** | **26.66%** | **(27.18** **%)** | **4.38%** | **88.66%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $382 | $158 | $237 | $114 | $2316 | $4601 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.22% | 1.42% | 2.23% | 1.16% | 0.71% | 1.15% |
| Total expenses | 1.69% | 1.69% | 1.69% | 1.65% | 1.60% | 1.63% |
| Net expenses<sup>c</sup> | 1.64% | 1.64% | 1.65% | 1.65% | 1.60% | 1.63% |
| Portfolio turnover rate | 75% | 280% | 233% | 384% | 501% | 799% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 9

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **BASIC MATERIALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
| **Mining - 34.2%** | **Mining - 34.2%** | **Mining - 34.2%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 8847 | $745891 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 13245 | 519469 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 12977 | 425256 |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 2448 | 412635 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 13568 | 337165 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 2841 | 317737 |
| &nbsp;&nbsp;&nbsp;Teck Resources Ltd. — Class B | 7120 | 312497 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 1393 | 310514 |
| &nbsp;&nbsp;&nbsp;First Majestic Silver Corp. | 25088 | 308331 |
| &nbsp;&nbsp;&nbsp;Rio Tinto plc ADR | 4623 | 305164 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc | 4248 | 298762 |
| &nbsp;&nbsp;&nbsp;BHP Group Ltd. ADR | 5328 | 297036 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 7668 | 296982 |
| &nbsp;&nbsp;&nbsp;IAMGOLD Corp.\* | 22751 | 294170 |
| &nbsp;&nbsp;&nbsp;B2Gold Corp. | 58681 | 290471 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Company Ltd. ADR | 15977 | 289983 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. — Class A | 8236 | 287107 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 1402 | 281213 |
| &nbsp;&nbsp;&nbsp;Gold Fields Ltd. ADR | 6655 | 279244 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.\* | 14751 | 276729 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. | 17868 | 270879 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | 2187 | 265456 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp.\* | 23211 | 260427 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp.\* | 8576 | 247761 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.\* | 3649 | 244738 |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 6642 | 218455 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 17883 | 216384 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.\* | 6967 | 170134 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 3327 | 97681 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 620 | 47839 |
| **Total Mining** |  | 8926110 |
| **Chemicals - 29.8%** | **Chemicals - 29.8%** | **Chemicals - 29.8%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 2335 | 1109125 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 1867 | 646468 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 2283 | 625222 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 2040 | 556349 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 5488 | 427515 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 3358 | 352959 |
| &nbsp;&nbsp;&nbsp;Nutrien Ltd. | 5036 | 295664 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 3293 | 295382 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 12430 | 285020 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 4610 | 283700 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 2350 | 277018 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 7327 | 254100 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 3091 | 250618 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. — Class A | 5108 | 250496 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 3040 | 191672 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.\* | 6172 | 176643 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | 6983 | 175762 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. — Class A | 3550 | 149384 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 1898 | 144343 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 4245 | 142759 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 3654 | 120399 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 4803 | 120027 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | 1466 | 112970 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | 7029 | 111339 |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 2151 | 103055 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 612 | 91837 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | 9075 | 81494 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 413 | 75463 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 920 | 70987 |
| **Total Chemicals** |  | 7777770 |
| **Building Materials - 10.2%** | **Building Materials - 10.2%** | **Building Materials - 10.2%** |
| &nbsp;&nbsp;&nbsp;CRH plc | 5736 | 687746 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 1567 | 482041 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 731 | 460735 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries plc\* | 14547 | 279448 |
| &nbsp;&nbsp;&nbsp;Cemex SAB de CV ADR | 26910 | 241921 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 806 | 187830 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 1900 | 168796 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 1975 | 151818 |
| **Total Building Materials** |  | 2660335 |
| **Packaging & Containers - 9.3%** | **Packaging & Containers - 9.3%** | **Packaging & Containers - 9.3%** |
| &nbsp;&nbsp;&nbsp;Amcor plc | 40390 | 330390 |
| &nbsp;&nbsp;&nbsp;Packaging Corporation of America | 1516 | 330382 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 6479 | 275811 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 5467 | 275646 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 2570 | 248236 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 1652 | 220806 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 8858 | 173351 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 4894 | 173003 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 3413 | 147066 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 3363 | 144643 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 7921 | 102736 |
| **Total Packaging & Containers** |  | 2422070 |
| **Iron & Steel - 8.4%** | **Iron & Steel - 8.4%** | **Iron & Steel - 8.4%** |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 2962 | 401144 |
| &nbsp;&nbsp;&nbsp;Vale S.A. ADR | 31992 | 347433 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 2422 | 337699 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 1080 | 265183 |
| &nbsp;&nbsp;&nbsp;ArcelorMittal S.A. | 6931 | 250556 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 780 | 219047 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 3249 | 186103 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\* | 15059 | 183720 |
| **Total Iron & Steel** |  | 2190885 |
| **Biotechnology - 1.9%** | **Biotechnology - 1.9%** | **Biotechnology - 1.9%** |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 7262 | 491129 |
| **Forest Products & Paper - 1.4%** | **Forest Products & Paper - 1.4%** | **Forest Products & Paper - 1.4%** |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 8065 | 374216 |
| **Coal - 1.4%** | **Coal - 1.4%** | **Coal - 1.4%** |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 1968 | 164289 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 2226 | 141663 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.\* | 372 | 61041 |
| **Total Coal** |  | 366993 |

---

10 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **BASIC MATERIALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Aerospace & Defense - 1.0%** | **Aerospace & Defense - 1.0%** | **Aerospace & Defense - 1.0%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc.\* | 3221 | $261996 |
| **Household Products & Housewares - 1.0%** | **Household Products & Housewares - 1.0%** | **Household Products & Housewares - 1.0%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 1606 | 260445 |
| **Housewares - 0.4%** | **Housewares - 0.4%** | **Housewares - 0.4%** |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. — Class A | 2009 | 114413 |
| **Environmental Control - 0.4%** | **Environmental Control - 0.4%** | **Environmental Control - 0.4%** |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.\* | 8306 | 109224 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,958,824) |  | 25955586 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $104912 | 104912 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 75491 | 75491 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $180,403) |  | 180403 |
| **Total Investments - 100.1%** | **Total Investments - 100.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,139,227) | &nbsp;&nbsp;&nbsp;(Cost $14,139,227) | $26135989 |
| **Other Assets & Liabilities, net - (0.1)%** | **Other Assets & Liabilities, net - (0.1)%** | (32954) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $26103035 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $25955586 | $— | $— | $25955586 |
| Repurchase Agreements |  | 180403 |  | 180403 |
| Total Assets | $25955586 | $180403 | $— | $26135989 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 11

**BASIC MATERIALS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $13,958,824) | $25955586 |
| Repurchase agreements, at value (cost $180,403) | 180403 |
| Cash | 4 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 19206 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 8500 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 113 |
| &nbsp;&nbsp;&nbsp;Interest | 21 |
| **Total assets** | 26163833 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 17402 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 13966 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 7345 |
| &nbsp;&nbsp;&nbsp;Printing fees | 4705 |
| &nbsp;&nbsp;&nbsp;Professional fees | 4313 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2398 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2098 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 239 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 8332 |
| **Total liabilities** | 60798 |
| **Net assets** | $26103035 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $15836887 |
| Total distributable earnings (loss) | 10266148 |
| Net assets | $26103035 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $16339218 |
| Capital shares outstanding | 179054 |
| Net asset value per share | $91.25 |
| **Class A:** | **Class A:** |
| Net assets | $7311583 |
| Capital shares outstanding | 88907 |
| Net asset value per share | $82.24 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $86.34 |
| **Class C:** | **Class C:** |
| Net assets | $871880 |
| Capital shares outstanding | 13295 |
| Net asset value per share | $65.58 |
| **Class H:** | **Class H:** |
| Net assets | $1580354 |
| Capital shares outstanding | 20008 |
| Net asset value per share | $78.99 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $4,991) | $222188 |
| Interest | 2413 |
| Income from securities lending, net | 1389 |
| &nbsp;&nbsp;&nbsp;Total investment income | 225990 |
| **Expenses:** | **Expenses:** |
| Management fees | 101391 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 7950 |
| &nbsp;&nbsp;&nbsp;Class C | 4148 |
| &nbsp;&nbsp;&nbsp;Class H | 1318 |
| Transfer agent fees | 25240 |
| Portfolio accounting and administration fees | 18190 |
| Registration fees | 14489 |
| Professional fees | 5636 |
| Custodian fees | 1669 |
| Trustees' fees\* | 1583 |
| Line of credit fees | 21 |
| Miscellaneous | 4620 |
| &nbsp;&nbsp;&nbsp;Total expenses | 186255 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (5965) |
| Net expenses | 180290 |
| Net investment income | 45700 |
| **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 | 333566 |
| Net realized gain | 333566 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 3629133 |
| Net change in unrealized appreciation (depreciation) | 3629133 |
| Net realized and unrealized gain | 3962699 |
| **Net increase in net assets resulting from operations** | $4008399 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

12 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BASIC MATERIALS 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 | $45700 | $116821 |
| Net realized gain on investments | 333566 | 3071365 |
| Net change in unrealized appreciation (depreciation) on investments | 3629133 | (3707128) |
| Net increase (decrease) in net assets resulting from operations | 4008399 | (518942) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (1661579) |
| &nbsp;&nbsp;&nbsp;Class A |  | (713109) |
| &nbsp;&nbsp;&nbsp;Class C |  | (147923) |
| &nbsp;&nbsp;&nbsp;Class H |  | (127539) |
| Total distributions to shareholders |  | (2650150) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 17968809 | 11309203 |
| &nbsp;&nbsp;&nbsp;Class A | 812764 | 1487818 |
| &nbsp;&nbsp;&nbsp;Class C | 87175 | 117383 |
| &nbsp;&nbsp;&nbsp;Class H | 728517 | 217844 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 1611461 |
| &nbsp;&nbsp;&nbsp;Class A |  | 700267 |
| &nbsp;&nbsp;&nbsp;Class C |  | 147355 |
| &nbsp;&nbsp;&nbsp;Class H |  | 127139 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (19406027) | (15053250) |
| &nbsp;&nbsp;&nbsp;Class A | (720901) | (2494375) |
| &nbsp;&nbsp;&nbsp;Class C | (214971) | (913888) |
| &nbsp;&nbsp;&nbsp;Class H | (194959) | (374616) |
| Net decrease from capital share transactions | (939593) | (3117659) |
| Net increase (decrease) in net assets | 3068806 | (6286751) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 23034229 | 29320980 |
| &nbsp;&nbsp;&nbsp;End of period | $26103035 | $23034229 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 223527 | 135558 |
| &nbsp;&nbsp;&nbsp;Class A | 10741 | 19279 |
| &nbsp;&nbsp;&nbsp;Class C | 1432 | 1888 |
| &nbsp;&nbsp;&nbsp;Class H | 10110 | 2870 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 20557 |
| &nbsp;&nbsp;&nbsp;Class A |  | 9892 |
| &nbsp;&nbsp;&nbsp;Class C |  | 2595 |
| &nbsp;&nbsp;&nbsp;Class H |  | 1870 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (245934) | (178830) |
| &nbsp;&nbsp;&nbsp;Class A | (9888) | (32621) |
| &nbsp;&nbsp;&nbsp;Class C | (3688) | (14848) |
| &nbsp;&nbsp;&nbsp;Class H | (2861) | (5492) |
| Net decrease in shares | (16561) | (37282) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 13

**BASIC MATERIALS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $75.97 | $86.40 | $80.67 | $89.73 | $78.37 | $42.39 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .20 | .46 | .67 | .89 | .60 | .43 |
| Net gain (loss) on investments (realized and unrealized) | 15.08 | (2.31) | 6.81 | (8.66) | 12.39 | 37.12 |
| Total from investment operations | 15.28 | (1.85) | 7.48 | (7.77) | 12.99 | 37.55 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.04) | (1.75) | (1.29) |  | (.54) |
| Net realized gains |  | (8.54) |  |  | (1.63) | (1.03) |
| Total distributions |  | (8.58) | (1.75) | (1.29) | (1.63) | (1.57) |
| Net asset value, end of period | $91.25 | $75.97 | $86.40 | $80.67 | $89.73 | $78.37 |
| **Total Return** | **20.11%** | **(2.45** **%)** | **9.55%** | **(8.59** **%)** | **16.72%** | **89.00%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $16339 | $15305 | $19369 | $23164 | $51058 | $38112 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.49% | 0.55% | 0.85% | 1.11% | 0.71% | 0.67% |
| Total expenses | 1.45% | 1.44% | 1.43% | 1.39% | 1.36% | 1.43% |
| Net expenses<sup>c</sup> | 1.40% | 1.39% | 1.40% | 1.39% | 1.36% | 1.43% |
| Portfolio turnover rate | 83% | 51% | 49% | 126% | 169% | 162% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $68.55 | $78.99 | $74.08 | $82.73 | $72.55 | $39.41 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .09 | .24 | .46 | .56 | .35 | .25 |
| Net gain (loss) on investments (realized and unrealized) | 13.60 | (2.10) | 6.20 | (7.92) | 11.46 | 34.46 |
| Total from investment operations | 13.69 | (1.86) | 6.66 | (7.36) | 11.81 | 34.71 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.04) | (1.75) | (1.29) |  | (.54) |
| Net realized gains |  | (8.54) |  |  | (1.63) | (1.03) |
| Total distributions |  | (8.58) | (1.75) | (1.29) | (1.63) | (1.57) |
| Net asset value, end of period | $82.24 | $68.55 | $78.99 | $74.08 | $82.73 | $72.55 |
| **Total Return<sup>d</sup>** | **19.97%** | **(2.70** **%)** | **9.29%** | **(8.83** **%)** | **16.43%** | **88.52%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $7312 | $6036 | $7228 | $7563 | $7506 | $5599 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.26% | 0.32% | 0.63% | 0.77% | 0.45% | 0.44% |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 83% | 51% | 49% | 126% | 169% | 162% |

---

14 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BASIC MATERIALS FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $54.87 | $65.40 | $62.10 | $70.12 | $62.18 | $34.17 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.15) | (.30) | (.11) | — <sup>e</sup> | (.18) | (.17) |
| Net gain (loss) on investments (realized and unrealized) | 10.86 | (1.65) | 5.16 | (6.73) | 9.75 | 29.75 |
| Total from investment operations | 10.71 | (1.95) | 5.05 | (6.73) | 9.57 | 29.58 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.04) | (1.75) | (1.29) |  | (.54) |
| Net realized gains |  | (8.54) |  |  | (1.63) | (1.03) |
| Total distributions |  | (8.58) | (1.75) | (1.29) | (1.63) | (1.57) |
| Net asset value, end of period | $65.58 | $54.87 | $65.40 | $62.10 | $70.12 | $62.18 |
| **Total Return<sup>d</sup>** | **19.52%** | **(3.43** **%)** | **8.47%** | **(9.51** **%)** | **15.57%** | **87.07%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $872 | $853 | $1695 | $2627 | $3839 | $2534 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.53%) | (0.47%) | (0.18%) | — <sup>f</sup> | (0.27%) | (0.34%) |
| Total expenses | 2.45% | 2.43% | 2.43% | 2.39% | 2.36% | 2.44% |
| Net expenses<sup>c</sup> | 2.40% | 2.38% | 2.40% | 2.39% | 2.36% | 2.44% |
| Portfolio turnover rate | 83% | 51% | 49% | 126% | 169% | 162% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 15

**BASIC MATERIALS FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $65.84 | $76.20 | $71.53 | $79.95 | $70.17 | $38.15 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .11 | .24 | .41 | .28 | .56 | .19 |
| Net gain (loss) on investments (realized and unrealized) | 13.04 | (2.02) | 6.01 | (7.41) | 10.85 | 33.40 |
| Total from investment operations | 13.15 | (1.78) | 6.42 | (7.13) | 11.41 | 33.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.04) | (1.75) | (1.29) |  | (.54) |
| Net realized gains |  | (8.54) |  |  | (1.63) | (1.03) |
| Total distributions |  | (8.58) | (1.75) | (1.29) | (1.63) | (1.57) |
| Net asset value, end of period | $78.99 | $65.84 | $76.20 | $71.53 | $79.95 | $70.17 |
| **Total Return** | **19.97%** | **(2.69** **%)** | **9.29%** | **(8.85** **%)** | **16.42%** | **88.51%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1580 | $840 | $1030 | $1563 | $10420 | $2108 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.31% | 0.33% | 0.59% | 0.38% | 0.73% | 0.33% |
| Total expenses | 1.69% | 1.69% | 1.68% | 1.65% | 1.60% | 1.68% |
| Net expenses<sup>c</sup> | 1.64% | 1.64% | 1.65% | 1.65% | 1.60% | 1.68% |
| Portfolio turnover rate | 83% | 51% | 49% | 126% | 169% | 162% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>e</sup> Less than $0.01 per share.

<sup>f</sup> Less than 0.01% or (0.01%).

16 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **BIOTECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** |
| **Biotechnology - 74.0%** | **Biotechnology - 74.0%** | **Biotechnology - 74.0%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 16944 | $4781597 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 39678 | 4404258 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 9824 | 3847471 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.\* | 6549 | 2986344 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 5220 | 2935049 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 37439 | 2532000 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.\* | 14856 | 2139413 |
| &nbsp;&nbsp;&nbsp;BeOne Medicines Ltd. ADR\* | 5380 | 1832966 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 12010 | 1682361 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma plc — Class A | 45201 | 1594691 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 16980 | 1440074 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.\* | 14883 | 1413439 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.\* | 31282 | 1291947 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.\* | 19219 | 1257307 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 2944 | 1234154 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | 22529 | 1220171 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR\* | 1606 | 1184521 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 22288 | 1157639 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 44782 | 1156719 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG\* | 17765 | 1151350 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 14945 | 1096066 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.\* | 22369 | 1044632 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 18238 | 1002361 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd.\* | 65652 | 993315 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 22699 | 988995 |
| &nbsp;&nbsp;&nbsp;BioNTech SE ADR\* | 9770 | 963517 |
| &nbsp;&nbsp;&nbsp;Legend Biotech Corp. ADR\* | 28641 | 933983 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 25822 | 932820 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 25732 | 887497 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 20861 | 868861 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.\* | 7076 | 859380 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.\* | 13705 | 841076 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc. — Class A\* | 9101 | 787055 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.\* | 15936 | 756641 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 46352 | 679520 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.\* | 25572 | 672032 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.\* | 19032 | 653369 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.\* | 37341 | 644879 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.\* | 21146 | 636072 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.\* | 30185 | 623622 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 22690 | 617395 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 75850 | 597698 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 27963 | 596730 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.\* | 24367 | 591387 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 25973 | 587769 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.\* | 7093 | 582335 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc. — Class A\* | 109524 | 534477 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.\* | 27633 | 532488 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 19960 | 516365 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.\* | 34334 | 498530 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 38536 | 487480 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc.\* | 7138 | 482529 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.\* | 52500 | 455175 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.\* | 42694 | 423951 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.\* | 25277 | 407465 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 2302 | 406372 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 84719 | 183840 |
| **Total Biotechnology** |  | 66611150 |
| **Pharmaceuticals - 20.1%** | **Pharmaceuticals - 20.1%** | **Pharmaceuticals - 20.1%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 34334 | 7949694 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 23877 | 1831843 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 10154 | 1425419 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 132990 | 1316601 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc\* | 9538 | 1257108 |
| &nbsp;&nbsp;&nbsp;Alkermes plc\* | 36181 | 1085430 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 24002 | 864552 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 12349 | 820344 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 13883 | 557264 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 1142 | 523790 |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR\* | 2436 | 484301 |
| **Total Pharmaceuticals** |  | 18116346 |
| **Healthcare-Products - 5.1%** | **Healthcare-Products - 5.1%** | **Healthcare-Products - 5.1%** |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 10600 | 1706282 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.\* | 22262 | 1217954 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 17952 | 1121641 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.\* | 18229 | 512964 |
| **Total Healthcare-Products** |  | 4558841 |
| **Healthcare-Services - 0.8%** | **Healthcare-Services - 0.8%** | **Healthcare-Services - 0.8%** |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | 1338 | 687946 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $46,830,338) |  | 89974283 |
| **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** | **RIGHTS<sup>†††</sup>** **- 0.0%** |
| **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** |
| Sanofi SA | 8866 |  |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  |  |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.2%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.2%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.2%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $109318 | 109318 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 78661 | 78661 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $187,979) |  | 187979 |
| **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $47,018,317) | &nbsp;&nbsp;&nbsp;(Cost $47,018,317) | $90162262 |
| **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (162542) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $89999720 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 17

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **BIOTECHNOLOGY FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $89974283 | $— | $— | $89974283 |
| Rights |  | — \* |  |  |
| Repurchase Agreements |  | 187979 |  | 187979 |
| Total Assets | $89974283 | $187979 | $— | $90162262 |

---

\* Security has a market value of $0.

18 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BIOTECHNOLOGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $46,830,338) | $89974283 |
| Repurchase agreements, at value (cost $187,979) | 187979 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 25593 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 4335 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 2176 |
| &nbsp;&nbsp;&nbsp;Interest | 22 |
| **Total assets** | 90194388 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 60115 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 34398 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 26076 |
| &nbsp;&nbsp;&nbsp;Printing fees | 16262 |
| &nbsp;&nbsp;&nbsp;Professional fees | 14906 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 7249 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 3876 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 854 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 30932 |
| **Total liabilities** | 194668 |
| **Net assets** | $89999720 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $37460924 |
| Total distributable earnings (loss) | 52538796 |
| Net assets | $89999720 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $71648492 |
| Capital shares outstanding | 979315 |
| Net asset value per share | $73.16 |
| **Class A:** | **Class A:** |
| Net assets | $13579518 |
| Capital shares outstanding | 219679 |
| Net asset value per share | $61.82 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $64.90 |
| **Class C:** | **Class C:** |
| Net assets | $476022 |
| Capital shares outstanding | 10410 |
| Net asset value per share | $45.73 |
| **Class H:** | **Class H:** |
| Net assets | $4295688 |
| Capital shares outstanding | 73416 |
| Net asset value per share | $58.51 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $560) | $318108 |
| Interest | 9044 |
| Income from securities lending, net | 20643 |
| &nbsp;&nbsp;&nbsp;Total investment income | 347795 |
| **Expenses:** | **Expenses:** |
| Management fees | 360458 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 15759 |
| &nbsp;&nbsp;&nbsp;Class C | 2416 |
| &nbsp;&nbsp;&nbsp;Class H | 4953 |
| Transfer agent fees | 90093 |
| Portfolio accounting and administration fees | 64669 |
| Registration fees | 55045 |
| Professional fees | 19343 |
| Trustees' fees\* | 6003 |
| Custodian fees | 5971 |
| Line of credit fees | 138 |
| Miscellaneous | 12993 |
| &nbsp;&nbsp;&nbsp;Total expenses | 637841 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (21204) |
| Net expenses | 616637 |
| Net investment loss | (268842) |
| **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 | 4716974 |
| Net realized gain | 4716974 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 7587805 |
| Net change in unrealized appreciation (depreciation) | 7587805 |
| Net realized and unrealized gain | 12304779 |
| **Net increase in net assets resulting from operations** | $12035937 |

---

\* 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 \| 19

**BIOTECHNOLOGY 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 | $(268842) | $(567790) |
| Net realized gain on investments | 4716974 | 15323055 |
| Net change in unrealized appreciation (depreciation) on investments | 7587805 | (16898230) |
| Net increase (decrease) in net assets resulting from operations | 12035937 | (2142965) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (9701133) |
| &nbsp;&nbsp;&nbsp;Class A |  | (1949576) |
| &nbsp;&nbsp;&nbsp;Class C |  | (113689) |
| &nbsp;&nbsp;&nbsp;Class H |  | (693526) |
| Total distributions to shareholders |  | (12457924) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 13853638 | 64276404 |
| &nbsp;&nbsp;&nbsp;Class A | 650637 | 2045858 |
| &nbsp;&nbsp;&nbsp;Class C | 26969 | 241921 |
| &nbsp;&nbsp;&nbsp;Class H | 241004 | 259634 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 9212273 |
| &nbsp;&nbsp;&nbsp;Class A |  | 1904738 |
| &nbsp;&nbsp;&nbsp;Class C |  | 113011 |
| &nbsp;&nbsp;&nbsp;Class H |  | 692709 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (21778467) | (80516169) |
| &nbsp;&nbsp;&nbsp;Class A | (1409692) | (3864732) |
| &nbsp;&nbsp;&nbsp;Class C | (131478) | (686376) |
| &nbsp;&nbsp;&nbsp;Class H | (589021) | (1354279) |
| Net decrease from capital share transactions | (9136410) | (7675008) |
| Net increase (decrease) in net assets | 2899527 | (22275897) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 87100193 | 109376090 |
| &nbsp;&nbsp;&nbsp;End of period | $89999720 | $87100193 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 218355 | 893682 |
| &nbsp;&nbsp;&nbsp;Class A | 12054 | 32226 |
| &nbsp;&nbsp;&nbsp;Class C | 661 | 4610 |
| &nbsp;&nbsp;&nbsp;Class H | 4632 | 4355 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 136701 |
| &nbsp;&nbsp;&nbsp;Class A |  | 33387 |
| &nbsp;&nbsp;&nbsp;Class C |  | 2662 |
| &nbsp;&nbsp;&nbsp;Class H |  | 12828 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (338594) | (1114226) |
| &nbsp;&nbsp;&nbsp;Class A | (25382) | (60853) |
| &nbsp;&nbsp;&nbsp;Class C | (3198) | (13621) |
| &nbsp;&nbsp;&nbsp;Class H | (11590) | (22635) |
| Net decrease in shares | (143062) | (90884) |

---

20 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BIOTECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $63.62 | $74.64 | $68.29 | $73.30 | $94.01 | $71.72 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.19) | (.37) | (.26) | (.24) | (.52) | (.58) |
| Net gain (loss) on investments (realized and unrealized) | 9.73 | (1.23) | 6.61 | (3.87) | (4.42) | 29.82 |
| Total from investment operations | 9.54 | (1.60) | 6.35 | (4.11) | (4.94) | 29.24 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (9.42) |  | (.90) | (15.77) | (6.95) |
| Total distributions |  | (9.42) |  | (.90) | (15.77) | (6.95) |
| Net asset value, end of period | $73.16 | $63.62 | $74.64 | $68.29 | $73.30 | $94.01 |
| **Total Return** | **15.00%** | **(2.85** **%)** | **9.30%** | **(5.64** **%)** | **(6.81** **%)** | **40.80%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $71648 | $69949 | $88328 | $93776 | $122777 | $151506 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.58%) | (0.50%) | (0.37%) | (0.34%) | (0.56%) | (0.62%) |
| Total expenses | 1.45% | 1.44% | 1.43% | 1.39% | 1.36% | 1.45% |
| Net expenses<sup>c</sup> | 1.40% | 1.39% | 1.40% | 1.39% | 1.36% | 1.45% |
| Portfolio turnover rate | 27% | 79% | 51% | 61% | 65% | 115% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $53.82 | $64.71 | $59.35 | $63.98 | $84.21 | $64.92 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.23) | (.47) | (.38) | (.35) | (.65) | (.73) |
| Net gain (loss) on investments (realized and unrealized) | 8.23 | (1.00) | 5.74 | (3.38) | (3.81) | 26.97 |
| Total from investment operations | 8.00 | (1.47) | 5.36 | (3.73) | (4.46) | 26.24 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (9.42) |  | (.90) | (15.77) | (6.95) |
| Total distributions |  | (9.42) |  | (.90) | (15.77) | (6.95) |
| Net asset value, end of period | $61.82 | $53.82 | $64.71 | $59.35 | $63.98 | $84.21 |
| **Total Return<sup>d</sup>** | **14.86%** | **(3.09** **%)** | **9.03%** | **(5.87** **%)** | **(7.04** **%)** | **40.44%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $13580 | $12540 | $14770 | $16121 | $19263 | $22317 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.83%) | (0.75%) | (0.62%) | (0.59%) | (0.80%) | (0.87%) |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 27% | 79% | 51% | 61% | 65% | 115% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 21

**BIOTECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $39.96 | $50.77 | $46.92 | $51.15 | $70.90 | $55.85 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.32) | (.74) | (.66) | (.64) | (1.09) | (1.15) |
| Net gain (loss) on investments (realized and unrealized) | 6.09 | (.65) | 4.51 | (2.69) | (2.89) | 23.15 |
| Total from investment operations | 5.77 | (1.39) | 3.85 | (3.33) | (3.98) | 22.00 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (9.42) |  | (.90) | (15.77) | (6.95) |
| Total distributions |  | (9.42) |  | (.90) | (15.77) | (6.95) |
| Net asset value, end of period | $45.73 | $39.96 | $50.77 | $46.92 | $51.15 | $70.90 |
| **Total Return<sup>d</sup>** | **14.44%** | **(3.83** **%)** | **8.21%** | **(6.58** **%)** | **(7.74** **%)** | **39.39%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $476 | $517 | $980 | $1725 | $3174 | $8221 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.59%) | (1.50%) | (1.38%) | (1.34%) | (1.58%) | (1.61%) |
| Total expenses | 2.45% | 2.43% | 2.43% | 2.39% | 2.36% | 2.45% |
| Net expenses<sup>c</sup> | 2.40% | 2.38% | 2.40% | 2.39% | 2.36% | 2.45% |
| Portfolio turnover rate | 27% | 79% | 51% | 61% | 65% | 115% |

---

22 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**BIOTECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $50.94 | $61.74 | $56.63 | $61.09 | $81.10 | $62.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.22) | (.45) | (.36) | (.34) | (.64) | (.66) |
| Net gain (loss) on investments (realized and unrealized) | 7.79 | (.93) | 5.47 | (3.22) | (3.60) | 26.01 |
| Total from investment operations | 7.57 | (1.38) | 5.11 | (3.56) | (4.24) | 25.35 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (9.42) |  | (.90) | (15.77) | (6.95) |
| Total distributions |  | (9.42) |  | (.90) | (15.77) | (6.95) |
| Net asset value, end of period | $58.51 | $50.94 | $61.74 | $56.63 | $61.09 | $81.10 |
| **Total Return** | **14.86%** | **(3.10** **%)** | **9.02%** | **(5.87** **%)** | **(7.04** **%)** | **40.45%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4296 | $4094 | $5299 | $6096 | $9352 | $9565 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.83%) | (0.74%) | (0.62%) | (0.59%) | (0.82%) | (0.83%) |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.72% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.72% |
| Portfolio turnover rate | 27% | 79% | 51% | 61% | 65% | 115% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 23

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **CONSUMER PRODUCTS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
| **Food - 32.6%** | **Food - 32.6%** | **Food - 32.6%** |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 17815 | $1112903 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 11657 | 785798 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 9405 | 774408 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 4033 | 754373 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 12574 | 633981 |
| &nbsp;&nbsp;&nbsp;Kellanova | 7283 | 597352 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 21972 | 572151 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. — Class A | 9684 | 525841 |
| &nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 7573 | 506709 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.\* | 6434 | 492973 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.\* | 4650 | 483786 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | 3725 | 404535 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 19241 | 352303 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 3232 | 351642 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 5988 | 347783 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 2749 | 335680 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 13068 | 323302 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 9357 | 295494 |
| &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. — Class A | 15958 | 279425 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* | 2597 | 279126 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 2503 | 235532 |
| &nbsp;&nbsp;&nbsp;Marzetti Co. | 1255 | 216851 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 14410 | 188051 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.\* | 7167 | 177885 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.\* | 2872 | 167524 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 3757 | 152985 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.\* | 8864 | 142267 |
| **Total Food** |  | 11490660 |
| **Beverages - 26.4%** | **Beverages - 26.4%** | **Beverages - 26.4%** |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 28130 | 1865582 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 11932 | 1675730 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 12759 | 858808 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 26574 | 677903 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 7033 | 635854 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. — Class A | 3826 | 515247 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. — Class B | 15897 | 430491 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A. ADR | 7123 | 424602 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.\* | 6884 | 395761 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV ADR | 3961 | 390673 |
| &nbsp;&nbsp;&nbsp;Diageo plc ADR | 3529 | 336772 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 7377 | 333809 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 2637 | 308951 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. — Class A | 12578 | 277974 |
| &nbsp;&nbsp;&nbsp;Vita Coco Company, Inc.\* | 4091 | 173745 |
| **Total Beverages** |  | 9301902 |
| **Cosmetics & Personal Care - 16.2%** | **Cosmetics & Personal Care - 16.2%** | **Cosmetics & Personal Care - 16.2%** |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 14914 | 2291536 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 12016 | 960559 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. — Class A | 7515 | 662222 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 38760 | 629075 |
| &nbsp;&nbsp;&nbsp;Unilever plc ADR | 6528 | 386980 |
| &nbsp;&nbsp;&nbsp;Haleon plc ADR | 39695 | 356064 |
| &nbsp;&nbsp;&nbsp;elf Beauty, Inc.\* | 2434 | 322456 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 863 | 84902 |
| **Total Cosmetics & Personal Care** |  | 5693794 |
| **Agriculture - 14.6%** | **Agriculture - 14.6%** | **Agriculture - 14.6%** |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 11766 | 1908445 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 19578 | 1293323 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 10859 | 648717 |
| &nbsp;&nbsp;&nbsp;British American Tobacco plc ADR | 8817 | 468006 |
| &nbsp;&nbsp;&nbsp;Bunge Global S.A. | 5553 | 451181 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.\* | 8345 | 257610 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.\* | 3206 | 131927 |
| **Total Agriculture** |  | 5159209 |
| **Household Products & Housewares - 6.1%** | **Household Products & Housewares - 6.1%** | **Household Products & Housewares - 6.1%** |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 6198 | 770659 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 6209 | 544095 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 3845 | 474088 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | 5868 | 143590 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 2506 | 131640 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 406 | 80226 |
| **Total Household Products & Housewares** |  | 2144298 |
| **Retail - 2.2%** | **Retail - 2.2%** | **Retail - 2.2%** |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 987 | 557971 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.\* | 3718 | 204899 |
| **Total Retail** |  | 762870 |
| **Internet - 0.8%** | **Internet - 0.8%** | **Internet - 0.8%** |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.\* | 8081 | 297057 |
| **Pharmaceuticals - 0.7%** | **Pharmaceuticals - 0.7%** | **Pharmaceuticals - 0.7%** |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.\* | 7047 | 256159 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,213,414) |  | 35105949 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.3%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $52958 | 52958 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 38107 | 38107 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $91,065) |  | 91065 |
| **Total Investments - 99.9%** | **Total Investments - 99.9%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,304,479) | &nbsp;&nbsp;&nbsp;(Cost $19,304,479) | $35197014 |
| **Other Assets & Liabilities, net - 0.1%** | **Other Assets & Liabilities, net - 0.1%** | 32476 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $35229490 |

---

24 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **CONSUMER PRODUCTS FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $35105949 | $— | $— | $35105949 |
| Repurchase Agreements |  | 91065 |  | 91065 |
| Total Assets | $35105949 | $91065 | $— | $35197014 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 25

**CONSUMER PRODUCTS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $19,213,414) | $35105949 |
| Repurchase agreements, at value (cost $91,065) | 91065 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 366281 |
| &nbsp;&nbsp;&nbsp;Dividends | 61884 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 68 |
| &nbsp;&nbsp;&nbsp;Interest | 10 |
| **Total assets** | 35625257 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 247890 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 79074 |
| &nbsp;&nbsp;&nbsp;Management fees | 24277 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 11408 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2927 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2174 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 381 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 27636 |
| **Total liabilities** | 395767 |
| **Net assets** | $35229490 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $15849879 |
| Total distributable earnings (loss) | 19379611 |
| Net assets | $35229490 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $26672019 |
| Capital shares outstanding | 182368 |
| Net asset value per share | $146.25 |
| **Class A:** | **Class A:** |
| Net assets | $6674298 |
| Capital shares outstanding | 54688 |
| Net asset value per share | $122.04 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $128.13 |
| **Class C:** | **Class C:** |
| Net assets | $660954 |
| Capital shares outstanding | 7956 |
| Net asset value per share | $83.08 |
| **Class H:** | **Class H:** |
| Net assets | $1222219 |
| Capital shares outstanding | 10762 |
| Net asset value per share | $113.57 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $557141 |
| Interest | 3316 |
| Income from securities lending, net | 1074 |
| &nbsp;&nbsp;&nbsp;Total investment income | 561531 |
| **Expenses:** | **Expenses:** |
| Management fees | 163167 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | 9405 |
| &nbsp;&nbsp;&nbsp;Class C | 3914 |
| &nbsp;&nbsp;&nbsp;Class H | 1609 |
| Transfer agent fees | 41301 |
| Portfolio accounting and administration fees | 29273 |
| Registration fees | 26303 |
| Professional fees | 8604 |
| Trustees' fees\* | 2868 |
| Custodian fees | 2717 |
| Miscellaneous | 4641 |
| &nbsp;&nbsp;&nbsp;Total expenses | 293802 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (9598) |
| Net expenses | 284204 |
| Net investment income | 277327 |
| **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 | 2286037 |
| Net realized gain | 2286037 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (4082968) |
| Net change in unrealized appreciation (depreciation) | (4082968) |
| Net realized and unrealized loss | (1796931) |
| **Net decrease in net assets resulting from operations** | $(1519604) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

26 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**CONSUMER PRODUCTS 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 | $277327 | $652122 |
| Net realized gain on investments | 2286037 | 8881885 |
| Net change in unrealized appreciation (depreciation) on investments | (4082968) | (8786719 |
| Net increase (decrease) in net assets resulting from operations | (1519604) | 747288 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (2275500) |
| &nbsp;&nbsp;&nbsp;Class A |  | (545931) |
| &nbsp;&nbsp;&nbsp;Class C |  | (135211) |
| &nbsp;&nbsp;&nbsp;Class H |  | (105760 |
| Total distributions to shareholders |  | (3062402 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 5957089 | 34884877 |
| &nbsp;&nbsp;&nbsp;Class A | 421966 | 2252657 |
| &nbsp;&nbsp;&nbsp;Class C | 22916 | 81328 |
| &nbsp;&nbsp;&nbsp;Class H | 107907 | 678521 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 2204811 |
| &nbsp;&nbsp;&nbsp;Class A |  | 539309 |
| &nbsp;&nbsp;&nbsp;Class C |  | 133942 |
| &nbsp;&nbsp;&nbsp;Class H |  | 104579 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (8643299) | (53083484) |
| &nbsp;&nbsp;&nbsp;Class A | (1232577) | (3042112) |
| &nbsp;&nbsp;&nbsp;Class C | (283531) | (2221168) |
| &nbsp;&nbsp;&nbsp;Class H | (183366) | (729449 |
| Net decrease from capital share transactions | (3832895) | (18196189 |
| Net decrease in net assets | (5352499) | (20511303) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 40581989 | 61093292 |
| &nbsp;&nbsp;&nbsp;End of period | $35229490 | $40581989 |
| **Capital Share Activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 39147 | 222048 |
| &nbsp;&nbsp;&nbsp;Class A | 3339 | 17392 |
| &nbsp;&nbsp;&nbsp;Class C | 269 | 876 |
| &nbsp;&nbsp;&nbsp;Class H | 931 | 5433 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 14402 |
| &nbsp;&nbsp;&nbsp;Class A |  | 4213 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1528 |
| &nbsp;&nbsp;&nbsp;Class H |  | 878 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (56697) | (341504) |
| &nbsp;&nbsp;&nbsp;Class A | (9769) | (23129) |
| &nbsp;&nbsp;&nbsp;Class C | (3302) | (24011) |
| &nbsp;&nbsp;&nbsp;Class H | (1561) | (5897 |
| Net decrease in shares | (27643) | (127771 |

---

\* Reverse share split – capital share activity has been restated to reflect a 1:3 reverse share split effective February 24, 2025.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 27

**CONSUMER PRODUCTS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Six Months Ended <br> September 30,<br> 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 | $152.50 | $158.12 | $171.72 | $181.58 | $200.15 | $158.63 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.15 | 2.10 | 2.25 | 2.91 | 1.98 | 2.10 |
| Net gain (loss) on investments (realized and unrealized) | (7.40) | 1.94 | 1.04 <sup>e</sup> | (.50)<sup>f</sup> | 6.54 | 55.32 |
| Total from investment operations | (6.25) | 4.04 | 3.29 | 2.41 | 8.52 | 57.42 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (2.43) | (2.64) | (1.86) | (1.86) | (2.19) |
| Net realized gains |  | (7.23) | (14.25) | (10.41) | (25.23) | (13.71) |
| Total distributions |  | (9.66) | (16.89) | (12.27) | (27.09) | (15.90) |
| Net asset value, end of period | $146.25 | $152.50 | $158.12 | $171.72 | $181.58 | $200.15 |
| **Total Return** | **(4.10** **%)** | **2.53%** | **2.71%** | **1.40%** | **4.89%** | **36.78%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $26672 | $30487 | $48221 | $62816 | $67612 | $83023 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.52% | 1.35% | 1.39% | 1.65% | 1.01% | 1.12% |
| Total expenses | 1.45% | 1.43% | 1.43% | 1.39% | 1.36% | 1.45% |
| Net expenses<sup>c</sup> | 1.40% | 1.38% | 1.40% | 1.39% | 1.36% | 1.45% |
| Portfolio turnover rate | 17% | 57% | 43% | 79% | 60% | 38% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30,<br> 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 | $127.41 | $133.98 | $148.57 | $159.14 | $179.17 | $143.64 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .80 | 1.46 | 1.62 | 2.04 | 1.32 | 1.50 |
| Net gain (loss) on investments (realized and unrealized) | (6.17) | 1.63 | .68 <sup>e</sup> | (.34)<sup>f</sup> | 5.74 | 49.93 |
| Total from investment operations | (5.37) | 3.09 | 2.30 | 1.70 | 7.06 | 51.43 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (2.43) | (2.64) | (1.86) | (1.86) | (2.19) |
| Net realized gains |  | (7.23) | (14.25) | (10.41) | (25.23) | (13.71) |
| Total distributions |  | (9.66) | (16.89) | (12.27) | (27.09) | (15.90) |
| Net asset value, end of period | $122.04 | $127.41 | $133.98 | $148.57 | $159.14 | $179.17 |
| **Total Return<sup>d</sup>** | **(4.21** **%)** | **2.27%** | **2.46%** | **1.13%** | **4.65%** | **36.43%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6674 | $7787 | $8393 | $9449 | $9820 | $10751 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.27% | 1.12% | 1.15% | 1.34% | 0.76% | 0.89% |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 17% | 57% | 43% | 79% | 60% | 38% |

---

28 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**CONSUMER PRODUCTS FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30,<br> 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 | $87.05 | $95.21 | $111.52 | $123.41 | $146.04 | $120.23 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .23 | .30 | .39 | .66 |  | .18 |
| Net gain (loss) on investments (realized and unrealized) | (4.20) | 1.20 | .19 <sup>e</sup> | (.28)<sup>f</sup> | 4.46 | 41.53 |
| Total from investment operations | (3.97) | 1.50 | .58 | .38 | 4.46 | 41.71 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (2.43) | (2.64) | (1.86) | (1.86) | (2.19) |
| Net realized gains |  | (7.23) | (14.25) | (10.41) | (25.23) | (13.71) |
| Total distributions |  | (9.66) | (16.89) | (12.27) | (27.09) | (15.90) |
| Net asset value, end of period | $83.08 | $87.05 | $95.21 | $111.52 | $123.41 | $146.04 |
| **Total Return<sup>d</sup>** | **(4.56** **%)** | **1.51%** | **1.70%** | **0.37%** | **3.87%** | **35.40%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $661 | $957 | $3103 | $4845 | $6578 | $9035 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.53% | 0.32% | 0.38% | 0.56% |  | 0.12% |
| Total expenses | 2.46% | 2.43% | 2.43% | 2.39% | 2.36% | 2.45% |
| Net expenses<sup>c</sup> | 2.41% | 2.38% | 2.40% | 2.39% | 2.36% | 2.45% |
| Portfolio turnover rate | 17% | 57% | 43% | 79% | 60% | 38% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 29

**CONSUMER PRODUCTS FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30,<br> 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 | $118.56 | $125.33 | $140.13 | $150.80 | $171.18 | $137.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .75 | 1.37 | 1.50 | 1.86 | 1.14 | 1.47 |
| Net gain (loss) on investments (realized and unrealized) | (5.74) | 1.52 | .59 <sup>e</sup> | (.26)<sup>f</sup> | 5.57 | 47.82 |
| Total from investment operations | (4.99) | 2.89 | 2.09 | 1.60 | 6.71 | 49.29 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (2.43) | (2.64) | (1.86) | (1.86) | (2.19) |
| Net realized gains |  | (7.23) | (14.25) | (10.41) | (25.23) | (13.71) |
| Total distributions |  | (9.66) | (16.89) | (12.27) | (27.09) | (15.90) |
| Net asset value, end of period | $113.57 | $118.56 | $125.33 | $140.13 | $150.80 | $171.18 |
| **Total Return** | **(4.21** **%)** | **2.27%** | **2.45%** | **1.14%** | **4.65%** | **36.43%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1222 | $1351 | $1376 | $1741 | $2443 | $5601 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.28% | 1.12% | 1.15% | 1.28% | 0.68% | 0.90% |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 17% | 57% | 43% | 79% | 60% | 38% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>e</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>g</sup> Reverse share split — Per share amounts have been restated to reflect 1:3 reverse share split effective February 24, 2025.

30 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **ELECTRONICS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Semiconductors - 92.8%** | **Semiconductors - 92.8%** | **Semiconductors - 92.8%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 96663 | $18035383 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 30622 | 10102504 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 27427 | 4437414 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 22079 | 3694258 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 17813 | 3647034 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 107417 | 3603840 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 26788 | 3586913 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 21509 | 3578237 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 18658 | 3428034 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 3077 | 3318852 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 11797 | 2898523 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 30317 | 2548750 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 1996 | 1837598 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 1887 | 1826786 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. ADR | 6459 | 1803934 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 7884 | 1795423 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 23947 | 1537876 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 9958 | 1370619 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.\* | 6331 | 1239610 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 24035 | 1185166 |
| &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR\* | 8277 | 1171113 |
| &nbsp;&nbsp;&nbsp;Camtek Ltd.\* | 10440 | 1096722 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics N.V. — Class Y | 36805 | 1040109 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 11030 | 1019834 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. ADR | 133930 | 1015189 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 22649 | 920455 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Company Ltd. ADR | 82507 | 915003 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 11757 | 905054 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 8602 | 896328 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.\* | 12023 | 881526 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.\* | 8690 | 791485 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | 6233 | 771458 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | 5908 | 735487 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.\* | 5584 | 721565 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 10096 | 721359 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.\* | 5535 | 693480 |
| &nbsp;&nbsp;&nbsp;Nova Ltd.\* | 2104 | 672565 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 3224 | 582738 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc.\* | 15090 | 540826 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 17921 | 508956 |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.\* | 17213 | 502620 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.\* | 5849 | 482660 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 4925 | 480877 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.\* | 13035 | 474735 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.\* | 1553 | 467934 |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc. — Class A\* | 10941 | 428121 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 5987 | 409152 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.\* | 7520 | 400139 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 3028 | 397062 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.\* | 12671 | 385579 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 9123 | 366836 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.\* | 43136 | 311442 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.\* | 11649 | 306136 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc. — Class A\* | 18580 | 298766 |
| **Total Semiconductors** |  | 97790065 |
| **Energy-Alternate Sources - 3.9%** | **Energy-Alternate Sources - 3.9%** | **Energy-Alternate Sources - 3.9%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 5957 | 1313697 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 31074 | 1149738 |
| &nbsp;&nbsp;&nbsp;Canadian Solar, Inc.\* | 80610 | 1051155 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 15434 | 546209 |
| **Total Energy-Alternate Sources** |  | 4060799 |
| **Telecommunications - 1.2%** | **Telecommunications - 1.2%** | **Telecommunications - 1.2%** |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 8297 | 1208126 |
| **Computers - 1.0%** | **Computers - 1.0%** | **Computers - 1.0%** |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.\* | 35567 | 1059541 |
| **Electrical Components & Equipment - 0.6%** | **Electrical Components & Equipment - 0.6%** | **Electrical Components & Equipment - 0.6%** |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 4728 | 679083 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $40,734,467) |  | 104797614 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $377103 | 377103 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 271351 | 271351 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $648,454) |  | 648454 |
| **Total Investments - 100.1%** | **Total Investments - 100.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $41,382,921) | &nbsp;&nbsp;&nbsp;(Cost $41,382,921) | $105446068 |
| **Other Assets & Liabilities, net - (0.1)%** | **Other Assets & Liabilities, net - (0.1)%** | (86662) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $105359406 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 31

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **ELECTRONICS FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $104797614 | $— | $— | $104797614 |
| Repurchase Agreements |  | 648454 |  | 648454 |
| Total Assets | $104797614 | $648454 | $— | $105446068 |

---

32 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ELECTRONICS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $40,734,467) | $104797614 |
| Repurchase agreements, at value (cost $648,454) | 648454 |
| Cash | 2801 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 130700 |
| &nbsp;&nbsp;&nbsp;Dividends | 26529 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 3007 |
| &nbsp;&nbsp;&nbsp;Interest | 76 |
| **Total assets** | 105609181 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 77759 |
| &nbsp;&nbsp;&nbsp;Management fees | 66439 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 27380 |
| &nbsp;&nbsp;&nbsp;Printing fees | 17438 |
| &nbsp;&nbsp;&nbsp;Professional fees | 16475 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 8011 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 3838 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 900 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 31535 |
| **Total liabilities** | 249775 |
| **Net assets** | $105359406 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $45041329 |
| Total distributable earnings (loss) | 60318077 |
| Net assets | $105359406 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $90312894 |
| Capital shares outstanding | 165747 |
| Net asset value per share | $544.88 |
| **Class A:** | **Class A:** |
| Net assets | $10120130 |
| Capital shares outstanding | 20532 |
| Net asset value per share | $492.90 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $517.48 |
| **Class C:** | **Class C:** |
| Net assets | $1745998 |
| Capital shares outstanding | 4245 |
| Net asset value per share | $411.31 |
| **Class H:** | **Class H:** |
| Net assets | $3180384 |
| Capital shares outstanding | 6663 |
| Net asset value per share | $477.29 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $3,898) | $353392 |
| Interest | 11239 |
| Income from securities lending, net | 91719 |
| &nbsp;&nbsp;&nbsp;Total investment income | 456350 |
| **Expenses:** | **Expenses:** |
| Management fees | 366997 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 10112 |
| &nbsp;&nbsp;&nbsp;Class C | 7052 |
| &nbsp;&nbsp;&nbsp;Class H | 3227 |
| Transfer agent fees | 90268 |
| Portfolio accounting and administration fees | 65842 |
| Registration fees | 53739 |
| Professional fees | 24047 |
| Custodian fees | 6067 |
| Trustees' fees\* | 5920 |
| Miscellaneous | 10733 |
| &nbsp;&nbsp;&nbsp;Total expenses | 644004 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (21589) |
| Net expenses | 622415 |
| Net investment loss | (166065) |
| **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 | 3841430 |
| Net realized gain | 3841430 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 34470922 |
| Net change in unrealized appreciation (depreciation) | 34470922 |
| Net realized and unrealized gain | 38312352 |
| **Net increase in net assets resulting from operations** | $38146287 |

---

\* 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 \| 33

**ELECTRONICS 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 | $(166065) | $(632354) |
| Net realized gain on investments | 3841430 | 4410129 |
| Net change in unrealized appreciation (depreciation) on investments | 34470922 | (18705975) |
| Net increase (decrease) in net assets resulting from operations | 38146287 | (14928200) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (1394936) |
| &nbsp;&nbsp;&nbsp;Class A |  | (155503) |
| &nbsp;&nbsp;&nbsp;Class C |  | (33818) |
| &nbsp;&nbsp;&nbsp;Class H |  | (64591) |
| Total distributions to shareholders |  | (1648848) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 23327060 | 135266366 |
| &nbsp;&nbsp;&nbsp;Class A | 1413334 | 3874272 |
| &nbsp;&nbsp;&nbsp;Class C | 302836 | 598290 |
| &nbsp;&nbsp;&nbsp;Class H | 106748 | 2056531 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 1279879 |
| &nbsp;&nbsp;&nbsp;Class A |  | 150263 |
| &nbsp;&nbsp;&nbsp;Class C |  | 32658 |
| &nbsp;&nbsp;&nbsp;Class H |  | 63674 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (25288337) | (144876751) |
| &nbsp;&nbsp;&nbsp;Class A | (1393994) | (3740466) |
| &nbsp;&nbsp;&nbsp;Class C | (354254) | (915642) |
| &nbsp;&nbsp;&nbsp;Class H | (214622) | (2132780) |
| Net decrease from capital share transactions | (2101229) | (8343706) |
| Net increase (decrease) in net assets | 36045058 | (24920754) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 69314348 | 94235102 |
| &nbsp;&nbsp;&nbsp;End of period | $105359406 | $69314348 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 56526 | 315754 |
| &nbsp;&nbsp;&nbsp;Class A | 3463 | 9826 |
| &nbsp;&nbsp;&nbsp;Class C | 878 | 1740 |
| &nbsp;&nbsp;&nbsp;Class H | 282 | 5093 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 3052 |
| &nbsp;&nbsp;&nbsp;Class A |  | 395 |
| &nbsp;&nbsp;&nbsp;Class C |  | 102 |
| &nbsp;&nbsp;&nbsp;Class H |  | 173 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (59931) | (343864) |
| &nbsp;&nbsp;&nbsp;Class A | (3412) | (9606) |
| &nbsp;&nbsp;&nbsp;Class C | (1042) | (2803) |
| &nbsp;&nbsp;&nbsp;Class H | (600) | (5799) |
| Net decrease in shares | (3836) | (25937) |

---

34 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ELECTRONICS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $351.55 | $422.50 | $293.83 | $304.55 | $281.78 | $137.65 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.73) | (2.24) | (.90) | (.35) | (1.59) | (.71) |
| Net gain (loss) on investments (realized and unrealized) | 194.06 | (61.50) | 129.57 | (10.37) | 35.88 | 150.08 |
| Total from investment operations | 193.33 | (63.74) | 128.67 | (10.72) | 34.29 | 149.37 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (7.21) |  |  | (11.52) | (5.24) |
| Total distributions |  | (7.21) |  |  | (11.52) | (5.24) |
| Net asset value, end of period | $544.88 | $351.55 | $422.50 | $293.83 | $304.55 | $281.78 |
| **Total Return** | **54.99%** | **(15.36** **%)** | **43.79%** | **(3.52** **%)** | **11.63%** | **109.05%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $90313 | $59465 | $82055 | $42114 | $60738 | $55324 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.34%) | (0.52%) | (0.27%) | (0.14%) | (0.51%) | (0.33%) |
| Total expenses | 1.44% | 1.43% | 1.43% | 1.39% | 1.36% | 1.44% |
| Net expenses<sup>c</sup> | 1.39% | 1.38% | 1.39% | 1.39% | 1.36% | 1.44% |
| Portfolio turnover rate | 21% | 95% | 96% | 147% | 281% | 163% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $318.41 | $384.31 | $267.90 | $278.40 | $259.00 | $127.06 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (1.17) | (3.02) | (1.69) | (.95) | (2.15) | (1.15) |
| Net gain (loss) on investments (realized and unrealized) | 175.66 | (55.67) | 118.10 | (9.55) | 33.07 | 138.33 |
| Total from investment operations | 174.49 | (58.69) | 116.41 | (10.50) | 30.92 | 137.18 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (7.21) |  |  | (11.52) | (5.24) |
| Total distributions |  | (7.21) |  |  | (11.52) | (5.24) |
| Net asset value, end of period | $492.90 | $318.41 | $384.31 | $267.90 | $278.40 | $259.00 |
| **Total Return<sup>d</sup>** | **54.80%** | **(15.58** **%)** | **43.45%** | **(3.77** **%)** | **11.35%** | **108.53%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $10120 | $6521 | $7635 | $5769 | $8827 | $5156 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.59%) | (0.78%) | (0.56%) | (0.41%) | (0.76%) | (0.58%) |
| Total expenses | 1.69% | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>c</sup> | 1.64% | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 21% | 95% | 96% | 147% | 281% | 163% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 35

**ELECTRONICS FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $266.71 | $325.49 | $228.60 | $239.35 | $225.59 | $111.87 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (2.21) | (5.01) | (3.35) | (2.30) | (3.58) | (2.32) |
| Net gain (loss) on investments (realized and unrealized) | 146.81 | (46.56) | 100.24 | (8.45) | 28.86 | 121.28 |
| Total from investment operations | 144.60 | (51.57) | 96.89 | (10.75) | 25.28 | 118.96 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (7.21) |  |  | (11.52) | (5.24) |
| Total distributions |  | (7.21) |  |  | (11.52) | (5.24) |
| Net asset value, end of period | $411.31 | $266.71 | $325.49 | $228.60 | $239.35 | $225.59 |
| **Total Return<sup>d</sup>** | **54.22%** | **(16.21** **%)** | **42.38%** | **(4.49** **%)** | **10.51%** | **106.98%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1746 | $1176 | $1748 | $1246 | $1838 | $2987 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.34%) | (1.53%) | (1.31%) | (1.16%) | (1.48%) | (1.34%) |
| Total expenses | 2.44% | 2.44% | 2.43% | 2.39% | 2.36% | 2.44% |
| Net expenses<sup>c</sup> | 2.39% | 2.39% | 2.40% | 2.39% | 2.36% | 2.44% |
| Portfolio turnover rate | 21% | 95% | 96% | 147% | 281% | 163% |

---

36 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ELECTRONICS FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $308.32 | $372.36 | $259.59 | $269.75 | $251.22 | $123.34 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (1.13) | (2.97) | (1.56) | (.97) | (2.32) | (1.23) |
| Net gain (loss) on investments (realized and unrealized) | 170.10 | (53.86) | 114.33 | (9.19) | 32.37 | 134.35 |
| Total from investment operations | 168.97 | (56.83) | 112.77 | (10.16) | 30.05 | 133.12 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (7.21) |  |  | (11.52) | (5.24) |
| Total distributions |  | (7.21) |  |  | (11.52) | (5.24) |
| Net asset value, end of period | $477.29 | $308.32 | $372.36 | $259.59 | $269.75 | $251.22 |
| **Total Return** | **54.80%** | **(15.58** **%)** | **43.44%** | **(3.77** **%)** | **11.35%** | **108.53%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3180 | $2152 | $2798 | $5674 | $2051 | $8383 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.59%) | (0.79%) | (0.56%) | (0.43%) | (0.85%) | (0.60%) |
| Total expenses | 1.69% | 1.69% | 1.68% | 1.64% | 1.60% | 1.67% |
| Net expenses<sup>c</sup> | 1.64% | 1.64% | 1.65% | 1.64% | 1.60% | 1.67% |
| Portfolio turnover rate | 21% | 95% | 96% | 147% | 281% | 163% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 37

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **ENERGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
| **Oil & Gas - 60.7%** | **Oil & Gas - 60.7%** | **Oil & Gas - 60.7%** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 11323 | $1276668 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 6390 | 992303 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 6704 | 634131 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 2369 | 456601 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 3918 | 439286 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 2580 | 439271 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 3192 | 434176 |
| &nbsp;&nbsp;&nbsp;Equities Corp. | 6425 | 349713 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 7272 | 343602 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 2138 | 305948 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 2864 | 304271 |
| &nbsp;&nbsp;&nbsp;Shell plc ADR | 3849 | 275319 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 7793 | 273223 |
| &nbsp;&nbsp;&nbsp;BP plc ADR | 7683 | 264756 |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd. | 7826 | 250119 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. — Class A | 10153 | 240118 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. - Petrobras ADR | 18536 | 234666 |
| &nbsp;&nbsp;&nbsp;Suncor Energy, Inc. | 5286 | 221008 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. — Class A | 5618 | 214720 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. | 11378 | 193312 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.\* | 5448 | 182835 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 4525 | 182719 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 4700 | 176908 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 7281 | 176783 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 13437 | 171994 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 3196 | 167279 |
| &nbsp;&nbsp;&nbsp;Equinor ASA ADR | 6539 | 159421 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 1355 | 134646 |
| &nbsp;&nbsp;&nbsp;Weatherford International plc | 1962 | 134260 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 141 | 131643 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.\* | 41118 | 128288 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 2851 | 128095 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 3838 | 123277 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. — Class A | 5114 | 122071 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 4208 | 119549 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 2129 | 113220 |
| &nbsp;&nbsp;&nbsp;Noble Corporation plc | 3719 | 105173 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 3110 | 101075 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 1929 | 94077 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 3752 | 93687 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 3092 | 93286 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 3530 | 87544 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 3770 | 83279 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.\* | 4043 | 80173 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 14953 | 77457 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. — Class A | 8341 | 74402 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.\* | 2475 | 41803 |
| **Total Oil & Gas** |  | 11428155 |
| **Pipelines - 18.1%** | **Pipelines - 18.1%** | **Pipelines - 18.1%** |
| &nbsp;&nbsp;&nbsp;Williams Companies, Inc. | 8286 | 524918 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 15359 | 434813 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 1733 | 407220 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 5385 | 392944 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 2072 | 347143 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. | 5065 | 255580 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 1786 | 201925 |
| &nbsp;&nbsp;&nbsp;TC Energy Corp. | 3486 | 189673 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | 4256 | 171985 |
| &nbsp;&nbsp;&nbsp;Venture Global, Inc. — Class A | 11612 | 164774 |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 7758 | 150816 |
| &nbsp;&nbsp;&nbsp;Pembina Pipeline Corp. | 3365 | 136148 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\* | 11561 | 25550 |
| **Total Pipelines** |  | 3403489 |
| **Oil & Gas Services - 8.3%** | **Oil & Gas Services - 8.3%** | **Oil & Gas Services - 8.3%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 8405 | 409492 |
| &nbsp;&nbsp;&nbsp;Schlumberger N.V. | 11814 | 406047 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 10828 | 266369 |
| &nbsp;&nbsp;&nbsp;TechnipFMC plc | 4712 | 185888 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 9579 | 126922 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. — Class A | 6830 | 84282 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 1553 | 82822 |
| **Total Oil & Gas Services** |  | 1561822 |
| **Energy-Alternate Sources - 4.4%** | **Energy-Alternate Sources - 4.4%** | **Energy-Alternate Sources - 4.4%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 1302 | 287130 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.\* | 5668 | 209716 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 6905 | 119387 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 3372 | 119335 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.\* | 23322 | 54340 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.\* | 4650 | 40874 |
| **Total Energy-Alternate Sources** |  | 830782 |
| **Mining - 3.7%** | **Mining - 3.7%** | **Mining - 3.7%** |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | 3246 | 272210 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.\* | 13959 | 186213 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.\* | 7659 | 117566 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp. — Class A\* | 378 | 117206 |
| **Total Mining** |  | 693195 |
| **Coal - 1.3%** | **Coal - 1.3%** | **Coal - 1.3%** |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 1507 | 125804 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 4577 | 121382 |
| **Total Coal** |  | 247186 |
| **Transportation - 1.3%** | **Transportation - 1.3%** | **Transportation - 1.3%** |
| &nbsp;&nbsp;&nbsp;Frontline plc | 5343 | 121767 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 2023 | 113389 |
| **Total Transportation** |  | 235156 |
| **Metal Fabricate & Hardware - 0.7%** | **Metal Fabricate & Hardware - 0.7%** | **Metal Fabricate & Hardware - 0.7%** |
| &nbsp;&nbsp;&nbsp;Tenaris S.A. ADR | 3649 | 130525 |
| **Retail - 0.6%** | **Retail - 0.6%** | **Retail - 0.6%** |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 293 | 113760 |
| **Machinery-Diversified - 0.5%** | **Machinery-Diversified - 0.5%** | **Machinery-Diversified - 0.5%** |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 2523 | 99583 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,273,546) |  | 18743653 |

---

38 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **ENERGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.6%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.6%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.6%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>1</sup> | 105604 | $105604 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $105,604) |  | 105604 |
| **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,379,150) | &nbsp;&nbsp;&nbsp;(Cost $9,379,150) | $18849257 |
| **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (31634) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $18817623 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $18743653 | $— | $— | $18743653 |
| Money Market Fund | 105604 |  |  | 105604 |
| Total Assets | $18849257 | $— | $— | $18849257 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 39

**ENERGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $9,379,150) | $18849257 |
| Cash | 485 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 67933 |
| &nbsp;&nbsp;&nbsp;Dividends | 16843 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 223 |
| **Total assets** | 18934741 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 83144 |
| &nbsp;&nbsp;&nbsp;Management fees | 12049 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 5362 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2036 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1453 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 177 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 12897 |
| **Total liabilities** | 117118 |
| **Net assets** | $18817623 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $21857241 |
| Total distributable earnings (loss) | (3039618) |
| Net assets | $18817623 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $11857504 |
| Capital shares outstanding | 44412 |
| Net asset value per share | $266.99 |
| **Class A:** | **Class A:** |
| Net assets | $4125140 |
| Capital shares outstanding | 17021 |
| Net asset value per share | $242.36 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $254.45 |
| **Class C:** | **Class C:** |
| Net assets | $1074912 |
| Capital shares outstanding | 5431 |
| Net asset value per share | $197.93 |
| **Class H:** | **Class H:** |
| Net assets | $1760067 |
| Capital shares outstanding | 7533 |
| Net asset value per share | $233.65 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $4,563) | $277273 |
| Interest | 1912 |
| Income from securities lending, net | 2746 |
| &nbsp;&nbsp;&nbsp;Total investment income | 281931 |
| **Expenses:** | **Expenses:** |
| Management fees | 74139 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 4772 |
| &nbsp;&nbsp;&nbsp;Class C | 5814 |
| &nbsp;&nbsp;&nbsp;Class H | 1726 |
| Transfer agent fees | 18549 |
| Portfolio accounting and administration fees | 13301 |
| Registration fees | 11623 |
| Professional fees | 3792 |
| Trustees' fees\* | 1281 |
| Custodian fees | 1232 |
| Line of credit fees | 12 |
| Miscellaneous | 2485 |
| &nbsp;&nbsp;&nbsp;Total expenses | 138726 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (4361) |
| Net expenses | 134365 |
| Net investment income | 147566 |
| **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 | 948926 |
| Net realized gain | 948926 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (172859) |
| Net change in unrealized appreciation (depreciation) | (172859) |
| Net realized and unrealized gain | 776067 |
| **Net increase in net assets resulting from operations** | $923633 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

40 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY 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 | $147566 | $402963 |
| Net realized gain on investments | 948926 | 4093626 |
| Net change in unrealized appreciation (depreciation) on investments | (172859) | (6928450) |
| Net increase (decrease) in net assets resulting from operations | 923633 | (2431861) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (470416) |
| &nbsp;&nbsp;&nbsp;Class A |  | (162082) |
| &nbsp;&nbsp;&nbsp;Class C |  | (81371) |
| &nbsp;&nbsp;&nbsp;Class H |  | (47235) |
| Total distributions to shareholders |  | (761104) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 81754627 | 158246066 |
| &nbsp;&nbsp;&nbsp;Class A | 1027046 | 2433008 |
| &nbsp;&nbsp;&nbsp;Class C | 94968 | 390123 |
| &nbsp;&nbsp;&nbsp;Class H | 1280129 | 1848361 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 448965 |
| &nbsp;&nbsp;&nbsp;Class A |  | 155462 |
| &nbsp;&nbsp;&nbsp;Class C |  | 80481 |
| &nbsp;&nbsp;&nbsp;Class H |  | 46056 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (82822658) | (168714924) |
| &nbsp;&nbsp;&nbsp;Class A | (1017890) | (2602684) |
| &nbsp;&nbsp;&nbsp;Class C | (463043) | (700410) |
| &nbsp;&nbsp;&nbsp;Class H | (641040) | (3277842) |
| Net decrease from capital share transactions | (787861) | (11647338) |
| Net increase (decrease) in net assets | 135772 | (14840303) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 18681851 | 33522154 |
| &nbsp;&nbsp;&nbsp;End of period | $18817623 | $18681851 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 338966 | 591109 |
| &nbsp;&nbsp;&nbsp;Class A | 4600 | 9965 |
| &nbsp;&nbsp;&nbsp;Class C | 524 | 1880 |
| &nbsp;&nbsp;&nbsp;Class H | 5938 | 7487 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 1742 |
| &nbsp;&nbsp;&nbsp;Class A |  | 663 |
| &nbsp;&nbsp;&nbsp;Class C |  | 418 |
| &nbsp;&nbsp;&nbsp;Class H |  | 204 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (342811) | (631322) |
| &nbsp;&nbsp;&nbsp;Class A | (4529) | (10710) |
| &nbsp;&nbsp;&nbsp;Class C | (2599) | (3527) |
| &nbsp;&nbsp;&nbsp;Class H | (3072) | (13590) |
| Net decrease in shares | (2983) | (45681) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 41

**ENERGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $254.72 | $283.41 | $246.39 | $239.96 | $152.94 | $81.74 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 2.23 | 4.61 | 4.93 | 7.06 | 3.62 | 1.44 |
| Net gain (loss) on investments (realized and unrealized) | 10.04 | (23.72) | 38.98 | 6.01 <sup>f</sup> | 84.29 | 72.59 |
| Total from investment operations | 12.27 | (19.11) | 43.91 | 13.07 | 87.91 | 74.03 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Total distributions |  | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Net asset value, end of period | $266.99 | $254.72 | $283.41 | $246.39 | $239.96 | $152.94 |
| **Total Return** | **4.82%** | **(6.78** **%)** | **18.30%** | **5.34%** | **57.65%** | **91.43%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $11858 | $12292 | $24579 | $64350 | $57612 | $18220 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.82% | 1.71% | 1.91% | 2.79% | 1.99% | 2.02% |
| Total expenses<sup>c</sup> | 1.45% | 1.43% | 1.45% | 1.39% | 1.36% | 1.42% |
| Net expenses<sup>d</sup> | 1.40% | 1.38% | 1.41% | 1.39% | 1.36% | 1.42% |
| Portfolio turnover rate | 440% | 534% | 500% | 363% | 382% | 939% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $231.50 | $259.15 | $226.42 | $221.55 | $141.62 | $76.01 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.82 | 3.50 | 3.80 | 5.79 | 2.67 | 1.00 |
| Net gain (loss) on investments (realized and unrealized) | 9.04 | (21.57) | 35.82 | 5.72 <sup>f</sup> | 78.15 | 67.44 |
| Total from investment operations | 10.86 | (18.07) | 39.62 | 11.51 | 80.82 | 68.44 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Total distributions |  | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Net asset value, end of period | $242.36 | $231.50 | $259.15 | $226.42 | $221.55 | $141.62 |
| **Total Return<sup>e</sup>** | **4.69%** | **(7.01** **%)** | **18.02%** | **5.08%** | **57.25%** | **90.89%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4125 | $3924 | $4414 | $4726 | $4015 | $2214 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.64% | 1.43% | 1.61% | 2.48% | 1.60% | 1.60% |
| Total expenses<sup>c</sup> | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>d</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 440% | 534% | 500% | 363% | 382% | 939% |

---

42 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $189.78 | $215.84 | $191.16 | $189.40 | $122.07 | $66.27 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .76 | 1.40 | 1.68 | 3.61 | 1.32 | .56 |
| Net gain (loss) on investments (realized and unrealized) | 7.39 | (17.88) | 29.89 | 4.79 <sup>f</sup> | 66.90 | 58.07 |
| Total from investment operations | 8.15 | (16.48) | 31.57 | 8.40 | 68.22 | 58.63 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Total distributions |  | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Net asset value, end of period | $197.93 | $189.78 | $215.84 | $191.16 | $189.40 | $122.07 |
| **Total Return<sup>e</sup>** | **4.29%** | **(7.71** **%)** | **17.14%** | **4.29%** | **56.07%** | **89.48%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1075 | $1424 | $1885 | $2366 | $1640 | $746 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.84% | 0.69% | 0.84% | 1.82% | 0.91% | 1.05% |
| Total expenses<sup>c</sup> | 2.45% | 2.44% | 2.43% | 2.39% | 2.36% | 2.44% |
| Net expenses<sup>d</sup> | 2.40% | 2.39% | 2.40% | 2.39% | 2.36% | 2.44% |
| Portfolio turnover rate | 440% | 534% | 500% | 363% | 382% | 939% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 43

**ENERGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $223.15 | $250.19 | $218.83 | $214.30 | $137.02 | $73.61 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.70 | 3.79 | 2.97 | 5.41 | 2.80 | 1.06 |
| Net gain (loss) on investments (realized and unrealized) | 8.80 | (21.25) | 35.28 | 5.76 <sup>f</sup> | 75.37 | 65.18 |
| Total from investment operations | 10.50 | (17.46) | 38.25 | 11.17 | 78.17 | 66.24 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Total distributions |  | (9.58) | (6.89) | (6.64) | (.89) | (2.83) |
| Net asset value, end of period | $233.65 | $223.15 | $250.19 | $218.83 | $214.30 | $137.02 |
| **Total Return** | **4.71%** | **(7.01** **%)** | **18.02%** | **5.08%** | **57.25%** | **90.87%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1760 | $1041 | $2643 | $1227 | $2079 | $1578 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.56% | 1.58% | 1.28% | 2.40% | 1.73% | 1.60% |
| Total expenses<sup>c</sup> | 1.68% | 1.67% | 1.68% | 1.65% | 1.61% | 1.68% |
| Net expenses<sup>d</sup> | 1.63% | 1.62% | 1.65% | 1.65% | 1.61% | 1.68% |
| Portfolio turnover rate | 440% | 534% | 500% | 363% | 382% | 939% |

---

<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> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>f</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

44 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **ENERGY SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** | **COMMON STOCKS<sup>†</sup>** **- 100.0%** |
| **Oil & Gas Services - 71.9%** | **Oil & Gas Services - 71.9%** | **Oil & Gas Services - 71.9%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 11433 | $557016 |
| &nbsp;&nbsp;&nbsp;Schlumberger N.V. | 16069 | 552292 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 14727 | 362284 |
| &nbsp;&nbsp;&nbsp;TechnipFMC plc | 4678 | 184547 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 6563 | 172673 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 13029 | 172634 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. — Class A | 3562 | 142373 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | 3511 | 129802 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 4945 | 122537 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. — Class A | 9291 | 114651 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 2113 | 112686 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. — Class A | 9388 | 100358 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. — Class A | 3779 | 93190 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings N.V.\* | 7045 | 83695 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 11549 | 75761 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc. | 6412 | 72904 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 11567 | 55059 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 10490 | 54968 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp. — Class A\* | 5009 | 18533 |
| **Total Oil & Gas Services** |  | 3177963 |
| **Oil & Gas - 22.0%** | **Oil & Gas - 22.0%** | **Oil & Gas - 22.0%** |
| &nbsp;&nbsp;&nbsp;Weatherford International plc | 2669 | 182640 |
| &nbsp;&nbsp;&nbsp;Noble Corporation plc | 5057 | 143012 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 2624 | 127972 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 5127 | 113255 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 20339 | 105356 |
| &nbsp;&nbsp;&nbsp;Seadrill Ltd.\* | 3257 | 98394 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.\* | 31246 | 97488 |
| &nbsp;&nbsp;&nbsp;Borr Drilling Ltd.\* | 23861 | 64186 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\* | 966 | 39480 |
| **Total Oil & Gas** |  | 971783 |
| **Machinery-Diversified - 3.1%** | **Machinery-Diversified - 3.1%** | **Machinery-Diversified - 3.1%** |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 3432 | 135461 |
| **Metal Fabricate & Hardware - 3.0%** | **Metal Fabricate & Hardware - 3.0%** | **Metal Fabricate & Hardware - 3.0%** |
| &nbsp;&nbsp;&nbsp;Tenaris S.A. ADR | 3732 | 133493 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,258,340) |  | 4418700 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.2%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.2%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.2%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $5633 | 5633 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 4053 | 4053 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,686) |  | 9686 |
| **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,268,026) | &nbsp;&nbsp;&nbsp;(Cost $2,268,026) | $4428386 |
| **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (9174) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $4419212 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 45

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **ENERGY SERVICES 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** |
| Common Stocks | $4418700 | $— | $— | $4418700 |
| Repurchase Agreements |  | 9686 |  | 9686 |
| Total Assets | $4418700 | $9686 | $— | $4428386 |

---

46 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY SERVICES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $2,258,340) | $4418700 |
| Repurchase agreements, at value (cost $9,686) | 9686 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 5660 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 15 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 6 |
| &nbsp;&nbsp;&nbsp;Interest | 1 |
| **Total assets** | 4434068 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 6258 |
| &nbsp;&nbsp;&nbsp;Management fees | 2949 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1409 |
| &nbsp;&nbsp;&nbsp;Printing fees | 801 |
| &nbsp;&nbsp;&nbsp;Professional fees | 734 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 395 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 356 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 47 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 1907 |
| **Total liabilities** | 14856 |
| **Net assets** | $4419212 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $41439608 |
| Total distributable earnings (loss) | (37020396) |
| Net assets | $4419212 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $3202406 |
| Capital shares outstanding | 15249 |
| Net asset value per share | $210.01 |
| **Class A:** | **Class A:** |
| Net assets | $711136 |
| Capital shares outstanding | 3680 |
| Net asset value per share | $193.24 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $202.88 |
| **Class C:** | **Class C:** |
| Net assets | $255481 |
| Capital shares outstanding | 1568 |
| Net asset value per share | $162.93 |
| **Class H:** | **Class H:** |
| Net assets | $250189 |
| Capital shares outstanding | 1336 |
| Net asset value per share | $187.27 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $174) | $60030 |
| Interest | 618 |
| Income from securities lending, net | 815 |
| &nbsp;&nbsp;&nbsp;Total investment income | 61463 |
| **Expenses:** | **Expenses:** |
| Management fees | 19422 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 884 |
| &nbsp;&nbsp;&nbsp;Class C | 1327 |
| &nbsp;&nbsp;&nbsp;Class H | 275 |
| Transfer agent fees | 4919 |
| Portfolio accounting fees | 3484 |
| Registration fees | 1498 |
| Professional fees | 1196 |
| Trustees' fees\* | 398 |
| Custodian fees | 329 |
| Line of credit fees | 21 |
| Miscellaneous | 1902 |
| &nbsp;&nbsp;&nbsp;Total expenses | 35655 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (1142) |
| Net expenses | 34513 |
| Net investment income | 26950 |
| **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 | 157889 |
| Net realized gain | 157889 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (236988) |
| Net change in unrealized appreciation (depreciation) | (236988) |
| Net realized and unrealized loss | (79099) |
| **Net decrease in net assets resulting from operations** | $(52149) |

---

\* 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

**ENERGY SERVICES 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 | $26950 | $31185 |
| Net realized gain on investments | 157889 | 2346310 |
| Net change in unrealized appreciation (depreciation) on investments | (236988) | (4159427) |
| Net decrease in net assets resulting from operations | (52149) | (1781932) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 14055875 | 42268472 |
| &nbsp;&nbsp;&nbsp;Class A | 446111 | 1336902 |
| &nbsp;&nbsp;&nbsp;Class C | 41431 | 156340 |
| &nbsp;&nbsp;&nbsp;Class H | 43932 | 73711 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (14428678) | (49464550) |
| &nbsp;&nbsp;&nbsp;Class A | (498896) | (1629942) |
| &nbsp;&nbsp;&nbsp;Class C | (94946) | (301464) |
| &nbsp;&nbsp;&nbsp;Class H | (23814) | (560637) |
| Net decrease from capital share transactions | (458985) | (8121168) |
| Net decrease in net assets | (511134) | (9903100) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 4930346 | 14833446 |
| &nbsp;&nbsp;&nbsp;End of period | $4419212 | $4930346 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 73462 | 177670 |
| &nbsp;&nbsp;&nbsp;Class A | 2561 | 6049 |
| &nbsp;&nbsp;&nbsp;Class C | 279 | 820 |
| &nbsp;&nbsp;&nbsp;Class H | 263 | 354 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (75418) | (205584) |
| &nbsp;&nbsp;&nbsp;Class A | (2862) | (7316) |
| &nbsp;&nbsp;&nbsp;Class C | (638) | (1599) |
| &nbsp;&nbsp;&nbsp;Class H | (138) | (2736) |
| Net decrease in shares | (2491) | (32342) |

---

48 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $210.20 | $268.17 | $213.90 | $231.88 | $169.20 | $75.50 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.20 | 1.18 | .15 | (.56) | (.63) | .20 |
| Net gain (loss) on investments (realized and unrealized) | (1.39) | (59.15) | 54.12 | (17.42) | 63.81 | 95.34 |
| Total from investment operations | (.19) | (57.97) | 54.27 | (17.98) | 63.18 | 95.54 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  |  | (.50) | (1.84) |
| Total distributions |  |  |  |  | (.50) | (1.84) |
| Net asset value, end of period | $210.01 | $210.20 | $268.17 | $213.90 | $231.88 | $169.20 |
| **Total Return** | **(0.09** **%)** | **(21.62** **%)** | **25.37%** | **(7.75** **%)** | **37.44%** | **127.06%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3202 | $3616 | $12100 | $32626 | $9376 | $4703 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.27% | 0.48% | 0.06% | (0.26%) | (0.35%) | 0.82% |
| Total expenses | 1.45% | 1.43% | 1.45% | 1.39% | 1.36% | 1.42% |
| Net expenses<sup>c</sup> | 1.40% | 1.38% | 1.42% | 1.39% | 1.36% | 1.42% |
| Portfolio turnover rate | 291% | 431% | 296% | 242% | 290% | 770% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $193.67 | $247.69 | $198.04 | $215.25 | $157.49 | $70.51 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .97 | .61 | (.38) | (1.16) | (1.04) | .19 |
| Net gain (loss) on investments (realized and unrealized) | (1.40) | (54.63) | 50.03 | (16.05) | 59.30 | 88.63 |
| Total from investment operations | (.43) | (54.02) | 49.65 | (17.21) | 58.26 | 88.82 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  |  | (.50) | (1.84) |
| Total distributions |  |  |  |  | (.50) | (1.84) |
| Net asset value, end of period | $193.24 | $193.67 | $247.69 | $198.04 | $215.25 | $157.49 |
| **Total Return<sup>d</sup>** | **(0.22** **%)** | **(21.81** **%)** | **25.07%** | **(8.00** **%)** | **37.09%** | **126.39%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $711 | $771 | $1300 | $1334 | $1036 | $676 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.11% | 0.28% | (0.17%) | (0.58%) | (0.61%) | 0.87% |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 291% | 431% | 296% | 242% | 290% | 770% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 49

**ENERGY SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $163.84 | $211.16 | $170.13 | $186.29 | $137.36 | $62.08 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .25 | (.92) | (1.79) | (2.20) | (2.02) | (.01) |
| Net gain (loss) on investments (realized and unrealized) | (1.16) | (46.40) | 42.82 | (13.96) | 51.45 | 77.13 |
| Total from investment operations | (.91) | (47.32) | 41.03 | (16.16) | 49.43 | 77.12 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  |  | (.50) | (1.84) |
| Total distributions |  |  |  |  | (.50) | (1.84) |
| Net asset value, end of period | $162.93 | $163.84 | $211.16 | $170.13 | $186.29 | $137.36 |
| **Total Return<sup>d</sup>** | **(0.56** **%)** | **(22.40** **%)** | **24.12%** | **(8.67** **%)** | **36.07%** | **124.62%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $255 | $316 | $571 | $981 | $814 | $479 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.34% | (0.48%) | (0.95%) | (1.27%) | (1.37%) | (0.03%) |
| Total expenses | 2.45% | 2.44% | 2.43% | 2.40% | 2.36% | 2.43% |
| Net expenses<sup>c</sup> | 2.40% | 2.39% | 2.40% | 2.40% | 2.36% | 2.43% |
| Portfolio turnover rate | 291% | 431% | 296% | 242% | 290% | 770% |

---

50 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**ENERGY SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $187.60 | $240.05 | $191.93 | $208.59 | $152.63 | $68.37 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .92 | .57 | (.49) | (1.52) | (.75) | .02 |
| Net gain (loss) on investments (realized and unrealized) | (1.25) | (53.02) | 48.61 | (15.14) | 57.21 | 86.08 |
| Total from investment operations | (.33) | (52.45) | 48.12 | (16.66) | 56.46 | 86.10 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  |  | (.50) | (1.84) |
| Total distributions |  |  |  |  | (.50) | (1.84) |
| Net asset value, end of period | $187.27 | $187.60 | $240.05 | $191.93 | $208.59 | $152.63 |
| **Total Return** | **(0.18** **%)** | **(21.85** **%)** | **25.07%** | **(7.99** **%)** | **37.09%** | **126.23%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $250 | $227 | $863 | $1082 | $11057 | $689 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.08% | 0.26% | (0.23%) | (0.76%) | (0.43%) | 0.11% |
| Total expenses | 1.70% | 1.68% | 1.68% | 1.65% | 1.62% | 1.68% |
| Net expenses<sup>c</sup> | 1.65% | 1.63% | 1.65% | 1.65% | 1.62% | 1.68% |
| Portfolio turnover rate | 291% | 431% | 296% | 242% | 290% | 770% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 51

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.0%** | **COMMON STOCKS<sup>†</sup>** **- 99.0%** | **COMMON STOCKS<sup>†</sup>** **- 99.0%** |
| **Banks - 26.2%** | **Banks - 26.2%** | **Banks - 26.2%** |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 1290 | $406905 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 5006 | 258259 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 2720 | 227990 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 272 | 216607 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 1197 | 190275 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 1861 | 188891 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 1115 | 121490 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 604 | 121362 |
| &nbsp;&nbsp;&nbsp;NU Holdings Limited/Cayman Islands — Class A\* | 7364 | 117898 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 2434 | 117635 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 2311 | 105659 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | 1166 | 93222 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada | 615 | 90602 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | 706 | 89669 |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia | 1383 | 89411 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 2934 | 88695 |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 2564 | 87586 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 662 | 76799 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 385 | 76084 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 1662 | 74042 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 511 | 68781 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 3908 | 67491 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 2495 | 65793 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 1216 | 64642 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 3294 | 61565 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 484 | 51522 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 2037 | 46057 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | 468 | 40585 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 588 | 40290 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp North America | 686 | 38814 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 327 | 38700 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 637 | 38067 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 1710 | 37534 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 1458 | 37529 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 383 | 35922 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 621 | 31659 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 235 | 31123 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 2888 | 30613 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. — Class A | 11 | 19681 |
| **Total Banks** |  | 3685449 |
| **Diversified Financial Services - 23.9%** | **Diversified Financial Services - 23.9%** | **Diversified Financial Services - 23.9%** |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 1033 | 352646 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. — Class A | 511 | 290662 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 1864 | 177956 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 530 | 176045 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 140 | 163222 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 726 | 154333 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. — Class A | 2201 | 151451 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. — Class A | 508 | 137257 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 774 | 130404 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. — Class A\* | 385 | 129934 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 738 | 98353 |
| &nbsp;&nbsp;&nbsp;XP, Inc. — Class A | 5027 | 94457 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp. — Class A | 560 | 89538 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 996 | 88096 |
| &nbsp;&nbsp;&nbsp;Rocket Companies, Inc. — Class A | 4229 | 81958 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 163 | 80074 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 438 | 75599 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.\* | 2852 | 75350 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 289 | 70877 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 951 | 67569 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 3894 | 65925 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc. — Class A | 584 | 64812 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 624 | 64047 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | 1006 | 57795 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | 164 | 54561 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 1903 | 43655 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 1100 | 43120 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 639 | 41803 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 492 | 41746 |
| &nbsp;&nbsp;&nbsp;Mr Cooper Group, Inc. | 175 | 36888 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 1511 | 34949 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 1125 | 31140 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc. — Class A | 869 | 30849 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. — Class A | 201 | 27093 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\* | 505 | 25654 |
| **Total Diversified Financial Services** |  | 3349818 |
| **REIT** **s** **- 17.8%** | **REIT** **s** **- 17.8%** | **REIT** **s** **- 17.8%** |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 867 | 154447 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 1226 | 140402 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. — Class A | 666 | 128085 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 612 | 105803 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 560 | 105095 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 133 | 104171 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 1683 | 102310 |
| &nbsp;&nbsp;&nbsp;Public Storage | 315 | 90988 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 922 | 88964 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 2465 | 80384 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 1110 | 77689 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 744 | 75843 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 512 | 72161 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 365 | 70507 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 1016 | 65766 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 313 | 60519 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 2265 | 56149 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 1866 | 54730 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 388 | 54215 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | 417 | 53793 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 2358 | 51522 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 615 | 51254 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 2675 | 51226 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 697 | 50811 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 1027 | 47868 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | 2338 | 47251 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 1256 | 46799 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co. — Class A | 382 | 46764 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | 615 | 45719 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 2686 | 45716 |

---

52 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 420 | $44848 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 728 | 44190 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent — Class A | 1313 | 43657 |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | 4386 | 42939 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 1003 | 41233 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 1522 | 28370 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc. | 563 | 21754 |
| **Total REITs** |  | 2493942 |
| **Insurance - 17.5%** | **Insurance - 17.5%** | **Insurance - 17.5%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. — Class B\* | 891 | 447941 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 665 | 164222 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 669 | 134824 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 396 | 122657 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 347 | 119871 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 1236 | 112142 |
| &nbsp;&nbsp;&nbsp;Aon plc — Class A | 301 | 107331 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 379 | 106973 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 383 | 106941 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 956 | 106785 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 489 | 104964 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 1134 | 93408 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 1147 | 90085 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 627 | 83636 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 784 | 81332 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 748 | 70155 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 195 | 68295 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 424 | 67034 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 847 | 64897 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 704 | 58369 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 1014 | 51491 |
| &nbsp;&nbsp;&nbsp;Corebridge Financial, Inc. | 1218 | 39037 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 373 | 30239 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. — Class A | 65 | 20680 |
| **Total Insurance** |  | 2453309 |
| **Commercial Services - 6.4%** | **Commercial Services - 6.4%** | **Commercial Services - 6.4%** |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 321 | 156234 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 232 | 110543 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 1617 | 108436 |
| &nbsp;&nbsp;&nbsp;StoneCo Ltd. — Class A\* | 4856 | 91827 |
| &nbsp;&nbsp;&nbsp;Block, Inc. — Class A\* | 1235 | 89254 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.\* | 839 | 61314 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 719 | 59735 |
| &nbsp;&nbsp;&nbsp;Toast, Inc. — Class A\* | 1591 | 58088 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.\* | 153 | 44073 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. — Class A\* | 430 | 33282 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | 188 | 32759 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | 133 | 30857 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.\* | 1314 | 21418 |
| **Total Commercial Services** |  | 897820 |
| **Private Equity - 3.2%** | **Private Equity - 3.2%** | **Private Equity - 3.2%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. — Class A | 1105 | 188789 |
| &nbsp;&nbsp;&nbsp;KKR & Company, Inc. — Class A | 925 | 120204 |
| &nbsp;&nbsp;&nbsp;Brookfield Corp. | 1284 | 88057 |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 847 | 53107 |
| **Total Private Equity** |  | 450157 |
| **Software - 2.3%** | **Software - 2.3%** | **Software - 2.3%** |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 859 | 110751 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. — Class A | 153 | 86814 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 1192 | 78600 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 290 | 43190 |
| **Total Software** |  | 319355 |
| **Internet - 1.2%** | **Internet - 1.2%** | **Internet - 1.2%** |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. — Class A\* | 1187 | 169954 |
| **Investment Companies - 0.3%** | **Investment Companies - 0.3%** | **Investment Companies - 0.3%** |
| &nbsp;&nbsp;&nbsp;Ares Capital Corp. | 2433 | 49657 |
| **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc. — Class A\* | 1538 | 29114 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,039,833) |  | 13898575 |
| **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** | **PREFERRED STOCKS<sup>†</sup>** **- 0.6%** |
| **Banks - 0.6%** | **Banks - 0.6%** | **Banks - 0.6%** |
| Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. | Itau Unibanco Holding S.A. |
| &nbsp;&nbsp;&nbsp;ADR | 12042 | 88388 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $61,284) |  | 88388 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.2%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.2%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.2%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $12843 | 12843 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 9241 | 9241 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,084) |  | 22084 |
| **Total Investments - 99.8%** | **Total Investments - 99.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,123,201) | &nbsp;&nbsp;&nbsp;(Cost $10,123,201) | $14009047 |
| **Other Assets & Liabilities, net - 0.2%** | **Other Assets & Liabilities, net - 0.2%** | 21175 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $14030222 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 53

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **FINANCIAL SERVICES FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $13898575 | $— | $— | $13898575 |
| Preferred Stocks | 88388 |  |  | 88388 |
| Repurchase Agreements |  | 22084 |  | 22084 |
| Total Assets | $13986963 | $22084 | $— | $14009047 |

---

54 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**FINANCIAL SERVICES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $10,101,117) | $13986963 |
| Repurchase agreements, at value (cost $22,084) | 22084 |
| Cash | 61722 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 20067 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1199 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 299 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 3 |
| &nbsp;&nbsp;&nbsp;Interest | 3 |
| **Total assets** | 14092340 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 28991 |
| &nbsp;&nbsp;&nbsp;Management fees | 10012 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 6136 |
| &nbsp;&nbsp;&nbsp;Professional fees | 2471 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1207 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1205 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 199 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 11897 |
| **Total liabilities** | 62118 |
| **Net assets** | $14030222 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $9737458 |
| Total distributable earnings (loss) | 4292764 |
| Net assets | $14030222 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $9863559 |
| Capital shares outstanding | 92166 |
| Net asset value per share | $107.02 |
| **Class A:** | **Class A:** |
| Net assets | $2903171 |
| Capital shares outstanding | 30160 |
| Net asset value per share | $96.26 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $101.06 |
| **Class C:** | **Class C:** |
| Net assets | $606815 |
| Capital shares outstanding | 7946 |
| Net asset value per share | $76.37 |
| **Class H:** | **Class H:** |
| Net assets | $656677 |
| Capital shares outstanding | 7106 |
| Net asset value per share | $92.41 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $2,036) | $244254 |
| Interest | 2738 |
| Income from securities lending, net | 186 |
| &nbsp;&nbsp;&nbsp;Total investment income | 247178 |
| **Expenses:** | **Expenses:** |
| Management fees | 95026 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 3619 |
| &nbsp;&nbsp;&nbsp;Class C | 3161 |
| &nbsp;&nbsp;&nbsp;Class H | 789 |
| Transfer agent fees | 25470 |
| Portfolio accounting and administration fees | 17048 |
| Registration fees | 16916 |
| Professional fees | 1951 |
| Trustees' fees\* | 1904 |
| Custodian fees | 1585 |
| Miscellaneous | 4583 |
| &nbsp;&nbsp;&nbsp;Total expenses | 172052 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (5590) |
| Net expenses | 166462 |
| Net investment income | 80716 |
| **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 | 3258980 |
| Net realized gain | 3258980 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | (595945) |
| Net change in unrealized appreciation (depreciation) | (595945) |
| Net realized and unrealized gain | 2663035 |
| **Net increase in net assets resulting from operations** | $2743751 |

---

\* 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 \| 55

**FINANCIAL SERVICES 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 | $80716 | $150576 |
| Net realized gain on investments | 3258980 | 1008949 |
| Net change in unrealized appreciation (depreciation) on investments | (595945) | (336174) |
| Net increase in net assets resulting from operations | 2743751 | 823351 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (120954) |
| &nbsp;&nbsp;&nbsp;Class A |  | (20403) |
| &nbsp;&nbsp;&nbsp;Class C |  | (7575) |
| &nbsp;&nbsp;&nbsp;Class H |  | (3992) |
| Total distributions to shareholders |  | (152924) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 32977424 | 64301723 |
| &nbsp;&nbsp;&nbsp;Class A | 587969 | 2139664 |
| &nbsp;&nbsp;&nbsp;Class C | 117731 | 363490 |
| &nbsp;&nbsp;&nbsp;Class H | 198878 | 539650 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 118066 |
| &nbsp;&nbsp;&nbsp;Class A |  | 19992 |
| &nbsp;&nbsp;&nbsp;Class C |  | 7527 |
| &nbsp;&nbsp;&nbsp;Class H |  | 3985 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (51736292) | (71527406) |
| &nbsp;&nbsp;&nbsp;Class A | (869952) | (1442455) |
| &nbsp;&nbsp;&nbsp;Class C | (266269) | (554541) |
| &nbsp;&nbsp;&nbsp;Class H | (239641) | (304344) |
| Net decrease from capital share transactions | (19230152) | (6334649) |
| Net decrease in net assets | (16486401) | (5664222) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 30516623 | 36180845 |
| &nbsp;&nbsp;&nbsp;End of period | $14030222 | $30516623 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 322786 | 685969 |
| &nbsp;&nbsp;&nbsp;Class A | 6421 | 24965 |
| &nbsp;&nbsp;&nbsp;Class C | 1590 | 5092 |
| &nbsp;&nbsp;&nbsp;Class H | 2209 | 6726 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 1182 |
| &nbsp;&nbsp;&nbsp;Class A |  | 222 |
| &nbsp;&nbsp;&nbsp;Class C |  | 105 |
| &nbsp;&nbsp;&nbsp;Class H |  | 46 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (502997) | (802699) |
| &nbsp;&nbsp;&nbsp;Class A | (9478) | (17767) |
| &nbsp;&nbsp;&nbsp;Class C | (3676) | (8332) |
| &nbsp;&nbsp;&nbsp;Class H | (2762) | (3956) |
| Net decrease in shares | (185907) | (108447) |

---

56 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**FINANCIAL SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $96.54 | $85.13 | $66.11 | $101.95 | $88.84 | $54.80 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .39 | .76 | .86 | .87 | .64 | .88 |
| Net gain (loss) on investments (realized and unrealized) | 10.09 | 11.38 | 18.16 | (19.17) | 13.35 | 33.16 |
| Total from investment operations | 10.48 | 12.14 | 19.02 | (18.30) | 13.99 | 34.04 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.73) |  | (2.30) | (.34) |  |
| Net realized gains |  |  |  | (15.24) | (.54) |  |
| Total distributions |  | (.73) |  | (17.54) | (.88) |  |
| Net asset value, end of period | $107.02 | $96.54 | $85.13 | $66.11 | $101.95 | $88.84 |
| **Total Return** | **10.86%** | **14.23%** | **28.77%** | **(18.35** **%)** | **15.72%** | **62.12%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $9864 | $26295 | $33024 | $4269 | $32004 | $32328 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.79% | 0.81% | 1.12% | 1.00% | 0.63% | 1.19% |
| Total expenses | 1.48% | 1.45% | 1.43% | 1.40% | 1.36% | 1.41% |
| Net expenses<sup>c</sup> | 1.43% | 1.40% | 1.39% | 1.40% | 1.36% | 1.41% |
| Portfolio turnover rate | 132% | 299% | 119% | 177% | 406% | 246% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $86.95 | $76.92 | $59.89 | $94.54 | $82.65 | $51.10 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .24 | .49 | .63 | .76 | .36 | .55 |
| Net gain (loss) on investments (realized and unrealized) | 9.07 | 10.26 | 16.40 | (17.87) | 12.41 | 31.00 |
| Total from investment operations | 9.31 | 10.75 | 17.03 | (17.11) | 12.77 | 31.55 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.72) |  | (2.30) | (.34) |  |
| Net realized gains |  |  |  | (15.24) | (.54) |  |
| Total distributions |  | (.72) |  | (17.54) | (.88) |  |
| Net asset value, end of period | $96.26 | $86.95 | $76.92 | $59.89 | $94.54 | $82.65 |
| **Total Return<sup>d</sup>** | **10.71%** | **13.96%** | **28.44%** | **(18.56** **%)** | **15.42%** | **61.74%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2903 | $2888 | $1984 | $1576 | $3276 | $2780 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.53% | 0.59% | 0.96% | 0.97% | 0.39% | 0.86% |
| Total expenses | 1.70% | 1.69% | 1.69% | 1.64% | 1.61% | 1.70% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.70% |
| Portfolio turnover rate | 132% | 299% | 119% | 177% | 406% | 246% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 57

**FINANCIAL SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $69.24 | $61.84 | $48.51 | $81.13 | $71.57 | $44.59 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.08) | (.13) | .11 | .15 | (.28) | (.03) |
| Net gain (loss) on investments (realized and unrealized) | 7.21 | 8.26 | 13.22 | (15.23) | 10.72 | 27.01 |
| Total from investment operations | 7.13 | 8.13 | 13.33 | (15.08) | 10.44 | 26.98 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.73) |  | (2.30) | (.34) |  |
| Net realized gains |  |  |  | (15.24) | (.54) |  |
| Total distributions |  | (.73) |  | (17.54) | (.88) |  |
| Net asset value, end of period | $76.37 | $69.24 | $61.84 | $48.51 | $81.13 | $71.57 |
| **Total Return<sup>d</sup>** | **10.30%** | **13.10%** | **27.48%** | **(19.17** **%)** | **14.55%** | **60.51%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $607 | $695 | $814 | $829 | $1216 | $1036 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.21%) | (0.20%) | 0.20% | 0.24% | (0.35%) | (0.06%) |
| Total expenses | 2.45% | 2.44% | 2.44% | 2.40% | 2.36% | 2.43% |
| Net expenses<sup>c</sup> | 2.40% | 2.39% | 2.40% | 2.40% | 2.36% | 2.43% |
| Portfolio turnover rate | 132% | 299% | 119% | 177% | 406% | 246% |

---

58 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**FINANCIAL SERVICES FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $83.47 | $73.87 | $57.51 | $91.63 | $80.10 | $49.53 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .25 | .48 | .59 | (.06) | .41 | .68 |
| Net gain (loss) on investments (realized and unrealized) | 8.69 | 9.85 | 15.77 | (16.52) | 12.00 | 29.89 |
| Total from investment operations | 8.94 | 10.33 | 16.36 | (16.58) | 12.41 | 30.57 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.73) |  | (2.30) | (.34) |  |
| Net realized gains |  |  |  | (15.24) | (.54) |  |
| Total distributions |  | (.73) |  | (17.54) | (.88) |  |
| Net asset value, end of period | $92.41 | $83.47 | $73.87 | $57.51 | $91.63 | $80.10 |
| **Total Return** | **10.71%** | **13.95%** | **28.45%** | **(18.56** **%)** | **15.47%** | **61.72%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $657 | $639 | $358 | $374 | $12923 | $3250 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.56% | 0.60% | 0.95% | (0.08%) | 0.45% | 1.07% |
| Total expenses | 1.70% | 1.70% | 1.68% | 1.66% | 1.61% | 1.69% |
| Net expenses<sup>c</sup> | 1.65% | 1.65% | 1.65% | 1.66% | 1.61% | 1.69% |
| Portfolio turnover rate | 132% | 299% | 119% | 177% | 406% | 246% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 59

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **HEALTH CARE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Pharmaceuticals - 32.4%** | **Pharmaceuticals - 32.4%** | **Pharmaceuticals - 32.4%** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 1178 | $898814 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 4064 | 753547 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 3094 | 716385 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 5994 | 503076 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 16741 | 426561 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 455 | 351506 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 4541 | 342346 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 7271 | 327922 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. — Class A | 865 | 270338 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 1824 | 266888 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 1359 | 254364 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 3108 | 238446 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S ADR | 4074 | 226066 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 1378 | 216291 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc\* | 1403 | 184915 |
| &nbsp;&nbsp;&nbsp;GSK plc ADR | 4274 | 184466 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries Ltd. ADR\* | 8863 | 179033 |
| &nbsp;&nbsp;&nbsp;Alkermes plc\* | 5693 | 170790 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 2528 | 170109 |
| &nbsp;&nbsp;&nbsp;Novartis AG ADR | 1307 | 167610 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 915 | 128448 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 11986 | 118661 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.\* | 1205 | 100147 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 1343 | 89135 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 2165 | 77983 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 2574 | 71454 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 133 | 61002 |
| **Total Pharmaceuticals** |  | 7496303 |
| **Healthcare-Products - 28.4%** | **Healthcare-Products - 28.4%** | **Healthcare-Products - 28.4%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 3959 | 530269 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 964 | 467559 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 980 | 438285 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 4214 | 411413 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 2026 | 401675 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 1049 | 387784 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 2972 | 283053 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 389 | 248528 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 3052 | 237354 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 805 | 220353 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 1647 | 211393 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 2625 | 197138 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 685 | 169496 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 506 | 156217 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.\* | 955 | 153726 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 573 | 150315 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 1523 | 150016 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 485 | 145408 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 2015 | 135992 |
| &nbsp;&nbsp;&nbsp;Cooper Companies, Inc.\* | 1886 | 129304 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 5044 | 114852 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.\* | 2006 | 109748 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 1856 | 103249 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 1617 | 101030 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.\* | 745 | 99584 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 791 | 99049 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.\* | 7915 | 98779 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.\* | 649 | 95760 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.\* | 1146 | 92494 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* | 886 | 73742 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 1951 | 63388 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 1198 | 61445 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 536 | 60139 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | 4163 | 52829 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.\* | 1642 | 46206 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.\* | 1272 | 45398 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 2523 | 30629 |
| **Total Healthcare-Products** |  | 6573599 |
| **Biotechnology - 21.8%** | **Biotechnology - 21.8%** | **Biotechnology - 21.8%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1527 | 430919 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3577 | 397047 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 886 | 346993 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.\* | 589 | 268584 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 472 | 265391 |
| &nbsp;&nbsp;&nbsp;BeOne Medicines Ltd. ADR\* | 616 | 209871 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.\* | 1339 | 192829 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG\* | 2809 | 182051 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR\* | 237 | 174802 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 1083 | 151707 |
| &nbsp;&nbsp;&nbsp;BioNTech SE ADR\* | 1527 | 150593 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 343 | 143789 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma plc — Class A | 4074 | 143731 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 1530 | 129759 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.\* | 1341 | 127355 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.\* | 2820 | 116466 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.\* | 1732 | 113307 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | 2031 | 109999 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 2008 | 104296 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 4037 | 104276 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 1348 | 98862 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.\* | 2015 | 94101 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 1645 | 90409 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd.\* | 5918 | 89539 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 2047 | 89188 |
| &nbsp;&nbsp;&nbsp;Legend Biotech Corp. ADR\* | 2581 | 84166 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 2328 | 84099 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.\* | 649 | 78821 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 1879 | 78260 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 4177 | 61235 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.\* | 2305 | 60575 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc.\* | 828 | 55973 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.\* | 2342 | 53000 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.\* | 2491 | 48002 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 267 | 47134 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.\* | 4732 | 41026 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 9833 | 21338 |
| **Total Biotechnology** |  | 5039493 |

---

60 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **HEALTH CARE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Healthcare-Services - 15.0%** | **Healthcare-Services - 15.0%** | **Healthcare-Services - 15.0%** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 1760 | $607728 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 932 | 301148 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 1035 | 298339 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 699 | 297914 |
| &nbsp;&nbsp;&nbsp;ICON plc\* | 1171 | 204925 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 1019 | 193549 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 720 | 187322 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 598 | 171662 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 860 | 163899 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.\* | 743 | 150859 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 4032 | 143862 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. — Class B | 621 | 126957 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 580 | 110989 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 639 | 110400 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 1060 | 100456 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 603 | 94345 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | 156 | 80209 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 573 | 76134 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Company, Inc.\* | 2169 | 53704 |
| **Total Healthcare-Services** |  | 3474401 |
| **Software - 1.4%** | **Software - 1.4%** | **Software - 1.4%** |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. — Class A\* | 805 | 239818 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.\* | 1806 | 68483 |
| **Total Software** |  | 308301 |
| **Internet - 0.5%** | **Internet - 0.5%** | **Internet - 0.5%** |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 2036 | 115482 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,726,078) |  | 23007579 |
| **RIGHTS<sup>††</sup>** **- 0.0%** | **RIGHTS<sup>††</sup>** **- 0.0%** | **RIGHTS<sup>††</sup>** **- 0.0%** |
| **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** | **Pharmaceuticals - 0.0%** |
| Sanofi SA |  |  |
| &nbsp;&nbsp;&nbsp;Expires 06/30/32 | 630 |  |
| Johnson & Johnson<sup>†††</sup> |  |  |
| &nbsp;&nbsp;&nbsp;Expires 12/31/29 | 752 |  |
| **Total Pharmaceuticals** |  |  |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $—) |  |  |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $83274 | 83274 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 59921 | 59921 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $143,195) |  | 143195 |
| **Total Investments - 100.1%** | **Total Investments - 100.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,869,273) | &nbsp;&nbsp;&nbsp;(Cost $14,869,273) | $23150774 |
| **Other Assets & Liabilities, net - (0.1)%** | **Other Assets & Liabilities, net - (0.1)%** | (18756) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $23132018 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs— See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs, unless otherwise noted — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 3 inputs— See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 61

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **HEALTH CARE 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** |
| Common Stocks | $23007579 | $— | $— | $23007579 |
| Rights |  | — \* | — \* |  |
| Repurchase Agreements |  | 143195 |  | 143195 |
| Total Assets | $23007579 | $143195 | $— | $23150774 |

---

\* Security has a market value of $0.

62 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HEALTH CARE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $14,726,078) | $23007579 |
| Repurchase agreements, at value (cost $143,195) | 143195 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 1376926 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 396380 |
| &nbsp;&nbsp;&nbsp;Dividends | 13970 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 608 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 113 |
| &nbsp;&nbsp;&nbsp;Interest | 17 |
| **Total assets** | 24938788 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 5233 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1759098 |
| &nbsp;&nbsp;&nbsp;Management fees | 16793 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 6702 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2025 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1163 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 213 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 15543 |
| **Total liabilities** | 1806770 |
| **Net assets** | $23132018 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $17823888 |
| Total distributable earnings (loss) | 5308130 |
| Net assets | $23132018 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $18091661 |
| Capital shares outstanding | 140263 |
| Net asset value per share | $128.98 |
| **Class A:** | **Class A:** |
| Net assets | $3875318 |
| Capital shares outstanding | 34290 |
| Net asset value per share | $113.02 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $118.66 |
| **Class C:** | **Class C:** |
| Net assets | $250772 |
| Capital shares outstanding | 2807 |
| Net asset value per share | $89.34 |
| **Class H:** | **Class H:** |
| Net assets | $914267 |
| Capital shares outstanding | 8451 |
| Net asset value per share | $108.18 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $1,515) | $130349 |
| Interest | 2537 |
| Income from securities lending, net | 1771 |
| &nbsp;&nbsp;&nbsp;Total investment income | 134657 |
| **Expenses:** | **Expenses:** |
| Management fees | 89906 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 4936 |
| &nbsp;&nbsp;&nbsp;Class C | 1862 |
| &nbsp;&nbsp;&nbsp;Class H | 1152 |
| Transfer agent fees | 22339 |
| Portfolio accounting fees | 16130 |
| Registration fees | 13333 |
| Professional fees | 5492 |
| Custodian fees | 1486 |
| Trustees' fees\* | 1453 |
| Miscellaneous | 2998 |
| &nbsp;&nbsp;&nbsp;Total expenses | 161087 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (5289) |
| Net expenses | 155798 |
| Net investment loss | (21141) |
| **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 | (8215) |
| Net realized loss | (8215) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 346276 |
| Net change in unrealized appreciation (depreciation) | 346276 |
| Net realized and unrealized gain | 338061 |
| **Net increase in net assets resulting from operations** | $316920 |

---

\* 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

**HEALTH CARE 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 | $(21141) | $(70543) |
| Net realized gain (loss) on investments | (8215) | 667040 |
| Net change in unrealized appreciation (depreciation) on investments | 346276 | (1383216 |
| Net increase (decrease) in net assets resulting from operations | 316920 | (786719 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 37711134 | 62563005 |
| &nbsp;&nbsp;&nbsp;Class A | 428323 | 1382494 |
| &nbsp;&nbsp;&nbsp;Class C | 43829 | 134737 |
| &nbsp;&nbsp;&nbsp;Class H | 278386 | 475851 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (34257627) | (64575158) |
| &nbsp;&nbsp;&nbsp;Class A | (915447) | (2435233) |
| &nbsp;&nbsp;&nbsp;Class C | (230107) | (660095) |
| &nbsp;&nbsp;&nbsp;Class H | (353134) | (702059 |
| Net increase (decrease) from capital share transactions | 2705357 | (3816458 |
| Net increase (decrease) in net assets | 3022277 | (4603177) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 20109741 | 24712918 |
| &nbsp;&nbsp;&nbsp;End of period | $23132018 | $20109741 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 306162 | 484091 |
| &nbsp;&nbsp;&nbsp;Class A | 4006 | 12161 |
| &nbsp;&nbsp;&nbsp;Class C | 522 | 1466 |
| &nbsp;&nbsp;&nbsp;Class H | 2744 | 4295 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (280444) | (498701) |
| &nbsp;&nbsp;&nbsp;Class A | (8508) | (21454) |
| &nbsp;&nbsp;&nbsp;Class C | (2710) | (7276) |
| &nbsp;&nbsp;&nbsp;Class H | (3442) | (6423 |
| Net increase (decrease) in shares | 18330 | (31841 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:3 reverse share split effective February 24, 2025.

64 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HEALTH CARE FUND**<br>

**FINANCIAL HIGHLIGHTS** <br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $125.89 | $131.07 | $115.10 | $124.65 | $117.73 | $90.81 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.07) | (.26) | (.21) | (.30) | (.36) | (.45) |
| Net gain (loss) on investments (realized and unrealized) | 3.16 | (4.92) | 16.18 | (7.36) | 11.51 | 37.51 |
| Total from investment operations | 3.09 | (5.18) | 15.97 | (7.66) | 11.15 | 37.06 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (1.89) | (4.23) | (10.14) |
| Total distributions |  |  |  | (1.89) | (4.23) | (10.14) |
| Net asset value, end of period | $128.98 | $125.89 | $131.07 | $115.10 | $124.65 | $117.73 |
| **Total Return** | **2.45%** | **(3.95** **%)** | **13.86%** | **(6.16** **%)** | **9.40%** | **41.24%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $18092 | $14420 | $16929 | $17873 | $25478 | $20831 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.12%) | (0.20%) | (0.19%) | (0.26%) | (0.29%) | (0.41%) |
| Total expenses | 1.45% | 1.44% | 1.43% | 1.39% | 1.35% | 1.46% |
| Net expenses<sup>c</sup> | 1.40% | 1.39% | 1.40% | 1.39% | 1.35% | 1.46% |
| Portfolio turnover rate | 152% | 236% | 116% | 268% | 238% | 256% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $110.45 | $115.29 | $101.50 | $110.42 | $104.98 | $81.98 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.22) | (.50) | (.45) | (.48) | (.57) | (.63) |
| Net gain (loss) on investments (realized and unrealized) | 2.79 | (4.34) | 14.24 | (6.55) | 10.24 | 33.77 |
| Total from investment operations | 2.57 | (4.84) | 13.79 | (7.03) | 9.67 | 33.14 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (1.89) | (4.23) | (10.14) |
| Total distributions |  |  |  | (1.89) | (4.23) | (10.14) |
| Net asset value, end of period | $113.02 | $110.45 | $115.29 | $101.50 | $110.42 | $104.98 |
| **Total Return<sup>d</sup>** | **2.33%** | **(4.20** **%)** | **13.60%** | **(6.38** **%)** | **9.14%** | **40.87%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3875 | $4285 | $5544 | $4923 | $5650 | $5575 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.40%) | (0.44%) | (0.43%) | (0.49%) | (0.50%) | (0.63%) |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 152% | 236% | 116% | 268% | 238% | 256% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 65

**HEALTH CARE FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $87.63 | $92.15 | $81.73 | $89.98 | $86.86 | $69.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.50) | (1.09) | (.99) | (1.02) | (1.17) | (1.20) |
| Net gain (loss) on investments (realized and unrealized) | 2.21 | (3.43) | 11.41 | (5.34) | 8.52 | 28.58 |
| Total from investment operations | 1.71 | (4.52) | 10.42 | (6.36) | 7.35 | 27.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (1.89) | (4.23) | (10.14) |
| Total distributions |  |  |  | (1.89) | (4.23) | (10.14) |
| Net asset value, end of period | $89.34 | $87.63 | $92.15 | $81.73 | $89.98 | $86.86 |
| **Total Return<sup>d</sup>** | **1.95%** | **(4.91** **%)** | **12.78%** | **(7.07** **%)** | **8.34%** | **39.82%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $251 | $438 | $996 | $1529 | $2699 | $3147 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.17%) | (1.20%) | (1.20%) | (1.25%) | (1.26%) | (1.39%) |
| Total expenses | 2.46% | 2.43% | 2.43% | 2.39% | 2.36% | 2.45% |
| Net expenses<sup>c</sup> | 2.41% | 2.38% | 2.40% | 2.39% | 2.36% | 2.45% |
| Portfolio turnover rate | 152% | 236% | 116% | 268% | 238% | 256% |

---

66 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HEALTH CARE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $105.73 | $110.36 | $97.16 | $105.77 | $100.71 | $78.94 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.21) | (.48) | (.42) | (.63) | (.51) | (.63) |
| Net gain (loss) on investments (realized and unrealized) | 2.66 | (4.15) | 13.62 | (6.09) | 9.80 | 32.54 |
| Total from investment operations | 2.45 | (4.63) | 13.20 | (6.72) | 9.29 | 31.91 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  | (1.89) | (4.23) | (10.14) |
| Total distributions |  |  |  | (1.89) | (4.23) | (10.14) |
| Net asset value, end of period | $108.18 | $105.73 | $110.36 | $97.16 | $105.77 | $100.71 |
| **Total Return** | **2.32%** | **(4.20** **%)** | **13.58%** | **(6.38** **%)** | **9.14%** | **40.93%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $914 | $967 | $1245 | $1318 | $10297 | $1760 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.40%) | (0.44%) | (0.43%) | (0.64%) | (0.46%) | (0.68%) |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.65% | 1.61% | 1.76% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.65% | 1.61% | 1.76% |
| Portfolio turnover rate | 152% | 236% | 116% | 268% | 238% | 256% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges. 

<sup>e</sup> Reverse share split — Per share amounts have been restated to reflect a 1:3 reverse share split effective February 24, 2025.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 67

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **INTERNET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
| **Internet - 56.6%** | **Internet - 56.6%** | **Internet - 56.6%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 11805 | $2869796 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 10828 | 2377504 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 3055 | 2243531 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 1422 | 1704864 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 12040 | 1179559 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 3039 | 826578 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 5471 | 664289 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc. — Class A\* | 4421 | 657005 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | 3534 | 631632 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.\* | 18540 | 596988 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 97 | 523729 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 5673 | 515959 |
| &nbsp;&nbsp;&nbsp;Spotify Technology S.A.\* | 685 | 478130 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc. — Class A\* | 2050 | 471480 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. ADR\* | 3209 | 422850 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. ADR | 11784 | 412204 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 1884 | 402705 |
| &nbsp;&nbsp;&nbsp;Sea Ltd. ADR\* | 2217 | 396244 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 1366 | 381893 |
| &nbsp;&nbsp;&nbsp;Wix.com Ltd.\* | 2034 | 361299 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | 4770 | 358704 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc. — Class A\* | 8802 | 356041 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc. — Class A\* | 11055 | 355639 |
| &nbsp;&nbsp;&nbsp;Bilibili, Inc. ADR\* | 12388 | 347979 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 2448 | 334960 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.\* | 3145 | 314909 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc. — Class C\* | 4012 | 309125 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 130 | 303802 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 904 | 292164 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc. — Class A\* | 2958 | 264238 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc. — Class A\* | 11906 | 262051 |
| &nbsp;&nbsp;&nbsp;Snap, Inc. — Class A\* | 33416 | 257637 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 6439 | 227425 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.\* | 3169 | 210390 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.\* | 4109 | 152978 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp.\* | 7882 | 129422 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.\* | 3570 | 121630 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.\* | 6694 | 108844 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.\* | 2626 | 100051 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc. — Class A\* | 10135 | 61722 |
| **Total Internet** |  | 22987950 |
| **Software - 25.0%** | **Software - 25.0%** | **Software - 25.0%** |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 4940 | 1170780 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 2820 | 994755 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp. — Class A\* | 5681 | 786932 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc. — Class A\* | 2970 | 669884 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 2772 | 667304 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc. — Class A\* | 3084 | 661796 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 3120 | 629304 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 4036 | 574726 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 2176 | 562191 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc. — Class A\* | 1856 | 552921 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.\* | 1256 | 389837 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. — Class A\* | 4664 | 384780 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc. — Class A\* | 4490 | 334011 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 2136 | 324651 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc. — Class A\* | 3015 | 301771 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.\* | 4008 | 288937 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 3368 | 255160 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc. — Class A\* | 7315 | 220986 |
| &nbsp;&nbsp;&nbsp;Box, Inc. — Class A\* | 5252 | 169482 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. — Class A\* | 11857 | 129360 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 3351 | 114470 |
| **Total Software** |  | 10184038 |
| **Telecommunications - 11.5%** | **Telecommunications - 11.5%** | **Telecommunications - 11.5%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 18746 | 1282601 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 6484 | 944784 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 1479 | 676332 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.\* | 2602 | 379033 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson ADR | 39365 | 325549 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj ADR | 64574 | 310601 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.\* | 9260 | 212424 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 4859 | 142369 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Company, Inc.\* | 9061 | 140264 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 10714 | 135961 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 6010 | 124107 |
| **Total Telecommunications** |  | 4674025 |
| **Commercial Services - 2.0%** | **Commercial Services - 2.0%** | **Commercial Services - 2.0%** |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 9543 | 639954 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | 1037 | 165163 |
| **Total Commercial Services** |  | 805117 |
| **Computers - 1.5%** | **Computers - 1.5%** | **Computers - 1.5%** |
| &nbsp;&nbsp;&nbsp;Okta, Inc.\* | 3509 | 321775 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.\* | 1653 | 268960 |
| **Total Computers** |  | 590735 |
| **Real Estate - 1.1%** | **Real Estate - 1.1%** | **Real Estate - 1.1%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 5613 | 473569 |
| **Entertainment - 0.8%** | **Entertainment - 0.8%** | **Entertainment - 0.8%** |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc. — Class A\* | 8230 | 307802 |
| **Investment Companies - 0.5%** | **Investment Companies - 0.5%** | **Investment Companies - 0.5%** |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* | 10925 | 195994 |
| **Electronics - 0.2%** | **Electronics - 0.2%** | **Electronics - 0.2%** |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.\* | 3854 | 99934 |
| **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** | **Healthcare-Services - 0.2%** |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.\* | 11991 | 92690 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,508,061) |  | 40411854 |

---

68 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INTERNET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $207519 | $207519 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 149323 | 149323 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $356,842) |  | 356842 |
| **Total Investments - 100.3%** | **Total Investments - 100.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $28,864,903) | &nbsp;&nbsp;&nbsp;(Cost $28,864,903) | $40768696 |
| **Other Assets & Liabilities, net - (0.3)%** | **Other Assets & Liabilities, net - (0.3)%** | (118767) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $40649929 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $40411854 | $— | $— | $40411854 |
| Repurchase Agreements |  | 356842 |  | 356842 |
| Total Assets | $40411854 | $356842 | $— | $40768696 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 69

**INTERNET FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $28,508,061) | $40411854 |
| Repurchase agreements, at value (cost $356,842) | 356842 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 7758 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 5272 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 877 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 75 |
| &nbsp;&nbsp;&nbsp;Interest | 41 |
| **Total assets** | 40782719 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 66175 |
| &nbsp;&nbsp;&nbsp;Management fees | 27363 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 9350 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 4902 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 3299 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 293 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 21408 |
| **Total liabilities** | 132790 |
| **Net assets** | $40649929 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $30024576 |
| Total distributable earnings (loss) | 10625353 |
| Net assets | $40649929 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $32400958 |
| Capital shares outstanding | 184852 |
| Net asset value per share | $175.28 |
| **Class A:** | **Class A:** |
| Net assets | $2050648 |
| Capital shares outstanding | 13202 |
| Net asset value per share | $155.33 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $163.08 |
| **Class C:** | **Class C:** |
| Net assets | $5375608 |
| Capital shares outstanding | 44985 |
| Net asset value per share | $119.50 |
| **Class H:** | **Class H:** |
| Net assets | $822715 |
| Capital shares outstanding | 5554 |
| Net asset value per share | $148.13 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $1,268) | $44874 |
| Interest | 3781 |
| Income from securities lending, net | 1113 |
| &nbsp;&nbsp;&nbsp;Total investment income | 49768 |
| **Expenses:** | **Expenses:** |
| Management fees | 113092 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 2303 |
| &nbsp;&nbsp;&nbsp;Class C | 24589 |
| &nbsp;&nbsp;&nbsp;Class H | 958 |
| Transfer agent fees | 26024 |
| Portfolio accounting and administration fees | 20290 |
| Registration fees | 11180 |
| Professional fees | 7520 |
| Custodian fees | 1821 |
| Trustees' fees\* | 1164 |
| Line of credit fees | 15 |
| Miscellaneous | 8848 |
| &nbsp;&nbsp;&nbsp;Total expenses | 217804 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (6652) |
| Net expenses | 211152 |
| Net investment loss | (161384) |
| **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 | 565436 |
| Net realized gain | 565436 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 5414372 |
| Net change in unrealized appreciation (depreciation) | 5414372 |
| Net realized and unrealized gain | 5979808 |
| **Net increase in net assets resulting from operations** | $5818424 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

70 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INTERNET 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 | $(161384) | $(197349) |
| Net realized gain on investments | 565436 | 3898131 |
| Net change in unrealized appreciation (depreciation) on investments | 5414372 | (2566194) |
| Net increase in net assets resulting from operations | 5818424 | 1134588 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 22620768 | 28889168 |
| &nbsp;&nbsp;&nbsp;Class A | 502513 | 1698744 |
| &nbsp;&nbsp;&nbsp;Class C | 187018 | 897028 |
| &nbsp;&nbsp;&nbsp;Class H | 8882 | 253209 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2681828) | (53536522) |
| &nbsp;&nbsp;&nbsp;Class A | (555278) | (2100584) |
| &nbsp;&nbsp;&nbsp;Class C | (284093) | (283567) |
| &nbsp;&nbsp;&nbsp;Class H | (67504) | (285085) |
| Net increase (decrease) from capital share transactions | 19730478 | (24467609) |
| Net increase (decrease) in net assets | 25548902 | (23333021) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 15101027 | 38434048 |
| &nbsp;&nbsp;&nbsp;End of period | $40649929 | $15101027 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 140305 | 205920 |
| &nbsp;&nbsp;&nbsp;Class A | 3620 | 14278 |
| &nbsp;&nbsp;&nbsp;Class C | 1854 | 9659 |
| &nbsp;&nbsp;&nbsp;Class H | 69 | 2223 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (17417) | (407285) |
| &nbsp;&nbsp;&nbsp;Class A | (4007) | (17769) |
| &nbsp;&nbsp;&nbsp;Class C | (2592) | (2989) |
| &nbsp;&nbsp;&nbsp;Class H | (501) | (2494) |
| Net increase (decrease) in shares | 121331 | (198457) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 71

**INTERNET FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $136.76 | $123.64 | $94.80 | $115.59 | $195.59 | $105.23 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.82) | (1.35) | (1.18) | (.99) | (2.11) | (2.03) |
| Net gain (loss) on investments (realized and unrealized) | 39.34 | 14.47 | 30.02 | (19.80) | (34.69) | 92.39 |
| Total from investment operations | 38.52 | 13.12 | 28.84 | (20.79) | (36.80) | 90.36 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  |  | (43.20) |  |
| Total distributions |  |  |  |  | (43.20) |  |
| Net asset value, end of period | $175.28 | $136.76 | $123.64 | $94.80 | $115.59 | $195.59 |
| **Total Return** | **28.17%** | **10.61%** | **30.42%** | **(17.99** **%)** | **(23.48** **%)** | **85.87%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $32401 | $8474 | $32558 | $16148 | $8777 | $25113 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.02%) | (0.98%) | (1.09%) | (1.13%) | (1.18%) | (1.21%) |
| Total expenses | 1.42% | 1.45% | 1.42% | 1.39% | 1.36% | 1.44% |
| Net expenses<sup>c</sup> | 1.37% | 1.40% | 1.38% | 1.39% | 1.36% | 1.44% |
| Portfolio turnover rate | 15% | 175% | 205% | 133% | 150% | 284% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $121.35 | $109.97 | $84.53 | $103.33 | $179.98 | $97.07 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.84) | (1.42) | (1.26) | (1.10) | (2.28) | (2.22) |
| Net gain (loss) on investments (realized and unrealized) | 34.82 | 12.80 | 26.70 | (17.70) | (31.17) | 85.13 |
| Total from investment operations | 33.98 | 11.38 | 25.44 | (18.80) | (33.45) | 82.91 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  |  | (43.20) |  |
| Total distributions |  |  |  |  | (43.20) |  |
| Net asset value, end of period | $155.33 | $121.35 | $109.97 | $84.53 | $103.33 | $179.98 |
| **Total Return<sup>d</sup>** | **28.00%** | **10.35%** | **30.10%** | **(18.19** **%)** | **(23.67** **%)** | **85.41%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2051 | $1649 | $1878 | $1342 | $2240 | $2952 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.21%) | (1.19%) | (1.33%) | (1.39%) | (1.44%) | (1.45%) |
| Total expenses | 1.70% | 1.69% | 1.69% | 1.65% | 1.61% | 1.69% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.65% | 1.61% | 1.69% |
| Portfolio turnover rate | 15% | 175% | 205% | 133% | 150% | 284% |

---

72 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INTERNET FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $93.71 | $85.56 | $66.26 | $81.61 | $152.56 | $82.90 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (1.05) | (1.82) | (1.54) | (1.32) | (2.89) | (2.91) |
| Net gain (loss) on investments (realized and unrealized) | 26.84 | 9.97 | 20.84 | (14.03) | (24.86) | 72.57 |
| Total from investment operations | 25.79 | 8.15 | 19.30 | (15.35) | (27.75) | 69.66 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  |  | (43.20) |  |
| Total distributions |  |  |  |  | (43.20) |  |
| Net asset value, end of period | $119.50 | $93.71 | $85.56 | $66.26 | $81.61 | $152.56 |
| **Total Return<sup>d</sup>** | **27.52%** | **9.53%** | **29.13%** | **(18.81** **%)** | **(24.24** **%)** | **84.03%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $5376 | $4285 | $3341 | $2522 | $2821 | $4124 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.96%) | (1.96%) | (2.08%) | (2.14%) | (2.19%) | (2.21%) |
| Total expenses | 2.45% | 2.44% | 2.44% | 2.40% | 2.36% | 2.43% |
| Net expenses<sup>c</sup> | 2.40% | 2.39% | 2.40% | 2.40% | 2.36% | 2.43% |
| Portfolio turnover rate | 15% | 175% | 205% | 133% | 150% | 284% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 73

**INTERNET FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $115.74 | $104.88 | $80.62 | $98.55 | $173.71 | $93.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.80) | (1.40) | (1.19) | (1.09) | (2.23) | (1.75) |
| Net gain (loss) on investments (realized and unrealized) | 33.19 | 12.26 | 25.45 | (16.84) | (29.73) | 81.76 |
| Total from investment operations | 32.39 | 10.86 | 24.26 | (17.93) | (31.96) | 80.01 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  |  | (43.20) |  |
| Total distributions |  |  |  |  | (43.20) |  |
| Net asset value, end of period | $148.13 | $115.74 | $104.88 | $80.62 | $98.55 | $173.71 |
| **Total Return** | **27.99%** | **10.35%** | **30.09%** | **(18.19** **%)** | **(23.67** **%)** | **85.39%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $823 | $693 | $656 | $579 | $947 | $1067 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.21%) | (1.22%) | (1.33%) | (1.39%) | (1.45%) | (1.42%) |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.65% | 1.61% | 1.76% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.65% | 1.61% | 1.76% |
| Portfolio turnover rate | 15% | 175% | 205% | 133% | 150% | 284% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

74 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **LEISURE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** | **COMMON STOCKS<sup>†</sup>** **- 99.6%** |
| **Internet - 18.6%** | **Internet - 18.6%** | **Internet - 18.6%** |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 496 | $594664 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 974 | 264918 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 1753 | 212849 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 38 | 205172 |
| &nbsp;&nbsp;&nbsp;Spotify Technology S.A.\* | 227 | 158446 |
| &nbsp;&nbsp;&nbsp;Sea Ltd. ADR\* | 728 | 130116 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 604 | 129105 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | 1539 | 115733 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.\* | 1007 | 100831 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip Ltd.\* | 986 | 92290 |
| **Total Internet** |  | 2004124 |
| **Retail - 18.4%** | **Retail - 18.4%** | **Retail - 18.4%** |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 1249 | 379559 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 3040 | 257184 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. — Class A\* | 4800 | 188112 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 1112 | 169024 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 605 | 115168 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | 1678 | 107627 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 215 | 92818 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. | 2157 | 92578 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. — Class A | 517 | 85899 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc. — Class A\* | 1259 | 65896 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.\* | 1028 | 62101 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 425 | 53839 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 192 | 48323 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. — Class A\* | 500 | 46805 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. | 736 | 40215 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 762 | 33574 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 644 | 31009 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | 3270 | 29953 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc. — Class A\* | 2905 | 23182 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 2685 | 19251 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc.\* | 830 | 16409 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 869 | 15781 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc.\* | 3744 | 14489 |
| **Total Retail** |  | 1988796 |
| **Media - 14.2%** | **Media - 14.2%** | **Media - 14.2%** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 3210 | 367545 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 8629 | 271123 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 8726 | 170419 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 505 | 138928 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class A | 2046 | 129021 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class A | 3609 | 110832 |
| &nbsp;&nbsp;&nbsp;Paramount Skydance Corp. — Class B | 5547 | 104949 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp. — Class C\* | 1212 | 77011 |
| &nbsp;&nbsp;&nbsp;New York Times Co. — Class A | 1320 | 75768 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | 2279 | 53044 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. — Class A | 202 | 39943 |
| **Total Media** |  | 1538583 |
| **Entertainment - 10.3%** | **Entertainment - 10.3%** | **Entertainment - 10.3%** |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment plc\* | 638 | 162052 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 724 | 146219 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 778 | 127125 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp. — Class A | 3133 | 106710 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc. — Class A\* | 2637 | 98624 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc. — Class A\* | 800 | 67152 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 643 | 62378 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 407 | 60875 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 2247 | 60725 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc. — Class A | 984 | 60083 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 1543 | 43235 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\* | 2211 | 42584 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\* | 1688 | 38351 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.\* | 602 | 31123 |
| **Total Entertainment** |  | 1107236 |
| **Leisure Time - 8.3%** | **Leisure Time - 8.3%** | **Leisure Time - 8.3%** |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 671 | 217122 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 4835 | 139780 |
| &nbsp;&nbsp;&nbsp;Viking Holdings Ltd.\* | 1612 | 100202 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 3282 | 80836 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc. — Class A\* | 736 | 76397 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. — Class A\* | 6058 | 54522 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 798 | 50465 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.\* | 1721 | 47500 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 1616 | 45086 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 761 | 44237 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.\* | 1200 | 39816 |
| **Total Leisure Time** |  | 895963 |
| **Lodging - 8.2%** | **Lodging - 8.2%** | **Lodging - 8.2%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 742 | 192505 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 735 | 191423 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 1929 | 103761 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. — Class A | 646 | 91687 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 648 | 83119 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International\* | 1926 | 66755 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 738 | 58966 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 666 | 57576 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 346 | 36991 |
| **Total Lodging** |  | 882783 |
| **Agriculture - 7.3%** | **Agriculture - 7.3%** | **Agriculture - 7.3%** |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 2486 | 403229 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 4135 | 273158 |
| &nbsp;&nbsp;&nbsp;British American Tobacco plc ADR | 1955 | 103772 |
| **Total Agriculture** |  | 780159 |
| **Software - 6.8%** | **Software - 6.8%** | **Software - 6.8%** |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp. — Class A\* | 1819 | 251968 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 999 | 201498 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 696 | 179819 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 681 | 103505 |
| **Total Software** |  | 736790 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 75

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **LEISURE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Beverages - 4.2%** | **Beverages - 4.2%** | **Beverages - 4.2%** |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. — Class A | 808 | $108813 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A. ADR | 1686 | 100502 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. — Class B | 3357 | 90908 |
| &nbsp;&nbsp;&nbsp;Diageo plc ADR | 881 | 84074 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 1559 | 70545 |
| **Total Beverages** |  | 454842 |
| **Toys, Games & Hobbies - 1.3%** | **Toys, Games & Hobbies - 1.3%** | **Toys, Games & Hobbies - 1.3%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 1041 | 78960 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.\* | 3462 | 58265 |
| **Total Toys, Games & Hobbies** |  | 137225 |
| **Telecommunications - 1.2%** | **Telecommunications - 1.2%** | **Telecommunications - 1.2%** |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 1492 | 113929 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. — Class C\* | 368 | 13716 |
| **Total Telecommunications** |  | 127645 |
| **Food Service - 0.8%** | **Food Service - 0.8%** | **Food Service - 0.8%** |
| &nbsp;&nbsp;&nbsp;Aramark | 2115 | 81216 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,426,317) |  | 10735362 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.2%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.2%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.2%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>1</sup> | 17282 | 17282 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,282) |  | 17282 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $27899 | 27899 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 20076 | 20076 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $47,975) |  | 47975 |
| **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,491,574) | &nbsp;&nbsp;&nbsp;(Cost $6,491,574) | $10800619 |
| **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (21963) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $10778656 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $10735362 | $— | $— | $10735362 |
| Money Market Fund | 17282 |  |  | 17282 |
| Repurchase Agreements |  | 47975 |  | 47975 |
| Total Assets | $10752644 | $47975 | $— | $10800619 |

---

76 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**LEISURE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $6,443,599) | $10752644 |
| Repurchase agreements, at value (cost $47,975) | 47975 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 8011 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 974 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 25 |
| &nbsp;&nbsp;&nbsp;Interest | 5 |
| **Total assets** | 10809634 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 9547 |
| &nbsp;&nbsp;&nbsp;Management fees | 7796 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 3459 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 940 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 766 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 115 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 8355 |
| **Total liabilities** | 30978 |
| **Net assets** | $10778656 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $8138551 |
| Total distributable earnings (loss) | 2640105 |
| Net assets | $10778656 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $7968917 |
| Capital shares outstanding | 76955 |
| Net asset value per share | $103.55 |
| **Class A:** | **Class A:** |
| Net assets | $1766089 |
| Capital shares outstanding | 19062 |
| Net asset value per share | $92.65 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $97.27 |
| **Class C:** | **Class C:** |
| Net assets | $344161 |
| Capital shares outstanding | 4468 |
| Net asset value per share | $77.03 |
| **Class H:** | **Class H:** |
| Net assets | $699489 |
| Capital shares outstanding | 7792 |
| Net asset value per share | $89.77 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $351) | $72792 |
| Interest | 1361 |
| Income from securities lending, net | 351 |
| &nbsp;&nbsp;&nbsp;Total investment income | 74504 |
| **Expenses:** | **Expenses:** |
| Management fees | 47023 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 2224 |
| &nbsp;&nbsp;&nbsp;Class C | 1579 |
| &nbsp;&nbsp;&nbsp;Class H | 881 |
| Transfer agent fees | 11425 |
| Portfolio accounting and administration fees | 8436 |
| Registration fees | 6335 |
| Professional fees | 3506 |
| Custodian fees | 774 |
| Trustees' fees\* | 669 |
| Miscellaneous | 1563 |
| &nbsp;&nbsp;&nbsp;Total expenses | 84415 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2766) |
| Net expenses | 81649 |
| Net investment loss | (7145) |
| **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 | 118741 |
| Net realized gain | 118741 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 1133091 |
| Net change in unrealized appreciation (depreciation) | 1133091 |
| Net realized and unrealized gain | 1251832 |
| **Net increase in net assets resulting from operations** | $1244687 |

---

\* 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 \| 77

**LEISURE 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 (loss) | $(7145) | $3596 |
| Net realized gain on investments | 118741 | 455516 |
| Net change in unrealized appreciation (depreciation) on investments | 1133091 | (359531) |
| Net increase in net assets resulting from operations | 1244687 | 99581 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (20964) |
| &nbsp;&nbsp;&nbsp;Class A |  | (8259) |
| &nbsp;&nbsp;&nbsp;Class C |  | (1537) |
| &nbsp;&nbsp;&nbsp;Class H |  | (4652) |
| Total distributions to shareholders |  | (35412) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 12462128 | 24778616 |
| &nbsp;&nbsp;&nbsp;Class A | 70252 | 250558 |
| &nbsp;&nbsp;&nbsp;Class C | 76122 | 28935 |
| &nbsp;&nbsp;&nbsp;Class H | 107465 | 114364 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 20097 |
| &nbsp;&nbsp;&nbsp;Class A |  | 6219 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1531 |
| &nbsp;&nbsp;&nbsp;Class H |  | 4575 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (11682669) | (23113644) |
| &nbsp;&nbsp;&nbsp;Class A | (187618) | (635115) |
| &nbsp;&nbsp;&nbsp;Class C |  | (102346) |
| &nbsp;&nbsp;&nbsp;Class H | (198185) | (870812) |
| Net increase from capital share transactions | 647495 | 482978 |
| Net increase in net assets | 1892182 | 547147 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 8886474 | 8339327 |
| &nbsp;&nbsp;&nbsp;End of period | $10778656 | $8886474 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 124417 | 266706 |
| &nbsp;&nbsp;&nbsp;Class A | 790 | 3034 |
| &nbsp;&nbsp;&nbsp;Class C | 1112 | 468 |
| &nbsp;&nbsp;&nbsp;Class H | 1210 | 1485 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 206 |
| &nbsp;&nbsp;&nbsp;Class A |  | 71 |
| &nbsp;&nbsp;&nbsp;Class C |  | 21 |
| &nbsp;&nbsp;&nbsp;Class H |  | 54 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (116931) | (254754) |
| &nbsp;&nbsp;&nbsp;Class A | (2082) | (8002) |
| &nbsp;&nbsp;&nbsp;Class C |  | (1527) |
| &nbsp;&nbsp;&nbsp;Class H | (2271) | (11695) |
| Net increase (decrease) in shares | 6245 | (3933) |

---

78 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**LEISURE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $90.77 | $83.50 | $72.93 | $80.27 | $100.94 | $53.01 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.03) | .14 | .27 | .21 | (.44) | (.34) |
| Net gain (loss) on investments (realized and unrealized) | 12.81 | 7.53 | 10.35 | (7.55) | (14.80) | 48.27 |
| Total from investment operations | 12.78 | 7.67 | 10.62 | (7.34) | (15.24) | 47.93 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.40) | (.05) |  |  |  |
| Net realized gains |  |  |  |  | (5.43) |  |
| Total distributions |  | (.40) | (.05) |  | (5.43) |  |
| Net asset value, end of period | $103.55 | $90.77 | $83.50 | $72.93 | $80.27 | $100.94 |
| **Total Return** | **14.08%** | **9.15%** | **14.58%** | **(9.14** **%)** | **(15.52** **%)** | **90.42%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $7969 | $6306 | $4786 | $20629 | $5574 | $40995 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.06%) | 0.16% | 0.36% | 0.30% | (0.45%) | (0.39%) |
| Total expenses<sup>c</sup> | 1.44% | 1.45% | 1.43% | 1.39% | 1.36% | 1.41% |
| Net expenses<sup>d</sup> | 1.39% | 1.40% | 1.40% | 1.39% | 1.36% | 1.41% |
| Portfolio turnover rate | 108% | 263% | 214% | 145% | 168% | 144% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $81.32 | $75.02 | $65.70 | $72.50 | $91.96 | $48.41 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.11) | (.08) | .10 | (.12) | (.51) | (.41) |
| Net gain (loss) on investments (realized and unrealized) | 11.44 | 6.78 | 9.27 | (6.68) | (13.52) | 43.96 |
| Total from investment operations | 11.33 | 6.70 | 9.37 | (6.80) | (14.03) | 43.55 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.40) | (.05) |  |  |  |
| Net realized gains |  |  |  |  | (5.43) |  |
| Total distributions |  | (.40) | (.05) |  | (5.43) |  |
| Net asset value, end of period | $92.65 | $81.32 | $75.02 | $65.70 | $72.50 | $91.96 |
| **Total Return<sup>e</sup>** | **13.93%** | **8.90%** | **14.28%** | **(9.38** **%)** | **(15.72** **%)** | **89.96%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1766 | $1655 | $1894 | $2600 | $4351 | $4291 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.26%) | (0.11%) | 0.15% | (0.20%) | (0.59%) | (0.56%) |
| Total expenses<sup>c</sup> | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>d</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 108% | 263% | 214% | 145% | 168% | 144% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 79

**LEISURE FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $67.87 | $63.14 | $55.72 | $61.94 | $80.01 | $42.44 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.36) | (.56) | (.35) | (.50) | (1.04) | (.87) |
| Net gain (loss) on investments (realized and unrealized) | 9.52 | 5.69 | 7.82 | (5.72) | (11.60) | 38.44 |
| Total from investment operations | 9.16 | 5.13 | 7.47 | (6.22) | (12.64) | 37.57 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.40) | (.05) |  |  |  |
| Net realized gains |  |  |  |  | (5.43) |  |
| Total distributions |  | (.40) | (.05) |  | (5.43) |  |
| Net asset value, end of period | $77.03 | $67.87 | $63.14 | $55.72 | $61.94 | $80.01 |
| **Total Return<sup>e</sup>** | **13.50%** | **8.08%** | **13.43%** | **(10.04** **%)** | **(16.35** **%)** | **88.52%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $344 | $228 | $277 | $318 | $591 | $942 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.98%) | (0.86%) | (0.60%) | (0.96%) | (1.38%) | (1.36%) |
| Total expenses<sup>c</sup> | 2.45% | 2.44% | 2.43% | 2.39% | 2.36% | 2.44% |
| Net expenses<sup>d</sup> | 2.40% | 2.39% | 2.40% | 2.39% | 2.36% | 2.44% |
| Portfolio turnover rate | 108% | 263% | 214% | 145% | 168% | 144% |

---

80 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**LEISURE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $78.79 | $72.70 | $63.67 | $70.26 | $89.30 | $47.01 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.12) | (.09) | .10 | (.10) | (.59) | (.40) |
| Net gain (loss) on investments (realized and unrealized) | 11.10 | 6.58 | 8.98 | (6.49) | (13.02) | 42.69 |
| Total from investment operations | 10.98 | 6.49 | 9.08 | (6.59) | (13.61) | 42.29 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.40) | (.05) |  |  |  |
| Net realized gains |  |  |  |  | (5.43) |  |
| Total distributions |  | (.40) | (.05) |  | (5.43) |  |
| Net asset value, end of period | $89.77 | $78.79 | $72.70 | $63.67 | $70.26 | $89.30 |
| **Total Return** | **13.94%** | **8.89%** | **14.26%** | **(9.38** **%)** | **(15.72** **%)** | **89.96%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $699 | $698 | $1382 | $1779 | $2023 | $6594 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.27%) | (0.12%) | 0.15% | (0.16%) | (0.69%) | (0.55%) |
| Total expenses<sup>c</sup> | 1.70% | 1.68% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>d</sup> | 1.65% | 1.63% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 108% | 263% | 214% | 145% | 168% | 144% |

---

<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> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 81

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **PRECIOUS METALS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.8%** | **COMMON STOCKS<sup>†</sup>** **- 99.8%** | **COMMON STOCKS<sup>†</sup>** **- 99.8%** |
| **Mining - 99.8%** | **Mining - 99.8%** | **Mining - 99.8%** |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 176408 | $14872958 |
| &nbsp;&nbsp;&nbsp;Agnico Eagle Mines Ltd. | 86359 | 14556673 |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | 363831 | 11922742 |
| &nbsp;&nbsp;&nbsp;Wheaton Precious Metals Corp. | 97594 | 10914913 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 264115 | 10358590 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | 36501 | 8136438 |
| &nbsp;&nbsp;&nbsp;Gold Fields Ltd. ADR | 188956 | 7928594 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti plc | 109469 | 7698955 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | 308633 | 7669530 |
| &nbsp;&nbsp;&nbsp;Pan American Silver Corp. | 160676 | 6222979 |
| &nbsp;&nbsp;&nbsp;Alamos Gold, Inc. — Class A | 171354 | 5973400 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 27978 | 5611827 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.\* | 294148 | 5518216 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc. | 108644 | 4354452 |
| &nbsp;&nbsp;&nbsp;IAMGOLD Corp.\* | 335921 | 4343459 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Company Ltd. ADR | 238326 | 4325617 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 356622 | 4315126 |
| &nbsp;&nbsp;&nbsp;Equinox Gold Corp.\* | 383589 | 4303869 |
| &nbsp;&nbsp;&nbsp;First Majestic Silver Corp. | 310267 | 3813181 |
| &nbsp;&nbsp;&nbsp;Sibanye Stillwater Ltd. ADR\* | 333377 | 3747157 |
| &nbsp;&nbsp;&nbsp;Eldorado Gold Corp.\* | 127358 | 3679373 |
| &nbsp;&nbsp;&nbsp;New Gold, Inc.\* | 504058 | 3619136 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.\* | 138947 | 3393086 |
| &nbsp;&nbsp;&nbsp;Sandstorm Gold Ltd. | 236036 | 2955171 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.\* | 302570 | 2662616 |
| &nbsp;&nbsp;&nbsp;B2Gold Corp. | 531296 | 2629915 |
| &nbsp;&nbsp;&nbsp;Seabridge Gold, Inc.\* | 104618 | 2526525 |
| &nbsp;&nbsp;&nbsp;Fortuna Mining Corp.\* | 278314 | 2493693 |
| &nbsp;&nbsp;&nbsp;Centerra Gold, Inc. | 222493 | 2387350 |
| &nbsp;&nbsp;&nbsp;Orla Mining Ltd.\* | 219360 | 2369088 |
| &nbsp;&nbsp;&nbsp;Endeavour Silver Corp.\* | 300094 | 2352737 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.\* | 99700 | 2016931 |
| &nbsp;&nbsp;&nbsp;McEwen, Inc.\* | 83715 | 1431527 |
| &nbsp;&nbsp;&nbsp;Silvercorp Metals, Inc. | 226131 | 1429148 |
| **Total Mining** |  | 182534972 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $89,662,572) |  | 182534972 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $654108 | 654108 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 470673 | 470673 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,124,781) |  | 1124781 |
| **Total Investments - 100.4%** | **Total Investments - 100.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $90,787,353) | &nbsp;&nbsp;&nbsp;(Cost $90,787,353) | $183659753 |
| **Other Assets & Liabilities, net - (0.4)%** | **Other Assets & Liabilities, net - (0.4)%** | (780998) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $182878755 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

82 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **PRECIOUS METALS 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** |
| Common Stocks | $182534972 | $— | $— | $182534972 |
| Repurchase Agreements |  | 1124781 |  | 1124781 |
| Total Assets | $182534972 | $1124781 | $— | $183659753 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 83

**PRECIOUS METALS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $89,662,572) | $182534972 |
| Repurchase agreements, at value (cost $1,124,781) | 1124781 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 323450 |
| &nbsp;&nbsp;&nbsp;Dividends | 7920 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 3411 |
| &nbsp;&nbsp;&nbsp;Interest | 131 |
| **Total assets** | 183994665 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 881353 |
| &nbsp;&nbsp;&nbsp;Management fees | 92711 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 37714 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 12670 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 4479 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 1175 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 85808 |
| **Total liabilities** | 1115910 |
| **Net assets** | $182878755 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $158784617 |
| Total distributable earnings (loss) | 24094138 |
| Net assets | $182878755 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $163822410 |
| Capital shares outstanding | 672786 |
| Net asset value per share | $243.50 |
| **Class A:** | **Class A:** |
| Net assets | $14469615 |
| Capital shares outstanding | 64265 |
| Net asset value per share | $225.16 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $236.39 |
| **Class C:** | **Class C:** |
| Net assets | $1900953 |
| Capital shares outstanding | 10947 |
| Net asset value per share | $173.65 |
| **Class H:** | **Class H:** |
| Net assets | $2685777 |
| Capital shares outstanding | 12433 |
| Net asset value per share | $216.02 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $69,956) | $628021 |
| Interest | 15413 |
| Income from securities lending, net | 781 |
| &nbsp;&nbsp;&nbsp;Total investment income | 644215 |
| **Expenses:** | **Expenses:** |
| Management fees | 435601 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 12781 |
| &nbsp;&nbsp;&nbsp;Class C | 6263 |
| &nbsp;&nbsp;&nbsp;Class H | 2957 |
| Transfer agent fees | 118867 |
| Portfolio accounting and administration fees | 88571 |
| Registration fees | 52027 |
| Professional fees | 30480 |
| Custodian fees | 7939 |
| Trustees' fees\* | 5767 |
| Line of credit fees | 1433 |
| Miscellaneous | 39666 |
| &nbsp;&nbsp;&nbsp;Total expenses | 802352 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (29041) |
| Net expenses | 773311 |
| Net investment loss | (129096) |
| **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 | (499327) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | 3 |
| Net realized loss | (499324) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 56884773 |
| Net change in unrealized appreciation (depreciation) | 56884773 |
| Net realized and unrealized gain | 56385449 |
| **Net increase in net assets resulting from operations** | $56256353 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

84 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**PRECIOUS METALS 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 | $(129096) | $(69477) |
| Net realized gain (loss) on investments | (499324) | 2420508 |
| Net change in unrealized appreciation (depreciation) on investments | 56884773 | 19210074 |
| Net increase in net assets resulting from operations | 56256353 | 21561105 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 337956417 | 491770166 |
| &nbsp;&nbsp;&nbsp;Class A | 2065675 | 2665192 |
| &nbsp;&nbsp;&nbsp;Class C | 552360 | 424624 |
| &nbsp;&nbsp;&nbsp;Class H | 244218 | 4664057 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (300994952) | (482605434) |
| &nbsp;&nbsp;&nbsp;Class A | (1700476) | (3963142) |
| &nbsp;&nbsp;&nbsp;Class C | (265744) | (833587) |
| &nbsp;&nbsp;&nbsp;Class H | (1441456) | (5026090 |
| Net increase from capital share transactions | 36416042 | 7095786 |
| Net increase in net assets | 92672395 | 28656891 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 90206360 | 61549469 |
| &nbsp;&nbsp;&nbsp;End of period | $182878755 | $90206360 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 2030051 | 3981526 |
| &nbsp;&nbsp;&nbsp;Class A | 12509 | 23246 |
| &nbsp;&nbsp;&nbsp;Class C | 4253 | 4750 |
| &nbsp;&nbsp;&nbsp;Class H | 1573 | 43948 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1895338) | (3933597) |
| &nbsp;&nbsp;&nbsp;Class A | (10826) | (34353) |
| &nbsp;&nbsp;&nbsp;Class C | (1975) | (9641) |
| &nbsp;&nbsp;&nbsp;Class H | (9344) | (47033 |
| Net increase in shares | 130903 | 28846 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:3 reverse share split effective February 24, 2025.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 85

**PRECIOUS METALS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $145.45 | $104.48 | $112.40 | $143.95 | $132.65 | $79.51 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.16) | (.05) | .18 | .54 | .48 | (.18) |
| Net gain (loss) on investments (realized and unrealized) | 98.21 | 41.02 | (4.50) | (24.80) | 18.65 | 54.82 |
| Total from investment operations | 98.05 | 40.97 | (4.32) | (24.26) | 19.13 | 54.64 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Total distributions |  |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Net asset value, end of period | $243.50 | $145.45 | $104.48 | $112.40 | $143.95 | $132.65 |
| **Total Return** | **67.41%** | **39.21%** | **(3.46** **%)** | **(16.34** **%)** | **15.84%** | **68.71%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $163822 | $78265 | $51211 | $74345 | $63069 | $87174 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.19%) | (0.04%) | 0.19% | 0.48% | 0.35% | (0.13%) |
| Total expenses | 1.34% | 1.34% | 1.33% | 1.30% | 1.26% | 1.34% |
| Net expenses<sup>d</sup> | 1.29% | 1.29% | 1.30% | 1.30% | 1.26% | 1.34% |
| Portfolio turnover rate | 210% | 452% | 387% | 424% | 114% | 281% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $134.66 | $96.98 | $104.87 | $135.27 | $125.45 | $75.43 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.34) | (.30) | (.03) | .24 | .12 | (.51) |
| Net gain (loss) on investments (realized and unrealized) | 90.84 | 37.98 | (4.26) | (23.35) | 17.53 | 52.03 |
| Total from investment operations | 90.50 | 37.68 | (4.29) | (23.11) | 17.65 | 51.52 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Total distributions |  |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Net asset value, end of period | $225.16 | $134.66 | $96.98 | $104.87 | $135.27 | $125.45 |
| **Total Return<sup>c</sup>** | **67.21%** | **38.85%** | **(3.68** **%)** | **(16.54** **%)** | **15.57%** | **68.28%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $14470 | $8427 | $7146 | $8698 | $11664 | $18801 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.42%) | (0.26%) | (0.02%) | 0.23% | 0.08% | (0.41%) |
| Total expenses | 1.60% | 1.59% | 1.58% | 1.54% | 1.51% | 1.59% |
| Net expenses<sup>d</sup> | 1.55% | 1.54% | 1.55% | 1.54% | 1.51% | 1.59% |
| Portfolio turnover rate | 210% | 452% | 387% | 424% | 114% | 281% |

---

86 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**PRECIOUS METALS FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $104.25 | $75.64 | $83.32 | $110.26 | $104.58 | $63.49 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.73) | (.90) | (.57) | (.39) | (.63) | (1.29) |
| Net gain (loss) on investments (realized and unrealized) | 70.13 | 29.51 | (3.51) | (19.26) | 14.14 | 43.88 |
| Total from investment operations | 69.40 | 28.61 | (4.08) | (19.65) | 13.51 | 42.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Total distributions |  |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Net asset value, end of period | $173.65 | $104.25 | $75.64 | $83.32 | $110.26 | $104.58 |
| **Total Return<sup>c</sup>** | **66.57%** | **37.82%** | **(4.43** **%)** | **(17.16** **%)** | **14.70%** | **67.04%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1901 | $904 | $1026 | $1836 | $2231 | $2086 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.16%) | (1.02%) | (0.76%) | (0.48%) | (0.59%) | (1.20%) |
| Total expenses | 2.34% | 2.33% | 2.33% | 2.29% | 2.26% | 2.35% |
| Net expenses<sup>d</sup> | 2.29% | 2.28% | 2.30% | 2.29% | 2.26% | 2.35% |
| Portfolio turnover rate | 210% | 452% | 387% | 424% | 114% | 281% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 87

**PRECIOUS METALS FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $129.20 | $93.03 | $100.77 | $130.38 | $121.22 | $72.91 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.33) | (.44) | (.06) | .18 | .24 | (.75) |
| Net gain (loss) on investments (realized and unrealized) | 87.15 | 36.61 | (4.08) | (22.50) | 16.75 | 50.56 |
| Total from investment operations | 86.82 | 36.17 | (4.14) | (22.32) | 16.99 | 49.81 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Total distributions |  |  | (3.60) | (7.29) | (7.83) | (1.50) |
| Net asset value, end of period | $216.02 | $129.20 | $93.03 | $100.77 | $130.38 | $121.22 |
| **Total Return** | **67.20%** | **38.88%** | **(3.71** **%)** | **(16.54** **%)** | **15.57%** | **68.30%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2686 | $2610 | $2167 | $2591 | $4028 | $2628 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.43%) | (0.41%) | (0.05%) | 0.18% | 0.20% | (0.59%) |
| Total expenses | 1.60% | 1.59% | 1.58% | 1.54% | 1.51% | 1.60% |
| Net expenses<sup>d</sup> | 1.55% | 1.54% | 1.55% | 1.54% | 1.51% | 1.60% |
| Portfolio turnover rate | 210% | 452% | 387% | 424% | 114% | 281% |

---

<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 1:3 reverse share split effective February 24, 2025.

88 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **REAL ESTATE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** |
| **REIT** **s** **- 88.0%** | **REIT** **s** **- 88.0%** | **REIT** **s** **- 88.0%** |
| **REIT** **s** **-Diversified - 21.6%** | **REIT** **s** **-Diversified - 21.6%** | **REIT** **s** **-Diversified - 21.6%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. — Class A | 316 | $60773 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | 290 | 50135 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 436 | 42070 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | 50 | 39162 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | 1167 | 38056 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | 148 | 28616 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | 1072 | 26575 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | 363 | 24528 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. | 486 | 22652 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co. — Class A | 147 | 17996 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | 413 | 16739 |
| &nbsp;&nbsp;&nbsp;EPR Properties | 233 | 13516 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | 392 | 11846 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | 644 | 11508 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | 270 | 11003 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | 589 | 10790 |
| **Total REITs-Diversified** |  | 425965 |
| **REIT** **s** **-Health Care - 11.7%** | **REIT** **s** **-Health Care - 11.7%** | **REIT** **s** **-Health Care - 11.7%** |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | 411 | 73216 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | 525 | 36745 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | 1266 | 24244 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | 545 | 23010 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 519 | 17999 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 413 | 17350 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | 898 | 16191 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 720 | 13421 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | 1706 | 8649 |
| **Total REITs-Health Care** |  | 230825 |
| **REIT** **s** **-Apartments - 10.6%** | **REIT** **s** **-Apartments - 10.6%** | **REIT** **s** **-Apartments - 10.6%** |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | 173 | 33418 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 481 | 31135 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | 883 | 25898 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | 183 | 25571 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | 594 | 22132 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | 199 | 21249 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent — Class A | 621 | 20648 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | 69 | 18469 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | 738 | 12096 |
| **Total REITs-Apartments** |  | 210616 |
| **REIT** **s** **-Warehouse/Industries - 8.7%** | **REIT** **s** **-Warehouse/Industries - 8.7%** | **REIT** **s** **-Warehouse/Industries - 8.7%** |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | 581 | 66536 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | 474 | 19486 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | 98 | 16587 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | 321 | 16522 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | 467 | 16480 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | 268 | 15209 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | 929 | 11371 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc. | 255 | 9853 |
| **Total REITs-Warehouse/Industries** |  | 172044 |
| **REIT** **s** **-Shopping Centers - 7.0%** | **REIT** **s** **-Shopping Centers - 7.0%** | **REIT** **s** **-Shopping Centers - 7.0%** |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | 1116 | 24385 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | 330 | 24057 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | 188 | 19046 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | 675 | 18684 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | 637 | 14205 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Company, Inc. | 403 | 13835 |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | 523 | 10538 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | 500 | 10235 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | 478 | 4307 |
| **Total REITs-Shopping Centers** |  | 139292 |
| **REIT** **s** **-Storage - 6.7%** | **REIT** **s** **-Storage - 6.7%** | **REIT** **s** **-Storage - 6.7%** |
| &nbsp;&nbsp;&nbsp;Public Storage | 149 | 43039 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | 352 | 35883 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | 242 | 34107 |
| &nbsp;&nbsp;&nbsp;CubeSmart | 476 | 19354 |
| **Total REITs-Storage** |  | 132383 |
| **REIT** **s** **-Office Property - 6.6%** | **REIT** **s** **-Office Property - 6.6%** | **REIT** **s** **-Office Property - 6.6%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | 291 | 24252 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | 291 | 21633 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | 336 | 14196 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | 485 | 14036 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | 214 | 12799 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | 371 | 11805 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | 395 | 11479 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | 1136 | 10179 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | 633 | 9856 |
| **Total REITs-Office Property** |  | 130235 |
| **REIT** **s** **-Single Tenant - 5.0%** | **REIT** **s** **-Single Tenant - 5.0%** | **REIT** **s** **-Single Tenant - 5.0%** |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 797 | 48450 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 425 | 18092 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | 247 | 17547 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | 527 | 15684 |
| **Total REITs-Single Tenant** |  | 99773 |
| **REIT** **s** **-Hotels - 4.0%** | **REIT** **s** **-Hotels - 4.0%** | **REIT** **s** **-Hotels - 4.0%** |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | 1271 | 21632 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | 159 | 14245 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 835 | 10028 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | 914 | 8564 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 771 | 8543 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | 1003 | 7984 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | 636 | 7244 |
| **Total REITs-Hotels** |  | 78240 |
| **REIT** **s** **-Regional Malls - 3.8%** | **REIT** **s** **-Regional Malls - 3.8%** | **REIT** **s** **-Regional Malls - 3.8%** |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | 265 | 49733 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | 758 | 13796 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | 366 | 12385 |
| **Total REITs-Regional Malls** |  | 75914 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 89

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **REAL ESTATE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **REIT** **s** **-Manufactured Homes - 2.3%** | **REIT** **s** **-Manufactured Homes - 2.3%** | **REIT** **s** **-Manufactured Homes - 2.3%** |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | 197 | $25413 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | 345 | 20942 |
| **Total REITs-Manufactured Homes** |  | 46355 |
| **Total REITs** |  | 1741642 |
| **Real Estate - 7.2%** | **Real Estate - 7.2%** | **Real Estate - 7.2%** |
| **Real Estate Management/Services - 7.2%** | **Real Estate Management/Services - 7.2%** | **Real Estate Management/Services - 7.2%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. — Class A\* | 272 | 42856 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 450 | 37966 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | 59 | 17599 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc. — Class A | 702 | 13092 |
| &nbsp;&nbsp;&nbsp;Compass, Inc. — Class A\* | 1517 | 12182 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc\* | 750 | 11940 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | 553 | 5895 |
| **Total Real Estate Management/Services** |  | 141530 |
| **Total Real Estate** |  | 141530 |
| **Diversified Financial Services - 2.0%** | **Diversified Financial Services - 2.0%** | **Diversified Financial Services - 2.0%** |
| **Finance-Mortgage Loan/Banker - 2.0%** | **Finance-Mortgage Loan/Banker - 2.0%** | **Finance-Mortgage Loan/Banker - 2.0%** |
| &nbsp;&nbsp;&nbsp;Rocket Companies, Inc. — Class A | 2002 | 38799 |
| **Internet - 1.7%** | **Internet - 1.7%** | **Internet - 1.7%** |
| **E-Commerce/Services - 1.7%** | **E-Commerce/Services - 1.7%** | **E-Commerce/Services - 1.7%** |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc. — Class C\* | 321 | 24733 |
| &nbsp;&nbsp;&nbsp;Opendoor Technologies, Inc.\* | 1187 | 9460 |
| **Total E-Commerce/Services** |  | 34193 |
| **Total Internet** |  | 34193 |
| **Engineering & Construction - 0.4%** | **Engineering & Construction - 0.4%** | **Engineering & Construction - 0.4%** |
| **Building-Heavy Construct - 0.4%** | **Building-Heavy Construct - 0.4%** | **Building-Heavy Construct - 0.4%** |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc.\* | 1174 | 7185 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,297,355) |  | 1963349 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $5133 | 5133 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 3694 | 3694 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,827) |  | 8827 |
| **Total Investments - 99.7%** | **Total Investments - 99.7%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,306,182) | &nbsp;&nbsp;&nbsp;(Cost $1,306,182) | $1972176 |
| **Other Assets & Liabilities, net - 0.3%** | **Other Assets & Liabilities, net - 0.3%** | 6828 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1979004 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

90 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **REAL ESTATE 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** |
| Common Stocks | $1963349 | $— | $— | $1963349 |
| Repurchase Agreements |  | 8827 |  | 8827 |
| Total Assets | $1963349 | $8827 | $— | $1972176 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 91

**REAL ESTATE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $1,297,355) | $1963349 |
| Repurchase agreements, at value (cost $8,827) | 8827 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 15047 |
| &nbsp;&nbsp;&nbsp;Dividends | 9259 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 58 |
| &nbsp;&nbsp;&nbsp;Interest | 1 |
| **Total assets** | 1996541 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 12346 |
| &nbsp;&nbsp;&nbsp;Management fees | 1805 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 720 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 536 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 218 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 118 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 24 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 1770 |
| **Total liabilities** | 17537 |
| **Net assets** | $1979004 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $8020736 |
| Total distributable earnings (loss) | (6041732) |
| Net assets | $1979004 |
| **Class A:** | **Class A:** |
| Net assets | $431021 |
| Capital shares outstanding | 10201 |
| Net asset value per share | $42.25 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $44.36 |
| **Class C:** | **Class C:** |
| Net assets | $8406 |
| Capital shares outstanding | 246 |
| Net asset value per share | $34.19 |
| **Class H:** | **Class H:** |
| Net assets | $1539577 |
| Capital shares outstanding | 36511 |
| Net asset value per share | $42.17 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $34481 |
| Interest | 297 |
| Income from securities lending, net | 229 |
| &nbsp;&nbsp;&nbsp;Total investment income | 35007 |
| **Expenses:** | **Expenses:** |
| Management fees | 9320 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 544 |
| &nbsp;&nbsp;&nbsp;Class C | 77 |
| &nbsp;&nbsp;&nbsp;Class H | 2178 |
| Transfer agent fees | 2312 |
| Portfolio accounting and administration fees | 1672 |
| Professional fees | 897 |
| Registration fees | 372 |
| Trustees' fees\* | 205 |
| Custodian fees | 160 |
| Line of credit fees | 27 |
| Miscellaneous | 872 |
| &nbsp;&nbsp;&nbsp;Total expenses | 18636 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (548) |
| Net expenses | 18088 |
| Net investment income | 16919 |
| **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 | 155616 |
| Net realized gain | 155616 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 6251 |
| Net change in unrealized appreciation (depreciation) | 6251 |
| Net realized and unrealized gain | 161867 |
| **Net increase in net assets resulting from operations** | $178786 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

92 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**REAL ESTATE 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 | $16919 | $61209 |
| Net realized gain on investments | 155616 | 544317 |
| Net change in unrealized appreciation (depreciation) on investments | 6251 | 29903 |
| Net increase in net assets resulting from operations | 178786 | 635429 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (5190) |
| &nbsp;&nbsp;&nbsp;Class C |  | (728) |
| &nbsp;&nbsp;&nbsp;Class H |  | (26663) |
| Total distributions to shareholders |  | (32581) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 661499 | 1376486 |
| &nbsp;&nbsp;&nbsp;Class C | 42663 | 124418 |
| &nbsp;&nbsp;&nbsp;Class H | 15102839 | 16376197 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 5190 |
| &nbsp;&nbsp;&nbsp;Class C |  | 728 |
| &nbsp;&nbsp;&nbsp;Class H |  | 26619 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (726398) | (1254580) |
| &nbsp;&nbsp;&nbsp;Class C | (53962) | (209785) |
| &nbsp;&nbsp;&nbsp;Class H | (15276041) | (17456563) |
| Net decrease from capital share transactions | (249400) | (1011290) |
| Net decrease in net assets | (70614) | (408442) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 2049618 | 2458060 |
| &nbsp;&nbsp;&nbsp;End of period | $1979004 | $2049618 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 16596 | 34057 |
| &nbsp;&nbsp;&nbsp;Class C | 1320 | 3684 |
| &nbsp;&nbsp;&nbsp;Class H | 368296 | 419664 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 125 |
| &nbsp;&nbsp;&nbsp;Class C |  | 21 |
| &nbsp;&nbsp;&nbsp;Class H |  | 640 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (18199) | (31419) |
| &nbsp;&nbsp;&nbsp;Class C | (1669) | (6636) |
| &nbsp;&nbsp;&nbsp;Class H | (370308) | (435282) |
| Net decrease in shares | (3964) | (15146) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 93

**REAL ESTATE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $40.40 | $37.63 | $35.12 | $47.38 | $40.87 | $30.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .33 | .44 | .50 | .65 | .21 | .32 |
| Net gain (loss) on investments (realized and unrealized) | 1.52 | 2.65 | 2.74 | (11.59) | 6.48 | 13.33 |
| Total from investment operations | 1.85 | 3.09 | 3.24 | (10.94) | 6.69 | 13.65 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Total distributions |  | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Net asset value, end of period | $42.25 | $40.40 | $37.63 | $35.12 | $47.38 | $40.87 |
| **Total Return<sup>c</sup>** | **4.58%** | **8.18%** | **9.34%** | **(23.05** **%)** | **16.36%** | **45.79%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $431 | $477 | $340 | $491 | $988 | $1049 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.65% | 1.11% | 1.42% | 1.65% | 0.46% | 0.87% |
| Total expenses | 1.70% | 1.70% | 1.69% | 1.65% | 1.61% | 1.70% |
| Net expenses<sup>d</sup> | 1.65% | 1.65% | 1.66% | 1.65% | 1.61% | 1.70% |
| Portfolio turnover rate | 690% | 344% | 249% | 308% | 380% | 499% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $32.84 | $30.85 | $29.13 | $39.90 | $34.44 | $26.48 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .09 | (.03) | .20 | .31 | (.09) | (.03) |
| Net gain (loss) on investments (realized and unrealized) | 1.26 | 2.34 | 2.25 | (9.76) | 5.73 | 11.47 |
| Total from investment operations | 1.35 | 2.31 | 2.45 | (9.45) | 5.64 | 11.44 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Total distributions |  | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Net asset value, end of period | $34.19 | $32.84 | $30.85 | $29.13 | $39.90 | $34.44 |
| **Total Return<sup>c</sup>** | **4.11%** | **7.38%** | **8.55%** | **(23.65** **%)** | **16.37%** | **44.71%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $8 | $20 | $109 | $120 | $322 | $194 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.58% | (0.10%) | 0.68% | 0.94% | (0.22%) | (0.09%) |
| Total expenses | 2.46% | 2.43% | 2.44% | 2.40% | 2.36% | 2.45% |
| Net expenses<sup>d</sup> | 2.41% | 2.38% | 2.41% | 2.40% | 2.36% | 2.45% |
| Portfolio turnover rate | 690% | 344% | 249% | 308% | 380% | 499% |

---

94 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**REAL ESTATE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $40.32 | $37.55 | $35.05 | $47.28 | $40.78 | $30.63 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .31 | .54 | .53 | .54 | .22 | .23 |
| Net gain (loss) on investments (realized and unrealized) | 1.54 | 2.55 | 2.70 | (11.45) | 6.46 | 13.40 |
| Total from investment operations | 1.85 | 3.09 | 3.23 | (10.91) | 6.68 | 13.63 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Total distributions |  | (.32) | (.73) | (1.32) | (.18) | (3.48) |
| Net asset value, end of period | $42.17 | $40.32 | $37.55 | $35.05 | $47.28 | $40.78 |
| **Total Return** | **4.59%** | **8.20%** | **9.33%** | **(23.04** **%)** | **16.37%** | **45.83%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1540 | $1553 | $2009 | $2048 | $36643 | $10907 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.52% | 1.35% | 1.50% | 1.33% | 0.49% | 0.60% |
| Total expenses | 1.69% | 1.69% | 1.70% | 1.65% | 1.62% | 1.66% |
| Net expenses<sup>d</sup> | 1.64% | 1.64% | 1.66% | 1.65% | 1.62% | 1.66% |
| Portfolio turnover rate | 690% | 344% | 249% | 308% | 380% | 499% |

---

<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 \| 95

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **RETAILING FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.9%** | **COMMON STOCKS<sup>†</sup>** **- 99.9%** | **COMMON STOCKS<sup>†</sup>** **- 99.9%** |
| **Retail - 66.6%** | **Retail - 66.6%** | **Retail - 66.6%** |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. | 2051 | $296452 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 2821 | 290732 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 296 | 273987 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 667 | 270262 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 1040 | 261362 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 2023 | 218100 |
| &nbsp;&nbsp;&nbsp;Carvana Co.\* | 548 | 206728 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 1057 | 161076 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 1625 | 145763 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 2149 | 122214 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 213 | 116458 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 26 | 111546 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 1064 | 109964 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 562 | 109843 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 446 | 99110 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 714 | 98960 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 1011 | 95408 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.\* | 348 | 88566 |
| &nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | 1139 | 86131 |
| &nbsp;&nbsp;&nbsp;GameStop Corp. — Class A\* | 2949 | 80449 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | 845 | 78796 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.\* | 446 | 68996 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.\* | 496 | 63686 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.\* | 286 | 62568 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. — Class A\* | 775 | 57118 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 1998 | 51469 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 1126 | 50524 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | 2321 | 49646 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 2763 | 49541 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.\* | 689 | 49215 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 290 | 48059 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 472 | 45274 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 517 | 44229 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 112 | 43485 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 860 | 43017 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 699 | 42919 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. — Class A | 134 | 42344 |
| &nbsp;&nbsp;&nbsp;RH\* | 190 | 38600 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 1317 | 38443 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 2035 | 34819 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.\* | 1216 | 33002 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | 1890 | 29049 |
| &nbsp;&nbsp;&nbsp;ODP Corp.\* | 827 | 23032 |
| **Total Retail** |  | 4330942 |
| **Internet - 29.2%** | **Internet - 29.2%** | **Internet - 29.2%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 2850 | 625774 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR\* | 1363 | 180148 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | 980 | 175155 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.\* | 5287 | 170241 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 1618 | 147157 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. ADR | 3370 | 117883 |
| &nbsp;&nbsp;&nbsp;Sea Ltd. ADR\* | 628 | 112242 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 48 | 112173 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc. — Class A\* | 2510 | 101530 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc. — Class A\* | 843 | 75305 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.\* | 904 | 60017 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.\* | 734 | 17139 |
| **Total Internet** |  | 1894764 |
| **Distribution & Wholesale - 2.0%** | **Distribution & Wholesale - 2.0%** | **Distribution & Wholesale - 2.0%** |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 227 | 70386 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 2016 | 61568 |
| **Total Distribution & Wholesale** |  | 131954 |
| **Software - 1.4%** | **Software - 1.4%** | **Software - 1.4%** |
| &nbsp;&nbsp;&nbsp;Global-e Online Ltd\* | 2467 | 88220 |
| **Commercial Services - 0.7%** | **Commercial Services - 0.7%** | **Commercial Services - 0.7%** |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.\* | 1271 | 45642 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,131,091) |  | 6491522 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.3%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $10457 | 10457 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 7525 | 7525 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,982) |  | 17982 |
| **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,149,073) | &nbsp;&nbsp;&nbsp;(Cost $3,149,073) | $6509504 |
| **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (9803) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $6499701 |

---

96 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **RETAILING FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $6491522 | $— | $— | $6491522 |
| Repurchase Agreements |  | 17982 |  | 17982 |
| Total Assets | $6491522 | $17982 | $— | $6509504 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 97

**RETAILING FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $3,131,091) | $6491522 |
| Repurchase agreements, at value (cost $17,982) | 17982 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 2535 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 612 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 12 |
| &nbsp;&nbsp;&nbsp;Interest | 2 |
| **Total assets** | 6512665 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 4543 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 2080 |
| &nbsp;&nbsp;&nbsp;Professional fees | 1332 |
| &nbsp;&nbsp;&nbsp;Printing fees | 1234 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 548 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 497 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 224 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 69 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2437 |
| **Total liabilities** | 12964 |
| **Net assets** | $6499701 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $4298674 |
| Total distributable earnings (loss) | 2201027 |
| Net assets | $6499701 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $5537855 |
| Capital shares outstanding | 91135 |
| Net asset value per share | $60.77 |
| **Class A:** | **Class A:** |
| Net assets | $622991 |
| Capital shares outstanding | 11081 |
| Net asset value per share | $56.22 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $59.02 |
| **Class C:** | **Class C:** |
| Net assets | $50568 |
| Capital shares outstanding | 1086 |
| Net asset value per share | $46.56 |
| **Class H:** | **Class H:** |
| Net assets | $288287 |
| Capital shares outstanding | 5271 |
| Net asset value per share | $54.69 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $23) | $38639 |
| Interest | 874 |
| Income from securities lending, net | 183 |
| &nbsp;&nbsp;&nbsp;Total investment income | 39696 |
| **Expenses:** | **Expenses:** |
| Management fees | 29230 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 810 |
| &nbsp;&nbsp;&nbsp;Class C | 230 |
| &nbsp;&nbsp;&nbsp;Class H | 361 |
| Transfer agent fees | 7350 |
| Portfolio accounting and administration fees | 5244 |
| Registration fees | 4397 |
| Professional fees | 1510 |
| Trustees' fees\* | 493 |
| Custodian fees | 484 |
| Miscellaneous | 1205 |
| &nbsp;&nbsp;&nbsp;Total expenses | 51314 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (1720) |
| Net expenses | 49594 |
| Net investment loss | (9898) |
| **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 | 337811 |
| Net realized gain | 337811 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 768089 |
| Net change in unrealized appreciation (depreciation) | 768089 |
| Net realized and unrealized gain | 1105900 |
| **Net increase in net assets resulting from operations** | $1096002 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

98 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RETAILING 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 | $(9898) | $(21947) |
| Net realized gain on investments | 337811 | 628972 |
| Net change in unrealized appreciation (depreciation) on investments | 768089 | (593590) |
| Net increase in net assets resulting from operations | 1096002 | 13435 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 7547376 | 25633421 |
| &nbsp;&nbsp;&nbsp;Class A | 57246 | 319096 |
| &nbsp;&nbsp;&nbsp;Class C | 2240 | 29848 |
| &nbsp;&nbsp;&nbsp;Class H | 4733 | 123353 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (7927188) | (29180206) |
| &nbsp;&nbsp;&nbsp;Class A | (136586) | (486061) |
| &nbsp;&nbsp;&nbsp;Class C | (1227) | (59851) |
| &nbsp;&nbsp;&nbsp;Class H | (79095) | (204918) |
| Net decrease from capital share transactions | (532501) | (3825318) |
| Net increase (decrease) in net assets | 563501 | (3811883) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 5936200 | 9748083 |
| &nbsp;&nbsp;&nbsp;End of period | $6499701 | $5936200 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 132890 | 492051 |
| &nbsp;&nbsp;&nbsp;Class A | 1103 | 6577 |
| &nbsp;&nbsp;&nbsp;Class C | 49 | 733 |
| &nbsp;&nbsp;&nbsp;Class H | 88 | 2518 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (137814) | (561923) |
| &nbsp;&nbsp;&nbsp;Class A | (2508) | (9799) |
| &nbsp;&nbsp;&nbsp;Class C | (27) | (1439) |
| &nbsp;&nbsp;&nbsp;Class H | (1608) | (4197) |
| Net decrease in shares | (7827) | (75479) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 99

**RETAILING FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $51.82 | $51.43 | $42.39 | $46.75 | $57.11 | $28.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.07) | (.10) | (.03) | (.08) | (.30) | (.25) |
| Net gain (loss) on investments (realized and unrealized) | 9.02 | .49 | 9.07 | (4.28) | (5.31) | 28.74 |
| Total from investment operations | 8.95 | .39 | 9.04 | (4.36) | (5.61) | 28.49 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  |  | (4.75) |  |
| Total distributions |  |  |  |  | (4.75) |  |
| Net asset value, end of period | $60.77 | $51.82 | $51.43 | $42.39 | $46.75 | $57.11 |
| **Total Return** | **17.27%** | **0.76%** | **21.33%** | **(9.33** **%)** | **(10.94** **%)** | **99.55%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $5538 | $4977 | $8533 | $7334 | $7998 | $24987 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.25%) | (0.19%) | (0.08%) | (0.19%) | (0.53%) | (0.52%) |
| Total expenses | 1.45% | 1.43% | 1.43% | 1.40% | 1.36% | 1.43% |
| Net expenses<sup>c</sup> | 1.40% | 1.38% | 1.40% | 1.40% | 1.36% | 1.43% |
| Portfolio turnover rate | 116% | 296% | 299% | 371% | 214% | 270% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $48.00 | $47.76 | $39.46 | $43.64 | $53.75 | $27.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.13) | (.24) | (.11) | (.17) | (.42) | (.38) |
| Net gain (loss) on investments (realized and unrealized) | 8.35 | .48 | 8.41 | (4.01) | (4.94) | 27.13 |
| Total from investment operations | 8.22 | .24 | 8.30 | (4.18) | (5.36) | 26.75 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  |  | (4.75) |  |
| Total distributions |  |  |  |  | (4.75) |  |
| Net asset value, end of period | $56.22 | $48.00 | $47.76 | $39.46 | $43.64 | $53.75 |
| **Total Return<sup>d</sup>** | **17.13%** | **0.50%** | **21.03%** | **(9.58** **%)** | **(11.17** **%)** | **99.07%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $623 | $599 | $750 | $985 | $1917 | $2133 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.50%) | (0.50%) | (0.27%) | (0.45%) | (0.79%) | (0.83%) |
| Total expenses | 1.70% | 1.69% | 1.69% | 1.65% | 1.61% | 1.67% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.65% | 1.61% | 1.67% |
| Portfolio turnover rate | 116% | 296% | 299% | 371% | 214% | 270% |

---

100 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RETAILING FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $39.93 | $40.01 | $33.31 | $37.12 | $46.74 | $23.67 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.27) | (.50) | (.34) | (.39) | (.70) | (.62) |
| Net gain (loss) on investments (realized and unrealized) | 6.90 | .42 | 7.04 | (3.42) | (4.17) | 23.69 |
| Total from investment operations | 6.63 | (.08) | 6.70 | (3.81) | (4.87) | 23.07 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  |  | (4.75) |  |
| Total distributions |  |  |  |  | (4.75) |  |
| Net asset value, end of period | $46.56 | $39.93 | $40.01 | $33.31 | $37.12 | $46.74 |
| **Total Return<sup>d</sup>** | **16.60%** | **(0.20** **%)** | **20.11%** | **(10.26** **%)** | **(11.84** **%)** | **97.47%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $51 | $42 | $71 | $147 | $196 | $294 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.26%) | (1.24%) | (1.01%) | (1.18%) | (1.54%) | (1.65%) |
| Total expenses | 2.45% | 2.44% | 2.43% | 2.40% | 2.36% | 2.44% |
| Net expenses<sup>c</sup> | 2.40% | 2.39% | 2.40% | 2.40% | 2.36% | 2.44% |
| Portfolio turnover rate | 116% | 296% | 299% | 371% | 214% | 270% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 101

**RETAILING FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $46.70 | $46.47 | $38.40 | $42.47 | $52.44 | $26.35 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.13) | (.24) | (.10) | (.18) | (.38) | (.39) |
| Net gain (loss) on investments (realized and unrealized) | 8.12 | .47 | 8.17 | (3.89) | (4.84) | 26.48 |
| Total from investment operations | 7.99 | .23 | 8.07 | (4.07) | (5.22) | 26.09 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  |  | (4.75) |  |
| Total distributions |  |  |  |  | (4.75) |  |
| Net asset value, end of period | $54.69 | $46.70 | $46.47 | $38.40 | $42.47 | $52.44 |
| **Total Return** | **17.11%** | **0.49%** | **21.02%** | **(9.58** **%)** | **(11.18** **%)** | **99.01%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $288 | $317 | $394 | $603 | $673 | $661 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.51%) | (0.52%) | (0.26%) | (0.47%) | (0.73%) | (0.91%) |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.65% | 1.60% | 1.69% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.65% | 1.60% | 1.69% |
| Portfolio turnover rate | 116% | 296% | 299% | 371% | 214% | 270% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

102 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **TECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
| **Software - 29.1%** | **Software - 29.1%** | **Software - 29.1%** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 8641 | $4475606 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 8429 | 1537618 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 5421 | 1524602 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 4320 | 1023840 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 1435 | 979976 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 1043 | 959852 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 2462 | 868470 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp. — Class A\* | 4964 | 687613 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 1369 | 675451 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc. — Class A\* | 2095 | 675030 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 1916 | 673014 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc. — Class A\* | 2592 | 584626 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 2421 | 582807 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 1818 | 577524 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc. — Class A\* | 2690 | 577247 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 2723 | 549229 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 1019 | 508165 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 3530 | 502672 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 1899 | 490626 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. — Class A\* | 3065 | 489480 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 2796 | 424964 |
| &nbsp;&nbsp;&nbsp;Monday.com Ltd.\* | 1834 | 355227 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 1687 | 342495 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.\* | 1100 | 341418 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc. — Class A\* | 4076 | 336270 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc. — Class A\* | 8559 | 318823 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.\* | 5087 | 312851 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* | 1288 | 296060 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc. — Class A\* | 3921 | 291683 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.\* | 571 | 267114 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.\* | 5478 | 265409 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc. — Class A\* | 2633 | 263537 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.\* | 3505 | 252675 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.\* | 6040 | 241842 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 2943 | 222962 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc. — Class B | 3978 | 204787 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc. — Class A\* | 6391 | 193072 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc. — Class A\* | 11510 | 185081 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc. — Class A\* | 9008 | 178358 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc. — Class A\* | 3864 | 174189 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | 701 | 143691 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. — Class A\* | 10361 | 113039 |
| **Total Software** |  | 24668995 |
| **Semiconductors - 27.7%** | **Semiconductors - 27.7%** | **Semiconductors - 27.7%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 25808 | 4815257 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 8176 | 2697344 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 7320 | 1184303 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 5894 | 986184 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 4752 | 972924 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 28678 | 962147 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 7149 | 957251 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 5739 | 954740 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 4981 | 915159 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 823 | 887688 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 3147 | 773218 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 742 | 718323 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. ADR | 2478 | 692081 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 8095 | 680547 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 2984 | 679546 |
| &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR\* | 3367 | 476397 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics N.V. — Class Y | 16238 | 458886 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 6391 | 410430 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 2657 | 365709 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.\* | 1687 | 330314 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 6415 | 316324 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 310 | 285398 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 2943 | 272110 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 3138 | 241563 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 2299 | 239556 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.\* | 3212 | 235504 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.\* | 2323 | 211579 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | 1663 | 205829 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.\* | 1386 | 173652 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc.\* | 4027 | 144328 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 1117 | 109064 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 579 | 104654 |
| **Total Semiconductors** |  | 23458009 |
| **Computers - 17.5%** | **Computers - 17.5%** | **Computers - 17.5%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 17714 | 4510516 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 4255 | 1200591 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 1663 | 815502 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc. — Class C | 4940 | 700344 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 2307 | 544590 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 6252 | 525668 |
| &nbsp;&nbsp;&nbsp;Accenture plc — Class A | 2119 | 522545 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 4223 | 507013 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies Ltd.\* | 2331 | 482307 |
| &nbsp;&nbsp;&nbsp;CyberArk Software Ltd.\* | 954 | 460925 |
| &nbsp;&nbsp;&nbsp;Infosys Ltd. ADR | 25743 | 418839 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 16206 | 398019 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 5837 | 391488 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* | 1296 | 388359 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\* | 7646 | 366549 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc. — Class A\* | 4329 | 362813 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 12896 | 351158 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 2812 | 333110 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.\* | 1223 | 321490 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.\* | 2690 | 301818 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.\* | 9497 | 282916 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.\* | 3065 | 281061 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.\* | 1443 | 234791 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* | 3049 | 175226 |
| **Total Computers** |  | 14877638 |
| **Internet - 15.3%** | **Internet - 15.3%** | **Internet - 15.3%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 15871 | 3858240 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 4108 | 3016833 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 103

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **TECHNOLOGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 1549 | $1113018 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 4092 | 833213 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc. — Class A\* | 4092 | 608112 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. ADR\* | 3937 | 518779 |
| &nbsp;&nbsp;&nbsp;Sea Ltd. ADR\* | 2454 | 438603 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc. — Class A\* | 1793 | 412372 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 1198 | 334925 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 2022 | 322064 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc. — Class A\* | 9660 | 310762 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 2136 | 292269 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 9668 | 274475 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 750 | 242393 |
| &nbsp;&nbsp;&nbsp;Snap, Inc. — Class A\* | 29199 | 225124 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 5625 | 198675 |
| **Total Internet** |  | 12999857 |
| **Telecommunications - 4.4%** | **Telecommunications - 4.4%** | **Telecommunications - 4.4%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 16385 | 1121062 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 5665 | 825447 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 1296 | 592648 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 7222 | 592421 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 2217 | 322817 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.\* | 8095 | 185699 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 342 | 118069 |
| **Total Telecommunications** |  | 3758163 |
| **Electronics - 3.5%** | **Electronics - 3.5%** | **Electronics - 3.5%** |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. — Class A | 7149 | 884689 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 2071 | 454647 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 2217 | 387798 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 1557 | 338134 |
| &nbsp;&nbsp;&nbsp;Flex Ltd.\* | 5723 | 331762 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 3733 | 304799 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.\* | 2731 | 294183 |
| **Total Electronics** |  | 2996012 |
| **Investment Companies - 0.8%** | **Investment Companies - 0.8%** | **Investment Companies - 0.8%** |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* | 10744 | 204458 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.\* | 10736 | 196040 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* | 9546 | 171255 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.\* | 11486 | 166547 |
| **Total Investment Companies** |  | 738300 |
| **Energy-Alternate Sources - 0.6%** | **Energy-Alternate Sources - 0.6%** | **Energy-Alternate Sources - 0.6%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 1590 | 350643 |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.\* | 4117 | 145700 |
| **Total Energy-Alternate Sources** |  | 496343 |
| **Office & Business Equipment - 0.3%** | **Office & Business Equipment - 0.3%** | **Office & Business Equipment - 0.3%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. — Class A\* | 880 | 261501 |
| **Electrical Components & Equipment - 0.2%** | **Electrical Components & Equipment - 0.2%** | **Electrical Components & Equipment - 0.2%** |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 905 | 129985 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,448,691) |  | 84384803 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $272178 | 272178 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 195850 | 195850 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $468,028) |  | 468028 |
| **Total Investments - 100.0%** | **Total Investments - 100.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,916,719) | &nbsp;&nbsp;&nbsp;(Cost $43,916,719) | $84852831 |
| **Other Assets & Liabilities, net - 0.0%** | **Other Assets & Liabilities, net - 0.0%** | (30157) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $84822674 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

104 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **TECHNOLOGY 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** |
| Common Stocks | $84384803 | $— | $— | $84384803 |
| Repurchase Agreements |  | 468028 |  | 468028 |
| Total Assets | $84384803 | $468028 | $— | $84852831 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 105

**TECHNOLOGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $43,448,691) | $84384803 |
| Repurchase agreements, at value (cost $468,028) | 468028 |
| Cash | 1275 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 3056082 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 85251 |
| &nbsp;&nbsp;&nbsp;Dividends | 19132 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 1108 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 203 |
| &nbsp;&nbsp;&nbsp;Interest | 55 |
| **Total assets** | 88015937 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 3055104 |
| &nbsp;&nbsp;&nbsp;Management fees | 56828 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 20629 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 6853 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 4948 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 661 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 48240 |
| **Total liabilities** | 3193263 |
| **Net assets** | $84822674 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $45237169 |
| Total distributable earnings (loss) | 39585505 |
| Net assets | $84822674 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $68206107 |
| Capital shares outstanding | 264133 |
| Net asset value per share | $258.23 |
| **Class A:** | **Class A:** |
| Net assets | $12375952 |
| Capital shares outstanding | 53533 |
| Net asset value per share | $231.18 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $242.71 |
| **Class C:** | **Class C:** |
| Net assets | $3017270 |
| Capital shares outstanding | 15957 |
| Net asset value per share | $189.09 |
| **Class H:** | **Class H:** |
| Net assets | $1223345 |
| Capital shares outstanding | 5445 |
| Net asset value per share | $224.67 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $857) | $179060 |
| Interest | 6995 |
| Income from securities lending, net | 1075 |
| &nbsp;&nbsp;&nbsp;Total investment income | 187130 |
| **Expenses:** | **Expenses:** |
| Management fees | 262154 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 13054 |
| &nbsp;&nbsp;&nbsp;Class C | 13604 |
| &nbsp;&nbsp;&nbsp;Class H | 1270 |
| Transfer agent fees | 61883 |
| Portfolio accounting and administration fees | 47033 |
| Registration fees | 29177 |
| Professional fees | 17832 |
| Custodian fees | 4248 |
| Trustees' fees\* | 3149 |
| Miscellaneous | 16881 |
| &nbsp;&nbsp;&nbsp;Total expenses | 470285 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (15421) |
| Net expenses | 454864 |
| Net investment loss | (267734) |
| **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 | 1313148 |
| Net realized gain | 1313148 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 18512099 |
| Net change in unrealized appreciation (depreciation) | 18512099 |
| Net realized and unrealized gain | 19825247 |
| **Net increase in net assets resulting from operations** | $19557513 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

106 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TECHNOLOGY 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 | $(267734) | $(460150) |
| Net realized gain on investments | 1313148 | 6023320 |
| Net change in unrealized appreciation (depreciation) on investments | 18512099 | (4855155) |
| Net increase in net assets resulting from operations | 19557513 | 708015 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (1530798) |
| &nbsp;&nbsp;&nbsp;Class A |  | (459868) |
| &nbsp;&nbsp;&nbsp;Class C |  | (184496) |
| &nbsp;&nbsp;&nbsp;Class H |  | (57400) |
| Total distributions to shareholders |  | (2232562) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 59378808 | 79367937 |
| &nbsp;&nbsp;&nbsp;Class A | 1088720 | 3403242 |
| &nbsp;&nbsp;&nbsp;Class C | 443908 | 833942 |
| &nbsp;&nbsp;&nbsp;Class H | 115084 | 3054402 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 1459040 |
| &nbsp;&nbsp;&nbsp;Class A |  | 446832 |
| &nbsp;&nbsp;&nbsp;Class C |  | 182134 |
| &nbsp;&nbsp;&nbsp;Class H |  | 54967 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (33082315) | (89094206) |
| &nbsp;&nbsp;&nbsp;Class A | (1312241) | (3152579) |
| &nbsp;&nbsp;&nbsp;Class C | (761613) | (1435843) |
| &nbsp;&nbsp;&nbsp;Class H | (76863) | (3478421) |
| Net increase (decrease) from capital share transactions | 25793488 | (8358553) |
| Net increase (decrease) in net assets | 45351001 | (9883100) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 39471673 | 49354773 |
| &nbsp;&nbsp;&nbsp;End of period | $84822674 | $39471673 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 267738 | 396477 |
| &nbsp;&nbsp;&nbsp;Class A | 5549 | 18497 |
| &nbsp;&nbsp;&nbsp;Class C | 2714 | 5424 |
| &nbsp;&nbsp;&nbsp;Class H | 654 | 17882 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 6811 |
| &nbsp;&nbsp;&nbsp;Class A |  | 2325 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1152 |
| &nbsp;&nbsp;&nbsp;Class H |  | 294 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (150326) | (444843) |
| &nbsp;&nbsp;&nbsp;Class A | (7284) | (17475) |
| &nbsp;&nbsp;&nbsp;Class C | (4769) | (9474) |
| &nbsp;&nbsp;&nbsp;Class H | (489) | (20333) |
| Net increase (decrease) in shares | 113787 | (43263) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 107

**TECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $184.35 | $191.70 | $141.40 | $168.83 | $177.69 | $100.21 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.88) | (1.39) | (.97) | (.68) | (1.32) | (.96) |
| Net gain (loss) on investments (realized and unrealized) | 74.76 | 3.29 | 55.52 | (20.64) | 6.56 | 81.24 |
| Total from investment operations | 73.88 | 1.90 | 54.55 | (21.32) | 5.24 | 80.28 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Total distributions |  | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Net asset value, end of period | $258.23 | $184.35 | $191.70 | $141.40 | $168.83 | $177.69 |
| **Total Return** | **40.08%** | **0.32%** | **39.06%** | **(11.94** **%)** | **1.94%** | **80.31%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $68206 | $27047 | $36092 | $23656 | $32397 | $35562 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.78%) | (0.70%) | (0.61%) | (0.50%) | (0.68%) | (0.65%) |
| Total expenses | 1.43% | 1.43% | 1.44% | 1.39% | 1.36% | 1.44% |
| Net expenses<sup>c</sup> | 1.38% | 1.38% | 1.40% | 1.39% | 1.36% | 1.44% |
| Portfolio turnover rate | 53% | 138% | 211% | 121% | 175% | 195% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $165.24 | $173.09 | $128.33 | $154.37 | $163.90 | $92.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (1.00) | (1.75) | (1.27) | (.93) | (1.68) | (1.24) |
| Net gain (loss) on investments (realized and unrealized) | 66.94 | 3.15 | 50.28 | (19.00) | 6.25 | 75.15 |
| Total from investment operations | 65.94 | 1.40 | 49.01 | (19.93) | 4.57 | 73.91 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Total distributions |  | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Net asset value, end of period | $231.18 | $165.24 | $173.09 | $128.33 | $154.37 | $163.90 |
| **Total Return<sup>d</sup>** | **39.91%** | **0.07%** | **38.72%** | **(12.16** **%)** | **1.69%** | **79.86%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $12376 | $9133 | $8987 | $6538 | $8305 | $9190 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.02%) | (0.97%) | (0.87%) | (0.75%) | (0.96%) | (0.90%) |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.69% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.69% |
| Portfolio turnover rate | 53% | 138% | 211% | 121% | 175% | 195% |

---

108 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $135.67 | $144.59 | $108.59 | $132.87 | $143.81 | $82.23 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (1.43) | (2.58) | (1.97) | (1.59) | (2.60) | (2.01) |
| Net gain (loss) on investments (realized and unrealized) | 54.85 | 2.91 | 42.22 | (16.58) | 5.76 | 66.39 |
| Total from investment operations | 53.42 | .33 | 40.25 | (18.17) | 3.16 | 64.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Total distributions |  | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Net asset value, end of period | $189.09 | $135.67 | $144.59 | $108.59 | $132.87 | $143.81 |
| **Total Return<sup>d</sup>** | **39.37%** | **(0.68** **%)** | **37.69%** | **(12.82** **%)** | **0.92%** | **78.52%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3017 | $2444 | $3023 | $2856 | $4194 | $6214 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.78%) | (1.71%) | (1.62%) | (1.51%) | (1.70%) | (1.65%) |
| Total expenses | 2.45% | 2.44% | 2.43% | 2.39% | 2.36% | 2.44% |
| Net expenses<sup>c</sup> | 2.40% | 2.39% | 2.40% | 2.39% | 2.36% | 2.44% |
| Portfolio turnover rate | 53% | 138% | 211% | 121% | 175% | 195% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 109

**TECHNOLOGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $160.60 | $168.44 | $124.98 | $150.57 | $160.17 | $90.72 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.98) | (1.69) | (1.26) | (.92) | (1.62) | (1.01) |
| Net gain (loss) on investments (realized and unrealized) | 65.05 | 3.10 | 48.97 | (18.56) | 6.12 | 73.26 |
| Total from investment operations | 64.07 | 1.41 | 47.71 | (19.48) | 4.50 | 72.25 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Total distributions |  | (9.25) | (4.25) | (6.11) | (14.10) | (2.80) |
| Net asset value, end of period | $224.67 | $160.60 | $168.44 | $124.98 | $150.57 | $160.17 |
| **Total Return** | **39.89%** | **0.06%** | **38.72%** | **(12.17** **%)** | **1.68%** | **79.85%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1223 | $848 | $1253 | $997 | $1355 | $1734 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.02%) | (0.96%) | (0.88%) | (0.76%) | (0.93%) | (0.83%) |
| Total expenses | 1.69% | 1.69% | 1.69% | 1.64% | 1.60% | 1.74% |
| Net expenses<sup>c</sup> | 1.64% | 1.64% | 1.65% | 1.64% | 1.60% | 1.74% |
| Portfolio turnover rate | 53% | 138% | 211% | 121% | 175% | 195% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

110 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **TELECOMMUNICATIONS FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Telecommunications - 73.9%** | **Telecommunications - 73.9%** | **Telecommunications - 73.9%** |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 11506 | $787241 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 24444 | 690299 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 4691 | 683526 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 14699 | 646021 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 2221 | 531663 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 912 | 417048 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.\* | 2285 | 332856 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 4092 | 312465 |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.\* | 5979 | 293449 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson ADR | 26625 | 220189 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.\* | 5775 | 215696 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj ADR | 41965 | 201852 |
| &nbsp;&nbsp;&nbsp;Vodafone Group plc ADR | 16840 | 195344 |
| &nbsp;&nbsp;&nbsp;BCE, Inc. | 8350 | 195306 |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV ADR | 8957 | 188097 |
| &nbsp;&nbsp;&nbsp;TELUS Corp. | 11820 | 186401 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc. — Class B | 5083 | 175211 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.\* | 28255 | 172921 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | 3479 | 136516 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.\* | 2169 | 133112 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 4268 | 125052 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Company, Inc.\* | 7961 | 123236 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 9414 | 119464 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 338 | 116688 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 5281 | 109053 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.\* | 2891 | 105203 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 4996 | 87230 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.\* | 7358 | 74904 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.\* | 6010 | 51626 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. — Class C\* | 775 | 28884 |
| **Total Telecommunications** |  | 7656553 |
| **Media - 13.3%** | **Media - 13.3%** | **Media - 13.3%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 16558 | 520252 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 1384 | 380745 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp. — Class C\* | 3325 | 211271 |
| &nbsp;&nbsp;&nbsp;Liberty Global Ltd. — Class A\* | 15429 | 176816 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class C\* | 10299 | 86924 |
| **Total Media** |  | 1376008 |
| **Internet - 5.9%** | **Internet - 5.9%** | **Internet - 5.9%** |
| &nbsp;&nbsp;&nbsp;Roku, Inc.\* | 2762 | 276559 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 745 | 240777 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 2589 | 99288 |
| **Total Internet** |  | 616624 |
| **Computers - 3.2%** | **Computers - 3.2%** | **Computers - 3.2%** |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.\* | 1451 | 236092 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.\* | 3644 | 94125 |
| **Total Computers** |  | 330217 |
| **Software - 1.6%** | **Software - 1.6%** | **Software - 1.6%** |
| &nbsp;&nbsp;&nbsp;Nice Ltd. ADR\* | 1148 | 166207 |
| **Electronics - 0.8%** | **Electronics - 0.8%** | **Electronics - 0.8%** |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.\* | 3384 | 87747 |
| **Engineering & Construction - 0.8%** | **Engineering & Construction - 0.8%** | **Engineering & Construction - 0.8%** |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc.\* | 12868 | 78753 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,941,807) |  | 10312109 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.2%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.2%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.2%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>1</sup> | 16421 | 16421 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,421) |  | 16421 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.4%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $25877 | 25877 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 18620 | 18620 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $44,497) |  | 44497 |
| **Total Investments - 100.1%** | **Total Investments - 100.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,002,725) | &nbsp;&nbsp;&nbsp;(Cost $8,002,725) | $10373027 |
| **Other Assets & Liabilities, net - (0.1)%** | **Other Assets & Liabilities, net - (0.1)%** | (12310) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $10360717 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 111

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **TELECOMMUNICATIONS FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $10312109 | $— | $— | $10312109 |
| Money Market Fund | 16421 |  |  | 16421 |
| Repurchase Agreements |  | 44497 |  | 44497 |
| Total Assets | $10328530 | $44497 | $— | $10373027 |

---

112 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TELECOMMUNICATIONS FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $7,958,228) | $10328530 |
| Repurchase agreements, at value (cost $44,497) | 44497 |
| Cash | 1006 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 198635 |
| &nbsp;&nbsp;&nbsp;Dividends | 11100 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1812 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 608 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 214 |
| &nbsp;&nbsp;&nbsp;Interest | 5 |
| **Total assets** | 10586407 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 206364 |
| &nbsp;&nbsp;&nbsp;Management fees | 7295 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 3311 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 880 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 106 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 64 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 7670 |
| **Total liabilities** | 225690 |
| **Net assets** | $10360717 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $10341305 |
| Total distributable earnings (loss) | 19412 |
| Net assets | $10360717 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $10039710 |
| Capital shares outstanding | 155608 |
| Net asset value per share | $64.52 |
| **Class A:** | **Class A:** |
| Net assets | $229599 |
| Capital shares outstanding | 3979 |
| Net asset value per share | $57.70 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $60.58 |
| **Class C:** | **Class C:** |
| Net assets | $2131 |
| Capital shares outstanding | 44 |
| Net asset value per share | $47.92 |
| **Class H:** | **Class H:** |
| Net assets | $89277 |
| Capital shares outstanding | 1592 |
| Net asset value per share | $56.08 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $3,362) | $113359 |
| Interest | 1107 |
| Income from securities lending, net | 1075 |
| &nbsp;&nbsp;&nbsp;Total investment income | 115541 |
| **Expenses:** | **Expenses:** |
| Management fees | 35731 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 230 |
| &nbsp;&nbsp;&nbsp;Class C | 28 |
| &nbsp;&nbsp;&nbsp;Class H | 96 |
| Transfer agent fees | 9093 |
| Portfolio accounting and administration fees | 6410 |
| Professional fees | 5092 |
| Trustees' fees\* | 1212 |
| Custodian fees | 653 |
| Line of credit fees | 92 |
| Miscellaneous | 2325 |
| &nbsp;&nbsp;&nbsp;Total expenses | 60962 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2102) |
| Net expenses | 58860 |
| Net investment income | 56681 |
| **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 | 640034 |
| Net realized gain | 640034 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 935332 |
| Net change in unrealized appreciation (depreciation) | 935332 |
| Net realized and unrealized gain | 1575366 |
| **Net increase in net assets resulting from operations** | $1632047 |

---

\* 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 \| 113

**TELECOMMUNICATIONS 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 | $56681 | $87601 |
| Net realized gain (loss) on investments | 640034 | (65563) |
| Net change in unrealized appreciation (depreciation) on investments | 935332 | 1188382 |
| Net increase in net assets resulting from operations | 1632047 | 1210420 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (50338) |
| &nbsp;&nbsp;&nbsp;Class A |  | (621) |
| &nbsp;&nbsp;&nbsp;Class C |  | (35) |
| &nbsp;&nbsp;&nbsp;Class H |  | (370) |
| Total distributions to shareholders |  | (51364) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 19329421 | 49507108 |
| &nbsp;&nbsp;&nbsp;Class A | 428523 | 1084877 |
| &nbsp;&nbsp;&nbsp;Class C | 86936 | 66158 |
| &nbsp;&nbsp;&nbsp;Class H | 7764 | 109806 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 50303 |
| &nbsp;&nbsp;&nbsp;Class A |  | 621 |
| &nbsp;&nbsp;&nbsp;Class C |  | 35 |
| &nbsp;&nbsp;&nbsp;Class H |  | 370 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (37474044) | (27858153) |
| &nbsp;&nbsp;&nbsp;Class A | (419331) | (1032833) |
| &nbsp;&nbsp;&nbsp;Class C | (95983) | (82282) |
| &nbsp;&nbsp;&nbsp;Class H | (38117) | (126264) |
| Net increase (decrease) from capital share transactions | (18174831) | 21719746 |
| Net increase (decrease) in net assets | (16542784) | 22878802 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 26903501 | 4024699 |
| &nbsp;&nbsp;&nbsp;End of period | $10360717 | $26903501 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 351832 | 976689 |
| &nbsp;&nbsp;&nbsp;Class A | 8682 | 24782 |
| &nbsp;&nbsp;&nbsp;Class C | 2149 | 1838 |
| &nbsp;&nbsp;&nbsp;Class H | 139 | 2758 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 936 |
| &nbsp;&nbsp;&nbsp;Class A |  | 13 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1 |
| &nbsp;&nbsp;&nbsp;Class H |  | 8 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (707386) | (553480) |
| &nbsp;&nbsp;&nbsp;Class A | (8654) | (23533) |
| &nbsp;&nbsp;&nbsp;Class C | (2404) | (2305) |
| &nbsp;&nbsp;&nbsp;Class H | (893) | (2907) |
| Net increase (decrease) in shares | (356535) | 424800 |

---

114 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TELECOMMUNICATIONS FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $52.04 | $43.66 | $44.78 | $53.37 | $56.03 | $43.19 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .39 | .27 | .49 | .11 | .58 | .66 |
| Net gain (loss) on investments (realized and unrealized) | 12.09 | 8.20 | (.92) | (8.10) | (3.00) | 13.33 |
| Total from investment operations | 12.48 | 8.47 | (.43) | (7.99) | (2.42) | 13.99 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Total distributions |  | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Net asset value, end of period | $64.52 | $52.04 | $43.66 | $44.78 | $53.37 | $56.03 |
| **Total Return** | **23.98%** | **19.39%** | **(0.91** **%)** | **(14.87** **%)** | **(4.36** **%)** | **32.55%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $10040 | $26601 | $3799 | $8152 | $997 | $1773 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.36% | 0.52% | 1.13% | 0.26% | 1.02% | 1.33% |
| Total expenses<sup>c</sup> | 1.44% | 1.45% | 1.42% | 1.40% | 1.36% | 1.46% |
| Net expenses<sup>d</sup> | 1.39% | 1.40% | 1.39% | 1.40% | 1.36% | 1.46% |
| Portfolio turnover rate | 170% | 159% | 466% | 471% | 551% | 344% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $46.61 | $39.20 | $40.35 | $48.30 | $50.87 | $39.40 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .21 | .29 | .32 | .22 | .37 | .41 |
| Net gain (loss) on investments (realized and unrealized) | 10.88 | 7.21 | (.78) | (7.57) | (2.70) | 12.21 |
| Total from investment operations | 11.09 | 7.50 | (.46) | (7.35) | (2.33) | 12.62 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Total distributions |  | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Net asset value, end of period | $57.70 | $46.61 | $39.20 | $40.35 | $48.30 | $50.87 |
| **Total Return<sup>e</sup>** | **23.79%** | **19.12%** | **(1.08** **%)** | **(15.12** **%)** | **(4.59** **%)** | **32.20%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $230 | $184 | $105 | $258 | $368 | $467 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.82% | 0.65% | 0.82% | 0.54% | 0.71% | 0.90% |
| Total expenses<sup>c</sup> | 1.69% | 1.70% | 1.69% | 1.65% | 1.61% | 1.70% |
| Net expenses<sup>d</sup> | 1.64% | 1.65% | 1.66% | 1.65% | 1.61% | 1.70% |
| Portfolio turnover rate | 170% | 159% | 466% | 471% | 551% | 344% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 115

**TELECOMMUNICATIONS FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $38.85 | $32.95 | $34.29 | $41.46 | $44.03 | $34.47 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .04 | .06 | — <sup>f</sup> | (.08) | (.01) | .01 |
| Net gain (loss) on investments (realized and unrealized) | 9.03 | 5.93 | (.65) | (6.49) | (2.32) | 10.70 |
| Total from investment operations | 9.07 | 5.99 | (.65) | (6.57) | (2.33) | 10.71 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Total distributions |  | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Net asset value, end of period | $47.92 | $38.85 | $32.95 | $34.29 | $41.46 | $44.03 |
| **Total Return<sup>e</sup>** | **23.31%** | **18.20%** | **(1.84** **%)** | **(15.76** **%)** | **(5.30** **%)** | **31.22%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2 | $12 | $25 | $33 | $122 | $188 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.21% | 0.17% | — <sup>g</sup> | (0.22%) | (0.02%) | 0.03% |
| Total expenses<sup>c</sup> | 2.47% | 2.43% | 2.45% | 2.39% | 2.36% | 2.43% |
| Net expenses<sup>d</sup> | 2.43% | 2.38% | 2.42% | 2.39% | 2.36% | 2.43% |
| Portfolio turnover rate | 170% | 159% | 466% | 471% | 551% | 344% |

---

116 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TELECOMMUNICATIONS FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $45.29 | $38.11 | $39.24 | $47.00 | $49.50 | $38.36 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .24 | .30 | .28 | .22 | .44 | .28 |
| Net gain (loss) on investments (realized and unrealized) | 10.55 | 6.97 | (.72) | (7.38) | (2.70) | 12.01 |
| Total from investment operations | 10.79 | 7.27 | (.44) | (7.16) | (2.26) | 12.29 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Total distributions |  | (.09) | (.69) | (.60) | (.24) | (1.15) |
| Net asset value, end of period | $56.08 | $45.29 | $38.11 | $39.24 | $47.00 | $49.50 |
| **Total Return** | **23.82%** | **19.12%** | **(1.12** **%)** | **(15.14** **%)** | **(4.60** **%)** | **32.24%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $89 | $106 | $95 | $111 | $124 | $245 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.98% | 0.70% | 0.73% | 0.55% | 0.86% | 0.61% |
| Total expenses<sup>c</sup> | 1.70% | 1.69% | 1.70% | 1.65% | 1.61% | 1.68% |
| Net expenses<sup>d</sup> | 1.65% | 1.64% | 1.67% | 1.65% | 1.61% | 1.68% |
| Portfolio turnover rate | 170% | 159% | 466% | 471% | 551% | 344% |

---

<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> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>f</sup> Less than $0.01 per share.

<sup>g</sup> Less than 0.01% or (0.01%).

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 117

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **TRANSPORTATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Transportation - 36.1%** | **Transportation - 36.1%** | **Transportation - 36.1%** |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 1136 | $268516 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 625 | 187756 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 5135 | 182344 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. — Class B | 2179 | 182012 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 667 | 157285 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 771 | 108541 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 717 | 87897 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 638 | 84471 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City Ltd. | 1116 | 83131 |
| &nbsp;&nbsp;&nbsp;Canadian National Railway Co. | 878 | 82795 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.\* | 622 | 80406 |
| &nbsp;&nbsp;&nbsp;ZIM Integrated Shipping Services Ltd. | 5849 | 79254 |
| &nbsp;&nbsp;&nbsp;ZTO Express Cayman, Inc. ADR | 4074 | 78221 |
| &nbsp;&nbsp;&nbsp;Star Bulk Carriers Corp. | 4072 | 75698 |
| &nbsp;&nbsp;&nbsp;TFI International, Inc. | 825 | 72650 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 496 | 66548 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 286 | 53951 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 1302 | 51442 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.\* | 546 | 45564 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.\* | 149 | 44605 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 347 | 42528 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 369 | 36380 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. — Class A | 849 | 29240 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 955 | 25136 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.\* | 795 | 20384 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 236 | 16489 |
| **Total Transportation** |  | 2243244 |
| **Auto Manufacturers - 27.2%** | **Auto Manufacturers - 27.2%** | **Auto Manufacturers - 27.2%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 1858 | 826290 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 2753 | 167850 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 12517 | 149703 |
| &nbsp;&nbsp;&nbsp;NIO, Inc. ADR\* | 13416 | 102230 |
| &nbsp;&nbsp;&nbsp;Li Auto, Inc. ADR\* | 3373 | 85472 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc. — Class A\* | 5503 | 80784 |
| &nbsp;&nbsp;&nbsp;Ferrari N.V. | 166 | 80547 |
| &nbsp;&nbsp;&nbsp;Stellantis N.V. | 8419 | 78633 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. ADR | 396 | 75672 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc.\* | 1713 | 40752 |
| **Total Auto Manufacturers** |  | 1687933 |
| **Auto Parts & Equipment - 11.6%** | **Auto Parts & Equipment - 11.6%** | **Auto Parts & Equipment - 11.6%** |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 984 | 84841 |
| &nbsp;&nbsp;&nbsp;Magna International, Inc. | 1695 | 80309 |
| &nbsp;&nbsp;&nbsp;Mobileye Global, Inc. — Class A\* | 5667 | 80018 |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. | 620 | 76570 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 1501 | 65984 |
| &nbsp;&nbsp;&nbsp;QuantumScape Corp.\* | 4656 | 57362 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 1907 | 53968 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 480 | 48293 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | 313 | 37516 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 1689 | 33848 |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 1217 | 29305 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 3909 | 29239 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 168 | 26188 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 784 | 19043 |
| **Total Auto Parts & Equipment** |  | 722484 |
| **Airlines - 10.9%** | **Airlines - 10.9%** | **Airlines - 10.9%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 2285 | 129674 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 1182 | 114063 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 2762 | 88135 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings plc ADR | 1338 | 80574 |
| &nbsp;&nbsp;&nbsp;Copa Holdings S.A. — Class A | 666 | 79134 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\* | 4860 | 54626 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 920 | 45798 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 411 | 41355 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.\* | 5129 | 25235 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. — Class A\* | 332 | 20176 |
| **Total Airlines** |  | 678770 |
| **Internet - 7.7%** | **Internet - 7.7%** | **Internet - 7.7%** |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 3237 | 317129 |
| &nbsp;&nbsp;&nbsp;Grab Holdings Ltd. — Class A\* | 15069 | 90715 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc. — Class A\* | 3202 | 70476 |
| **Total Internet** |  | 478320 |
| **Commercial Services - 1.8%** | **Commercial Services - 1.8%** | **Commercial Services - 1.8%** |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.\* | 1006 | 53207 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.\* | 223 | 35808 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.\* | 2916 | 19829 |
| **Total Commercial Services** |  | 108844 |
| **Home Builders - 1.1%** | **Home Builders - 1.1%** | **Home Builders - 1.1%** |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 462 | 47905 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 594 | 19863 |
| **Total Home Builders** |  | 67768 |
| **Aerospace & Defense - 1.1%** | **Aerospace & Defense - 1.1%** | **Aerospace & Defense - 1.1%** |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.\* | 4128 | 66626 |
| **Building Materials - 0.9%** | **Building Materials - 0.9%** | **Building Materials - 0.9%** |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\* | 415 | 58997 |
| **Leisure Time - 0.6%** | **Leisure Time - 0.6%** | **Leisure Time - 0.6%** |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 1356 | 37833 |
| **Retail - 0.5%** | **Retail - 0.5%** | **Retail - 0.5%** |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 298 | 30822 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,144,909) |  | 6181641 |

---

118 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **TRANSPORTATION FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.9%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $31862 | $31862 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 22927 | 22927 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $54,789) |  | 54789 |
| **Total Investments - 100.4%** | **Total Investments - 100.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,199,698) | &nbsp;&nbsp;&nbsp;(Cost $3,199,698) | $6236430 |
| **Other Assets & Liabilities, net - (0.4)%** | **Other Assets & Liabilities, net - (0.4)%** | (25050) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $6211380 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $6181641 | $— | $— | $6181641 |
| Repurchase Agreements |  | 54789 |  | 54789 |
| Total Assets | $6181641 | $54789 | $— | $6236430 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 119

**TRANSPORTATION FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $3,144,909) | $6181641 |
| Repurchase agreements, at value (cost $54,789) | 54789 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 2110413 |
| &nbsp;&nbsp;&nbsp;Dividends | 3572 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 242 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 117 |
| &nbsp;&nbsp;&nbsp;Interest | 7 |
| **Total assets** | 8350781 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 13 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 2127489 |
| &nbsp;&nbsp;&nbsp;Management fees | 4212 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1935 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 542 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 508 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 64 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 4638 |
| **Total liabilities** | 2139401 |
| **Net assets** | $6211380 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $3770619 |
| Total distributable earnings (loss) | 2440761 |
| Net assets | $6211380 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $4181726 |
| Capital shares outstanding | 62778 |
| Net asset value per share | $66.61 |
| **Class A:** | **Class A:** |
| Net assets | $1456009 |
| Capital shares outstanding | 25187 |
| Net asset value per share | $57.81 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $60.69 |
| **Class C:** | **Class C:** |
| Net assets | $242115 |
| Capital shares outstanding | 5094 |
| Net asset value per share | $47.53 |
| **Class H:** | **Class H:** |
| Net assets | $331530 |
| Capital shares outstanding | 5985 |
| Net asset value per share | $55.39 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $2,713) | $51452 |
| Interest | 705 |
| Income from securities lending, net | 3207 |
| &nbsp;&nbsp;&nbsp;Total investment income | 55364 |
| **Expenses:** | **Expenses:** |
| Management fees | 26473 |
| Distribution and service fees: |  |
| &nbsp;&nbsp;&nbsp;Class A | 2130 |
| &nbsp;&nbsp;&nbsp;Class C | 1186 |
| &nbsp;&nbsp;&nbsp;Class H | 384 |
| Transfer agent fees | 6711 |
| Portfolio accounting and administration fees | 4749 |
| Registration fees | 1909 |
| Professional fees | 1726 |
| Trustees' fees\* | 521 |
| Custodian fees | 446 |
| Line of credit fees | 23 |
| Miscellaneous | 2677 |
| &nbsp;&nbsp;&nbsp;Total expenses | 48935 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (1557) |
| Net expenses | 47378 |
| Net investment income | 7986 |
| **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 | 344300 |
| Net realized gain | 344300 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 927893 |
| Net change in unrealized appreciation (depreciation) | 927893 |
| Net realized and unrealized gain | 1272193 |
| **Net increase in net assets resulting from operations** | $1280179 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

120 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TRANSPORTATION 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 | $7986 | $21264 |
| Net realized gain on investments | 344300 | 1703404 |
| Net change in unrealized appreciation (depreciation) on investments | 927893 | (2943506) |
| Net increase (decrease) in net assets resulting from operations | 1280179 | (1218838) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (60813) |
| &nbsp;&nbsp;&nbsp;Class A |  | (42353) |
| &nbsp;&nbsp;&nbsp;Class C |  | (4356) |
| &nbsp;&nbsp;&nbsp;Class H |  | (4764) |
| Total distributions to shareholders |  | (112286) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 4620275 | 9585177 |
| &nbsp;&nbsp;&nbsp;Class A | 389612 | 921536 |
| &nbsp;&nbsp;&nbsp;Class C | 64456 | 55741 |
| &nbsp;&nbsp;&nbsp;Class H | 47677 | 14752 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 58919 |
| &nbsp;&nbsp;&nbsp;Class A |  | 42091 |
| &nbsp;&nbsp;&nbsp;Class C |  | 3579 |
| &nbsp;&nbsp;&nbsp;Class H |  | 4578 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (5083612) | (11289488) |
| &nbsp;&nbsp;&nbsp;Class A | (1336676) | (3086232) |
| &nbsp;&nbsp;&nbsp;Class C | (62169) | (315278) |
| &nbsp;&nbsp;&nbsp;Class H | (56043) | (79051) |
| Net decrease from capital share transactions | (1416480) | (4083676) |
| Net decrease in net assets | (136301) | (5414800) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 6347681 | 11762481 |
| &nbsp;&nbsp;&nbsp;End of period | $6211380 | $6347681 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 72516 | 158681 |
| &nbsp;&nbsp;&nbsp;Class A | 7650 | 18204 |
| &nbsp;&nbsp;&nbsp;Class C | 1746 | 1334 |
| &nbsp;&nbsp;&nbsp;Class H | 974 | 300 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 923 |
| &nbsp;&nbsp;&nbsp;Class A |  | 759 |
| &nbsp;&nbsp;&nbsp;Class C |  | 78 |
| &nbsp;&nbsp;&nbsp;Class H |  | 86 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (81102) | (193403) |
| &nbsp;&nbsp;&nbsp;Class A | (26041) | (60242) |
| &nbsp;&nbsp;&nbsp;Class C | (1443) | (7491) |
| &nbsp;&nbsp;&nbsp;Class H | (1128) | (1609) |
| Net decrease in shares | (26828) | (82380) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 121

**TRANSPORTATION FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $53.90 | $60.86 | $55.68 | $74.70 | $84.28 | $37.39 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .11 | .21 | .21 | .19 | .04 | (.20) |
| Net gain (loss) on investments (realized and unrealized) | 12.60 | (6.39) | 5.06 | (14.50) | .07 | 47.09 |
| Total from investment operations | 12.71 | (6.18) | 5.27 | (14.31) | .11 | 46.89 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.29) | (.09) |  |  |  |
| Net realized gains |  | (.49) |  | (4.71) | (9.69) |  |
| Total distributions |  | (.78) | (.09) | (4.71) | (9.69) |  |
| Net asset value, end of period | $66.61 | $53.90 | $60.86 | $55.68 | $74.70 | $84.28 |
| **Total Return** | **23.58%** | **(10.36** **%)** | **9.49%** | **(18.40** **%)** | **(0.71** **%)** | **125.41%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4182 | $3846 | $6400 | $7367 | $10814 | $65281 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.38% | 0.36% | 0.36% | 0.32% | 0.05% | (0.29%) |
| Total expenses | 1.45% | 1.44% | 1.43% | 1.39% | 1.35% | 1.41% |
| Net expenses<sup>c</sup> | 1.40% | 1.39% | 1.40% | 1.39% | 1.35% | 1.41% |
| Portfolio turnover rate | 73% | 100% | 207% | 185% | 162% | 205% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $46.83 | $53.11 | $48.72 | $66.33 | $76.03 | $33.82 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .03 | .04 | .10 | .03 | (.04) | (.34) |
| Net gain (loss) on investments (realized and unrealized) | 10.95 | (5.54) | 4.38 | (12.93) | .03 | 42.55 |
| Total from investment operations | 10.98 | (5.50) | 4.48 | (12.90) | (.01) | 42.21 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.29) | (.09) |  |  |  |
| Net realized gains |  | (.49) |  | (4.71) | (9.69) |  |
| Total distributions |  | (.78) | (.09) | (4.71) | (9.69) |  |
| Net asset value, end of period | $57.81 | $46.83 | $53.11 | $48.72 | $66.33 | $76.03 |
| **Total Return<sup>d</sup>** | **23.45%** | **(10.59** **%)** | **9.23%** | **(18.60** **%)** | **(0.95** **%)** | **124.81%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1456 | $2041 | $4506 | $4935 | $7123 | $7785 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.12% | 0.09% | 0.20% | 0.07% | (0.05%) | (0.59%) |
| Total expenses | 1.71% | 1.68% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>c</sup> | 1.66% | 1.63% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 73% | 100% | 207% | 185% | 162% | 205% |

---

122 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**TRANSPORTATION FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $38.64 | $44.28 | $40.94 | $57.20 | $67.28 | $30.15 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.13) | (.27) | (.17) | (.32) | (.52) | (.67) |
| Net gain (loss) on investments (realized and unrealized) | 9.02 | (4.59) | 3.60 | (11.23) | .13 | 37.80 |
| Total from investment operations | 8.89 | (4.86) | 3.43 | (11.55) | (.39) | 37.13 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.29) | (.09) |  |  |  |
| Net realized gains |  | (.49) |  | (4.71) | (9.69) |  |
| Total distributions |  | (.78) | (.09) | (4.71) | (9.69) |  |
| Net asset value, end of period | $47.53 | $38.64 | $44.28 | $40.94 | $57.20 | $67.28 |
| **Total Return<sup>d</sup>** | **23.01%** | **(11.24** **%)** | **8.39%** | **(19.21** **%)** | **(1.68** **%)** | **123.15%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $242 | $185 | $481 | $946 | $1772 | $1954 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.63%) | (0.63%) | (0.40%) | (0.70%) | (0.80%) | (1.33%) |
| Total expenses | 2.45% | 2.43% | 2.43% | 2.39% | 2.36% | 2.43% |
| Net expenses<sup>c</sup> | 2.40% | 2.38% | 2.40% | 2.39% | 2.36% | 2.43% |
| Portfolio turnover rate | 73% | 100% | 207% | 185% | 162% | 205% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 123

**TRANSPORTATION FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $44.87 | $50.92 | $46.71 | $63.86 | $73.53 | $32.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .03 | .05 | .08 | .03 | (.25) | (.32) |
| Net gain (loss) on investments (realized and unrealized) | 10.49 | (5.32) | 4.22 | (12.47) | .27 | 41.15 |
| Total from investment operations | 10.52 | (5.27) | 4.30 | (12.44) | .02 | 40.83 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.29) | (.09) |  |  |  |
| Net realized gains |  | (.49) |  | (4.71) | (9.69) |  |
| Total distributions |  | (.78) | (.09) | (4.71) | (9.69) |  |
| Net asset value, end of period | $55.39 | $44.87 | $50.92 | $46.71 | $63.86 | $73.53 |
| **Total Return** | **23.45%** | **(10.60** **%)** | **9.24%** | **(18.60** **%)** | **(0.94** **%)** | **124.86%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $332 | $275 | $375 | $506 | $600 | $1169 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.14% | 0.10% | 0.17% | 0.07% | (0.35%) | (0.56%) |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.68% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.68% |
| Portfolio turnover rate | 73% | 100% | 207% | 185% | 162% | 205% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

124 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **UTILITIES FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
| **Electric - 87.7%** | **Electric - 87.7%** | **Electric - 87.7%** |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 18134 | $1368936 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 3351 | 1102714 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 11613 | 1100564 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 8488 | 1050390 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 4381 | 858326 |
| &nbsp;&nbsp;&nbsp;Sempra | 9366 | 842753 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 7448 | 837900 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 12669 | 774963 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 9590 | 773433 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 16244 | 731142 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 7466 | 695757 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 8308 | 693386 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 5781 | 662445 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 6469 | 650264 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 3750 | 607312 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 39293 | 592538 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 5506 | 574716 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 8005 | 569476 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 14962 | 555988 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 3868 | 547051 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 11924 | 546358 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 13850 | 537380 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 6842 | 501245 |
| &nbsp;&nbsp;&nbsp;Edison International | 8783 | 485524 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 6693 | 451175 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 5922 | 450190 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.\* | 3947 | 440604 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.\* | 943 | 401133 |
| &nbsp;&nbsp;&nbsp;National Grid plc ADR | 5432 | 394743 |
| &nbsp;&nbsp;&nbsp;Fortis, Inc. | 7769 | 394199 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. | 10309 | 354836 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 3906 | 350212 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 7178 | 332126 |
| &nbsp;&nbsp;&nbsp;AES Corp. | 24847 | 326987 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc.\* | 2203 | 291126 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 4569 | 258377 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 2681 | 258046 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc. — Class C | 8783 | 248120 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 5403 | 237732 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 3464 | 203025 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 2042 | 167383 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.\* | 12687 | 140064 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 817 | 68775 |
| **Total Electric** |  | 23429414 |
| **Gas - 7.8%** | **Gas - 7.8%** | **Gas - 7.8%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 3290 | 561767 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 11356 | 491715 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 3380 | 312211 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 8316 | 276590 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 2964 | 239906 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 11842 | 210906 |
| **Total Gas** |  | 2093095 |
| **Water - 3.5%** | **Water - 3.5%** | **Water - 3.5%** |
| &nbsp;&nbsp;&nbsp;American Water Works Company, Inc. | 4047 | 563302 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 9120 | 363888 |
| **Total Water** |  | 927190 |
| **Energy-Alternate Sources - 0.4%** | **Energy-Alternate Sources - 0.4%** | **Energy-Alternate Sources - 0.4%** |
| &nbsp;&nbsp;&nbsp;XPLR Infrastructure, LP\* | 10139 | 103114 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,143,372) |  | 26552813 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.5%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $79574 | 79574 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 57259 | 57259 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $136,833) |  | 136833 |
| **Total Investments - 99.9%** | **Total Investments - 99.9%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,280,205) | &nbsp;&nbsp;&nbsp;(Cost $18,280,205) | $26689646 |
| **Other Assets & Liabilities, net - 0.1%** | **Other Assets & Liabilities, net - 0.1%** | 32433 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $26722079 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 125

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **UTILITIES FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $26552813 | $— | $— | $26552813 |
| Repurchase Agreements |  | 136833 |  | 136833 |
| Total Assets | $26552813 | $136833 | $— | $26689646 |

---

126 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**UTILITIES FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $18,143,372) | $26552813 |
| Repurchase agreements, at value (cost $136,833) | 136833 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 60306 |
| &nbsp;&nbsp;&nbsp;Dividends | 24974 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 51 |
| &nbsp;&nbsp;&nbsp;Interest | 16 |
| **Total assets** | 26774993 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 18391 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 7391 |
| &nbsp;&nbsp;&nbsp;Printing fees | 5026 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 4759 |
| &nbsp;&nbsp;&nbsp;Professional fees | 4607 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2218 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2009 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 246 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 8267 |
| **Total liabilities** | 52914 |
| **Net assets** | $26722079 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $21565852 |
| Total distributable earnings (loss) | 5156227 |
| Net assets | $26722079 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $18570752 |
| Capital shares outstanding | 274553 |
| Net asset value per share | $67.64 |
| **Class A:** | **Class A:** |
| Net assets | $6468260 |
| Capital shares outstanding | 106851 |
| Net asset value per share | $60.54 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $63.56 |
| **Class C:** | **Class C:** |
| Net assets | $735827 |
| Capital shares outstanding | 15650 |
| Net asset value per share | $47.02 |
| **Class H:** | **Class H:** |
| Net assets | $947240 |
| Capital shares outstanding | 16330 |
| Net asset value per share | $58.01 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $2,325) | $344987 |
| Interest | 2560 |
| Income from securities lending, net | 1519 |
| &nbsp;&nbsp;&nbsp;Total investment income | 349066 |
| **Expenses:** | **Expenses:** |
| Management fees | 97364 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 7615 |
| &nbsp;&nbsp;&nbsp;Class C | 3525 |
| &nbsp;&nbsp;&nbsp;Class H | 1224 |
| Transfer agent fees | 23544 |
| Portfolio accounting and administration fees | 17468 |
| Registration fees | 14421 |
| Professional fees | 7252 |
| Custodian fees | 1620 |
| Trustees' fees\* | 1564 |
| Line of credit fees | 62 |
| Miscellaneous | 1524 |
| &nbsp;&nbsp;&nbsp;Total expenses | 177183 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (5728) |
| Net expenses | 171455 |
| Net investment income | 177611 |
| **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 | (147806) |
| Net realized loss | (147806) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 2405496 |
| Net change in unrealized appreciation (depreciation) | 2405496 |
| Net realized and unrealized gain | 2257690 |
| **Net increase in net assets resulting from operations** | $2435301 |

---

\* 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 \| 127

**UTILITIES 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 | $177611 | $468748 |
| Net realized gain (loss) on investments | (147806) | 511896 |
| Net change in unrealized appreciation (depreciation) on investments | 2405496 | 2505748 |
| Net increase in net assets resulting from operations | 2435301 | 3486392 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (247320) |
| &nbsp;&nbsp;&nbsp;Class A |  | (44625) |
| &nbsp;&nbsp;&nbsp;Class C |  | (5104) |
| &nbsp;&nbsp;&nbsp;Class H |  | (6802) |
| Total distributions to shareholders |  | (303851) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 68850981 | 138984357 |
| &nbsp;&nbsp;&nbsp;Class A | 1151625 | 2229951 |
| &nbsp;&nbsp;&nbsp;Class C | 290527 | 301566 |
| &nbsp;&nbsp;&nbsp;Class H | 118838 | 833371 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 244277 |
| &nbsp;&nbsp;&nbsp;Class A |  | 44623 |
| &nbsp;&nbsp;&nbsp;Class C |  | 4917 |
| &nbsp;&nbsp;&nbsp;Class H |  | 6700 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (61557209) | (139398058) |
| &nbsp;&nbsp;&nbsp;Class A | (1579459) | (2258464) |
| &nbsp;&nbsp;&nbsp;Class C | (224795) | (501917) |
| &nbsp;&nbsp;&nbsp;Class H | (211784) | (739909) |
| Net increase (decrease) from capital share transactions | 6838724 | (248586) |
| Net increase in net assets | 9274025 | 2933955 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 17448054 | 14514099 |
| &nbsp;&nbsp;&nbsp;End of period | $26722079 | $17448054 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1083565 | 2448075 |
| &nbsp;&nbsp;&nbsp;Class A | 20391 | 44588 |
| &nbsp;&nbsp;&nbsp;Class C | 6655 | 7626 |
| &nbsp;&nbsp;&nbsp;Class H | 2224 | 17709 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 4252 |
| &nbsp;&nbsp;&nbsp;Class A |  | 866 |
| &nbsp;&nbsp;&nbsp;Class C |  | 122 |
| &nbsp;&nbsp;&nbsp;Class H |  | 136 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (974593) | (2452645) |
| &nbsp;&nbsp;&nbsp;Class A | (28348) | (44708) |
| &nbsp;&nbsp;&nbsp;Class C | (5071) | (12970) |
| &nbsp;&nbsp;&nbsp;Class H | (3848) | (15433) |
| Net increase (decrease) in shares | 100975 | (2382) |

---

128 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**UTILITIES FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $59.41 | $49.12 | $50.77 | $54.36 | $47.92 | $41.80 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .54 | 1.01 | .91 | .69 | .77 | .76 |
| Net gain (loss) on investments (realized and unrealized) | 7.69 | 9.66 | (1.07) | (3.86) | 7.02 | 6.37 |
| Total from investment operations | 8.23 | 10.67 | (.16) | (3.17) | 7.79 | 7.13 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Total distributions |  | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Net asset value, end of period | $67.64 | $59.41 | $49.12 | $50.77 | $54.36 | $47.92 |
| **Total Return** | **13.85%** | **21.74%** | **(0.14** **%)** | **(5.84** **%)** | **16.53%** | **17.17%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $18571 | $9837 | $8148 | $11671 | $52202 | $21099 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.69% | 1.79% | 1.90% | 1.30% | 1.55% | 1.68% |
| Total expenses | 1.43% | 1.44% | 1.43% | 1.39% | 1.36% | 1.45% |
| Net expenses<sup>c</sup> | 1.38% | 1.39% | 1.40% | 1.39% | 1.36% | 1.45% |
| Portfolio turnover rate | 231% | 475% | 163% | 293% | 175% | 156% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $53.24 | $44.16 | $45.92 | $49.34 | $43.72 | $38.30 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .37 | .74 | .76 | .56 | .57 | .57 |
| Net gain (loss) on investments (realized and unrealized) | 6.93 | 8.72 | (1.03) | (3.56) | 6.40 | 5.86 |
| Total from investment operations | 7.30 | 9.46 | (.27) | (3.00) | 6.97 | 6.43 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Total distributions |  | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Net asset value, end of period | $60.54 | $53.24 | $44.16 | $45.92 | $49.34 | $43.72 |
| **Total Return<sup>d</sup>** | **13.71%** | **21.44%** | **(0.40** **%)** | **(6.09** **%)** | **16.24%** | **16.91%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6468 | $6112 | $5037 | $5862 | $6522 | $5399 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.33% | 1.48% | 1.76% | 1.18% | 1.26% | 1.39% |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.70% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.70% |
| Portfolio turnover rate | 231% | 475% | 163% | 293% | 175% | 156% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 129

**UTILITIES FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $41.50 | $34.76 | $36.75 | $39.87 | $35.84 | $31.80 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .14 | .28 | .33 | .16 | .18 | .21 |
| Net gain (loss) on investments (realized and unrealized) | 5.38 | 6.84 | (.83) | (2.86) | 5.20 | 4.84 |
| Total from investment operations | 5.52 | 7.12 | (.50) | (2.70) | 5.38 | 5.05 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Total distributions |  | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Net asset value, end of period | $47.02 | $41.50 | $34.76 | $36.75 | $39.87 | $35.84 |
| **Total Return<sup>d</sup>** | **13.30%** | **20.51%** | **(1.13** **%)** | **(6.79** **%)** | **15.37%** | **16.02%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $736 | $584 | $670 | $1226 | $1556 | $2646 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.63% | 0.73% | 0.95% | 0.43% | 0.48% | 0.61% |
| Total expenses | 2.45% | 2.44% | 2.43% | 2.39% | 2.36% | 2.45% |
| Net expenses<sup>c</sup> | 2.40% | 2.39% | 2.40% | 2.39% | 2.36% | 2.45% |
| Portfolio turnover rate | 231% | 475% | 163% | 293% | 175% | 156% |

---

130 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**UTILITIES FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $51.01 | $42.33 | $44.08 | $47.38 | $42.04 | $36.86 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .37 | .71 | .67 | .52 | .63 | .42 |
| Net gain (loss) on investments (realized and unrealized) | 6.63 | 8.35 | (.93) | (3.40) | 6.06 | 5.77 |
| Total from investment operations | 7.00 | 9.06 | (.26) | (2.88) | 6.69 | 6.19 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Total distributions |  | (.38) | (1.49) | (.42) | (1.35) | (1.01) |
| Net asset value, end of period | $58.01 | $51.01 | $42.33 | $44.08 | $47.38 | $42.04 |
| **Total Return** | **13.72%** | **21.42%** | **(0.39** **%)** | **(6.09** **%)** | **16.23%** | **16.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $947 | $916 | $658 | $1713 | $2148 | $719 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.37% | 1.49% | 1.61% | 1.14% | 1.45% | 1.08% |
| Total expenses | 1.70% | 1.69% | 1.68% | 1.64% | 1.61% | 1.72% |
| Net expenses<sup>c</sup> | 1.65% | 1.64% | 1.65% | 1.64% | 1.61% | 1.72% |
| Portfolio turnover rate | 231% | 475% | 163% | 293% | 175% | 156% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 131

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND**  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 88.7%** | **COMMON STOCKS<sup>†</sup>** **- 88.7%** | **COMMON STOCKS<sup>†</sup>** **- 88.7%** |
| **Financial - 24.3%** | **Financial - 24.3%** | **Financial - 24.3%** |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 2484 | $1978134 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 2484 | 847988 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 2484 | 825085 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 2484 | 783528 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 2484 | 693582 |
| **Total Financial** |  | 5128317 |
| **Technology - 17.4%** | **Technology - 17.4%** | **Technology - 17.4%** |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 2484 | 1286588 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2484 | 700885 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 2484 | 632501 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 2484 | 588708 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 2484 | 463465 |
| **Total Technology** |  | 3672147 |
| **Consumer, Non-cyclical - 13.1%** | **Consumer, Non-cyclical - 13.1%** | **Consumer, Non-cyclical - 13.1%** |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 2484 | 857725 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 2484 | 700985 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 2484 | 460583 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 2484 | 381667 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 2484 | 208482 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 2484 | 164739 |
| **Total Consumer, Non-cyclical** |  | 2774181 |
| **Industrial - 12.4%** | **Industrial - 12.4%** | **Industrial - 12.4%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 2484 | 1185241 |
| &nbsp;&nbsp;&nbsp;Boeing Co.\* | 2484 | 536122 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 2484 | 522882 |
| &nbsp;&nbsp;&nbsp;3M Co. | 2484 | 385467 |
| **Total Industrial** |  | 2629712 |
| **Consumer, Cyclical - 10.4%** | **Consumer, Cyclical - 10.4%** | **Consumer, Cyclical - 10.4%** |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 2484 | 1006492 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 2484 | 754863 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 2484 | 256001 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. — Class B | 2484 | 173209 |
| **Total Consumer, Cyclical** |  | 2190565 |
| **Communications - 5.2%** | **Communications - 5.2%** | **Communications - 5.2%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 2484 | 545412 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 2484 | 284418 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 2484 | 169955 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 2484 | 109172 |
| **Total Communications** |  | 1108957 |
| **Basic Materials - 4.1%** | **Basic Materials - 4.1%** | **Basic Materials - 4.1%** |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 2484 | 860110 |
| **Energy - 1.8%** | **Energy - 1.8%** | **Energy - 1.8%** |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 2484 | 385740 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $11,795,184) |  | 18749729 |
| **MUTUAL FUNDS<sup>†</sup>** **- 6.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 6.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 6.1%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 67906 | 683817 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 24698 | 614494 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,285,414) |  | 1298311 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.6%** |
| 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> | $100000 | 99162 |
| &nbsp;&nbsp;&nbsp;3.92% due 10/14/25<sup>3,4</sup> | 27000 | 26961 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $126,119) |  | 126123 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 4.5%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 4.5%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 4.5%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 557436 | 557436 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 401111 | 401111 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $958,547) |  | 958547 |
| **Total Investments - 99.9%** | **Total Investments - 99.9%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,165,264) | &nbsp;&nbsp;&nbsp;(Cost $14,165,264) | $21132710 |
| **Other Assets & Liabilities, net - 0.1%** | **Other Assets & Liabilities, net - 0.1%** | 11649 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $21144359 |

---

132 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND**  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| Dow Jones Industrial Average Mini Futures Contracts | 2 | Dec 2025 | $466850 | $4236 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 26 | $1188366 | $6877 |
| BNP Paribas | Dow Jones Industrial Average | Pay | 4.99% (Federal Funds Rate + 0.90%) | At Maturity | 11/20/25 | 15 | 697388 | 4124 |
|  |  |  |  |  |  |  | $1885754 | $11001 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as 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. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $18749729 | $— | $— | $18749729 |
| Mutual Funds | 1298311 |  |  | 1298311 |
| U.S. Treasury Bills |  | 126123 |  | 126123 |
| Repurchase Agreements |  | 958547 |  | 958547 |
| Equity Futures Contracts\*\* | 4236 |  |  | 4236 |
| Equity Index Swap Agreements\*\* |  | 11001 |  | 11001 |
| Total Assets | $20052276 | $1095671 | $— | $21147947 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 133

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND**  |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $614001 | $— | $— | $— | $493 | $614494 | 24698 | $16440 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 681100 |  |  |  | 2717 | 683817 | 67906 | 14930 |
|  | $1295101 | $— | $— | $— | $3210 | $1298311 |  | $31370 |

---

134 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND** <br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $11,921,303) | $18875852 |
| Investments in affiliated issuers, at value (cost $1,285,414) | 1298311 |
| Repurchase agreements, at value (cost $958,547) | 958547 |
| Segregated cash with broker | 63367 |
| Unrealized appreciation on OTC swap agreements | 11001 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 10314 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 6528 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 730 |
| &nbsp;&nbsp;&nbsp;Interest | 112 |
| **Total assets** | 21224762 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 22907 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 12259 |
| &nbsp;&nbsp;&nbsp;Licensing fees | 10849 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 6290 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 5686 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 4337 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1694 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 1243 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 205 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 14933 |
| **Total liabilities** | 80403 |
| **Net assets** | $21144359 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $15727600 |
| Total distributable earnings (loss) | 5416759 |
| Net assets | $21144359 |
| **Class A:** | **Class A:** |
| Net assets | $4004856 |
| Capital shares outstanding | 36472 |
| Net asset value per share | $109.81 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $115.29 |
| **Class C:** | **Class C:** |
| Net assets | $2637301 |
| Capital shares outstanding | 26075 |
| Net asset value per share | $101.14 |
| **Class H:** | **Class H:** |
| Net assets | $14502202 |
| Capital shares outstanding | 131960 |
| Net asset value per share | $109.90 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers | $156019 |
| Dividends from securities of affiliated issuers | 31370 |
| Interest | 27951 |
| &nbsp;&nbsp;&nbsp;Total investment income | 215340 |
| **Expenses:** | **Expenses:** |
| Management fees | 77916 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 5027 |
| &nbsp;&nbsp;&nbsp;Class C | 12564 |
| &nbsp;&nbsp;&nbsp;Class H | 17804 |
| Transfer agent fees | 22179 |
| Portfolio accounting and administration fees | 15843 |
| Registration fees | 13272 |
| Professional fees | 3927 |
| Custodian fees | 1460 |
| Trustees' fees\* | 1437 |
| Miscellaneous | 10569 |
| &nbsp;&nbsp;&nbsp;Total expenses | 181998 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (5195) |
| Expenses waived by Adviser | (855) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (6050) |
| Net expenses | 175948 |
| Net investment income | 39392 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (387645) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (30354) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 30487 |
| Net realized loss | (387512) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 2152873 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 3210 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 51990 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (8533) |
| Net change in unrealized appreciation (depreciation) | 2199540 |
| Net realized and unrealized gain | 1812028 |
| **Net increase in net assets resulting from operations** | $1851420 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 135

**DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **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 | $39392 | $144118 |
| Net realized gain (loss) on investments | (387512) | 904685 |
| Net change in unrealized appreciation (depreciation) on investments | 2199540 | (766482) |
| Net increase in net assets resulting from operations | 1851420 | 282321 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (60597) |
| &nbsp;&nbsp;&nbsp;Class C |  | (45412) |
| &nbsp;&nbsp;&nbsp;Class H |  | (284841) |
| Total distributions to shareholders |  | (390850) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4303675 | 3943460 |
| &nbsp;&nbsp;&nbsp;Class C | 240963 | 714406 |
| &nbsp;&nbsp;&nbsp;Class H | 16254084 | 121815021 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 60450 |
| &nbsp;&nbsp;&nbsp;Class C |  | 41968 |
| &nbsp;&nbsp;&nbsp;Class H |  | 284261 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6452655) | (2430775) |
| &nbsp;&nbsp;&nbsp;Class C | (373992) | (1080255) |
| &nbsp;&nbsp;&nbsp;Class H | (23354275) | (121237376) |
| Net increase (decrease) from capital share transactions | (9382200) | 2111160 |
| Net increase (decrease) in net assets | (7530780) | 2002631 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 28675139 | 26672508 |
| &nbsp;&nbsp;&nbsp;End of period | $21144359 | $28675139 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 44702 | 39367 |
| &nbsp;&nbsp;&nbsp;Class C | 2701 | 7763 |
| &nbsp;&nbsp;&nbsp;Class H | 161562 | 1195793 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 581 |
| &nbsp;&nbsp;&nbsp;Class C |  | 436 |
| &nbsp;&nbsp;&nbsp;Class H |  | 2731 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (66180) | (24982) |
| &nbsp;&nbsp;&nbsp;Class C | (4076) | (11857) |
| &nbsp;&nbsp;&nbsp;Class H | (234728) | (1200080) |
| Net increase (decrease) in shares | (96019) | 9752 |

---

136 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND** <br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $99.35 | $95.64 | $80.18 | $86.09 | $82.82 | $57.33 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .23 | .72 | .79 | .52 | .05 | .02 |
| Net gain (loss) on investments (realized and unrealized) | 10.23 | 4.74 | 15.35 | (3.90)<sup>f</sup> | 4.32 <sup>g</sup> | 29.21 |
| Total from investment operations | 10.46 | 5.46 | 16.14 | (3.38) | 4.37 | 29.23 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.24) | (.59) | (.47) |  | (.06) |
| Net realized gains |  | (1.51) | (.09) | (2.06) | (1.10) | (3.68) |
| Total distributions |  | (1.75) | (.68) | (2.53) | (1.10) | (3.74) |
| Net asset value, end of period | $109.81 | $99.35 | $95.64 | $80.18 | $86.09 | $82.82 |
| **Total Return<sup>c</sup>** | **10.53%** | **5.62%** | **20.22%** | **(3.90** **%)** | **5.23%** | **51.61%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4005 | $5757 | $4111 | $3749 | $4632 | $2952 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.46% | 0.72% | 0.93% | 0.65% | 0.05% | 0.02% |
| Total expenses<sup>d</sup> | 1.66% | 1.66% | 1.67% | 1.57% | 1.56% | 1.69% |
| Net expenses<sup>e</sup> | 1.60% | 1.60% | 1.63% | 1.55% | 1.55% | 1.68% |
| Portfolio turnover rate | 56% | 327% | 140% | 414% | 240% | 110% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $91.85 | $89.21 | $75.39 | $81.70 | $79.25 | $55.37 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.12) | (.02) | .14 | (.03) | (.56) | (.49) |
| Net gain (loss) on investments (realized and unrealized) | 9.41 | 4.41 | 14.36 | (3.75)<sup>f</sup> | 4.11 <sup>g</sup> | 28.11 |
| Total from investment operations | 9.29 | 4.39 | 14.50 | (3.78) | 3.55 | 27.62 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.24) | (.59) | (.47) |  | (.06) |
| Net realized gains |  | (1.51) | (.09) | (2.06) | (1.10) | (3.68) |
| Total distributions |  | (1.75) | (.68) | (2.53) | (1.10) | (3.74) |
| Net asset value, end of period | $101.14 | $91.85 | $89.21 | $75.39 | $81.70 | $79.25 |
| **Total Return<sup>c</sup>** | **10.11%** | **4.84%** | **19.32%** | **(4.61** **%)** | **4.43%** | **50.52%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2637 | $2521 | $2775 | $2846 | $3001 | $2842 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.26%) | (0.02%) | 0.17% | (0.04 %) | (0.68 %) | (0.70%) |
| Total expenses<sup>d</sup> | 2.41% | 2.41% | 2.42% | 2.32% | 2.32% | 2.44% |
| Net expenses<sup>e</sup> | 2.35% | 2.35% | 2.38% | 2.30% | 2.31% | 2.43% |
| Portfolio turnover rate | 56% | 327% | 140% | 414% | 240% | 110% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 137

**DOW JONES INDUSTRIAL AVERAGE<sup>®</sup>** **FUND** <br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $99.43 | $95.73 | $80.26 | $86.15 | $82.88 | $57.36 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .24 | .70 | .79 | .60 | .17 | .03 |
| Net gain (loss) on investments (realized and unrealized) | 10.23 | 4.75 | 15.36 | (3.96)<sup>f</sup> | 4.20 <sup>g</sup> | 29.23 |
| Total from investment operations | 10.47 | 5.45 | 16.15 | (3.36) | 4.37 | 29.26 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.24) | (.59) | (.47) |  | (.06) |
| Net realized gains |  | (1.51) | (.09) | (2.06) | (1.10) | (3.68) |
| Total distributions |  | (1.75) | (.68) | (2.53) | (1.10) | (3.74) |
| Net asset value, end of period | $109.90 | $99.43 | $95.73 | $80.26 | $86.15 | $82.88 |
| **Total Return** | **10.53%** | **5.61%** | **20.21%** | **(3.87** **%)** | **5.23%** | **51.64%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $14502 | $20396 | $19786 | $18713 | $23009 | $17500 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.47% | 0.71% | 0.93% | 0.74% | 0.19% | 0.05% |
| Total expenses<sup>d</sup> | 1.66% | 1.66% | 1.67% | 1.57% | 1.57% | 1.70% |
| Net expenses<sup>e</sup> | 1.60% | 1.60% | 1.63% | 1.56% | 1.55% | 1.69% |
| Portfolio turnover rate | 56% | 327% | 140% | 414% | 240% | 110% |

---

<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 period does not agree with the aggregate net gain on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>g</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

138 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 74.0%** | **COMMON STOCKS<sup>†</sup>** **- 74.0%** | **COMMON STOCKS<sup>†</sup>** **- 74.0%** |
| **Financial - 16.8%** | **Financial - 16.8%** | **Financial - 16.8%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 763 | $47840 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | 749 | 45307 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 878 | 44585 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. REIT | 642 | 43380 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 404 | 43006 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.\* | 139 | 41461 |
| &nbsp;&nbsp;&nbsp;Gaming and Leisure Properties, Inc. REIT | 829 | 38640 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc. — Class A | 113 | 38117 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. REIT | 1882 | 38035 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. — Class A | 194 | 37273 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. REIT | 865 | 36520 |
| &nbsp;&nbsp;&nbsp;Unum Group | 459 | 35701 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 138 | 35042 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. REIT | 568 | 34478 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 299 | 33927 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | 1488 | 33644 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 159 | 32646 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 821 | 32183 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent — Class A REIT | 955 | 31754 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | 484 | 31663 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co. — Class A REIT | 254 | 31095 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 203 | 29581 |
| &nbsp;&nbsp;&nbsp;SOUTHSTATE BANK CORP | 297 | 29364 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | 487 | 28947 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 670 | 28455 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. REIT | 692 | 28448 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 65 | 27642 |
| &nbsp;&nbsp;&nbsp;CubeSmart REIT | 668 | 27161 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. REIT | 156 | 26404 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | 95 | 26371 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | 303 | 26276 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | 196 | 25958 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | 377 | 25832 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. REIT | 897 | 24829 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 209 | 24735 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp North America | 433 | 24499 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | 189 | 23960 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | 553 | 23541 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | 275 | 23334 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. REIT | 324 | 23017 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | 876 | 22548 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 1022 | 22433 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | 364 | 21753 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | 283 | 21168 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | 225 | 21103 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 546 | 20497 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | 407 | 19976 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. REIT | 388 | 19970 |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | 83 | 19790 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. REIT | 1011 | 19583 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. REIT | 547 | 19304 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | 676 | 19178 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust REIT | 473 | 19171 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 298 | 19144 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 105 | 19071 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | 330 | 18599 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. REIT | 1031 | 18589 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 278 | 18445 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 289 | 18369 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | 269 | 17544 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 1053 | 16964 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 611 | 16912 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 347 | 16888 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group plc | 366 | 16291 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. — Class A | 119 | 16040 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 310 | 15804 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 248 | 15527 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 414 | 15405 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 537 | 15197 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 1411 | 14957 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 178 | 14431 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust REIT | 644 | 14361 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. REIT | 492 | 14238 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. REIT | 319 | 13478 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 703 | 13104 |
| &nbsp;&nbsp;&nbsp;EPR Properties REIT | 223 | 12936 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 382 | 12854 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 479 | 12315 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 134 | 11327 |
| &nbsp;&nbsp;&nbsp;Federated Hermes, Inc. — Class B | 217 | 11269 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 284 | 11232 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. REIT | 684 | 11211 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. REIT | 416 | 11041 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 158 | 10863 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 877 | 10129 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties REIT | 330 | 9590 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | 184 | 9485 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.\* | 168 | 8917 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. REIT | 208 | 8476 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | 947 | 7567 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. REIT | 586 | 6493 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust REIT | 207 | 6255 |
| **Total Financial** |  | 2082443 |
| **Industrial - 16.7%** | **Industrial - 16.7%** | **Industrial - 16.7%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 103 | 84994 |
| &nbsp;&nbsp;&nbsp;Flex Ltd.\* | 1100 | 63767 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 110 | 59724 |
| &nbsp;&nbsp;&nbsp;AECOM | 388 | 50622 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 268 | 49411 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.\* | 456 | 49120 |
| &nbsp;&nbsp;&nbsp;nVent Electric plc | 472 | 46558 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\* | 495 | 45228 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.\* | 345 | 44598 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | 176 | 44477 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 486 | 41290 |
| &nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 125 | 41120 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | 229 | 40936 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.\* | 180 | 38306 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 105 | 38285 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 139

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | 162 | $| 38204 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 225 |  | 36844 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.\* | 92 |  | 35907 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 245 |  | 34658 |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.\* | 148 |  | 34368 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.\* | 404 |  | 32861 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 324 |  | 32760 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 337 |  | 32551 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.\* | 82 |  | 32051 |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | 89 |  | 30651 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.\* | 93 |  | 29285 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 112 |  | 29238 |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | 210 |  | 29127 |
| &nbsp;&nbsp;&nbsp;CNH Industrial N.V. | 2603 |  | 28242 |
| &nbsp;&nbsp;&nbsp;Donaldson Company, Inc. | 342 |  | 27993 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 195 |  | 27971 |
| &nbsp;&nbsp;&nbsp;Crane Co. | 143 |  | 26332 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 129 |  | 25819 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | 193 |  | 25796 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 770 |  | 25703 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 188 |  | 24383 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.\* | 78 |  | 23350 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | 120 |  | 22637 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | 58 |  | 22488 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. — Class A | 80 |  | 22342 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 492 |  | 22288 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 95 |  | 22139 |
| &nbsp;&nbsp;&nbsp;Toro Co. | 289 |  | 22022 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Company, Inc. | 122 |  | 20430 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | 383 |  | 20353 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\* | 474 |  | 19941 |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 182 |  | 19487 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 73 |  | 18908 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 476 |  | 18807 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 352 |  | 18793 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | 130 |  | 18672 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | 167 |  | 18661 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | 108 |  | 18584 |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 198 |  | 18501 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.\* | 151 |  | 18271 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.\* | 137 |  | 18211 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 104 |  | 18179 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | 430 |  | 18047 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 868 |  | 16987 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 186 |  | 16524 |
| &nbsp;&nbsp;&nbsp;Trex Company, Inc.\* | 314 |  | 16224 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 172 |  | 16080 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | 233 |  | 14609 |
| &nbsp;&nbsp;&nbsp;Timken Co. | 186 |  | 13983 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 116 |  | 13951 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.\* | 164 |  | 13686 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding plc | 427 |  | 13045 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 246 |  | 12861 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 166 |  | 12761 |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | 102 |  | 12501 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 289 |  | 12453 |
| &nbsp;&nbsp;&nbsp;EnerSys | 110 |  | 12425 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 260 |  | 11183 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 105 |  | 10516 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 148 |  | 10283 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 192 |  | 9850 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class A | 77 |  | 4601 |
| **Total Industrial** |  |  | 2064814 |
| **Consumer, Non-cyclical - 11.1%** | **Consumer, Non-cyclical - 11.1%** | **Consumer, Non-cyclical - 11.1%** | **Consumer, Non-cyclical - 11.1%** |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 133 |  | 55755 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.\* | 259 |  | 52587 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.\* | 660 |  | 50569 |
| &nbsp;&nbsp;&nbsp;TransUnion | 571 |  | 47838 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.\* | 459 |  | 47754 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.\* | 450 |  | 42736 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 291 |  | 40851 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | 295 |  | 37471 |
| &nbsp;&nbsp;&nbsp;API Group Corp.\* | 1085 |  | 37292 |
| &nbsp;&nbsp;&nbsp;Service Corporation International | 411 |  | 34203 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | 65 |  | 33420 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.\* | 789 |  | 32586 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 286 |  | 31117 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.\* | 563 |  | 30492 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.\* | 1456 |  | 29324 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 168 |  | 29025 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.\* | 114 |  | 28879 |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.\* | 469 |  | 26963 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 343 |  | 25155 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.\* | 1998 |  | 24935 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 253 |  | 23977 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals plc\* | 178 |  | 23460 |
| &nbsp;&nbsp;&nbsp;elf Beauty, Inc.\* | 174 |  | 23051 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | 188 |  | 22957 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | 131 |  | 20864 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.\* | 155 |  | 20719 |
| &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. — Class A | 1181 |  | 20679 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 176 |  | 20620 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.\* | 135 |  | 19919 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 392 |  | 19823 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 351 |  | 19291 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | 43 |  | 19253 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd.\* | 1261 |  | 19079 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc. — Class A\* | 330 |  | 18899 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.\* | 81 |  | 17781 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.\* | 336 |  | 17771 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | 72 |  | 16705 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.\* | 100 |  | 15753 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. — Class A\* | 197 |  | 15248 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.\* | 140 |  | 15047 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.\* | 93 |  | 15034 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc. — Class A\* | 53 |  | 14861 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.\* | 464 |  | 14324 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | 122 |  | 14257 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.\* | 369 |  | 13413 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.\* | 373 |  | 13394 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 476 |  | 13214 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. — Class B | 10 |  | 11773 |

---

140 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | 325 | $| 10559 |
| &nbsp;&nbsp;&nbsp;Marzetti Co. | 60 |  | 10368 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 199 |  | 10207 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.\* | 113 |  | 9923 |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.\* | 487 |  | 9920 |
| &nbsp;&nbsp;&nbsp;Perrigo Company plc | 403 |  | 8975 |
| &nbsp;&nbsp;&nbsp;LivaNova plc\* | 160 |  | 8381 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.\* | 516 |  | 8117 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | 619 |  | 8078 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.\* | 50 |  | 8029 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | 585 |  | 7424 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.\* | 141 |  | 6872 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 105 |  | 5166 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 125 |  | 5090 |
| &nbsp;&nbsp;&nbsp;Boston Beer Company, Inc. — Class A\* | 23 |  | 4863 |
| &nbsp;&nbsp;&nbsp;Coty, Inc. — Class A\* | 1074 |  | 4339 |
| **Total Consumer, Non-cyclical** |  |  | 1366429 |
| **Consumer, Cyclical - 10.5%** | **Consumer, Cyclical - 10.5%** | **Consumer, Cyclical - 10.5%** | **Consumer, Cyclical - 10.5%** |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | 109 |  | 61620 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | 544 |  | 58948 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | 615 |  | 51863 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.\* | 183 |  | 46573 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | 196 |  | 43555 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | 102 |  | 41239 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 288 |  | 39784 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.\* | 387 |  | 36088 |
| &nbsp;&nbsp;&nbsp;GameStop Corp. — Class A\* | 1206 |  | 32900 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. — Class A | 195 |  | 32399 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 143 |  | 30244 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc. — Class A\* | 556 |  | 29929 |
| &nbsp;&nbsp;&nbsp;Aramark | 770 |  | 29568 |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. | 207 |  | 25565 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc. — Class A\* | 246 |  | 25535 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.\* | 161 |  | 24907 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. — Class A | 75 |  | 23700 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc. — Class A\* | 316 |  | 23289 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.\* | 180 |  | 23112 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\* | 1934 |  | 21738 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc. — Class A\* | 246 |  | 20649 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 82 |  | 20638 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 51 |  | 19801 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. — Class A\* | 290 |  | 19143 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 195 |  | 18917 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 643 |  | 18197 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.\* | 83 |  | 18158 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 114 |  | 18060 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | 224 |  | 17898 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.\* | 292 |  | 17640 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. — Class A | 124 |  | 17599 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 338 |  | 16826 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | 109 |  | 16303 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 156 |  | 16176 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | 620 |  | 15971 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.\* | 944 |  | 15888 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 156 |  | 15695 |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | 174 |  | 15042 |
| &nbsp;&nbsp;&nbsp;Warner Music Group Corp. — Class A | 428 |  | 14578 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 796 |  | 14272 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | 667 |  | 14267 |
| &nbsp;&nbsp;&nbsp;VF Corp. | 962 |  | 13882 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.\* | 160 |  | 13368 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc. — Class A | 179 |  | 12954 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 164 |  | 12891 |
| &nbsp;&nbsp;&nbsp;KB Home | 199 |  | 12664 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Company, Inc. — Class A | 134 |  | 12347 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | 191 |  | 12079 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 140 |  | 11977 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | 141 |  | 11812 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 190 |  | 11303 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 356 |  | 9932 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | 80 |  | 9589 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 54 |  | 9391 |
| &nbsp;&nbsp;&nbsp;RH\* | 45 |  | 9142 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 157 |  | 9126 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.\* | 238 |  | 7897 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 181 |  | 7568 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. — Class A | 130 |  | 7404 |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 349 |  | 6952 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 61 |  | 6521 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 838 |  | 6268 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 81 |  | 5391 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | 75 |  | 3922 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. — Class A\* | 553 |  | 2759 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. — Class C\* | 355 |  | 1715 |
| **Total Consumer, Cyclical** |  |  | 1293128 |
| **Technology - 8.4%** | **Technology - 8.4%** | **Technology - 8.4%** | **Technology - 8.4%** |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc. — Class A\* | 910 |  | 76267 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc. — Class A\* | 786 |  | 58471 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* | 247 |  | 56775 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc. — Class A\* | 450 |  | 45041 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.\* | 490 |  | 44933 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.\* | 884 |  | 42830 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.\* | 592 |  | 42677 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | 444 |  | 41052 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.\* | 116 |  | 37333 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | 177 |  | 36281 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.\* | 205 |  | 33355 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 315 |  | 32823 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. — Class A\* | 64 |  | 31922 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.\* | 401 |  | 29401 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc. — Class A\* | 400 |  | 29260 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 130 |  | 24541 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | 197 |  | 24383 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.\* | 188 |  | 23404 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.\* | 473 |  | 20826 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.\* | 677 |  | 20330 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd. | 475 |  | 19898 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.\* | 150 |  | 18794 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.\* | 144 |  | 18608 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc. — Class A\* | 67 |  | 18469 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 141

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | 378 | $| 17876 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc. — Class A\* | 542 |  | 16374 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 271 |  | 15583 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 165 |  | 15076 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.\* | 269 |  | 14249 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | 106 |  | 14027 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | 137 |  | 13614 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.\* | 156 |  | 12935 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 96 |  | 12589 |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.\* | 363 |  | 10600 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co. | 145 |  | 9725 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 333 |  | 9457 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc. — Class A\* | 822 |  | 8968 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 113 |  | 7722 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 109 |  | 7010 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 164 |  | 6594 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.\* | 128 |  | 6061 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | 131 |  | 6046 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.\* | 74 |  | 5860 |
| **Total Technology** |  |  | 1038040 |
| **Energy - 3.2%** | **Energy - 3.2%** | **Energy - 3.2%** | **Energy - 3.2%** |
| &nbsp;&nbsp;&nbsp;TechnipFMC plc | 1205 |  | 47537 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 298 |  | 33692 |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc. — Class A\* | 434 |  | 32112 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 753 |  | 30406 |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.\* | 860 |  | 28862 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | 698 |  | 26273 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 2049 |  | 26227 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 466 |  | 24390 |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | 982 |  | 19090 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. — Class A | 494 |  | 18881 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 168 |  | 16694 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | 343 |  | 15411 |
| &nbsp;&nbsp;&nbsp;Weatherford International plc | 211 |  | 14439 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 1088 |  | 14416 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 414 |  | 13298 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 393 |  | 11165 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 194 |  | 9461 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 244 |  | 7930 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 241 |  | 7271 |
| **Total Energy** |  |  | 397555 |
| **Basic Materials - 2.7%** | **Basic Materials - 2.7%** | **Basic Materials - 2.7%** | **Basic Materials - 2.7%** |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | 376 |  | 44323 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | 154 |  | 43248 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | 193 |  | 38712 |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 146 |  | 35849 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.\* | 394 |  | 26426 |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | 759 |  | 24963 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | 23 |  | 19049 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 328 |  | 18788 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems Ltd.\* | 635 |  | 18174 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\* | 1450 |  | 17690 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 156 |  | 11864 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 268 |  | 8830 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 336 |  | 8396 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | 98 |  | 7552 |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 134 |  | 6420 |
| **Total Basic Materials** |  |  | 330284 |
| **Utilities - 2.6%** | **Utilities - 2.6%** | **Utilities - 2.6%** | **Utilities - 2.6%** |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.\* | 134 |  | 57001 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | 822 |  | 32798 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | 590 |  | 27299 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | 265 |  | 24478 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 630 |  | 20954 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | 158 |  | 20880 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 178 |  | 17132 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 278 |  | 15721 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 188 |  | 14728 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 176 |  | 14245 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 294 |  | 14156 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 321 |  | 14124 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 173 |  | 14103 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 214 |  | 13180 |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 170 |  | 11288 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 180 |  | 10550 |
| **Total Utilities** |  |  | 322637 |
| **Communications - 2.0%** | **Communications - 2.0%** | **Communications - 2.0%** | **Communications - 2.0%** |
| &nbsp;&nbsp;&nbsp;Ciena Corp.\* | 414 |  | 60307 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 606 |  | 34372 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 394 |  | 30086 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.\* | 734 |  | 27415 |
| &nbsp;&nbsp;&nbsp;New York Times Co. — Class A | 475 |  | 27265 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc. — Class A\* | 653 |  | 26414 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.\* | 540 |  | 19851 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. — Class A | 84 |  | 16610 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | 311 |  | 5430 |
| **Total Communications** |  |  | 247750 |
| **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,294,121) |  |  | 9143080 |
| **MUTUAL FUNDS<sup>†</sup>** **- 9.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 9.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 9.2%** | **MUTUAL FUNDS<sup>†</sup>** **- 9.2%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 88750 |  | 893717 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 9844 |  | 244909 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,123,599) |  |  | 1138626 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.0%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.0%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.0%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.0%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>2</sup> | 4000 |  | 4000 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,000) |  |  | 4000 |

---

142 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **MID-CAP 1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILL<sup>††</sup>** **- 0.8%** | **U.S. TREASURY BILL<sup>††</sup>** **- 0.8%** | **U.S. TREASURY BILL<sup>††</sup>** **- 0.8%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>3,4</sup> | $100000 | $99162 |
| **Total U.S. Treasury Bill** | **Total U.S. Treasury Bill** |  |
| &nbsp;&nbsp;&nbsp;(Cost $99,158) |  | 99162 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 5.5%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 5.5%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 5.5%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 392784 | 392784 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 282634 | 282634 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $675,418) |  | 675418 |
| **Total Investments - 89.5%** | **Total Investments - 89.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,196,296) | &nbsp;&nbsp;&nbsp;(Cost $8,196,296) | $11060286 |
| **Other Assets & Liabilities, net - 10.5%** | **Other Assets & Liabilities, net - 10.5%** | 1292045 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $12352331 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | S&P MidCap 400 Index | Pay | 4.98% (SOFR + 0.85%) | At Maturity | 11/20/25 | 310 | $1012219 | $2828 |
| BNP Paribas | S&P MidCap 400 Index | Pay | 4.64% (Federal <br> Funds Rate + <br> 0.55%) | At Maturity | 11/20/25 | 267 | 870885 | 2429 |
| Goldman Sachs International | S&P MidCap 400 Index | Pay | 4.34% (Federal<br> Funds Rate +<br> 0.25%) | At Maturity | 11/19/25 | 2292 | 7481827 | (30248) |
|  |  |  |  |  |  |  | $9364931 | $(24991) |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <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;Rate indicated is the effective yield at the time of purchase. |
| <sup>5</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. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 143

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **MID-CAP 1.5x 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** |
| Common Stocks | $9143080 | $— | $— | $9143080 |
| Mutual Funds | 1138626 |  |  | 1138626 |
| Money Market Fund | 4000 |  |  | 4000 |
| U.S. Treasury Bill |  | 99162 |  | 99162 |
| Repurchase Agreements |  | 675418 |  | 675418 |
| Equity Index Swap Agreements\*\* |  | 5257 |  | 5257 |
| Total Assets | $10285706 | $779837 | $— | $11065543 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 30248 | $– $| 30248 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $244712 | $— | $— | $— | $197 | $244909 | 9844 | $6552 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 890167 |  |  |  | 3550 | 893717 | 88750 | 19513 |
|  | $1134879 | $— | $— | $— | $3747 | $1138626 |  | $26065 |

---

144 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MID-CAP 1.5x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $6,397,279) | $9246242 |
| Investments in affiliated issuers, at value (cost $1,123,599) | 1138626 |
| Repurchase agreements, at value (cost $675,418) | 675418 |
| Cash | 58 |
| Segregated cash with broker | 1150211 |
| Unrealized appreciation on OTC swap agreements | 5257 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 185477 |
| &nbsp;&nbsp;&nbsp;Dividends | 12194 |
| &nbsp;&nbsp;&nbsp;Interest | 79 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 8 |
| **Total assets** | 12413570 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 30248 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 8355 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 3567 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 2732 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 2654 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2541 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 498 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 118 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 10526 |
| **Total liabilities** | 61239 |
| **Net assets** | $12352331 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $9544605 |
| Total distributable earnings (loss) | 2807726 |
| Net assets | $12352331 |
| **Class A:** | **Class A:** |
| Net assets | $3031030 |
| Capital shares outstanding | 22134 |
| Net asset value per share | $136.94 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $143.77 |
| **Class C:** | **Class C:** |
| Net assets | $318706 |
| Capital shares outstanding | 2923 |
| Net asset value per share | $109.03 |
| **Class H:** | **Class H:** |
| Net assets | $9002595 |
| Capital shares outstanding | 65439 |
| Net asset value per share | $137.57 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $50) | $62701 |
| Dividends from securities of affiliated issuers | 26065 |
| Interest | 44244 |
| Income from securities lending, net | 70 |
| &nbsp;&nbsp;&nbsp;Total investment income | 133080 |
| **Expenses:** | **Expenses:** |
| Management fees | 52314 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 4249 |
| &nbsp;&nbsp;&nbsp;Class C | 1347 |
| &nbsp;&nbsp;&nbsp;Class H | 9946 |
| Transfer agent fees | 12352 |
| Portfolio accounting and administration fees | 8864 |
| Registration fees | 7521 |
| Professional fees | 2818 |
| Interest expense | 2490 |
| Trustees' fees\* | 823 |
| Custodian fees | 819 |
| Miscellaneous | 1934 |
| &nbsp;&nbsp;&nbsp;Total expenses | 105477 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (5813) |
| Expenses waived by Adviser | (1117) |
| &nbsp;&nbsp;&nbsp;Total waived/ reimbursed expenses | (6930) |
| Net expenses | 98547 |
| Net investment income | 34533 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 271756 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 578203 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 4104 |
| Net realized gain | 854063 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 652354 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 3747 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 207781 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 10192 |
| Net change in unrealized appreciation (depreciation) | 874074 |
| Net realized and unrealized gain | 1728137 |
| **Net increase in net assets resulting from operations** | $1762670 |

---

\* 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 \| 145

**MID-CAP 1.5x 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 | $34533 | $88886 |
| Net realized gain (loss) on investments | 854063 | (2026) |
| Net change in unrealized appreciation (depreciation) on investments | 874074 | (1031117) |
| Net increase (decrease) in net assets resulting from operations | 1762670 | (944257) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (22755) |
| &nbsp;&nbsp;&nbsp;Class C |  | (3515) |
| &nbsp;&nbsp;&nbsp;Class H |  | (78204) |
| Total distributions to shareholders |  | (104474) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 34360 | 890937 |
| &nbsp;&nbsp;&nbsp;Class C | 71122 | 276211 |
| &nbsp;&nbsp;&nbsp;Class H | 6698565 | 31074590 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 22729 |
| &nbsp;&nbsp;&nbsp;Class C |  | 3106 |
| &nbsp;&nbsp;&nbsp;Class H |  | 76993 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (888112) | (1170454) |
| &nbsp;&nbsp;&nbsp;Class C | (35844) | (207027) |
| &nbsp;&nbsp;&nbsp;Class H | (6701315) | (32196305) |
| Net decrease from capital share transactions | (821224) | (1229220) |
| Net increase (decrease) in net assets | 941446 | (2277951) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 11410885 | 13688836 |
| &nbsp;&nbsp;&nbsp;End of period | $12352331 | $11410885 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 259 | 6760 |
| &nbsp;&nbsp;&nbsp;Class C | 679 | 2655 |
| &nbsp;&nbsp;&nbsp;Class H | 53527 | 232970 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 159 |
| &nbsp;&nbsp;&nbsp;Class C |  | 27 |
| &nbsp;&nbsp;&nbsp;Class H |  | 536 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6630) | (9106) |
| &nbsp;&nbsp;&nbsp;Class C | (355) | (2033) |
| &nbsp;&nbsp;&nbsp;Class H | (53744) | (239921) |
| Net decrease in shares | (6264) | (7953) |

---

146 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MID-CAP 1.5x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $118.20 | $130.78 | $100.88 | $115.54 | $131.92 | $56.02 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .38 | .86 | .96 | .41 | (.72) | (.68) |
| Net gain (loss) on investments (realized and unrealized) | 18.36 | (12.49) | 29.35 | (15.07) | 6.46 | 77.00 |
| Total from investment operations | 18.74 | (11.63) | 30.31 | (14.66) | 5.74 | 76.32 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.95) | (.41) |  |  | (.42) |
| Net realized gains |  |  |  |  | (22.12) |  |
| Total distributions |  | (.95) | (.41) |  | (22.12) | (.42) |
| Net asset value, end of period | $136.94 | $118.20 | $130.78 | $100.88 | $115.54 | $131.92 |
| **Total Return<sup>c</sup>** | **15.85%** | **(9.02** **%)** | **30.15%** | **(12.69** **%)** | **3.49%** | **136.41%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3031 | $3369 | $4014 | $3736 | $4017 | $4337 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.61% | 0.67% | 0.90% | 0.41% | (0.54%) | (0.75%) |
| Total expenses<sup>d</sup> | 1.80% | 1.77% | 1.78% | 1.70% | 1.66% | 1.75% |
| Net expenses<sup>e</sup> | 1.68% | 1.65% | 1.68% | 1.65% | 1.65% | 1.72% |
| Portfolio turnover rate | 6% | 94% | 57% | 44% | 159% | 501% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $94.44 | $105.47 | $82.02 | $94.68 | $112.55 | $48.18 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.06) | (.10) | .15 | (.34) | (1.48) | (1.12) |
| Net gain (loss) on investments (realized and unrealized) | 14.65 | (9.98) | 23.71 | (12.32) | 5.73 | 65.91 |
| Total from investment operations | 14.59 | (10.08) | 23.86 | (12.66) | 4.25 | 64.79 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.95) | (.41) |  |  | (.42) |
| Net realized gains |  |  |  |  | (22.12) |  |
| Total distributions |  | (.95) | (.41) |  | (22.12) | (.42) |
| Net asset value, end of period | $109.03 | $94.44 | $105.47 | $82.02 | $94.68 | $112.55 |
| **Total Return<sup>c</sup>** | **15.45%** | **(9.70** **%)** | **29.20%** | **(13.37** **%)** | **2.71%** | **134.67%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $319 | $245 | $206 | $113 | $231 | $653 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.12%) | (0.09%) | 0.17% | (0.42%) | (1.31%) | (1.59%) |
| Total expenses<sup>d</sup> | 2.55% | 2.53% | 2.54% | 2.45% | 2.41% | 2.52% |
| Net expenses<sup>e</sup> | 2.43% | 2.41% | 2.44% | 2.40% | 2.39% | 2.50% |
| Portfolio turnover rate | 6% | 94% | 57% | 44% | 159% | 501% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 147

**MID-CAP 1.5x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $118.74 | $131.39 | $101.34 | $116.07 | $132.43 | $56.24 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .39 | .87 | .98 | .36 | (.76) | (.60) |
| Net gain (loss) on investments (realized and unrealized) | 18.44 | (12.57) | 29.48 | (15.09) | 6.52 | 77.21 |
| Total from investment operations | 18.83 | (11.70) | 30.46 | (14.73) | 5.76 | 76.61 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.95) | (.41) |  |  | (.42) |
| Net realized gains |  |  |  |  | (22.12) |  |
| Total distributions |  | (.95) | (.41) |  | (22.12) | (.42) |
| Net asset value, end of period | $137.57 | $118.74 | $131.39 | $101.34 | $116.07 | $132.43 |
| **Total Return** | **15.86%** | **(9.03** **%)** | **30.16%** | **(12.69** **%)** | **3.49%** | **136.39%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $9003 | $7796 | $9469 | $6917 | $10327 | $12089 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.61% | 0.66% | 0.92% | 0.36% | (0.57%) | (0.64%) |
| Total expenses<sup>d</sup> | 1.80% | 1.77% | 1.79% | 1.70% | 1.66% | 1.74% |
| Net expenses<sup>e</sup> | 1.68% | 1.66% | 1.68% | 1.65% | 1.65% | 1.72% |
| Portfolio turnover rate | 6% | 94% | 57% | 44% | 159% | 501% |

---

<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.

148 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **INVERSE MID-CAP STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 43.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 43.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 43.7%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 1417 | $35251 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 3141 | 31625 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $66,045) |  | 66876 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILL<sup>††</sup>** **- 19.4%** | **U.S. TREASURY BILL<sup>††</sup>** **- 19.4%** | **U.S. TREASURY BILL<sup>††</sup>** **- 19.4%** |
| 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> | $30000 | 29749 |
| **Total U.S. Treasury Bill** | **Total U.S. Treasury Bill** |  |
| &nbsp;&nbsp;&nbsp;(Cost $29,747) |  | 29749 |

---

---

| | | |
|:---|:---|:---|
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 32.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 32.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 32.1%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 28590 | 28590 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 20572 | 20572 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $49,162) |  | 49162 |
| **Total Investments - 95.2%** | **Total Investments - 95.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $144,954) | &nbsp;&nbsp;&nbsp;(Cost $144,954) | $145787 |
| **Other Assets & Liabilities, net - 4.8%** | **Other Assets & Liabilities, net - 4.8%** | 7393 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $153180 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | S&P MidCap 400 Index | Receive | 4.04% (Federal <br> Funds Rate - <br> 0.05%) | At Maturity | 11/19/25 | 20 | $63879 | $248 |
| BNP Paribas | S&P MidCap 400 Index | Receive | 4.24% (Federal<br> Funds Rate +<br> 0.15%) | At Maturity | 11/20/25 | 10 | 31918 | (87) |
| Barclays Bank plc | S&P MidCap 400 Index | Receive | 4.68% (SOFR +<br> 0.55%) | At Maturity | 11/20/25 | 18 | 60226 | (169) |
|  |  |  |  |  |  |  | $156023 | $(8) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at 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 \| 149

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INVERSE MID-CAP 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** |
| Mutual Funds | $66876 | $— | $— | $66876 |
| U.S. Treasury Bill |  | 29749 |  | 29749 |
| Repurchase Agreements |  | 49162 |  | 49162 |
| Equity Index Swap Agreements\*\* |  | 248 |  | 248 |
| Total Assets | $66876 | $79159 | $— | $146035 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 256 | $– $| 256 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $50217 | $— | $(15000) | $121 | $(87) | $35251 | 1417 | $1329 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 46439 |  | (15000) | 253 | (67) | 31625 | 3141 | 1005 |
|  | $96656 | $— | $(30000) | $374 | $(154) | $66876 |  | $2334 |

---

150 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE MID-CAP STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $29,747) | $29749 |
| Investments in affiliated issuers, at value (cost $66,045) | 66876 |
| Repurchase agreements, at value (cost $49,162) | 49162 |
| Segregated cash with broker | 14994 |
| Unrealized appreciation on OTC swap agreements | 248 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 349 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 120 |
| &nbsp;&nbsp;&nbsp;Interest | 5 |
| **Total assets** | 161503 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 46 |
| Unrealized depreciation on OTC swap agreements | 256 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1275 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1028 |
| &nbsp;&nbsp;&nbsp;Management fees | 1027 |
| &nbsp;&nbsp;&nbsp;Printing fees | 982 |
| &nbsp;&nbsp;&nbsp;Professional fees | 942 |
| &nbsp;&nbsp;&nbsp;Registration fees | 768 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 290 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 60 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 58 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 3 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 1588 |
| **Total liabilities** | 8323 |
| **Net assets** | $153180 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $8124317 |
| Total distributable earnings (loss) | (7971137) |
| Net assets | $153180 |
| **Class A:** | **Class A:** |
| Net assets | $13244 |
| Capital shares outstanding | 345 |
| Net asset value per share | $38.41 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $40.33 |
| **Class C:** | **Class C:** |
| Net assets | $3112 |
| Capital shares outstanding | 96 |
| Net asset value per share | $32.26 |
| **Class H:** | **Class H:** |
| Net assets | $136824 |
| Capital shares outstanding | 3549 |
| Net asset value per share | $38.56 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $2334 |
| Interest | 115176 |
| &nbsp;&nbsp;&nbsp;Total investment income | 117510 |
| **Expenses:** | **Expenses:** |
| Management fees | 23805 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 22 |
| &nbsp;&nbsp;&nbsp;Class C | 17 |
| &nbsp;&nbsp;&nbsp;Class H | 6587 |
| Transfer agent fees | 4899 |
| Portfolio accounting and administration fees | 4033 |
| Professional fees | 613 |
| Custodian fees | 411 |
| Trustees' fees\* | 144 |
| Interest expense | 14 |
| Miscellaneous | 4.868 |
| &nbsp;&nbsp;&nbsp;Total expenses | 45413 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2645) |
| Expenses waived by Adviser | (58) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (2703) |
| Net expenses | 42710 |
| Net investment income | 74800 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 129 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 374 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (1247082) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (559219) |
| Net realized loss | (1805798) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 2 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (154) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (4087) |
| Net change in unrealized appreciation (depreciation) | (4239) |
| Net realized and unrealized loss | (1810037) |
| **Net decrease in net assets resulting from operations** | $(1735237) |

---

\* 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 \| 151

**INVERSE MID-CAP 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 | $74800 | $13303 |
| Net realized gain (loss) on investments | (1805798) | 55350 |
| Net change in unrealized appreciation (depreciation) on investments | (4239) | 18389 |
| Net increase (decrease) in net assets resulting from operations | (1735237) | 87042 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (4006) |
| &nbsp;&nbsp;&nbsp;Class C |  | (644) |
| &nbsp;&nbsp;&nbsp;Class H |  | (30749) |
| Total distributions to shareholders |  | (35399) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 23842 | 486117 |
| &nbsp;&nbsp;&nbsp;Class C |  | 380462 |
| &nbsp;&nbsp;&nbsp;Class H | 87677987 | 3771347 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 4006 |
| &nbsp;&nbsp;&nbsp;Class C |  | 644 |
| &nbsp;&nbsp;&nbsp;Class H |  | 30749 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (33133) | (546389) |
| &nbsp;&nbsp;&nbsp;Class C |  | (405685) |
| &nbsp;&nbsp;&nbsp;Class H | (85977813) | (4140131) |
| Net increase (decrease) from capital share transactions | 1690883 | (418880) |
| Net decrease in net assets | (44354) | (367237) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 197534 | 564771 |
| &nbsp;&nbsp;&nbsp;End of period | $153180 | $197534 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 561 | 12446 |
| &nbsp;&nbsp;&nbsp;Class C |  | 11881 |
| &nbsp;&nbsp;&nbsp;Class H | 2198799 | 77603 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 107 |
| &nbsp;&nbsp;&nbsp;Class C |  | 21 |
| &nbsp;&nbsp;&nbsp;Class H |  | 823 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (804) | (12975) |
| &nbsp;&nbsp;&nbsp;Class C |  | (11808) |
| &nbsp;&nbsp;&nbsp;Class H | (2199221) | (85221) |
| Net decrease in shares | (665) | (7123) |

---

152 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE MID-CAP STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $42.60 | $47.91 | $59.40 | $57.57 | $63.60 | $127.90 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.23 | 1.21 | 2.02 | .90 | (.75) | (.45) |
| Net gain (loss) on investments (realized and unrealized) | (5.42) | 1.98 | (9.45) | .93 <sup>f</sup> | (5.28) | (63.36) |
| Total from investment operations | (4.19) | 3.19 | (7.43) | 1.83 | (6.03) | (63.81) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.50) | (4.06) |  |  | (.49) |
| Total distributions |  | (8.50) | (4.06) |  |  | (.49) |
| Net asset value, end of period | $38.41 | $42.60 | $47.91 | $59.40 | $57.57 | $63.60 |
| **Total Return<sup>c</sup>** | **(9.84** **%)** | **9.15%** | **(13.31** **%)** | **3.18%** | **(9.48** **%)** | **(49.94** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $13 | $25 | $48 | $58 | $61 | $100 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 6.03% | 2.87% | 3.52% | 1.48% | (1.25%) | (1.29%) |
| Total expenses<sup>d</sup> | 1.86% | 1.79% | 1.73% | 1.66% | 1.66% | 1.76% |
| Net expenses<sup>e</sup> | 1.70% | 1.67% | 1.64% | 1.61% | 1.63% | 1.73% |
| Portfolio turnover rate |  |  |  |  | 24% | 42% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $35.91 | $41.44 | $51.61 | $50.06 | $55.65 | $112.07 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.03 | .59 | 1.67 | (.54) | (1.10) | (.83) |
| Net gain (loss) on investments (realized and unrealized) | (4.68) | 2.38 | (7.78) | 2.09 <sup>f</sup> | (4.49) | (55.10) |
| Total from investment operations | (3.65) | 2.97 | (6.11) | 1.55 | (5.59) | (55.93) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.50) | (4.06) |  |  | (.49) |
| Total distributions |  | (8.50) | (4.06) |  |  | (.49) |
| Net asset value, end of period | $32.26 | $35.91 | $41.44 | $51.61 | $50.06 | $55.65 |
| **Total Return<sup>c</sup>** | **(10.16** **%)** | **10.23%** | **(12.73** **%)** | **3.10%** | **(10.04** **%)** | **(50.08** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3 | $3 | $— <sup>g</sup> | $— <sup>g</sup> | $— <sup>g</sup> | $3 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 6.05% | 1.79% | 3.97% | (0.94 %) | (2.11 %) | (1.95%) |
| Total expenses<sup>d</sup> | 2.63% | 2.55% | 1.59% | 2.39% | 2.39% | 2.49% |
| Net expenses<sup>e</sup> | 2.44% | 2.44% | 1.59% | 2.39% | 2.39% | 2.46% |
| Portfolio turnover rate |  |  |  |  | 24% | 42% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 153

**INVERSE MID-CAP STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $42.57 | $47.96 | $59.44 | $57.62 | $63.65 | $128.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .55 | 1.62 | 2.08 | .81 | (.84) | (.42) |
| Net gain (loss) on investments (realized and unrealized) | (4.56) | 1.49 | (9.50) | 1.01 <sup>f</sup> | (5.19) | (63.44) |
| Total from investment operations | (4.01) | 3.11 | (7.42) | 1.82 | (6.03) | (63.86) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.50) | (4.06) |  |  | (.49) |
| Total distributions |  | (8.50) | (4.06) |  |  | (.49) |
| Net asset value, end of period | $38.56 | $42.57 | $47.96 | $59.44 | $57.62 | $63.65 |
| **Total Return** | **(9.42** **%)** | **8.94%** | **(13.30** **%)** | **3.16%** | **(9.47** **%)** | **(49.94** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $137 | $169 | $516 | $2589 | $291 | $779 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.82% | 3.43% | 3.54% | 1.32% | (1.40%) | (1.38%) |
| Total expenses<sup>d</sup> | 1.72% | 1.77% | 1.71% | 1.71% | 1.66% | 1.77% |
| Net expenses<sup>e</sup> | 1.61% | 1.64% | 1.64% | 1.67% | 1.64% | 1.75% |
| Portfolio turnover rate |  |  |  |  | 24% | 42% |

---

<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 period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>g</sup> Less than $1,000 in Net Assets.

154 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 86.4%** | **COMMON STOCKS<sup>†</sup>** **- 86.4%** | **COMMON STOCKS<sup>†</sup>** **- 86.4%** |
| **Technology - 44.1%** | **Technology - 44.1%** | **Technology - 44.1%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 438448 | $81805628 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 134118 | 69466418 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 267767 | 68181511 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 140360 | 46306168 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 100956 | 18416394 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 72039 | 11655190 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 12383 | 8456475 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 49679 | 8312290 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 47898 | 7968311 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 56182 | 7522770 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 40357 | 7414792 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 35364 | 7240425 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 18831 | 6642635 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 194298 | 6518698 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 5858 | 6318439 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 11140 | 5462833 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 21839 | 5365842 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 12096 | 4248841 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 8214 | 4052705 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc. — Class A\* | 11715 | 3774690 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 3761 | 3640987 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 38269 | 3217275 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 9500 | 3017865 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 34015 | 2859981 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 11192 | 2548754 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 4777 | 2382242 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 9633 | 2318952 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 11107 | 2240282 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 8189 | 2115710 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* | 6912 | 2071250 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 14350 | 2043440 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 15964 | 2023597 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 23957 | 1538519 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 21681 | 1454145 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. — Class A\* | 7382 | 1178905 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 18155 | 895223 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc.\* | 24636 | 882954 |
| &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR\* | 6064 | 857995 |
| **Total Technology** |  | 422419131 |
| **Communications - 23.9%** | **Communications - 23.9%** | **Communications - 23.9%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 192429 | 42251636 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 39135 | 28739961 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 104957 | 25515047 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 97975 | 23861811 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 18863 | 22615228 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 175787 | 12027347 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 49958 | 11958946 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 13657 | 9813101 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc. — Class A\* | 54176 | 8051095 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 1439 | 7769550 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 29693 | 6046089 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 2251 | 5260452 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 163481 | 5136573 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 17862 | 4858285 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR\* | 29650 | 3918840 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | 20007 | 3107687 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 19048 | 2312808 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 109901 | 2146366 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 6063 | 1667962 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. — Class A\* | 19784 | 969614 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 5818 | 926691 |
| **Total Communications** |  | 228955089 |
| **Consumer, Cyclical - 7.2%** | **Consumer, Cyclical - 7.2%** | **Consumer, Cyclical - 7.2%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 65763 | 29246122 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 19686 | 18221952 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 50459 | 4268831 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 37665 | 4060664 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 12050 | 3138302 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 50945 | 2498343 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 23310 | 2291839 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 14519 | 2212550 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 42924 | 1930292 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 5093 | 906198 |
| **Total Consumer, Cyclical** |  | 68775093 |
| **Consumer, Non-cyclical - 7.1%** | **Consumer, Non-cyclical - 7.1%** | **Consumer, Non-cyclical - 7.1%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 60775 | 8535241 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 15914 | 7117218 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 23899 | 6744298 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 55080 | 6113880 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 17980 | 5277130 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 11382 | 4457646 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 17889 | 3671896 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 57440 | 3588277 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 43344 | 2917485 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 42410 | 2844015 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 4624 | 2599936 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 3552 | 2269337 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 26078 | 2000704 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 20340 | 1838939 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 6202 | 1559865 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 60302 | 1538304 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 20267 | 1522052 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 52541 | 1368167 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 17408 | 1171385 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 6508 | 911641 |
| **Total Consumer, Non-cyclical** |  | 68047416 |
| **Industrial - 1.3%** | **Industrial - 1.3%** | **Industrial - 1.3%** |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 28184 | 5932732 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 82757 | 2938701 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 3485 | 2500975 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 9330 | 1313478 |
| **Total Industrial** |  | 12685886 |
| **Utilities - 1.2%** | **Utilities - 1.2%** | **Utilities - 1.2%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 13868 | 4563543 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 23740 | 2670750 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 155

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 26254 | $| 2117385 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 44835 |  | 2018023 |
| **Total Utilities** |  |  | 11369701 |
| **Basic Materials - 1.0%** | **Basic Materials - 1.0%** | **Basic Materials - 1.0%** | **Basic Materials - 1.0%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 20816 |  | 9887600 |
| **Energy - 0.4%** | **Energy - 0.4%** | **Energy - 0.4%** | **Energy - 0.4%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 43764 |  | 2132182 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 12851 |  | 1838978 |
| **Total Energy** |  |  | 3971160 |
| **Financial - 0.2%** | **Financial - 0.2%** | **Financial - 0.2%** | **Financial - 0.2%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 18806 |  | 1586662 |
| **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $649,833,957) |  |  | 827697738 |
| **MUTUAL FUNDS<sup>†</sup>** **- 0.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 0.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 0.6%** | **MUTUAL FUNDS<sup>†</sup>** **- 0.6%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 301467 |  | 3035776 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 115431 |  | 2871935 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,770,077) |  |  | 5907711 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 9.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 9.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 9.5%** |
| 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> | $50000000 | 49848328 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | 35294000 | 35242516 |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>2,3</sup> | 5100000 | 5057272 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>3</sup> | 150000 | 148743 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $90,293,251) |  | 90296859 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 0.7%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 3943342 | 3943342 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 2837492 | 2837492 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,780,834) |  | 6780834 |
| **Total Investments - 97.2%** | **Total Investments - 97.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $752,678,119) | &nbsp;&nbsp;&nbsp;(Cost $752,678,119) | $930683142 |
| **Other Assets & Liabilities, net - 2.8%** | **Other Assets & Liabilities, net - 2.8%** | 27058794 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $957741936 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 1059 | Dec 2025 | $527339640 | $6370063 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<br> Funds Rate +<br> 0.90%) | At Maturity | 11/20/25 | 10610 | $261866007 | $1871900 |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.69% (Federal<br> Funds Rate +<br> 0.60%) | At Maturity | 11/19/25 | 9908 | 244531392 | 833271 |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 5.13% (SOFR +<br> 1.00%) | At Maturity | 11/20/25 | 2207 | 54459066 | 389307 |
|  |  |  |  |  |  |  | $560856465 | $3094478 |

---

156 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as equity index swap collateral at 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. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;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 | $827697738 | $— | $— | $827697738 |
| Mutual Funds | 5907711 |  |  | 5907711 |
| U.S. Treasury Bills |  | 90296859 |  | 90296859 |
| Repurchase Agreements |  | 6780834 |  | 6780834 |
| Equity Futures Contracts\*\* | 6370063 |  |  | 6370063 |
| Equity Index Swap Agreements\*\* |  | 3094478 |  | 3094478 |
| Total Assets | $839975512 | $100172171 | $— | $940147683 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 157

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $2869626 | $— | $— | $— | $2309 | $2871935 | 115431 | $76836 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 3023718 |  |  |  | 12058 | 3035776 | 301467 | 66280 |
|  | $5893344 | $— | $— | $— | $14367 | $5907711 |  | $143116 |

---

158 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $740,127,208) | $917994597 |
| Investments in affiliated issuers, at value (cost $5,770,077) | 5907711 |
| Repurchase agreements, at value (cost $6,780,834) | 6780834 |
| Segregated cash with broker | 23207275 |
| Unrealized appreciation on OTC swap agreements | 3094478 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 25054660 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 2067578 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1185411 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 273988 |
| &nbsp;&nbsp;&nbsp;Dividends | 133727 |
| &nbsp;&nbsp;&nbsp;Interest | 790 |
| **Total assets** | 985701049 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 3454990 |
| Segregated cash due to broker | 970000 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 20790402 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 768426 |
| &nbsp;&nbsp;&nbsp;Management fees | 682484 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 254493 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 191268 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 16742 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 8357 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 821951 |
| **Total liabilities** | 27959113 |
| **Net assets** | $957741936 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $702739442 |
| Total distributable earnings (loss) | 255002494 |
| Net assets | $957741936 |
| **Class A:** | **Class A:** |
| Net assets | $10137444 |
| Capital shares outstanding | 15248 |
| Net asset value per share | $664.84 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $697.99 |
| **Class C:** | **Class C:** |
| Net assets | $2642992 |
| Capital shares outstanding | 4450 |
| Net asset value per share | $593.93 |
| **Class H:** | **Class H:** |
| Net assets | $944961500 |
| Capital shares outstanding | 1377813 |
| Net asset value per share | $685.84 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $5,340) | $2458183 |
| Dividends from securities of affiliated issuers | 143116 |
| Interest | 2748105 |
| Income from securities lending, net | 316 |
| &nbsp;&nbsp;&nbsp;Total investment income | 5349720 |
| **Expenses:** | **Expenses:** |
| Management fees | 3597768 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 10371 |
| &nbsp;&nbsp;&nbsp;Class C | 10670 |
| &nbsp;&nbsp;&nbsp;Class H | 986341 |
| Transfer agent fees | 816331 |
| Interest expense | 603606 |
| Portfolio accounting and administration fees | 502600 |
| Professional fees | 209875 |
| Custodian fees | 55689 |
| Trustees' fees\* | 42362 |
| Line of credit fees | 551 |
| Miscellaneous | 785486 |
| &nbsp;&nbsp;&nbsp;Total expenses | 7621650 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (399749) |
| Expenses waived by Adviser | (1742435) |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (2142184) |
| Net expenses | 5479466 |
| Net investment loss | (129746) |
| **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 | 6418004 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 128590985 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 56882372 |
| Net realized gain | 191891361 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 149520373 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 14367 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 11983793 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 10605682 |
| Net change in unrealized appreciation (depreciation) | 172124215 |
| Net realized and unrealized gain | 364015576 |
| **Net increase in net assets resulting from operations** | $363885830 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 159

**MONTHLY REBALANCE 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 (loss) | $(129746) | $2486968 |
| Net realized gain on investments | 191891361 | 74740826 |
| Net change in unrealized appreciation (depreciation) on investments | 172124215 | (148348801) |
| Net increase (decrease) in net assets resulting from operations | 363885830 | (71121007) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (1883172) |
| &nbsp;&nbsp;&nbsp;Class C |  | (457837) |
| &nbsp;&nbsp;&nbsp;Class H |  | (71272450) |
| Total distributions to shareholders |  | (73613459) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4174647 | 8288204 |
| &nbsp;&nbsp;&nbsp;Class C | 790871 | 1778829 |
| &nbsp;&nbsp;&nbsp;Class H | 4549679746 | 7640922633 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 1827807 |
| &nbsp;&nbsp;&nbsp;Class C |  | 387048 |
| &nbsp;&nbsp;&nbsp;Class H |  | 71235810 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (4646777) | (9143336) |
| &nbsp;&nbsp;&nbsp;Class C | (524341) | (2019721) |
| &nbsp;&nbsp;&nbsp;Class H | (4267013431) | (7905285093) |
| Net increase (decrease) from capital share transactions | 282460715 | (192007819) |
| Net increase (decrease) in net assets | 646346545 | (336742285) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 311395391 | 648137676 |
| &nbsp;&nbsp;&nbsp;End of period | $957741936 | $311395391 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 8188 | 15238 |
| &nbsp;&nbsp;&nbsp;Class C | 1745 | 3697 |
| &nbsp;&nbsp;&nbsp;Class H | 8758384 | 13988627 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 3368 |
| &nbsp;&nbsp;&nbsp;Class C |  | 794 |
| &nbsp;&nbsp;&nbsp;Class H |  | 127239 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (9320) | (16663) |
| &nbsp;&nbsp;&nbsp;Class C | (1108) | (4396) |
| &nbsp;&nbsp;&nbsp;Class H | (8077287) | (14645505) |
| Net increase (decrease) in shares | 680602 | (527601) |

---

160 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $421.60 | $508.07 | $298.90 | $429.31 | $355.42 | $141.86 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .22 | 2.41 | 1.04 | .32 | (3.11) | (1.74) |
| Net gain (loss) on investments (realized and unrealized) | 243.02 | 44.25 <sup>g</sup> | 224.62 | (130.73) | 88.53 | 233.57 |
| Total from investment operations | 243.24 | 46.66 | 225.66 | (130.41) | 85.42 | 231.83 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.60) | (.60) |  |  |  |
| Net realized gains |  | (131.53) | (15.89) |  | (11.53) | (18.27) |
| Total distributions |  | (133.13) | (16.49) |  | (11.53) | (18.27) |
| Net asset value, end of period | $664.84 | $421.60 | $508.07 | $298.90 | $429.31 | $355.42 |
| **Total Return<sup>c</sup>** | **57.69%** | **3.34%** | **76.76%** | **(30.38** **%)** | **23.48%** | **164.83%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $10137 | $6906 | $7335 | $4614 | $8376 | $5504 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.08% | 0.44% | 0.26% | 0.12% | (0.70%) | (0.60%) |
| Total expenses<sup>d</sup> | 1.92% | 1.82% | 1.95% | 1.77% | 1.69% | 1.77% |
| Net expenses<sup>e,f</sup> | 1.35% | 1.26% | 1.42% | 1.31% | 1.32% | 1.33% |
| Portfolio turnover rate | 500% | 1036% | 334% | 1054% | 922% | 509% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $378.06 | $469.27 | $278.89 | $403.95 | $337.38 | $136.06 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (1.70) | (1.55) | (1.79) | (1.56) | (6.08) | (3.70) |
| Net gain (loss) on investments (realized and unrealized) | 217.57 | 43.47 <sup>g</sup> | 208.66 | (123.50) | 84.18 | 223.29 |
| Total from investment operations | 215.87 | 41.92 | 206.87 | (125.06) | 78.10 | 219.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.60) | (.60) |  |  |  |
| Net realized gains |  | (131.53) | (15.89) |  | (11.53) | (18.27) |
| Total distributions |  | (133.13) | (16.49) |  | (11.53) | (18.27) |
| Net asset value, end of period | $593.93 | $378.06 | $469.27 | $278.89 | $403.95 | $337.38 |
| **Total Return<sup>c</sup>** | **57.10%** | **2.57%** | **75.44%** | **(30.96** **%)** | **22.55%** | **162.86%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2643 | $1442 | $1745 | $951 | $1433 | $1751 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.69%) | (0.31 %) | (0.49%) | (0.61%) | (1.44%) | (1.34%) |
| Total expenses<sup>d</sup> | 2.66% | 2.56% | 2.71% | 2.52% | 2.44% | 2.52% |
| Net expenses<sup>e,f</sup> | 2.10% | 2.01% | 2.17% | 2.06% | 2.07% | 2.08% |
| Portfolio turnover rate | 500% | 1036% | 334% | 1054% | 922% | 509% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 161

**MONTHLY REBALANCE NASDAQ-100<sup>®</sup>** **2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $434.97 | $521.10 | $306.31 | $440.25 | $364.34 | $145.23 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.09) | 2.07 | .96 | .27 | (3.35) | (1.81) |
| Net gain (loss) on investments (realized and unrealized) | 250.96 | 44.93 <sup>g</sup> | 230.32 | (134.21) | 90.79 | 239.19 |
| Total from investment operations | 250.87 | 47.00 | 231.28 | (133.94) | 87.44 | 237.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (1.60) | (.60) |  |  |  |
| Net realized gains |  | (131.53) | (15.89) |  | (11.53) | (18.27) |
| Total distributions |  | (133.13) | (16.49) |  | (11.53) | (18.27) |
| Net asset value, end of period | $685.84 | $434.97 | $521.10 | $306.31 | $440.25 | $364.34 |
| **Total Return** | **57.68%** | **3.32%** | **76.74%** | **(30.42** **%)** | **23.46%** | **164.81%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $944962 | $303048 | $639058 | $380489 | $113538 | $90776 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.03%) | 0.37% | 0.24% | 0.10% | (0.71%) | (0.60%) |
| Total expenses<sup>d</sup> | 1.90% | 1.80% | 1.95% | 1.77% | 1.69% | 1.77% |
| Net expenses<sup>e,f</sup> | 1.37% | 1.27% | 1.43% | 1.32% | 1.33% | 1.33% |
| Portfolio turnover rate | 500% | 1036% | 334% | 1054% | 922% | 509% |

---

<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> Net expenses may include expenses that are excluded from the expense limitation agreement. Excluding these expenses, the net expense ratios for the years presented would be:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **09/30/25<sup>a</sup>** | **03/31/25** | **03/31/24** | **03/31/23** | **03/31/22** | **03/31/21** |
| Class A | 1.19%  | 1.21% | 1.22% | 1.27% | 1.32% | 1.33% |
| Class C | 1.94%  | 1.96% | 1.97% | 2.02% | 2.06% | 2.08% |
| Class H | 1.22%  | 1.23% | 1.24% | 1.28% | 1.33% | 1.33% |

---

<sup>g</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

162 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 96.2%** | **COMMON STOCKS<sup>†</sup>** **- 96.2%** | **COMMON STOCKS<sup>†</sup>** **- 96.2%** |
| **Technology - 49.1%** | **Technology - 49.1%** | **Technology - 49.1%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 1061345 | $198025750 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 324657 | 168156093 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 648180 | 165046073 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 339766 | 112092201 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 244382 | 44580165 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 174384 | 28213587 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 29975 | 20470227 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 120257 | 20121401 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 115945 | 19288610 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 135999 | 18210266 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 97692 | 17948951 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 85604 | 17526563 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 45583 | 16079403 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 470333 | 15779672 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 14180 | 15294548 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 26967 | 13224077 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 52864 | 12988685 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 29281 | 10285244 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 19884 | 9810567 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc. — Class A\* | 28358 | 9137231 |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 9104 | 8813491 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | 92638 | 7788077 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 22996 | 7305139 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 82340 | 6923147 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 27091 | 6169434 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 11564 | 5766851 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 23318 | 5613342 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 26886 | 5422906 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 19822 | 5121212 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.\* | 16730 | 5013312 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 34737 | 4946549 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 38642 | 4898260 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 57992 | 3724246 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 52481 | 3519901 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp. — Class A\* | 17868 | 2853520 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 43947 | 2167027 |
| &nbsp;&nbsp;&nbsp;GLOBALFOUNDRIES, Inc.\* | 59635 | 2137319 |
| &nbsp;&nbsp;&nbsp;ARM Holdings plc ADR\* | 14676 | 2076507 |
| **Total Technology** |  | 1022539554 |
| **Communications - 26.6%** | **Communications - 26.6%** | **Communications - 26.6%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 465807 | 102277243 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 94733 | 69570021 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 254068 | 61763931 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 237165 | 57761536 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 45661 | 54743886 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 425526 | 29114489 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 120933 | 28948941 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 33057 | 23752777 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc. — Class A\* | 131141 | 19488864 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 3483 | 18805657 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 71877 | 14635595 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.\* | 5448 | 12731649 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 395735 | 12433994 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 43236 | 11759760 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR\* | 71773 | 9486237 |
| &nbsp;&nbsp;&nbsp;Thomson Reuters Corp. | 48429 | 7522476 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 46107 | 5598312 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 266037 | 5195703 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 14677 | 4037716 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. — Class A\* | 47890 | 2347089 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 14083 | 2243140 |
| **Total Communications** |  | 554219016 |
| **Consumer, Cyclical - 8.0%** | **Consumer, Cyclical - 8.0%** | **Consumer, Cyclical - 8.0%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 159191 | 70795422 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 47654 | 44109972 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 122145 | 10333467 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 91176 | 9829684 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 29170 | 7597035 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 123320 | 6047613 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 56426 | 5547804 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 35146 | 5355899 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 103903 | 4672518 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 12328 | 2193521 |
| **Total Consumer, Cyclical** |  | 166482935 |
| **Consumer, Non-cyclical - 7.9%** | **Consumer, Non-cyclical - 7.9%** | **Consumer, Non-cyclical - 7.9%** |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 147116 | 20660971 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 38520 | 17227300 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 57850 | 16325270 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 133332 | 14799852 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 43524 | 12774294 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 27551 | 10790074 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 43302 | 8888168 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 139042 | 8685954 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 104923 | 7062367 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 102661 | 6884447 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 11194 | 6294050 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 8597 | 5492537 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 63126 | 4843027 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners plc | 49236 | 4451427 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 15013 | 3775920 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 145972 | 3723746 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 49060 | 3684406 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 127185 | 3311897 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 42139 | 2835533 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 15755 | 2206960 |
| **Total Consumer, Non-cyclical** |  | 164718200 |
| **Industrial - 1.5%** | **Industrial - 1.5%** | **Industrial - 1.5%** |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 68223 | 14360941 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 200328 | 7113647 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 8436 | 6054011 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 22584 | 3179376 |
| **Total Industrial** |  | 30707975 |
| **Utilities - 1.3%** | **Utilities - 1.3%** | **Utilities - 1.3%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 33570 | 11046880 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 57467 | 6465038 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 163

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 63551 | $| 5125388 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 108529 |  | 4884890 |
| **Total Utilities** |  |  | 27522196 |
| **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 50387 |  | 23933825 |
| **Energy - 0.5%** | **Energy - 0.5%** | **Energy - 0.5%** | **Energy - 0.5%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 105939 |  | 5161348 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 31107 |  | 4451412 |
| **Total Energy** |  |  | 9612760 |
| **Financial - 0.2%** | **Financial - 0.2%** | **Financial - 0.2%** | **Financial - 0.2%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 45524 |  | 3840860 |
| **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $440,755,082) |  |  | 2003577321 |
| **MUTUAL FUNDS<sup>†</sup>** **- 2.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 2.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 2.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 2.5%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 2756359 |  | 27756538 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 575584 |  | 14320541 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 370504 |  | 9244070 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,083,879) |  |  | 51321149 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | $1276000 | 1274138 |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>3,4</sup> | 250000 | 247906 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>3,4</sup> | 200000 | 198324 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,720,354) |  | 1720368 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 0.8%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 0.8%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 9247454 | 9247454 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 6654148 | 6654148 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $15,901,602) |  | 15901602 |
| **Total Investments - 99.6%** | **Total Investments - 99.6%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $509,460,917) | &nbsp;&nbsp;&nbsp;(Cost $509,460,917) | $2072520440 |
| **Other Assets & Liabilities, net - 0.4%** | **Other Assets & Liabilities, net - 0.4%** | 8981085 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2081501525 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 42 | Dec 2025 | $20914320 | $289344 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** | **OTC Equity Index Swap Agreements<sup>††</sup>** |
| Goldman Sachs International | NASDAQ-100 Index | Pay | 4.69% (Federal<br> Funds Rate +<br> 0.60%) | At Maturity | 11/19/25 | 1806 | $44580507 | $153712 |
| BNP Paribas | NASDAQ-100 Index | Pay | 4.99% (Federal<br> Funds Rate +<br> 0.90%) | At Maturity | 11/20/25 | 343 | 8461930 | 60489 |
| Barclays Bank plc | NASDAQ-100 Index | Pay | 5.13% (SOFR +<br> 1.00%) | At Maturity | 11/20/25 | 209 | 5168145 | 36967 |
|  |  |  |  |  |  |  | $58210582 | $251168 |

---

164 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at 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 equity index swap collateral at September 30, 2025. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;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 | $2003577321 | $— | $— | $2003577321 |
| Mutual Funds | 51321149 |  |  | 51321149 |
| U.S. Treasury Bills |  | 1720368 |  | 1720368 |
| Repurchase Agreements |  | 15901602 |  | 15901602 |
| Equity Futures Contracts\*\* | 289344 |  |  | 289344 |
| Equity Index Swap Agreements\*\* |  | 251168 |  | 251168 |
| Total Assets | $2055187814 | $17873138 | $— | $2073060952 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 165

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **NASDAQ-100<sup>®</sup>** **FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $14309030 | $— | $— | $— | $11511 | $14320541 | 575584 | $383130 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 9236660 |  |  |  | 7410 | 9244070 | 370504 | 253279 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 27646283 |  |  |  | 110255 | 27756538 | 2756359 | 606009 |
|  | $51191973 | $— | $— | $— | $129176 | $51321149 |  | $1242418 |

---

166 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NASDAQ-100<sup>®</sup>** **FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $442,475,436) | $2005297689 |
| Investments in affiliated issuers, at value (cost $51,083,879) | 51321149 |
| Repurchase agreements, at value (cost $15,901,602) | 15901602 |
| Cash | 117272 |
| Segregated cash with broker | 6059493 |
| Unrealized appreciation on OTC swap agreements | 251168 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 6273052 |
| &nbsp;&nbsp;&nbsp;Dividends | 475982 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 60356 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 50610 |
| &nbsp;&nbsp;&nbsp;Interest | 1853 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 12 |
| **Total assets** | 2085810238 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 1197749 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 705194 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 577096 |
| &nbsp;&nbsp;&nbsp;Printing Fees | 368903 |
| &nbsp;&nbsp;&nbsp;Registration Fees | 357917 |
| &nbsp;&nbsp;&nbsp;Professional Fees | 338139 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 88502 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 87370 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 55635 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 18824 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 513384 |
| **Total liabilities** | 4308713 |
| **Net assets** | $2081501525 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $433208938 |
| Total distributable earnings (loss) | 1648292587 |
| Net assets | $2081501525 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $1840267512 |
| Capital shares outstanding | 19104861 |
| Net asset value per share | $96.32 |
| **Class A:** | **Class A:** |
| Net assets | $135585761 |
| Capital shares outstanding | 1603848 |
| Net asset value per share | $84.54 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $88.76 |
| **Class C:** | **Class C:** |
| Net assets | $68941101 |
| Capital shares outstanding | 1048427 |
| Net asset value per share | $65.76 |
| **Class H:** | **Class H:** |
| Net assets | $36707151 |
| Capital shares outstanding | 434327 |
| Net asset value per share | $84.52 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $12,865) | $6460626 |
| Dividends from securities of affiliated issuers | 1242418 |
| Interest | 376063 |
| Income from securities lending, net | 1285 |
| &nbsp;&nbsp;&nbsp;Total investment income | 8080392 |
| **Expenses:** | **Expenses:** |
| Management fees | 6991012 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 149888 |
| &nbsp;&nbsp;&nbsp;Class C | 335557 |
| &nbsp;&nbsp;&nbsp;Class H | 42171 |
| Transfer agent fees | 1959240 |
| Registration fees | 1082948 |
| Portfolio accounting and administration fees | 992452 |
| Professional fees | 437353 |
| Custodian fees | 130092 |
| Trustees' fees\* | 119115 |
| Interest expense | 51527 |
| Line of credit fees | 164 |
| Miscellaneous | 787755 |
| &nbsp;&nbsp;&nbsp;Total expenses | 13079274 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (466081) |
| Expenses waived by Adviser | (375439) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expense | (841520) |
| Net expenses | 12237754 |
| Net investment loss | (4157362) |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 36122356 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 10950497 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 2797488 |
| Net realized gain | 49870341 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 401779126 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 129176 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 2190248 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 872668 |
| Net change in unrealized appreciation (depreciation) | 404971218 |
| Net realized and unrealized gain | 454841559 |
| **Net increase in net assets resulting from operations** | $450684197 |

---

\* 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 \| 167

**NASDAQ-100<sup>®</sup>** **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 | $(4157362) | $(5769056) |
| Net realized gain on investments | 49870341 | 125248534 |
| Net change in unrealized appreciation (depreciation) on investments | 404971218 | (16323644) |
| Net increase in net assets resulting from operations | 450684197 | 103155834 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (113208401) |
| &nbsp;&nbsp;&nbsp;Class A |  | (8532921) |
| &nbsp;&nbsp;&nbsp;Class C |  | (7570215) |
| &nbsp;&nbsp;&nbsp;Class H |  | (3238974) |
| Total distributions to shareholders |  | (132550511) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 442102811 | 1323796953 |
| &nbsp;&nbsp;&nbsp;Class A | 14982086 | 20271162 |
| &nbsp;&nbsp;&nbsp;Class C | 2838914 | 8027183 |
| &nbsp;&nbsp;&nbsp;Class H | 9427243 | 52745985 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 109280454 |
| &nbsp;&nbsp;&nbsp;Class A |  | 7780644 |
| &nbsp;&nbsp;&nbsp;Class C |  | 6620660 |
| &nbsp;&nbsp;&nbsp;Class H |  | 3238968 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (461905790) | (1509846946) |
| &nbsp;&nbsp;&nbsp;Class A | (10591388) | (17094626) |
| &nbsp;&nbsp;&nbsp;Class C | (16746109) | (25353295) |
| &nbsp;&nbsp;&nbsp;Class H | (11774807) | (60863209) |
| Net decrease from capital share transactions | (31667040) | (81396067) |
| Net increase (decrease) in net assets | 419017157 | (110790744) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1662484368 | 1773275112 |
| &nbsp;&nbsp;&nbsp;End of period | $2081501525 | $1662484368 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 5118981 | 16182813 |
| &nbsp;&nbsp;&nbsp;Class A | 203577 | 283150 |
| &nbsp;&nbsp;&nbsp;Class C | 50502 | 139809 |
| &nbsp;&nbsp;&nbsp;Class H | 126967 | 723560 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 1289901 |
| &nbsp;&nbsp;&nbsp;Class A |  | 104438 |
| &nbsp;&nbsp;&nbsp;Class C |  | 113562 |
| &nbsp;&nbsp;&nbsp;Class H |  | 43488 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (5397695) | (18405963) |
| &nbsp;&nbsp;&nbsp;Class A | (144314) | (236163) |
| &nbsp;&nbsp;&nbsp;Class C | (292517) | (445701) |
| &nbsp;&nbsp;&nbsp;Class H | (160490) | (839297) |
| Net decrease in shares | (494989) | (1046403) |

---

168 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NASDAQ-100<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $75.44 | $76.79 | $55.65 | $68.39 | $63.43 | $39.68 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.17) | (.20) | (.07) | (.10) | (.37) | (.28) |
| Net gain (loss) on investments (realized and unrealized) | 21.05 | 4.80 | 21.21 | (8.57) | 8.70 | 26.64 |
| Total from investment operations | 20.88 | 4.60 | 21.14 | (8.67) | 8.33 | 26.36 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Total distributions |  | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Net asset value, end of period | $96.32 | $75.44 | $76.79 | $55.65 | $68.39 | $63.43 |
| **Total Return** | **27.68%** | **5.15%** | **37.99%** | **(11.56** **%)** | **12.69%** | **66.78%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1840268 | $1462294 | $1560083 | $1224330 | $1424456 | $1386721 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.39%) | (0.25%) | (0.11%) | (0.19%) | (0.53%) | (0.50%) |
| Total expenses<sup>c</sup> | 1.35% | 1.33% | 1.34% | 1.30% | 1.25% | 1.33% |
| Net expenses<sup>d</sup> | 1.26% | 1.24% | 1.27% | 1.27% | 1.24% | 1.33% |
| Portfolio turnover rate | 16% | 35% | 70% | 50% | 44% | 57% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $66.29 | $68.25 | $49.59 | $61.69 | $57.63 | $36.29 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.24) | (.36) | (.21) | (.21) | (.50) | (.39) |
| Net gain (loss) on investments (realized and unrealized) | 18.49 | 4.35 | 18.87 | (7.82) | 7.93 | 24.34 |
| Total from investment operations | 18.25 | 3.99 | 18.66 | (8.03) | 7.43 | 23.95 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Total distributions |  | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Net asset value, end of period | $84.54 | $66.29 | $68.25 | $49.59 | $61.69 | $57.63 |
| **Total Return<sup>e</sup>** | **27.53%** | **4.89%** | **37.63%** | **(11.78** **%)** | **12.40%** | **66.37%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $135586 | $102393 | $95089 | $64133 | $74179 | $69808 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.64%) | (0.50%) | (0.36%) | (0.43%) | (0.78%) | (0.75%) |
| Total expenses<sup>c</sup> | 1.60% | 1.58% | 1.59% | 1.54% | 1.50% | 1.58% |
| Net expenses<sup>d</sup> | 1.51% | 1.49% | 1.51% | 1.52% | 1.49% | 1.58% |
| Portfolio turnover rate | 16% | 35% | 70% | 50% | 44% | 57% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 169

**NASDAQ-100<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $51.76 | $54.80 | $40.11 | $51.32 | $48.76 | $31.18 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.41) | (.72) | (.52) | (.48) | (.82) | (.66) |
| Net gain (loss) on investments (realized and unrealized) | 14.41 | 3.63 | 15.21 | (6.66) | 6.75 | 20.85 |
| Total from investment operations | 14.00 | 2.91 | 14.69 | (7.14) | 5.93 | 20.19 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Total distributions |  | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Net asset value, end of period | $65.76 | $51.76 | $54.80 | $40.11 | $51.32 | $48.76 |
| **Total Return<sup>e</sup>** | **27.05%** | **4.10%** | **36.62%** | **(12.45** **%)** | **11.57%** | **65.17%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $68941 | $66791 | $81249 | $72314 | $106419 | $115315 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.39%) | (1.25%) | (1.12%) | (1.19%) | (1.53%) | (1.50%) |
| Total expenses<sup>c</sup> | 2.35% | 2.33% | 2.34% | 2.29% | 2.25% | 2.33% |
| Net expenses<sup>d</sup> | 2.26% | 2.24% | 2.27% | 2.27% | 2.24% | 2.33% |
| Portfolio turnover rate | 16% | 35% | 70% | 50% | 44% | 57% |

---

170 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NASDAQ-100<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $66.27 | $68.24 | $49.57 | $61.67 | $57.61 | $36.28 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.24) | (.36) | (.20) | (.21) | (.51) | (.38) |
| Net gain (loss) on investments (realized and unrealized) | 18.49 | 4.34 | 18.87 | (7.82) | 7.94 | 24.32 |
| Total from investment operations | 18.25 | 3.98 | 18.67 | (8.03) | 7.43 | 23.94 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Total distributions |  | (5.95) |  | (4.07) | (3.37) | (2.61) |
| Net asset value, end of period | $84.52 | $66.27 | $68.24 | $49.57 | $61.67 | $57.61 |
| **Total Return** | **27.54%** | **4.88%** | **37.66%** | **(11.77** **%)** | **12.41%** | **66.36%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $36707 | $31006 | $36854 | $22333 | $28879 | $24532 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.64%) | (0.50%) | (0.35%) | (0.42%) | (0.79%) | (0.75%) |
| Total expenses<sup>c</sup> | 1.60% | 1.58% | 1.59% | 1.54% | 1.50% | 1.59% |
| Net expenses<sup>d</sup> | 1.51% | 1.49% | 1.51% | 1.52% | 1.49% | 1.59% |
| Portfolio turnover rate | 16% | 35% | 70% | 50% | 44% | 57% |

---

<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> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Total return does not reflect the impact of any applicable sales charges.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 171

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 14.3%** | **MUTUAL FUNDS<sup>†</sup>** **- 14.3%** | **MUTUAL FUNDS<sup>†</sup>** **- 14.3%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 49399 | $1229056 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 87169 | 877788 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,033,556) |  | 2106844 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 9.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 9.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 9.4%** |
| 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> | $700000 | 694135 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>3</sup> | 700000 | 694136 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,388,268) |  | 1388271 |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 2.7%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 2.7%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 2.7%** |
| 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> | 400000 | 400007 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $400,000) |  | 400007 |

---

---

| | | |
|:---|:---|:---|
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 69.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 69.1%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 69.1%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 5922603 | 5922603 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 4261700 | 4261700 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,184,303) |  | 10184303 |
| **Total Investments - 95.5%** | **Total Investments - 95.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $14,006,127) | &nbsp;&nbsp;&nbsp;(Cost $14,006,127) | $14079425 |
| **Other Assets & Liabilities, net - 4.5%** | **Other Assets & Liabilities, net - 4.5%** | 667888 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $14747313 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>** |
| NASDAQ-100 Index Mini Futures Contracts | 1 | Dec 2025 | $497960 | $(3442) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<br> Funds Rate +<br> 0.40%) | At Maturity | 11/19/25 | 133 | $3279186 | $(13248) |
| BNP Paribas | NASDAQ-100 Index | Receive | 4.59% (Federal<br> Funds Rate +<br> 0.50%) | At Maturity | 11/20/25 | 144 | 3543933 | (25319) |
| Barclays Bank plc | NASDAQ-100 Index | Receive | 4.78% (SOFR + 0.65%) | At Maturity | 11/20/25 | 303 | 7479495 | (53467) |
|  |  |  |  |  |  |  | $14302614 | $(92034) |

---

172 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>◊</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;Affiliated issuer. |
| <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. |

---

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** |
| Mutual Funds | $2106844 | $— | $— | $2106844 |
| U.S. Treasury Bills |  | 1388271 |  | 1388271 |
| Federal Agency Notes |  | 400007 |  | 400007 |
| Repurchase Agreements |  | 10184303 |  | 10184303 |
| Total Assets | $2106844 | $11972581 | $— | $14079425 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $3442 | $— | $— | $3442 |
| Equity Index Swap Agreements\*\* |  | 92034 |  | 92034 |
| Total Liabilities | $3442 | $92034 | $— | $95476 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 173

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $1228068 | $— | $— | $— | $988 | $1229056 | 49399 | $32882 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 874301 |  |  |  | 3487 | 877788 | 87169 | 19165 |
|  | $2102369 | $— | $— | $— | $4475 | $2106844 |  | $52047 |

---

174 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $1,788,268) | $1788278 |
| Investments in affiliated issuers, at value (cost $2,033,556) | 2106844 |
| Repurchase agreements, at value (cost $10,184,303) | 10184303 |
| Segregated cash with broker | 771645 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 54274 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 9265 |
| &nbsp;&nbsp;&nbsp;Dividends | 8311 |
| &nbsp;&nbsp;&nbsp;Interest | 5174 |
| **Total assets** | 14928094 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 20000 |
| Unrealized depreciation on OTC swap agreements | 92034 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 45768 |
| &nbsp;&nbsp;&nbsp;Management fees | 7950 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 3569 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 1205 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 509 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 474 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 112 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 9160 |
| **Total liabilities** | 180781 |
| **Net assets** | $14747313 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $100282508 |
| Total distributable earnings (loss) | (85535195) |
| Net assets | $14747313 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $13178102 |
| Capital shares outstanding | 107035 |
| Net asset value per share | $123.12 |
| **Class A:** | **Class A:** |
| Net assets | $443408 |
| Capital shares outstanding | 3798 |
| Net asset value per share | $116.75 |
| Maximum offering price per share (Net asset value divided by 95.25%) | 122.57 |
| **Class C:** | **Class C:** |
| Net assets | $405733 |
| Capital shares outstanding | 4416 |
| Net asset value per share | $91.88 |
| **Class H:** | **Class H:** |
| Net assets | $720070 |
| Capital shares outstanding | 6273 |
| Net asset value per share | $114.79 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $52047 |
| Interest | 248452 |
| &nbsp;&nbsp;&nbsp;Total investment income | 300499 |
| **Expenses:** | **Expenses:** |
| Management fees | 56847 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 620 |
| &nbsp;&nbsp;&nbsp;Class C | 1576 |
| &nbsp;&nbsp;&nbsp;Class H | 1348 |
| Transfer agent fees | 14110 |
| Portfolio accounting and administration fees | 9632 |
| Registration fees | 9567 |
| Professional fees | 3230 |
| Interest expense | 1481 |
| Trustees' fees\* | 981 |
| Custodian fees | 896 |
| Miscellaneous | 2956 |
| &nbsp;&nbsp;&nbsp;Total expenses | 103244 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (6316) |
| Expenses waived by Adviser | (1098) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (7414) |
| Net expenses | 95830 |
| Net investment income | 204669 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (618) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (3126498) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (207151) |
| Net realized loss | (3334267) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 44 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 4475 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (405212) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (87189) |
| Net change in unrealized appreciation (depreciation) | (487882) |
| Net realized and unrealized loss | (3822149) |
| **Net decrease in net assets resulting from operations** | $(3617480) |

---

\* 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 \| 175

**INVERSE NASDAQ-100<sup>®</sup>** **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 | $204669 | $611907 |
| Net realized loss on investments | (3334267) | (1410604) |
| Net change in unrealized appreciation (depreciation) on investments | (487882) | 505090 |
| Net decrease in net assets resulting from operations | (3617480) | (293607 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (772383) |
| &nbsp;&nbsp;&nbsp;Class A |  | (34626) |
| &nbsp;&nbsp;&nbsp;Class C |  | (20917) |
| &nbsp;&nbsp;&nbsp;Class H |  | (29461 |
| Total distributions to shareholders |  | (857387 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 48322215 | 51947510 |
| &nbsp;&nbsp;&nbsp;Class A | 371443 | 617988 |
| &nbsp;&nbsp;&nbsp;Class C | 1319006 | 644819 |
| &nbsp;&nbsp;&nbsp;Class H | 20547897 | 2556464 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 764080 |
| &nbsp;&nbsp;&nbsp;Class A |  | 34626 |
| &nbsp;&nbsp;&nbsp;Class C |  | 20917 |
| &nbsp;&nbsp;&nbsp;Class H |  | 29461 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (43206712) | (56225503) |
| &nbsp;&nbsp;&nbsp;Class A | (325515) | (915168) |
| &nbsp;&nbsp;&nbsp;Class C | (990006) | (668903) |
| &nbsp;&nbsp;&nbsp;Class H | (19615393) | (2608849 |
| Net increase (decrease) from capital share transactions | 6422935 | (3802558 |
| Net increase (decrease) in net assets | 2805455 | (4953552) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 11941858 | 16895410 |
| &nbsp;&nbsp;&nbsp;End of period | $14747313 | $11941858 |
| **Capital Share Activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 332134 | 2707794 |
| &nbsp;&nbsp;&nbsp;Class A | 2604 | 40298 |
| &nbsp;&nbsp;&nbsp;Class C | 12684 | 44377 |
| &nbsp;&nbsp;&nbsp;Class H | 150831 | 150444 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 54773 |
| &nbsp;&nbsp;&nbsp;Class A |  | 2611 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1994 |
| &nbsp;&nbsp;&nbsp;Class H |  | 2261 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (295256) | (3613795) |
| &nbsp;&nbsp;&nbsp;Class A | (2296) | (91252) |
| &nbsp;&nbsp;&nbsp;Class C | (9382) | (57529) |
| &nbsp;&nbsp;&nbsp;Class H | (146223) | (171977 |
| Net increase (decrease) in shares | 45096 | (930001 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:10 reverse share split effective February 24, 2025.

176 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $157.42 | $168.96 | $230.51 | $217.26 | $261.66 | $476.50 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 2.32 | 5.77 | 8.10 | 4.00 | (2.80) | (4.00) |
| Net gain (loss) on investments (realized and unrealized) | (36.62) | (9.16) | (60.95) | 9.25 <sup>g</sup> | (41.60) | (210.54) |
| Total from investment operations | (34.30) | (3.39) | (52.85) | 13.25 | (44.40) | (214.54) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.15) | (8.70) |  |  | (.30) |
| Total distributions |  | (8.15) | (8.70) |  |  | (.30) |
| Net asset value, end of period | $123.12 | $157.42 | $168.96 | $230.51 | $217.26 | $261.66 |
| **Total Return** | **(21.79** **%)** | **(1.41** **%)** | **(23.27** **%)** | **6.07%** | **(16.97** **%)** | **(45.03** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $13178 | $11044 | $15568 | $29762 | $14902 | $26018 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.29% | 3.68% | 4.04% | 1.55% | (1.22%) | (1.28%) |
| Total expenses<sup>c</sup> | 1.58% | 1.52% | 1.54% | 1.59% | 1.46% | 1.54% |
| Net expenses<sup>d</sup> | 1.46% | 1.41% | 1.45% | 1.55% | 1.44% | 1.52% |
| Portfolio turnover rate |  |  |  |  | 23% | 37% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $149.46 | $161.23 | $220.99 | $208.82 | $252.17 | $460.40 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 2.05 | 5.14 | 7.40 | 3.30 | (3.10) | (4.50) |
| Net gain (loss) on investments (realized and unrealized) | (34.76) | (8.76) | (58.46) | 8.87 <sup>g</sup> | (40.25) | (203.43) |
| Total from investment operations | (32.71) | (3.62) | (51.06) | 12.17 | (43.35) | (207.93) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.15) | (8.70) |  |  | (.30) |
| Total distributions |  | (8.15) | (8.70) |  |  | (.30) |
| Net asset value, end of period | $116.75 | $149.46 | $161.23 | $220.99 | $208.82 | $252.17 |
| **Total Return<sup>e</sup>** | **(21.89** **%)** | **(1.59** **%)** | **(23.51** **%)** | **5.84%** | **(17.21** **%)** | **(45.17** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $443 | $522 | $836 | $1311 | $1885 | $1489 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.14% | 3.44% | 3.80% | 1.35% | (1.41%) | (1.51%) |
| Total expenses<sup>c</sup> | 1.81% | 1.76% | 1.78% | 1.82% | 1.70% | 1.78% |
| Net expenses<sup>d</sup> | 1.69% | 1.65% | 1.69% | 1.78% | 1.68% | 1.76% |
| Portfolio turnover rate |  |  |  |  | 23% | 37% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 177

**INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $118.04 | $130.31 | $181.92 | $173.13 | $210.72 | $387.64 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.26 | 3.20 | 4.80 | (2.40) | (3.80) | (6.00) |
| Net gain (loss) on investments (realized and unrealized) | (27.42) | (7.32) | (47.71) | 11.19 <sup>g</sup> | (33.79) | (170.62) |
| Total from investment operations | (26.16) | (4.12) | (42.91) | 8.79 | (37.59) | (176.62) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.15) | (8.70) |  |  | (.30) |
| Total distributions |  | (8.15) | (8.70) |  |  | (.30) |
| Net asset value, end of period | $91.88 | $118.04 | $130.31 | $181.92 | $173.13 | $210.72 |
| **Total Return<sup>e</sup>** | **(22.16** **%)** | **(2.36** **%)** | **(24.06** **%)** | **5.08%** | **(17.85** **%)** | **(45.58** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $406 | $131 | $160 | $40 | $707 | $73 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.49% | 2.69% | 3.10% | (1.22 %) | (2.16%) | (2.26%) |
| Total expenses<sup>c</sup> | 2.54% | 2.49% | 2.55% | 2.56% | 2.45% | 2.55% |
| Net expenses<sup>d</sup> | 2.42% | 2.38% | 2.46% | 2.55% | 2.43% | 2.54% |
| Portfolio turnover rate |  |  |  |  | 23% | 37% |

---

178 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE NASDAQ-100<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $146.94 | $158.67 | $217.68 | $205.68 | $248.31 | $453.58 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.99 | 5.15 | 7.10 | .90 | (3.20) | (4.60) |
| Net gain (loss) on investments (realized and unrealized) | (34.14) | (8.73) | (57.41) | 11.10 <sup>g</sup> | (39.43) | (200.37) |
| Total from investment operations | (32.15) | (3.58) | (50.31) | 12.00 | (42.63) | (204.97) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.15) | (8.70) |  |  | (.30) |
| Total distributions |  | (8.15) | (8.70) |  |  | (.30) |
| Net asset value, end of period | $114.79 | $146.94 | $158.67 | $217.68 | $205.68 | $248.31 |
| **Total Return** | **(21.88** **%)** | **(1.66** **%)** | **(23.41** **%)** | **5.83%** | **(17.16** **%)** | **(45.21** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $720 | $245 | $332 | $574 | $2567 | $337 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.97% | 3.48% | 3.79% | 0.39% | (1.49%) | (1.51%) |
| Total expenses<sup>c</sup> | 1.82% | 1.79% | 1.80% | 1.83% | 1.72% | 1.79% |
| Net expenses<sup>d</sup> | 1.71% | 1.67% | 1.71% | 1.80% | 1.71% | 1.78% |
| Portfolio turnover rate |  |  |  |  | 23% | 37% |

---

<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> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>f</sup> Reverse share split – Per share amounts have been restated to reflect a 1:10 reverse share split effective February 24, 2025.

<sup>g</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 179

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 59.1%** | **COMMON STOCKS<sup>†</sup>** **- 59.1%** | **COMMON STOCKS<sup>†</sup>** **- 59.1%** |
| **Financial - 14.0%** | **Financial - 14.0%** | **Financial - 14.0%** |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 101 | $11953 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 488 | 10712 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 294 | 10196 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc. — Class A | 100 | 10123 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 260 | 9760 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.\* | 517 | 9440 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 222 | 9326 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* | 485 | 9230 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 136 | 8644 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 24 | 8328 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. REIT | 277 | 8244 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 166 | 8079 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. REIT | 142 | 8058 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. REIT | 86 | 7705 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 121 | 7576 |
| &nbsp;&nbsp;&nbsp;Moelis & Co. — Class A | 104 | 7417 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 262 | 7415 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 197 | 7330 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 675 | 7155 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 200 | 7058 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* | 387 | 6943 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 85 | 6891 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust REIT | 307 | 6846 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 189 | 6846 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 93 | 6818 |
| &nbsp;&nbsp;&nbsp;Macerich Co. REIT | 354 | 6443 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 76 | 6433 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* | 63 | 6358 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. — Class A | 97 | 6335 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 187 | 6293 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 331 | 6170 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Company, Inc. REIT | 177 | 6076 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. REIT | 101 | 6041 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\* | 118 | 5994 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 232 | 5965 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 72 | 5798 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc. — Class A | 32 | 5687 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.\* | 386 | 5597 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 64 | 5410 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. REIT | 327 | 5360 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. REIT | 157 | 5313 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 134 | 5300 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 169 | 5298 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 77 | 5294 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. REIT | 65 | 5167 |
| &nbsp;&nbsp;&nbsp;Compass, Inc. — Class A\* | 639 | 5131 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | 167 | 5127 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc\* | 322 | 5126 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. — Class A\* | 573 | 5100 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 41 | 5079 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | 274 | 4973 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 225 | 4961 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 423 | 4886 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 132 | 4869 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.\* | 64 | 4793 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc. — Class A | 503 | 4758 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 254 | 4732 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. REIT | 264 | 4718 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 68 | 4704 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties REIT | 160 | 4650 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.\* | 369 | 4646 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.\* | 132 | 4595 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 95 | 4561 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.\* | 395 | 4511 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. REIT | 110 | 4482 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | 74 | 4339 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.\* | 37 | 4320 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 133 | 4247 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. — Class A\* | 110 | 4217 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 78 | 4207 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.\* | 78 | 4175 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. — Class A REIT | 226 | 4161 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 106 | 4045 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc. — Class A | 216 | 4028 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc. — Class A | 62 | 4015 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 34 | 3988 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. — Class A | 124 | 3952 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.\* | 34 | 3913 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 46 | 3847 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc. — Class A | 88 | 3819 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. — Class A | 197 | 3776 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 312 | 3747 |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust REIT | 185 | 3728 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 66 | 3681 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 29 | 3667 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust REIT | 406 | 3638 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties REIT | 177 | 3623 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 119 | 3621 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 55 | 3610 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. REIT | 194 | 3554 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. REIT | 226 | 3519 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 184 | 3479 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 179 | 3451 |
| &nbsp;&nbsp;&nbsp;TowneBank | 99 | 3422 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. REIT | 140 | 3416 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 21 | 3413 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 134 | 3383 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | 110 | 3332 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | 59 | 3289 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. REIT | 266 | 3248 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 38 | 3222 |
| &nbsp;&nbsp;&nbsp;Burford Capital Ltd. | 269 | 3217 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 80 | 3168 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. REIT | 110 | 3148 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 48 | 3144 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | 82 | 3091 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. REIT | 137 | 3055 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 52 | 3015 |

---

180 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;First Bancorp | 57 | $3015 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 72 | 3007 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 179 | 2962 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 39 | 2859 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. — Class A\* | 99 | 2793 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | 120 | 2778 |
| &nbsp;&nbsp;&nbsp;Beacon Financial Corp. | 117 | 2766 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.\* | 42 | 2746 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 62 | 2696 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 14 | 2687 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | 53 | 2623 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd.\* | 144 | 2605 |
| &nbsp;&nbsp;&nbsp;Dave, Inc.\* | 13 | 2592 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | 37 | 2590 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 57 | 2575 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 39 | 2559 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | 19 | 2555 |
| &nbsp;&nbsp;&nbsp;Marex Group plc | 75 | 2521 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 202 | 2503 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital Ltd. — Class A | 249 | 2490 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 58 | 2489 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. REIT | 265 | 2483 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 74 | 2481 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 20 | 2477 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. — Class A | 33 | 2456 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 33 | 2442 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 142 | 2421 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.\* | 159 | 2415 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | 132 | 2384 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.\* | 50 | 2378 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. REIT | 64 | 2359 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 167 | 2321 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | 155 | 2316 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 36 | 2311 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. REIT | 287 | 2285 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. REIT | 278 | 2260 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc. — Class A | 18 | 2257 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.\* | 52 | 2250 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc. REIT | 181 | 2224 |
| &nbsp;&nbsp;&nbsp;Farmer Mac — Class C | 13 | 2184 |
| &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group — Class A\* | 125 | 2136 |
| &nbsp;&nbsp;&nbsp;Elme Communities REIT | 124 | 2091 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. REIT | 39 | 2090 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 62 | 2072 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. — Class A | 53 | 2048 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 54 | 2030 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | 51 | 2003 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 66 | 2002 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. REIT | 194 | 1965 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. REIT | 73 | 1959 |
| &nbsp;&nbsp;&nbsp;Sila Realty Trust, Inc. REIT | 78 | 1958 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.\* | 18 | 1947 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties REIT | 87 | 1936 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 43 | 1910 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. REIT | 138 | 1893 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust REIT | 165 | 1879 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. REIT | 103 | 1874 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | 86 | 1834 |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 37 | 1782 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 164 | 1766 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | 50 | 1761 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. — Class A REIT | 160 | 1746 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 23 | 1740 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.\* | 72 | 1727 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 9 | 1710 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. REIT\* | 260 | 1700 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 34 | 1700 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. REIT | 130 | 1687 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. REIT | 111 | 1687 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 56 | 1670 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | 67 | 1662 |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | 27 | 1662 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. REIT | 110 | 1633 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | 13 | 1577 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 41 | 1572 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.\* | 148 | 1567 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. — Class B\* | 63 | 1562 |
| &nbsp;&nbsp;&nbsp;Piedmont Realty Trust, Inc. — Class A REIT | 173 | 1557 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.\* | 31 | 1551 |
| &nbsp;&nbsp;&nbsp;Preferred Bank/Los Angeles CA | 17 | 1537 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | 40 | 1506 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust REIT | 208 | 1498 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 21 | 1484 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust REIT | 121 | 1483 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. REIT | 73 | 1483 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. | 81 | 1483 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. REIT | 112 | 1481 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc. — Class A REIT | 192 | 1471 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 81 | 1470 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | 49 | 1470 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management Co. — Class A REIT | 185 | 1467 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | 42 | 1450 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 34 | 1444 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. REIT | 145 | 1431 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. REIT\* | 518 | 1430 |
| &nbsp;&nbsp;&nbsp;Centerspace REIT | 24 | 1414 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 80 | 1406 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 168 | 1398 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust REIT | 306 | 1349 |
| &nbsp;&nbsp;&nbsp;Root, Inc. — Class A\* | 15 | 1343 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.\* | 32 | 1336 |
| &nbsp;&nbsp;&nbsp;Bit Digital, Inc.\* | 443 | 1329 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. REIT | 143 | 1314 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 58 | 1295 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. REIT | 56 | 1284 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 97 | 1276 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 19 | 1258 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. REIT | 115 | 1249 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 181

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc. REIT | 178 | $1248 |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 22 | 1231 |
| &nbsp;&nbsp;&nbsp;Patria Investments Ltd. — Class A | 84 | 1226 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. REIT | 79 | 1224 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 40 | 1201 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 27 | 1184 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | 110 | 1173 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | 19 | 1172 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 48 | 1161 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 41 | 1158 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 36 | 1145 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 37 | 1123 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | 29 | 1099 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 171 | 1086 |
| &nbsp;&nbsp;&nbsp;Brookfield Business Corp. — Class A | 32 | 1073 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 185 | 1071 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 61 | 1054 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 38 | 1054 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 42 | 1037 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.\* | 16 | 1036 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. REIT | 32 | 1031 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 10 | 1021 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | 52 | 1002 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 10 | 1002 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust REIT | 240 | 1001 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 34 | 998 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 22 | 990 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. REIT | 181 | 983 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | 61 | 977 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | 13 | 973 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 36 | 947 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 40 | 944 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corporation NY | 26 | 944 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 39 | 944 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 30 | 938 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | 24 | 926 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 30 | 913 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings, Inc.\* | 25 | 904 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | 16 | 903 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 22 | 901 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. REIT | 232 | 898 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 33 | 896 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | 26 | 883 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 28 | 867 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc. — Class A | 12 | 867 |
| &nbsp;&nbsp;&nbsp;NB Bancorp, Inc. | 49 | 865 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.\* | 55 | 849 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. REIT | 154 | 845 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 84 | 834 |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc. REIT | 119 | 829 |
| &nbsp;&nbsp;&nbsp;P10, Inc. — Class A | 76 | 827 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc. — Class A | 20 | 814 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. REIT | 94 | 805 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | 28 | 802 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. REIT | 26 | 795 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | 19 | 794 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 39 | 789 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. REIT | 64 | 788 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. REIT | 112 | 785 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.\* | 31 | 781 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 27 | 780 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT — Class B | 63 | 774 |
| &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings Ltd. — Class A\* | 21 | 771 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | 22 | 766 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | 28 | 762 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc. — Class A | 62 | 748 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | 27 | 748 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 14 | 736 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 12 | 735 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | 51 | 735 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc. | 54 | 734 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. REIT | 80 | 720 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | 20 | 715 |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | 32 | 708 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | 22 | 708 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 43 | 706 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust REIT | 18 | 705 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. REIT | 3 | 703 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. REIT | 93 | 703 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. REIT | 43 | 701 |
| &nbsp;&nbsp;&nbsp;Firstsun Capital Bancorp\* | 18 | 698 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 18 | 696 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | 32 | 693 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.\* | 18 | 683 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust REIT | 52 | 682 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.\* | 4 | 677 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | 23 | 651 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | 23 | 651 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 21 | 640 |
| &nbsp;&nbsp;&nbsp;Guaranty Bancshares, Inc. | 13 | 634 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. — Class A | 33 | 633 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services Corp. | 13 | 632 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc. REIT | 58 | 631 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. REIT | 70 | 631 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc. — Class A\* | 58 | 624 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties REIT | 21 | 623 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.\* | 149 | 623 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | 94 | 622 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | 45 | 621 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc.\* | 32 | 621 |
| &nbsp;&nbsp;&nbsp;ACNB Corp. | 14 | 617 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 22 | 607 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | 18 | 607 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 51 | 602 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure, Inc. | 137 | 597 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.\* | 22 | 595 |
| &nbsp;&nbsp;&nbsp;Slide Insurance Holdings, Inc.\* | 37 | 584 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust REIT | 215 | 583 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. REIT | 38 | 581 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc. | 20 | 579 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. REIT | 26 | 575 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc.\* | 38 | 570 |

---

182 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | 11 | $564 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 4 | 560 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.\* | 39 | 545 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | 10 | 543 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. REIT | 17 | 542 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. | 2 | 536 |
| &nbsp;&nbsp;&nbsp;California BanCorp\* | 32 | 534 |
| &nbsp;&nbsp;&nbsp;Hingham Institution For Savings | 2 | 528 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | 80 | 526 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 18 | 520 |
| &nbsp;&nbsp;&nbsp;GBank Financial Holdings, Inc.\* | 13 | 511 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.\* | 29 | 510 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | 16 | 510 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 21 | 510 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | 13 | 506 |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc.\* | 60 | 500 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | 24 | 500 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | 29 | 497 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc.\* | 89 | 496 |
| &nbsp;&nbsp;&nbsp;First Bank/Hamilton NJ | 30 | 489 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | 10 | 489 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc. — Class A REIT | 31 | 486 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc.\* | 11 | 485 |
| &nbsp;&nbsp;&nbsp;MBIA, Inc.\* | 64 | 477 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re Ltd. — Class A\* | 37 | 470 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares, Inc. | 7 | 454 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | 24 | 450 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp Incorporated/Archbold OH | 18 | 450 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc. — Class A | 23 | 446 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | 10 | 442 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp. REIT | 48 | 440 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust REIT | 75 | 437 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust REIT | 65 | 436 |
| &nbsp;&nbsp;&nbsp;Resolute Holdings Management, Inc.\* | 6 | 433 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | 15 | 431 |
| &nbsp;&nbsp;&nbsp;West BanCorp, Inc. | 21 | 427 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | 21 | 426 |
| &nbsp;&nbsp;&nbsp;Claros Mortgage Trust, Inc. REIT\* | 128 | 425 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | 21 | 416 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group, Inc.\* | 28 | 412 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.\* | 7 | 410 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | 24 | 408 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | 16 | 403 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | 16 | 401 |
| &nbsp;&nbsp;&nbsp;NewtekOne, Inc. | 35 | 401 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. | 15 | 394 |
| &nbsp;&nbsp;&nbsp;Better Home & Finance Holding Co.\* | 7 | 393 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.\* | 16 | 390 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | 34 | 387 |
| &nbsp;&nbsp;&nbsp;OppFi, Inc. | 34 | 385 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | 55 | 383 |
| &nbsp;&nbsp;&nbsp;Blue Ridge Bankshares, Inc.\* | 89 | 376 |
| &nbsp;&nbsp;&nbsp;Selectquote, Inc.\* | 191 | 374 |
| &nbsp;&nbsp;&nbsp;Kingsway Financial Services, Inc.\* | 25 | 365 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services, Inc. | 6 | 362 |
| &nbsp;&nbsp;&nbsp;Onity Group, Inc.\* | 9 | 360 |
| &nbsp;&nbsp;&nbsp;FS Bancorp, Inc. | 9 | 359 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp, Inc. | 18 | 357 |
| &nbsp;&nbsp;&nbsp;loanDepot, Inc. — Class A\* | 114 | 350 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp, Inc. | 17 | 350 |
| &nbsp;&nbsp;&nbsp;Mechanics Bancorp — Class A\* | 26 | 346 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc. — Class A | 22 | 346 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial, Inc. | 22 | 343 |
| &nbsp;&nbsp;&nbsp;FrontView REIT, Inc. | 25 | 343 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. REIT | 74 | 334 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp, Inc. | 10 | 333 |
| &nbsp;&nbsp;&nbsp;Citizens, Inc.\* | 63 | 331 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp.\* | 12 | 330 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp, Inc. | 13 | 328 |
| &nbsp;&nbsp;&nbsp;Abacus Global Management, Inc.\* | 56 | 321 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | 30 | 315 |
| &nbsp;&nbsp;&nbsp;Chemung Financial Corp. | 6 | 315 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | 15 | 315 |
| &nbsp;&nbsp;&nbsp;Western New England Bancorp, Inc. | 26 | 312 |
| &nbsp;&nbsp;&nbsp;Chicago Atlantic Real Estate Finance, Inc. REIT | 24 | 307 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp, Inc. | 7 | 307 |
| &nbsp;&nbsp;&nbsp;Norwood Financial Corp. | 12 | 305 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 7 | 302 |
| &nbsp;&nbsp;&nbsp;Paysign, Inc.\* | 48 | 302 |
| &nbsp;&nbsp;&nbsp;Investar Holding Corp. | 13 | 302 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp, Inc. | 14 | 302 |
| &nbsp;&nbsp;&nbsp;FB Bancorp, Inc.\* | 25 | 300 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc Corp. | 10 | 300 |
| &nbsp;&nbsp;&nbsp;Sky Harbour Group Corp.\* | 30 | 296 |
| &nbsp;&nbsp;&nbsp;First United Corp. | 8 | 294 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman, Inc.\* | 102 | 292 |
| &nbsp;&nbsp;&nbsp;Oportun Financial Corp.\* | 47 | 290 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | 52 | 289 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp, Inc. | 22 | 285 |
| &nbsp;&nbsp;&nbsp;LCNB Corp. | 19 | 285 |
| &nbsp;&nbsp;&nbsp;AG Mortgage Investment Trust, Inc. REIT | 39 | 282 |
| &nbsp;&nbsp;&nbsp;First Community Corp. | 10 | 282 |
| &nbsp;&nbsp;&nbsp;Oak Valley Bancorp | 10 | 282 |
| &nbsp;&nbsp;&nbsp;Bank7 Corp. | 6 | 278 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.\* | 12 | 276 |
| &nbsp;&nbsp;&nbsp;Jefferson Capital, Inc. | 16 | 276 |
| &nbsp;&nbsp;&nbsp;Franklin Financial Services Corp. | 6 | 276 |
| &nbsp;&nbsp;&nbsp;Provident Bancorp, Inc.\* | 22 | 276 |
| &nbsp;&nbsp;&nbsp;Virginia National Bankshares Corp. | 7 | 272 |
| &nbsp;&nbsp;&nbsp;C&F Financial Corp. | 4 | 269 |
| &nbsp;&nbsp;&nbsp;National Bankshares, Inc. | 9 | 265 |
| &nbsp;&nbsp;&nbsp;Northpointe Bancshares, Inc. | 15 | 256 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. REIT | 18 | 255 |
| &nbsp;&nbsp;&nbsp;Finwise Bancorp\* | 13 | 252 |
| &nbsp;&nbsp;&nbsp;First Savings Financial Group, Inc. | 8 | 251 |
| &nbsp;&nbsp;&nbsp;First National Corp. | 11 | 249 |
| &nbsp;&nbsp;&nbsp;Hawthorn Bancshares, Inc. | 8 | 248 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | 11 | 247 |
| &nbsp;&nbsp;&nbsp;Crawford & Co. — Class A | 23 | 246 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp\* | 27 | 245 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 183

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;American Integrity Insurance Group, Inc.\* | 11 | $| 245 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc. — Class A\* | 26 |  | 245 |
| &nbsp;&nbsp;&nbsp;Ames National Corp. | 12 |  | 243 |
| &nbsp;&nbsp;&nbsp;OP Bancorp | 17 |  | 237 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings, Inc.\* | 14 |  | 237 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.\* | 13 |  | 236 |
| &nbsp;&nbsp;&nbsp;Bakkt Holdings, Inc.\* | 7 |  | 236 |
| &nbsp;&nbsp;&nbsp;Kingstone Companies, Inc. | 16 |  | 235 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. REIT | 15 |  | 235 |
| &nbsp;&nbsp;&nbsp;CB Financial Services, Inc. | 7 |  | 232 |
| &nbsp;&nbsp;&nbsp;Medallion Financial Corp. | 23 |  | 232 |
| &nbsp;&nbsp;&nbsp;Seaport Entertainment Group, Inc.\* | 10 |  | 229 |
| &nbsp;&nbsp;&nbsp;First Capital, Inc. | 5 |  | 229 |
| &nbsp;&nbsp;&nbsp;Eagle Financial Services, Inc. | 6 |  | 227 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc. REIT | 83 |  | 227 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp, Inc. | 10 |  | 226 |
| &nbsp;&nbsp;&nbsp;Princeton Bancorp, Inc. | 7 |  | 223 |
| &nbsp;&nbsp;&nbsp;LINKBANCORP, Inc. | 30 |  | 214 |
| &nbsp;&nbsp;&nbsp;AlTi Global, Inc.\* | 60 |  | 214 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp, Inc.\* | 16 |  | 209 |
| &nbsp;&nbsp;&nbsp;Citizens Community Bancorp, Inc. | 13 |  | 209 |
| &nbsp;&nbsp;&nbsp;MainStreet Bancshares, Inc. | 10 |  | 208 |
| &nbsp;&nbsp;&nbsp;Seven Hills Realty Trust REIT | 20 |  | 206 |
| &nbsp;&nbsp;&nbsp;Meridian Corp. | 13 |  | 205 |
| &nbsp;&nbsp;&nbsp;BV Financial, Inc.\* | 12 |  | 193 |
| &nbsp;&nbsp;&nbsp;BankFinancial Corp. | 16 |  | 192 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp, Inc. | 22 |  | 191 |
| &nbsp;&nbsp;&nbsp;Security National Financial Corp. — Class A\* | 22 |  | 191 |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc.\* | 9 |  | 190 |
| &nbsp;&nbsp;&nbsp;ACRES Commercial Realty Corp. REIT\* | 9 |  | 190 |
| &nbsp;&nbsp;&nbsp;Modiv Industrial, Inc. REIT | 13 |  | 190 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple Company, Inc.\* | 10 |  | 186 |
| &nbsp;&nbsp;&nbsp;Ohio Valley Banc Corp. | 5 |  | 185 |
| &nbsp;&nbsp;&nbsp;Richmond Mutual BanCorp, Inc. | 13 |  | 185 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina, Inc. | 6 |  | 184 |
| &nbsp;&nbsp;&nbsp;Ategrity Specialty Holdings LLC\* | 9 |  | 178 |
| &nbsp;&nbsp;&nbsp;United Security Bancshares | 19 |  | 177 |
| &nbsp;&nbsp;&nbsp;ECB Bancorp, Inc.\* | 11 |  | 175 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust REIT | 47 |  | 173 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc. — Class A | 11 |  | 173 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp Montana, Inc. | 10 |  | 173 |
| &nbsp;&nbsp;&nbsp;eHealth, Inc.\* | 40 |  | 172 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. REIT | 107 |  | 171 |
| &nbsp;&nbsp;&nbsp;SR Bancorp, Inc. | 11 |  | 166 |
| &nbsp;&nbsp;&nbsp;Westwood Holdings Group, Inc. | 10 |  | 165 |
| &nbsp;&nbsp;&nbsp;Finward Bancorp | 5 |  | 160 |
| &nbsp;&nbsp;&nbsp;Landmark Bancorp Incorporated/Manhattan KS | 6 |  | 160 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage REIT, Inc. | 17 |  | 159 |
| &nbsp;&nbsp;&nbsp;Hanover Bancorp, Inc. | 7 |  | 157 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance, Inc. REIT | 11 |  | 156 |
| &nbsp;&nbsp;&nbsp;Riverview Bancorp, Inc. | 29 |  | 156 |
| &nbsp;&nbsp;&nbsp;SB Financial Group, Inc. | 8 |  | 154 |
| &nbsp;&nbsp;&nbsp;Sunrise Realty Trust, Inc. REIT | 14 |  | 145 |
| &nbsp;&nbsp;&nbsp;Rithm Property Trust, Inc. REIT | 55 |  | 139 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors, Inc.\* | 3 |  | 139 |
| &nbsp;&nbsp;&nbsp;Sound Financial Bancorp, Inc. | 3 |  | 138 |
| &nbsp;&nbsp;&nbsp;NI Holdings, Inc.\* | 10 |  | 136 |
| &nbsp;&nbsp;&nbsp;Finance of America Companies, Inc. — Class A\* | 6 |  | 135 |
| &nbsp;&nbsp;&nbsp;Lument Finance Trust, Inc. REIT | 64 |  | 129 |
| &nbsp;&nbsp;&nbsp;Union Bankshares, Inc. | 5 |  | 124 |
| &nbsp;&nbsp;&nbsp;Strawberry Fields REIT, Inc. | 10 |  | 123 |
| &nbsp;&nbsp;&nbsp;CF Bankshares, Inc. | 5 |  | 120 |
| &nbsp;&nbsp;&nbsp;Advanced Flower Capital, Inc. REIT | 26 |  | 100 |
| &nbsp;&nbsp;&nbsp;Chain Bridge Bancorp, Inc. — Class A\* | 3 |  | 98 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc.\* | 13 |  | 98 |
| &nbsp;&nbsp;&nbsp;Patriot National Bancorp, Inc.\* | 62 |  | 81 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. REIT | 19 |  | 72 |
| &nbsp;&nbsp;&nbsp;Mobile Infrastructure Corp.\* | 20 |  | 70 |
| &nbsp;&nbsp;&nbsp;Rhinebeck Bancorp, Inc.\* | 6 |  | 68 |
| &nbsp;&nbsp;&nbsp;Siebert Financial Corp.\* | 20 |  | 58 |
| &nbsp;&nbsp;&nbsp;SWK Holdings Corp. | 4 |  | 58 |
| &nbsp;&nbsp;&nbsp;Kestrel Group Ltd.\* | 2 |  | 55 |
| &nbsp;&nbsp;&nbsp;Vroom, Inc.\* | 2 |  | 54 |
| &nbsp;&nbsp;&nbsp;GoHealth, Inc. — Class A\* | 7 |  | 34 |
| &nbsp;&nbsp;&nbsp;American Realty Investors, Inc.\* | 2 |  | 34 |
| &nbsp;&nbsp;&nbsp;Logistic Properties of The Americas\* | 4 |  | 19 |
| **Total Financial** |  |  | 937877 |
| **Consumer, Non-cyclical - 12.6%** | **Consumer, Non-cyclical - 12.6%** | **Consumer, Non-cyclical - 12.6%** | **Consumer, Non-cyclical - 12.6%** |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 79 |  | 13488 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 26 |  | 11925 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 219 |  | 11375 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 119 |  | 11278 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 166 |  | 10372 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 164 |  | 9013 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.\* | 60 |  | 8936 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.\* | 49 |  | 7568 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.\* | 44 |  | 7568 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG\* | 115 |  | 7453 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.\* | 73 |  | 7372 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 202 |  | 7297 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.\* | 93 |  | 7088 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.\* | 57 |  | 6923 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | 59 |  | 6895 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* | 82 |  | 6825 |
| &nbsp;&nbsp;&nbsp;Alkermes plc\* | 226 |  | 6780 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.\* | 109 |  | 6689 |
| &nbsp;&nbsp;&nbsp;StoneCo Ltd. — Class A\* | 350 |  | 6619 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\* | 78 |  | 6361 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 229 |  | 6357 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 142 |  | 6187 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 35 |  | 6179 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 64 |  | 6022 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 169 |  | 5829 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 159 |  | 5727 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc. — Class A\* | 179 |  | 5646 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\* | 222 |  | 5483 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 82 |  | 5447 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 46 |  | 5366 |

---

184 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 127 | $5290 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 47 | 5273 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc. — Class A\* | 60 | 5189 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc. — Class A\* | 270 | 5111 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 73 | 5109 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* | 48 | 4960 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 95 | 4872 |
| &nbsp;&nbsp;&nbsp;Marzetti Co. | 28 | 4838 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. — Class B\* | 27 | 4783 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 323 | 4735 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. — Class B | 4 | 4709 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.\* | 98 | 4653 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | 69 | 4306 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc.\* | 106 | 4256 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.\* | 114 | 4245 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.\* | 56 | 4105 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\* | 34 | 4079 |
| &nbsp;&nbsp;&nbsp;Indivior plc\* | 169 | 4075 |
| &nbsp;&nbsp;&nbsp;LivaNova plc\* | 77 | 4033 |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 87 | 4012 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.\* | 161 | 4009 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.\* | 70 | 3962 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.\* | 48 | 3941 |
| &nbsp;&nbsp;&nbsp;Metsera, Inc.\* | 74 | 3872 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.\* | 131 | 3872 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.\* | 188 | 3852 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc.\* | 56 | 3786 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.\* | 232 | 3782 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.\* | 110 | 3776 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 19 | 3754 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 173 | 3692 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.\* | 69 | 3654 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.\* | 76 | 3632 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.\* | 67 | 3556 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.\* | 24 | 3522 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | 164 | 3433 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.\* | 132 | 3276 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.\* | 67 | 3266 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.\* | 134 | 3252 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 86 | 3239 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.\* | 54 | 3209 |
| &nbsp;&nbsp;&nbsp;Premier, Inc. — Class A | 115 | 3197 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.\* | 41 | 3174 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 161 | 3172 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 79 | 3171 |
| &nbsp;&nbsp;&nbsp;Acuren Corp.\* | 238 | 3168 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* | 84 | 3160 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc.\* | 78 | 3142 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.\* | 208 | 3112 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.\* | 151 | 3073 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 387 | 3050 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 112 | 3048 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 90 | 3040 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.\* | 51 | 2975 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.\* | 124 | 2964 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.\* | 25 | 2950 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 33 | 2838 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.\* | 150 | 2827 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc. — Class A\* | 535 | 2825 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | 42 | 2809 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.\* | 26 | 2801 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.\* | 94 | 2768 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc. — Class A\* | 319 | 2702 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.\* | 184 | 2672 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.\* | 74 | 2641 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc.\* | 181 | 2599 |
| &nbsp;&nbsp;&nbsp;Vita Coco Company, Inc.\* | 61 | 2590 |
| &nbsp;&nbsp;&nbsp;89bio, Inc.\* | 175 | 2572 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 26 | 2558 |
| &nbsp;&nbsp;&nbsp;GRAIL, Inc.\* | 43 | 2543 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 29 | 2538 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 51 | 2509 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc. — Class A\* | 510 | 2489 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.\* | 80 | 2427 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 26 | 2413 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.\* | 68 | 2397 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.\* | 138 | 2383 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 26 | 2382 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 92 | 2380 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 24 | 2373 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.\* | 109 | 2359 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.\* | 388 | 2347 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. — Class A | 58 | 2347 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* | 161 | 2341 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.\* | 138 | 2339 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.\* | 83 | 2336 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.\* | 197 | 2303 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.\* | 54 | 2286 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.\* | 194 | 2272 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.\* | 421 | 2261 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.\* | 105 | 2260 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.\* | 71 | 2234 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.\* | 291 | 2209 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.\* | 163 | 2207 |
| &nbsp;&nbsp;&nbsp;National Healthcare Corp. | 18 | 2187 |
| &nbsp;&nbsp;&nbsp;Harrow, Inc.\* | 44 | 2120 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.\* | 132 | 2119 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.\* | 98 | 2115 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc.\* | 32 | 2115 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 22 | 2114 |
| &nbsp;&nbsp;&nbsp;Cidara Therapeutics, Inc.\* | 22 | 2107 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.\* | 72 | 2092 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.\* | 209 | 2092 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.\* | 55 | 2086 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | 44 | 2069 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. — Class A\* | 70 | 2067 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.\* | 63 | 2051 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.\* | 90 | 2047 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.\* | 49 | 2016 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 157 | 2016 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.\* | 120 | 2010 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 185

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.\* | 10 | $1996 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.\* | 65 | 1979 |
| &nbsp;&nbsp;&nbsp;Celcuity, Inc.\* | 40 | 1976 |
| &nbsp;&nbsp;&nbsp;Alight, Inc. — Class A | 600 | 1956 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.\* | 20 | 1934 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 152 | 1923 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals plc\* | 125 | 1909 |
| &nbsp;&nbsp;&nbsp;Biohaven Ltd.\* | 127 | 1906 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 34 | 1900 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.\* | 245 | 1894 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.\* | 70 | 1881 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 9 | 1877 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.\* | 120 | 1846 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 46 | 1831 |
| &nbsp;&nbsp;&nbsp;Novocure Ltd.\* | 141 | 1822 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 56 | 1812 |
| &nbsp;&nbsp;&nbsp;Ardelyx, Inc.\* | 328 | 1807 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.\* | 208 | 1803 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.\* | 162 | 1790 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc.\* | 45 | 1788 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy, Inc. | 21 | 1784 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 74 | 1749 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 304 | 1736 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 33 | 1734 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments Corp.\* | 562 | 1720 |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc. — Class A\* | 147 | 1718 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.\* | 102 | 1717 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.\* | 210 | 1709 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.\* | 111 | 1708 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 61 | 1681 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.\* | 65 | 1675 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.\* | 21 | 1670 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | 23 | 1653 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.\* | 57 | 1637 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 47 | 1632 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.\* | 156 | 1619 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.\* | 57 | 1616 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.\* | 88 | 1606 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 45 | 1575 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 35 | 1551 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.\* | 96 | 1548 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.\* | 94 | 1525 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc. — Class A | 21 | 1461 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 29 | 1443 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.\* | 71 | 1435 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.\* | 144 | 1430 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.\* | 181 | 1397 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.\* | 52 | 1386 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.\* | 58 | 1363 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.\* | 84 | 1353 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.\* | 53 | 1352 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | 94 | 1347 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.\* | 55 | 1344 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.\* | 100 | 1340 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.\* | 25 | 1325 |
| &nbsp;&nbsp;&nbsp;Cimpress plc\* | 21 | 1324 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 97 | 1319 |
| &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals, Inc.\* | 96 | 1305 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc. — Class A\* | 62 | 1291 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.\* | 347 | 1284 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 63 | 1283 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp.\* | 34 | 1255 |
| &nbsp;&nbsp;&nbsp;Dole plc | 93 | 1250 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc.\* | 106 | 1250 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | 102 | 1239 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.\* | 109 | 1233 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc.\* | 48 | 1211 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.\* | 103 | 1206 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 62 | 1200 |
| &nbsp;&nbsp;&nbsp;Herbalife Ltd.\* | 142 | 1199 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics, Inc.\* | 58 | 1187 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc.\* | 69 | 1179 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. — Class A | 29 | 1173 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc.\* | 70 | 1173 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.\* | 82 | 1168 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.\* | 130 | 1164 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.\* | 99 | 1161 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.\* | 166 | 1159 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | 82 | 1157 |
| &nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd.\* | 157 | 1149 |
| &nbsp;&nbsp;&nbsp;Tourmaline Bio, Inc.\* | 24 | 1148 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 94 | 1141 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.\* | 77 | 1120 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.\* | 164 | 1115 |
| &nbsp;&nbsp;&nbsp;Mercurity Fintech Holding, Inc.\* | 45 | 1106 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.\* | 62 | 1106 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.\* | 127 | 1069 |
| &nbsp;&nbsp;&nbsp;Beta Bionics, Inc.\* | 53 | 1053 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | 25 | 1048 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc.\* | 90 | 1047 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.\* | 54 | 1045 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.\* | 117 | 1041 |
| &nbsp;&nbsp;&nbsp;Geron Corp.\* | 760 | 1041 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma Ltd.\* | 52 | 1037 |
| &nbsp;&nbsp;&nbsp;LENZ Therapeutics, Inc.\* | 22 | 1025 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp. — Class A | 42 | 1020 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc.\* | 184 | 1012 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp. — Class A\* | 75 | 1007 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.\* | 42 | 987 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.\* | 111 | 982 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.\* | 106 | 979 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.\* | 81 | 972 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics, Inc.\* | 106 | 970 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.\* | 296 | 968 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp.\* | 212 | 962 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.\* | 184 | 960 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.\* | 136 | 953 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.\* | 13 | 952 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc.\* | 348 | 950 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc.\* | 24 | 947 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.\* | 128 | 925 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.\* | 40 | 911 |

---

186 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 64 | $910 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc.\* | 23 | 905 |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. — Class A | 20 | 891 |
| &nbsp;&nbsp;&nbsp;Rezolute, Inc.\* | 93 | 874 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.\* | 46 | 865 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.\* | 62 | 851 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.\* | 100 | 840 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.\* | 27 | 827 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.\* | 84 | 822 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd.\* | 32 | 806 |
| &nbsp;&nbsp;&nbsp;ClearPoint Neuro, Inc.\* | 37 | 806 |
| &nbsp;&nbsp;&nbsp;Ginkgo Bioworks Holdings, Inc.\* | 55 | 802 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.\* | 54 | 791 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.\* | 508 | 787 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc.\* | 320 | 787 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.\* | 134 | 785 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.\* | 92 | 784 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 11 | 783 |
| &nbsp;&nbsp;&nbsp;Eton Pharmaceuticals, Inc.\* | 36 | 782 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 360 | 781 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.\* | 53 | 780 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc.\* | 77 | 774 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.\* | 53 | 774 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc.\* | 101 | 759 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics, Inc.\* | 48 | 758 |
| &nbsp;&nbsp;&nbsp;Performant Healthcare, Inc.\* | 98 | 758 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | 42 | 755 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc.\* | 46 | 753 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 25 | 749 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.\* | 47 | 744 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics, Inc.\* | 25 | 743 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.\* | 139 | 741 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics, Inc.\* | 278 | 737 |
| &nbsp;&nbsp;&nbsp;Oruka Therapeutics, Inc.\* | 38 | 731 |
| &nbsp;&nbsp;&nbsp;Vestis Corp. | 161 | 729 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.\* | 63 | 728 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics, Inc.\* | 76 | 723 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 18 | 720 |
| &nbsp;&nbsp;&nbsp;Zimvie, Inc.\* | 38 | 720 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.\* | 58 | 719 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.\* | 125 | 714 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.\* | 101 | 712 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc.\* | 59 | 709 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.\* | 25 | 708 |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. — Class A\* | 27 | 708 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 11 | 707 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics, Inc.\* | 27 | 700 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio, Inc.\* | 265 | 697 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.\* | 59 | 694 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.\* | 209 | 688 |
| &nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc.\* | 73 | 681 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics, Inc.\* | 121 | 676 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc.\* | 76 | 670 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | 17 | 669 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 35 | 665 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.\* | 187 | 664 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.\* | 36 | 663 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.\* | 29 | 655 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp. — Class A\* | 6 | 648 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc.\* | 53 | 646 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 35 | 640 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.\* | 66 | 637 |
| &nbsp;&nbsp;&nbsp;Palvella Therapeutics, Inc.\* | 10 | 627 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.\* | 44 | 625 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | 24 | 618 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.\* | 55 | 614 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.\* | 20 | 598 |
| &nbsp;&nbsp;&nbsp;Paysafe Ltd.\* | 46 | 594 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma, Inc.\* | 32 | 590 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.\* | 182 | 584 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.\* | 65 | 577 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.\* | 165 | 573 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.\* | 109 | 570 |
| &nbsp;&nbsp;&nbsp;Savara, Inc.\* | 159 | 568 |
| &nbsp;&nbsp;&nbsp;Verastem, Inc.\* | 64 | 565 |
| &nbsp;&nbsp;&nbsp;Septerna, Inc.\* | 30 | 564 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc. — Class A | 43 | 564 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.\* | 70 | 561 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics, Inc.\* | 60 | 552 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.\* | 85 | 546 |
| &nbsp;&nbsp;&nbsp;Corvus Pharmaceuticals, Inc.\* | 74 | 545 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | 58 | 531 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.\* | 242 | 528 |
| &nbsp;&nbsp;&nbsp;Prothena Corporation plc\* | 54 | 527 |
| &nbsp;&nbsp;&nbsp;Butterfly Network, Inc.\* | 268 | 517 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma, Inc.\* | 23 | 511 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc.\* | 106 | 509 |
| &nbsp;&nbsp;&nbsp;Solid Biosciences, Inc.\* | 82 | 506 |
| &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.\* | 48 | 504 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty Corp.\* | 13 | 501 |
| &nbsp;&nbsp;&nbsp;Sionna Therapeutics, Inc.\* | 17 | 500 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.\* | 384 | 491 |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 123 | 491 |
| &nbsp;&nbsp;&nbsp;Monopar Therapeutics, Inc.\* | 6 | 490 |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.\* | 56 | 487 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc. — Class A | 13 | 486 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 20 | 484 |
| &nbsp;&nbsp;&nbsp;Honest Company, Inc.\* | 131 | 482 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.\* | 65 | 482 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co.\* | 30 | 479 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc. | 108 | 478 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc\* | 58 | 477 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.\* | 34 | 476 |
| &nbsp;&nbsp;&nbsp;Absci Corp.\* | 153 | 465 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.\* | 75 | 460 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.\* | 33 | 457 |
| &nbsp;&nbsp;&nbsp;Personalis, Inc.\* | 70 | 456 |
| &nbsp;&nbsp;&nbsp;Strata Critical Medical, Inc.\* | 90 | 455 |
| &nbsp;&nbsp;&nbsp;Prime Medicine, Inc.\* | 82 | 454 |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.\* | 129 | 451 |
| &nbsp;&nbsp;&nbsp;Delcath Systems, Inc.\* | 42 | 451 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 187

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.\* | 67 | $450 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp.\* | 24 | 445 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous, Inc. | 4 | 443 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences, Inc.\* | 25 | 442 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.\* | 429 | 442 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.\* | 16 | 441 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences, Inc.\* | 13 | 438 |
| &nbsp;&nbsp;&nbsp;Ardent Health, Inc.\* | 33 | 437 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc. — Class A\* | 152 | 436 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc. — Class A\* | 65 | 435 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.\* | 48 | 431 |
| &nbsp;&nbsp;&nbsp;Korro Bio, Inc.\* | 9 | 431 |
| &nbsp;&nbsp;&nbsp;Spire Global, Inc.\* | 39 | 429 |
| &nbsp;&nbsp;&nbsp;Kestra Medical Technologies Ltd.\* | 18 | 428 |
| &nbsp;&nbsp;&nbsp;Cullinan Therapeutics, Inc.\* | 72 | 427 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* | 13 | 424 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc.\* | 14 | 421 |
| &nbsp;&nbsp;&nbsp;Altimmune, Inc.\* | 109 | 411 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Inc.\* | 118 | 409 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.\* | 134 | 409 |
| &nbsp;&nbsp;&nbsp;Cerus Corp.\* | 257 | 409 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics S.A.\* | 102 | 408 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.\* | 96 | 405 |
| &nbsp;&nbsp;&nbsp;Ceribell, Inc.\* | 35 | 402 |
| &nbsp;&nbsp;&nbsp;Jade Biosciences, Inc. | 46 | 397 |
| &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc.\* | 76 | 397 |
| &nbsp;&nbsp;&nbsp;Capricor Therapeutics, Inc.\* | 54 | 389 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.\* | 78 | 389 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc. — Class A\* | 92 | 388 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.\* | 92 | 385 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc.\* | 118 | 385 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp.\* | 45 | 382 |
| &nbsp;&nbsp;&nbsp;SANUWAVE Health, Inc.\* | 10 | 375 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.\* | 51 | 371 |
| &nbsp;&nbsp;&nbsp;MBX Biosciences, Inc.\* | 21 | 368 |
| &nbsp;&nbsp;&nbsp;Bright Minds Biosciences, Inc.\* | 6 | 364 |
| &nbsp;&nbsp;&nbsp;Cadiz, Inc.\* | 77 | 363 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc.\* | 12 | 360 |
| &nbsp;&nbsp;&nbsp;NeuroPace, Inc.\* | 34 | 350 |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | 23 | 341 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.\* | 106 | 340 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.\* | 28 | 335 |
| &nbsp;&nbsp;&nbsp;Nano-X Imaging Ltd.\* | 90 | 333 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare, Inc.\* | 49 | 333 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.\* | 53 | 328 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.\* | 21 | 326 |
| &nbsp;&nbsp;&nbsp;Outset Medical, Inc.\* | 23 | 325 |
| &nbsp;&nbsp;&nbsp;Omeros Corp.\* | 79 | 324 |
| &nbsp;&nbsp;&nbsp;Abeona Therapeutics, Inc.\* | 61 | 322 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology, Inc.\* | 60 | 319 |
| &nbsp;&nbsp;&nbsp;Beauty Health Co.\* | 160 | 318 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.\* | 108 | 313 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co.\* | 16 | 311 |
| &nbsp;&nbsp;&nbsp;Fennec Pharmaceuticals, Inc.\* | 33 | 309 |
| &nbsp;&nbsp;&nbsp;Voyager Therapeutics, Inc.\* | 65 | 304 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.\* | 174 | 303 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Companies, Inc.\* | 44 | 292 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc. — Class A\* | 223 | 292 |
| &nbsp;&nbsp;&nbsp;Oncology Institute, Inc.\* | 83 | 290 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics, Inc.\* | 84 | 288 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc.\* | 39 | 287 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.\* | 96 | 284 |
| &nbsp;&nbsp;&nbsp;Quanterix Corp.\* | 52 | 282 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | 49 | 282 |
| &nbsp;&nbsp;&nbsp;Benitec Biopharma, Inc.\* | 20 | 281 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics, Inc.\* | 55 | 280 |
| &nbsp;&nbsp;&nbsp;Quantum-Si, Inc.\* | 198 | 279 |
| &nbsp;&nbsp;&nbsp;scPharmaceuticals, Inc.\* | 48 | 272 |
| &nbsp;&nbsp;&nbsp;Alumis, Inc.\* | 68 | 271 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.\* | 33 | 270 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.\* | 213 | 268 |
| &nbsp;&nbsp;&nbsp;Tonix Pharmaceuticals Holding Corp.\* | 11 | 266 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings, Inc. | 15 | 262 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.\* | 211 | 262 |
| &nbsp;&nbsp;&nbsp;Quad/Graphics, Inc. | 41 | 257 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings, Inc.\* | 195 | 255 |
| &nbsp;&nbsp;&nbsp;DiaMedica Therapeutics, Inc.\* | 37 | 254 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | 4 | 252 |
| &nbsp;&nbsp;&nbsp;Stereotaxis, Inc.\* | 80 | 249 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics, Inc.\* | 33 | 248 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Co.\* | 51 | 248 |
| &nbsp;&nbsp;&nbsp;Electromed, Inc.\* | 10 | 245 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.\* | 40 | 245 |
| &nbsp;&nbsp;&nbsp;Coherus Oncology, Inc.\* | 149 | 244 |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | 7 | 243 |
| &nbsp;&nbsp;&nbsp;Neurogene, Inc.\* | 14 | 243 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings, Inc.\* | 35 | 240 |
| &nbsp;&nbsp;&nbsp;Accuray, Inc.\* | 142 | 237 |
| &nbsp;&nbsp;&nbsp;Tectonic Therapeutic, Inc.\* | 15 | 235 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | 46 | 232 |
| &nbsp;&nbsp;&nbsp;National Research Corp. — Class A | 18 | 230 |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics, Inc.\* | 121 | 230 |
| &nbsp;&nbsp;&nbsp;KORU Medical Systems, Inc.\* | 60 | 230 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics, Inc.\* | 39 | 226 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics, Inc.\* | 34 | 226 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics, Inc.\* | 46 | 225 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.\* | 142 | 224 |
| &nbsp;&nbsp;&nbsp;Sonida Senior Living, Inc.\* | 8 | 222 |
| &nbsp;&nbsp;&nbsp;Protalix BioTherapeutics, Inc.\* | 97 | 215 |
| &nbsp;&nbsp;&nbsp;SELLAS Life Sciences Group, Inc.\* | 133 | 214 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc. | 29 | 210 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.\* | 130 | 208 |
| &nbsp;&nbsp;&nbsp;Acme United Corp. | 5 | 206 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc.\* | 15 | 205 |
| &nbsp;&nbsp;&nbsp;Eledon Pharmaceuticals, Inc.\* | 78 | 202 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc.\* | 127 | 201 |
| &nbsp;&nbsp;&nbsp;Joint Corp.\* | 21 | 200 |
| &nbsp;&nbsp;&nbsp;MediWound Ltd.\* | 11 | 198 |
| &nbsp;&nbsp;&nbsp;Protara Therapeutics, Inc.\* | 45 | 196 |
| &nbsp;&nbsp;&nbsp;Tvardi Therapeutics, Inc.\* | 5 | 195 |

---

188 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.\* | 103 | $| 195 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods, Inc.\* | 7 |  | 194 |
| &nbsp;&nbsp;&nbsp;BioAge Labs, Inc.\* | 33 |  | 194 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics, Inc.\* | 59 |  | 191 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.\* | 151 |  | 190 |
| &nbsp;&nbsp;&nbsp;RCM Technologies, Inc.\* | 7 |  | 186 |
| &nbsp;&nbsp;&nbsp;CVRx, Inc.\* | 23 |  | 186 |
| &nbsp;&nbsp;&nbsp;Cardiff Oncology, Inc.\* | 87 |  | 179 |
| &nbsp;&nbsp;&nbsp;DocGo, Inc.\* | 128 |  | 174 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.\* | 16 |  | 170 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc. — Class A\* | 41 |  | 164 |
| &nbsp;&nbsp;&nbsp;LENSAR, Inc.\* | 13 |  | 161 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.\* | 17 |  | 160 |
| &nbsp;&nbsp;&nbsp;SoundThinking, Inc.\* | 13 |  | 157 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.\* | 48 |  | 156 |
| &nbsp;&nbsp;&nbsp;HF Foods Group, Inc.\* | 56 |  | 155 |
| &nbsp;&nbsp;&nbsp;Lifevantage Corp. | 15 |  | 146 |
| &nbsp;&nbsp;&nbsp;Innovage Holding Corp.\* | 28 |  | 144 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies, Inc.\* | 18 |  | 144 |
| &nbsp;&nbsp;&nbsp;Neuronetics, Inc.\* | 51 |  | 139 |
| &nbsp;&nbsp;&nbsp;Inhibikase Therapeutics, Inc.\* | 84 |  | 136 |
| &nbsp;&nbsp;&nbsp;BRC, Inc. — Class A\* | 87 |  | 136 |
| &nbsp;&nbsp;&nbsp;Anteris Technologies Global Corp.\* | 30 |  | 135 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.\* | 13 |  | 133 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech, Inc.\* | 4 |  | 127 |
| &nbsp;&nbsp;&nbsp;Biote Corp. — Class A\* | 41 |  | 123 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.\* | 59 |  | 122 |
| &nbsp;&nbsp;&nbsp;CPI Card Group, Inc.\* | 8 |  | 121 |
| &nbsp;&nbsp;&nbsp;Journey Medical Corp.\* | 17 |  | 121 |
| &nbsp;&nbsp;&nbsp;Zevia PBC — Class A\* | 44 |  | 120 |
| &nbsp;&nbsp;&nbsp;Waldencast plc — Class A\* | 59 |  | 117 |
| &nbsp;&nbsp;&nbsp;Nuvectis Pharma, Inc.\* | 18 |  | 108 |
| &nbsp;&nbsp;&nbsp;Aardvark Therapeutics, Inc.\* | 8 |  | 106 |
| &nbsp;&nbsp;&nbsp;TriSalus Life Sciences, Inc.\* | 22 |  | 102 |
| &nbsp;&nbsp;&nbsp;Emerald Holding, Inc. | 20 |  | 102 |
| &nbsp;&nbsp;&nbsp;FitLife Brands, Inc.\* | 5 |  | 99 |
| &nbsp;&nbsp;&nbsp;Gyre Therapeutics, Inc.\* | 13 |  | 97 |
| &nbsp;&nbsp;&nbsp;Lucid Diagnostics, Inc.\* | 96 |  | 97 |
| &nbsp;&nbsp;&nbsp;Alpha Teknova, Inc.\* | 15 |  | 93 |
| &nbsp;&nbsp;&nbsp;Greenwich Lifesciences, Inc.\* | 9 |  | 90 |
| &nbsp;&nbsp;&nbsp;TuHURA Biosciences, Inc.\* | 36 |  | 89 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.\* | 54 |  | 87 |
| &nbsp;&nbsp;&nbsp;aTyr Pharma, Inc.\* | 121 |  | 87 |
| &nbsp;&nbsp;&nbsp;Avita Medical, Inc.\* | 17 |  | 87 |
| &nbsp;&nbsp;&nbsp;Solesence, Inc.\* | 26 |  | 84 |
| &nbsp;&nbsp;&nbsp;HireQuest, Inc. | 8 |  | 77 |
| &nbsp;&nbsp;&nbsp;Ispire Technology, Inc.\* | 26 |  | 67 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics\* | 1 |  | 57 |
| &nbsp;&nbsp;&nbsp;Actuate Therapeutics, Inc.\* | 8 |  | 54 |
| &nbsp;&nbsp;&nbsp;MarketWise, Inc. | 3 |  | 50 |
| &nbsp;&nbsp;&nbsp;Inmune Bio, Inc.\* | 23 |  | 48 |
| &nbsp;&nbsp;&nbsp;Atlantic International Corp.\* | 15 |  | 46 |
| &nbsp;&nbsp;&nbsp;Forafric Global plc\* | 5 |  | 43 |
| &nbsp;&nbsp;&nbsp;Myomo, Inc.\* | 43 |  | 38 |
| &nbsp;&nbsp;&nbsp;SBC Medical Group Holdings, Inc.\* | 8 |  | 35 |
| &nbsp;&nbsp;&nbsp;Tevogen Bio Holdings, Inc.\* | 40 |  | 31 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\* <sup>†††</sup> | 24 |  |  |
| **Total Consumer, Non-cyclical** |  |  | 839475 |
| **Industrial - 10.1%** | **Industrial - 10.1%** | **Industrial - 10.1%** | **Industrial - 10.1%** |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp. — Class A\* | 299 |  | 25286 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\* | 232 |  | 21198 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 50 |  | 18231 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.\* | 42 |  | 14267 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.\* | 44 |  | 13855 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 63 |  | 12609 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.\* | 67 |  | 12514 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.\* | 39 |  | 11379 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. — Class A | 38 |  | 10613 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 76 |  | 10437 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\* | 73 |  | 10378 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.\* | 642 |  | 10362 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | 73 |  | 10253 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 84 |  | 9995 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 209 |  | 9829 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\* | 228 |  | 9592 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 53 |  | 9017 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 50 |  | 8740 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.\* | 73 |  | 8403 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc. — Class A\* | 66 |  | 8382 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. — Class A\* | 88 |  | 8350 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* | 141 |  | 8122 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. — Class A | 39 |  | 8099 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.\* | 64 |  | 7972 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 85 |  | 7947 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* | 327 |  | 7606 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 36 |  | 7600 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 41 |  | 7322 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc. — Class A\* | 764 |  | 7319 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.\* | 104 |  | 6998 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 61 |  | 6689 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 55 |  | 6615 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | 29 |  | 6554 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 68 |  | 6372 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.\* | 176 |  | 6336 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 80 |  | 6150 |
| &nbsp;&nbsp;&nbsp;EnerSys | 54 |  | 6100 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | 140 |  | 5657 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.\* | 73 |  | 5650 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 23 |  | 5583 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. — Class A | 217 |  | 5538 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.\* | 38 |  | 5498 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.\* | 22 |  | 5483 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Company, Inc. | 56 |  | 5331 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | 117 |  | 5276 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.\* | 13 |  | 5169 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 51 |  | 5108 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 71 |  | 4933 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 18 |  | 4861 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 16 |  | 4761 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 91 |  | 4668 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 42 |  | 4583 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 46 |  | 4535 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 189

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;AAR Corp.\* | 50 | $4484 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.\* | 21 | 4369 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.\* | 63 | 4132 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 53 | 4098 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 53 | 4036 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 13 | 3962 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 96 | 3789 |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp.\* | 61 | 3623 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 17 | 3602 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 29 | 3503 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.\* | 226 | 3476 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 61 | 3419 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc. — Class A\* | 61 | 3323 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 115 | 3225 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 76 | 3116 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | 48 | 3012 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. — Class A | 84 | 2893 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 214 | 2776 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.\* | 119 | 2774 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 99 | 2677 |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 14 | 2673 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.\* | 42 | 2637 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 170 | 2601 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | 56 | 2580 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.\* | 276 | 2534 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 47 | 2450 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | 44 | 2442 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.\* | 182 | 2393 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.\* | 178 | 2344 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 93 | 2315 |
| &nbsp;&nbsp;&nbsp;Enovix Corp.\* | 229 | 2283 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 34 | 2275 |
| &nbsp;&nbsp;&nbsp;Albany International Corp. — Class A | 42 | 2239 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 32 | 2236 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | 106 | 2219 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class A | 36 | 2151 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.\* | 18 | 2143 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 81 | 2132 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class B | 15 | 2115 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 177 | 2115 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 15 | 2108 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 26 | 2108 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | 49 | 2105 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp.\* | 41 | 2099 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings, Inc.\* | 98 | 2075 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 78 | 2024 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.\* | 68 | 2015 |
| &nbsp;&nbsp;&nbsp;Greenbrier Companies, Inc. | 43 | 1985 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.\* | 75 | 1945 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 50 | 1927 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.\* | 42 | 1916 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.\* | 190 | 1875 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.\* | 19 | 1826 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 47 | 1816 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. — Class A | 34 | 1719 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | 42 | 1677 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.\* | 43 | 1658 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.\* | 33 | 1651 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.\* | 33 | 1641 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines, Inc.\* | 153 | 1610 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 52 | 1550 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 32 | 1540 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings, Inc. | 40 | 1460 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.\* | 15 | 1457 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.\* | 21 | 1402 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | 46 | 1398 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies, Inc.\* | 130 | 1368 |
| &nbsp;&nbsp;&nbsp;Enviri Corp.\* | 107 | 1358 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | 29 | 1346 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 30 | 1307 |
| &nbsp;&nbsp;&nbsp;SFL Corporation Ltd. | 170 | 1280 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.\* | 46 | 1263 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.\* | 47 | 1256 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc.\* | 200 | 1224 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.\* | 162 | 1223 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.\* | 75 | 1157 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* | 93 | 1115 |
| &nbsp;&nbsp;&nbsp;FLEX LNG Ltd. | 44 | 1109 |
| &nbsp;&nbsp;&nbsp;Red Cat Holdings, Inc.\* | 104 | 1076 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.\* | 34 | 1015 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Company, Inc. | 23 | 1000 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 26 | 997 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | 20 | 895 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers Ltd. | 285 | 895 |
| &nbsp;&nbsp;&nbsp;Power Solutions International, Inc.\* | 9 | 884 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 52 | 881 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | 82 | 874 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | 37 | 873 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 38 | 869 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.\* | 52 | 860 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group Ltd.\* | 20 | 847 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd.\* | 48 | 841 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 47 | 837 |
| &nbsp;&nbsp;&nbsp;Graham Corp.\* | 15 | 823 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | 7 | 785 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging S.A. | 194 | 774 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.\* | 29 | 744 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc.\* | 14 | 741 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | 62 | 738 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings Ltd. | 46 | 713 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.\* | 69 | 654 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.\* | 93 | 647 |
| &nbsp;&nbsp;&nbsp;Redwire Corp.\* | 69 | 620 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. | 62 | 609 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc.\* | 76 | 599 |
| &nbsp;&nbsp;&nbsp;Teekay Corporation Ltd. | 73 | 597 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | 16 | 590 |
| &nbsp;&nbsp;&nbsp;Aebi Schmidt Holding AG | 47 | 586 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.\* | 119 | 584 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 40 | 574 |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Co.\* | 89 | 570 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | 48 | 570 |

---

190 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Voyager Technologies, Inc. — Class A\* | 19 | $| 566 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies, Inc.\* | 25 |  | 554 |
| &nbsp;&nbsp;&nbsp;Lightbridge Corp.\* | 26 |  | 551 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | 4 |  | 549 |
| &nbsp;&nbsp;&nbsp;Standard BioTools, Inc.\* | 416 |  | 541 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | 26 |  | 529 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings plc | 38 |  | 528 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 62 |  | 520 |
| &nbsp;&nbsp;&nbsp;Titan America S.A.\* | 34 |  | 508 |
| &nbsp;&nbsp;&nbsp;Kopin Corp.\* | 209 |  | 508 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. — Class A | 23 |  | 498 |
| &nbsp;&nbsp;&nbsp;Manitowoc Company, Inc.\* | 48 |  | 481 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.\* | 63 |  | 479 |
| &nbsp;&nbsp;&nbsp;TSS, Inc.\* | 26 |  | 471 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 7 |  | 469 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | 7 |  | 457 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* | 22 |  | 457 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings, Inc.\* | 53 |  | 441 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class B | 7 |  | 431 |
| &nbsp;&nbsp;&nbsp;MicroVision, Inc.\* | 344 |  | 427 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | 14 |  | 426 |
| &nbsp;&nbsp;&nbsp;Richtech Robotics, Inc. — Class B\* | 96 |  | 412 |
| &nbsp;&nbsp;&nbsp;L B Foster Co. — Class A\* | 14 |  | 377 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp.\* | 66 |  | 371 |
| &nbsp;&nbsp;&nbsp;AerSale Corp.\* | 45 |  | 369 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | 78 |  | 346 |
| &nbsp;&nbsp;&nbsp;Himalaya Shipping Ltd.\* | 42 |  | 346 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.\* | 21 |  | 334 |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\* | 38 |  | 333 |
| &nbsp;&nbsp;&nbsp;Arq, Inc.\* | 44 |  | 315 |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp.\* | 28 |  | 310 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp.\* | 37 |  | 297 |
| &nbsp;&nbsp;&nbsp;Palladyne AI Corp.\* | 33 |  | 283 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.\* | 47 |  | 277 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | 13 |  | 276 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Company, Inc.\* | 20 |  | 275 |
| &nbsp;&nbsp;&nbsp;Eve Holding, Inc.\* | 72 |  | 274 |
| &nbsp;&nbsp;&nbsp;Karat Packaging, Inc. | 10 |  | 252 |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies, Inc.\* | 12 |  | 247 |
| &nbsp;&nbsp;&nbsp;Perma-Fix Environmental Services, Inc.\* | 24 |  | 242 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class A | 2 |  | 233 |
| &nbsp;&nbsp;&nbsp;Proficient Auto Logistics, Inc.\* | 33 |  | 227 |
| &nbsp;&nbsp;&nbsp;Mistras Group, Inc.\* | 23 |  | 226 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings, Inc. | 32 |  | 226 |
| &nbsp;&nbsp;&nbsp;Gencor Industries, Inc.\* | 15 |  | 219 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions Ltd. | 42 |  | 213 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. | 9 |  | 211 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.\* | 58 |  | 199 |
| &nbsp;&nbsp;&nbsp;AIRO Group Holdings, Inc.\* | 10 |  | 192 |
| &nbsp;&nbsp;&nbsp;KULR Technology Group, Inc.\* | 46 |  | 191 |
| &nbsp;&nbsp;&nbsp;Eastern Co. | 8 |  | 188 |
| &nbsp;&nbsp;&nbsp;Outdoor Holding Co.\* | 121 |  | 179 |
| &nbsp;&nbsp;&nbsp;Energy Services of America Corp. | 17 |  | 176 |
| &nbsp;&nbsp;&nbsp;Costamare Bulkers Holdings Ltd.\* | 12 |  | 172 |
| &nbsp;&nbsp;&nbsp;M-Tron Industries, Inc.\* | 3 |  | 166 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc. | 5 |  | 156 |
| &nbsp;&nbsp;&nbsp;Smith-Midland Corp.\* | 4 |  | 148 |
| &nbsp;&nbsp;&nbsp;Net Power, Inc.\* | 48 |  | 145 |
| &nbsp;&nbsp;&nbsp;Ascent Industries Co.\* | 11 |  | 142 |
| &nbsp;&nbsp;&nbsp;AirJoule Technologies Corp.\* | 30 |  | 141 |
| &nbsp;&nbsp;&nbsp;Pro-DEX, Inc.\* | 3 |  | 102 |
| &nbsp;&nbsp;&nbsp;SKYX Platforms Corp.\* | 85 |  | 95 |
| &nbsp;&nbsp;&nbsp;PAMT CORP\* | 8 |  | 91 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | 12 |  | 74 |
| &nbsp;&nbsp;&nbsp;Southland Holdings, Inc.\* | 15 |  | 64 |
| &nbsp;&nbsp;&nbsp;Neonode, Inc.\* | 15 |  | 52 |
| **Total Industrial** |  |  | 675601 |
| **Consumer, Cyclical - 6.1%** | **Consumer, Cyclical - 6.1%** | **Consumer, Cyclical - 6.1%** | **Consumer, Cyclical - 6.1%** |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. — Class A\* | 135 |  | 8911 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 55 |  | 8713 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.\* | 192 |  | 8291 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 33 |  | 8140 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 18 |  | 7875 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 62 |  | 7854 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 100 |  | 7243 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 43 |  | 7126 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 27 |  | 6600 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.\* | 11 |  | 6388 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 77 |  | 6142 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.\* | 80 |  | 6110 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 39 |  | 6079 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.\* | 85 |  | 6072 |
| &nbsp;&nbsp;&nbsp;KB Home | 92 |  | 5855 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 57 |  | 5735 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 66 |  | 5646 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 56 |  | 5371 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.\* | 189 |  | 5216 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.\* | 36 |  | 5200 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 84 |  | 5158 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. — Class A\* | 55 |  | 5149 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 46 |  | 4758 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. — Class A\* | 518 |  | 4662 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | 28 |  | 4655 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 93 |  | 4652 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | 38 |  | 4555 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class A | 85 |  | 4545 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 36 |  | 4363 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 75 |  | 4360 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.\* | 149 |  | 4288 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc. — Class A | 69 |  | 4213 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.\* | 120 |  | 4076 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 145 |  | 4063 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 226 |  | 3867 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 68 |  | 3854 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc. — Class A\* | 138 |  | 3806 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 184 |  | 3687 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. | 65 |  | 3552 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 21 |  | 3511 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 80 |  | 3345 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 35 |  | 3260 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.\* | 44 |  | 3250 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 97 |  | 3248 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 191

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 162 | $3227 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.\* | 489 | 3222 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 109 | 3182 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | 55 | 3161 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 113 | 3101 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\* | 135 | 3067 |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 38 | 2983 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 63 | 2951 |
| &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | 222 | 2930 |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 118 | 2841 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 133 | 2812 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 364 | 2723 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery plc | 157 | 2708 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class C\* | 65 | 2703 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.\* | 165 | 2607 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.\* | 96 | 2605 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 39 | 2596 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.\* | 45 | 2590 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | 44 | 2581 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.\* | 125 | 2560 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp.\* | 56 | 2534 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | 177 | 2411 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. — Class A | 81 | 2344 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | 152 | 2336 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 141 | 2295 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 36 | 2281 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.\* | 452 | 2224 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 46 | 2215 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc. — Class A | 118 | 2030 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.\* | 61 | 1998 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | 4 | 1991 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 58 | 1991 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.\* | 38 | 1965 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 18 | 1905 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp.\* | 269 | 1856 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 185 | 1757 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc. — Class A\* | 606 | 1758 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.\* | 117 | 1687 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 95 | 1685 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | 186 | 1652 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. — Class A | 21 | 1598 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.\* | 29 | 1500 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.\* | 43 | 1465 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.\* | 55 | 1464 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 59 | 1433 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | 50 | 1411 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 31 | 1366 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc. — Class A | 85 | 1342 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.\* | 29 | 1276 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 38 | 1271 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 30 | 1225 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. — Class A\* | 20 | 1216 |
| &nbsp;&nbsp;&nbsp;ThredUp, Inc. — Class A\* | 128 | 1210 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc. — Class A\* | 145 | 1157 |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.\* | 54 | 1130 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.\* | 34 | 1124 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. — Class A | 17 | 1109 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Inc. — Class A\* | 270 | 1099 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc. — Class A\* | 42 | 1089 |
| &nbsp;&nbsp;&nbsp;ODP Corp.\* | 39 | 1086 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality, Inc.\* | 30 | 1085 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings, Inc.\* | 277 | 1067 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I\* | 131 | 1058 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 32 | 1000 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 16 | 992 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 162 | 974 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 33 | 972 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.\* | 39 | 957 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.\* | 505 | 924 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc. — Class A\* | 7 | 899 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.\* | 57 | 891 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc.\* | 24 | 886 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc. — Class A\* | 27 | 876 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.\* | 28 | 855 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 72 | 850 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 118 | 846 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.\* | 178 | 842 |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.\* | 76 | 841 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc. — Class A | 69 | 841 |
| &nbsp;&nbsp;&nbsp;Ermenegildo Zegna N.V. | 86 | 813 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 20 | 811 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.\* | 11 | 804 |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc.\* | 72 | 765 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class B | 13 | 746 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 20 | 733 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* | 27 | 718 |
| &nbsp;&nbsp;&nbsp;Solid Power, Inc.\* | 203 | 704 |
| &nbsp;&nbsp;&nbsp;Savers Value Village, Inc.\* | 53 | 702 |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | 27 | 699 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 38 | 690 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.\* | 27 | 684 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* | 53 | 678 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | 16 | 647 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | 27 | 637 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.\* | 242 | 624 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.\* | 43 | 624 |
| &nbsp;&nbsp;&nbsp;Potbelly Corp.\* | 36 | 613 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 46 | 600 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | 58 | 572 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.\* | 55 | 546 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc. — Class A\* | 9 | 535 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.\* | 119 | 525 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 25 | 520 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | 21 | 519 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.\* | 68 | 514 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | 26 | 514 |
| &nbsp;&nbsp;&nbsp;Marcus Corp. | 33 | 512 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc. — Class A\* | 79 | 510 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.\* | 23 | 494 |

---

192 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Arko Corp. | 108 | $| 494 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.\* | 29 |  | 485 |
| &nbsp;&nbsp;&nbsp;Webtoon Entertainment, Inc.\* | 25 |  | 485 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Company, Inc.\* | 110 |  | 426 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc. | 108 |  | 418 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Companies, Inc. | 19 |  | 417 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class A\* | 9 |  | 409 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.\* | 63 |  | 408 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.\* | 14 |  | 406 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | 21 |  | 398 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.\* | 20 |  | 392 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.\* | 71 |  | 371 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc. | 12 |  | 366 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.\* | 37 |  | 359 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 46 |  | 347 |
| &nbsp;&nbsp;&nbsp;Strattec Security Corp.\* | 5 |  | 340 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp.\* | 172 |  | 339 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc.\* | 35 |  | 328 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc. — Class B\* | 1 |  | 324 |
| &nbsp;&nbsp;&nbsp;Lovesac Co.\* | 19 |  | 322 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.\* | 11 |  | 321 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Inc. — Class A\* | 39 |  | 304 |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | 10 |  | 298 |
| &nbsp;&nbsp;&nbsp;Motorcar Parts of America, Inc.\* | 18 |  | 298 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc. — Class A | 7 |  | 283 |
| &nbsp;&nbsp;&nbsp;Weyco Group, Inc. | 9 |  | 271 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.\* | 84 |  | 264 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Inc. — Class A\* | 16 |  | 253 |
| &nbsp;&nbsp;&nbsp;Livewire Group, Inc.\* | 52 |  | 247 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific, Inc. | 13 |  | 243 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings, Inc.\* | 40 |  | 242 |
| &nbsp;&nbsp;&nbsp;Reservoir Media, Inc.\* | 29 |  | 236 |
| &nbsp;&nbsp;&nbsp;Starz Entertainment Corp.\* | 16 |  | 236 |
| &nbsp;&nbsp;&nbsp;Flexsteel Industries, Inc. | 5 |  | 232 |
| &nbsp;&nbsp;&nbsp;EVI Industries, Inc. | 7 |  | 221 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.\* | 7 |  | 217 |
| &nbsp;&nbsp;&nbsp;Barnes & Noble Education, Inc.\* | 21 |  | 209 |
| &nbsp;&nbsp;&nbsp;Lakeland Industries, Inc. | 13 |  | 192 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.\* | 27 |  | 189 |
| &nbsp;&nbsp;&nbsp;Escalade, Inc. | 14 |  | 176 |
| &nbsp;&nbsp;&nbsp;Bassett Furniture Industries, Inc. | 11 |  | 172 |
| &nbsp;&nbsp;&nbsp;Superior Group of Companies, Inc. | 16 |  | 171 |
| &nbsp;&nbsp;&nbsp;J Jill, Inc. | 10 |  | 171 |
| &nbsp;&nbsp;&nbsp;Funko, Inc. — Class A\* | 49 |  | 169 |
| &nbsp;&nbsp;&nbsp;Faraday Future Intelligent Electric, Inc.\* | 124 |  | 161 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc. — Class A | 45 |  | 159 |
| &nbsp;&nbsp;&nbsp;American Outdoor Brands, Inc.\* | 17 |  | 148 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Co. — Class A | 10 |  | 144 |
| &nbsp;&nbsp;&nbsp;Clarus Corp. | 41 |  | 144 |
| &nbsp;&nbsp;&nbsp;Virco Mfg. Corp. | 15 |  | 116 |
| &nbsp;&nbsp;&nbsp;Bally's Corp.\* | 10 |  | 111 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.\* | 56 |  | 107 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp. | 12 |  | 106 |
| &nbsp;&nbsp;&nbsp;Envela Corp.\* | 9 |  | 70 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings, Inc.\* | 33 |  | 58 |
| &nbsp;&nbsp;&nbsp;Traeger, Inc.\* | 44 |  | 54 |
| &nbsp;&nbsp;&nbsp;CompX International, Inc. | 2 |  | 47 |
| **Total Consumer, Cyclical** |  |  | 408663 |
| **Technology - 6.1%** | **Technology - 6.1%** | **Technology - 6.1%** | **Technology - 6.1%** |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.\* | 385 |  | 23677 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 150 |  | 15630 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.\* | 445 |  | 13257 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 62 |  | 11704 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.\* | 430 |  | 10625 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.\* | 30 |  | 9039 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* | 155 |  | 8908 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 122 |  | 8717 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc. — Class A\* | 510 |  | 8201 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 148 |  | 7810 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 79 |  | 7218 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | 51 |  | 6749 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 36 |  | 6507 |
| &nbsp;&nbsp;&nbsp;Box, Inc. — Class A\* | 197 |  | 6357 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. — Class A\* | 343 |  | 6181 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.\* | 71 |  | 6112 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 45 |  | 5901 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.\* | 152 |  | 5764 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 53 |  | 5519 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp. — Class A\* | 259 |  | 5146 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.\* | 168 |  | 4899 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.\* | 57 |  | 4704 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.\* | 39 |  | 4423 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 45 |  | 4394 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC\* | 325 |  | 4218 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.\* | 103 |  | 4049 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.\* | 109 |  | 3970 |
| &nbsp;&nbsp;&nbsp;WNS Holdings Ltd.\* | 52 |  | 3966 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. — Class A | 116 |  | 3872 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.\* | 72 |  | 3823 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 36 |  | 3789 |
| &nbsp;&nbsp;&nbsp;Genius Sports Ltd.\* | 304 |  | 3764 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 53 |  | 3622 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.\* | 203 |  | 3542 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 54 |  | 3473 |
| &nbsp;&nbsp;&nbsp;Quantum Computing, Inc.\* | 187 |  | 3443 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.\* | 64 |  | 3405 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc.\* | 43 |  | 3314 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc. — Class A\* | 280 |  | 3296 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 80 |  | 3217 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.\* | 78 |  | 3190 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 91 |  | 3109 |
| &nbsp;&nbsp;&nbsp;Braze, Inc. — Class A\* | 107 |  | 3043 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 73 |  | 2967 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc. — Class A\* | 170 |  | 2948 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.\* | 60 |  | 2841 |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc. — Class A\* | 71 |  | 2778 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc.\* | 185 |  | 2777 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 240 |  | 2739 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp.\* | 60 |  | 2636 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.\* | 404 |  | 2634 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 193

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Five9, Inc.\* | 106 | $2565 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 151 | 2537 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.\* | 98 | 2531 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 39 | 2511 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.\* | 91 | 2470 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.\* | 195 | 2447 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.\* | 23 | 2445 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.\* | 80 | 2434 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* | 96 | 2385 |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.\* | 238 | 2368 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc. — Class A\* | 234 | 2319 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc. — Class A\* | 91 | 2256 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.\* | 56 | 2216 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.\* | 36 | 2053 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.\* | 118 | 1949 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.\* | 71 | 1921 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.\* | 37 | 1903 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. — Class A\* | 64 | 1900 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.\* | 113 | 1896 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.\* | 72 | 1892 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corporation N.V. | 44 | 1892 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.\* | 51 | 1859 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.\* | 81 | 1859 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.\* | 79 | 1858 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc. — Class A\* | 115 | 1849 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc.\* | 124 | 1773 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.\* | 63 | 1717 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.\* | 84 | 1701 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.\* | 90 | 1687 |
| &nbsp;&nbsp;&nbsp;Appian Corp. — Class A\* | 55 | 1681 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc. — Class A\* | 192 | 1642 |
| &nbsp;&nbsp;&nbsp;Asana, Inc. — Class A\* | 121 | 1617 |
| &nbsp;&nbsp;&nbsp;Vimeo, Inc.\* | 206 | 1597 |
| &nbsp;&nbsp;&nbsp;Schrodinger Incorporated/United States\* | 79 | 1585 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.\* | 61 | 1398 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.\* | 24 | 1394 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc. — Class A\* | 163 | 1379 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.\* | 186 | 1343 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc. — Class A\* | 122 | 1308 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.\* | 64 | 1301 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems\* | 40 | 1204 |
| &nbsp;&nbsp;&nbsp;Yext, Inc.\* | 141 | 1201 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.\* | 45 | 1162 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.\* | 107 | 1088 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc. — Class A\* | 292 | 1066 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc. — Class A\* | 32 | 1039 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp.\* | 95 | 1016 |
| &nbsp;&nbsp;&nbsp;Rezolve AI plc\* | 204 | 1016 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc. — Class A\* | 35 | 994 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd.\* | 35 | 979 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc. — Class A\* | 73 | 943 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp.\* | 2 | 930 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.\* | 143 | 915 |
| &nbsp;&nbsp;&nbsp;MeridianLink, Inc.\* | 45 | 897 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.\* | 33 | 872 |
| &nbsp;&nbsp;&nbsp;Red Violet, Inc. | 16 | 836 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | 51 | 810 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.\* | 27 | 793 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.\* | 75 | 793 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.\* | 101 | 788 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.\* | 93 | 717 |
| &nbsp;&nbsp;&nbsp;Domo, Inc. — Class B\* | 45 | 713 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.\* | 56 | 698 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology, Inc.\* | 37 | 690 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | 5 | 674 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc. — Class A\* | 38 | 633 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | 165 | 620 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.\* | 62 | 606 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.\* | 66 | 589 |
| &nbsp;&nbsp;&nbsp;Claritev Corp.\* | 11 | 584 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.\* | 207 | 580 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd.\* | 14 | 567 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.\* | 82 | 548 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.\* | 17 | 545 |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.\* | 183 | 531 |
| &nbsp;&nbsp;&nbsp;Nutex Health, Inc.\* | 5 | 517 |
| &nbsp;&nbsp;&nbsp;Telos Corp.\* | 75 | 513 |
| &nbsp;&nbsp;&nbsp;Ibotta, Inc. — Class A\* | 18 | 501 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc. — Class A\* | 59 | 489 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.\* | 173 | 477 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc. — Class A\* | 65 | 460 |
| &nbsp;&nbsp;&nbsp;Commerce.com, Inc.\* | 92 | 459 |
| &nbsp;&nbsp;&nbsp;McGraw Hill, Inc.\* | 33 | 414 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc. — Class A | 65 | 409 |
| &nbsp;&nbsp;&nbsp;Arteris, Inc.\* | 40 | 404 |
| &nbsp;&nbsp;&nbsp;8x8, Inc.\* | 183 | 388 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.\* | 94 | 367 |
| &nbsp;&nbsp;&nbsp;VTEX — Class A\* | 81 | 355 |
| &nbsp;&nbsp;&nbsp;Blaize Holdings, Inc.\* | 102 | 352 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc.\* | 23 | 347 |
| &nbsp;&nbsp;&nbsp;Rimini Street, Inc.\* | 68 | 318 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | 79 | 307 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.\* | 53 | 303 |
| &nbsp;&nbsp;&nbsp;Omada Health, Inc.\* | 13 | 287 |
| &nbsp;&nbsp;&nbsp;Asure Software, Inc.\* | 35 | 287 |
| &nbsp;&nbsp;&nbsp;Immersion Corp. | 39 | 286 |
| &nbsp;&nbsp;&nbsp;TruBridge, Inc.\* | 14 | 282 |
| &nbsp;&nbsp;&nbsp;Vuzix Corp.\* | 89 | 279 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.\* | 95 | 271 |
| &nbsp;&nbsp;&nbsp;ReposiTrak, Inc. | 16 | 237 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc.\* | 21 | 234 |
| &nbsp;&nbsp;&nbsp;eGain Corp.\* | 26 | 226 |
| &nbsp;&nbsp;&nbsp;CoreCard Corp.\* | 8 | 215 |
| &nbsp;&nbsp;&nbsp;Digimarc Corp.\* | 22 | 215 |
| &nbsp;&nbsp;&nbsp;CS Disco, Inc.\* | 33 | 213 |
| &nbsp;&nbsp;&nbsp;Aeluma, Inc.\* | 13 | 209 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp.\* | 50 | 203 |
| &nbsp;&nbsp;&nbsp;Atomera, Inc.\* | 41 | 181 |
| &nbsp;&nbsp;&nbsp;Ambiq Micro, Inc.\* | 6 | 180 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics Ltd. | 17 | 166 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology, Inc.\* | 117 | 165 |
| &nbsp;&nbsp;&nbsp;Kaltura, Inc.\* | 114 | 164 |

---

194 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Viant Technology, Inc. — Class A\* | 19 | $| 164 |
| &nbsp;&nbsp;&nbsp;Expensify, Inc. — Class A\* | 84 |  | 155 |
| &nbsp;&nbsp;&nbsp;Airship AI Holdings, Inc.\* | 28 |  | 145 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.\* | 123 |  | 143 |
| &nbsp;&nbsp;&nbsp;Playstudios, Inc.\* | 124 |  | 119 |
| &nbsp;&nbsp;&nbsp;CSP, Inc. | 10 |  | 115 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc.\* | 28 |  | 94 |
| &nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc.\* | 15 |  | 91 |
| &nbsp;&nbsp;&nbsp;Teads Holding Co.\* | 51 |  | 84 |
| &nbsp;&nbsp;&nbsp;Skillsoft Corp.\* | 6 |  | 78 |
| &nbsp;&nbsp;&nbsp;Silvaco Group, Inc.\* | 11 |  | 60 |
| &nbsp;&nbsp;&nbsp;Golden Matrix Group, Inc.\* | 20 |  | 23 |
| &nbsp;&nbsp;&nbsp;Zspace, Inc.\* | 3 |  | 3 |
| **Total Technology** |  |  | 406896 |
| **Communications - 3.1%** | **Communications - 3.1%** | **Communications - 3.1%** | **Communications - 3.1%** |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 206 |  | 29996 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 265 |  | 15031 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 190 |  | 14508 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 36 |  | 12428 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.\* | 1328 |  | 8127 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.\* | 298 |  | 6836 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.\* | 87 |  | 6298 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | 138 |  | 5415 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.\* | 83 |  | 5094 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 159 |  | 4659 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Company, Inc.\* | 297 |  | 4598 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 224 |  | 4554 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.\* | 116 |  | 4319 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.\* | 195 |  | 4247 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 308 |  | 3909 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 185 |  | 3820 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.\* | 171 |  | 3175 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 239 |  | 2796 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc. — Class A\* | 87 |  | 2714 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.\* | 162 |  | 2634 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. | 37 |  | 2627 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.\* | 70 |  | 2547 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co.\* | 39 |  | 2423 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 63 |  | 2416 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.\* | 58 |  | 2210 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.\* | 464 |  | 1926 |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 100 |  | 1815 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.\* | 158 |  | 1608 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class C\* | 176 |  | 1485 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.\* | 134 |  | 1424 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.\* | 39 |  | 1263 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. | 7 |  | 1239 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.\* | 57 |  | 1214 |
| &nbsp;&nbsp;&nbsp;IDT Corp. — Class B | 23 |  | 1203 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc. — Class A\* | 155 |  | 1197 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.\* | 76 |  | 1176 |
| &nbsp;&nbsp;&nbsp;Rumble, Inc.\* | 148 |  | 1071 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.\* | 80 |  | 978 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.\* | 104 |  | 975 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | 34 |  | 960 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 71 |  | 953 |
| &nbsp;&nbsp;&nbsp;Angi, Inc.\* | 57 |  | 927 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.\* | 162 |  | 912 |
| &nbsp;&nbsp;&nbsp;Powerfleet Incorporated NJ\* | 174 |  | 912 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.\* | 33 |  | 905 |
| &nbsp;&nbsp;&nbsp;Altice USA, Inc. — Class A\* | 365 |  | 880 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc. — Class A\* | 38 |  | 869 |
| &nbsp;&nbsp;&nbsp;Figs, Inc. — Class A\* | 124 |  | 830 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.\* | 96 |  | 825 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.\* | 35 |  | 817 |
| &nbsp;&nbsp;&nbsp;Sinclair, Inc. | 54 |  | 815 |
| &nbsp;&nbsp;&nbsp;Gannett Company, Inc.\* | 196 |  | 810 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Inc.\* | 39 |  | 786 |
| &nbsp;&nbsp;&nbsp;Serve Robotics, Inc.\* | 66 |  | 768 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 28 |  | 767 |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond, Inc.\* | 77 |  | 754 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | 123 |  | 711 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | 34 |  | 709 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.\* | 47 |  | 706 |
| &nbsp;&nbsp;&nbsp;Backblaze, Inc. — Class A\* | 75 |  | 696 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc. — Class A\* | 149 |  | 648 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.\* | 52 |  | 627 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc. — Class A\* | 102 |  | 621 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings, Inc.\* | 295 |  | 617 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 3 |  | 588 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.\* | 16 |  | 550 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc. — Class A\* | 47 |  | 535 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc.\* | 132 |  | 502 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | 29 |  | 500 |
| &nbsp;&nbsp;&nbsp;Nexxen International Ltd.\* | 53 |  | 490 |
| &nbsp;&nbsp;&nbsp;iHeartMedia, Inc. — Class A\* | 167 |  | 479 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.\* | 22 |  | 451 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.\* | 36 |  | 432 |
| &nbsp;&nbsp;&nbsp;National CineMedia, Inc. | 90 |  | 406 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp. — Class A\* | 31 |  | 406 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc. — Class A\* | 45 |  | 371 |
| &nbsp;&nbsp;&nbsp;Aviat Networks, Inc.\* | 16 |  | 367 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc.\* | 71 |  | 366 |
| &nbsp;&nbsp;&nbsp;LifeMD, Inc.\* | 52 |  | 353 |
| &nbsp;&nbsp;&nbsp;Anterix, Inc.\* | 16 |  | 344 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class A\* | 41 |  | 340 |
| &nbsp;&nbsp;&nbsp;BK Technologies Corp.\* | 4 |  | 338 |
| &nbsp;&nbsp;&nbsp;Satellogic, Inc. — Class A\* | 96 |  | 315 |
| &nbsp;&nbsp;&nbsp;Frequency Electronics, Inc.\* | 9 |  | 305 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp. — Class A\* | 144 |  | 304 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings, Inc.\* | 153 |  | 303 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc. — Class A\* | 104 |  | 262 |
| &nbsp;&nbsp;&nbsp;Inseego Corp.\* | 17 |  | 254 |
| &nbsp;&nbsp;&nbsp;Lands' End, Inc.\* | 17 |  | 240 |
| &nbsp;&nbsp;&nbsp;CuriosityStream, Inc. | 45 |  | 239 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. — Class A\* | 88 |  | 216 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.\* | 37 |  | 215 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | 14 |  | 210 |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp. — Class A | 87 |  | 203 |
| &nbsp;&nbsp;&nbsp;Advantage Solutions, Inc.\* | 132 |  | 202 |
| &nbsp;&nbsp;&nbsp;Gambling.com Group Ltd.\* | 23 |  | 188 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 195

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Tucows, Inc. — Class A\* | 9 | $| 167 |
| &nbsp;&nbsp;&nbsp;AudioEye, Inc.\* | 11 |  | 152 |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc. — Class A\* | 31 |  | 143 |
| &nbsp;&nbsp;&nbsp;Gaia, Inc.\* | 24 |  | 142 |
| &nbsp;&nbsp;&nbsp;Newsmax, Inc.\* | 11 |  | 136 |
| &nbsp;&nbsp;&nbsp;Crexendo, Inc.\* | 20 |  | 130 |
| &nbsp;&nbsp;&nbsp;Triller Group, Inc.\* | 144 |  | 120 |
| &nbsp;&nbsp;&nbsp;BARK, Inc.\* | 129 |  | 107 |
| &nbsp;&nbsp;&nbsp;Nerdy, Inc.\* | 81 |  | 102 |
| &nbsp;&nbsp;&nbsp;Arena Group Holdings, Inc.\* | 18 |  | 98 |
| &nbsp;&nbsp;&nbsp;Travelzoo\* | 9 |  | 88 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc. — Class A\* | 4 |  | 66 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | 1 |  | 39 |
| **Total Communications** |  |  | 208544 |
| **Energy - 2.8%** | **Energy - 2.8%** | **Energy - 2.8%** | **Energy - 2.8%** |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc. — Class A\* | 203 |  | 15020 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. — Class A | 259 |  | 6182 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 190 |  | 6103 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 73 |  | 6094 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 230 |  | 6051 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 188 |  | 5341 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 292 |  | 5049 |
| &nbsp;&nbsp;&nbsp;Noble Corporation plc | 177 |  | 5006 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 92 |  | 4893 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 73 |  | 4646 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 170 |  | 4508 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 89 |  | 4340 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc.\* | 354 |  | 4032 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 160 |  | 3995 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.\* | 22 |  | 3982 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.\* | 1185 |  | 3697 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 68 |  | 3627 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 118 |  | 3560 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.\* | 1520 |  | 3542 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | 90 |  | 3327 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 132 |  | 3271 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 130 |  | 3224 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 136 |  | 3004 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. — Class A | 220 |  | 2715 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | 83 |  | 2678 |
| &nbsp;&nbsp;&nbsp;Seadrill Ltd.\* | 88 |  | 2658 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. — Class A | 62 |  | 2650 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.\* | 16 |  | 2625 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 492 |  | 2549 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 71 |  | 2515 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. — Class A | 249 |  | 2221 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.\* | 145 |  | 2211 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.\* | 104 |  | 2062 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. — Class A | 51 |  | 2039 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp.\* | 106 |  | 1851 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. — Class A\* | 234 |  | 1734 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings N.V.\* | 145 |  | 1723 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.\* | 211 |  | 1720 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.\* | 169 |  | 1621 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.\* | 43 |  | 1569 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.\* | 40 |  | 1443 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. — Class A | 131 |  | 1400 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc. — Class A\* | 40 |  | 1328 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.\* | 42 |  | 1286 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 194 |  | 1273 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.\* | 186 |  | 1263 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc. | 109 |  | 1239 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.\* | 107 |  | 1155 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd.\* | 660 |  | 1096 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Company plc | 77 |  | 1079 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. — Class A | 43 |  | 1060 |
| &nbsp;&nbsp;&nbsp;ASP Isotopes, Inc.\* | 107 |  | 1029 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.\* | 178 |  | 1024 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.\* | 54 |  | 1001 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 119 |  | 971 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc. | 41 |  | 952 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp.\* | 85 |  | 872 |
| &nbsp;&nbsp;&nbsp;Hallador Energy Co.\* | 44 |  | 861 |
| &nbsp;&nbsp;&nbsp;Borr Drilling Ltd.\* | 312 |  | 839 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\* | 20 |  | 817 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 66 |  | 816 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc. — Class A | 32 |  | 806 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.\* | 90 |  | 791 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.\* | 42 |  | 709 |
| &nbsp;&nbsp;&nbsp;Gevo, Inc.\* | 323 |  | 633 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 125 |  | 595 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 112 |  | 587 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc. | 145 |  | 583 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc. | 51 |  | 575 |
| &nbsp;&nbsp;&nbsp;BKV Corp.\* | 24 |  | 555 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\* | 236 |  | 521 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.\* | 82 |  | 497 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | 18 |  | 488 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co.\* | 37 |  | 484 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.\* | 16 |  | 427 |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources, Inc. | 76 |  | 411 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | 108 |  | 408 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc. | 14 |  | 392 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc. — Class A | 26 |  | 386 |
| &nbsp;&nbsp;&nbsp;T1 Energy, Inc.\* | 155 |  | 338 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc. — Class A | 24 |  | 337 |
| &nbsp;&nbsp;&nbsp;Flotek Industries, Inc.\* | 20 |  | 292 |
| &nbsp;&nbsp;&nbsp;Summit Midstream Corp.\* | 14 |  | 288 |
| &nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc. — Class A\* | 21 |  | 275 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc. | 139 |  | 253 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc. — Class A | 6 |  | 253 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.\* | 27 |  | 228 |
| &nbsp;&nbsp;&nbsp;Kolibri Global Energy, Inc.\* | 41 |  | 228 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | 44 |  | 212 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables, Inc.\* | 94 |  | 189 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings, Inc.\* | 29 |  | 188 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc. | 26 |  | 184 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corp.\* | 1 |  | 167 |
| &nbsp;&nbsp;&nbsp;Complete Solaria, Inc.\* | 84 |  | 148 |
| &nbsp;&nbsp;&nbsp;Epsilon Energy Ltd. | 27 |  | 136 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | 35 |  | 136 |

---

196 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Empire Petroleum Corp.\* | 21 | $| 95 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services, Inc.\* | 34 |  | 78 |
| &nbsp;&nbsp;&nbsp;OPAL Fuels, Inc. — Class A\* | 30 |  | 66 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp. — Class A\* | 17 |  | 63 |
| &nbsp;&nbsp;&nbsp;Prairie Operating Co.\* | 30 |  | 60 |
| &nbsp;&nbsp;&nbsp;NextNRG, Inc.\* | 25 |  | 46 |
| &nbsp;&nbsp;&nbsp;Verde Clean Fuels, Inc.\* | 6 |  | 18 |
| **Total Energy** |  |  | 186565 |
| **Basic Materials - 2.3%** | **Basic Materials - 2.3%** | **Basic Materials - 2.3%** | **Basic Materials - 2.3%** |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.\* | 891 |  | 16715 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 835 |  | 10103 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 159 |  | 9108 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.\* | 592 |  | 7897 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.\* | 283 |  | 6911 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 46 |  | 6903 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp. — Class A\* | 22 |  | 6821 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 76 |  | 5780 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 59 |  | 5537 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 27 |  | 4933 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. | 77 |  | 4565 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.\* | 292 |  | 4482 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.\* | 195 |  | 4366 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 129 |  | 4250 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.\* | 422 |  | 3714 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | 211 |  | 3342 |
| &nbsp;&nbsp;&nbsp;Constellium SE\* | 198 |  | 2946 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.\* | 51 |  | 2815 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 45 |  | 2795 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 35 |  | 2701 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 20 |  | 2635 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 73 |  | 2143 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.\* | 105 |  | 2124 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 48 |  | 2122 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.\* | 26 |  | 2092 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 15 |  | 1973 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 23 |  | 1775 |
| &nbsp;&nbsp;&nbsp;Calumet, Inc.\* | 96 |  | 1752 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric Incorporated / US\* | 120 |  | 1506 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 30 |  | 1431 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.\* | 152 |  | 1331 |
| &nbsp;&nbsp;&nbsp;MAC Copper Ltd. — Class A\* | 86 |  | 1050 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc.\* | 49 |  | 941 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | 76 |  | 860 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corporation of America | 14 |  | 855 |
| &nbsp;&nbsp;&nbsp;Caledonia Mining Corporation plc | 23 |  | 833 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.\* | 256 |  | 822 |
| &nbsp;&nbsp;&nbsp;US Antimony Corp.\* | 128 |  | 794 |
| &nbsp;&nbsp;&nbsp;Ferroglobe plc | 167 |  | 760 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 27 |  | 756 |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 37 |  | 717 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings plc — Class A | 166 |  | 667 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.\* | 90 |  | 650 |
| &nbsp;&nbsp;&nbsp;Idaho Strategic Resources, Inc.\* | 18 |  | 608 |
| &nbsp;&nbsp;&nbsp;Orion S.A. | 78 |  | 591 |
| &nbsp;&nbsp;&nbsp;Magnera Corp.\* | 47 |  | 551 |
| &nbsp;&nbsp;&nbsp;Dakota Gold Corp.\* | 121 |  | 551 |
| &nbsp;&nbsp;&nbsp;American Battery Technology Co.\* | 113 |  | 549 |
| &nbsp;&nbsp;&nbsp;NioCorp Developments Ltd.\* | 73 |  | 488 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.\* | 15 |  | 459 |
| &nbsp;&nbsp;&nbsp;Contango ORE, Inc.\* | 12 |  | 299 |
| &nbsp;&nbsp;&nbsp;Codexis, Inc.\* | 115 |  | 281 |
| &nbsp;&nbsp;&nbsp;Critical Metals Corp.\* | 45 |  | 280 |
| &nbsp;&nbsp;&nbsp;US Gold Corp.\* | 15 |  | 247 |
| &nbsp;&nbsp;&nbsp;Vox Royalty Corp. | 56 |  | 241 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals Ltd.\* | 39 |  | 214 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp.\* | 37 |  | 212 |
| &nbsp;&nbsp;&nbsp;Friedman Industries, Inc. | 9 |  | 197 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | 31 |  | 178 |
| &nbsp;&nbsp;&nbsp;Trinseo plc | 48 |  | 113 |
| &nbsp;&nbsp;&nbsp;Valhi, Inc. | 3 |  | 47 |
| &nbsp;&nbsp;&nbsp;US Goldmining, Inc.\* | 2 |  | 26 |
| **Total Basic Materials** |  |  | 153405 |
| **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** | **Utilities - 2.0%** |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.\* | 151 |  | 16856 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 86 |  | 8278 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 136 |  | 7691 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 91 |  | 7129 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp. — Class A | 169 |  | 6949 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 142 |  | 6838 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 155 |  | 6820 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 84 |  | 6799 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 81 |  | 6603 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 102 |  | 6282 |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 82 |  | 5445 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 87 |  | 5099 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 54 |  | 4426 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 52 |  | 4377 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 32 |  | 4310 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 113 |  | 4273 |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 54 |  | 3959 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 84 |  | 3855 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.\* | 243 |  | 2683 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 57 |  | 2561 |
| &nbsp;&nbsp;&nbsp;H2O America | 45 |  | 2192 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc. — Class A\* | 45 |  | 1511 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | 25 |  | 1353 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 23 |  | 1101 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Company Ltd. | 21 |  | 741 |
| &nbsp;&nbsp;&nbsp;York Water Co. | 20 |  | 608 |
| &nbsp;&nbsp;&nbsp;Genie Energy Ltd. — Class B | 30 |  | 448 |
| &nbsp;&nbsp;&nbsp;RGC Resources, Inc. | 12 |  | 269 |
| &nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | 17 |  | 175 |
| **Total Utilities** |  |  | 129631 |
| **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. — Class E | 41 |  | 1885 |
| **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,359,860) |  |  | 3948542 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 197

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS<sup>††</sup>** **- 0.0%** | **RIGHTS<sup>††</sup>** **- 0.0%** | **RIGHTS<sup>††</sup>** **- 0.0%** |
| **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
| Cartesian Therapeutics Inc.\* | 179 | $— |
| Sanofi SA | 52 |  |
| Tobira Therapeutics, Inc.\*<sup>,†††</sup> | 14 |  |
| Novartis AG\*<sup>,†††</sup> | 100 |  |
| **Total Consumer, Non-cyclical** |  |  |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $39) |  |  |
| **MUTUAL FUNDS<sup>†</sup>** **- 15.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 15.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 15.9%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 25618 | 637370 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 42083 | 423779 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,044,011) |  | 1061149 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILL<sup>††</sup>** **- 0.8%** | **U.S. TREASURY BILL<sup>††</sup>** **- 0.8%** | **U.S. TREASURY BILL<sup>††</sup>** **- 0.8%** |
| U.S. Treasury Bill | U.S. Treasury Bill | U.S. Treasury Bill |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>2,3</sup> | $50000 | 49581 |
| **Total U.S. Treasury Bill** | **Total U.S. Treasury Bill** |  |
| &nbsp;&nbsp;&nbsp;(Cost $49,583) |  | 49581 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 12.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 12.7%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 12.7%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 495039 | 495039 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 356213 | 356213 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $851,252) |  | 851252 |
| **Total Investments - 88.5%** | **Total Investments - 88.5%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,304,745) | &nbsp;&nbsp;&nbsp;(Cost $5,304,745) | $5910524 |
| **Other Assets & Liabilities, net - 11.5%** | **Other Assets & Liabilities, net - 11.5%** | 770823 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $6681347 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
| BNP Paribas | Russell 2000 Index | Pay | 4.64% (Federal <br> Funds Rate +<br> 0.55%) | At Maturity | 11/20/25 | 986 | $2401638 | $1482 |
| Barclays Bank plc | Russell 2000 Index | Pay | 4.88% (SOFR +<br> 0.75%) | At Maturity | 11/20/25 | 319 | 777299 | 481 |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.44% (Federal <br> Funds Rate +<br> 0.35%) | At Maturity | 11/19/25 | 1184 | 2884883 | (24521) |
|  |  |  |  |  |  |  | $6063820 | $(22558) |

---

198 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 3 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <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;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 | $3948542 | $— | $— \* | $3948542 |
| Rights |  | — \* | — \* |  |
| Mutual Funds | 1061149 |  |  | 1061149 |
| U.S. Treasury Bill |  | 49581 |  | 49581 |
| Repurchase Agreements |  | 851252 |  | 851252 |
| Equity Index Swap Agreements\*\* |  | 1963 |  | 1963 |
| Total Assets | $5009691 | $902796 | $— | $5912487 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 24521 | $– $| 24521 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Security has a market value of $0. |
| \*\* | &nbsp;&nbsp;&nbsp;This derivative is reported as unrealized appreciation/depreciation at period end. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 199

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $636857 | $— | $— | $— | $513 | $637370 | 25618 | $17052 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 562295 |  | (140000) | 639 | 845 | 423779 | 42083 | 9356 |
|  | $1199152 | $— | $(140000) | $639 | $1358 | $1061149 |  | $26408 |

---

200 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $3,409,482) | $3998123 |
| Investments in affiliated issuers, at value (cost $1,044,011) | 1061149 |
| Repurchase agreements, at value (cost $851,252) | 851252 |
| Cash | 221172 |
| Segregated cash with broker | 585341 |
| Unrealized appreciation on OTC swap agreements | 1963 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 7633 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1672 |
| &nbsp;&nbsp;&nbsp;Interest | 100 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 38 |
| **Total assets** | 6728443 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 24521 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 4570 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 3599 |
| &nbsp;&nbsp;&nbsp;Licensing fees | 2890 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 2201 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1843 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1299 |
| &nbsp;&nbsp;&nbsp;Securities purchased | 535 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 271 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 60 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 5307 |
| **Total liabilities** | 47096 |
| **Net assets** | $6681347 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $8441249 |
| Total distributable earnings (loss) | (1759902) |
| Net assets | $6681347 |
| **Class A:** | **Class A:** |
| Net assets | $1231629 |
| Capital shares outstanding | 19590 |
| Net asset value per share | $62.87 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $66.01 |
| **Class C:** | **Class C:** |
| Net assets | $10698 |
| Capital shares outstanding | 240 |
| Net asset value per share | $44.58 |
| **Class H:** | **Class H:** |
| Net assets | $5439020 |
| Capital shares outstanding | 87084 |
| Net asset value per share | $62.46 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $58) | $24110 |
| Dividends from securities of affiliated issuers | 26408 |
| Interest | 26012 |
| Income from securities lending, net | 546 |
| &nbsp;&nbsp;&nbsp;Total investment income | 77076 |
| **Expenses:** | **Expenses:** |
| Management fees | 26253 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1292 |
| &nbsp;&nbsp;&nbsp;Class C | 37 |
| &nbsp;&nbsp;&nbsp;Class H | 5991 |
| Transfer agent fees | 6147 |
| Portfolio accounting and administration fees | 4449 |
| Registration fees | 3686 |
| Professional fees | 1580 |
| Interest expense | 1277 |
| Custodian fees | 534 |
| Trustees' fees\* | 406 |
| Miscellaneous | 1782 |
| &nbsp;&nbsp;&nbsp;Total expenses | 53434 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2917) |
| Expenses waived by Adviser | (538) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (3455) |
| Net expenses | 49979 |
| Net investment income | 27097 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 71158 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 639 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 634920 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 47460 |
| Net realized gain | 754177 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 622275 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 1358 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 120213 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 8446 |
| Net change in unrealized appreciation (depreciation) | 752292 |
| Net realized and unrealized gain | 1506469 |
| **Net increase in net assets resulting from operations** | $1533566 |

---

\* 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 \| 201

**RUSSELL 2000<sup>®</sup>** **1.5x 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 | $27097 | $74257 |
| Net realized gain (loss) on investments | 754177 | (385282) |
| Net change in unrealized appreciation (depreciation) on investments | 752292 | (635845) |
| Net increase (decrease) in net assets resulting from operations | 1533566 | (946870) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (13953) |
| &nbsp;&nbsp;&nbsp;Class C |  | (187) |
| &nbsp;&nbsp;&nbsp;Class H |  | (83177) |
| Total distributions to shareholders |  | (97317) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 42913 | 140218 |
| &nbsp;&nbsp;&nbsp;Class C | 6676 | 14182 |
| &nbsp;&nbsp;&nbsp;Class H | 2504223 | 7405182 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 13482 |
| &nbsp;&nbsp;&nbsp;Class C |  | 187 |
| &nbsp;&nbsp;&nbsp;Class H |  | 82955 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (27672) | (57091) |
| &nbsp;&nbsp;&nbsp;Class C | (7581) | (134719) |
| &nbsp;&nbsp;&nbsp;Class H | (2599544) | (8313410) |
| Net decrease from capital share transactions | (80985) | (849014) |
| Net increase (decrease) in net assets | 1452581 | (1893201) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 5228766 | 7121967 |
| &nbsp;&nbsp;&nbsp;End of period | $6681347 | $5228766 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 701 | 2269 |
| &nbsp;&nbsp;&nbsp;Class C | 164 | 378 |
| &nbsp;&nbsp;&nbsp;Class H | 47400 | 125316 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 218 |
| &nbsp;&nbsp;&nbsp;Class C |  | 4 |
| &nbsp;&nbsp;&nbsp;Class H |  | 1350 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (459) | (1053) |
| &nbsp;&nbsp;&nbsp;Class C | (202) | (3512) |
| &nbsp;&nbsp;&nbsp;Class H | (49931) | (147108) |
| Net decrease in shares | (2327) | (22138) |

---

202 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $48.16 | $54.91 | $44.36 | $56.57 | $101.22 | $39.16 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .25 | .62 | .61 | .22 | (1.02) | (.94) |
| Net gain (loss) on investments (realized and unrealized) | 14.46 | (6.64) | 10.05 | (12.43) | (7.02) | 63.25 |
| Total from investment operations | 14.71 | (6.02) | 10.66 | (12.21) | (8.04) | 62.31 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.73) | (.11) |  |  | (.25) |
| Net realized gains |  |  |  |  | (36.61) |  |
| Total distributions |  | (.73) | (.11) |  | (36.61) | (.25) |
| Net asset value, end of period | $62.87 | $48.16 | $54.91 | $44.36 | $56.57 | $101.22 |
| **Total Return<sup>c</sup>** | **30.54%** | **(11.26** **%)** | **24.07%** | **(21.58** **%)** | **(11.85** **%)** | **159.26%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1232 | $932 | $984 | $879 | $1268 | $1749 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.93% | 1.12% | 1.32% | 0.48% | (1.18%) | (1.40%) |
| Total expenses<sup>d</sup> | 1.83% | 1.80% | 1.77% | 1.75% | 1.71% | 1.79% |
| Net expenses<sup>e</sup> | 1.71% | 1.68% | 1.67% | 1.69% | 1.68% | 1.77% |
| Portfolio turnover rate | 7% | 10% | 8% | 9% | 62% |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $34.31 | $39.56 | $32.26 | $41.41 | $84.58 | $32.98 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .04 | .17 | .29 | (.09) | (1.28) | (1.27) |
| Net gain (loss) on investments (realized and unrealized) | 10.23 | (4.69) | 7.12 | (9.06) | (5.28) | 53.12 |
| Total from investment operations | 10.27 | (4.52) | 7.41 | (9.15) | (6.56) | 51.85 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.73) | (.11) |  |  | (.25) |
| Net realized gains |  |  |  |  | (36.61) |  |
| Total distributions |  | (.73) | (.11) |  | (36.61) | (.25) |
| Net asset value, end of period | $44.58 | $34.31 | $39.56 | $32.26 | $41.41 | $84.58 |
| **Total Return<sup>c</sup>** | **29.93%** | **(11.94** **%)** | **23.13%** | **(22.10** **%)** | **(12.52** **%)** | **157.38%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $11 | $10 | $135 | $23 | $35 | $75 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.19% | 0.46% | 0.82% | (0.27%) | (1.93%) | (2.16%) |
| Total expenses<sup>d</sup> | 2.59% | 2.48% | 2.49% | 2.50% | 2.46% | 2.52% |
| Net expenses<sup>e</sup> | 2.48% | 2.35% | 2.38% | 2.44% | 2.43% | 2.50% |
| Portfolio turnover rate | 7% | 10% | 8% | 9% | 62% |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 203

**RUSSELL 2000<sup>®</sup>** **1.5x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $47.84 | $54.55 | $44.08 | $56.20 | $100.81 | $39.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .25 | .62 | .61 | .21 | (.98) | (.98) |
| Net gain (loss) on investments (realized and unrealized) | 14.37 | (6.60) | 9.97 | (12.33) | (7.02) | 63.04 |
| Total from investment operations | 14.62 | (5.98) | 10.58 | (12.12) | (8.00) | 62.06 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.73) | (.11) |  |  | (.25) |
| Net realized gains |  |  |  |  | (36.61) |  |
| Total distributions |  | (.73) | (.11) |  | (36.61) | (.25) |
| Net asset value, end of period | $62.46 | $47.84 | $54.55 | $44.08 | $56.20 | $100.81 |
| **Total Return** | **30.56%** | **(11.26** **%)** | **24.07%** | **(21.57** **%)** | **(11.86** **%)** | **159.27%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $5439 | $4287 | $6004 | $5300 | $8683 | $9482 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.93% | 1.12% | 1.34% | 0.46% | (1.17%) | (1.42%) |
| Total expenses<sup>d</sup> | 1.83% | 1.80% | 1.77% | 1.75% | 1.71% | 1.78% |
| Net expenses<sup>e</sup> | 1.71% | 1.68% | 1.67% | 1.69% | 1.68% | 1.76% |
| Portfolio turnover rate | 7% | 10% | 8% | 9% | 62% |  |

---

<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.

204 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 53.2%** | **COMMON STOCKS<sup>†</sup>** **- 53.2%** | **COMMON STOCKS<sup>†</sup>** **- 53.2%** |
| **Financial - 12.7%** | **Financial - 12.7%** | **Financial - 12.7%** |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | 169 | $20001 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | 815 | 17889 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 490 | 16993 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc. — Class A | 167 | 16905 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | 434 | 16292 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.\* | 864 | 15777 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | 370 | 15544 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.\* | 811 | 15433 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 227 | 14428 |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 41 | 14227 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. REIT | 462 | 13749 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | 278 | 13530 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. REIT | 238 | 13507 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. REIT | 144 | 12901 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 200 | 12522 |
| &nbsp;&nbsp;&nbsp;Moelis & Co. — Class A | 174 | 12410 |
| &nbsp;&nbsp;&nbsp;Home BancShares, Inc. | 438 | 12395 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | 329 | 12242 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 1128 | 11957 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | 332 | 11716 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.\* | 647 | 11607 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust REIT | 514 | 11462 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 141 | 11431 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | 315 | 11409 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | 155 | 11363 |
| &nbsp;&nbsp;&nbsp;Macerich Co. REIT | 591 | 10756 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 127 | 10750 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.\* | 106 | 10697 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc. — Class A | 162 | 10580 |
| &nbsp;&nbsp;&nbsp;First Financial Bankshares, Inc. | 313 | 10532 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | 553 | 10308 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Company, Inc. | 296 | 10162 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 390 | 10027 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. REIT | 167 | 9988 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.\* | 196 | 9957 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 120 | 9664 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.\* | 651 | 9440 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc. — Class A | 53 | 9420 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.\* | 106 | 8960 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. REIT | 546 | 8949 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | 283 | 8872 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. REIT | 262 | 8866 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 224 | 8859 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | 127 | 8731 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc\* | 543 | 8645 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. — Class A\* | 966 | 8597 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. REIT | 108 | 8586 |
| &nbsp;&nbsp;&nbsp;Compass, Inc. — Class A\* | 1068 | 8576 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | 279 | 8565 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | 68 | 8424 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | 461 | 8367 |
| &nbsp;&nbsp;&nbsp;First BanCorp | 379 | 8357 |
| &nbsp;&nbsp;&nbsp;Flagstar Financial, Inc. | 712 | 8224 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 221 | 8153 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.\* | 107 | 8013 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | 428 | 7974 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc. — Class A | 841 | 7956 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. REIT | 445 | 7952 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.\* | 621 | 7818 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 113 | 7816 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties REIT | 267 | 7759 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.\* | 221 | 7693 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | 158 | 7586 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.\* | 660 | 7537 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. REIT | 184 | 7498 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | 124 | 7271 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.\* | 61 | 7122 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | 222 | 7088 |
| &nbsp;&nbsp;&nbsp;Blackstone Mortgage Trust, Inc. — Class A REIT | 382 | 7033 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. — Class A\* | 183 | 7016 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 130 | 7011 |
| &nbsp;&nbsp;&nbsp;Lemonade, Inc.\* | 129 | 6905 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | 177 | 6754 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc. — Class A | 362 | 6751 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc. — Class A | 104 | 6735 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | 57 | 6686 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc. — Class A | 207 | 6597 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.\* | 56 | 6445 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | 77 | 6439 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc. — Class A | 147 | 6380 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. — Class A | 330 | 6326 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | 525 | 6305 |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust REIT | 310 | 6247 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 49 | 6196 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust REIT | 684 | 6129 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties REIT | 298 | 6100 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corporation of Florida | 200 | 6086 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 109 | 6079 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | 92 | 6039 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. REIT | 327 | 5991 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. REIT | 380 | 5917 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | 310 | 5862 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | 302 | 5823 |
| &nbsp;&nbsp;&nbsp;TowneBank | 166 | 5739 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. REIT | 234 | 5710 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | 224 | 5656 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | 183 | 5543 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | 34 | 5526 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. REIT | 448 | 5470 |
| &nbsp;&nbsp;&nbsp;Burford Capital Ltd. | 450 | 5382 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | 96 | 5351 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 63 | 5341 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | 133 | 5267 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | 80 | 5240 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. REIT | 183 | 5237 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | 137 | 5165 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. REIT | 228 | 5084 |
| &nbsp;&nbsp;&nbsp;First Bancorp | 95 | 5025 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 205

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | 120 | $5011 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | 86 | 4986 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | 299 | 4948 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 65 | 4766 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. — Class A\* | 165 | 4655 |
| &nbsp;&nbsp;&nbsp;First Busey Corp. | 201 | 4653 |
| &nbsp;&nbsp;&nbsp;Beacon Financial Corp. | 196 | 4636 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 24 | 4606 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | 104 | 4523 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.\* | 69 | 4511 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | 89 | 4404 |
| &nbsp;&nbsp;&nbsp;Dave, Inc.\* | 22 | 4386 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd.\* | 240 | 4342 |
| &nbsp;&nbsp;&nbsp;Stock Yards Bancorp, Inc. | 62 | 4339 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 96 | 4336 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | 65 | 4265 |
| &nbsp;&nbsp;&nbsp;Marex Group plc | 125 | 4202 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | 339 | 4200 |
| &nbsp;&nbsp;&nbsp;Nicolet Bankshares, Inc. | 31 | 4170 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. — Class A | 56 | 4168 |
| &nbsp;&nbsp;&nbsp;Bank of NT Butterfield & Son Ltd. | 97 | 4163 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital Ltd. — Class A | 416 | 4160 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | 124 | 4158 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. REIT | 443 | 4151 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 33 | 4088 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 55 | 4071 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | 238 | 4058 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.\* | 266 | 4041 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.\* | 84 | 3995 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. REIT | 221 | 3991 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. REIT | 107 | 3944 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 282 | 3920 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. REIT | 480 | 3821 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. REIT | 464 | 3772 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.\* | 87 | 3765 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc. — Class A | 30 | 3761 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | 58 | 3724 |
| &nbsp;&nbsp;&nbsp;Dynex Capital, Inc. REIT | 302 | 3712 |
| &nbsp;&nbsp;&nbsp;Farmer Mac — Class C | 22 | 3696 |
| &nbsp;&nbsp;&nbsp;Bitdeer Technologies Group — Class A\* | 210 | 3589 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. REIT | 237 | 3541 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. REIT | 65 | 3483 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 104 | 3476 |
| &nbsp;&nbsp;&nbsp;Elme Communities REIT | 206 | 3473 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp. — Class A | 89 | 3439 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | 90 | 3383 |
| &nbsp;&nbsp;&nbsp;German American Bancorp, Inc. | 85 | 3338 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | 110 | 3337 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. REIT | 328 | 3323 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. REIT | 122 | 3273 |
| &nbsp;&nbsp;&nbsp;Sila Realty Trust, Inc. REIT | 130 | 3263 |
| &nbsp;&nbsp;&nbsp;Coastal Financial Corp.\* | 30 | 3245 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties REIT | 145 | 3226 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | 72 | 3198 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. REIT | 230 | 3156 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust REIT | 276 | 3144 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. REIT | 171 | 3110 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | 143 | 3049 |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 62 | 2986 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 274 | 2951 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | 39 | 2950 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. — Class A REIT | 268 | 2924 |
| &nbsp;&nbsp;&nbsp;Live Oak Bancshares, Inc. | 83 | 2923 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.\* | 120 | 2879 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc. REIT\* | 438 | 2865 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 15 | 2850 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | 57 | 2849 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. REIT | 217 | 2817 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. REIT | 185 | 2812 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | 94 | 2804 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | 112 | 2779 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. REIT | 183 | 2718 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.\* | 53 | 2652 |
| &nbsp;&nbsp;&nbsp;1st Source Corp. | 43 | 2647 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group Ltd. — Class B\* | 106 | 2629 |
| &nbsp;&nbsp;&nbsp;Piedmont Realty Trust, Inc. — Class A REIT\* | 292 | 2628 |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.\* | 247 | 2616 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | 68 | 2607 |
| &nbsp;&nbsp;&nbsp;Bank First Corp. | 21 | 2548 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust REIT | 205 | 2513 |
| &nbsp;&nbsp;&nbsp;RLJ Lodging Trust REIT | 348 | 2506 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | 66 | 2484 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc. — Class A REIT | 324 | 2482 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. REIT | 122 | 2479 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 35 | 2474 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. REIT | 187 | 2472 |
| &nbsp;&nbsp;&nbsp;Cannae Holdings, Inc. | 135 | 2472 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp, Inc. | 82 | 2459 |
| &nbsp;&nbsp;&nbsp;Apartment Investment and Management Co. — Class A REIT | 310 | 2458 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings Ltd. | 135 | 2450 |
| &nbsp;&nbsp;&nbsp;Preferred Bank/Los Angeles CA | 27 | 2441 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | 57 | 2421 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. REIT | 245 | 2418 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | 70 | 2416 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | 284 | 2363 |
| &nbsp;&nbsp;&nbsp;Centerspace REIT | 40 | 2356 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 134 | 2354 |
| &nbsp;&nbsp;&nbsp;Diversified Healthcare Trust REIT | 515 | 2271 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.\* | 54 | 2254 |
| &nbsp;&nbsp;&nbsp;Root, Inc. — Class A\* | 25 | 2238 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. REIT | 242 | 2224 |
| &nbsp;&nbsp;&nbsp;Bit Digital, Inc.\* | 740 | 2220 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 165 | 2170 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | 96 | 2144 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. REIT | 93 | 2132 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | 32 | 2119 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. REIT | 192 | 2085 |

---

206 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Community Trust Bancorp, Inc. | 37 | $2070 |
| &nbsp;&nbsp;&nbsp;Hudson Pacific Properties, Inc. REIT\* | 749 | 2067 |
| &nbsp;&nbsp;&nbsp;Patria Investments Ltd. — Class A | 141 | 2059 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. REIT | 132 | 2045 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | 68 | 2041 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | 32 | 1974 |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | 45 | 1973 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | 184 | 1961 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | 61 | 1940 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | 80 | 1935 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | 68 | 1921 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | 62 | 1881 |
| &nbsp;&nbsp;&nbsp;Brookfield Business Corp. — Class A | 56 | 1878 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | 49 | 1856 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 289 | 1835 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 312 | 1806 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | 64 | 1775 |
| &nbsp;&nbsp;&nbsp;Orchid Island Capital, Inc. REIT | 253 | 1774 |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | 102 | 1763 |
| &nbsp;&nbsp;&nbsp;Esquire Financial Holdings, Inc. | 17 | 1735 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | 70 | 1728 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. REIT | 53 | 1708 |
| &nbsp;&nbsp;&nbsp;Northeast Bank | 17 | 1703 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust REIT | 404 | 1685 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.\* | 26 | 1683 |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | 87 | 1676 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | 37 | 1665 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. REIT | 303 | 1645 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | 56 | 1644 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | 102 | 1633 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | 66 | 1597 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corporation NY | 44 | 1597 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | 67 | 1582 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | 60 | 1578 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | 21 | 1571 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. | 50 | 1564 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | 38 | 1556 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | 27 | 1524 |
| &nbsp;&nbsp;&nbsp;Hippo Holdings, Inc.\* | 42 | 1519 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. REIT | 391 | 1513 |
| &nbsp;&nbsp;&nbsp;Camden National Corp. | 39 | 1505 |
| &nbsp;&nbsp;&nbsp;Orrstown Financial Services, Inc. | 44 | 1495 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | 55 | 1493 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 49 | 1491 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | 47 | 1456 |
| &nbsp;&nbsp;&nbsp;NB Bancorp, Inc. | 82 | 1447 |
| &nbsp;&nbsp;&nbsp;Republic Bancorp, Inc. — Class A | 20 | 1445 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.\* | 93 | 1436 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. REIT | 258 | 1416 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | 141 | 1400 |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc. REIT | 200 | 1394 |
| &nbsp;&nbsp;&nbsp;P10, Inc. — Class A | 128 | 1393 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | 33 | 1379 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. REIT | 161 | 1378 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | 47 | 1346 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc. — Class A | 33 | 1343 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.\* | 53 | 1335 |
| &nbsp;&nbsp;&nbsp;Aspen Insurance Holdings Ltd. — Class A\* | 36 | 1322 |
| &nbsp;&nbsp;&nbsp;Gladstone Commercial Corp. REIT | 107 | 1318 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. REIT | 188 | 1318 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. REIT | 43 | 1315 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 65 | 1314 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT — Class B REIT | 106 | 1302 |
| &nbsp;&nbsp;&nbsp;Washington Trust Bancorp, Inc. | 45 | 1301 |
| &nbsp;&nbsp;&nbsp;First Community Bankshares, Inc. | 37 | 1288 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | 47 | 1278 |
| &nbsp;&nbsp;&nbsp;Metrocity Bankshares, Inc. | 46 | 1274 |
| &nbsp;&nbsp;&nbsp;GCM Grosvenor, Inc. — Class A | 104 | 1255 |
| &nbsp;&nbsp;&nbsp;Farmers National Banc Corp. | 86 | 1239 |
| &nbsp;&nbsp;&nbsp;Great Southern Bancorp, Inc. | 20 | 1225 |
| &nbsp;&nbsp;&nbsp;HarborOne Bancorp, Inc. | 90 | 1224 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | 34 | 1215 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | 23 | 1209 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. REIT | 134 | 1206 |
| &nbsp;&nbsp;&nbsp;Five Star Bancorp | 37 | 1191 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | 72 | 1182 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust REIT | 30 | 1175 |
| &nbsp;&nbsp;&nbsp;Alerus Financial Corp. | 53 | 1173 |
| &nbsp;&nbsp;&nbsp;Alexander's, Inc. REIT | 5 | 1172 |
| &nbsp;&nbsp;&nbsp;Invesco Mortgage Capital, Inc. REIT | 155 | 1172 |
| &nbsp;&nbsp;&nbsp;Firstsun Capital Bancorp\* | 30 | 1164 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | 30 | 1160 |
| &nbsp;&nbsp;&nbsp;CTO Realty Growth, Inc. REIT | 71 | 1157 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.\* | 30 | 1139 |
| &nbsp;&nbsp;&nbsp;Peakstone Realty Trust REIT | 86 | 1128 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | 52 | 1126 |
| &nbsp;&nbsp;&nbsp;Arrow Financial Corp. | 39 | 1104 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | 38 | 1075 |
| &nbsp;&nbsp;&nbsp;Peoples Financial Services Corp. | 22 | 1069 |
| &nbsp;&nbsp;&nbsp;Bar Harbor Bankshares | 35 | 1066 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. REIT | 118 | 1063 |
| &nbsp;&nbsp;&nbsp;ACNB Corp. | 24 | 1057 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc. REIT | 97 | 1055 |
| &nbsp;&nbsp;&nbsp;Hingham Institution For Savings | 4 | 1055 |
| &nbsp;&nbsp;&nbsp;Tiptree, Inc. — Class A | 55 | 1054 |
| &nbsp;&nbsp;&nbsp;Flushing Financial Corp. | 76 | 1049 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | 38 | 1049 |
| &nbsp;&nbsp;&nbsp;Carter Bankshares, Inc.\* | 54 | 1048 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings\* | 158 | 1046 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc. — Class A\* | 97 | 1044 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.\* | 249 | 1041 |
| &nbsp;&nbsp;&nbsp;Northfield Bancorp, Inc. | 88 | 1038 |
| &nbsp;&nbsp;&nbsp;NET Lease Office Properties REIT | 35 | 1038 |
| &nbsp;&nbsp;&nbsp;Guaranty Bancshares, Inc. | 21 | 1024 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.\* | 6 | 1015 |
| &nbsp;&nbsp;&nbsp;Global Medical REIT, Inc. | 30 | 1011 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.\* | 37 | 1000 |
| &nbsp;&nbsp;&nbsp;FTAI Infrastructure, Inc. | 229 | 999 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc. | 34 | 985 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust REIT | 363 | 984 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. REIT | 64 | 979 |
| &nbsp;&nbsp;&nbsp;Slide Insurance Holdings, Inc.\* | 62 | 979 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 207

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;First Business Financial Services, Inc. | 19 | $974 |
| &nbsp;&nbsp;&nbsp;Columbia Financial, Inc.\* | 64 | 961 |
| &nbsp;&nbsp;&nbsp;One Liberty Properties, Inc. REIT | 43 | 951 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. REIT | 29 | 924 |
| &nbsp;&nbsp;&nbsp;International Money Express, Inc.\* | 66 | 922 |
| &nbsp;&nbsp;&nbsp;California BanCorp\* | 53 | 884 |
| &nbsp;&nbsp;&nbsp;Kearny Financial Corp. | 134 | 880 |
| &nbsp;&nbsp;&nbsp;Home Bancorp, Inc. | 16 | 869 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.\* | 49 | 862 |
| &nbsp;&nbsp;&nbsp;Capital Bancorp, Inc. | 27 | 861 |
| &nbsp;&nbsp;&nbsp;Regional Management Corp. | 22 | 857 |
| &nbsp;&nbsp;&nbsp;Bank of Marin Bancorp | 35 | 850 |
| &nbsp;&nbsp;&nbsp;Diamond Hill Investment Group, Inc. | 6 | 840 |
| &nbsp;&nbsp;&nbsp;Sierra Bancorp | 29 | 838 |
| &nbsp;&nbsp;&nbsp;Ambac Financial Group, Inc.\* | 100 | 834 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc. — Class A REIT | 53 | 832 |
| &nbsp;&nbsp;&nbsp;First Bank/Hamilton NJ | 51 | 831 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | 17 | 831 |
| &nbsp;&nbsp;&nbsp;First Foundation, Inc.\* | 149 | 830 |
| &nbsp;&nbsp;&nbsp;GBank Financial Holdings, Inc.\* | 21 | 825 |
| &nbsp;&nbsp;&nbsp;Midland States Bancorp, Inc. | 48 | 823 |
| &nbsp;&nbsp;&nbsp;Community West Bancshares | 39 | 813 |
| &nbsp;&nbsp;&nbsp;Investors Title Co. | 3 | 803 |
| &nbsp;&nbsp;&nbsp;MBIA, Inc.\* | 107 | 797 |
| &nbsp;&nbsp;&nbsp;Southern First Bancshares, Inc.\* | 18 | 794 |
| &nbsp;&nbsp;&nbsp;Greenlight Capital Re Ltd. — Class A\* | 62 | 787 |
| &nbsp;&nbsp;&nbsp;Atlanticus Holdings Corp.\* | 13 | 762 |
| &nbsp;&nbsp;&nbsp;Bankwell Financial Group, Inc. | 17 | 752 |
| &nbsp;&nbsp;&nbsp;RBB Bancorp | 40 | 750 |
| &nbsp;&nbsp;&nbsp;Farmers & Merchants Bancorp Incorporated/Archbold OH | 30 | 750 |
| &nbsp;&nbsp;&nbsp;Donegal Group, Inc. — Class A | 38 | 737 |
| &nbsp;&nbsp;&nbsp;Gladstone Land Corp. REIT | 80 | 733 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust REIT | 109 | 731 |
| &nbsp;&nbsp;&nbsp;Civista Bancshares, Inc. | 36 | 731 |
| &nbsp;&nbsp;&nbsp;Industrial Logistics Properties Trust REIT | 125 | 729 |
| &nbsp;&nbsp;&nbsp;Resolute Holdings Management, Inc.\* | 10 | 721 |
| &nbsp;&nbsp;&nbsp;Claros Mortgage Trust, Inc. REIT\* | 216 | 717 |
| &nbsp;&nbsp;&nbsp;Red River Bancshares, Inc. | 11 | 713 |
| &nbsp;&nbsp;&nbsp;West BanCorp, Inc. | 35 | 711 |
| &nbsp;&nbsp;&nbsp;Citizens & Northern Corp. | 35 | 693 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | 24 | 690 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | 27 | 680 |
| &nbsp;&nbsp;&nbsp;Colony Bankcorp, Inc. | 40 | 680 |
| &nbsp;&nbsp;&nbsp;MVB Financial Corp. | 27 | 677 |
| &nbsp;&nbsp;&nbsp;Ponce Financial Group, Inc.\* | 46 | 676 |
| &nbsp;&nbsp;&nbsp;Better Home & Finance Holding Co.\* | 12 | 674 |
| &nbsp;&nbsp;&nbsp;NewtekOne, Inc. | 58 | 664 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Services, Inc. | 11 | 663 |
| &nbsp;&nbsp;&nbsp;FRP Holdings, Inc.\* | 27 | 658 |
| &nbsp;&nbsp;&nbsp;First Bancorp, Inc. | 25 | 656 |
| &nbsp;&nbsp;&nbsp;American Coastal Insurance Corp. | 57 | 649 |
| &nbsp;&nbsp;&nbsp;OppFi, Inc. | 57 | 646 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | 92 | 640 |
| &nbsp;&nbsp;&nbsp;Onity Group, Inc.\* | 16 | 639 |
| &nbsp;&nbsp;&nbsp;FS Bancorp, Inc. | 16 | 639 |
| &nbsp;&nbsp;&nbsp;Blue Ridge Bankshares, Inc.\* | 150 | 634 |
| &nbsp;&nbsp;&nbsp;Selectquote, Inc.\* | 322 | 631 |
| &nbsp;&nbsp;&nbsp;Kingsway Financial Services, Inc.\* | 43 | 629 |
| &nbsp;&nbsp;&nbsp;Northeast Community Bancorp, Inc. | 29 | 597 |
| &nbsp;&nbsp;&nbsp;John Marshall Bancorp, Inc. | 30 | 595 |
| &nbsp;&nbsp;&nbsp;loanDepot, Inc. — Class A\* | 190 | 583 |
| &nbsp;&nbsp;&nbsp;Waterstone Financial, Inc. | 37 | 577 |
| &nbsp;&nbsp;&nbsp;Mechanics Bancorp — Class A\* | 43 | 572 |
| &nbsp;&nbsp;&nbsp;RMR Group, Inc. — Class A | 36 | 566 |
| &nbsp;&nbsp;&nbsp;Timberland Bancorp, Inc. | 17 | 566 |
| &nbsp;&nbsp;&nbsp;FrontView REIT, Inc. | 41 | 562 |
| &nbsp;&nbsp;&nbsp;Ares Commercial Real Estate Corp. REIT | 124 | 559 |
| &nbsp;&nbsp;&nbsp;Citizens, Inc.\* | 106 | 556 |
| &nbsp;&nbsp;&nbsp;Orange County Bancorp, Inc. | 22 | 555 |
| &nbsp;&nbsp;&nbsp;Legacy Housing Corp.\* | 20 | 550 |
| &nbsp;&nbsp;&nbsp;PCB Bancorp | 26 | 546 |
| &nbsp;&nbsp;&nbsp;Abacus Global Management, Inc.\* | 94 | 539 |
| &nbsp;&nbsp;&nbsp;Chemung Financial Corp. | 10 | 525 |
| &nbsp;&nbsp;&nbsp;Chicago Atlantic Real Estate Finance, Inc. REIT | 41 | 524 |
| &nbsp;&nbsp;&nbsp;Plumas Bancorp | 12 | 518 |
| &nbsp;&nbsp;&nbsp;Western New England Bancorp, Inc. | 43 | 516 |
| &nbsp;&nbsp;&nbsp;Primis Financial Corp. | 49 | 515 |
| &nbsp;&nbsp;&nbsp;First United Corp. | 14 | 515 |
| &nbsp;&nbsp;&nbsp;Middlefield Banc Corp. | 17 | 510 |
| &nbsp;&nbsp;&nbsp;Paysign, Inc.\* | 81 | 509 |
| &nbsp;&nbsp;&nbsp;Norwood Financial Corp. | 20 | 508 |
| &nbsp;&nbsp;&nbsp;FB Bancorp, Inc.\* | 42 | 505 |
| &nbsp;&nbsp;&nbsp;Parke Bancorp, Inc. | 23 | 496 |
| &nbsp;&nbsp;&nbsp;Sky Harbour Group Corp.\* | 50 | 493 |
| &nbsp;&nbsp;&nbsp;Douglas Elliman, Inc.\* | 171 | 489 |
| &nbsp;&nbsp;&nbsp;Oportun Financial Corp.\* | 79 | 487 |
| &nbsp;&nbsp;&nbsp;Investar Holding Corp. | 21 | 487 |
| &nbsp;&nbsp;&nbsp;Fidelity D&D Bancorp, Inc. | 11 | 482 |
| &nbsp;&nbsp;&nbsp;FVCBankcorp, Inc. | 37 | 480 |
| &nbsp;&nbsp;&nbsp;First Community Corp. | 17 | 480 |
| &nbsp;&nbsp;&nbsp;LCNB Corp. | 32 | 480 |
| &nbsp;&nbsp;&nbsp;James River Group Holdings Ltd. | 86 | 477 |
| &nbsp;&nbsp;&nbsp;Provident Bancorp, Inc.\* | 38 | 476 |
| &nbsp;&nbsp;&nbsp;AG Mortgage Investment Trust, Inc. REIT | 65 | 471 |
| &nbsp;&nbsp;&nbsp;C&F Financial Corp. | 7 | 470 |
| &nbsp;&nbsp;&nbsp;Jefferson Capital, Inc. | 27 | 466 |
| &nbsp;&nbsp;&nbsp;Bank7 Corp. | 10 | 463 |
| &nbsp;&nbsp;&nbsp;Franklin Financial Services Corp. | 10 | 460 |
| &nbsp;&nbsp;&nbsp;Oak Valley Bancorp | 16 | 451 |
| &nbsp;&nbsp;&nbsp;National Bankshares, Inc. | 15 | 442 |
| &nbsp;&nbsp;&nbsp;First Western Financial, Inc.\* | 19 | 437 |
| &nbsp;&nbsp;&nbsp;Hawthorn Bancshares, Inc. | 14 | 435 |
| &nbsp;&nbsp;&nbsp;Northpointe Bancshares, Inc. | 25 | 427 |
| &nbsp;&nbsp;&nbsp;Virginia National Bankshares Corp. | 11 | 427 |
| &nbsp;&nbsp;&nbsp;Alpine Income Property Trust, Inc. REIT | 30 | 425 |
| &nbsp;&nbsp;&nbsp;Ames National Corp. | 21 | 425 |
| &nbsp;&nbsp;&nbsp;American Integrity Insurance Group, Inc.\* | 19 | 424 |
| &nbsp;&nbsp;&nbsp;Eagle Financial Services, Inc. | 11 | 416 |
| &nbsp;&nbsp;&nbsp;Seaport Entertainment Group, Inc.\* | 18 | 412 |
| &nbsp;&nbsp;&nbsp;Blue Foundry Bancorp\* | 45 | 409 |

---

208 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;First Savings Financial Group, Inc. | 13 | $| 409 |
| &nbsp;&nbsp;&nbsp;First National Corp. | 18 |  | 408 |
| &nbsp;&nbsp;&nbsp;Finwise Bancorp\* | 21 |  | 407 |
| &nbsp;&nbsp;&nbsp;Crawford & Co. — Class A | 38 |  | 407 |
| &nbsp;&nbsp;&nbsp;Forge Global Holdings, Inc.\* | 24 |  | 406 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc. — Class A\* | 43 |  | 405 |
| &nbsp;&nbsp;&nbsp;Bakkt Holdings, Inc.\* | 12 |  | 404 |
| &nbsp;&nbsp;&nbsp;First Internet Bancorp | 18 |  | 404 |
| &nbsp;&nbsp;&nbsp;Velocity Financial, Inc.\* | 22 |  | 399 |
| &nbsp;&nbsp;&nbsp;BRT Apartments Corp. REIT | 25 |  | 392 |
| &nbsp;&nbsp;&nbsp;OP Bancorp | 28 |  | 390 |
| &nbsp;&nbsp;&nbsp;Medallion Financial Corp. | 38 |  | 384 |
| &nbsp;&nbsp;&nbsp;Kingstone Companies, Inc. | 26 |  | 382 |
| &nbsp;&nbsp;&nbsp;Princeton Bancorp, Inc. | 12 |  | 382 |
| &nbsp;&nbsp;&nbsp;Braemar Hotels & Resorts, Inc. REIT | 138 |  | 377 |
| &nbsp;&nbsp;&nbsp;Citizens Community Bancorp, Inc. | 23 |  | 370 |
| &nbsp;&nbsp;&nbsp;First Capital, Inc. | 8 |  | 366 |
| &nbsp;&nbsp;&nbsp;CB Financial Services, Inc. | 11 |  | 365 |
| &nbsp;&nbsp;&nbsp;Greene County Bancorp, Inc. | 16 |  | 362 |
| &nbsp;&nbsp;&nbsp;LINKBANCORP, Inc. | 50 |  | 357 |
| &nbsp;&nbsp;&nbsp;AlTi Global, Inc.\* | 100 |  | 356 |
| &nbsp;&nbsp;&nbsp;Seven Hills Realty Trust REIT | 34 |  | 351 |
| &nbsp;&nbsp;&nbsp;Pioneer Bancorp, Inc.\* | 26 |  | 340 |
| &nbsp;&nbsp;&nbsp;Stratus Properties, Inc.\* | 16 |  | 339 |
| &nbsp;&nbsp;&nbsp;MainStreet Bancshares, Inc. | 16 |  | 333 |
| &nbsp;&nbsp;&nbsp;Ohio Valley Banc Corp. | 9 |  | 333 |
| &nbsp;&nbsp;&nbsp;Meridian Corp. | 21 |  | 332 |
| &nbsp;&nbsp;&nbsp;BV Financial, Inc.\* | 20 |  | 322 |
| &nbsp;&nbsp;&nbsp;Modiv Industrial, Inc. REIT | 22 |  | 322 |
| &nbsp;&nbsp;&nbsp;BankFinancial Corp. | 26 |  | 313 |
| &nbsp;&nbsp;&nbsp;BCB Bancorp, Inc. | 36 |  | 312 |
| &nbsp;&nbsp;&nbsp;Security National Financial Corp. — Class A\* | 36 |  | 312 |
| &nbsp;&nbsp;&nbsp;Peoples Bancorp of North Carolina, Inc. | 10 |  | 307 |
| &nbsp;&nbsp;&nbsp;NexPoint Diversified Real Estate Trust REIT | 83 |  | 306 |
| &nbsp;&nbsp;&nbsp;Silvercrest Asset Management Group, Inc. — Class A | 19 |  | 299 |
| &nbsp;&nbsp;&nbsp;United Security Bancshares | 32 |  | 299 |
| &nbsp;&nbsp;&nbsp;Richmond Mutual BanCorp, Inc. | 21 |  | 298 |
| &nbsp;&nbsp;&nbsp;Maui Land & Pineapple Company, Inc.\* | 16 |  | 298 |
| &nbsp;&nbsp;&nbsp;ACRES Commercial Realty Corp. REIT\* | 14 |  | 296 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp Montana, Inc. | 17 |  | 294 |
| &nbsp;&nbsp;&nbsp;Landmark Bancorp Incorporated/Manhattan KS | 11 |  | 294 |
| &nbsp;&nbsp;&nbsp;eHealth, Inc.\* | 67 |  | 289 |
| &nbsp;&nbsp;&nbsp;ECB Bancorp, Inc.\* | 18 |  | 286 |
| &nbsp;&nbsp;&nbsp;Franklin Street Properties Corp. REIT | 178 |  | 285 |
| &nbsp;&nbsp;&nbsp;Westwood Holdings Group, Inc. | 17 |  | 280 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mortgage REIT, Inc. | 29 |  | 272 |
| &nbsp;&nbsp;&nbsp;SR Bancorp, Inc. | 18 |  | 272 |
| &nbsp;&nbsp;&nbsp;SB Financial Group, Inc. | 14 |  | 270 |
| &nbsp;&nbsp;&nbsp;Riverview Bancorp, Inc. | 48 |  | 258 |
| &nbsp;&nbsp;&nbsp;Finward Bancorp | 8 |  | 257 |
| &nbsp;&nbsp;&nbsp;Nexpoint Real Estate Finance, Inc. REIT | 18 |  | 255 |
| &nbsp;&nbsp;&nbsp;Rithm Property Trust, Inc. REIT | 99 |  | 249 |
| &nbsp;&nbsp;&nbsp;Sunrise Realty Trust, Inc. REIT | 24 |  | 249 |
| &nbsp;&nbsp;&nbsp;Hanover Bancorp, Inc. | 11 |  | 247 |
| &nbsp;&nbsp;&nbsp;Sound Financial Bancorp, Inc. | 5 |  | 230 |
| &nbsp;&nbsp;&nbsp;Finance of America Companies, Inc. — Class A\* | 10 |  | 224 |
| &nbsp;&nbsp;&nbsp;Union Bankshares, Inc. | 9 |  | 223 |
| &nbsp;&nbsp;&nbsp;NI Holdings, Inc.\* | 16 |  | 217 |
| &nbsp;&nbsp;&nbsp;Lument Finance Trust, Inc. REIT | 107 |  | 216 |
| &nbsp;&nbsp;&nbsp;CF Bankshares, Inc. | 9 |  | 215 |
| &nbsp;&nbsp;&nbsp;Strawberry Fields REIT, Inc. REIT | 17 |  | 209 |
| &nbsp;&nbsp;&nbsp;Transcontinental Realty Investors, Inc.\* | 4 |  | 185 |
| &nbsp;&nbsp;&nbsp;Consumer Portfolio Services, Inc.\* | 22 |  | 166 |
| &nbsp;&nbsp;&nbsp;Advanced Flower Capital, Inc. REIT | 43 |  | 165 |
| &nbsp;&nbsp;&nbsp;Chain Bridge Bancorp, Inc. — Class A\* | 5 |  | 164 |
| &nbsp;&nbsp;&nbsp;Patriot National Bancorp, Inc.\* | 103 |  | 134 |
| &nbsp;&nbsp;&nbsp;Rhinebeck Bancorp, Inc.\* | 11 |  | 125 |
| &nbsp;&nbsp;&nbsp;Clipper Realty, Inc. REIT | 32 |  | 122 |
| &nbsp;&nbsp;&nbsp;Mobile Infrastructure Corp.\* | 34 |  | 120 |
| &nbsp;&nbsp;&nbsp;Kestrel Group Ltd.\* | 4 |  | 109 |
| &nbsp;&nbsp;&nbsp;SWK Holdings Corp. | 7 |  | 102 |
| &nbsp;&nbsp;&nbsp;Siebert Financial Corp.\* | 33 |  | 96 |
| &nbsp;&nbsp;&nbsp;Vroom, Inc.\* | 3 |  | 81 |
| &nbsp;&nbsp;&nbsp;GoHealth, Inc. — Class A\* | 11 |  | 53 |
| &nbsp;&nbsp;&nbsp;American Realty Investors, Inc.\* | 3 |  | 50 |
| &nbsp;&nbsp;&nbsp;Logistic Properties of The Americas\* | 7 |  | 33 |
| **Total Financial** |  |  | 1566430 |
| **Consumer, Non-cyclical - 11.3%** | **Consumer, Non-cyclical - 11.3%** | **Consumer, Non-cyclical - 11.3%** | **Consumer, Non-cyclical - 11.3%** |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 131 |  | 22633 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.\* | 43 |  | 19722 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.\* | 364 |  | 18906 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 198 |  | 18764 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.\* | 278 |  | 17369 |
| &nbsp;&nbsp;&nbsp;Cytokinetics, Inc.\* | 272 |  | 14949 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.\* | 100 |  | 14894 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.\* | 83 |  | 12819 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.\* | 74 |  | 12727 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG\* | 193 |  | 12508 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.\* | 121 |  | 12220 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 338 |  | 12210 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.\* | 156 |  | 11889 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | 98 |  | 11452 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.\* | 94 |  | 11416 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.\* | 137 |  | 11403 |
| &nbsp;&nbsp;&nbsp;Alkermes plc\* | 380 |  | 11400 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.\* | 182 |  | 11169 |
| &nbsp;&nbsp;&nbsp;StoneCo Ltd. — Class A\* | 569 |  | 10760 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\* | 131 |  | 10683 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.\* | 383 |  | 10632 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.\* | 237 |  | 10326 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 58 |  | 10239 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 107 |  | 10069 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.\* | 283 |  | 9761 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.\* | 266 |  | 9581 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc. — Class A\* | 302 |  | 9525 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\* | 371 |  | 9164 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 135 |  | 8968 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 76 |  | 8866 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 209

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.\* | 212 | $8830 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc. — Class A\* | 100 | 8648 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 77 | 8639 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc. — Class A\* | 451 | 8537 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | 121 | 8468 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* | 80 | 8266 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. — Class B | 7 | 8241 |
| &nbsp;&nbsp;&nbsp;Marzetti Co. | 47 | 8121 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 158 | 8104 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 539 | 7902 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. — Class B\* | 44 | 7794 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.\* | 164 | 7787 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.\* | 116 | 7239 |
| &nbsp;&nbsp;&nbsp;Xenon Pharmaceuticals, Inc.\* | 177 | 7107 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.\* | 190 | 7076 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.\* | 94 | 6891 |
| &nbsp;&nbsp;&nbsp;Indivior plc\* | 283 | 6823 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.\* | 270 | 6723 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\* | 56 | 6718 |
| &nbsp;&nbsp;&nbsp;LivaNova plc\* | 128 | 6705 |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 145 | 6687 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.\* | 117 | 6622 |
| &nbsp;&nbsp;&nbsp;Arcellx, Inc.\* | 80 | 6568 |
| &nbsp;&nbsp;&nbsp;Metsera, Inc.\* | 124 | 6489 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.\* | 315 | 6454 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.\* | 218 | 6444 |
| &nbsp;&nbsp;&nbsp;Soleno Therapeutics, Inc.\* | 94 | 6354 |
| &nbsp;&nbsp;&nbsp;Remitly Global, Inc.\* | 388 | 6324 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | 32 | 6323 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.\* | 184 | 6317 |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.\* | 292 | 6231 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.\* | 115 | 6090 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.\* | 127 | 6069 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.\* | 112 | 5945 |
| &nbsp;&nbsp;&nbsp;Huron Consulting Group, Inc.\* | 40 | 5871 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | 274 | 5735 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.\* | 220 | 5460 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.\* | 112 | 5459 |
| &nbsp;&nbsp;&nbsp;Beam Therapeutics, Inc.\* | 224 | 5436 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | 144 | 5423 |
| &nbsp;&nbsp;&nbsp;Tarsus Pharmaceuticals, Inc.\* | 91 | 5408 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 271 | 5339 |
| &nbsp;&nbsp;&nbsp;Premier, Inc. — Class A | 192 | 5338 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* | 141 | 5304 |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.\* | 132 | 5298 |
| &nbsp;&nbsp;&nbsp;Acuren Corp.\* | 398 | 5297 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc.\* | 131 | 5277 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.\* | 68 | 5265 |
| &nbsp;&nbsp;&nbsp;Adaptive Biotechnologies Corp.\* | 350 | 5236 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.\* | 253 | 5149 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.\* | 653 | 5146 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | 151 | 5101 |
| &nbsp;&nbsp;&nbsp;Ideaya Biosciences, Inc.\* | 187 | 5088 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.\* | 85 | 4958 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.\* | 42 | 4956 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.\* | 207 | 4947 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc. — Class A\* | 902 | 4763 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.\* | 44 | 4741 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.\* | 251 | 4731 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | 70 | 4682 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.\* | 158 | 4653 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | 54 | 4645 |
| &nbsp;&nbsp;&nbsp;Brookdale Senior Living, Inc. — Class A\* | 538 | 4557 |
| &nbsp;&nbsp;&nbsp;Denali Therapeutics, Inc.\* | 311 | 4516 |
| &nbsp;&nbsp;&nbsp;PROCEPT BioRobotics Corp.\* | 123 | 4390 |
| &nbsp;&nbsp;&nbsp;Cogent Biosciences, Inc.\* | 302 | 4337 |
| &nbsp;&nbsp;&nbsp;89bio, Inc.\* | 293 | 4307 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 49 | 4288 |
| &nbsp;&nbsp;&nbsp;GRAIL, Inc.\* | 72 | 4257 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 43 | 4230 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 85 | 4182 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.\* | 133 | 4035 |
| &nbsp;&nbsp;&nbsp;Vita Coco Company, Inc.\* | 94 | 3992 |
| &nbsp;&nbsp;&nbsp;ICF International, Inc. | 43 | 3990 |
| &nbsp;&nbsp;&nbsp;Intellia Therapeutics, Inc.\* | 231 | 3989 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.\* | 154 | 3984 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.\* | 113 | 3983 |
| &nbsp;&nbsp;&nbsp;Alphatec Holdings, Inc.\* | 272 | 3955 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | 40 | 3954 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.\* | 653 | 3951 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.\* | 233 | 3949 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 43 | 3939 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. — Class A | 97 | 3926 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.\* | 181 | 3917 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.\* | 139 | 3911 |
| &nbsp;&nbsp;&nbsp;Recursion Pharmaceuticals, Inc. — Class A\* | 795 | 3880 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.\* | 330 | 3858 |
| &nbsp;&nbsp;&nbsp;MannKind Corp.\* | 710 | 3813 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.\* | 324 | 3794 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.\* | 89 | 3768 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.\* | 491 | 3727 |
| &nbsp;&nbsp;&nbsp;Flywire Corp.\* | 275 | 3723 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.\* | 118 | 3713 |
| &nbsp;&nbsp;&nbsp;National Healthcare Corp. | 30 | 3645 |
| &nbsp;&nbsp;&nbsp;Disc Medicine, Inc.\* | 54 | 3568 |
| &nbsp;&nbsp;&nbsp;Harrow, Inc.\* | 74 | 3565 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.\* | 221 | 3547 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.\* | 353 | 3533 |
| &nbsp;&nbsp;&nbsp;Viridian Therapeutics, Inc.\* | 163 | 3518 |
| &nbsp;&nbsp;&nbsp;Vera Therapeutics, Inc.\* | 121 | 3516 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.\* | 92 | 3489 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.\* | 161 | 3465 |
| &nbsp;&nbsp;&nbsp;J & J Snack Foods Corp. | 36 | 3459 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. — Class A\* | 117 | 3455 |
| &nbsp;&nbsp;&nbsp;Cidara Therapeutics, Inc.\* | 36 | 3447 |
| &nbsp;&nbsp;&nbsp;Liquidia Corp.\* | 151 | 3434 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | 73 | 3433 |
| &nbsp;&nbsp;&nbsp;Universal Technical Institute, Inc.\* | 105 | 3418 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.\* | 17 | 3393 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 262 | 3364 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc.\* | 200 | 3350 |

---

210 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.\* | 81 | $3333 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.\* | 109 | 3319 |
| &nbsp;&nbsp;&nbsp;Celcuity, Inc.\* | 67 | 3310 |
| &nbsp;&nbsp;&nbsp;Alight, Inc. — Class A | 1012 | 3299 |
| &nbsp;&nbsp;&nbsp;Dyne Therapeutics, Inc.\* | 254 | 3213 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals plc\* | 210 | 3207 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.\* | 412 | 3185 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 57 | 3185 |
| &nbsp;&nbsp;&nbsp;Biohaven Ltd.\* | 212 | 3182 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.\* | 117 | 3144 |
| &nbsp;&nbsp;&nbsp;CRA International, Inc. | 15 | 3128 |
| &nbsp;&nbsp;&nbsp;Willdan Group, Inc.\* | 32 | 3094 |
| &nbsp;&nbsp;&nbsp;Syndax Pharmaceuticals, Inc.\* | 200 | 3077 |
| &nbsp;&nbsp;&nbsp;Novocure Ltd.\* | 238 | 3075 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 77 | 3065 |
| &nbsp;&nbsp;&nbsp;Aurinia Pharmaceuticals, Inc.\* | 276 | 3050 |
| &nbsp;&nbsp;&nbsp;Ardelyx, Inc.\* | 553 | 3047 |
| &nbsp;&nbsp;&nbsp;Novavax, Inc.\* | 351 | 3043 |
| &nbsp;&nbsp;&nbsp;Apogee Therapeutics, Inc.\* | 75 | 2980 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy, Inc. | 35 | 2973 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 91 | 2945 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 513 | 2929 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 123 | 2906 |
| &nbsp;&nbsp;&nbsp;Spectrum Brands Holdings, Inc. | 55 | 2889 |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc. — Class A\* | 247 | 2887 |
| &nbsp;&nbsp;&nbsp;Clover Health Investments Corp.\* | 943 | 2886 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.\* | 171 | 2878 |
| &nbsp;&nbsp;&nbsp;Xeris Biopharma Holdings, Inc.\* | 352 | 2865 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.\* | 186 | 2863 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 103 | 2839 |
| &nbsp;&nbsp;&nbsp;Weis Markets, Inc. | 39 | 2803 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.\* | 35 | 2784 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.\* | 108 | 2783 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.\* | 96 | 2757 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.\* | 96 | 2722 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 78 | 2708 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.\* | 148 | 2701 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.\* | 260 | 2699 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 75 | 2624 |
| &nbsp;&nbsp;&nbsp;Immunovant, Inc.\* | 160 | 2579 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | 58 | 2571 |
| &nbsp;&nbsp;&nbsp;Edgewise Therapeutics, Inc.\* | 157 | 2547 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.\* | 247 | 2453 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | 48 | 2389 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.\* | 118 | 2385 |
| &nbsp;&nbsp;&nbsp;Ingles Markets, Inc. — Class A | 34 | 2365 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.\* | 303 | 2339 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.\* | 87 | 2319 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.\* | 89 | 2270 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.\* | 96 | 2256 |
| &nbsp;&nbsp;&nbsp;Driven Brands Holdings, Inc.\* | 140 | 2255 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.\* | 157 | 2250 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.\* | 92 | 2248 |
| &nbsp;&nbsp;&nbsp;BrightView Holdings, Inc.\* | 167 | 2238 |
| &nbsp;&nbsp;&nbsp;Praxis Precision Medicines, Inc.\* | 42 | 2226 |
| &nbsp;&nbsp;&nbsp;Cimpress plc\* | 35 | 2206 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 162 | 2203 |
| &nbsp;&nbsp;&nbsp;Amylyx Pharmaceuticals, Inc.\* | 162 | 2202 |
| &nbsp;&nbsp;&nbsp;Nuvation Bio, Inc.\* | 584 | 2161 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 106 | 2158 |
| &nbsp;&nbsp;&nbsp;CompoSecure, Inc. — Class A\* | 103 | 2144 |
| &nbsp;&nbsp;&nbsp;Dole plc | 156 | 2097 |
| &nbsp;&nbsp;&nbsp;Mind Medicine MindMed, Inc.\* | 177 | 2087 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.\* | 183 | 2070 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp.\* | 56 | 2068 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc. | 170 | 2066 |
| &nbsp;&nbsp;&nbsp;Immunome, Inc.\* | 173 | 2026 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 104 | 2013 |
| &nbsp;&nbsp;&nbsp;Enliven Therapeutics, Inc.\* | 98 | 2006 |
| &nbsp;&nbsp;&nbsp;Herbalife Ltd.\* | 237 | 2000 |
| &nbsp;&nbsp;&nbsp;Pennant Group, Inc.\* | 79 | 1992 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc.\* | 115 | 1964 |
| &nbsp;&nbsp;&nbsp;Tourmaline Bio, Inc.\* | 41 | 1961 |
| &nbsp;&nbsp;&nbsp;Spyre Therapeutics, Inc.\* | 117 | 1961 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.\* | 217 | 1942 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. — Class A | 48 | 1942 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.\* | 278 | 1940 |
| &nbsp;&nbsp;&nbsp;EyePoint Pharmaceuticals, Inc.\* | 136 | 1937 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.\* | 165 | 1935 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | 137 | 1933 |
| &nbsp;&nbsp;&nbsp;WaVe Life Sciences Ltd.\* | 263 | 1925 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.\* | 157 | 1906 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.\* | 277 | 1884 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.\* | 128 | 1861 |
| &nbsp;&nbsp;&nbsp;Mercurity Fintech Holding, Inc.\* | 75 | 1844 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.\* | 103 | 1838 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.\* | 213 | 1793 |
| &nbsp;&nbsp;&nbsp;LENZ Therapeutics, Inc.\* | 38 | 1770 |
| &nbsp;&nbsp;&nbsp;Beta Bionics, Inc.\* | 89 | 1768 |
| &nbsp;&nbsp;&nbsp;CorMedix, Inc.\* | 151 | 1756 |
| &nbsp;&nbsp;&nbsp;Anavex Life Sciences Corp.\* | 196 | 1744 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.\* | 90 | 1742 |
| &nbsp;&nbsp;&nbsp;Geron Corp.\* | 1270 | 1740 |
| &nbsp;&nbsp;&nbsp;UroGen Pharma Ltd.\* | 87 | 1736 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | 41 | 1719 |
| &nbsp;&nbsp;&nbsp;LifeStance Health Group, Inc.\* | 311 | 1710 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp. — Class A | 70 | 1700 |
| &nbsp;&nbsp;&nbsp;Green Dot Corp. — Class A\* | 126 | 1692 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.\* | 185 | 1637 |
| &nbsp;&nbsp;&nbsp;Nurix Therapeutics, Inc.\* | 177 | 1635 |
| &nbsp;&nbsp;&nbsp;Trevi Therapeutics, Inc.\* | 178 | 1629 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.\* | 311 | 1623 |
| &nbsp;&nbsp;&nbsp;Lincoln Educational Services Corp.\* | 69 | 1621 |
| &nbsp;&nbsp;&nbsp;American Public Education, Inc.\* | 41 | 1618 |
| &nbsp;&nbsp;&nbsp;Arbutus Biopharma Corp.\* | 355 | 1612 |
| &nbsp;&nbsp;&nbsp;Transcat, Inc.\* | 22 | 1610 |
| &nbsp;&nbsp;&nbsp;Akebia Therapeutics, Inc.\* | 586 | 1600 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.\* | 228 | 1598 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | 111 | 1578 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.\* | 214 | 1547 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.\* | 67 | 1526 |
| &nbsp;&nbsp;&nbsp;Dianthus Therapeutics, Inc.\* | 38 | 1495 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 211

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Carriage Services, Inc. — Class A | 33 | $1470 |
| &nbsp;&nbsp;&nbsp;Rezolute, Inc.\* | 156 | 1466 |
| &nbsp;&nbsp;&nbsp;Upstream Bio, Inc.\* | 76 | 1430 |
| &nbsp;&nbsp;&nbsp;PACS Group, Inc.\* | 103 | 1414 |
| &nbsp;&nbsp;&nbsp;AnaptysBio, Inc.\* | 46 | 1409 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.\* | 167 | 1403 |
| &nbsp;&nbsp;&nbsp;Olema Pharmaceuticals, Inc.\* | 140 | 1371 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd.\* | 54 | 1361 |
| &nbsp;&nbsp;&nbsp;iRadimed Corp. | 19 | 1352 |
| &nbsp;&nbsp;&nbsp;Orthofix Medical, Inc.\* | 91 | 1332 |
| &nbsp;&nbsp;&nbsp;ClearPoint Neuro, Inc.\* | 61 | 1329 |
| &nbsp;&nbsp;&nbsp;Ginkgo Bioworks Holdings, Inc.\* | 91 | 1327 |
| &nbsp;&nbsp;&nbsp;ImmunityBio, Inc.\* | 538 | 1323 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.\* | 225 | 1319 |
| &nbsp;&nbsp;&nbsp;OPKO Health, Inc.\* | 847 | 1313 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.\* | 154 | 1312 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.\* | 89 | 1310 |
| &nbsp;&nbsp;&nbsp;Iovance Biotherapeutics, Inc.\* | 601 | 1304 |
| &nbsp;&nbsp;&nbsp;Eton Pharmaceuticals, Inc.\* | 60 | 1304 |
| &nbsp;&nbsp;&nbsp;Theravance Biopharma, Inc.\* | 89 | 1299 |
| &nbsp;&nbsp;&nbsp;ARS Pharmaceuticals, Inc.\* | 129 | 1296 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc.\* | 170 | 1277 |
| &nbsp;&nbsp;&nbsp;Taysha Gene Therapies, Inc.\* | 389 | 1272 |
| &nbsp;&nbsp;&nbsp;Performant Healthcare, Inc.\* | 164 | 1268 |
| &nbsp;&nbsp;&nbsp;Bicara Therapeutics, Inc.\* | 80 | 1263 |
| &nbsp;&nbsp;&nbsp;Kodiak Sciences, Inc.\* | 77 | 1260 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.\* | 105 | 1260 |
| &nbsp;&nbsp;&nbsp;Kforce, Inc. | 42 | 1259 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | 70 | 1258 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.\* | 79 | 1250 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.\* | 233 | 1242 |
| &nbsp;&nbsp;&nbsp;Esperion Therapeutics, Inc.\* | 468 | 1240 |
| &nbsp;&nbsp;&nbsp;Oruka Therapeutics, Inc.\* | 64 | 1231 |
| &nbsp;&nbsp;&nbsp;Vestis Corp.\* | 270 | 1223 |
| &nbsp;&nbsp;&nbsp;Rapport Therapeutics, Inc.\* | 41 | 1218 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.\* | 105 | 1214 |
| &nbsp;&nbsp;&nbsp;Zimvie, Inc.\* | 64 | 1212 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics, Inc.\* | 127 | 1208 |
| &nbsp;&nbsp;&nbsp;Natural Grocers by Vitamin Cottage, Inc. | 30 | 1200 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.\* | 209 | 1193 |
| &nbsp;&nbsp;&nbsp;Day One Biopharmaceuticals, Inc.\* | 169 | 1191 |
| &nbsp;&nbsp;&nbsp;Varex Imaging Corp.\* | 96 | 1190 |
| &nbsp;&nbsp;&nbsp;Mission Produce, Inc.\* | 99 | 1190 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp. — Class A\* | 11 | 1187 |
| &nbsp;&nbsp;&nbsp;Guardian Pharmacy Services, Inc. — Class A\* | 45 | 1180 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics, Inc.\* | 45 | 1167 |
| &nbsp;&nbsp;&nbsp;Phathom Pharmaceuticals, Inc.\* | 99 | 1165 |
| &nbsp;&nbsp;&nbsp;Gossamer Bio, Inc.\* | 443 | 1165 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.\* | 41 | 1162 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.\* | 352 | 1158 |
| &nbsp;&nbsp;&nbsp;John B Sanfilippo & Son, Inc. | 18 | 1157 |
| &nbsp;&nbsp;&nbsp;Niagen Bioscience, Inc.\* | 122 | 1138 |
| &nbsp;&nbsp;&nbsp;Aquestive Therapeutics, Inc.\* | 202 | 1129 |
| &nbsp;&nbsp;&nbsp;Hackett Group, Inc. | 59 | 1122 |
| &nbsp;&nbsp;&nbsp;Emergent BioSolutions, Inc.\* | 126 | 1111 |
| &nbsp;&nbsp;&nbsp;Sana Biotechnology, Inc.\* | 313 | 1111 |
| &nbsp;&nbsp;&nbsp;Fulgent Genetics, Inc.\* | 49 | 1107 |
| &nbsp;&nbsp;&nbsp;Cass Information Systems, Inc. | 28 | 1101 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.\* | 59 | 1087 |
| &nbsp;&nbsp;&nbsp;KalVista Pharmaceuticals, Inc.\* | 89 | 1084 |
| &nbsp;&nbsp;&nbsp;REGENXBIO, Inc.\* | 110 | 1062 |
| &nbsp;&nbsp;&nbsp;Ennis, Inc. | 58 | 1060 |
| &nbsp;&nbsp;&nbsp;Cross Country Healthcare, Inc.\* | 73 | 1037 |
| &nbsp;&nbsp;&nbsp;AngioDynamics, Inc.\* | 91 | 1017 |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | 39 | 1004 |
| &nbsp;&nbsp;&nbsp;Palvella Therapeutics, Inc.\* | 16 | 1003 |
| &nbsp;&nbsp;&nbsp;ArriVent Biopharma, Inc.\* | 54 | 996 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.\* | 33 | 986 |
| &nbsp;&nbsp;&nbsp;Paysafe Ltd.\* | 76 | 982 |
| &nbsp;&nbsp;&nbsp;Community Health Systems, Inc.\* | 305 | 979 |
| &nbsp;&nbsp;&nbsp;Aveanna Healthcare Holdings, Inc.\* | 108 | 958 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.\* | 276 | 958 |
| &nbsp;&nbsp;&nbsp;Repay Holdings Corp.\* | 183 | 957 |
| &nbsp;&nbsp;&nbsp;Savara, Inc.\* | 266 | 950 |
| &nbsp;&nbsp;&nbsp;Septerna, Inc.\* | 50 | 941 |
| &nbsp;&nbsp;&nbsp;Verastem, Inc.\* | 106 | 936 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc. — Class A | 71 | 932 |
| &nbsp;&nbsp;&nbsp;Enhabit, Inc.\* | 116 | 929 |
| &nbsp;&nbsp;&nbsp;Fulcrum Therapeutics, Inc.\* | 100 | 920 |
| &nbsp;&nbsp;&nbsp;Custom Truck One Source, Inc.\* | 141 | 905 |
| &nbsp;&nbsp;&nbsp;Corvus Pharmaceuticals, Inc.\* | 122 | 899 |
| &nbsp;&nbsp;&nbsp;Prothena Corporation plc\* | 91 | 888 |
| &nbsp;&nbsp;&nbsp;Erasca, Inc.\* | 407 | 887 |
| &nbsp;&nbsp;&nbsp;SIGA Technologies, Inc. | 96 | 878 |
| &nbsp;&nbsp;&nbsp;Butterfly Network, Inc.\* | 448 | 865 |
| &nbsp;&nbsp;&nbsp;Sionna Therapeutics, Inc.\* | 29 | 853 |
| &nbsp;&nbsp;&nbsp;Solid Biosciences, Inc.\* | 138 | 851 |
| &nbsp;&nbsp;&nbsp;Owens & Minor, Inc.\* | 177 | 850 |
| &nbsp;&nbsp;&nbsp;XOMA Royalty Corp.\* | 22 | 848 |
| &nbsp;&nbsp;&nbsp;Zenas Biopharma, Inc.\* | 38 | 844 |
| &nbsp;&nbsp;&nbsp;Mama's Creations, Inc.\* | 80 | 841 |
| &nbsp;&nbsp;&nbsp;Pacific Biosciences of California, Inc.\* | 648 | 829 |
| &nbsp;&nbsp;&nbsp;ACCO Brands Corp. | 205 | 818 |
| &nbsp;&nbsp;&nbsp;4D Molecular Therapeutics, Inc.\* | 94 | 817 |
| &nbsp;&nbsp;&nbsp;Monte Rosa Therapeutics, Inc.\* | 109 | 808 |
| &nbsp;&nbsp;&nbsp;MeiraGTx Holdings plc\* | 98 | 807 |
| &nbsp;&nbsp;&nbsp;Honest Company, Inc.\* | 219 | 806 |
| &nbsp;&nbsp;&nbsp;B&G Foods, Inc. | 181 | 802 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 33 | 798 |
| &nbsp;&nbsp;&nbsp;Village Super Market, Inc. — Class A | 21 | 785 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.\* | 56 | 783 |
| &nbsp;&nbsp;&nbsp;Tejon Ranch Co.\* | 49 | 783 |
| &nbsp;&nbsp;&nbsp;RxSight, Inc.\* | 87 | 782 |
| &nbsp;&nbsp;&nbsp;Absci Corp.\* | 256 | 778 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.\* | 125 | 768 |
| &nbsp;&nbsp;&nbsp;Korro Bio, Inc.\* | 16 | 766 |
| &nbsp;&nbsp;&nbsp;Delcath Systems, Inc.\* | 71 | 763 |
| &nbsp;&nbsp;&nbsp;Personalis, Inc.\* | 117 | 763 |
| &nbsp;&nbsp;&nbsp;Tactile Systems Technology, Inc.\* | 55 | 761 |
| &nbsp;&nbsp;&nbsp;Strata Critical Medical, Inc.\* | 150 | 759 |
| &nbsp;&nbsp;&nbsp;Prime Medicine, Inc.\* | 137 | 759 |

---

212 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Compass Therapeutics, Inc.\* | 215 | $753 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.\* | 112 | 752 |
| &nbsp;&nbsp;&nbsp;agilon health, Inc.\* | 724 | 746 |
| &nbsp;&nbsp;&nbsp;Pulse Biosciences, Inc.\* | 42 | 743 |
| &nbsp;&nbsp;&nbsp;OrthoPediatrics Corp.\* | 40 | 741 |
| &nbsp;&nbsp;&nbsp;Kestra Medical Technologies Ltd.\* | 31 | 737 |
| &nbsp;&nbsp;&nbsp;Maravai LifeSciences Holdings, Inc. — Class A\* | 255 | 732 |
| &nbsp;&nbsp;&nbsp;Bioventus, Inc. — Class A\* | 108 | 723 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.\* | 26 | 716 |
| &nbsp;&nbsp;&nbsp;Ardent Health, Inc.\* | 54 | 715 |
| &nbsp;&nbsp;&nbsp;Cullinan Therapeutics, Inc.\* | 120 | 712 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences, Inc.\* | 21 | 707 |
| &nbsp;&nbsp;&nbsp;Spire Global, Inc.\* | 64 | 703 |
| &nbsp;&nbsp;&nbsp;MBX Biosciences, Inc.\* | 40 | 700 |
| &nbsp;&nbsp;&nbsp;Distribution Solutions Group, Inc.\* | 23 | 692 |
| &nbsp;&nbsp;&nbsp;Cerus Corp.\* | 433 | 689 |
| &nbsp;&nbsp;&nbsp;Editas Medicine, Inc.\* | 198 | 687 |
| &nbsp;&nbsp;&nbsp;Annexon, Inc.\* | 225 | 686 |
| &nbsp;&nbsp;&nbsp;Altimmune, Inc.\* | 181 | 682 |
| &nbsp;&nbsp;&nbsp;ADC Therapeutics S.A.\* | 170 | 680 |
| &nbsp;&nbsp;&nbsp;Organogenesis Holdings, Inc.\* | 160 | 675 |
| &nbsp;&nbsp;&nbsp;Bright Minds Biosciences, Inc.\* | 11 | 667 |
| &nbsp;&nbsp;&nbsp;Ceribell, Inc.\* | 58 | 666 |
| &nbsp;&nbsp;&nbsp;Nathan's Famous, Inc. | 6 | 664 |
| &nbsp;&nbsp;&nbsp;Aldeyra Therapeutics, Inc.\* | 127 | 663 |
| &nbsp;&nbsp;&nbsp;Jade Biosciences, Inc. | 76 | 656 |
| &nbsp;&nbsp;&nbsp;Vanda Pharmaceuticals, Inc.\* | 131 | 654 |
| &nbsp;&nbsp;&nbsp;Monopar Therapeutics, Inc.\* | 8 | 653 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* | 20 | 653 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc. — Class A\* | 154 | 650 |
| &nbsp;&nbsp;&nbsp;Capricor Therapeutics, Inc.\* | 90 | 649 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.\* | 154 | 645 |
| &nbsp;&nbsp;&nbsp;Rocket Pharmaceuticals, Inc.\* | 197 | 642 |
| &nbsp;&nbsp;&nbsp;Target Hospitality Corp.\* | 75 | 636 |
| &nbsp;&nbsp;&nbsp;Astria Therapeutics, Inc.\* | 85 | 619 |
| &nbsp;&nbsp;&nbsp;Cadiz, Inc.\* | 129 | 609 |
| &nbsp;&nbsp;&nbsp;Semler Scientific, Inc.\* | 20 | 600 |
| &nbsp;&nbsp;&nbsp;SANUWAVE Health, Inc.\* | 16 | 600 |
| &nbsp;&nbsp;&nbsp;Outset Medical, Inc.\* | 42 | 593 |
| &nbsp;&nbsp;&nbsp;Limoneira Co. | 39 | 579 |
| &nbsp;&nbsp;&nbsp;NeuroPace, Inc.\* | 56 | 577 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.\* | 176 | 565 |
| &nbsp;&nbsp;&nbsp;Enanta Pharmaceuticals, Inc.\* | 47 | 563 |
| &nbsp;&nbsp;&nbsp;Nano-X Imaging Ltd.\* | 151 | 559 |
| &nbsp;&nbsp;&nbsp;Viemed Healthcare, Inc.\* | 82 | 557 |
| &nbsp;&nbsp;&nbsp;Aura Biosciences, Inc.\* | 88 | 544 |
| &nbsp;&nbsp;&nbsp;Omeros Corp.\* | 132 | 541 |
| &nbsp;&nbsp;&nbsp;Abeona Therapeutics, Inc.\* | 102 | 539 |
| &nbsp;&nbsp;&nbsp;Beauty Health Co.\* | 268 | 533 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.\* | 34 | 528 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology, Inc.\* | 99 | 526 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.\* | 180 | 522 |
| &nbsp;&nbsp;&nbsp;Fennec Pharmaceuticals, Inc.\* | 55 | 515 |
| &nbsp;&nbsp;&nbsp;Humacyte, Inc.\* | 294 | 512 |
| &nbsp;&nbsp;&nbsp;Voyager Therapeutics, Inc.\* | 109 | 509 |
| &nbsp;&nbsp;&nbsp;Franklin Covey Co.\* | 26 | 505 |
| &nbsp;&nbsp;&nbsp;KinderCare Learning Companies, Inc.\* | 74 | 491 |
| &nbsp;&nbsp;&nbsp;Ironwood Pharmaceuticals, Inc. — Class A\* | 375 | 491 |
| &nbsp;&nbsp;&nbsp;Perspective Therapeutics, Inc.\* | 140 | 480 |
| &nbsp;&nbsp;&nbsp;Alector, Inc.\* | 162 | 479 |
| &nbsp;&nbsp;&nbsp;Lifecore Biomedical, Inc.\* | 65 | 478 |
| &nbsp;&nbsp;&nbsp;Oncology Institute, Inc.\* | 137 | 478 |
| &nbsp;&nbsp;&nbsp;Information Services Group, Inc. | 83 | 477 |
| &nbsp;&nbsp;&nbsp;Benitec Biopharma, Inc.\* | 34 | 477 |
| &nbsp;&nbsp;&nbsp;Candel Therapeutics, Inc.\* | 92 | 469 |
| &nbsp;&nbsp;&nbsp;Quanterix Corp.\* | 86 | 467 |
| &nbsp;&nbsp;&nbsp;Quantum-Si, Inc.\* | 331 | 467 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.\* | 56 | 458 |
| &nbsp;&nbsp;&nbsp;scPharmaceuticals, Inc.\* | 80 | 454 |
| &nbsp;&nbsp;&nbsp;Heron Therapeutics, Inc.\* | 359 | 452 |
| &nbsp;&nbsp;&nbsp;Alumis, Inc.\* | 113 | 451 |
| &nbsp;&nbsp;&nbsp;Alico, Inc. | 13 | 451 |
| &nbsp;&nbsp;&nbsp;Allogene Therapeutics, Inc.\* | 356 | 441 |
| &nbsp;&nbsp;&nbsp;Utah Medical Products, Inc. | 7 | 441 |
| &nbsp;&nbsp;&nbsp;USCB Financial Holdings, Inc. | 25 | 436 |
| &nbsp;&nbsp;&nbsp;Tonix Pharmaceuticals Holding Corp.\* | 18 | 435 |
| &nbsp;&nbsp;&nbsp;Olaplex Holdings, Inc.\* | 329 | 431 |
| &nbsp;&nbsp;&nbsp;DiaMedica Therapeutics, Inc.\* | 62 | 426 |
| &nbsp;&nbsp;&nbsp;Quad/Graphics, Inc. | 68 | 426 |
| &nbsp;&nbsp;&nbsp;Design Therapeutics, Inc.\* | 56 | 422 |
| &nbsp;&nbsp;&nbsp;Stereotaxis, Inc.\* | 134 | 417 |
| &nbsp;&nbsp;&nbsp;Westrock Coffee Co.\* | 85 | 413 |
| &nbsp;&nbsp;&nbsp;TrueBlue, Inc.\* | 67 | 411 |
| &nbsp;&nbsp;&nbsp;Coherus Oncology, Inc.\* | 249 | 408 |
| &nbsp;&nbsp;&nbsp;Tectonic Therapeutic, Inc.\* | 26 | 408 |
| &nbsp;&nbsp;&nbsp;Priority Technology Holdings, Inc.\* | 59 | 405 |
| &nbsp;&nbsp;&nbsp;Aclaris Therapeutics, Inc.\* | 212 | 403 |
| &nbsp;&nbsp;&nbsp;Neurogene, Inc.\* | 23 | 399 |
| &nbsp;&nbsp;&nbsp;Accuray, Inc.\* | 238 | 398 |
| &nbsp;&nbsp;&nbsp;Electromed, Inc.\* | 16 | 393 |
| &nbsp;&nbsp;&nbsp;Resources Connection, Inc. | 76 | 384 |
| &nbsp;&nbsp;&nbsp;National Research Corp. — Class A | 30 | 383 |
| &nbsp;&nbsp;&nbsp;KORU Medical Systems, Inc.\* | 100 | 383 |
| &nbsp;&nbsp;&nbsp;Entrada Therapeutics, Inc.\* | 66 | 383 |
| &nbsp;&nbsp;&nbsp;Foghorn Therapeutics, Inc.\* | 77 | 377 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.\* | 235 | 376 |
| &nbsp;&nbsp;&nbsp;MaxCyte, Inc.\* | 237 | 375 |
| &nbsp;&nbsp;&nbsp;Lexeo Therapeutics, Inc.\* | 56 | 372 |
| &nbsp;&nbsp;&nbsp;Protalix BioTherapeutics, Inc.\* | 163 | 362 |
| &nbsp;&nbsp;&nbsp;Sonida Senior Living, Inc.\* | 13 | 360 |
| &nbsp;&nbsp;&nbsp;SELLAS Life Sciences Group, Inc.\* | 223 | 359 |
| &nbsp;&nbsp;&nbsp;Eledon Pharmaceuticals, Inc.\* | 136 | 352 |
| &nbsp;&nbsp;&nbsp;Alta Equipment Group, Inc. | 48 | 348 |
| &nbsp;&nbsp;&nbsp;Medifast, Inc.\* | 25 | 342 |
| &nbsp;&nbsp;&nbsp;Hain Celestial Group, Inc.\* | 212 | 335 |
| &nbsp;&nbsp;&nbsp;Joint Corp.\* | 35 | 334 |
| &nbsp;&nbsp;&nbsp;Lifeway Foods, Inc.\* | 12 | 333 |
| &nbsp;&nbsp;&nbsp;Protara Therapeutics, Inc.\* | 76 | 331 |
| &nbsp;&nbsp;&nbsp;Acme United Corp. | 8 | 330 |
| &nbsp;&nbsp;&nbsp;BioAge Labs, Inc.\* | 56 | 329 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 213

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Beyond Meat, Inc.\* | 173 | $| 327 |
| &nbsp;&nbsp;&nbsp;MediWound Ltd.\* | 18 |  | 324 |
| &nbsp;&nbsp;&nbsp;Fate Therapeutics, Inc.\* | 255 |  | 321 |
| &nbsp;&nbsp;&nbsp;Larimar Therapeutics, Inc.\* | 99 |  | 320 |
| &nbsp;&nbsp;&nbsp;RCM Technologies, Inc.\* | 12 |  | 319 |
| &nbsp;&nbsp;&nbsp;Tvardi Therapeutics, Inc.\* | 8 |  | 312 |
| &nbsp;&nbsp;&nbsp;CVRx, Inc.\* | 38 |  | 307 |
| &nbsp;&nbsp;&nbsp;Cardiff Oncology, Inc.\* | 145 |  | 299 |
| &nbsp;&nbsp;&nbsp;DocGo, Inc.\* | 214 |  | 291 |
| &nbsp;&nbsp;&nbsp;Forrester Research, Inc.\* | 27 |  | 286 |
| &nbsp;&nbsp;&nbsp;Anika Therapeutics, Inc.\* | 29 |  | 273 |
| &nbsp;&nbsp;&nbsp;LENSAR, Inc.\* | 22 |  | 272 |
| &nbsp;&nbsp;&nbsp;European Wax Center, Inc. — Class A\* | 68 |  | 271 |
| &nbsp;&nbsp;&nbsp;SoundThinking, Inc.\* | 22 |  | 265 |
| &nbsp;&nbsp;&nbsp;Acacia Research Corp.\* | 80 |  | 260 |
| &nbsp;&nbsp;&nbsp;HF Foods Group, Inc.\* | 94 |  | 259 |
| &nbsp;&nbsp;&nbsp;Nkarta, Inc.\* | 125 |  | 259 |
| &nbsp;&nbsp;&nbsp;Lifevantage Corp. | 25 |  | 243 |
| &nbsp;&nbsp;&nbsp;Innovage Holding Corp.\* | 47 |  | 243 |
| &nbsp;&nbsp;&nbsp;AirSculpt Technologies, Inc.\* | 30 |  | 241 |
| &nbsp;&nbsp;&nbsp;Neuronetics, Inc.\* | 85 |  | 232 |
| &nbsp;&nbsp;&nbsp;Inhibikase Therapeutics, Inc.\* | 141 |  | 228 |
| &nbsp;&nbsp;&nbsp;BRC, Inc. — Class A\* | 145 |  | 226 |
| &nbsp;&nbsp;&nbsp;Anteris Technologies Global Corp.\* | 50 |  | 225 |
| &nbsp;&nbsp;&nbsp;Cartesian Therapeutics, Inc.\* | 22 |  | 225 |
| &nbsp;&nbsp;&nbsp;Sanara Medtech, Inc.\* | 7 |  | 222 |
| &nbsp;&nbsp;&nbsp;CPI Card Group, Inc.\* | 14 |  | 212 |
| &nbsp;&nbsp;&nbsp;Biote Corp. — Class A\* | 68 |  | 204 |
| &nbsp;&nbsp;&nbsp;Zevia PBC — Class A\* | 74 |  | 201 |
| &nbsp;&nbsp;&nbsp;Journey Medical Corp.\* | 28 |  | 199 |
| &nbsp;&nbsp;&nbsp;Waldencast plc — Class A\* | 99 |  | 196 |
| &nbsp;&nbsp;&nbsp;Nuvectis Pharma, Inc.\* | 30 |  | 181 |
| &nbsp;&nbsp;&nbsp;FitLife Brands, Inc.\* | 9 |  | 179 |
| &nbsp;&nbsp;&nbsp;Aardvark Therapeutics, Inc.\* | 13 |  | 173 |
| &nbsp;&nbsp;&nbsp;TriSalus Life Sciences, Inc.\* | 37 |  | 172 |
| &nbsp;&nbsp;&nbsp;Emerald Holding, Inc. | 33 |  | 168 |
| &nbsp;&nbsp;&nbsp;Lucid Diagnostics, Inc.\* | 161 |  | 163 |
| &nbsp;&nbsp;&nbsp;Gyre Therapeutics, Inc.\* | 21 |  | 157 |
| &nbsp;&nbsp;&nbsp;Alpha Teknova, Inc.\* | 25 |  | 155 |
| &nbsp;&nbsp;&nbsp;TuHURA Biosciences, Inc.\* | 60 |  | 149 |
| &nbsp;&nbsp;&nbsp;aTyr Pharma, Inc.\* | 203 |  | 146 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.\* | 90 |  | 146 |
| &nbsp;&nbsp;&nbsp;Avita Medical, Inc.\* | 28 |  | 143 |
| &nbsp;&nbsp;&nbsp;Solesence, Inc.\* | 44 |  | 142 |
| &nbsp;&nbsp;&nbsp;Greenwich Lifesciences, Inc.\* | 14 |  | 139 |
| &nbsp;&nbsp;&nbsp;HireQuest, Inc. | 13 |  | 125 |
| &nbsp;&nbsp;&nbsp;Ispire Technology, Inc.\* | 44 |  | 113 |
| &nbsp;&nbsp;&nbsp;Forafric Global plc\* | 12 |  | 104 |
| &nbsp;&nbsp;&nbsp;Actuate Therapeutics, Inc.\* | 14 |  | 94 |
| &nbsp;&nbsp;&nbsp;MarketWise, Inc. | 5 |  | 83 |
| &nbsp;&nbsp;&nbsp;Inmune Bio, Inc.\* | 39 |  | 81 |
| &nbsp;&nbsp;&nbsp;Atlantic International Corp.\* | 25 |  | 76 |
| &nbsp;&nbsp;&nbsp;Myomo, Inc.\* | 76 |  | 68 |
| &nbsp;&nbsp;&nbsp;Nektar Therapeutics\* | 1 |  | 57 |
| &nbsp;&nbsp;&nbsp;SBC Medical Group Holdings, Inc.\* | 13 |  | 56 |
| &nbsp;&nbsp;&nbsp;Tevogen Bio Holdings, Inc.\* | 66 |  | 52 |
| &nbsp;&nbsp;&nbsp;Scilex Holding Co.\* | 1 |  | 14 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 42 |  |  |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 42 |  |  |
| **Total Consumer, Non-cyclical** |  |  | 1400906 |
| **Industrial - 9.1%** | **Industrial - 9.1%** | **Industrial - 9.1%** | **Industrial - 9.1%** |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp. — Class A\* | 499 |  | 42200 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.\* | 387 |  | 35360 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 84 |  | 30628 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.\* | 69 |  | 23438 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.\* | 74 |  | 23302 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 105 |  | 21016 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.\* | 112 |  | 20919 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.\* | 65 |  | 18964 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc. — Class A | 64 |  | 17874 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.\* | 122 |  | 17344 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.\* | 1073 |  | 17318 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | 126 |  | 17304 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | 122 |  | 17135 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 140 |  | 16658 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 350 |  | 16461 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\* | 382 |  | 16071 |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 88 |  | 14972 |
| &nbsp;&nbsp;&nbsp;GATX Corp. | 84 |  | 14683 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.\* | 122 |  | 14043 |
| &nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. — Class A\* | 146 |  | 13852 |
| &nbsp;&nbsp;&nbsp;Construction Partners, Inc. — Class A\* | 109 |  | 13843 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. — Class A | 65 |  | 13499 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.\* | 234 |  | 13478 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.\* | 106 |  | 13203 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | 140 |  | 13089 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* | 547 |  | 12723 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 60 |  | 12667 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 69 |  | 12322 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc. — Class A\* | 1277 |  | 12234 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.\* | 173 |  | 11641 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 102 |  | 11184 |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | 49 |  | 11074 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 92 |  | 11065 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.\* | 295 |  | 10620 |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | 113 |  | 10589 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 134 |  | 10301 |
| &nbsp;&nbsp;&nbsp;EnerSys | 89 |  | 10053 |
| &nbsp;&nbsp;&nbsp;Golar LNG Ltd. | 234 |  | 9456 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.\* | 122 |  | 9443 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. — Class A | 366 |  | 9340 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 38 |  | 9224 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.\* | 37 |  | 9222 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.\* | 63 |  | 9116 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Company, Inc. | 93 |  | 8853 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | 194 |  | 8747 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.\* | 84 |  | 8413 |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | 31 |  | 8372 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.\* | 21 |  | 8351 |
| &nbsp;&nbsp;&nbsp;Exponent, Inc. | 119 |  | 8268 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 27 |  | 8035 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 150 |  | 7695 |

---

214 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;AAR Corp.\* | 84 | $7532 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 69 | 7530 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | 76 | 7493 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.\* | 36 | 7489 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.\* | 104 | 6821 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | 88 | 6804 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 89 | 6777 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 22 | 6706 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 161 | 6355 |
| &nbsp;&nbsp;&nbsp;American Superconductor Corp.\* | 102 | 6058 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | 28 | 5933 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.\* | 381 | 5860 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | 48 | 5799 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | 102 | 5717 |
| &nbsp;&nbsp;&nbsp;Xometry, Inc. — Class A\* | 102 | 5556 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 192 | 5384 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 127 | 5207 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | 78 | 4894 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc. — Class A | 140 | 4822 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 361 | 4682 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.\* | 199 | 4639 |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 24 | 4582 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | 166 | 4489 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.\* | 70 | 4396 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 284 | 4345 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | 94 | 4332 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.\* | 465 | 4269 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | 74 | 4106 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | 78 | 4066 |
| &nbsp;&nbsp;&nbsp;PureCycle Technologies, Inc.\* | 305 | 4011 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.\* | 298 | 3925 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | 155 | 3858 |
| &nbsp;&nbsp;&nbsp;Enovix Corp.\* | 386 | 3848 |
| &nbsp;&nbsp;&nbsp;Tecnoglass, Inc. | 57 | 3814 |
| &nbsp;&nbsp;&nbsp;Albany International Corp. — Class A | 71 | 3784 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 54 | 3773 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | 177 | 3705 |
| &nbsp;&nbsp;&nbsp;DHT Holdings, Inc. | 299 | 3573 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.\* | 30 | 3572 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | 44 | 3567 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | 135 | 3553 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class A | 59 | 3526 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | 25 | 3514 |
| &nbsp;&nbsp;&nbsp;CECO Environmental Corp.\* | 68 | 3482 |
| &nbsp;&nbsp;&nbsp;Centuri Holdings, Inc.\* | 163 | 3451 |
| &nbsp;&nbsp;&nbsp;Napco Security Technologies, Inc. | 80 | 3436 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class B | 24 | 3385 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 130 | 3374 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.\* | 113 | 3348 |
| &nbsp;&nbsp;&nbsp;Applied Optoelectronics, Inc.\* | 126 | 3267 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.\* | 71 | 3238 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | 84 | 3238 |
| &nbsp;&nbsp;&nbsp;Greenbrier Companies, Inc. | 70 | 3232 |
| &nbsp;&nbsp;&nbsp;Janus International Group, Inc.\* | 318 | 3139 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.\* | 32 | 3076 |
| &nbsp;&nbsp;&nbsp;TriMas Corp. | 78 | 3014 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers Ltd. — Class A | 56 | 2831 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.\* | 56 | 2802 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.\* | 72 | 2776 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | 69 | 2756 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.\* | 55 | 2735 |
| &nbsp;&nbsp;&nbsp;Intuitive Machines, Inc.\* | 256 | 2693 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 54 | 2599 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 87 | 2593 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings, Inc. | 67 | 2446 |
| &nbsp;&nbsp;&nbsp;Limbach Holdings, Inc.\* | 25 | 2428 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | 77 | 2340 |
| &nbsp;&nbsp;&nbsp;Amprius Technologies, Inc.\* | 218 | 2294 |
| &nbsp;&nbsp;&nbsp;Gorman-Rupp Co. | 49 | 2274 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.\* | 34 | 2270 |
| &nbsp;&nbsp;&nbsp;Enviri Corp.\* | 178 | 2259 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 50 | 2178 |
| &nbsp;&nbsp;&nbsp;SFL Corporation Ltd. | 285 | 2146 |
| &nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc.\* | 76 | 2087 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.\* | 78 | 2084 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc.\* | 335 | 2050 |
| &nbsp;&nbsp;&nbsp;Evolv Technologies Holdings, Inc.\* | 271 | 2046 |
| &nbsp;&nbsp;&nbsp;Energy Recovery, Inc.\* | 125 | 1927 |
| &nbsp;&nbsp;&nbsp;Great Lakes Dredge & Dock Corp.\* | 156 | 1870 |
| &nbsp;&nbsp;&nbsp;FLEX LNG Ltd. | 73 | 1840 |
| &nbsp;&nbsp;&nbsp;Red Cat Holdings, Inc.\* | 175 | 1811 |
| &nbsp;&nbsp;&nbsp;Kimball Electronics, Inc.\* | 57 | 1702 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | 44 | 1687 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Company, Inc. | 38 | 1652 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | 34 | 1522 |
| &nbsp;&nbsp;&nbsp;Nordic American Tankers Ltd. | 481 | 1510 |
| &nbsp;&nbsp;&nbsp;Myers Industries, Inc. | 87 | 1474 |
| &nbsp;&nbsp;&nbsp;Power Solutions International, Inc.\* | 15 | 1473 |
| &nbsp;&nbsp;&nbsp;LSI Industries, Inc. | 62 | 1464 |
| &nbsp;&nbsp;&nbsp;Ryerson Holding Corp. | 64 | 1463 |
| &nbsp;&nbsp;&nbsp;Marten Transport Ltd. | 137 | 1460 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.\* | 86 | 1422 |
| &nbsp;&nbsp;&nbsp;Genco Shipping & Trading Ltd. | 79 | 1406 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings Ltd.\* | 80 | 1402 |
| &nbsp;&nbsp;&nbsp;Bowman Consulting Group Ltd.\* | 33 | 1398 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | 12 | 1346 |
| &nbsp;&nbsp;&nbsp;Graham Corp.\* | 24 | 1317 |
| &nbsp;&nbsp;&nbsp;Ardagh Metal Packaging S.A. | 327 | 1305 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.\* | 49 | 1256 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | 104 | 1239 |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc.\* | 23 | 1217 |
| &nbsp;&nbsp;&nbsp;Navigator Holdings Ltd. | 77 | 1193 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.\* | 115 | 1090 |
| &nbsp;&nbsp;&nbsp;Aspen Aerogels, Inc.\* | 155 | 1079 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | 28 | 1032 |
| &nbsp;&nbsp;&nbsp;Smith & Wesson Brands, Inc. | 103 | 1012 |
| &nbsp;&nbsp;&nbsp;Teekay Corporation Ltd. | 122 | 998 |
| &nbsp;&nbsp;&nbsp;LSB Industries, Inc.\* | 126 | 993 |
| &nbsp;&nbsp;&nbsp;Aebi Schmidt Holding AG | 79 | 985 |
| &nbsp;&nbsp;&nbsp;JELD-WEN Holding, Inc.\* | 199 | 977 |
| &nbsp;&nbsp;&nbsp;Ardmore Shipping Corp. | 81 | 961 |
| &nbsp;&nbsp;&nbsp;Willis Lease Finance Corp. | 7 | 960 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 215

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Eastman Kodak Co.\* | 149 | $| 955 |
| &nbsp;&nbsp;&nbsp;Voyager Technologies, Inc. — Class A\* | 32 |  | 953 |
| &nbsp;&nbsp;&nbsp;Columbus McKinnon Corp. | 66 |  | 946 |
| &nbsp;&nbsp;&nbsp;Lightbridge Corp.\* | 44 |  | 933 |
| &nbsp;&nbsp;&nbsp;Byrna Technologies, Inc.\* | 42 |  | 931 |
| &nbsp;&nbsp;&nbsp;Standard BioTools, Inc.\* | 702 |  | 913 |
| &nbsp;&nbsp;&nbsp;Luxfer Holdings plc | 63 |  | 876 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | 43 |  | 874 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 103 |  | 863 |
| &nbsp;&nbsp;&nbsp;Titan America S.A. | 57 |  | 852 |
| &nbsp;&nbsp;&nbsp;Kopin Corp.\* | 349 |  | 848 |
| &nbsp;&nbsp;&nbsp;Covenant Logistics Group, Inc. — Class A | 38 |  | 823 |
| &nbsp;&nbsp;&nbsp;Manitowoc Company, Inc.\* | 81 |  | 811 |
| &nbsp;&nbsp;&nbsp;Mesa Laboratories, Inc. | 12 |  | 804 |
| &nbsp;&nbsp;&nbsp;Latham Group, Inc.\* | 105 |  | 799 |
| &nbsp;&nbsp;&nbsp;TSS, Inc.\* | 43 |  | 779 |
| &nbsp;&nbsp;&nbsp;Clearwater Paper Corp.\* | 37 |  | 768 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings, Inc.\* | 88 |  | 732 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | 11 |  | 718 |
| &nbsp;&nbsp;&nbsp;MicroVision, Inc.\* | 575 |  | 713 |
| &nbsp;&nbsp;&nbsp;Redwire Corp.\* | 79 |  | 710 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | 23 |  | 700 |
| &nbsp;&nbsp;&nbsp;Richtech Robotics, Inc. — Class B\* | 161 |  | 691 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class B | 11 |  | 678 |
| &nbsp;&nbsp;&nbsp;L B Foster Co. — Class A\* | 24 |  | 647 |
| &nbsp;&nbsp;&nbsp;Ranpak Holdings Corp.\* | 110 |  | 618 |
| &nbsp;&nbsp;&nbsp;AerSale Corp.\* | 75 |  | 614 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | 135 |  | 599 |
| &nbsp;&nbsp;&nbsp;Himalaya Shipping Ltd. | 70 |  | 576 |
| &nbsp;&nbsp;&nbsp;908 Devices, Inc.\* | 64 |  | 561 |
| &nbsp;&nbsp;&nbsp;Turtle Beach Corp.\* | 35 |  | 557 |
| &nbsp;&nbsp;&nbsp;Arq, Inc.\* | 74 |  | 530 |
| &nbsp;&nbsp;&nbsp;Palladyne AI Corp.\* | 60 |  | 515 |
| &nbsp;&nbsp;&nbsp;Pure Cycle Corp.\* | 46 |  | 509 |
| &nbsp;&nbsp;&nbsp;Tredegar Corp.\* | 63 |  | 506 |
| &nbsp;&nbsp;&nbsp;Park-Ohio Holdings Corp. | 23 |  | 488 |
| &nbsp;&nbsp;&nbsp;Bel Fuse, Inc. — Class A | 4 |  | 465 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.\* | 78 |  | 460 |
| &nbsp;&nbsp;&nbsp;Eve Holding, Inc.\* | 120 |  | 457 |
| &nbsp;&nbsp;&nbsp;Mayville Engineering Company, Inc.\* | 33 |  | 454 |
| &nbsp;&nbsp;&nbsp;Perma-Fix Environmental Services, Inc.\* | 41 |  | 414 |
| &nbsp;&nbsp;&nbsp;Core Molding Technologies, Inc.\* | 20 |  | 411 |
| &nbsp;&nbsp;&nbsp;Karat Packaging, Inc. | 16 |  | 403 |
| &nbsp;&nbsp;&nbsp;Mistras Group, Inc.\* | 39 |  | 384 |
| &nbsp;&nbsp;&nbsp;Proficient Auto Logistics, Inc.\* | 55 |  | 379 |
| &nbsp;&nbsp;&nbsp;Universal Logistics Holdings, Inc. | 16 |  | 375 |
| &nbsp;&nbsp;&nbsp;Concrete Pumping Holdings, Inc. | 53 |  | 374 |
| &nbsp;&nbsp;&nbsp;Pangaea Logistics Solutions Ltd. | 70 |  | 356 |
| &nbsp;&nbsp;&nbsp;Gencor Industries, Inc.\* | 24 |  | 351 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.\* | 97 |  | 334 |
| &nbsp;&nbsp;&nbsp;M-Tron Industries, Inc.\* | 6 |  | 333 |
| &nbsp;&nbsp;&nbsp;KULR Technology Group, Inc.\* | 77 |  | 320 |
| &nbsp;&nbsp;&nbsp;Eastern Co. | 13 |  | 305 |
| &nbsp;&nbsp;&nbsp;Outdoor Holding Co.\* | 206 |  | 305 |
| &nbsp;&nbsp;&nbsp;Energy Services of America Corp. | 28 |  | 290 |
| &nbsp;&nbsp;&nbsp;Costamare Bulkers Holdings Ltd.\* | 20 |  | 287 |
| &nbsp;&nbsp;&nbsp;Omega Flex, Inc. | 8 |  | 249 |
| &nbsp;&nbsp;&nbsp;Ascent Industries Co.\* | 19 |  | 245 |
| &nbsp;&nbsp;&nbsp;Net Power, Inc.\* | 80 |  | 241 |
| &nbsp;&nbsp;&nbsp;AirJoule Technologies Corp.\* | 50 |  | 234 |
| &nbsp;&nbsp;&nbsp;Smith-Midland Corp.\* | 6 |  | 221 |
| &nbsp;&nbsp;&nbsp;Pro-DEX, Inc.\* | 5 |  | 169 |
| &nbsp;&nbsp;&nbsp;SKYX Platforms Corp.\* | 143 |  | 160 |
| &nbsp;&nbsp;&nbsp;PAMT CORP\* | 14 |  | 160 |
| &nbsp;&nbsp;&nbsp;NL Industries, Inc. | 20 |  | 123 |
| &nbsp;&nbsp;&nbsp;Southland Holdings, Inc.\* | 25 |  | 107 |
| &nbsp;&nbsp;&nbsp;Neonode, Inc.\* | 25 |  | 87 |
| **Total Industrial** |  |  | 1126981 |
| **Consumer, Cyclical - 5.5%** | **Consumer, Cyclical - 5.5%** | **Consumer, Cyclical - 5.5%** | **Consumer, Cyclical - 5.5%** |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. — Class A\* | 226 |  | 14918 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | 92 |  | 14575 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.\* | 321 |  | 13861 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 55 |  | 13566 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 103 |  | 13048 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 29 |  | 12688 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 165 |  | 11951 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 72 |  | 11932 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 46 |  | 11245 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.\* | 18 |  | 10453 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 129 |  | 10290 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.\* | 133 |  | 10157 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.\* | 142 |  | 10143 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 64 |  | 9976 |
| &nbsp;&nbsp;&nbsp;KB Home | 154 |  | 9801 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 94 |  | 9458 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 110 |  | 9411 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 93 |  | 8921 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.\* | 61 |  | 8811 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.\* | 318 |  | 8777 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 140 |  | 8596 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. — Class A\* | 91 |  | 8519 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | 76 |  | 7861 |
| &nbsp;&nbsp;&nbsp;VSE Corp. | 47 |  | 7813 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc. — Class A\* | 865 |  | 7785 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 154 |  | 7703 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | 64 |  | 7671 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class A | 142 |  | 7593 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 60 |  | 7271 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 124 |  | 7208 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.\* | 249 |  | 7166 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc. — Class A | 114 |  | 6961 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.\* | 201 |  | 6828 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 242 |  | 6781 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | 381 |  | 6519 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | 113 |  | 6404 |
| &nbsp;&nbsp;&nbsp;Warby Parker, Inc. — Class A\* | 230 |  | 6343 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 311 |  | 6232 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. | 108 |  | 5901 |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | 35 |  | 5852 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 134 |  | 5602 |
| &nbsp;&nbsp;&nbsp;Steven Madden Ltd. | 163 |  | 5457 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.\* | 824 |  | 5430 |

---

216 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 272 | $5418 |
| &nbsp;&nbsp;&nbsp;LCI Industries | 58 | 5403 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.\* | 73 | 5392 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 183 | 5342 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | 189 | 5186 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | 90 | 5173 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\* | 225 | 5112 |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | 64 | 5023 |
| &nbsp;&nbsp;&nbsp;Super Group SGHC Ltd. | 374 | 4937 |
| &nbsp;&nbsp;&nbsp;HNI Corp. | 105 | 4919 |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 197 | 4744 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings Ltd. | 222 | 4693 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 613 | 4585 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery plc | 262 | 4519 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class C\* | 108 | 4492 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.\* | 161 | 4370 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.\* | 276 | 4361 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | 74 | 4341 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 65 | 4326 |
| &nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc.\* | 208 | 4260 |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.\* | 74 | 4259 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Entertainment Corp.\* | 93 | 4207 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | 297 | 4045 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. — Class A | 136 | 3936 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | 255 | 3919 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 61 | 3866 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 235 | 3826 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.\* | 755 | 3715 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | 77 | 3708 |
| &nbsp;&nbsp;&nbsp;Winmark Corp. | 7 | 3484 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc. — Class A | 197 | 3388 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | 97 | 3329 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.\* | 64 | 3309 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.\* | 101 | 3308 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 30 | 3175 |
| &nbsp;&nbsp;&nbsp;Lionsgate Studios Corp.\* | 450 | 3105 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc. — Class A\* | 1021 | 2961 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 310 | 2945 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.\* | 200 | 2884 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 159 | 2821 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | 312 | 2770 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. — Class A | 35 | 2663 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.\* | 49 | 2534 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.\* | 92 | 2448 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.\* | 71 | 2418 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 99 | 2405 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | 84 | 2371 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 52 | 2291 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc. — Class A | 141 | 2226 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.\* | 49 | 2156 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 64 | 2140 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. — Class A\* | 34 | 2066 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 50 | 2041 |
| &nbsp;&nbsp;&nbsp;ThredUp, Inc. — Class A\* | 213 | 2013 |
| &nbsp;&nbsp;&nbsp;Sweetgreen, Inc. — Class A\* | 243 | 1939 |
| &nbsp;&nbsp;&nbsp;Build-A-Bear Workshop, Inc. — Class A | 29 | 1891 |
| &nbsp;&nbsp;&nbsp;Daktronics, Inc.\* | 90 | 1883 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.\* | 56 | 1852 |
| &nbsp;&nbsp;&nbsp;indie Semiconductor, Inc. — Class A\* | 455 | 1852 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc. — Class A\* | 71 | 1840 |
| &nbsp;&nbsp;&nbsp;ODP Corp.\* | 65 | 1810 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality, Inc.\* | 50 | 1809 |
| &nbsp;&nbsp;&nbsp;Global Business Travel Group I\* | 222 | 1794 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings, Inc.\* | 465 | 1790 |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.\* | 68 | 1669 |
| &nbsp;&nbsp;&nbsp;Douglas Dynamics, Inc. | 53 | 1657 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 271 | 1629 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | 26 | 1612 |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | 54 | 1591 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.\* | 851 | 1557 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.\* | 96 | 1501 |
| &nbsp;&nbsp;&nbsp;Cooper-Standard Holdings, Inc.\* | 40 | 1477 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.\* | 47 | 1435 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc. — Class A\* | 44 | 1428 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.\* | 301 | 1424 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 120 | 1417 |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc. — Class A\* | 11 | 1413 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 197 | 1412 |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.\* | 127 | 1406 |
| &nbsp;&nbsp;&nbsp;Nu Skin Enterprises, Inc. — Class A | 115 | 1402 |
| &nbsp;&nbsp;&nbsp;Ermenegildo Zegna N.V. | 144 | 1361 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | 33 | 1338 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.\* | 18 | 1315 |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc.\* | 120 | 1276 |
| &nbsp;&nbsp;&nbsp;Global Industrial Co. | 34 | 1247 |
| &nbsp;&nbsp;&nbsp;Forestar Group, Inc.\* | 45 | 1197 |
| &nbsp;&nbsp;&nbsp;Solid Power, Inc.\* | 340 | 1180 |
| &nbsp;&nbsp;&nbsp;Savers Value Village, Inc.\* | 89 | 1179 |
| &nbsp;&nbsp;&nbsp;A-Mark Precious Metals, Inc. | 45 | 1164 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 64 | 1162 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. — Class B | 20 | 1148 |
| &nbsp;&nbsp;&nbsp;Lindblad Expeditions Holdings, Inc.\* | 88 | 1126 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.\* | 44 | 1115 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | 46 | 1085 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.\* | 413 | 1066 |
| &nbsp;&nbsp;&nbsp;Miller Industries, Inc. | 26 | 1051 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.\* | 72 | 1044 |
| &nbsp;&nbsp;&nbsp;Potbelly Corp.\* | 60 | 1022 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 77 | 1004 |
| &nbsp;&nbsp;&nbsp;Wabash National Corp. | 97 | 957 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.\* | 91 | 904 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 43 | 894 |
| &nbsp;&nbsp;&nbsp;Kura Sushi USA, Inc. — Class A\* | 15 | 891 |
| &nbsp;&nbsp;&nbsp;Dine Brands Global, Inc. | 36 | 890 |
| &nbsp;&nbsp;&nbsp;Frontier Group Holdings, Inc.\* | 199 | 879 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc.\* | 44 | 870 |
| &nbsp;&nbsp;&nbsp;Marcus Corp. | 56 | 869 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.\* | 114 | 862 |
| &nbsp;&nbsp;&nbsp;Portillo's, Inc. — Class A\* | 132 | 851 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 217

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Arko Corp. | 180 | $| 823 |
| &nbsp;&nbsp;&nbsp;Titan Machinery, Inc.\* | 49 |  | 820 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.\* | 38 |  | 815 |
| &nbsp;&nbsp;&nbsp;Webtoon Entertainment, Inc.\* | 42 |  | 815 |
| &nbsp;&nbsp;&nbsp;Atlanta Braves Holdings, Inc. — Class A\* | 16 |  | 727 |
| &nbsp;&nbsp;&nbsp;Petco Health & Wellness Company, Inc.\* | 184 |  | 712 |
| &nbsp;&nbsp;&nbsp;Haverty Furniture Companies, Inc. | 32 |  | 702 |
| &nbsp;&nbsp;&nbsp;Krispy Kreme, Inc.\* | 181 |  | 700 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.\* | 24 |  | 696 |
| &nbsp;&nbsp;&nbsp;Movado Group, Inc. | 36 |  | 683 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.\* | 105 |  | 680 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc. — Class B\* | 2 |  | 647 |
| &nbsp;&nbsp;&nbsp;Zumiez, Inc.\* | 33 |  | 647 |
| &nbsp;&nbsp;&nbsp;Denny's Corp.\* | 118 |  | 617 |
| &nbsp;&nbsp;&nbsp;Strattec Security Corp.\* | 9 |  | 613 |
| &nbsp;&nbsp;&nbsp;El Pollo Loco Holdings, Inc.\* | 62 |  | 601 |
| &nbsp;&nbsp;&nbsp;Hyliion Holdings Corp.\* | 304 |  | 599 |
| &nbsp;&nbsp;&nbsp;Methode Electronics, Inc. | 79 |  | 596 |
| &nbsp;&nbsp;&nbsp;RCI Hospitality Holdings, Inc. | 19 |  | 580 |
| &nbsp;&nbsp;&nbsp;Inspired Entertainment, Inc.\* | 59 |  | 553 |
| &nbsp;&nbsp;&nbsp;Lovesac Co.\* | 32 |  | 542 |
| &nbsp;&nbsp;&nbsp;America's Car-Mart, Inc.\* | 18 |  | 526 |
| &nbsp;&nbsp;&nbsp;Motorcar Parts of America, Inc.\* | 31 |  | 513 |
| &nbsp;&nbsp;&nbsp;Rocky Brands, Inc. | 17 |  | 506 |
| &nbsp;&nbsp;&nbsp;Xponential Fitness, Inc. — Class A\* | 64 |  | 499 |
| &nbsp;&nbsp;&nbsp;Johnson Outdoors, Inc. — Class A | 12 |  | 485 |
| &nbsp;&nbsp;&nbsp;Starz Entertainment Corp.\* | 30 |  | 442 |
| &nbsp;&nbsp;&nbsp;Holley, Inc.\* | 140 |  | 440 |
| &nbsp;&nbsp;&nbsp;Weyco Group, Inc. | 14 |  | 421 |
| &nbsp;&nbsp;&nbsp;Flexsteel Industries, Inc. | 9 |  | 417 |
| &nbsp;&nbsp;&nbsp;OneWater Marine, Inc. — Class A\* | 26 |  | 412 |
| &nbsp;&nbsp;&nbsp;Tile Shop Holdings, Inc.\* | 68 |  | 411 |
| &nbsp;&nbsp;&nbsp;Livewire Group, Inc.\* | 86 |  | 409 |
| &nbsp;&nbsp;&nbsp;JAKKS Pacific, Inc. | 21 |  | 393 |
| &nbsp;&nbsp;&nbsp;Reservoir Media, Inc.\* | 48 |  | 391 |
| &nbsp;&nbsp;&nbsp;EVI Industries, Inc. | 12 |  | 379 |
| &nbsp;&nbsp;&nbsp;Barnes & Noble Education, Inc.\* | 35 |  | 348 |
| &nbsp;&nbsp;&nbsp;Sleep Number Corp.\* | 49 |  | 344 |
| &nbsp;&nbsp;&nbsp;Citi Trends, Inc.\* | 11 |  | 341 |
| &nbsp;&nbsp;&nbsp;Lakeland Industries, Inc. | 21 |  | 311 |
| &nbsp;&nbsp;&nbsp;Escalade, Inc. | 24 |  | 302 |
| &nbsp;&nbsp;&nbsp;Bassett Furniture Industries, Inc. | 19 |  | 297 |
| &nbsp;&nbsp;&nbsp;J Jill, Inc. | 17 |  | 292 |
| &nbsp;&nbsp;&nbsp;Superior Group of Companies, Inc. | 27 |  | 290 |
| &nbsp;&nbsp;&nbsp;Funko, Inc. — Class A\* | 82 |  | 282 |
| &nbsp;&nbsp;&nbsp;Faraday Future Intelligent Electric, Inc.\* | 208 |  | 270 |
| &nbsp;&nbsp;&nbsp;Designer Brands, Inc. — Class A | 75 |  | 266 |
| &nbsp;&nbsp;&nbsp;American Outdoor Brands, Inc.\* | 29 |  | 252 |
| &nbsp;&nbsp;&nbsp;Hamilton Beach Brands Holding Co. — Class A | 17 |  | 244 |
| &nbsp;&nbsp;&nbsp;Clarus Corp. | 69 |  | 241 |
| &nbsp;&nbsp;&nbsp;Virco Mfg. Corp. | 26 |  | 202 |
| &nbsp;&nbsp;&nbsp;Bally's Corp.\* | 17 |  | 189 |
| &nbsp;&nbsp;&nbsp;Marine Products Corp. | 21 |  | 186 |
| &nbsp;&nbsp;&nbsp;Luminar Technologies, Inc.\* | 94 |  | 179 |
| &nbsp;&nbsp;&nbsp;Envela Corp.\* | 16 |  | 125 |
| &nbsp;&nbsp;&nbsp;Torrid Holdings, Inc.\* | 56 |  | 98 |
| &nbsp;&nbsp;&nbsp;CompX International, Inc. | 4 |  | 94 |
| &nbsp;&nbsp;&nbsp;Traeger, Inc.\* | 74 |  | 90 |
| **Total Consumer, Cyclical** |  |  | 682298 |
| **Technology - 5.5%** | **Technology - 5.5%** | **Technology - 5.5%** | **Technology - 5.5%** |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.\* | 643 |  | 39545 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.\* | 251 |  | 26154 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.\* | 743 |  | 22134 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 104 |  | 19633 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.\* | 719 |  | 17766 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.\* | 50 |  | 15066 |
| &nbsp;&nbsp;&nbsp;Varonis Systems, Inc.\* | 257 |  | 14770 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 203 |  | 14504 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc. — Class A\* | 852 |  | 13700 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 247 |  | 13034 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 132 |  | 12061 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.\* | 85 |  | 11248 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 60 |  | 10845 |
| &nbsp;&nbsp;&nbsp;Box, Inc. — Class A\* | 327 |  | 10552 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc. — Class A\* | 574 |  | 10344 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.\* | 117 |  | 10071 |
| &nbsp;&nbsp;&nbsp;Silicon Laboratories, Inc.\* | 75 |  | 9835 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.\* | 254 |  | 9632 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 89 |  | 9268 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp. — Class A\* | 433 |  | 8604 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.\* | 280 |  | 8165 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.\* | 95 |  | 7839 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.\* | 65 |  | 7372 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.\* | 75 |  | 7323 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC\* | 543 |  | 7048 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.\* | 172 |  | 6761 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.\* | 183 |  | 6665 |
| &nbsp;&nbsp;&nbsp;WNS Holdings Ltd.\* | 87 |  | 6635 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. — Class A | 196 |  | 6543 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.\* | 121 |  | 6425 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 60 |  | 6315 |
| &nbsp;&nbsp;&nbsp;Genius Sports Ltd.\* | 509 |  | 6301 |
| &nbsp;&nbsp;&nbsp;Synaptics, Inc.\* | 89 |  | 6082 |
| &nbsp;&nbsp;&nbsp;Alignment Healthcare, Inc.\* | 340 |  | 5933 |
| &nbsp;&nbsp;&nbsp;Blackbaud, Inc.\* | 90 |  | 5788 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.\* | 108 |  | 5747 |
| &nbsp;&nbsp;&nbsp;Quantum Computing, Inc.\* | 312 |  | 5744 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc. — Class A\* | 467 |  | 5497 |
| &nbsp;&nbsp;&nbsp;Innodata, Inc.\* | 71 |  | 5472 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 133 |  | 5348 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.\* | 130 |  | 5317 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 152 |  | 5192 |
| &nbsp;&nbsp;&nbsp;Braze, Inc. — Class A\* | 179 |  | 5091 |
| &nbsp;&nbsp;&nbsp;C3.ai, Inc. — Class A\* | 284 |  | 4925 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | 120 |  | 4877 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.\* | 100 |  | 4735 |
| &nbsp;&nbsp;&nbsp;AvePoint, Inc.\* | 312 |  | 4683 |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc. — Class A\* | 119 |  | 4656 |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | 401 |  | 4575 |
| &nbsp;&nbsp;&nbsp;BigBear.ai Holdings, Inc.\* | 677 |  | 4414 |

---

218 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Progress Software Corp.\* | 100 | $4393 |
| &nbsp;&nbsp;&nbsp;Five9, Inc.\* | 178 | 4308 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | 255 | 4284 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.\* | 164 | 4236 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | 65 | 4185 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.\* | 152 | 4125 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.\* | 326 | 4091 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.\* | 134 | 4078 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.\* | 38 | 4039 |
| &nbsp;&nbsp;&nbsp;AvidXchange Holdings, Inc.\* | 401 | 3990 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.\* | 160 | 3974 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc. — Class A\* | 394 | 3905 |
| &nbsp;&nbsp;&nbsp;Vertex, Inc. — Class A\* | 153 | 3793 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.\* | 94 | 3721 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.\* | 60 | 3422 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.\* | 198 | 3271 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.\* | 119 | 3219 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.\* | 62 | 3189 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.\* | 121 | 3180 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies Ltd. — Class A\* | 107 | 3177 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.\* | 189 | 3171 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corporation N.V. | 73 | 3139 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.\* | 133 | 3128 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.\* | 85 | 3099 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.\* | 135 | 3098 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc. — Class A\* | 191 | 3071 |
| &nbsp;&nbsp;&nbsp;NextNav, Inc.\* | 206 | 2946 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.\* | 105 | 2861 |
| &nbsp;&nbsp;&nbsp;Verint Systems, Inc.\* | 140 | 2835 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.\* | 150 | 2813 |
| &nbsp;&nbsp;&nbsp;Appian Corp. — Class A\* | 92 | 2812 |
| &nbsp;&nbsp;&nbsp;Fastly, Inc. — Class A\* | 321 | 2745 |
| &nbsp;&nbsp;&nbsp;Asana, Inc. — Class A\* | 201 | 2685 |
| &nbsp;&nbsp;&nbsp;Vimeo, Inc.\* | 344 | 2666 |
| &nbsp;&nbsp;&nbsp;Schrodinger Incorporated/United States\* | 132 | 2648 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.\* | 103 | 2360 |
| &nbsp;&nbsp;&nbsp;Evolent Health, Inc. — Class A\* | 275 | 2327 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.\* | 40 | 2324 |
| &nbsp;&nbsp;&nbsp;Navitas Semiconductor Corp.\* | 314 | 2267 |
| &nbsp;&nbsp;&nbsp;Amplitude, Inc. — Class A\* | 204 | 2187 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.\* | 107 | 2175 |
| &nbsp;&nbsp;&nbsp;Yext, Inc.\* | 242 | 2062 |
| &nbsp;&nbsp;&nbsp;Aehr Test Systems\* | 67 | 2017 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.\* | 75 | 1937 |
| &nbsp;&nbsp;&nbsp;Integral Ad Science Holding Corp.\* | 179 | 1820 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc. — Class A\* | 492 | 1796 |
| &nbsp;&nbsp;&nbsp;I3 Verticals, Inc. — Class A\* | 54 | 1753 |
| &nbsp;&nbsp;&nbsp;Rezolve AI plc\* | 341 | 1698 |
| &nbsp;&nbsp;&nbsp;Jamf Holding Corp.\* | 158 | 1691 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc. — Class A\* | 58 | 1647 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor Ltd.\* | 58 | 1622 |
| &nbsp;&nbsp;&nbsp;Sprout Social, Inc. — Class A\* | 121 | 1563 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.\* | 239 | 1530 |
| &nbsp;&nbsp;&nbsp;MeridianLink, Inc.\* | 75 | 1495 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.\* | 55 | 1453 |
| &nbsp;&nbsp;&nbsp;Daily Journal Corp.\* | 3 | 1395 |
| &nbsp;&nbsp;&nbsp;Red Violet, Inc. | 26 | 1359 |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.\* | 46 | 1351 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | 85 | 1351 |
| &nbsp;&nbsp;&nbsp;Cantaloupe, Inc.\* | 125 | 1321 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.\* | 169 | 1318 |
| &nbsp;&nbsp;&nbsp;Climb Global Solutions, Inc. | 9 | 1214 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.\* | 155 | 1195 |
| &nbsp;&nbsp;&nbsp;Domo, Inc. — Class B\* | 75 | 1188 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.\* | 94 | 1171 |
| &nbsp;&nbsp;&nbsp;SkyWater Technology, Inc.\* | 62 | 1157 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc. — Class A\* | 63 | 1050 |
| &nbsp;&nbsp;&nbsp;Xerox Holdings Corp. | 276 | 1038 |
| &nbsp;&nbsp;&nbsp;Mitek Systems, Inc.\* | 104 | 1016 |
| &nbsp;&nbsp;&nbsp;Conduent, Inc.\* | 350 | 980 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.\* | 109 | 972 |
| &nbsp;&nbsp;&nbsp;Claritev Corp.\* | 18 | 955 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings Ltd.\* | 23 | 932 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.\* | 137 | 915 |
| &nbsp;&nbsp;&nbsp;Vishay Precision Group, Inc.\* | 28 | 897 |
| &nbsp;&nbsp;&nbsp;3D Systems Corp.\* | 309 | 896 |
| &nbsp;&nbsp;&nbsp;Telos Corp.\* | 129 | 882 |
| &nbsp;&nbsp;&nbsp;Ibotta, Inc. — Class A\* | 31 | 863 |
| &nbsp;&nbsp;&nbsp;Nutex Health, Inc.\* | 8 | 827 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc. — Class A\* | 98 | 811 |
| &nbsp;&nbsp;&nbsp;Talkspace, Inc.\* | 289 | 798 |
| &nbsp;&nbsp;&nbsp;Commerce.com, Inc.\* | 154 | 768 |
| &nbsp;&nbsp;&nbsp;SEMrush Holdings, Inc. — Class A\* | 108 | 765 |
| &nbsp;&nbsp;&nbsp;McGraw Hill, Inc.\* | 55 | 690 |
| &nbsp;&nbsp;&nbsp;Cricut, Inc. — Class A | 108 | 679 |
| &nbsp;&nbsp;&nbsp;Arteris, Inc.\* | 66 | 667 |
| &nbsp;&nbsp;&nbsp;8x8, Inc.\* | 306 | 649 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.\* | 156 | 608 |
| &nbsp;&nbsp;&nbsp;Simulations Plus, Inc.\* | 39 | 588 |
| &nbsp;&nbsp;&nbsp;VTEX — Class A\* | 134 | 587 |
| &nbsp;&nbsp;&nbsp;Blaize Holdings, Inc.\* | 170 | 587 |
| &nbsp;&nbsp;&nbsp;Rimini Street, Inc.\* | 114 | 534 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | 131 | 510 |
| &nbsp;&nbsp;&nbsp;Immersion Corp. | 69 | 506 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.\* | 88 | 503 |
| &nbsp;&nbsp;&nbsp;Asure Software, Inc.\* | 58 | 476 |
| &nbsp;&nbsp;&nbsp;Vuzix Corp.\* | 150 | 470 |
| &nbsp;&nbsp;&nbsp;Omada Health, Inc.\* | 21 | 464 |
| &nbsp;&nbsp;&nbsp;TruBridge, Inc.\* | 23 | 464 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.\* | 159 | 453 |
| &nbsp;&nbsp;&nbsp;ReposiTrak, Inc. | 26 | 385 |
| &nbsp;&nbsp;&nbsp;EverCommerce, Inc.\* | 34 | 378 |
| &nbsp;&nbsp;&nbsp;eGain Corp.\* | 43 | 375 |
| &nbsp;&nbsp;&nbsp;Aeluma, Inc.\* | 23 | 370 |
| &nbsp;&nbsp;&nbsp;CS Disco, Inc.\* | 56 | 362 |
| &nbsp;&nbsp;&nbsp;Digimarc Corp.\* | 37 | 362 |
| &nbsp;&nbsp;&nbsp;CoreCard Corp.\* | 13 | 350 |
| &nbsp;&nbsp;&nbsp;Definitive Healthcare Corp.\* | 83 | 337 |
| &nbsp;&nbsp;&nbsp;Ambiq Micro, Inc.\* | 11 | 329 |
| &nbsp;&nbsp;&nbsp;Viant Technology, Inc. — Class A\* | 37 | 319 |
| &nbsp;&nbsp;&nbsp;Atomera, Inc.\* | 69 | 305 |
| &nbsp;&nbsp;&nbsp;Rackspace Technology, Inc.\* | 196 | 276 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 219

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Kaltura, Inc.\* | 191 | $| 275 |
| &nbsp;&nbsp;&nbsp;Richardson Electronics Ltd. | 28 |  | 274 |
| &nbsp;&nbsp;&nbsp;Expensify, Inc. — Class A\* | 139 |  | 257 |
| &nbsp;&nbsp;&nbsp;Airship AI Holdings, Inc.\* | 47 |  | 243 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.\* | 205 |  | 238 |
| &nbsp;&nbsp;&nbsp;Playstudios, Inc.\* | 207 |  | 199 |
| &nbsp;&nbsp;&nbsp;CSP, Inc. | 16 |  | 185 |
| &nbsp;&nbsp;&nbsp;TTEC Holdings, Inc.\* | 47 |  | 158 |
| &nbsp;&nbsp;&nbsp;Synchronoss Technologies, Inc.\* | 25 |  | 152 |
| &nbsp;&nbsp;&nbsp;Teads Holding Co.\* | 85 |  | 140 |
| &nbsp;&nbsp;&nbsp;Skillsoft Corp.\* | 10 |  | 130 |
| &nbsp;&nbsp;&nbsp;Silvaco Group, Inc.\* | 18 |  | 97 |
| &nbsp;&nbsp;&nbsp;Golden Matrix Group, Inc.\* | 34 |  | 38 |
| &nbsp;&nbsp;&nbsp;Zspace, Inc.\* | 5 |  | 5 |
| **Total Technology** |  |  | 679614 |
| **Communications - 2.8%** | **Communications - 2.8%** | **Communications - 2.8%** | **Communications - 2.8%** |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding Ltd.\* | 344 |  | 50090 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 443 |  | 25127 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. — Class A\* | 315 |  | 24053 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 60 |  | 20714 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.\* | 2219 |  | 13580 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.\* | 498 |  | 11424 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.\* | 145 |  | 10497 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | 230 |  | 9025 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.\* | 138 |  | 8469 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 266 |  | 7794 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Company, Inc.\* | 496 |  | 7678 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 377 |  | 7664 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.\* | 193 |  | 7185 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.\* | 328 |  | 7144 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.\* | 519 |  | 6586 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.\* | 310 |  | 6402 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.\* | 286 |  | 5311 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | 402 |  | 4703 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc. — Class A\* | 145 |  | 4524 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.\* | 272 |  | 4423 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. | 62 |  | 4403 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.\* | 118 |  | 4294 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 106 |  | 4065 |
| &nbsp;&nbsp;&nbsp;Sphere Entertainment Co.\* | 65 |  | 4038 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.\* | 97 |  | 3696 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.\* | 783 |  | 3249 |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | 167 |  | 3031 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.\* | 264 |  | 2688 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class C\* | 294 |  | 2481 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.\* | 223 |  | 2370 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc.\* | 12 |  | 2125 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.\* | 65 |  | 2105 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.\* | 95 |  | 2023 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc. — Class A\* | 258 |  | 1992 |
| &nbsp;&nbsp;&nbsp;IDT Corp. — Class B | 38 |  | 1988 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.\* | 128 |  | 1980 |
| &nbsp;&nbsp;&nbsp;Rumble, Inc.\* | 248 |  | 1795 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.\* | 136 |  | 1662 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.\* | 174 |  | 1632 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | 57 |  | 1610 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 119 |  | 1597 |
| &nbsp;&nbsp;&nbsp;Angi, Inc.\* | 95 |  | 1545 |
| &nbsp;&nbsp;&nbsp;Powerfleet Incorporated NJ\* | 292 |  | 1530 |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.\* | 271 |  | 1526 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.\* | 55 |  | 1509 |
| &nbsp;&nbsp;&nbsp;Altice USA, Inc. — Class A\* | 610 |  | 1470 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc. — Class A\* | 64 |  | 1464 |
| &nbsp;&nbsp;&nbsp;Figs, Inc. — Class A\* | 208 |  | 1391 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.\* | 161 |  | 1383 |
| &nbsp;&nbsp;&nbsp;Groupon, Inc.\* | 59 |  | 1378 |
| &nbsp;&nbsp;&nbsp;Sinclair, Inc. | 91 |  | 1374 |
| &nbsp;&nbsp;&nbsp;Gannett Company, Inc.\* | 331 |  | 1367 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Inc.\* | 66 |  | 1330 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 47 |  | 1287 |
| &nbsp;&nbsp;&nbsp;Serve Robotics, Inc.\* | 109 |  | 1268 |
| &nbsp;&nbsp;&nbsp;Bed Bath & Beyond, Inc.\* | 129 |  | 1263 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | 206 |  | 1191 |
| &nbsp;&nbsp;&nbsp;Preformed Line Products Co. | 6 |  | 1177 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.\* | 78 |  | 1172 |
| &nbsp;&nbsp;&nbsp;Backblaze, Inc. — Class A\* | 126 |  | 1169 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | 56 |  | 1168 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc. — Class A\* | 249 |  | 1083 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.\* | 87 |  | 1049 |
| &nbsp;&nbsp;&nbsp;Bumble, Inc. — Class A\* | 171 |  | 1041 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings, Inc.\* | 496 |  | 1037 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.\* | 28 |  | 963 |
| &nbsp;&nbsp;&nbsp;MediaAlpha, Inc. — Class A\* | 78 |  | 888 |
| &nbsp;&nbsp;&nbsp;Ribbon Communications, Inc.\* | 220 |  | 836 |
| &nbsp;&nbsp;&nbsp;Spok Holdings, Inc. | 48 |  | 828 |
| &nbsp;&nbsp;&nbsp;Nexxen International Ltd.\* | 89 |  | 823 |
| &nbsp;&nbsp;&nbsp;iHeartMedia, Inc. — Class A\* | 280 |  | 804 |
| &nbsp;&nbsp;&nbsp;OptimizeRx Corp.\* | 37 |  | 758 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.\* | 60 |  | 719 |
| &nbsp;&nbsp;&nbsp;National CineMedia, Inc. | 150 |  | 677 |
| &nbsp;&nbsp;&nbsp;Boston Omaha Corp. — Class A\* | 51 |  | 667 |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc. — Class A\* | 76 |  | 626 |
| &nbsp;&nbsp;&nbsp;Aviat Networks, Inc.\* | 27 |  | 619 |
| &nbsp;&nbsp;&nbsp;WideOpenWest, Inc.\* | 119 |  | 614 |
| &nbsp;&nbsp;&nbsp;LifeMD, Inc.\* | 86 |  | 584 |
| &nbsp;&nbsp;&nbsp;Liberty Latin America Ltd. — Class A\* | 68 |  | 564 |
| &nbsp;&nbsp;&nbsp;Anterix, Inc.\* | 26 |  | 558 |
| &nbsp;&nbsp;&nbsp;Satellogic, Inc. — Class A\* | 161 |  | 528 |
| &nbsp;&nbsp;&nbsp;Getty Images Holdings, Inc.\* | 258 |  | 511 |
| &nbsp;&nbsp;&nbsp;Frequency Electronics, Inc.\* | 15 |  | 509 |
| &nbsp;&nbsp;&nbsp;BK Technologies Corp.\* | 6 |  | 507 |
| &nbsp;&nbsp;&nbsp;Open Lending Corp. — Class A\* | 240 |  | 506 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc. — Class A\* | 175 |  | 441 |
| &nbsp;&nbsp;&nbsp;Inseego Corp.\* | 29 |  | 434 |
| &nbsp;&nbsp;&nbsp;CuriosityStream, Inc. | 75 |  | 397 |
| &nbsp;&nbsp;&nbsp;Lands' End, Inc.\* | 28 |  | 395 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. — Class A\* | 147 |  | 362 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.\* | 62 |  | 360 |
| &nbsp;&nbsp;&nbsp;ATN International, Inc. | 23 |  | 344 |
| &nbsp;&nbsp;&nbsp;Entravision Communications Corp. — Class A | 146 |  | 340 |
| &nbsp;&nbsp;&nbsp;Advantage Solutions, Inc.\* | 221 |  | 338 |
| &nbsp;&nbsp;&nbsp;Gambling.com Group Ltd.\* | 39 |  | 319 |

---

220 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Tucows, Inc. — Class A\* | 16 | $| 297 |
| &nbsp;&nbsp;&nbsp;AudioEye, Inc.\* | 19 |  | 263 |
| &nbsp;&nbsp;&nbsp;Gaia, Inc.\* | 40 |  | 237 |
| &nbsp;&nbsp;&nbsp;1-800-Flowers.com, Inc. — Class A\* | 51 |  | 235 |
| &nbsp;&nbsp;&nbsp;Newsmax, Inc.\* | 18 |  | 223 |
| &nbsp;&nbsp;&nbsp;Crexendo, Inc.\* | 34 |  | 221 |
| &nbsp;&nbsp;&nbsp;BARK, Inc.\* | 250 |  | 208 |
| &nbsp;&nbsp;&nbsp;Triller Group, Inc.\* | 241 |  | 200 |
| &nbsp;&nbsp;&nbsp;Nerdy, Inc.\* | 136 |  | 171 |
| &nbsp;&nbsp;&nbsp;Arena Group Holdings, Inc.\* | 30 |  | 164 |
| &nbsp;&nbsp;&nbsp;Travelzoo\* | 15 |  | 147 |
| &nbsp;&nbsp;&nbsp;Vivid Seats, Inc. — Class A\* | 7 |  | 116 |
| &nbsp;&nbsp;&nbsp;Value Line, Inc. | 2 |  | 78 |
| **Total Communications** |  |  | 348768 |
| **Energy - 2.5%** | **Energy - 2.5%** | **Energy - 2.5%** | **Energy - 2.5%** |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc. — Class A\* | 339 |  | 25083 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp. — Class A | 433 |  | 10336 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 318 |  | 10214 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 388 |  | 10208 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 121 |  | 10101 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 317 |  | 9006 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 492 |  | 8507 |
| &nbsp;&nbsp;&nbsp;Noble Corporation plc | 296 |  | 8371 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | 153 |  | 8137 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 122 |  | 7764 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 287 |  | 7611 |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 148 |  | 7218 |
| &nbsp;&nbsp;&nbsp;Eos Energy Enterprises, Inc.\* | 592 |  | 6743 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | 268 |  | 6692 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.\* | 36 |  | 6515 |
| &nbsp;&nbsp;&nbsp;Transocean Ltd.\* | 1979 |  | 6174 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 114 |  | 6080 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 197 |  | 5944 |
| &nbsp;&nbsp;&nbsp;Plug Power, Inc.\* | 2539 |  | 5916 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | 150 |  | 5545 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 220 |  | 5452 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 217 |  | 5382 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | 227 |  | 5014 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. — Class A | 371 |  | 4578 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | 139 |  | 4486 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. — Class A | 104 |  | 4445 |
| &nbsp;&nbsp;&nbsp;Seadrill Ltd.\* | 147 |  | 4441 |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.\* | 27 |  | 4430 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 829 |  | 4294 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 118 |  | 4180 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. — Class A | 420 |  | 3746 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.\* | 242 |  | 3690 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.\* | 174 |  | 3450 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc. — Class A | 86 |  | 3437 |
| &nbsp;&nbsp;&nbsp;Sable Offshore Corp.\* | 177 |  | 3090 |
| &nbsp;&nbsp;&nbsp;Shoals Technologies Group, Inc. — Class A\* | 394 |  | 2920 |
| &nbsp;&nbsp;&nbsp;Array Technologies, Inc.\* | 356 |  | 2901 |
| &nbsp;&nbsp;&nbsp;Expro Group Holdings N.V.\* | 242 |  | 2875 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.\* | 282 |  | 2704 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.\* | 73 |  | 2663 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.\* | 67 |  | 2417 |
| &nbsp;&nbsp;&nbsp;Select Water Solutions, Inc. — Class A | 219 |  | 2341 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc. — Class A\* | 67 |  | 2224 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.\* | 70 |  | 2143 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.\* | 314 |  | 2132 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.\* | 323 |  | 2119 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc. | 182 |  | 2069 |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.\* | 178 |  | 1922 |
| &nbsp;&nbsp;&nbsp;Kosmos Energy Ltd.\* | 1113 |  | 1848 |
| &nbsp;&nbsp;&nbsp;Diversified Energy Company plc | 129 |  | 1807 |
| &nbsp;&nbsp;&nbsp;Aris Water Solutions, Inc. — Class A | 72 |  | 1776 |
| &nbsp;&nbsp;&nbsp;TETRA Technologies, Inc.\* | 298 |  | 1713 |
| &nbsp;&nbsp;&nbsp;ASP Isotopes, Inc.\* | 178 |  | 1712 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.\* | 91 |  | 1687 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 199 |  | 1624 |
| &nbsp;&nbsp;&nbsp;Vitesse Energy, Inc. | 69 |  | 1603 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp.\* | 142 |  | 1457 |
| &nbsp;&nbsp;&nbsp;Hallador Energy Co.\* | 73 |  | 1429 |
| &nbsp;&nbsp;&nbsp;Borr Drilling Ltd.\* | 522 |  | 1404 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc. — Class A | 54 |  | 1360 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 110 |  | 1360 |
| &nbsp;&nbsp;&nbsp;Nabors Industries Ltd.\* | 33 |  | 1349 |
| &nbsp;&nbsp;&nbsp;Green Plains, Inc.\* | 151 |  | 1327 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.\* | 70 |  | 1182 |
| &nbsp;&nbsp;&nbsp;Gevo, Inc.\* | 541 |  | 1060 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | 210 |  | 1000 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.\* | 188 |  | 985 |
| &nbsp;&nbsp;&nbsp;VAALCO Energy, Inc. | 243 |  | 977 |
| &nbsp;&nbsp;&nbsp;SandRidge Energy, Inc. | 85 |  | 959 |
| &nbsp;&nbsp;&nbsp;BKV Corp.\* | 39 |  | 902 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.\* | 395 |  | 873 |
| &nbsp;&nbsp;&nbsp;Riley Exploration Permian, Inc. | 31 |  | 840 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.\* | 137 |  | 830 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co.\* | 63 |  | 824 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.\* | 26 |  | 694 |
| &nbsp;&nbsp;&nbsp;Granite Ridge Resources, Inc. | 127 |  | 687 |
| &nbsp;&nbsp;&nbsp;Berry Corp. | 181 |  | 684 |
| &nbsp;&nbsp;&nbsp;Natural Gas Services Group, Inc. | 24 |  | 672 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc. — Class A | 43 |  | 639 |
| &nbsp;&nbsp;&nbsp;T1 Energy, Inc.\* | 262 |  | 571 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc. — Class A | 40 |  | 562 |
| &nbsp;&nbsp;&nbsp;Flotek Industries, Inc.\* | 33 |  | 482 |
| &nbsp;&nbsp;&nbsp;Summit Midstream Corp.\* | 23 |  | 473 |
| &nbsp;&nbsp;&nbsp;Infinity Natural Resources, Inc. — Class A\* | 34 |  | 446 |
| &nbsp;&nbsp;&nbsp;W&T Offshore, Inc. | 233 |  | 424 |
| &nbsp;&nbsp;&nbsp;Kolibri Global Energy, Inc.\* | 70 |  | 389 |
| &nbsp;&nbsp;&nbsp;DMC Global, Inc.\* | 45 |  | 380 |
| &nbsp;&nbsp;&nbsp;NACCO Industries, Inc. — Class A | 9 |  | 379 |
| &nbsp;&nbsp;&nbsp;Evolution Petroleum Corp. | 73 |  | 352 |
| &nbsp;&nbsp;&nbsp;Montauk Renewables, Inc.\* | 158 |  | 318 |
| &nbsp;&nbsp;&nbsp;SEACOR Marine Holdings, Inc.\* | 48 |  | 312 |
| &nbsp;&nbsp;&nbsp;HighPeak Energy, Inc. | 43 |  | 304 |
| &nbsp;&nbsp;&nbsp;Complete Solaria, Inc.\* | 140 |  | 246 |
| &nbsp;&nbsp;&nbsp;FutureFuel Corp. | 59 |  | 229 |
| &nbsp;&nbsp;&nbsp;Epsilon Energy Ltd. | 45 |  | 227 |
| &nbsp;&nbsp;&nbsp;PrimeEnergy Resources Corp.\* | 1 |  | 167 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 221

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Empire Petroleum Corp.\* | 34 | $| 154 |
| &nbsp;&nbsp;&nbsp;Mammoth Energy Services, Inc.\* | 57 |  | 131 |
| &nbsp;&nbsp;&nbsp;OPAL Fuels, Inc. — Class A\* | 50 |  | 110 |
| &nbsp;&nbsp;&nbsp;ProFrac Holding Corp. — Class A\* | 29 |  | 107 |
| &nbsp;&nbsp;&nbsp;Prairie Operating Co.\* | 51 |  | 101 |
| &nbsp;&nbsp;&nbsp;NextNRG, Inc.\* | 41 |  | 75 |
| &nbsp;&nbsp;&nbsp;Verde Clean Fuels, Inc.\* | 10 |  | 31 |
| **Total Energy** |  |  | 311944 |
| **Basic Materials - 2.1%** | **Basic Materials - 2.1%** | **Basic Materials - 2.1%** | **Basic Materials - 2.1%** |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.\* | 1489 |  | 27934 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | 1395 |  | 16879 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 264 |  | 15122 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.\* | 990 |  | 13207 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.\* | 474 |  | 11575 |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp. — Class A\* | 37 |  | 11473 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | 76 |  | 11405 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | 127 |  | 9658 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | 99 |  | 9291 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 45 |  | 8222 |
| &nbsp;&nbsp;&nbsp;HB Fuller Co. | 128 |  | 7588 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.\* | 488 |  | 7491 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.\* | 327 |  | 7322 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | 216 |  | 7117 |
| &nbsp;&nbsp;&nbsp;Novagold Resources, Inc.\* | 705 |  | 6204 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | 351 |  | 5560 |
| &nbsp;&nbsp;&nbsp;Constellium SE\* | 334 |  | 4970 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.\* | 86 |  | 4746 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | 59 |  | 4552 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | 73 |  | 4535 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | 33 |  | 4348 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 123 |  | 3611 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 81 |  | 3582 |
| &nbsp;&nbsp;&nbsp;Perpetua Resources Corp.\* | 175 |  | 3540 |
| &nbsp;&nbsp;&nbsp;Rogers Corp.\* | 44 |  | 3540 |
| &nbsp;&nbsp;&nbsp;United States Lime & Minerals, Inc. | 25 |  | 3289 |
| &nbsp;&nbsp;&nbsp;Calumet, Inc.\* | 161 |  | 2938 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 38 |  | 2932 |
| &nbsp;&nbsp;&nbsp;Ivanhoe Electric Incorporated / US\* | 201 |  | 2523 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 51 |  | 2433 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.\* | 253 |  | 2216 |
| &nbsp;&nbsp;&nbsp;MAC Copper Ltd. — Class A\* | 143 |  | 1746 |
| &nbsp;&nbsp;&nbsp;Compass Minerals International, Inc.\* | 81 |  | 1555 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | 127 |  | 1436 |
| &nbsp;&nbsp;&nbsp;Caledonia Mining Corporation plc | 39 |  | 1412 |
| &nbsp;&nbsp;&nbsp;Oil-Dri Corporation of America | 23 |  | 1404 |
| &nbsp;&nbsp;&nbsp;Encore Energy Corp.\* | 432 |  | 1387 |
| &nbsp;&nbsp;&nbsp;US Antimony Corp.\* | 214 |  | 1327 |
| &nbsp;&nbsp;&nbsp;Ferroglobe plc | 279 |  | 1269 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 45 |  | 1260 |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 62 |  | 1202 |
| &nbsp;&nbsp;&nbsp;Tronox Holdings plc — Class A | 280 |  | 1126 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.\* | 151 |  | 1090 |
| &nbsp;&nbsp;&nbsp;Orion S.A. | 130 |  | 985 |
| &nbsp;&nbsp;&nbsp;Idaho Strategic Resources, Inc.\* | 29 |  | 980 |
| &nbsp;&nbsp;&nbsp;Dakota Gold Corp.\* | 202 |  | 919 |
| &nbsp;&nbsp;&nbsp;American Battery Technology Co.\* | 189 |  | 918 |
| &nbsp;&nbsp;&nbsp;Magnera Corp.\* | 78 |  | 914 |
| &nbsp;&nbsp;&nbsp;NioCorp Developments Ltd.\* | 120 |  | 802 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.\* | 25 |  | 765 |
| &nbsp;&nbsp;&nbsp;Contango ORE, Inc.\* | 20 |  | 499 |
| &nbsp;&nbsp;&nbsp;Critical Metals Corp.\* | 76 |  | 473 |
| &nbsp;&nbsp;&nbsp;Codexis, Inc.\* | 192 |  | 469 |
| &nbsp;&nbsp;&nbsp;US Gold Corp.\* | 26 |  | 428 |
| &nbsp;&nbsp;&nbsp;Vox Royalty Corp. | 94 |  | 404 |
| &nbsp;&nbsp;&nbsp;Lifezone Metals Ltd.\* | 65 |  | 356 |
| &nbsp;&nbsp;&nbsp;Friedman Industries, Inc. | 16 |  | 350 |
| &nbsp;&nbsp;&nbsp;American Vanguard Corp.\* | 61 |  | 350 |
| &nbsp;&nbsp;&nbsp;Kronos Worldwide, Inc. | 51 |  | 293 |
| &nbsp;&nbsp;&nbsp;Trinseo plc | 80 |  | 188 |
| &nbsp;&nbsp;&nbsp;Valhi, Inc. | 6 |  | 95 |
| &nbsp;&nbsp;&nbsp;US Goldmining, Inc.\* | 4 |  | 51 |
| **Total Basic Materials** |  |  | 256256 |
| **Utilities - 1.7%** | **Utilities - 1.7%** | **Utilities - 1.7%** | **Utilities - 1.7%** |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.\* | 253 |  | 28242 |
| &nbsp;&nbsp;&nbsp;Ormat Technologies, Inc. | 143 |  | 13764 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | 227 |  | 12837 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 151 |  | 11829 |
| &nbsp;&nbsp;&nbsp;Brookfield Infrastructure Corp. — Class A | 280 |  | 11514 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | 235 |  | 11315 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 256 |  | 11264 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | 139 |  | 11251 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 135 |  | 11005 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 169 |  | 10409 |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | 137 |  | 9097 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 144 |  | 8440 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | 90 |  | 7377 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | 86 |  | 7239 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | 189 |  | 7146 |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | 53 |  | 7139 |
| &nbsp;&nbsp;&nbsp;American States Water Co. | 91 |  | 6672 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | 140 |  | 6425 |
| &nbsp;&nbsp;&nbsp;Hawaiian Electric Industries, Inc.\* | 409 |  | 4515 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | 95 |  | 4268 |
| &nbsp;&nbsp;&nbsp;H2O America | 75 |  | 3652 |
| &nbsp;&nbsp;&nbsp;Ameresco, Inc. — Class A\* | 75 |  | 2518 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | 42 |  | 2273 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | 38 |  | 1819 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Company Ltd. | 35 |  | 1235 |
| &nbsp;&nbsp;&nbsp;York Water Co. | 34 |  | 1034 |
| &nbsp;&nbsp;&nbsp;Genie Energy Ltd. — Class B | 50 |  | 748 |
| &nbsp;&nbsp;&nbsp;RGC Resources, Inc. | 19 |  | 427 |
| &nbsp;&nbsp;&nbsp;Global Water Resources, Inc. | 29 |  | 299 |
| **Total Utilities** |  |  | 215753 |
| **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** | **Government - 0.0%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior S.A. — Class E | 66 |  | 3034 |
| **Total Common Stocks** | **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,972,562) |  |  | 6591984 |

---

222 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **RIGHTS<sup>††</sup>** **- 0.0%** | **RIGHTS<sup>††</sup>** **- 0.0%** | **RIGHTS<sup>††</sup>** **- 0.0%** |
| **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** | **Consumer, Non-cyclical - 0.0%** |
| Cartesian Therapeutics Inc. | 881 | $— |
| Sanofi SA | 261 |  |
| Oncternal Therapeutics, Inc.<sup>**†††**</sup> | 7 |  |
| Tobira Therapeutics, Inc.<sup>**†††**</sup> | 141 |  |
| Novartis AG<sup>**†††**</sup> | 429 |  |
| **Total Consumer, Non-cyclical** |  |  |
| **Total Rights** | **Total Rights** |  |
| &nbsp;&nbsp;&nbsp;(Cost $271) |  |  |
| **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 24.8%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 24.8%** | **EXCHANGE-TRADED FUNDS\*\*\*<sup>,†</sup>** **- 24.8%** |
| &nbsp;&nbsp;&nbsp;Vanguard Russell 2000 ETF | 15743 | 1539980 |
| &nbsp;&nbsp;&nbsp;iShares Russell 2000 Index ETF | 6356 | 1537898 |
| **Total Exchange-Traded Funds** | **Total Exchange-Traded Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,799,130) |  | 3077878 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.92% due 10/14/25<sup>1,2</sup> | $9000 | 8987 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,987) |  | 8987 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 21.7%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 21.7%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 21.7%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 1562009 | 1562009 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 1123968 | 1123968 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,685,977) |  | 2685977 |
| **Total Investments - 99.8%** | **Total Investments - 99.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,466,927) | &nbsp;&nbsp;&nbsp;(Cost $10,466,927) | $12364826 |
| **Other Assets & Liabilities, net - 0.2%** | **Other Assets & Liabilities, net - 0.2%** | 25532 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $12390358 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
| BNP Paribas | Russell 2000 Index | Pay | 4.64% (Federal <br> Funds Rate + <br> 0.55%) | At Maturity | 11/20/25 | 501 | $1221352 | $752 |
| Barclays Bank plc | Russell 2000 Index | Pay | 4.88% (SOFR + <br> 0.75%) | At Maturity | 11/20/25 | 124 | 301005 | 184 |
| Goldman Sachs International | Russell 2000 Index | Pay | 4.44% (Federal<br> Funds Rate +<br> 0.35%) | At Maturity | 11/19/25 | 492 | 1198612 | (8120) |
|  |  |  |  |  |  |  | $2720969 | $(7184) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 223

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs, 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>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;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;EUR — Euro |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

224 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **RUSSELL 2000<sup>®</sup>** **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** |
| Common Stocks | $6591984 | $— | $— \* | $6591984 |
| Rights |  | — \* | — \* |  |
| Exchange-Traded Funds | 3077878 |  |  | 3077878 |
| U.S. Treasury Bills |  | 8987 |  | 8987 |
| Repurchase Agreements |  | 2685977 |  | 2685977 |
| Equity Index Swap Agreements\*\* |  | 936 |  | 936 |
| Total Assets | $9669862 | $2695900 | $— | $12365762 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 8120 | $– $| 8120 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Security has a market value of $0. |
| \*\* | &nbsp;&nbsp;&nbsp;This derivative is reported as unrealized appreciation/depreciation at period end. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 225

**RUSSELL 2000<sup>®</sup>** **FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $7,780,950) | $9678849 |
| Repurchase agreements, at value (cost $2,685,977) | 2685977 |
| Segregated cash with broker | 303237 |
| Unrealized appreciation on OTC swap agreements | 936 |
| Receivables: | Receivables: |
| Dividends | 5737 |
| Fund shares sold | 1665 |
| Interest | 313 |
| Securities lending income | 260 |
| **Total assets** | 12676974 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 241303 |
| Unrealized depreciation on OTC swap agreements | 8120 |
| Payable for: | Payable for: |
| Management fees | 7556 |
| Transfer agent fees | 3790 |
| Swap settlement | 3427 |
| Distribution and service fees | 3150 |
| Fund shares redeemed | 1745 |
| Portfolio accounting and administration fees | 1562 |
| Securities purchased | 907 |
| Trustees' fees\*  | 122 |
| Miscellaneous | 14934 |
| **Total liabilities** | 286616 |
| **Net assets** | $12390358 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $14852805 |
| Total distributable earnings (loss) | (2462447) |
| Net assets | $12390358 |
| **Class A:** | **Class A:** |
| Net assets | $4818399 |
| Capital shares outstanding | 82189 |
| Net asset value per share | $58.63 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $61.55 |
| **Class C:** | **Class C:** |
| Net assets | $979050 |
| Capital shares outstanding | 20123 |
| Net asset value per share | $48.65 |
| **Class H:** | **Class H:** |
| Net assets | $6592909 |
| Capital shares outstanding | 112708 |
| Net asset value per share | $58.50 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $97) | $57572 |
| Interest | 69108 |
| Income from securities lending, net | 1800 |
| Total investment income | 128480 |
| **Expenses:** | **Expenses:** |
| Management fees | 44534 |
| Distribution and service fees: | Distribution and service fees: |
| Class A | 5576 |
| Class C | 5440 |
| Class H | 7910 |
| Transfer agent fees | 13072 |
| Portfolio accounting and administration fees | 12174 |
| Registration fees | 8356 |
| Professional fees | 3336 |
| Trustees' fees\* | 919 |
| Custodian fees | 844 |
| Interest expense | 366 |
| Miscellaneous | 2544 |
| Total expenses | 105071 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2968) |
| Net expenses | 102103 |
| Net investment income | 26377 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| Investments | 165369 |
| Swap agreements | 386012 |
| Futures contracts | 40364 |
| Net realized gain | 591745 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| Investments | 1534232 |
| Swap agreements | 97543 |
| Futures contracts | 6757 |
| Net change in unrealized appreciation (depreciation) | 1638532 |
| Net realized and unrealized gain | 2230277 |
| **Net increase in net assets resulting from operations** | $2256654 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

226 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **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 | $26377 | $203102 |
| Net realized gain (loss) on investments | 591745 | (1921918) |
| Net change in unrealized appreciation (depreciation) on investments | 1638532 | (546974) |
| Net increase (decrease) in net assets resulting from operations | 2256654 | (2265790) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (50973) |
| &nbsp;&nbsp;&nbsp;Class C |  | (15825) |
| &nbsp;&nbsp;&nbsp;Class H |  | (272709) |
| Total distributions to shareholders |  | (339507) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1483767 | 3234650 |
| &nbsp;&nbsp;&nbsp;Class C | 324229 | 1330822 |
| &nbsp;&nbsp;&nbsp;Class H | 7860179 | 111915479 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 50064 |
| &nbsp;&nbsp;&nbsp;Class C |  | 12847 |
| &nbsp;&nbsp;&nbsp;Class H |  | 270851 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1928117) | (5680556) |
| &nbsp;&nbsp;&nbsp;Class C | (647792) | (4072639) |
| &nbsp;&nbsp;&nbsp;Class H | (8477691) | (129084032) |
| Net decrease from capital share transactions | (1385425) | (22022514) |
| Net increase (decrease) in net assets | 871229 | (24627811) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 11519129 | 36146940 |
| &nbsp;&nbsp;&nbsp;End of period | $12390358 | $11519129 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 29116 | 61393 |
| &nbsp;&nbsp;&nbsp;Class C | 7740 | 30275 |
| &nbsp;&nbsp;&nbsp;Class H | 141236 | 2123445 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 879 |
| &nbsp;&nbsp;&nbsp;Class C |  | 270 |
| &nbsp;&nbsp;&nbsp;Class H |  | 4769 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (37598) | (110262) |
| &nbsp;&nbsp;&nbsp;Class C | (14829) | (93568) |
| &nbsp;&nbsp;&nbsp;Class H | (153206) | (2487887) |
| Net decrease in shares | (27541) | (470686) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 227

**RUSSELL 2000<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $48.46 | $51.81 | $44.08 | $50.66 | $61.82 | $32.24 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .13 | .52 | .40 | .13 | (.69) | (.77) |
| Net gain (loss) on investments (realized and unrealized) | 10.04 | (3.32) | 7.42 | (6.71) | (3.41) | 30.35 |
| Total from investment operations | 10.17 | (2.80) | 7.82 | (6.58) | (4.10) | 29.58 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.55) | (.09) |  |  |  |
| Net realized gains |  |  |  |  | (7.06) |  |
| Total distributions |  | (.55) | (.09) |  | (7.06) |  |
| Net asset value, end of period | $58.63 | $48.46 | $51.81 | $44.08 | $50.66 | $61.82 |
| **Total Return<sup>c</sup>** | **20.99%** | **(5.57** **%)** | **17.77%** | **(12.99** **%)** | **(7.29** **%)** | **91.75%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4818 | $4394 | $7184 | $3806 | $5781 | $12421 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.51% | 0.99% | 0.87% | 0.28% | (1.14%) | (1.53%) |
| Total expenses<sup>d</sup> | 1.70% | 1.68% | 1.66% | 1.65% | 1.60% | 1.67% |
| Net expenses<sup>e</sup> | 1.65% | 1.63% | 1.63% | 1.65% | 1.60% | 1.67% |
| Portfolio turnover rate | 7% | 22% | 12% | 25% | 76% |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $40.36 | $43.55 | $37.35 | $43.24 | $54.24 | $28.50 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.05) | .12 | .05 | (.21) | (.98) | (.95) |
| Net gain (loss) on investments (realized and unrealized) | 8.34 | (2.76) | 6.24 | (5.68) | (2.96) | 26.69 |
| Total from investment operations | 8.29 | (2.64) | 6.29 | (5.89) | (3.94) | 25.74 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.55) | (.09) |  |  |  |
| Net realized gains |  |  |  |  | (7.06) |  |
| Total distributions |  | (.55) | (.09) |  | (7.06) |  |
| Net asset value, end of period | $48.65 | $40.36 | $43.55 | $37.35 | $43.24 | $54.24 |
| **Total Return<sup>c</sup>** | **20.54%** | **(6.26** **%)** | **16.91%** | **13.62%** | **(8.05** **%)** | **90.32%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $979 | $1098 | $3930 | $1535 | $1904 | $3717 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.25%) | 0.27% | 0.12% | (0.56%) | (1.89%) | (2.28%) |
| Total expenses<sup>d</sup> | 2.45% | 2.41% | 2.42% | 2.40% | 2.36% | 2.43% |
| Net expenses<sup>e</sup> | 2.40% | 2.36% | 2.38% | 2.40% | 2.36% | 2.43% |
| Portfolio turnover rate | 7% | 22% | 12% | 25% | 76% |  |

---

228 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**RUSSELL 2000<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $48.34 | $51.68 | $43.97 | $50.53 | $61.68 | $32.17 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .14 | .58 | .42 | .09 | (.66) | (.75) |
| Net gain (loss) on investments (realized and unrealized) | 10.02 | (3.37) | 7.38 | (6.65) | (3.43) | 30.26 |
| Total from investment operations | 10.16 | (2.79) | 7.80 | (6.56) | (4.09) | 29.51 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.55) | (.09) |  |  |  |
| Net realized gains |  |  |  |  | (7.06) |  |
| Total distributions |  | (.55) | (.09) |  | (7.06) |  |
| Net asset value, end of period | $58.50 | $48.34 | $51.68 | $43.97 | $50.53 | $61.68 |
| **Total Return** | **21.02%** | **(5.56** **%)** | **17.77%** | **(12.98** **%)** | **(7.29** **%)** | **91.73%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6593 | $6027 | $25033 | $15761 | $18432 | $29743 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.52% | 1.11% | 0.92% | 0.21% | (1.12%) | (1.52%) |
| Total expenses<sup>d</sup> | 1.70% | 1.67% | 1.67% | 1.65% | 1.61% | 1.67% |
| Net expenses<sup>e</sup> | 1.65% | 1.62% | 1.63% | 1.65% | 1.61% | 1.67% |
| Portfolio turnover rate | 7% | 22% | 12% | 25% | 76% |  |

---

<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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 229

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 63.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 63.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 63.5%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 44544 | $448553 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 17889 | 445088 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $868,958) |  | 893641 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 4.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 4.1%** |
| 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> | $50000 | 49581 |
| &nbsp;&nbsp;&nbsp;3.92% due 10/14/25<sup>3,4</sup> | 8000 | 7989 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $57,568) |  | 57570 |

---

---

| | | |
|:---|:---|:---|
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 22.8%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 22.8%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 22.8%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 186163 | 186163 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 133956 | 133956 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $320,119) |  | 320119 |
| **Total Investments - 90.4%** | **Total Investments - 90.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,246,645) | &nbsp;&nbsp;&nbsp;(Cost $1,246,645) | $1271330 |
| **Other Assets & Liabilities, net - 9.6%** | **Other Assets & Liabilities, net - 9.6%** | 135608 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1406938 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 1 | Dec 2025 | $122785 | $(1517) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 <br> Funds Rate + <br> 0.10%) | At Maturity | 11/19/25 | 190 | $462639 | $3145 |
| BNP Paribas | Russell 2000 Index | Receive | 4.24% (Federal <br> Funds Rate +<br> 0.15%) | At Maturity | 11/20/25 | 68 | 166011 | (103) |
| Barclays Bank plc | Russell 2000 Index | Receive | 4.48% (SOFR +<br> 0.35%) | At Maturity | 11/20/25 | 269 | 656254 | (406) |
|  |  |  |  |  |  |  | $1284904 | $2636 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as 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. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

230 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INVERSE RUSSELL 2000<sup>®</sup>** **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** |
| Mutual Funds | $893641 | $— | $— | $893641 |
| U.S. Treasury Bills |  | 57570 |  | 57570 |
| Repurchase Agreements |  | 320119 |  | 320119 |
| Equity Index Swap Agreements\*\* |  | 3145 |  | 3145 |
| Total Assets | $893641 | $380834 | $— | $1274475 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $1517 | $— | $— | $1517 |
| Equity Index Swap Agreements\*\* |  | 509 |  | 509 |
| Total Liabilities | $1517 | $509 | $— | $2026 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $444730 | $— | $— | $— | $358 | $445088 | 17889 | $11908 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 446771 |  |  |  | 1782 | 448553 | 44544 | 9793 |
|  | $891501 | $— | $— | $— | $2140 | $893641 |  | $21701 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 231

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $57,568) | $57570 |
| Investments in affiliated issuers, at value (cost $868,958) | 893641 |
| Repurchase agreements, at value (cost $320,119) | 320119 |
| Segregated cash with broker | 140895 |
| Unrealized appreciation on OTC swap agreements | 3145 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 3475 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 3119 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 131 |
| &nbsp;&nbsp;&nbsp;Interest | 37 |
| **Total assets** | 1422132 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 10000 |
| Unrealized depreciation on OTC swap agreements | 509 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Licensing fees | 1100 |
| &nbsp;&nbsp;&nbsp;Management fees | 939 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 613 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 285 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 245 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 60 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 20 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 1423 |
| **Total liabilities** | 15194 |
| **Net assets** | $1406938 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $45316399 |
| Total distributable earnings (loss) | (43909461) |
| Net assets | $1406938 |
| **Class A:** | **Class A:** |
| Net assets | $91418 |
| Capital shares outstanding | 731 |
| Net asset value per share | $125.12 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $131.36 |
| **Class C:** | **Class C:** |
| Net assets | $123 |
| Capital shares outstanding | 1 |
| Net asset value per share | $104.10 |
| **Class H:** | **Class H:** |
| Net assets | $1315397 |
| Capital shares outstanding | 10437 |
| Net asset value per share | $126.03 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $21701 |
| Interest | 50395 |
| &nbsp;&nbsp;&nbsp;Total investment income | 72096 |
| **Expenses:** | **Expenses:** |
| Management fees | 12762 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 128 |
| &nbsp;&nbsp;&nbsp;Class C | 33 |
| &nbsp;&nbsp;&nbsp;Class H | 3409 |
| Transfer agent fees | 3242 |
| Portfolio accounting and administration fees | 2163 |
| Registration fees | 1736 |
| Professional fees | 652 |
| Custodian fees | 196 |
| Trustees' fees\* | 148 |
| Miscellaneous | 1331 |
| &nbsp;&nbsp;&nbsp;Total expenses | 25800 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (1418) |
| Expenses waived by Adviser | (561) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (1979) |
| Net expenses | 23821 |
| Net investment income | 48275 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 15 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (1195495) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (149397) |
| Net realized loss | (1344877) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 1 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 2140 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (46071) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (1517) |
| Net change in unrealized appreciation (depreciation) | (45447) |
| Net realized and unrealized loss | (1390324) |
| **Net decrease in net assets resulting from operations** | $(1342049) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

232 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE RUSSELL 2000<sup>®</sup>** **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 | $48275 | $77069 |
| Net realized loss on investments | (1344877) | (115973) |
| Net change in unrealized appreciation (depreciation) on investments | (45447) | 116621 |
| Net increase (decrease) in net assets resulting from operations | (1342049) | 77717 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (11413) |
| &nbsp;&nbsp;&nbsp;Class C |  | (9) |
| &nbsp;&nbsp;&nbsp;Class H |  | (100434 |
| Total distributions to shareholders |  | (111856 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 295489 | 853356 |
| &nbsp;&nbsp;&nbsp;Class C | 114898 | 15944 |
| &nbsp;&nbsp;&nbsp;Class H | 50463613 | 6992607 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 11413 |
| &nbsp;&nbsp;&nbsp;Class C |  | 9 |
| &nbsp;&nbsp;&nbsp;Class H |  | 100434 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (389345) | (1023942) |
| &nbsp;&nbsp;&nbsp;Class C | (122725) | (8117) |
| &nbsp;&nbsp;&nbsp;Class H | (49725697) | (7009781 |
| Net increase (decrease) from capital share transactions | 636233 | (68077 |
| Net decrease in net assets | (705816) | (102216) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 2112754 | 2214970 |
| &nbsp;&nbsp;&nbsp;End of period | $1406938 | $2112754 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2004 | 5826 |
| &nbsp;&nbsp;&nbsp;Class C | 938 | 136 |
| &nbsp;&nbsp;&nbsp;Class H | 312091 | 47580 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 89 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;Class H |  | 778 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2549) | (7115) |
| &nbsp;&nbsp;&nbsp;Class C | (1013) | (61\* |
| &nbsp;&nbsp;&nbsp;Class H | (314171) | (48294 |
| Net decrease in shares | (2700) | (1061 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:3 reverse share split effective February 24, 2025.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 233

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $151.85 | $147.82 | $180.41 | $165.40 | $165.85 | $361.82 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 2.68 | 5.38 | 6.48 | 2.01 | (1.92) | (1.35) |
| Net gain (loss) on investments (realized and unrealized) | (29.41) | 6.76 | (26.20) | 13.00 <sup>f</sup> | 1.47 | (194.47) |
| Total from investment operations | (26.73) | 12.14 | (19.72) | 15.01 | (.45) | (195.82) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.11) | (12.87) |  |  | (.15) |
| Total distributions |  | (8.11) | (12.87) |  |  | (.15) |
| Net asset value, end of period | $125.12 | $151.85 | $147.82 | $180.41 | $165.40 | $165.85 |
| **Total Return<sup>c</sup>** | **(17.60** **%)** | **9.22%** | **(11.70** **%)** | **9.07%** | **(0.27** **%)** | **(54.13** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $91 | $194 | $366 | $501 | $443 | $320 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.76% | 3.65% | 3.73% | 1.13% | (1.17%) | (1.38%) |
| Total expenses<sup>d</sup> | 1.80% | 1.77% | 1.75% | 1.80% | 1.71% | 1.80% |
| Net expenses<sup>e</sup> | 1.64% | 1.62% | 1.62% | 1.75% | 1.66% | 1.78% |
| Portfolio turnover rate |  |  |  |  |  | 14% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $126.46 | $125.28 | $156.00 | $144.15 | $145.52 | $320.19 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 2.26 | 2.51 | 4.50 | .90 | (2.67) | (1.83) |
| Net gain (loss) on investments (realized and unrealized) | (24.62) | 6.78 | (22.35) | 10.95 <sup>f</sup> | 1.30 | (172.69) |
| Total from investment operations | (22.36) | 9.29 | (17.85) | 11.85 | (1.37) | (174.52) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.11) | (12.87) |  |  | (.15) |
| Total distributions |  | (8.11) | (12.87) |  |  | (.15) |
| Net asset value, end of period | $104.10 | $126.46 | $125.28 | $156.00 | $144.15 | $145.52 |
| **Total Return<sup>c</sup>** | **(17.68** **%)** | **8.57%** | **(12.35** **%)** | **8.18%** | **(0.91** **%)** | **(54.49** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $0 <sup>h</sup> | $10 | $0 <sup>h</sup> | $55 | $28 | $26 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.63% | 2.15% | 2.92% | 0.58% | (1.88%) | (2.15%) |
| Total expenses<sup>d</sup> | 2.60% | 2.56% | 2.49% | 2.55% | 2.46% | 2.57% |
| Net expenses<sup>e</sup> | 2.45% | 2.39% | 2.38% | 2.49% | 2.40% | 2.54% |
| Portfolio turnover rate |  |  |  |  |  | 14% |

---

234 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE RUSSELL 2000<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $152.55 | $148.46 | $181.13 | $166.06 | $166.52 | $363.26 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)b | 2.53 | 5.28 | 6.48 | 1.92 | (1.92) | (1.32) |
| Net gain (loss) on investments (realized and unrealized) | (29.05) | 6.92 | (26.28) | 13.15 <sup>f</sup> | 1.46 | (195.27) |
| Total from investment operations | (26.52) | 12.20 | (19.80) | 15.07 | (.46) | (196.59) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.11) | (12.87) |  |  | (.15) |
| Total distributions |  | (8.11) | (12.87) |  |  | (.15) |
| Net asset value, end of period | $126.03 | $152.55 | $148.46 | $181.13 | $166.06 | $166.52 |
| **Total Return** | **(17.38** **%)** | **9.22%** | **(11.70** **%)** | **9.09%** | **(0.29** **%)** | **(54.13** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1315 | $1909 | $1849 | $5454 | $5396 | $5087 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.39% | 3.60% | 3.69% | 1.06% | (1.17%) | (1.42%) |
| Total expenses<sup>d</sup> | 1.82% | 1.78% | 1.74% | 1.78% | 1.71% | 1.81% |
| Net expenses<sup>e</sup> | 1.68% | 1.62% | 1.62% | 1.72% | 1.66% | 1.79% |
| Portfolio turnover rate |  |  |  |  |  | 14% |

---

<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 period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>g</sup> Reverse share split — Per share amounts have been restated to reflect a 1:3 reverse share split effective February 24, 2025.

<sup>h</sup> Less than $1,000 in Net Assets.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 235

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 77.5%** | **COMMON STOCKS<sup>†</sup>** **- 77.5%** | **COMMON STOCKS<sup>†</sup>** **- 77.5%** |
| **Technology - 25.6%** | **Technology - 25.6%** | **Technology - 25.6%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 87054 | $16242535 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 26520 | 13736034 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 52948 | 13482149 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 16781 | 5536220 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 5913 | 1662972 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 8114 | 1480156 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 3323 | 937618 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 5790 | 936764 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 3411 | 808407 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 742 | 682848 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 995 | 679495 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 3993 | 668109 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 3848 | 640153 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 4515 | 604558 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 3244 | 596020 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 2863 | 586171 |
| &nbsp;&nbsp;&nbsp;Accenture plc — Class A | 2222 | 547945 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 1513 | 533711 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 15616 | 523917 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 471 | 508021 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 889 | 435948 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 1771 | 435135 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 972 | 341425 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 660 | 325637 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 1939 | 249995 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 764 | 242700 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 899 | 204729 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 2324 | 195402 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 384 | 191497 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 771 | 185603 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 759 | 179169 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 1153 | 164187 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 803 | 161965 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 619 | 159925 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 171 | 157429 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. — Class A | 276 | 156605 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc. — Class C | 1082 | 153395 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 1238 | 148634 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 1157 | 146661 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* | 86 | 128702 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 1925 | 123624 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 1864 | 122912 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 1743 | 116903 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 4682 | 114990 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 418 | 99555 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 3351 | 91248 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 427 | 86690 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 458 | 86544 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\* | 1789 | 85765 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 714 | 84580 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 154 | 80567 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 568 | 78180 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 1459 | 71943 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.\* | 270 | 70975 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. — Class A\* | 181 | 53786 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 530 | 40799 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.\* | 570 | 39267 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 512 | 38789 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 260 | 38722 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 179 | 37257 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 199 | 30007 |
| **Total Technology** |  | 67351649 |
| **Communications - 12.9%** | **Communications - 12.9%** | **Communications - 12.9%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 34626 | 7602831 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 7738 | 5682632 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 20754 | 5045297 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 16661 | 4057787 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 1516 | 1817563 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 14128 | 966638 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 6415 | 734517 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 7440 | 728897 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 25511 | 720431 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 966 | 694110 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 15043 | 661140 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 116 | 626315 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 3677 | 535776 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 2383 | 485226 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 1727 | 413409 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 13139 | 412827 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. — Class A\* | 2761 | 395320 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 1321 | 359299 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 594 | 271630 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 2781 | 228125 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 1531 | 185894 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 8833 | 172508 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 1630 | 148248 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 331 | 91060 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 422 | 90203 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 300 | 83871 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. — Class A\* | 1590 | 77926 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 468 | 74543 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 494 | 67594 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 205 | 66254 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 2000 | 56780 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 691 | 56337 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class A | 749 | 47232 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class A | 1343 | 41244 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 135 | 38676 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Companies, Inc. | 1307 | 36478 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class B | 530 | 30364 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 858 | 30305 |
| &nbsp;&nbsp;&nbsp;Paramount Skydance Corp. — Class B | 1102 | 20850 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class B | 444 | 15340 |
| **Total Communications** |  | 33871477 |
| **Financial - 11.1%** | **Financial - 11.1%** | **Financial - 11.1%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. — Class B\* | 6542 | 3288925 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 9811 | 3094684 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 6061 | 2069104 |

---

236 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. — Class A | 2945 | $| 1675146 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 24312 |  | 1254256 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 11429 |  | 957979 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 1080 |  | 860058 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 4329 |  | 688138 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 6568 |  | 666652 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 1937 |  | 643394 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 514 |  | 599257 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 6088 |  | 581221 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 2091 |  | 516372 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 2282 |  | 485108 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. — Class A | 2630 |  | 449335 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. REIT | 2386 |  | 425042 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. REIT | 3311 |  | 379176 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 1323 |  | 373417 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 1754 |  | 353484 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. — Class A | 1286 |  | 347464 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 2042 |  | 344036 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. — Class A REIT | 1671 |  | 321367 |
| &nbsp;&nbsp;&nbsp;KKR & Company, Inc. — Class A | 2448 |  | 318118 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 915 |  | 283412 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 1405 |  | 282307 |
| &nbsp;&nbsp;&nbsp;Aon plc — Class A | 769 |  | 274210 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 2516 |  | 274143 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. REIT | 349 |  | 273351 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. — Class A\* | 807 |  | 272355 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 5552 |  | 268328 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 803 |  | 224214 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 1642 |  | 218829 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. REIT | 1165 |  | 218635 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 4600 |  | 210312 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 940 |  | 201771 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. REIT | 3262 |  | 198297 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. REIT | 1144 |  | 197775 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 1717 |  | 191789 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 336 |  | 165060 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. — Class A\* | 1046 |  | 164808 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 1993 |  | 164163 |
| &nbsp;&nbsp;&nbsp;Public Storage REIT | 563 |  | 162622 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 1977 |  | 155274 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. REIT | 1554 |  | 149945 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 1617 |  | 143024 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 1003 |  | 133790 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 1256 |  | 130297 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 1511 |  | 127483 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 3805 |  | 124081 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 1326 |  | 120308 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 348 |  | 120217 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 1012 |  | 117402 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. REIT | 1621 |  | 113454 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 558 |  | 110272 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. — Class A | 1589 |  | 109339 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 633 |  | 109256 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 1054 |  | 107445 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. REIT | 757 |  | 106691 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 2361 |  | 105183 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 1045 |  | 98010 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. REIT | 507 |  | 97937 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 1327 |  | 94283 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 682 |  | 91797 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 373 |  | 91478 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 5230 |  | 90322 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 558 |  | 88220 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 3184 |  | 83962 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 1069 |  | 81907 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 1539 |  | 81813 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 784 |  | 80470 |
| &nbsp;&nbsp;&nbsp;Equity Residential REIT | 1240 |  | 80265 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. REIT | 383 |  | 74053 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. REIT | 2574 |  | 63809 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 3325 |  | 62144 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. REIT | 230 |  | 61562 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 607 |  | 60937 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 723 |  | 59944 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. REIT | 2012 |  | 59012 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | 418 |  | 58407 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. REIT | 2416 |  | 52790 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 150 |  | 52534 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. REIT | 2479 |  | 47473 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 555 |  | 46254 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. REIT | 583 |  | 42501 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 289 |  | 41318 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust REIT | 381 |  | 40683 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. REIT | 1076 |  | 40092 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. REIT | 525 |  | 39028 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 180 |  | 38988 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. REIT | 2281 |  | 38823 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 1591 |  | 36498 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. — Class A | 91 |  | 28953 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust REIT | 280 |  | 28367 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 1093 |  | 25281 |
| **Total Financial** |  |  | 29181490 |
| **Consumer, Non-cyclical - 10.5%** | **Consumer, Non-cyclical - 10.5%** | **Consumer, Non-cyclical - 10.5%** | **Consumer, Non-cyclical - 10.5%** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2836 |  | 2163868 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 8592 |  | 1593128 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 6303 |  | 1459396 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 8357 |  | 1284053 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 3231 |  | 1115664 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 13819 |  | 916476 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 5554 |  | 900859 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 6210 |  | 831767 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 8912 |  | 747984 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 4885 |  | 686050 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1347 |  | 653322 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 1279 |  | 572007 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 1115 |  | 542682 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1921 |  | 542106 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 20285 |  | 516862 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 5287 |  | 516170 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 4427 |  | 491397 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 1228 |  | 453955 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 237

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 2274 | $| 450843 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 4571 |  | 435342 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1445 |  | 424108 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 5994 |  | 395964 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 915 |  | 358351 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 444 |  | 343008 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 4525 |  | 341140 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 7262 |  | 327516 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 4617 |  | 288424 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 952 |  | 274414 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 550 |  | 262064 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 803 |  | 259465 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 1222 |  | 250828 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 584 |  | 248901 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 1581 |  | 231332 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 2884 |  | 230547 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 3409 |  | 228608 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 532 |  | 220471 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 230 |  | 219572 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. — Class A | 692 |  | 216271 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 363 |  | 204104 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 1023 |  | 191475 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 285 |  | 182084 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 2543 |  | 171169 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 2423 |  | 163867 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 2095 |  | 162928 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 1184 |  | 147219 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 2170 |  | 146280 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 522 |  | 142887 |
| &nbsp;&nbsp;&nbsp;Block, Inc. — Class A\* | 1961 |  | 141721 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 1704 |  | 140307 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 852 |  | 133730 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 1013 |  | 130019 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 498 |  | 125252 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 4847 |  | 123647 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 1629 |  | 122338 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 607 |  | 115294 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 442 |  | 113386 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 429 |  | 111613 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 6847 |  | 111127 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1714 |  | 102394 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 528 |  | 98762 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 1908 |  | 96201 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 1399 |  | 94139 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 351 |  | 86851 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 296 |  | 84970 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 3040 |  | 79162 |
| &nbsp;&nbsp;&nbsp;Kellanova | 959 |  | 78657 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 251 |  | 77491 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 869 |  | 76150 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 399 |  | 76041 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. — Class A | 836 |  | 73668 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 523 |  | 73262 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.\* | 252 |  | 72591 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 866 |  | 71947 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 707 |  | 69639 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. — Class A | 509 |  | 68547 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 257 |  | 67419 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 212 |  | 63560 |
| &nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 903 |  | 60420 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 1665 |  | 59407 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 1003 |  | 58916 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. — Class A | 1020 |  | 55386 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 436 |  | 53759 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 794 |  | 53587 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 585 |  | 49614 |
| &nbsp;&nbsp;&nbsp;Cooper Companies, Inc.\* | 712 |  | 48815 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 278 |  | 45083 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 1832 |  | 41715 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | 381 |  | 41377 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 4160 |  | 41184 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. — Class B | 201 |  | 41093 |
| &nbsp;&nbsp;&nbsp;Bunge Global S.A. | 500 |  | 40625 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.\* | 526 |  | 38398 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 193 |  | 36933 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 414 |  | 36287 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 1235 |  | 31900 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 1709 |  | 31292 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 559 |  | 31097 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 241 |  | 30178 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 497 |  | 28866 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 176 |  | 27537 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 604 |  | 27331 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 1040 |  | 25729 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 368 |  | 24424 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 702 |  | 22169 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 128 |  | 17007 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. — Class B | 628 |  | 17006 |
| **Total Consumer, Non-cyclical** |  |  | 27503948 |
| **Consumer, Cyclical - 6.5%** | **Consumer, Cyclical - 6.5%** | **Consumer, Cyclical - 6.5%** | **Consumer, Cyclical - 6.5%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 10012 |  | 4452537 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 15660 |  | 1613920 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1582 |  | 1464347 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 3550 |  | 1438424 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 2546 |  | 773704 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. | 3980 |  | 575269 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 2000 |  | 502620 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 4056 |  | 343138 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 3027 |  | 326341 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. — Class B | 4239 |  | 295586 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 901 |  | 291546 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 60 |  | 257414 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 839 |  | 217670 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 804 |  | 209394 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 492 |  | 207806 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 3397 |  | 207115 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 4095 |  | 200819 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. — Class A\* | 4784 |  | 187485 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 1873 |  | 184153 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 1167 |  | 177839 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 989 |  | 167606 |

---

238 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 13947 | $| 166806 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 990 |  | 150480 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 157 |  | 149614 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 1621 |  | 145404 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 3174 |  | 142735 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 2314 |  | 131319 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 3874 |  | 111997 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 1155 |  | 111458 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 1891 |  | 107541 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. — Class A | 812 |  | 102344 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 704 |  | 93019 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 563 |  | 91994 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 160 |  | 87480 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 439 |  | 85802 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 743 |  | 84123 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 785 |  | 81130 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 10 |  | 80347 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 418 |  | 79570 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 389 |  | 69215 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 496 |  | 68746 |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 777 |  | 66993 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 692 |  | 65304 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 1874 |  | 59799 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 1102 |  | 59277 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.\* | 529 |  | 53625 |
| &nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | 701 |  | 53010 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 246 |  | 49682 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 111 |  | 47920 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. — Class A | 138 |  | 43271 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 1612 |  | 39704 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 301 |  | 38609 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 117 |  | 36278 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 475 |  | 36029 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 918 |  | 28036 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International\* | 728 |  | 25232 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 535 |  | 24005 |
| **Total Consumer, Cyclical** |  |  | 16962631 |
| **Industrial - 5.7%** | **Industrial - 5.7%** | **Industrial - 5.7%** | **Industrial - 5.7%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 3783 |  | 1138002 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 4776 |  | 799168 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1671 |  | 797318 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 971 |  | 597068 |
| &nbsp;&nbsp;&nbsp;Boeing Co.\* | 2698 |  | 582309 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. — Class A | 4356 |  | 539055 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 1389 |  | 519833 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 2116 |  | 500159 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 2265 |  | 476782 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 899 |  | 411077 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 733 |  | 365921 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 456 |  | 345716 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 794 |  | 335036 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 901 |  | 307241 |
| &nbsp;&nbsp;&nbsp;3M Co. | 1900 |  | 294842 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 480 |  | 292474 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1322 |  | 291937 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 1438 |  | 282179 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 201 |  | 264922 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 2008 |  | 263409 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 2335 |  | 256733 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 946 |  | 246679 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 800 |  | 240328 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 6651 |  | 236177 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 1054 |  | 231385 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. — Class B | 2626 |  | 219350 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 668 |  | 204014 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 280 |  | 200939 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 774 |  | 182517 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 2854 |  | 170384 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. — Class A | 724 |  | 166143 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 824 |  | 154912 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 471 |  | 144889 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 584 |  | 143792 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 401 |  | 140161 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 215 |  | 135510 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 868 |  | 128030 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 1400 |  | 128002 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 610 |  | 122287 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 614 |  | 107401 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 1290 |  | 106580 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 160 |  | 103927 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.\* | 167 |  | 97869 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 885 |  | 94350 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 660 |  | 92915 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 73 |  | 89616 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 383 |  | 83176 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 190 |  | 81759 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 489 |  | 81580 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 1863 |  | 79308 |
| &nbsp;&nbsp;&nbsp;Packaging Corporation of America | 319 |  | 69520 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 849 |  | 69321 |
| &nbsp;&nbsp;&nbsp;Amcor plc | 8225 |  | 67280 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 585 |  | 64795 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 186 |  | 64455 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 426 |  | 63840 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 114 |  | 60347 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 484 |  | 59334 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 1207 |  | 59131 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 421 |  | 55740 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 306 |  | 54269 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 636 |  | 53736 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 747 |  | 52581 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 971 |  | 48958 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.\* | 394 |  | 47773 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 269 |  | 43782 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 192 |  | 43574 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 552 |  | 41030 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 140 |  | 40307 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 273 |  | 36628 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 209 |  | 34987 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 408 |  | 29951 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 186 |  | 23979 |
| **Total Industrial** |  |  | 15060479 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 239

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy - 2.3%** | **Energy - 2.3%** | **Energy - 2.3%** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 15210 | $1714927 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 6866 | 1066221 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 4456 | 421493 |
| &nbsp;&nbsp;&nbsp;Williams Companies, Inc. | 4357 | 276016 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 1948 | 218410 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 1085 | 209123 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 6977 | 197519 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 1442 | 196141 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 1108 | 188648 |
| &nbsp;&nbsp;&nbsp;Schlumberger N.V. | 5323 | 182952 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 3517 | 171348 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 2247 | 163963 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 768 | 128671 |
| &nbsp;&nbsp;&nbsp;Equities Corp. | 2227 | 121216 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 2564 | 121149 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 671 | 96020 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 850 | 90304 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 383 | 84463 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 2265 | 79411 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 3042 | 74833 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 69 | 64421 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. — Class A | 2723 | 64399 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 1277 | 31006 |
| **Total Energy** |  | 5962654 |
| **Utilities - 1.8%** | **Utilities - 1.8%** | **Utilities - 1.8%** |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 7347 | 554625 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 3925 | 371972 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 1115 | 366913 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2774 | 343283 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 1136 | 222565 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 1908 | 214650 |
| &nbsp;&nbsp;&nbsp;Sempra | 2328 | 209473 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 3045 | 186263 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 2110 | 170172 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 3603 | 162171 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 1781 | 148642 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 1593 | 148452 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 1148 | 131549 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1287 | 129369 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 7841 | 118242 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 690 | 111746 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 741 | 104800 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 965 | 100727 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 2638 | 98028 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 573 | 97840 |
| &nbsp;&nbsp;&nbsp;American Water Works Company, Inc. | 696 | 96876 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1324 | 94189 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 2329 | 90365 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 1854 | 84950 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 1068 | 78242 |
| &nbsp;&nbsp;&nbsp;Edison International | 1373 | 75900 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 1680 | 72744 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 821 | 62412 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 917 | 61815 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 426 | 38195 |
| &nbsp;&nbsp;&nbsp;AES Corp. | 2540 | 33426 |
| **Total Utilities** |  | 4780596 |
| **Basic Materials - 1.1%** | **Basic Materials - 1.1%** | **Basic Materials - 1.1%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 1673 | 794675 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 3919 | 330411 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 827 | 286357 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 911 | 249486 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 794 | 216540 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 5123 | 200924 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 1494 | 116383 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 819 | 110917 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 1884 | 87418 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 805 | 84613 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 494 | 68878 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 2529 | 57990 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 914 | 56247 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 578 | 51847 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. — Class A | 918 | 45019 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 1132 | 39258 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 420 | 34054 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 410 | 25850 |
| **Total Basic Materials** |  | 2856867 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $163,692,483) |  | 203531791 |
| **MUTUAL FUNDS<sup>†</sup>** **- 6.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 6.7%** | **MUTUAL FUNDS<sup>†</sup>** **- 6.7%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 733906 | 7390436 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 225195 | 5602848 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 184563 | 4604838 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $17,418,465) |  | 17598122 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 3.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.1%** |
| 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> | $5000000 | 4984833 |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>2,3</sup> | 2550000 | 2528636 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | 630000 | 629081 |
| &nbsp;&nbsp;&nbsp;3.85% due 12/18/25<sup>2,3</sup> | 100000 | 99162 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,241,309) |  | 8241712 |

---

240 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **NOVA FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 2.1%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 2.1%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 2.1%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $3188368 | $3188368 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 2294239 | 2294239 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,482,607) |  | 5482607 |
| **Total Investments - 89.4%** | **Total Investments - 89.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $194,834,864) | &nbsp;&nbsp;&nbsp;(Cost $194,834,864) | $234854232 |
| **Other Assets & Liabilities, net - 10.6%** | **Other Assets & Liabilities, net - 10.6%** | 27909793 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $262764025 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| S&P 500 Index Mini Futures Contracts | 125 | Dec 2025 | $42106250 | $(1260) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<br> Funds Rate + <br> 0.60%) | At Maturity | 11/19/25 | 13837 | $92548605 | $221417 |
| Barclays Bank plc | S&P 500 Index | Pay | 5.03% (SOFR + <br> 0.90%) | At Maturity | 11/20/25 | 4275 | 28590466 | 215824 |
| BNP Paribas | S&P 500 Index | Pay | 4.94% (Federal <br> Funds Rate +<br> 0.85%) | At Maturity | 11/20/25 | 4117 | 27535842 | 207867 |
|  |  |  |  |  |  |  | $148674913 | $645108 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as 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. |
| <sup>5</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. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 241

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **NOVA 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** |
| Common Stocks | $203531791 | $— | $— | $203531791 |
| Mutual Funds | 17598122 |  |  | 17598122 |
| U.S. Treasury Bills |  | 8241712 |  | 8241712 |
| Repurchase Agreements |  | 5482607 |  | 5482607 |
| Equity Index Swap Agreements\*\* |  | 645108 |  | 645108 |
| Total Assets | $221129913 | $14369427 | $— | $235499340 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Equity Futures Contracts\*\* | $1260 | $– $– $| 1260 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $5598344 | $— | $— | $— | $4504 | $5602848 | 225195 | $149898 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 4601147 |  |  |  | 3691 | 4604838 | 184563 | 126168 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 7361079 |  |  |  | 29357 | 7390436 | 733906 | 161356 |
|  | $17560570 | $— | $— | $— | $37552 | $17598122 |  | $437422 |

---

242 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOVA FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $171,933,792) | $211773503 |
| Investments in affiliated issuers, at value (cost $17,418,465) | 17598122 |
| Repurchase agreements, at value (cost $5,482,607) | 5482607 |
| Segregated cash with broker | 3118798 |
| Unrealized appreciation on OTC swap agreements | 645108 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 127854284 |
| &nbsp;&nbsp;&nbsp;Dividends | 121089 |
| &nbsp;&nbsp;&nbsp;Interest | 639 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 3 |
| **Total assets** | 366594153 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 936483 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 102299563 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 126741 |
| &nbsp;&nbsp;&nbsp;Management fees | 102139 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 70599 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 63091 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 14098 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 9791 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 4660 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 2189 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 200774 |
| **Total liabilities** | 103830128 |
| **Net assets** | $262764025 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $287556940 |
| Total distributable earnings (loss) | (24792915) |
| Net assets | $262764025 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $240208746 |
| Capital shares outstanding | 1379711 |
| Net asset value per share | $174.10 |
| **Class A:** | **Class A:** |
| Net assets | $17920046 |
| Capital shares outstanding | 116369 |
| Net asset value per share | $153.99 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $161.67 |
| **Class C:** | **Class C:** |
| Net assets | $742028 |
| Capital shares outstanding | 6103 |
| Net asset value per share | $121.57 |
| **Class H:** | **Class H:** |
| Net assets | $3893205 |
| Capital shares outstanding | 25245 |
| Net asset value per share | $154.22 |

---

\* 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 \| 243

**NOVA FUND**<br>

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $234) | $1148996 |
| Dividends from securities of affiliated issuers | 437422 |
| Interest | 568884 |
| Income from securities lending, net | 1235 |
| &nbsp;&nbsp;&nbsp;Total investment income | 2156537 |
| **Expenses:** | **Expenses:** |
| Management fees | 805370 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 18068 |
| &nbsp;&nbsp;&nbsp;Class C | 3110 |
| &nbsp;&nbsp;&nbsp;Class H | 5063 |
| Transfer agent fees | 229553 |
| Portfolio accounting and administration fees | 163477 |
| Registration fees | 145915 |
| Interest expense | 81656 |
| Professional fees | 37580 |
| Trustees' fees\* | 16159 |
| Custodian fees | 15246 |
| Miscellaneous | 41669 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1562866 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (53693) |
| Expenses waived by Adviser | (9240) |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (62933) |
| Net expenses | 1499933 |
| Net investment income | 656604 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | $14433406 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 11601666 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 3671350 |
| Net realized gain | 29706422 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 8705297 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 37552 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 3619521 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 257448 |
| Net change in unrealized appreciation (depreciation) | 12619818 |
| Net realized and unrealized gain | 42326240 |
| **Net increase in net assets resulting from operations** | $42982844 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

244 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOVA 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 | $656604 | $1605159 |
| Net realized gain on investments | 29706422 | 20250739 |
| Net change in unrealized appreciation (depreciation) on investments | 12619818 | (4479018) |
| Net increase in net assets resulting from operations | 42982844 | 17376880 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (1510151) |
| &nbsp;&nbsp;&nbsp;Class A |  | (103582) |
| &nbsp;&nbsp;&nbsp;Class C |  | (6447) |
| &nbsp;&nbsp;&nbsp;Class H |  | (33965) |
| Total distributions to shareholders |  | (1654145) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 537507744 | 700566889 |
| &nbsp;&nbsp;&nbsp;Class A | 2098997 | 871834 |
| &nbsp;&nbsp;&nbsp;Class C | 115976 | 150779 |
| &nbsp;&nbsp;&nbsp;Class H | 2879121 | 5946783 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 1487435 |
| &nbsp;&nbsp;&nbsp;Class A |  | 101813 |
| &nbsp;&nbsp;&nbsp;Class C |  | 6447 |
| &nbsp;&nbsp;&nbsp;Class H |  | 33965 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (554060396) | (750720159) |
| &nbsp;&nbsp;&nbsp;Class A | (630920) | (1637985) |
| &nbsp;&nbsp;&nbsp;Class C | (133409) | (630342) |
| &nbsp;&nbsp;&nbsp;Class H | (3449839) | (10082078) |
| Net decrease from capital share transactions | (15672726) | (53904619) |
| Net increase (decrease) in net assets | 27310118 | (38181884) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 235453907 | 273635791 |
| &nbsp;&nbsp;&nbsp;End of period | $262764025 | $235453907 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 3652691 | 4931419 |
| &nbsp;&nbsp;&nbsp;Class A | 14287 | 6979 |
| &nbsp;&nbsp;&nbsp;Class C | 1009 | 1498 |
| &nbsp;&nbsp;&nbsp;Class H | 22272 | 47460 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 9651 |
| &nbsp;&nbsp;&nbsp;Class A |  | 745 |
| &nbsp;&nbsp;&nbsp;Class C |  | 59 |
| &nbsp;&nbsp;&nbsp;Class H |  | 248 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (3875094) | (5311951) |
| &nbsp;&nbsp;&nbsp;Class A | (4680) | (13332) |
| &nbsp;&nbsp;&nbsp;Class C | (1304) | (6514) |
| &nbsp;&nbsp;&nbsp;Class H | (25912) | (83008) |
| Net decrease in shares | (216731) | (416746) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 245

**NOVA FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $136.35 | $127.98 | $91.30 | $133.16 | $120.51 | $63.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .48 | .88 | 1.04 | .77 | (.16) | .05 |
| Net gain (loss) on investments (realized and unrealized) | 37.27 | 8.46 | 36.30 | (24.31) | 25.92 | 57.43 |
| Total from investment operations | 37.75 | 9.34 | 37.34 | (23.54) | 25.76 | 57.48 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.97) | (.66) |  |  | (.59) |
| Net realized gains |  |  |  | (18.32) | (13.11) |  |
| Total distributions |  | (.97) | (.66) | (18.32) | (13.11) | (.59) |
| Net asset value, end of period | $174.10 | $136.35 | $127.98 | $91.30 | $133.16 | $120.51 |
| **Total Return** | **27.69%** | **7.21%** | **41.05%** | **(16.18** **%)** | **20.83%** | **90.46%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $240209 | $218455 | $252513 | $225298 | $380170 | $326237 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.64% | 0.63% | 0.99% | 0.74% | (0.12%) | 0.05% |
| Total expenses<sup>c</sup> | 1.43% | 1.36% | 1.43% | 1.30% | 1.25% | 1.33% |
| Net expenses<sup>d</sup> | 1.37% | 1.31% | 1.39% | 1.29% | 1.23% | 1.32% |
| Portfolio turnover rate | 198% | 180% | 1047% | 973% | 1027% | 785% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $120.77 | $113.73 | $81.37 | $121.63 | $111.23 | $58.89 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .27 | .46 | .73 | .62 | (.45) | (.18) |
| Net gain (loss) on investments (realized and unrealized) | 32.95 | 7.55 | 32.29 | (22.56) | 23.96 | 53.11 |
| Total from investment operations | 33.22 | 8.01 | 33.02 | (21.94) | 23.51 | 52.93 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.97) | (.66) |  |  | (.59) |
| Net realized gains |  |  |  | (18.32) | (13.11) |  |
| Total distributions |  | (.97) | (.66) | (18.32) | (13.11) | (.59) |
| Net asset value, end of period | $153.99 | $120.77 | $113.73 | $81.37 | $121.63 | $111.23 |
| **Total Return<sup>e</sup>** | **27.51%** | **6.95%** | **40.75%** | **(16.42** **%)** | **20.54%** | **90.00%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $17920 | $12894 | $12780 | $18585 | $21403 | $18596 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.40% | 0.37% | 0.79% | 0.67% | (0.35%) | (0.20%) |
| Total expenses<sup>c</sup> | 1.69% | 1.62% | 1.70% | 1.55% | 1.50% | 1.59% |
| Net expenses<sup>d</sup> | 1.63% | 1.56% | 1.66% | 1.53% | 1.48% | 1.58% |
| Portfolio turnover rate | 198% | 180% | 1047% | 973% | 1027% | 785% |

---

246 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**NOVA FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $95.70 | $90.97 | $65.69 | $103.59 | $96.96 | $51.77 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.19) | (.36) | .05 | (.06) | (1.19) | (.74) |
| Net gain (loss) on investments (realized and unrealized) | 26.06 | 6.06 | 25.89 | (19.52) | 20.93 | 46.52 |
| Total from investment operations | 25.87 | 5.70 | 25.94 | (19.58) | 19.74 | 45.78 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.97) | (.66) |  |  | (.59) |
| Net realized gains |  |  |  | (18.32) | (13.11) |  |
| Total distributions |  | (.97) | (.66) | (18.32) | (13.11) | (.59) |
| Net asset value, end of period | $121.57 | $95.70 | $90.97 | $65.69 | $103.59 | $96.96 |
| **Total Return<sup>e</sup>** | **27.03%** | **6.14%** | **39.70%** | **(17.04** **%)** | **19.64%** | **88.56%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $742 | $612 | $1033 | $1021 | $1929 | $3576 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.35%) | (0.37%) | 0.07% | (0.08%) | (1.09%) | (0.97%) |
| Total expenses<sup>c</sup> | 2.44% | 2.36% | 2.46% | 2.30% | 2.25% | 2.35% |
| Net expenses<sup>d</sup> | 2.38% | 2.30% | 2.41% | 2.27% | 2.23% | 2.33% |
| Portfolio turnover rate | 198% | 180% | 1047% | 973% | 1027% | 785% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 247

**NOVA FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $120.94 | $113.89 | $81.50 | $121.73 | $111.34 | $58.94 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .24 | .43 | .72 | .37 | (.48) | (.18) |
| Net gain (loss) on investments (realized and unrealized) | 33.04 | 7.59 | 32.33 | (22.28) | 23.98 | 53.17 |
| Total from investment operations | 33.28 | 8.02 | 33.05 | (21.91) | 23.50 | 52.99 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.97) | (.66) |  |  | (.59) |
| Net realized gains |  |  |  | (18.32) | (13.11) |  |
| Total distributions |  | (.97) | (.66) | (18.32) | (13.11) | (.59) |
| Net asset value, end of period | $154.22 | $120.94 | $113.89 | $81.50 | $121.73 | $111.34 |
| **Total Return** | **27.52%** | **6.95%** | **40.73%** | **(16.38** **%)** | **20.51%** | **90.03%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3893 | $3493 | $7310 | $11996 | $40702 | $53660 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.36% | 0.35% | 0.77% | 0.39% | (0.37%) | (0.20%) |
| Total expenses<sup>c</sup> | 1.68% | 1.61% | 1.69% | 1.55% | 1.50% | 1.59% |
| Net expenses<sup>d</sup> | 1.63% | 1.55% | 1.65% | 1.54% | 1.48% | 1.58% |
| Portfolio turnover rate | 198% | 180% | 1047% | 973% | 1027% | 785% |

---

<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> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Total return does not reflect the impact of any applicable sales charges.

248 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 96.1%** | **COMMON STOCKS<sup>†</sup>** **- 96.1%** | **COMMON STOCKS<sup>†</sup>** **- 96.1%** |
| **Technology - 31.8%** | **Technology - 31.8%** | **Technology - 31.8%** |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 68069 | $12700314 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 20736 | 10740211 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 41400 | 10541682 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 13121 | 4328749 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 4623 | 1300172 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 6345 | 1157455 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 2599 | 733334 |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.\* | 4527 | 732423 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 2667 | 632079 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 580 | 533762 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 778 | 531304 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | 3122 | 522373 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 3009 | 500577 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | 3531 | 472801 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | 2536 | 465939 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | 2239 | 458413 |
| &nbsp;&nbsp;&nbsp;Accenture plc — Class A | 1738 | 428591 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.\* | 1183 | 417303 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 12211 | 409679 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | 368 | 396925 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 695 | 340814 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | 1384 | 340049 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.\* | 760 | 266958 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.\* | 516 | 254589 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 1516 | 195458 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.\* | 597 | 189649 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductor N.V. | 703 | 160094 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 1817 | 152773 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | 300 | 149607 |
| &nbsp;&nbsp;&nbsp;Workday, Inc. — Class A\* | 603 | 145160 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings plc | 593 | 139984 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 902 | 128445 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | 628 | 126668 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.\* | 484 | 125046 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 134 | 123366 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. — Class A | 216 | 122560 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc. — Class C | 846 | 119937 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | 968 | 116218 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 904 | 114591 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* | 67 | 100267 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 1506 | 96715 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 1457 | 96075 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp. — Class A | 1362 | 91349 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 3661 | 89914 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | 327 | 77882 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | 2620 | 71343 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.\* | 334 | 67809 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | 358 | 67648 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\* | 1399 | 67068 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | 558 | 66101 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 121 | 63302 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | 444 | 61112 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.\* | 1141 | 56263 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.\* | 211 | 55466 |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp. — Class A\* | 142 | 42197 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | 414 | 31870 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.\* | 445 | 30656 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.\* | 400 | 30304 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | 203 | 30233 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 140 | 29140 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.\* | 155 | 23372 |
| **Total Technology** |  | 52662138 |
| **Communications - 16.0%** | **Communications - 16.0%** | **Communications - 16.0%** |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.\* | 27074 | 5944638 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 6051 | 4443733 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class A | 16228 | 3945027 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. — Class C | 13027 | 3172726 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 1185 | 1420720 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 11047 | 755836 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 5016 | 574332 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 5818 | 569989 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 19947 | 563303 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 755 | 542498 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 11762 | 516940 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 90 | 485934 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 2875 | 418916 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 1863 | 379344 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | 1350 | 323163 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 10274 | 322809 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc. — Class A\* | 2159 | 309126 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 1033 | 280966 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 465 | 212640 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 2175 | 178415 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 1197 | 145340 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 6907 | 134894 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | 1275 | 115961 |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc. — Class A\* | 259 | 71252 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 330 | 70538 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | 235 | 65699 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. — Class A\* | 1243 | 60920 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | 366 | 58296 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 386 | 52816 |
| &nbsp;&nbsp;&nbsp;F5, Inc.\* | 160 | 51710 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | 1563 | 44374 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | 540 | 44026 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class A | 586 | 36953 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class A | 1050 | 32246 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | 105 | 30081 |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Companies, Inc. | 1022 | 28524 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class B | 414 | 23718 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | 671 | 23700 |
| &nbsp;&nbsp;&nbsp;Paramount Skydance Corp. — Class B | 861 | 16290 |
| &nbsp;&nbsp;&nbsp;News Corp. — Class B | 347 | 11989 |
| **Total Communications** |  | 26480382 |
| **Financial - 13.8%** | **Financial - 13.8%** | **Financial - 13.8%** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc. — Class B\* | 5116 | 2572018 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 7671 | 2419664 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 4739 | 1617800 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 249

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. — Class A | 2303 | $| 1309969 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 19010 |  | 980726 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 8937 |  | 749099 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | 845 |  | 672916 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 3385 |  | 538080 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 5136 |  | 521304 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 1514 |  | 502890 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | 402 |  | 468680 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 4760 |  | 454437 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 1635 |  | 403763 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 1784 |  | 379243 |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. — Class A | 2056 |  | 351268 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. REIT | 1866 |  | 332409 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. REIT | 2589 |  | 296492 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 1034 |  | 291847 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Companies, Inc. | 1371 |  | 276298 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. — Class A | 1005 |  | 271541 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | 1597 |  | 269063 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. — Class A REIT | 1306 |  | 251170 |
| &nbsp;&nbsp;&nbsp;KKR & Company, Inc. — Class A | 1914 |  | 248724 |
| &nbsp;&nbsp;&nbsp;Arthur J Gallagher & Co. | 715 |  | 221464 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 1099 |  | 220822 |
| &nbsp;&nbsp;&nbsp;Aon plc — Class A | 602 |  | 214661 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 1967 |  | 214324 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. REIT | 273 |  | 213825 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc. — Class A\* | 631 |  | 212956 |
| &nbsp;&nbsp;&nbsp;U.S. Bancorp | 4341 |  | 209801 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 628 |  | 175350 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 1284 |  | 171119 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. REIT | 911 |  | 170967 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 3597 |  | 164455 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 735 |  | 157768 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. REIT | 2551 |  | 155075 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. REIT | 894 |  | 154555 |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | 1343 |  | 150013 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 263 |  | 129199 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. — Class A\* | 818 |  | 128884 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 1558 |  | 128332 |
| &nbsp;&nbsp;&nbsp;Public Storage REIT | 441 |  | 127383 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 1546 |  | 121423 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. REIT | 1215 |  | 117235 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 1265 |  | 111889 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | 784 |  | 104578 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 982 |  | 101873 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.\* | 1182 |  | 99726 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 2975 |  | 97015 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 1037 |  | 94087 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson plc | 272 |  | 93962 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 791 |  | 91764 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. REIT | 1268 |  | 88747 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 436 |  | 86162 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. — Class A | 1242 |  | 85462 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | 495 |  | 85437 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 824 |  | 83999 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. REIT | 592 |  | 83436 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | 1846 |  | 82239 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. REIT | 397 |  | 76688 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 817 |  | 76626 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 1038 |  | 73750 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | 533 |  | 71742 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | 292 |  | 71613 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 4089 |  | 70617 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | 436 |  | 68932 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 2489 |  | 65635 |
| &nbsp;&nbsp;&nbsp;W R Berkley Corp. | 836 |  | 64054 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 1203 |  | 63951 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 613 |  | 62918 |
| &nbsp;&nbsp;&nbsp;Equity Residential REIT | 969 |  | 62723 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. REIT | 300 |  | 58005 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. REIT | 2013 |  | 49902 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 2600 |  | 48594 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. REIT | 180 |  | 48179 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 474 |  | 47585 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 566 |  | 46927 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. REIT | 1573 |  | 46136 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. REIT | 327 |  | 45692 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. REIT | 1889 |  | 41275 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 117 |  | 40977 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. REIT | 1939 |  | 37132 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 434 |  | 36170 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. REIT | 456 |  | 33242 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | 226 |  | 32311 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust REIT | 298 |  | 31820 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. REIT | 841 |  | 31336 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. REIT | 411 |  | 30554 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 141 |  | 30541 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. REIT | 1784 |  | 30364 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 1244 |  | 28537 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. — Class A | 71 |  | 22589 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust REIT | 219 |  | 22187 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 855 |  | 19776 |
| **Total Financial** |  |  | 22818468 |
| **Consumer, Non-cyclical - 13.0%** | **Consumer, Non-cyclical - 13.0%** | **Consumer, Non-cyclical - 13.0%** | **Consumer, Non-cyclical - 13.0%** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 2218 |  | 1692334 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 6719 |  | 1245837 |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | 4928 |  | 1141029 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 6535 |  | 1004103 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 2527 |  | 872573 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 10805 |  | 716588 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 4342 |  | 704272 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | 4855 |  | 650279 |
| &nbsp;&nbsp;&nbsp;Merck & Company, Inc. | 6968 |  | 584824 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 3819 |  | 536340 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | 1053 |  | 510726 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 1000 |  | 447230 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | 872 |  | 424411 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | 1502 |  | 423864 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 15861 |  | 404138 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 4134 |  | 403602 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 3461 |  | 384171 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | 960 |  | 354883 |

---

250 \| 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>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | 1778 | $| 352506 |
| &nbsp;&nbsp;&nbsp;Medtronic plc | 3574 |  | 340388 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | 1130 |  | 331655 |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | 4686 |  | 309557 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.\* | 715 |  | 280022 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 347 |  | 268071 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 3538 |  | 266730 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | 5678 |  | 256078 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc. — Class A | 3610 |  | 225517 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 745 |  | 214746 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | 430 |  | 204886 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 628 |  | 202920 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 956 |  | 196229 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | 457 |  | 194774 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | 1236 |  | 180852 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | 2255 |  | 180265 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.\* | 2665 |  | 178715 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 416 |  | 172399 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 179 |  | 170884 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. — Class A | 541 |  | 169079 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | 284 |  | 159685 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 800 |  | 149736 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.\* | 223 |  | 142473 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.\* | 1988 |  | 133812 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | 1894 |  | 128091 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.\* | 1638 |  | 127387 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | 926 |  | 115139 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 1697 |  | 114395 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 408 |  | 111682 |
| &nbsp;&nbsp;&nbsp;Block, Inc. — Class A\* | 1533 |  | 110790 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 1332 |  | 109677 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 666 |  | 104535 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | 792 |  | 101653 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. — Class A | 390 |  | 98089 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 3790 |  | 96683 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 1274 |  | 95677 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.\* | 474 |  | 90032 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | 345 |  | 88503 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 336 |  | 87417 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 5354 |  | 86895 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 1340 |  | 80052 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | 413 |  | 77252 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 1492 |  | 75227 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.\* | 1094 |  | 73615 |
| &nbsp;&nbsp;&nbsp;STERIS plc | 275 |  | 68046 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 232 |  | 66598 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 2377 |  | 61897 |
| &nbsp;&nbsp;&nbsp;Kellanova | 750 |  | 61515 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 196 |  | 60511 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Company, Inc. | 680 |  | 59589 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | 312 |  | 59461 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Companies, Inc. — Class A | 653 |  | 57542 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 409 |  | 57293 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.\* | 197 |  | 56748 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 677 |  | 56245 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 553 |  | 54471 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. — Class A | 398 |  | 53599 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | 201 |  | 52728 |
| &nbsp;&nbsp;&nbsp;Waters Corp.\* | 166 |  | 49769 |
| &nbsp;&nbsp;&nbsp;McCormick & Company, Inc. | 706 |  | 47238 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 1302 |  | 46455 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | 784 |  | 46052 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. — Class A | 797 |  | 43277 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | 341 |  | 42045 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.\* | 620 |  | 41844 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.\* | 458 |  | 38843 |
| &nbsp;&nbsp;&nbsp;Cooper Companies, Inc.\* | 557 |  | 38188 |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | 218 |  | 35353 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 1433 |  | 32629 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | 298 |  | 32363 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 3252 |  | 32195 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. — Class B | 157 |  | 32097 |
| &nbsp;&nbsp;&nbsp;Bunge Global S.A. | 391 |  | 31769 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.\* | 411 |  | 30003 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 151 |  | 28895 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | 324 |  | 28399 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.\* | 966 |  | 24952 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 1336 |  | 24462 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | 437 |  | 24310 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.\* | 188 |  | 23541 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | 389 |  | 22593 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.\* | 137 |  | 21435 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 473 |  | 21403 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | 813 |  | 20113 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 288 |  | 19115 |
| &nbsp;&nbsp;&nbsp;The Campbell's Co. | 549 |  | 17337 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp. — Class B | 491 |  | 13296 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 100 |  | 13287 |
| **Total Consumer, Non-cyclical** |  |  | 21505475 |
| **Consumer, Cyclical - 8.0%** | **Consumer, Cyclical - 8.0%** | **Consumer, Cyclical - 8.0%** | **Consumer, Cyclical - 8.0%** |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 7828 |  | 3481268 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | 12245 |  | 1261970 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 1237 |  | 1145004 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | 2776 |  | 1124807 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | 1991 |  | 605045 |
| &nbsp;&nbsp;&nbsp;TJX Companies, Inc. | 3112 |  | 449808 |
| &nbsp;&nbsp;&nbsp;Lowe's Companies, Inc. | 1563 |  | 392798 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 3171 |  | 268267 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.\* | 2367 |  | 255186 |
| &nbsp;&nbsp;&nbsp;NIKE, Inc. — Class B | 3314 |  | 231085 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 705 |  | 228124 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.\* | 47 |  | 201641 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 656 |  | 170193 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 629 |  | 163817 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 384 |  | 162190 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 2656 |  | 161936 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 3202 |  | 157026 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. — Class A\* | 3741 |  | 146610 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 1465 |  | 144039 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | 912 |  | 138980 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 773 |  | 131000 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 251

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **FUND** |  |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Shares** | **Value** | **Value** |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 10905 | $| 130424 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | 774 |  | 117648 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 123 |  | 117214 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 1268 |  | 113740 |
| &nbsp;&nbsp;&nbsp;Copart, Inc.\* | 2482 |  | 111616 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 1809 |  | 102661 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 3029 |  | 87568 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 903 |  | 87139 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 1478 |  | 84054 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. — Class A | 635 |  | 80035 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 550 |  | 72672 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 440 |  | 71896 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.\* | 125 |  | 68344 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 343 |  | 67039 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 581 |  | 65781 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.\* | 8 |  | 64277 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 614 |  | 63457 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | 326 |  | 62057 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.\* | 304 |  | 54091 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 388 |  | 53777 |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 607 |  | 52336 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 541 |  | 51054 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 1465 |  | 46748 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 862 |  | 46367 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.\* | 414 |  | 41967 |
| &nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | 548 |  | 41440 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 192 |  | 38776 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | 87 |  | 37559 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. — Class A | 108 |  | 33865 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 1261 |  | 31059 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 236 |  | 30272 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | 92 |  | 28526 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | 372 |  | 28216 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 718 |  | 21928 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International\* | 569 |  | 19721 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 419 |  | 18800 |
| **Total Consumer, Cyclical** |  |  | 13264918 |
| **Industrial - 7.1%** | **Industrial - 7.1%** | **Industrial - 7.1%** | **Industrial - 7.1%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | 2958 |  | 889826 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 3734 |  | 624810 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 1307 |  | 623635 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 759 |  | 466709 |
| &nbsp;&nbsp;&nbsp;Boeing Co.\* | 2109 |  | 455186 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. — Class A | 3406 |  | 421492 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 1086 |  | 406435 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | 1654 |  | 390956 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | 1771 |  | 372795 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | 703 |  | 321454 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | 573 |  | 286047 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 356 |  | 269901 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 621 |  | 262037 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | 704 |  | 240064 |
| &nbsp;&nbsp;&nbsp;3M Co. | 1486 |  | 230598 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | 375 |  | 228495 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | 1034 |  | 228338 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 1125 |  | 220759 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 157 |  | 206929 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 1570 |  | 205953 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International plc | 1826 |  | 200769 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | 740 |  | 192962 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | 626 |  | 188057 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | 5201 |  | 184687 |
| &nbsp;&nbsp;&nbsp;TE Connectivity plc | 824 |  | 180893 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc. — Class B | 2053 |  | 171487 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | 522 |  | 159424 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 219 |  | 157163 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 605 |  | 142665 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | 2232 |  | 133250 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. — Class A | 566 |  | 129886 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | 644 |  | 121072 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | 369 |  | 113512 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 456 |  | 112276 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | 314 |  | 109752 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | 168 |  | 105887 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | 679 |  | 100152 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | 1095 |  | 100116 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 477 |  | 95624 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.\* | 480 |  | 83962 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 1009 |  | 83364 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 125 |  | 81193 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.\* | 131 |  | 76771 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | 692 |  | 73774 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | 516 |  | 72642 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.\* | 57 |  | 69974 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 299 |  | 64934 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | 383 |  | 63896 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 148 |  | 63686 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 1457 |  | 62024 |
| &nbsp;&nbsp;&nbsp;Packaging Corporation of America | 249 |  | 54265 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.\* | 664 |  | 54216 |
| &nbsp;&nbsp;&nbsp;Amcor plc | 6431 |  | 52606 |
| &nbsp;&nbsp;&nbsp;Pentair plc | 457 |  | 50617 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 146 |  | 50593 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | 333 |  | 49903 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 89 |  | 47113 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 379 |  | 46462 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | 944 |  | 46246 |
| &nbsp;&nbsp;&nbsp;CH Robinson Worldwide, Inc. | 329 |  | 43560 |
| &nbsp;&nbsp;&nbsp;Allegion plc | 239 |  | 42387 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 497 |  | 41992 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | 584 |  | 41108 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | 759 |  | 38269 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.\* | 308 |  | 37345 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | 210 |  | 34180 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | 150 |  | 34042 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 432 |  | 32111 |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 109 |  | 31382 |
| &nbsp;&nbsp;&nbsp;J.B. Hunt Transport Services, Inc. | 213 |  | 28578 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.\* | 164 |  | 27454 |
| &nbsp;&nbsp;&nbsp;A O Smith Corp. | 319 |  | 23418 |

---

252 \| 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>** **FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 146 | $18822 |
| **Total Industrial** |  | 11774942 |
| **Energy - 2.8%** | **Energy - 2.8%** | **Energy - 2.8%** |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 11893 | 1340936 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 5369 | 833752 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 3484 | 329552 |
| &nbsp;&nbsp;&nbsp;Williams Companies, Inc. | 3407 | 215834 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | 1523 | 170759 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 848 | 163443 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 5455 | 154431 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 1127 | 153295 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 867 | 147615 |
| &nbsp;&nbsp;&nbsp;Schlumberger N.V. | 4162 | 143048 |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 2750 | 133980 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 1757 | 128208 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 600 | 100524 |
| &nbsp;&nbsp;&nbsp;Equities Corp. | 1741 | 94763 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 2005 | 94736 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 525 | 75127 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 664 | 70543 |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.\* | 299 | 65939 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 1771 | 62091 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | 2379 | 58523 |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 54 | 50417 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. — Class A | 2129 | 50351 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 998 | 24231 |
| **Total Energy** |  | 4662098 |
| **Utilities - 2.3%** | **Utilities - 2.3%** | **Utilities - 2.3%** |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | 5745 | 433690 |
| &nbsp;&nbsp;&nbsp;Southern Co. | 3069 | 290849 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 872 | 286949 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 2169 | 268414 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 888 | 173977 |
| &nbsp;&nbsp;&nbsp;American Electric Power Company, Inc. | 1492 | 167850 |
| &nbsp;&nbsp;&nbsp;Sempra | 1820 | 163764 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | 2381 | 145646 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 1650 | 133072 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 2818 | 126838 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | 1392 | 116176 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | 1245 | 116022 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | 898 | 102902 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 1006 | 101123 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 6131 | 92455 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 540 | 87453 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | 579 | 81888 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | 754 | 78702 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | 2063 | 76661 |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | 448 | 76496 |
| &nbsp;&nbsp;&nbsp;American Water Works Company, Inc. | 544 | 75719 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 1035 | 73630 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | 1821 | 70655 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | 1450 | 66439 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | 835 | 61172 |
| &nbsp;&nbsp;&nbsp;Edison International | 1074 | 59371 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | 1314 | 56896 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 642 | 48805 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | 717 | 48333 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 333 | 29857 |
| &nbsp;&nbsp;&nbsp;AES Corp. | 1986 | 26136 |
| **Total Utilities** |  | 3737940 |
| **Basic Materials - 1.3%** | **Basic Materials - 1.3%** | **Basic Materials - 1.3%** |
| &nbsp;&nbsp;&nbsp;Linde plc | 1308 | 621300 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | 3064 | 258326 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | 647 | 224030 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | 712 | 194988 |
| &nbsp;&nbsp;&nbsp;Air Products and Chemicals, Inc. | 621 | 169359 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | 4005 | 157076 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 1168 | 90987 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 640 | 86675 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 1473 | 68347 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | 630 | 66219 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 386 | 53820 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 1977 | 45333 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | 715 | 44001 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | 452 | 40545 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. — Class A | 718 | 35211 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 885 | 30692 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | 328 | 26594 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 320 | 20176 |
| **Total Basic Materials** |  | 2233679 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $69,548,562) |  | 159140040 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.1%** |
| 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> | $150000 | 148744 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $148,738) |  | 148744 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 3.4%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 3.4%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 3.4%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 3259428 | 3259428 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 2345371 | 2345371 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,604,799) |  | 5604799 |
| **Total Investments - 99.6%** | **Total Investments - 99.6%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $75,302,099) | &nbsp;&nbsp;&nbsp;(Cost $75,302,099) | $164893583 |
| **Other Assets & Liabilities, net - 0.4%** | **Other Assets & Liabilities, net - 0.4%** | 620547 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $165514130 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 253

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **FUND** |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| S&P 500 Index Mini Futures Contracts | 2 | Dec 2025 | $673700 | $2196 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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<br> Funds Rate +<br> 0.60%) | At Maturity | 11/19/25 | 449 | $3005850 | $19825 |
| Barclays Bank plc | S&P 500 Index | Pay | 5.03% (SOFR + <br> 0.90%) | At Maturity | 11/20/25 | 280 | 1873008 | 14137 |
| BNP Paribas | S&P 500 Index | Pay | 4.94% (Federal<br> Funds Rate +<br> 0.85%) | At Maturity | 11/20/25 | 121 | 811860 | 6124 |
|  |  |  |  |  |  |  | $5690718 | $40086 |

---

---

| | |
|:---|:---|
| \* | &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;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. |

---

254 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **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** |
| Common Stocks | $159140040 | $— | $— | $159140040 |
| U.S. Treasury Bills |  | 148744 |  | 148744 |
| Repurchase Agreements |  | 5604799 |  | 5604799 |
| Equity Futures Contracts\*\* | 2196 |  |  | 2196 |
| Equity Index Swap Agreements\*\* |  | 40086 |  | 40086 |
| Total Assets | $159142236 | $5793629 | $— | $164935865 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 255

**S&P 500<sup>®</sup>** **FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $69,697,300) | $159288784 |
| Repurchase agreements, at value (cost $5,604,799) | 5604799 |
| Segregated cash with broker | 621495 |
| Unrealized appreciation on OTC swap agreements | 40086 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 399561 |
| &nbsp;&nbsp;&nbsp;Dividends | 66235 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 2350 |
| &nbsp;&nbsp;&nbsp;Interest | 653 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 3 |
| **Total assets** | 166023966 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 15469 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 144156 |
| &nbsp;&nbsp;&nbsp;Management fees | 96836 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 51282 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 39380 |
| &nbsp;&nbsp;&nbsp;Printing fees | 29728 |
| &nbsp;&nbsp;&nbsp;Professional fees | 27249 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 20013 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 3081 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 1684 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 80958 |
| **Total liabilities** | 509836 |
| **Net assets** | $165514130 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $92739610 |
| Total distributable earnings (loss) | 72774520 |
| Net assets | $165514130 |
| **Class A:** | **Class A:** |
| Net assets | $23457514 |
| Capital shares outstanding | 232024 |
| Net asset value per share | $101.10 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $106.14 |
| **Class C:** | **Class C:** |
| Net assets | $11991953 |
| Capital shares outstanding | 142951 |
| Net asset value per share | $83.89 |
| **Class H:** | **Class H:** |
| Net assets | $130064663 |
| Capital shares outstanding | 1286358 |
| Net asset value per share | $101.11 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $242) | $1006433 |
| Interest | 164838 |
| Income from securities lending, net | 2293 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1173564 |
| **Expenses:** | **Expenses:** |
| Management fees | 608639 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 27094 |
| &nbsp;&nbsp;&nbsp;Class C | 56472 |
| &nbsp;&nbsp;&nbsp;Class H | 161670 |
| Transfer agent fees | 178820 |
| Portfolio accounting and administration fees | 166362 |
| Registration fees | 116096 |
| Professional fees | 39245 |
| Trustees' fees\* | 12806 |
| Custodian fees | 11568 |
| Interest expense | 1994 |
| Miscellaneous | 13352 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1394118 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (40576) |
| Net expenses | 1353542 |
| Net investment loss | (179978) |
| **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 | 5444729 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 937522 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (57936) |
| Net realized gain | 6324315 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 20510381 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 316715 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 8758 |
| Net change in unrealized appreciation (depreciation) | 20835854 |
| Net realized and unrealized gain | 27160169 |
| **Net increase in net assets resulting from operations** | $26980191 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

256 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **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 | $(179978) | $(228706) |
| Net realized gain on investments | 6324315 | 14704676 |
| Net change in unrealized appreciation (depreciation) on investments | 20835854 | (820670) |
| Net increase in net assets resulting from operations | 26980191 | 13655300 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (222695) |
| &nbsp;&nbsp;&nbsp;Class C |  | (142130) |
| &nbsp;&nbsp;&nbsp;Class H |  | (1635048) |
| Total distributions to shareholders |  | (1999873) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2320294 | 12354215 |
| &nbsp;&nbsp;&nbsp;Class C | 2003710 | 10598694 |
| &nbsp;&nbsp;&nbsp;Class H | 292278203 | 683286578 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 216203 |
| &nbsp;&nbsp;&nbsp;Class C |  | 132659 |
| &nbsp;&nbsp;&nbsp;Class H |  | 1623439 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2888403) | (10000899) |
| &nbsp;&nbsp;&nbsp;Class C | (2260497) | (7811267) |
| &nbsp;&nbsp;&nbsp;Class H | (311761826) | (760150692) |
| Net decrease from capital share transactions | (20308519) | (69751070) |
| Net increase (decrease) in net assets | 6671672 | (58095643) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 158842458 | 216938101 |
| &nbsp;&nbsp;&nbsp;End of period | $165514130 | $158842458 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 26490 | 146271 |
| &nbsp;&nbsp;&nbsp;Class C | 27313 | 146527 |
| &nbsp;&nbsp;&nbsp;Class H | 3228734 | 7950359 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 2357 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1732 |
| &nbsp;&nbsp;&nbsp;Class H |  | 17696 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (32419) | (118717) |
| &nbsp;&nbsp;&nbsp;Class C | (30004) | (109998) |
| &nbsp;&nbsp;&nbsp;Class H | (3452510) | (8849525) |
| Net decrease in shares | (232396) | (813298) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 257

**S&P 500<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $84.96 | $80.64 | $63.54 | $70.89 | $63.06 | $46.64 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.09) | (.05) | .15 | .18 | (.18) | (.08) |
| Net gain (loss) on investments (realized and unrealized) | 16.23 | 5.34 | 17.39 | (6.83) | 8.94 | 24.50 |
| Total from investment operations | 16.14 | 5.29 | 17.54 | (6.65) | 8.76 | 24.42 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.14) | (.09) |  |  | (.02) |
| Net realized gains |  | (.83) | (.35) | (.70) | (.93) | (7.98) |
| Total distributions |  | (.97) | (.44) | (.70) | (.93) | (8.00) |
| Net asset value, end of period | $101.10 | $84.96 | $80.64 | $63.54 | $70.89 | $63.06 |
| **Total Return<sup>c</sup>** | **19.00%** | **6.46%** | **27.72%** | **(9.32** **%)** | **13.82%** | **53.64%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $23458 | $20217 | $16777 | $15703 | $18856 | $18653 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.19%) | (0.06%) | 0.21% | 0.30% | (0.25%) | (0.13%) |
| Total expenses | 1.67% | 1.66% | 1.66% | 1.60% | 1.56% | 1.65% |
| Net expenses<sup>d</sup> | 1.62% | 1.61% | 1.62% | 1.60% | 1.56% | 1.65% |
| Portfolio turnover rate | 92% | 137% | 243% | 701% | 268% | 284% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $70.76 | $67.81 | $53.89 | $60.71 | $54.52 | $41.37 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.36) | (.59) | (.31) | (.30) | (.60) | (.46) |
| Net gain (loss) on investments (realized and unrealized) | 13.49 | 4.51 | 14.67 | (5.82) | 7.72 | 21.61 |
| Total from investment operations | 13.13 | 3.92 | 14.36 | (6.12) | 7.12 | 21.15 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.14) | (.09) |  |  | (.02) |
| Net realized gains |  | (.83) | (.35) | (.70) | (.93) | (7.98) |
| Total distributions |  | (.97) | (.44) | (.70) | (.93) | (8.00) |
| Net asset value, end of period | $83.89 | $70.76 | $67.81 | $53.89 | $60.71 | $54.52 |
| **Total Return<sup>c</sup>** | **18.56%** | **5.66%** | **26.78%** | **(10.02** **%)** | **12.99%** | **52.49%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $11992 | $10306 | $7282 | $7494 | $10273 | $12040 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.94%) | (0.82%) | (0.53%) | (0.57%) | (1.00%) | (0.88%) |
| Total expenses | 2.42% | 2.41% | 2.41% | 2.36% | 2.31% | 2.39% |
| Net expenses<sup>d</sup> | 2.37% | 2.36% | 2.38% | 2.36% | 2.31% | 2.39% |
| Portfolio turnover rate | 92% | 137% | 243% | 701% | 268% | 284% |

---

258 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $84.97 | $80.65 | $63.54 | $70.90 | $63.07 | $46.64 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.08) | (.06) | .14 | .15 | (.18) | (.08) |
| Net gain (loss) on investments (realized and unrealized) | 16.22 | 5.35 | 17.41 | (6.81) | 8.94 | 24.51 |
| Total from investment operations | 16.14 | 5.29 | 17.55 | (6.66) | 8.76 | 24.43 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.14) | (.09) |  |  | (.02) |
| Net realized gains |  | (.83) | (.35) | (.70) | (.93) | (7.98) |
| Total distributions |  | (.97) | (.44) | (.70) | (.93) | (8.00) |
| Net asset value, end of period | $101.11 | $84.97 | $80.65 | $63.54 | $70.90 | $63.07 |
| **Total Return** | **18.99%** | **6.46%** | **27.71%** | **(9.32** **%)** | **13.84%** | **53.64%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $130065 | $128319 | $192879 | $77419 | $130055 | $123613 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.16%) | (0.07%) | 0.21% | 0.23% | (0.25%) | (0.13%) |
| Total expenses | 1.67% | 1.65% | 1.65% | 1.61% | 1.56% | 1.65% |
| Net expenses<sup>d</sup> | 1.62% | 1.60% | 1.62% | 1.61% | 1.56% | 1.65% |
| Portfolio turnover rate | 92% | 137% | 243% | 701% | 268% | 284% |

---

<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 \| 259

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 28.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 28.1%** | **MUTUAL FUNDS<sup>†</sup>** **- 28.1%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 262625 | $6534113 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 426990 | 4299791 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,738,043) |  | 10833904 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.6%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.6%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.6%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>2</sup> | 240000 | 240000 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $240,000) |  | 240000 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 9.1%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 9.1%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 9.1%** |
| 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> | $2000000 | 2000298 |
| &nbsp;&nbsp;&nbsp;4.13% (SOFR, Rate Floor: 0.00%) due 01/09/26<sup>◊</sup> | 1500000 | 1500027 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,500,000) |  | 3500325 |

---

---

| | | |
|:---|:---|:---|
| **U.S. TREASURY BILLS<sup>††</sup>** **- 3.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.3%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.3%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.88% due 12/18/25<sup>3,4</sup> | 1020000 | 1011454 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>4,5</sup> | 241000 | 240649 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,252,064) |  | 1252103 |
| **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 50.2%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 50.2%** | **REPURCHASE AGREEMENTS<sup>††,6</sup>** **- 50.2%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 11247738 | 11247738 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 8093483 | 8093483 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,341,221) |  | 19341221 |
| **Total Investments - 91.3%** | **Total Investments - 91.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $35,071,328) | &nbsp;&nbsp;&nbsp;(Cost $35,071,328) | $35167553 |
| **Other Assets & Liabilities, net - 8.7%** | **Other Assets & Liabilities, net - 8.7%** | 3341878 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $38509431 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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 | 17 | Dec 2025 | $5726450 | $(40277) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
| Barclays Bank plc | S&P 500 Index | Receive | 4.73% (SOFR + <br> 0.60%) | At Maturity | 11/20/25 | 897 | $6001001 | $(45300) |
| BNP Paribas | S&P 500 Index | Receive | 4.54% (Federal <br> Funds Rate + <br> 0.45%) | At Maturity | 11/20/25 | 961 | 6426104 | (48506) |
| Goldman Sachs International | S&P 500 Index | Receive | 4.49% (Federal <br> Funds Rate +<br> 0.40%) | At Maturity | 11/19/25 | 3045 | 20368449 | (96049) |
|  |  |  |  |  |  |  | $32795554 | $(189855) |

---

260 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &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;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <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;Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at September 30, 2025. |
| <sup>6</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** |
| Mutual Funds | $10833904 | $— | $— | $10833904 |
| Money Market Fund | 240000 |  |  | 240000 |
| Federal Agency Notes |  | 3500325 |  | 3500325 |
| U.S. Treasury Bills |  | 1252103 |  | 1252103 |
| Repurchase Agreements |  | 19341221 |  | 19341221 |
| Total Assets | $11073904 | $24093649 | $— | $35167553 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $40277 | $— | $— | $40277 |
| Equity Index Swap Agreements\*\* |  | 189855 |  | 189855 |
| Total Liabilities | $40277 | $189855 | $— | $230132 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 261

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $6528860 | $— | $— | $— | $5253 | $6534113 | 262625 | $174813 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 4282712 |  |  |  | 17079 | 4299791 | 426990 | 93877 |
|  | $10811572 | $— | $— | $— | $22332 | $10833904 |  | $268690 |

---

262 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $4,992,064) | $4992428 |
| Investments in affiliated issuers, at value (cost $10,738,043) | 10833904 |
| Repurchase agreements, at value (cost $19,341,221) | 19341221 |
| Segregated cash with broker | 3554903 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 42878 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 28992 |
| &nbsp;&nbsp;&nbsp;Interest | 27383 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 13080 |
| **Total assets** | 38834789 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 189855 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 33797 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 30717 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 19975 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 13669 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2021 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 426 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 336 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 34562 |
| **Total liabilities** | 325358 |
| **Net assets** | $38509431 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $331346158 |
| Total distributable earnings (loss) | (292836727) |
| Net assets | $38509431 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $37067955 |
| Capital shares outstanding | 372388 |
| Net asset value per share | $99.54 |
| **Class A:** | **Class A:** |
| Net assets | $991038 |
| Capital shares outstanding | 11090 |
| Net asset value per share | $89.36 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $93.82 |
| **Class C:** | **Class C:** |
| Net assets | $120884 |
| Capital shares outstanding | 1617 |
| Net asset value per share | $74.76 |
| **Class H:** | **Class H:** |
| Net assets | $329554 |
| Capital shares outstanding | 3683 |
| Net asset value per share | $89.48 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $268690 |
| Interest | 866067 |
| &nbsp;&nbsp;&nbsp;Total investment income | 1134757 |
| **Expenses:** | **Expenses:** |
| Management fees | 216757 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1247 |
| &nbsp;&nbsp;&nbsp;Class C | 389 |
| &nbsp;&nbsp;&nbsp;Class H | 546 |
| Transfer agent fees | 52326 |
| Portfolio accounting and administration fees | 36728 |
| Registration fees | 27225 |
| Professional fees | 11411 |
| Interest expense | 6004 |
| Custodian fees | 3323 |
| Trustees' fees\* | 2733 |
| Miscellaneous | 14257 |
| &nbsp;&nbsp;&nbsp;Total expenses | 372946 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (24084) |
| Expenses waived by Adviser | (5376) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (29460) |
| Net expenses | 343486 |
| Net investment income | 791271 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (699) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (11473454) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (644549) |
| Net realized loss | (12118702) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 187 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 22332 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (991949) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (66015) |
| Net change in unrealized appreciation (depreciation) | (1035445) |
| Net realized and unrealized loss | (13154147) |
| **Net decrease in net assets resulting from operations** | $(12362876) |

---

\* 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 \| 263

**INVERSE S&P 500<sup>®</sup>** **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 | $791271 | $1529055 |
| Net realized loss on investments | (12118702) | (4583624) |
| Net change in unrealized appreciation (depreciation) on investments | (1035445) | 1306702 |
| Net decrease in net assets resulting from operations | (12362876) | (1747867 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (1856228) |
| &nbsp;&nbsp;&nbsp;Class A |  | (75345) |
| &nbsp;&nbsp;&nbsp;Class C |  | (9595) |
| &nbsp;&nbsp;&nbsp;Class H |  | (35316 |
| Total distributions to shareholders |  | (1976484 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 196503652 | 207933965 |
| &nbsp;&nbsp;&nbsp;Class A | 592537 | 9283518 |
| &nbsp;&nbsp;&nbsp;Class C | 199764 | 45011 |
| &nbsp;&nbsp;&nbsp;Class H | 426658 | 6834787 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 1830048 |
| &nbsp;&nbsp;&nbsp;Class A |  | 72970 |
| &nbsp;&nbsp;&nbsp;Class C |  | 9594 |
| &nbsp;&nbsp;&nbsp;Class H |  | 35284 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (190887738) | (198498907) |
| &nbsp;&nbsp;&nbsp;Class A | (554202) | (9262090) |
| &nbsp;&nbsp;&nbsp;Class C | (133790) | (378268) |
| &nbsp;&nbsp;&nbsp;Class H | (703943) | (7351092 |
| Net increase from capital share transactions | 5442938 | 10554820 |
| Net increase (decrease) in net assets | (6919938) | 6830469 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 45429369 | 38598900 |
| &nbsp;&nbsp;&nbsp;End of period | $38509431 | $45429369 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1793767 | 1726560 |
| &nbsp;&nbsp;&nbsp;Class A | 5852 | 80604 |
| &nbsp;&nbsp;&nbsp;Class C | 2457 | 480 |
| &nbsp;&nbsp;&nbsp;Class H | 4032 | 59213 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 17008 |
| &nbsp;&nbsp;&nbsp;Class A |  | 754 |
| &nbsp;&nbsp;&nbsp;Class C |  | 118 |
| &nbsp;&nbsp;&nbsp;Class H |  | 364 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (1791876) | (1655465) |
| &nbsp;&nbsp;&nbsp;Class A | (5191) | (81486) |
| &nbsp;&nbsp;&nbsp;Class C | (1616) | (4060) |
| &nbsp;&nbsp;&nbsp;Class H | (6791) | (63977 |
| Net increase in shares | 634 | 80113 |

---

\* Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 24, 2025.

264 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $117.62 | $126.51 | $155.00 | $144.39 | $172.31 | $284.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.81 | 4.50 | 5.85 | 2.10 | (1.40) | (2.35) |
| Net gain (loss) on investments (realized and unrealized) | (19.89) | (5.86) | (30.54) | 8.51 | (26.52) | (109.21) |
| Total from investment operations | (18.08) | (1.36) | (24.69) | 10.61 | (27.92) | (111.56) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (7.53) | (3.80) |  |  | (.75) |
| Total distributions |  | (7.53) | (3.80) |  |  | (.75) |
| Net asset value, end of period | $99.54 | $117.62 | $126.51 | $155.00 | $144.39 | $172.31 |
| **Total Return** | **(15.37** **%)** | **(0.51** **%)** | **(16.19** **%)** | **7.34%** | **(16.19** **%)** | **(39.21** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $37068 | $43576 | $35725 | $56203 | $47555 | $53937 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.29% | 3.76% | 4.04% | 1.31% | (0.91%) | (1.12%) |
| Total expenses<sup>c</sup> | 1.54% | 1.52% | 1.50% | 1.54% | 1.41% | 1.51% |
| Net expenses<sup>d</sup> | 1.42% | 1.39% | 1.40% | 1.49% | 1.39% | 1.50% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $105.72 | $114.76 | $141.35 | $132.01 | $157.92 | $261.65 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.53 | 3.91 | 5.10 | 2.00 | (1.60) | (2.80) |
| Net gain (loss) on investments (realized and unrealized) | (17.89) | (5.42) | (27.89) | 7.34 | (24.31) | (100.18) |
| Total from investment operations | (16.36) | (1.51) | (22.79) | 9.34 | (25.91) | (102.98) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (7.53) | (3.80) |  |  | (.75) |
| Total distributions |  | (7.53) | (3.80) |  |  | (.75) |
| Net asset value, end of period | $89.36 | $105.72 | $114.76 | $141.35 | $132.01 | $157.92 |
| **Total Return<sup>e</sup>** | **(15.47** **%)** | **(0.70** **%)** | **(16.38** **%)** | **7.08%** | **(16.40** **%)** | **(39.38** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $991 | $1103 | $1211 | $4164 | $1829 | $1540 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.14% | 3.58% | 3.77% | 1.34% | (1.15%) | (1.39%) |
| Total expenses<sup>c</sup> | 1.78% | 1.77% | 1.76% | 1.79% | 1.66% | 1.78% |
| Net expenses<sup>d</sup> | 1.65% | 1.64% | 1.66% | 1.74% | 1.64% | 1.77% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 265

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $88.78 | $98.46 | $122.73 | $115.49 | $139.19 | $232.44 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .98 | 2.81 | 3.50 | .45 | (2.30) | (4.00) |
| Net gain (loss) on investments (realized and unrealized) | (15.00) | (4.96) | (23.97) | 6.79 | (21.40) | (88.50) |
| Total from investment operations | (14.02) | (2.15) | (20.47) | 7.24 | (23.70) | (92.50) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (7.53) | (3.80) |  |  | (.75) |
| Total distributions |  | (7.53) | (3.80) |  |  | (.75) |
| Net asset value, end of period | $74.76 | $88.78 | $98.46 | $122.73 | $115.49 | $139.19 |
| **Total Return<sup>e</sup>** | **(15.79** **%)** | **(1.50** **%)** | **(16.99** **%)** | **6.28%** | **(17.03** **%)** | **(39.82** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $121 | $69 | $417 | $801 | $762 | $449 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.40% | 2.96% | 3.03% | 0.35% | (1.92%) | (2.16%) |
| Total expenses<sup>c</sup> | 2.53% | 2.50% | 2.49% | 2.53% | 2.41% | 2.54% |
| Net expenses<sup>d</sup> | 2.40% | 2.37% | 2.39% | 2.48% | 2.39% | 2.53% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

266 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE S&P 500<sup>®</sup>** **STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $105.84 | $114.88 | $141.46 | $132.04 | $157.92 | $261.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.53 | 4.02 | 5.00 | 1.25 | (1.60) | (2.80) |
| Net gain (loss) on investments (realized and unrealized) | (17.89) | (5.53) | (27.78) | 8.17 | (24.28) | (100.15) |
| Total from investment operations | (16.36) | (1.51) | (22.78) | 9.42 | (25.88) | (102.95) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (7.53) | (3.80) |  |  | (.75) |
| Total distributions |  | (7.53) | (3.80) |  |  | (.75) |
| Net asset value, end of period | $89.48 | $105.84 | $114.88 | $141.46 | $132.04 | $157.92 |
| **Total Return** | **(15.46** **%)** | **(0.72** **%)** | **(16.36** **%)** | **7.12%** | **(16.37** **%)** | **(39.37** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $330 | $682 | $1246 | $1600 | $2618 | $933 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.08% | 3.64% | 3.81% | 0.86% | (1.15%) | (1.38%) |
| Total expenses<sup>c</sup> | 1.80% | 1.76% | 1.75% | 1.78% | 1.66% | 1.78% |
| Net expenses<sup>d</sup> | 1.67% | 1.63% | 1.64% | 1.74% | 1.64% | 1.76% |
| 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> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>f</sup> Reverse share split – Per share amounts have 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 \| 267

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Consumer, Cyclical - 25.7%** | **Consumer, Cyclical - 25.7%** | **Consumer, Cyclical - 25.7%** |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises Ltd. | 2254 | $729350 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.\* | 21797 | 630151 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings Ltd.\* | 23405 | 576465 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.\* | 5860 | 565490 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | 2679 | 541051 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.\* | 3084 | 503925 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 4334 | 490696 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | 7539 | 427838 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Ltd. | 3107 | 398535 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 1412 | 366329 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. — Class A | 1074 | 336764 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.\* | 689 | 306412 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | 2318 | 306277 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. — Class A | 1151 | 299766 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | 628 | 265248 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | 4873 | 262119 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.\* | 1865 | 189055 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | 154 | 146756 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | 693 | 135447 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 142 | 131440 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc. — Class A\* | 2627 | 102952 |
| **Total Consumer, Cyclical** |  | 7712066 |
| **Technology - 17.1%** | **Technology - 17.1%** | **Technology - 17.1%** |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc. — Class A\* | 4806 | 876710 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | 3626 | 676539 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | 1483 | 489257 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc. — Class A\* | 942 | 461938 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.\* | 4452 | 374324 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc. — Class A\* | 2378 | 338627 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.\* | 6549 | 313959 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | 903 | 253960 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.\* | 267 | 245715 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.\* | 153 | 228969 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | 1038 | 216049 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | 631 | 178043 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.\* | 1146 | 147754 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.\* | 239 | 125035 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.\* | 1613 | 111120 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 360 | 85320 |
| **Total Technology** |  | 5123319 |
| **Communications - 15.2%** | **Communications - 15.2%** | **Communications - 15.2%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.\* | 4404 | 641707 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp. — Class A\* | 740 | 531720 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc. — Class A\* | 1751 | 476255 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.\* | 4785 | 468786 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | 78 | 421143 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | 1757 | 375559 |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc. — Class A\* | 6779 | 332239 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. — Class A | 440 | 323127 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.\* | 262 | 314117 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc. — Class A\* | 1611 | 220433 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.\* | 922 | 187738 |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc. — Class A\* | 1132 | 137447 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | 294 | 134443 |
| **Total Communications** |  | 4564714 |
| **Industrial - 14.9%** | **Industrial - 14.9%** | **Industrial - 14.9%** |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 3053 | 599090 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.\* | 744 | 533924 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 714 | 463772 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | 647 | 397840 |
| &nbsp;&nbsp;&nbsp;Trane Technologies plc | 756 | 319002 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp. — Class A | 2371 | 293411 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | 600 | 286290 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | 1171 | 234750 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | 507 | 218167 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | 254 | 192570 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 146 | 192431 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 730 | 179741 |
| &nbsp;&nbsp;&nbsp;Eaton Corporation plc | 415 | 155314 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | 1747 | 144337 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. — Class A | 595 | 136541 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | 246 | 130222 |
| **Total Industrial** |  | 4477402 |
| **Financial - 11.4%** | **Financial - 11.4%** | **Financial - 11.4%** |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc. — Class A | 5783 | 397928 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | 2712 | 361428 |
| &nbsp;&nbsp;&nbsp;American Express Co. | 1079 | 358401 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | 4284 | 304378 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc. — Class A\* | 1750 | 275730 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group Ltd. | 3022 | 274186 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | 1039 | 256581 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. REIT | 2343 | 238845 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | 472 | 231870 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | 2022 | 189643 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co. — Class A | 568 | 180715 |
| &nbsp;&nbsp;&nbsp;Visa, Inc. — Class A | 510 | 174104 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. — Class A | 303 | 172350 |
| **Total Financial** |  | 3416159 |
| **Consumer, Non-cyclical - 8.5%** | **Consumer, Non-cyclical - 8.5%** | **Consumer, Non-cyclical - 8.5%** |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | 1253 | 519268 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | 487 | 464920 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.\* | 1009 | 311509 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.\* | 808 | 232753 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | 725 | 198454 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.\* | 437 | 195439 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | 886 | 181860 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.\* | 1855 | 181104 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.\* | 1168 | 155192 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | 151 | 115213 |
| **Total Consumer, Non-cyclical** |  | 2555712 |
| **Utilities - 4.9%** | **Utilities - 4.9%** | **Utilities - 4.9%** |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 3586 | 702569 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 3111 | 503827 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | 833 | 274115 |
| **Total Utilities** |  | 1480511 |

---

268 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy - 1.8%** | **Energy - 1.8%** | **Energy - 1.8%** |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | 373 | $348248 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 1202 | 201383 |
| **Total Energy** |  | 549631 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,706,120) |  | 29879514 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.4%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $62540 | 62540 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 45002 | 45002 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $107,542) |  | 107542 |
| **Total Investments - 99.9%** | **Total Investments - 99.9%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $19,813,662) | &nbsp;&nbsp;&nbsp;(Cost $19,813,662) | $29987056 |
| **Other Assets & Liabilities, net - 0.1%** | **Other Assets & Liabilities, net - 0.1%** | 42432 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $30029488 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $29879514 | $— | $— | $29879514 |
| Repurchase Agreements |  | 107542 |  | 107542 |
| Total Assets | $29879514 | $107542 | $— | $29987056 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 269

**S&P 500<sup>®</sup>** **PURE GROWTH FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $19,706,120) | $29879514 |
| Repurchase agreements, at value (cost $107,542) | 107542 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 176615 |
| &nbsp;&nbsp;&nbsp;Dividends | 7062 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1367 |
| &nbsp;&nbsp;&nbsp;Interest | 13 |
| **Total assets** | 30172113 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 69010 |
| &nbsp;&nbsp;&nbsp;Management fees | 17879 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 11347 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 7009 |
| &nbsp;&nbsp;&nbsp;Printing fees | 5479 |
| &nbsp;&nbsp;&nbsp;Professional fees | 5022 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2443 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 416 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 24020 |
| **Total liabilities** | 142625 |
| **Net assets** | $30029488 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $22629519 |
| Total distributable earnings (loss) | 7399969 |
| Net assets | $30029488 |
| **Class A:** | **Class A:** |
| Net assets | $9789197 |
| Capital shares outstanding | 84418 |
| Net asset value per share | $115.96 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $121.74 |
| **Class C:** | **Class C:** |
| Net assets | $1744043 |
| Capital shares outstanding | 18381 |
| Net asset value per share | $94.88 |
| **Class H:** | **Class H:** |
| Net assets | $18496248 |
| Capital shares outstanding | 159575 |
| Net asset value per share | $115.91 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $126757 |
| Interest | 5599 |
| Income from securities lending, net | 46 |
| &nbsp;&nbsp;&nbsp;Total investment income | 132402 |
| **Expenses:** | **Expenses:** |
| Management fees | 141526 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 11554 |
| &nbsp;&nbsp;&nbsp;Class C | 8247 |
| &nbsp;&nbsp;&nbsp;Class H | 33560 |
| Transfer agent fees | 40583 |
| Portfolio accounting and administration fees | 28776 |
| Professional fees | 16938 |
| Registration fees | 6491 |
| Trustees' fees\* | 3978 |
| Custodian fees | 2795 |
| Line of credit fees | 5 |
| Miscellaneous | 13676 |
| &nbsp;&nbsp;&nbsp;Total expenses | 308129 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (9436) |
| Net expenses | 298693 |
| Net investment loss | (166291) |
| **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 | (2352994) |
| Net realized loss | (2352994) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 6716023 |
| Net change in unrealized appreciation (depreciation) | 6716023 |
| Net realized and unrealized gain | 4363029 |
| **Net increase in net assets resulting from operations** | $4196738 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

270 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE GROWTH 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 | $(166291) | $(654716) |
| Net realized gain (loss) on investments | (2352994) | 19682649 |
| Net change in unrealized appreciation (depreciation) on investments | 6716023 | (2984242) |
| Net increase in net assets resulting from operations | 4196738 | 16043691 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 637977 | 2026656 |
| &nbsp;&nbsp;&nbsp;Class C | 365737 | 568333 |
| &nbsp;&nbsp;&nbsp;Class H | 239006329 | 718963766 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1355661) | (2863382) |
| &nbsp;&nbsp;&nbsp;Class C | (537494) | (1227000) |
| &nbsp;&nbsp;&nbsp;Class H | (236292630) | (741025931) |
| Net increase (decrease) from capital share transactions | 1824258 | (23557558) |
| Net increase (decrease) in net assets | 6020996 | (7513867) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 24008492 | 31522359 |
| &nbsp;&nbsp;&nbsp;End of period | $30029488 | $24008492 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 5828 | 20269 |
| &nbsp;&nbsp;&nbsp;Class C | 4051 | 7019 |
| &nbsp;&nbsp;&nbsp;Class H | 2253881 | 7217940 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (13225) | (30757) |
| &nbsp;&nbsp;&nbsp;Class C | (6239) | (15798) |
| &nbsp;&nbsp;&nbsp;Class H | (2242263) | (7291103) |
| Net increase (decrease) in shares | 2033 | (92428) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 271

**S&P 500<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $93.55 | $90.66 | $74.81 | $90.73 | $84.03 | $53.91 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.45) | (.86) | (.15) | (.05) | (1.11) | (.80) |
| Net gain (loss) on investments (realized and unrealized) | 22.86 | 3.75 | 16.00 | (15.87) | 10.27 | 34.07 |
| Total from investment operations | 22.41 | 2.89 | 15.85 | (15.92) | 9.16 | 33.27 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  |  | (2.46) | (3.15) |
| Total distributions |  |  |  |  | (2.46) | (3.15) |
| Net asset value, end of period | $115.96 | $93.55 | $90.66 | $74.81 | $90.73 | $84.03 |
| **Total Return<sup>c</sup>** | **23.96%** | **3.19%** | **21.19%** | **(17.55** **%)** | **10.53%** | **61.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $9789 | $8590 | $9275 | $7799 | $10104 | $9724 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.84%) | (0.90%) | (0.20%) | (0.06%) | (1.15%) | (1.06%) |
| Total expenses | 1.60% | 1.59% | 1.59% | 1.55% | 1.51% | 1.60% |
| Net expenses<sup>d</sup> | 1.55% | 1.54% | 1.55% | 1.55% | 1.51% | 1.60% |
| Portfolio turnover rate | 792% | 1148% | 649% | 434% | 727% | 240% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $76.83 | $75.02 | $62.37 | $76.21 | $71.42 | $46.47 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.70) | (1.30) | (.58) | (.55) | (1.55) | (1.16) |
| Net gain (loss) on investments (realized and unrealized) | 18.75 | 3.11 | 13.23 | (13.29) | 8.80 | 29.26 |
| Total from investment operations | 18.05 | 1.81 | 12.65 | (13.84) | 7.25 | 28.10 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  |  | (2.46) | (3.15) |
| Total distributions |  |  |  |  | (2.46) | (3.15) |
| Net asset value, end of period | $94.88 | $76.83 | $75.02 | $62.37 | $76.21 | $71.42 |
| **Total Return<sup>c</sup>** | **23.49%** | **2.41%** | **20.28%** | **(18.16** **%)** | **9.71%** | **60.69%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1744 | $1580 | $2202 | $3097 | $5339 | $7314 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.60%) | (1.66%) | (0.91%) | (0.85%) | (1.91%) | (1.80%) |
| Total expenses | 2.35% | 2.34% | 2.34% | 2.30% | 2.26% | 2.35% |
| Net expenses<sup>d</sup> | 2.30% | 2.29% | 2.30% | 2.30% | 2.26% | 2.35% |
| Portfolio turnover rate | 792% | 1148% | 649% | 434% | 727% | 240% |

---

272 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $93.53 | $90.65 | $74.79 | $90.70 | $84.00 | $53.89 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.46) | (.94) |  | (.02) | (1.19) | (.77) |
| Net gain (loss) on investments (realized and unrealized) | 22.84 | 3.82 | 15.86 | (15.89) | 10.35 | 34.03 |
| Total from investment operations | 22.38 | 2.88 | 15.86 | (15.91) | 9.16 | 33.26 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  |  |  |  | (2.46) | (3.15) |
| Total distributions |  |  |  |  | (2.46) | (3.15) |
| Net asset value, end of period | $115.91 | $93.53 | $90.65 | $74.79 | $90.70 | $84.00 |
| **Total Return** | **23.93%** | **3.18%** | **21.21%** | **(17.54** **%)** | **10.53%** | **61.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $18496 | $13839 | $20046 | $23313 | $27751 | $22141 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.85%) | (0.95%) | (0.00)%<sup>e</sup> | (0.03%) | (1.21%) | (1.03%) |
| Total expenses | 1.60% | 1.60% | 1.59% | 1.55% | 1.51% | 1.61% |
| Net expenses<sup>d</sup> | 1.55% | 1.55% | 1.55% | 1.55% | 1.51% | 1.61% |
| Portfolio turnover rate | 792% | 1148% | 649% | 434% | 727% | 240% |

---

<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> Less than (0.01)%.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 273

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** | **COMMON STOCKS<sup>†</sup>** **- 99.3%** |
| **Consumer, Non-cyclical - 29.2%** | **Consumer, Non-cyclical - 29.2%** | **Consumer, Non-cyclical - 29.2%** |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 66820 | $5037560 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 60239 | 3598678 |
| &nbsp;&nbsp;&nbsp;Bunge Global S.A. | 37221 | 3024206 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | 35930 | 2422041 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | 9071 | 2360002 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | 14499 | 2275763 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. — Class A | 7240 | 2262717 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | 2913 | 2250409 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc. — Class A | 40186 | 2182100 |
| &nbsp;&nbsp;&nbsp;Centene Corp.\* | 58035 | 2070689 |
| &nbsp;&nbsp;&nbsp;Cigna Group | 6485 | 1869301 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | 60771 | 1582477 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | 156861 | 1552924 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co. — Class B | 29045 | 1314286 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 4008 | 1295065 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc. — Class B | 5291 | 1081692 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | 12452 | 1025298 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.\* | 5021 | 960819 |
| &nbsp;&nbsp;&nbsp;J M Smucker Co. | 7215 | 783549 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.\* | 10808 | 717327 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 38413 | 703342 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.\* | 4962 | 695077 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | 6515 | 541266 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | 20311 | 462481 |
| **Total Consumer, Non-cyclical** |  | 42069069 |
| **Financial - 19.0%** | **Financial - 19.0%** | **Financial - 19.0%** |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | 28400 | 2882600 |
| &nbsp;&nbsp;&nbsp;Invesco Ltd. | 103323 | 2370230 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | 18621 | 1869362 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | 21451 | 1684762 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | 71528 | 1654443 |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 4602 | 1611758 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | 28544 | 1517399 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | 14096 | 1462319 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | 9561 | 1109172 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 12550 | 1033743 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | 4720 | 1003377 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | 4001 | 858815 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | 3718 | 805319 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 15376 | 793248 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. REIT | 9014 | 751227 |
| &nbsp;&nbsp;&nbsp;Travelers Companies, Inc. | 2635 | 735745 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 15814 | 723016 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. REIT | 21318 | 695180 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | 3286 | 649379 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | 7824 | 648688 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 24484 | 645643 |
| &nbsp;&nbsp;&nbsp;Chubb Ltd. | 2214 | 624901 |
| &nbsp;&nbsp;&nbsp;KeyCorp | 33373 | 623741 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | 36057 | 622705 |
| **Total Financial** |  | 27376772 |
| **Consumer, Cyclical - 15.9%** | **Consumer, Cyclical - 15.9%** | **Consumer, Cyclical - 15.9%** |
| &nbsp;&nbsp;&nbsp;General Motors Co. | 68742 | 4191200 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 335677 | 4014697 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | 24023 | 2482777 |
| &nbsp;&nbsp;&nbsp;Aptiv plc\* | 25892 | 2232408 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.\* | 20356 | 1920996 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 35591 | 1135709 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | 37022 | 1130652 |
| &nbsp;&nbsp;&nbsp;Best Buy Company, Inc. | 14790 | 1118420 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.\* | 19657 | 882010 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | 6174 | 855716 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International\* | 24184 | 838217 |
| &nbsp;&nbsp;&nbsp;Target Corp. | 8052 | 722264 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. — Class A | 5559 | 700657 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. | 3860 | 654154 |
| **Total Consumer, Cyclical** |  | 22879877 |
| **Energy - 10.0%** | **Energy - 10.0%** | **Energy - 10.0%** |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | 19386 | 3300660 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 13329 | 2569031 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | 17914 | 2436662 |
| &nbsp;&nbsp;&nbsp;APA Corp. | 56945 | 1382625 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | 21307 | 747023 |
| &nbsp;&nbsp;&nbsp;Equities Corp. | 13422 | 730560 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 6216 | 700854 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | 14465 | 683471 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 4268 | 662778 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | 4435 | 634649 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. — Class A | 23373 | 552771 |
| **Total Energy** |  | 14401084 |
| **Communications - 7.6%** | **Communications - 7.6%** | **Communications - 7.6%** |
| &nbsp;&nbsp;&nbsp;Paramount Skydance Corp. — Class B | 221688 | 4194337 |
| &nbsp;&nbsp;&nbsp;Warner Bros Discovery, Inc.\* | 180173 | 3518779 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 37118 | 1048212 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | 16264 | 714803 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class A | 9506 | 599448 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. — Class A | 18679 | 586894 |
| &nbsp;&nbsp;&nbsp;Fox Corp. — Class B | 5667 | 324663 |
| **Total Communications** |  | 10987136 |
| **Industrial - 5.9%** | **Industrial - 5.9%** | **Industrial - 5.9%** |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | 7436 | 2140899 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.\* | 13668 | 1762078 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | 6498 | 1411171 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 13544 | 1006725 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock plc | 18409 | 783671 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | 8044 | 679638 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | 2860 | 674417 |
| **Total Industrial** |  | 8458599 |
| **Basic Materials - 5.7%** | **Basic Materials - 5.7%** | **Basic Materials - 5.7%** |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | 101641 | 3524910 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries N.V. — Class A | 17880 | 876835 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | 6463 | 875284 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | 32189 | 738094 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | 4428 | 617396 |

---

274 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **S&P 500<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | 7505 | $584639 |
| &nbsp;&nbsp;&nbsp;International Paper Co. | 11397 | 528821 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | 6713 | 423255 |
| **Total Basic Materials** |  | 8169234 |
| **Utilities - 3.8%** | **Utilities - 3.8%** | **Utilities - 3.8%** |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | 23239 | 1045987 |
| &nbsp;&nbsp;&nbsp;AES Corp. | 71924 | 946520 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | 11196 | 851120 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | 6964 | 700021 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 9810 | 697883 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | 7580 | 679623 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | 33297 | 502119 |
| **Total Utilities** |  | 5423273 |
| **Technology - 2.2%** | **Technology - 2.2%** | **Technology - 2.2%** |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | 67701 | 1662737 |
| &nbsp;&nbsp;&nbsp;Intel Corp.\* | 45775 | 1535751 |
| **Total Technology** |  | 3198488 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $139,116,242) |  | 142963532 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.2%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.2%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.2%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>1</sup> | 268545 | 268545 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $268,545) |  | 268545 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.3%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.3%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $290783 | 290783 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 209238 | 209238 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $500,021) |  | 500021 |
| **Total Investments - 99.8%** | **Total Investments - 99.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $139,884,808) | &nbsp;&nbsp;&nbsp;(Cost $139,884,808) | $143732098 |
| **Other Assets & Liabilities, net - 0.2%** | **Other Assets & Liabilities, net - 0.2%** | 262552 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $143994650 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $142963532 | $— | $— | $142963532 |
| Money Market Fund | 268545 |  |  | 268545 |
| Repurchase Agreements |  | 500021 |  | 500021 |
| Total Assets | $143232077 | $500021 | $— | $143732098 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 275

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $139,384,787) | $143232077 |
| Repurchase agreements, at value (cost $500,021) | 500021 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 463072 |
| &nbsp;&nbsp;&nbsp;Dividends | 72970 |
| &nbsp;&nbsp;&nbsp;Interest | 60 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 12 |
| **Total assets** | 144268212 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 180490 |
| &nbsp;&nbsp;&nbsp;Management fees | 41543 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 14199 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 10956 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 5677 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 247 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 20450 |
| **Total liabilities** | 273562 |
| **Net assets** | $143994650 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $167547708 |
| Total distributable earnings (loss) | (23553058) |
| Net assets | $143994650 |
| **Class A:** | **Class A:** |
| Net assets | $3092243 |
| Capital shares outstanding | 26469 |
| Net asset value per share | $116.83 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $122.66 |
| **Class C:** | **Class C:** |
| Net assets | $598532 |
| Capital shares outstanding | 6437 |
| Net asset value per share | $92.98 |
| **Class H:** | **Class H:** |
| Net assets | $140303875 |
| Capital shares outstanding | 1194962 |
| Net asset value per share | $117.41 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $5) | $195711 |
| Interest | 2845 |
| Income from securities lending, net | 41 |
| &nbsp;&nbsp;&nbsp;Total investment income | 198597 |
| **Expenses:** | **Expenses:** |
| Management fees | 90780 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 3564 |
| &nbsp;&nbsp;&nbsp;Class C | 2886 |
| &nbsp;&nbsp;&nbsp;Class H | 25975 |
| Transfer agent fees | 24229 |
| Portfolio accounting and administration fees | 18458 |
| Registration fees | 14643 |
| Professional fees | 5541 |
| Custodian fees | 1628 |
| Trustees' fees\* | 1345 |
| Line of credit fees | 177 |
| Miscellaneous | 5329 |
| &nbsp;&nbsp;&nbsp;Total expenses | 194555 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (6052) |
| Net expenses | 188503 |
| Net investment income | 10094 |
| **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 | (6871786) |
| Net realized loss | (6871786) |
| Net change in unrealized appreciation on: | Net change in unrealized appreciation on: |
| &nbsp;&nbsp;&nbsp;Investments | 2085558 |
| Net change in unrealized appreciation | 2085558 |
| Net realized and unrealized loss | (4786228) |
| **Net decrease in net assets resulting from operations** | $(4776134) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

276 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE VALUE 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 | $10094 | $200516 |
| Net realized loss on investments | (6871786) | (2302557) |
| Net change in unrealized appreciation (depreciation) on investments | 2085558 | (234145) |
| Net decrease in net assets resulting from operations | (4776134) | (2336186) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (29793) |
| &nbsp;&nbsp;&nbsp;Class C |  | (9570) |
| &nbsp;&nbsp;&nbsp;Class H |  | (92347) |
| Total distributions to shareholders |  | (131710) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 162333 | 1041087 |
| &nbsp;&nbsp;&nbsp;Class C | 84339 | 382569 |
| &nbsp;&nbsp;&nbsp;Class H | 378825344 | 561165916 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 29230 |
| &nbsp;&nbsp;&nbsp;Class C |  | 9195 |
| &nbsp;&nbsp;&nbsp;Class H |  | 85957 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (121739) | (1357816) |
| &nbsp;&nbsp;&nbsp;Class C | (109489) | (803076) |
| &nbsp;&nbsp;&nbsp;Class H | (252925831) | (545625391) |
| Net increase from capital share transactions | 125914957 | 14927671 |
| Net increase in net assets | 121138823 | 12459775 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 22855827 | 10396052 |
| &nbsp;&nbsp;&nbsp;End of period | $143994650 | $22855827 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1504 | 10265 |
| &nbsp;&nbsp;&nbsp;Class C | 994 | 4754 |
| &nbsp;&nbsp;&nbsp;Class H | 3505231 | 5257267 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 271 |
| &nbsp;&nbsp;&nbsp;Class C |  | 107 |
| &nbsp;&nbsp;&nbsp;Class H |  | 794 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1116) | (13435) |
| &nbsp;&nbsp;&nbsp;Class C | (1287) | (9853) |
| &nbsp;&nbsp;&nbsp;Class H | (2490610) | (5140084) |
| Net increase in shares | 1014716 | 110086 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 277

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $107.46 | $102.82 | $88.84 | $101.27 | $89.23 | $48.65 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .60 | 1.15 | 1.03 | 1.05 | .89 | .70 |
| Net gain (loss) on investments (realized and unrealized) | 8.77 <sup>c</sup> | 4.46 <sup>c</sup> | 14.67 | (11.35) | 13.43 | 40.58 |
| Total from investment operations | 9.37 | 5.61 | 15.70 | (10.30) | 14.32 | 41.28 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Total distributions |  | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Net asset value, end of period | $116.83 | $107.46 | $102.82 | $88.84 | $101.27 | $89.23 |
| **Total Return<sup>d</sup>** | **8.72%** | **5.45%** | **17.93%** | **(10.20** **%)** | **16.26%** | **85.10%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3092 | $2803 | $2980 | $3456 | $3600 | $2925 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.12% | 1.12% | 1.14% | 1.11% | 0.94% | 1.06% |
| Total expenses | 1.61% | 1.59% | 1.59% | 1.55% | 1.51% | 1.60% |
| Net expenses<sup>e</sup> | 1.56% | 1.54% | 1.55% | 1.55% | 1.51% | 1.60% |
| Portfolio turnover rate | 833% | 2642% | 1099% | 594% | 823% | 1207% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $85.85 | $82.95 | $72.52 | $83.72 | $74.69 | $41.11 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .15 | .29 | .27 | .30 | .14 | .18 |
| Net gain (loss) on investments (realized and unrealized) | 6.98 <sup>c</sup> | 3.58 <sup>c</sup> | 11.88 | (9.37) | 11.17 | 34.10 |
| Total from investment operations | 7.13 | 3.87 | 12.15 | (9.07) | 11.31 | 34.28 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Total distributions |  | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Net asset value, end of period | $92.98 | $85.85 | $82.95 | $72.52 | $83.72 | $74.69 |
| **Total Return<sup>d</sup>** | **8.31%** | **4.67%** | **17.07%** | **(10.89** **%)** | **15.40%** | **83.72%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $599 | $578 | $972 | $1264 | $1484 | $1805 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.35% | 0.35% | 0.37% | 0.39% | 0.17% | 0.32% |
| Total expenses | 2.36% | 2.34% | 2.34% | 2.30% | 2.26% | 2.35% |
| Net expenses<sup>e</sup> | 2.31% | 2.29% | 2.31% | 2.30% | 2.26% | 2.35% |
| Portfolio turnover rate | 833% | 2642% | 1099% | 594% | 823% | 1207% |

---

278 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P 500<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $107.99 | $103.33 | $89.26 | $101.75 | $89.64 | $48.87 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.04) | 1.04 | .47 | .98 | .98 | .84 |
| Net gain (loss) on investments (realized and unrealized) | 9.46 <sup>c</sup> | 4.59 <sup>c</sup> | 15.32 | (11.34) | 13.41 | 40.63 |
| Total from investment operations | 9.42 | 5.63 | 15.79 | (10.36) | 14.39 | 41.47 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Total distributions |  | (.97) | (1.72) | (2.13) | (2.28) | (.70) |
| Net asset value, end of period | $117.41 | $107.99 | $103.33 | $89.26 | $101.75 | $89.64 |
| **Total Return** | **8.72%** | **5.44%** | **17.95%** | **(10.22** **%)** | **16.26%** | **85.15%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $140304 | $19475 | $6444 | $12723 | $164615 | $52797 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.07 %) | 0.99% | 0.51% | 1.01% | 1.01% | 1.17% |
| Total expenses | 1.59% | 1.60% | 1.60% | 1.55% | 1.52% | 1.58% |
| Net expenses<sup>e</sup> | 1.54% | 1.55% | 1.56% | 1.55% | 1.52% | 1.58% |
| Portfolio turnover rate | 833% | 2642% | 1099% | 594% | 823% | 1207% |

---

<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> The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>e</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 279

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** | **COMMON STOCKS<sup>†</sup>** **- 99.7%** |
| **Industrial - 28.3%** | **Industrial - 28.3%** | **Industrial - 28.3%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 1219 | $1005894 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.\* | 2442 | 519682 |
| &nbsp;&nbsp;&nbsp;ATI, Inc.\* | 5454 | 443628 |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc.\* | 2060 | 412309 |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | 4322 | 403848 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.\* | 978 | 381704 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | 622 | 337709 |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 1686 | 310848 |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.\* | 1306 | 303280 |
| &nbsp;&nbsp;&nbsp;Fabrinet\* | 817 | 297894 |
| &nbsp;&nbsp;&nbsp;nVent Electric plc | 2990 | 294934 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 1188 | 276851 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.\* | 701 | 273993 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.\* | 853 | 268601 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | 1035 | 261555 |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | 745 | 256571 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.\* | 2763 | 230573 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | 870 | 227114 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | 2194 | 221835 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | 1830 | 204484 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | 1605 | 193033 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.\* | 1702 | 183339 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | 5085 | 169737 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.\* | 2096 | 161119 |
| &nbsp;&nbsp;&nbsp;Owens Corning | 1107 | 156596 |
| &nbsp;&nbsp;&nbsp;Carlisle Companies, Inc. | 402 | 132242 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | 1233 | 109540 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.\* | 334 | 99986 |
| **Total Industrial** |  | 8138899 |
| **Consumer, Non-cyclical - 23.3%** | **Consumer, Non-cyclical - 23.3%** | **Consumer, Non-cyclical - 23.3%** |
| &nbsp;&nbsp;&nbsp;Roivant Sciences Ltd.\* | 52032 | 787244 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.\* | 11276 | 465699 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.\* | 898 | 461716 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.\* | 6293 | 461529 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. — Class A\* | 4836 | 374306 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc. — Class A\* | 6385 | 365669 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.\* | 2450 | 361497 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.\* | 840 | 352136 |
| &nbsp;&nbsp;&nbsp;TransUnion | 3451 | 289125 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | 6826 | 277955 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.\* | 1229 | 269790 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.\* | 1656 | 263751 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.\* | 1877 | 263493 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.\* | 6701 | 240633 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.\* | 2182 | 237401 |
| &nbsp;&nbsp;&nbsp;elf Beauty, Inc.\* | 1730 | 229191 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 4463 | 225694 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 1787 | 209365 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | 1143 | 197476 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.\* | 3747 | 192184 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.\* | 1790 | 169638 |
| **Total Consumer, Non-cyclical** |  | 6695492 |
| **Consumer, Cyclical - 14.7%** | **Consumer, Cyclical - 14.7%** | **Consumer, Cyclical - 14.7%** |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc. — Class A\* | 3851 | 399734 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | 3289 | 356396 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. — Class A | 2502 | 355109 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. — Class A | 2078 | 345260 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | 2432 | 335957 |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co. | 5236 | 311490 |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.\* | 7375 | 308349 |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.\* | 6179 | 307591 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.\* | 26227 | 294791 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | 1058 | 266277 |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co. — Class A\* | 3070 | 262638 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 575 | 223250 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | 1786 | 173260 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.\* | 1906 | 159246 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | 1027 | 109796 |
| **Total Consumer, Cyclical** |  | 4209144 |
| **Technology - 11.8%** | **Technology - 11.8%** | **Technology - 11.8%** |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.\* | 1851 | 425471 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc. — Class A\* | 1301 | 358634 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc. — Class A\* | 3258 | 326093 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.\* | 7323 | 322432 |
| &nbsp;&nbsp;&nbsp;CommVault Systems, Inc.\* | 1678 | 316773 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc. — Class A\* | 3762 | 275190 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.\* | 3144 | 260700 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | 4310 | 247825 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.\* | 3236 | 233283 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc. — Class A\* | 2849 | 211937 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.\* | 1813 | 166252 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.\* | 2808 | 136048 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.\* | 588 | 120528 |
| **Total Technology** |  | 3401166 |
| **Financial - 8.5%** | **Financial - 8.5%** | **Financial - 8.5%** |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings Ltd. | 1696 | 430665 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc. — Class A | 2437 | 328483 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | 764 | 324899 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | 2835 | 301786 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorporation | 3468 | 300745 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | 4212 | 237388 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | 3514 | 178441 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | 6379 | 176571 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 769 | 157891 |
| **Total Financial** |  | 2436869 |
| **Energy - 6.4%** | **Energy - 6.4%** | **Energy - 6.4%** |
| &nbsp;&nbsp;&nbsp;Valaris Ltd.\* | 12256 | 597725 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | 23094 | 295603 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.\* | 7598 | 244048 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. — Class A | 6267 | 239525 |
| &nbsp;&nbsp;&nbsp;TechnipFMC plc | 5995 | 236503 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | 2024 | 228833 |
| **Total Energy** |  | 1842237 |

---

280 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Communications - 4.2%** | **Communications - 4.2%** | **Communications - 4.2%** |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.\* | 15418 | $874509 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc. — Class A\* | 8079 | 326796 |
| **Total Communications** |  | 1201305 |
| **Basic Materials - 2.5%** | **Basic Materials - 2.5%** | **Basic Materials - 2.5%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | 2876 | 706173 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,646,356) |  | 28631285 |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.6%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $97276 | 97276 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 69996 | 69996 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $167,272) |  | 167272 |
| **Total Investments - 100.3%** | **Total Investments - 100.3%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,813,628) | &nbsp;&nbsp;&nbsp;(Cost $22,813,628) | $28798557 |
| **Other Assets & Liabilities, net - (0.3)%** | **Other Assets & Liabilities, net - (0.3)%** | (73523) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $28725034 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;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 | $28631285 | $— | $— | $28631285 |
| Repurchase Agreements |  | 167272 |  | 167272 |
| Total Assets | $28631285 | $167272 | $— | $28798557 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 281

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $22,646,356) | $28631285 |
| Repurchase agreements, at value (cost $167,272) | 167272 |
| Cash | 678 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 5482 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 819 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 462 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 26 |
| &nbsp;&nbsp;&nbsp;Interest | 19 |
| **Total assets** | 28806043 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 19537 |
| &nbsp;&nbsp;&nbsp;Management fees | 17252 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 9361 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 5895 |
| &nbsp;&nbsp;&nbsp;Professional fees | 5352 |
| &nbsp;&nbsp;&nbsp;Printing fees | 5294 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2358 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 324 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 15636 |
| **Total liabilities** | 81009 |
| **Net assets** | $28725034 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $25658527 |
| Total distributable earnings (loss) | 3066507 |
| Net assets | $28725034 |
| **Class A:** | **Class A:** |
| Net assets | $7260628 |
| Capital shares outstanding | 140679 |
| Net asset value per share | $51.61 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $54.18 |
| **Class C:** | **Class C:** |
| Net assets | $242232 |
| Capital shares outstanding | 6487 |
| Net asset value per share | $37.34 |
| **Class H:** | **Class H:** |
| Net assets | $21222174 |
| Capital shares outstanding | 410516 |
| Net asset value per share | $51.70 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $297) | $151890 |
| Interest | 3974 |
| Income from securities lending, net | 600 |
| &nbsp;&nbsp;&nbsp;Total investment income | 156464 |
| **Expenses:** | **Expenses:** |
| Management fees | 118796 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 8750 |
| &nbsp;&nbsp;&nbsp;Class C | 992 |
| &nbsp;&nbsp;&nbsp;Class H | 30600 |
| Transfer agent fees | 32930 |
| Portfolio accounting and administration fees | 24155 |
| Registration fees | 17782 |
| Professional fees | 7138 |
| Custodian fees | 2227 |
| Trustees' fees\* | 2037 |
| Line of credit fees | 49 |
| Miscellaneous | 8372 |
| &nbsp;&nbsp;&nbsp;Total expenses | 253828 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (7920) |
| Net expenses | 245908 |
| Net investment loss | (89444) |
| **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 | (2261988) |
| Net realized loss | (2261988) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 5219822 |
| Net change in unrealized appreciation (depreciation) | 5219822 |
| Net realized and unrealized gain | 2957834 |
| **Net increase in net assets resulting from operations** | $2868390 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

282 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment loss | $(89444) | $(352504) |
| Net realized gain (loss) on investments | (2261988) | 3337266 |
| Net change in unrealized appreciation (depreciation) on investments | 5219822 | (12716976) |
| Net increase (decrease) in net assets resulting from operations | 2868390 | (9732214) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (1061081) |
| &nbsp;&nbsp;&nbsp;Class C |  | (46264) |
| &nbsp;&nbsp;&nbsp;Class H |  | (3118586) |
| Total distributions to shareholders |  | (4225931) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 580313 | 1082201 |
| &nbsp;&nbsp;&nbsp;Class C | 98326 | 329317 |
| &nbsp;&nbsp;&nbsp;Class H | 91162737 | 356524051 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 1040995 |
| &nbsp;&nbsp;&nbsp;Class C |  | 43313 |
| &nbsp;&nbsp;&nbsp;Class H |  | 3065800 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (779342) | (2908565) |
| &nbsp;&nbsp;&nbsp;Class C | (58006) | (861886) |
| &nbsp;&nbsp;&nbsp;Class H | (90274109) | (543306886) |
| Net increase (decrease) from capital share transactions | 729919 | (184991660) |
| Net increase (decrease) in net assets | 3598309 | (198949805) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 25126725 | 224076530 |
| &nbsp;&nbsp;&nbsp;End of period | $28725034 | $25126725 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 11605 | 19284 |
| &nbsp;&nbsp;&nbsp;Class C | 2680 | 7826 |
| &nbsp;&nbsp;&nbsp;Class H | 1821371 | 6217548 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 19791 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1131 |
| &nbsp;&nbsp;&nbsp;Class H |  | 58197 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (15995) | (53108) |
| &nbsp;&nbsp;&nbsp;Class C | (1626) | (20333) |
| &nbsp;&nbsp;&nbsp;Class H | (1825394) | (9459708) |
| Net decrease in shares | (7359) | (3209372) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 283

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $44.54 | $59.38 | $43.18 | $53.47 | $64.65 | $33.77 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.15) | (.42) | (.16) | (.18) | (.69) | (.57) |
| Net gain (loss) on investments (realized and unrealized) | 7.22 | (6.92) | 16.36 | (5.43) | (3.86) | 32.09 |
| Total from investment operations | 7.07 | (7.34) | 16.20 | (5.61) | (4.55) | 31.52 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (7.50) |  | (4.68) | (6.63) | (.64) |
| Total distributions |  | (7.50) |  | (4.68) | (6.63) | (.64) |
| Net asset value, end of period | $51.61 | $44.54 | $59.38 | $43.18 | $53.47 | $64.65 |
| **Total Return<sup>c</sup>** | **15.87%** | **(14.29** **%)** | **37.52%** | **(10.32** **%)** | **(8.07** **%)** | **93.55%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $7261 | $6461 | $9447 | $6319 | $7895 | $11272 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.61%) | (0.77%) | (0.34%) | (0.39%) | (1.09%) | (1.08%) |
| Total expenses | 1.60% | 1.59% | 1.59% | 1.55% | 1.51% | 1.59% |
| Net expenses<sup>d</sup> | 1.55% | 1.54% | 1.55% | 1.55% | 1.51% | 1.59% |
| Portfolio turnover rate | 345% | 716% | 570% | 372% | 125% | 407% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $32.34 | $45.47 | $33.32 | $42.78 | $53.41 | $28.17 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.24) | (.64) | (.41) | (.43) | (.96) | (.78) |
| Net gain (loss) on investments (realized and unrealized) | 5.24 | (4.99) | 12.56 | (4.35) | (3.04) | 26.66 |
| Total from investment operations | 5.00 | (5.63) | 12.15 | (4.78) | (4.00) | 25.88 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (7.50) |  | (4.68) | (6.63) | (.64) |
| Total distributions |  | (7.50) |  | (4.68) | (6.63) | (.64) |
| Net asset value, end of period | $37.34 | $32.34 | $45.47 | $33.32 | $42.78 | $53.41 |
| **Total Return<sup>c</sup>** | **15.46%** | **(14.91** **%)** | **36.46%** | **(11.00** **%)** | **(8.76** **%)** | **92.12%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $242 | $176 | $764 | $1214 | $2023 | $4005 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.37%) | (1.52%) | (1.15%) | (1.16%) | (1.85%) | (1.82%) |
| Total expenses | 2.35% | 2.33% | 2.33% | 2.30% | 2.26% | 2.35% |
| Net expenses<sup>d</sup> | 2.30% | 2.28% | 2.30% | 2.30% | 2.26% | 2.35% |
| Portfolio turnover rate | 345% | 716% | 570% | 372% | 125% | 407% |

---

284 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $44.60 | $59.43 | $43.24 | $53.54 | $64.74 | $33.82 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.13) | (.45) | (.13) | (.17) | (.70) | (.56) |
| Net gain (loss) on investments (realized and unrealized) | 7.23 | (6.88) | 16.32 | (5.45) | (3.87) | 32.12 |
| Total from investment operations | 7.10 | (7.33) | 16.19 | (5.62) | (4.57) | 31.56 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net realized gains |  | (7.50) |  | (4.68) | (6.63) | (.64) |
| Total distributions |  | (7.50) |  | (4.68) | (6.63) | (.64) |
| Net asset value, end of period | $51.70 | $44.60 | $59.43 | $43.24 | $53.54 | $64.74 |
| **Total Return** | **15.92%** | **(14.27** **%)** | **37.44%** | **(10.32** **%)** | **(8.09** **%)** | **93.53%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $21222 | $18490 | $213865 | $20247 | $29225 | $50599 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.54%) | (0.80%) | (0.26%) | (0.36%) | (1.10%) | (1.06%) |
| Total expenses | 1.60% | 1.57% | 1.57% | 1.55% | 1.51% | 1.59% |
| Net expenses<sup>d</sup> | 1.55% | 1.52% | 1.53% | 1.55% | 1.51% | 1.59% |
| Portfolio turnover rate | 345% | 716% | 570% | 372% | 125% | 407% |

---

<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 \| 285

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Consumer, Cyclical - 26.4%** | **Consumer, Cyclical - 26.4%** | **Consumer, Cyclical - 26.4%** |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | 11676 | $209350 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | 1877 | 188845 |
| &nbsp;&nbsp;&nbsp;Goodyear Tire & Rubber Co.\* | 22357 | 167230 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.\* | 735 | 160796 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. — Class A | 427 | 134932 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | 770 | 133911 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | 471 | 99617 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | 887 | 91973 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | 1112 | 87403 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | 680 | 81505 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | 930 | 77906 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | 2594 | 72372 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. — Class A\* | 1013 | 66868 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | 1121 | 65164 |
| &nbsp;&nbsp;&nbsp;Capri Holdings Ltd.\* | 2840 | 56573 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | 2328 | 49796 |
| &nbsp;&nbsp;&nbsp;Aramark | 1055 | 40512 |
| &nbsp;&nbsp;&nbsp;Marriott Vacations Worldwide Corp. | 578 | 38472 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. — Class A\* | 2547 | 12709 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. — Class C\* | 1773 | 8564 |
| **Total Consumer, Cyclical** |  | 1844498 |
| **Industrial - 16.8%** | **Industrial - 16.8%** | **Industrial - 16.8%** |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | 1468 | 240385 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | 3842 | 200860 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.\* | 1595 | 192995 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | 673 | 87288 |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | 756 | 80945 |
| &nbsp;&nbsp;&nbsp;Flex Ltd.\* | 1294 | 75013 |
| &nbsp;&nbsp;&nbsp;Greif, Inc. — Class A | 1243 | 74282 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | 1300 | 66690 |
| &nbsp;&nbsp;&nbsp;CNH Industrial N.V. | 4861 | 52742 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | 991 | 42702 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | 815 | 32201 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.\* | 705 | 29659 |
| **Total Industrial** |  | 1175762 |
| **Financial - 14.6%** | **Financial - 14.6%** | **Financial - 14.6%** |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.\* | 2259 | 119908 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | 7849 | 83199 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. — Class A | 414 | 79542 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | 1902 | 74558 |
| &nbsp;&nbsp;&nbsp;Unum Group | 882 | 68602 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. REIT | 1520 | 64220 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | 1513 | 59839 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | 2284 | 58722 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | 3453 | 55628 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | 1288 | 54701 |
| &nbsp;&nbsp;&nbsp;Bank OZK | 1035 | 52764 |
| &nbsp;&nbsp;&nbsp;Essent Group Ltd. | 812 | 51611 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | 251 | 45589 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | 694 | 44583 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | 746 | 38456 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. REIT | 1966 | 38081 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | 490 | 32512 |
| **Total Financial** |  | 1022515 |
| **Energy - 13.7%** | **Energy - 13.7%** | **Energy - 13.7%** |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | 5808 | 303991 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc. — Class A | 7430 | 224163 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | 7953 | 105377 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | 2722 | 88465 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | 2931 | 83270 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | 799 | 79396 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | 1757 | 70948 |
| **Total Energy** |  | 955610 |
| **Consumer, Non-cyclical - 13.0%** | **Consumer, Non-cyclical - 13.0%** | **Consumer, Non-cyclical - 13.0%** |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.\* | 944 | 151583 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.\* | 1353 | 140766 |
| &nbsp;&nbsp;&nbsp;Graham Holdings Co. — Class B | 105 | 123617 |
| &nbsp;&nbsp;&nbsp;Albertsons Companies, Inc. — Class A | 5269 | 92260 |
| &nbsp;&nbsp;&nbsp;Perrigo Company plc | 3974 | 88501 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.\* | 1052 | 80604 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.\* | 3812 | 76774 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.\* | 1065 | 56328 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.\* | 1464 | 45194 |
| &nbsp;&nbsp;&nbsp;Insperity, Inc. | 586 | 28831 |
| &nbsp;&nbsp;&nbsp;Coty, Inc. — Class A\* | 6048 | 24434 |
| **Total Consumer, Non-cyclical** |  | 908892 |
| **Technology - 6.0%** | **Technology - 6.0%** | **Technology - 6.0%** |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | 5566 | 256871 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.\* | 1121 | 59379 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | 1983 | 56317 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | 536 | 48975 |
| **Total Technology** |  | 421542 |
| **Basic Materials - 4.6%** | **Basic Materials - 4.6%** | **Basic Materials - 4.6%** |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.\* | 17365 | 211853 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | 933 | 53442 |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | 606 | 29033 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | 1048 | 26190 |
| **Total Basic Materials** |  | 320518 |
| **Utilities - 4.4%** | **Utilities - 4.4%** | **Utilities - 4.4%** |
| &nbsp;&nbsp;&nbsp;UGI Corp. | 2143 | 71276 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 897 | 52573 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | 610 | 49727 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | 590 | 46221 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | 1045 | 45980 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | 638 | 39294 |
| **Total Utilities** |  | 305071 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,577,023) |  | 6954408 |

---

286 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.1%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.1%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.1%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>1</sup> | 9051 | $9051 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,051) |  | 9051 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 0.5%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $20393 | 20393 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 14674 | 14674 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $35,067) |  | 35067 |
| **Total Investments - 100.1%** | **Total Investments - 100.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,621,141) | &nbsp;&nbsp;&nbsp;(Cost $5,621,141) | $6998526 |
| **Other Assets & Liabilities, net - (0.1)%** | **Other Assets & Liabilities, net - (0.1)%** | (6431) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $6992095 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $6954408 | $— | $— | $6954408 |
| Money Market Fund | 9051 |  |  | 9051 |
| Repurchase Agreements |  | 35067 |  | 35067 |
| Total Assets | $6963459 | $35067 | $— | $6998526 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 287

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $5,586,074) | $6963459 |
| Repurchase agreements, at value (cost $35,067) | 35067 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 8002 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 978 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 39 |
| &nbsp;&nbsp;&nbsp;Interest | 4 |
| **Total assets** | 7007549 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 4274 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 2363 |
| &nbsp;&nbsp;&nbsp;Professional fees | 1503 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1501 |
| &nbsp;&nbsp;&nbsp;Printing fees | 1312 |
| &nbsp;&nbsp;&nbsp;Licensing fees | 875 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 584 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 79 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 40 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2923 |
| **Total liabilities** | 15454 |
| **Net assets** | $6992095 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $4987394 |
| Total distributable earnings (loss) | 2004701 |
| Net assets | $6992095 |
| **Class A:** | **Class A:** |
| Net assets | $2074790 |
| Capital shares outstanding | 26722 |
| Net asset value per share | $77.64 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $81.51 |
| **Class C:** | **Class C:** |
| Net assets | $122732 |
| Capital shares outstanding | 1995 |
| Net asset value per share | $61.52 |
| **Class H:** | **Class H:** |
| Net assets | $4794573 |
| Capital shares outstanding | 61888 |
| Net asset value per share | $77.47 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $87368 |
| Interest | 1013 |
| Income from securities lending, net | 212 |
| &nbsp;&nbsp;&nbsp;Total investment income | 88593 |
| **Expenses:** | **Expenses:** |
| Management fees | 27515 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 2453 |
| &nbsp;&nbsp;&nbsp;Class C | 649 |
| &nbsp;&nbsp;&nbsp;Class H | 6556 |
| Transfer agent fees | 7914 |
| Portfolio accounting and administration fees | 5595 |
| Professional fees | 3058 |
| Trustees' fees\* | 759 |
| Custodian fees | 536 |
| Line of credit fees | 118 |
| Miscellaneous | 4213 |
| &nbsp;&nbsp;&nbsp;Total expenses | 59366 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (1834) |
| Net expenses | 57532 |
| Net investment income | 31061 |
| **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 | 1365958 |
| Net realized gain | 1365958 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 819937 |
| Net change in unrealized appreciation (depreciation) | 819937 |
| Net realized and unrealized gain | 2185895 |
| **Net increase in net assets resulting from operations** | $2216956 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

288 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **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 | $31061 | $23032 |
| Net realized gain (loss) on investments | 1365958 | (89367) |
| Net change in unrealized appreciation (depreciation) on investments | 819937 | (661321) |
| Net increase (decrease) in net assets resulting from operations | 2216956 | (1127656) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (148965) |
| &nbsp;&nbsp;&nbsp;Class C |  | (24013) |
| &nbsp;&nbsp;&nbsp;Class H |  | (510807) |
| Total distributions to shareholders |  | (683785) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 275345 | 1545927 |
| &nbsp;&nbsp;&nbsp;Class C | 12496 | 256794 |
| &nbsp;&nbsp;&nbsp;Class H | 45658719 | 264655856 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 148338 |
| &nbsp;&nbsp;&nbsp;Class C |  | 20887 |
| &nbsp;&nbsp;&nbsp;Class H |  | 504414 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (427094) | (1194037) |
| &nbsp;&nbsp;&nbsp;Class C | (52405) | (420920) |
| &nbsp;&nbsp;&nbsp;Class H | (46637412) | (264107166) |
| Net increase (decrease) from capital share transactions | (1170351) | 1410093 |
| Net increase (decrease) in net assets | 1046605 | (401348) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 5945490 | 6346838 |
| &nbsp;&nbsp;&nbsp;End of period | $6992095 | $5945490 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 3635 | 20661 |
| &nbsp;&nbsp;&nbsp;Class C | 201 | 4173 |
| &nbsp;&nbsp;&nbsp;Class H | 653051 | 3438555 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 1946 |
| &nbsp;&nbsp;&nbsp;Class C |  | 344 |
| &nbsp;&nbsp;&nbsp;Class H |  | 6627 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5907) | (16135) |
| &nbsp;&nbsp;&nbsp;Class C | (940) | (7043) |
| &nbsp;&nbsp;&nbsp;Class H | (646590) | (3446097) |
| Net increase in shares | 3450 | 3031 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 289

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $68.73 | $76.40 | $60.65 | $70.65 | $70.16 | $30.53 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .33 | .35 | .04 | .49 | .40 | .20 |
| Net gain (loss) on investments (realized and unrealized) | 8.58 | (3.24) | 16.00 | (1.88) | 4.22 | 39.45 |
| Total from investment operations | 8.91 | (2.89) | 16.04 | (1.39) | 4.62 | 39.65 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  | (.29) | (.08) | (.86) | (.02) |
| Net realized gains |  | (4.78) |  | (8.53) | (3.27) |  |
| Total distributions |  | (4.78) | (.29) | (8.61) | (4.13) | (.02) |
| Net asset value, end of period | $77.64 | $68.73 | $76.40 | $60.65 | $70.65 | $70.16 |
| **Total Return<sup>c</sup>** | **12.96%** | **(4.39** **%)** | **26.51%** | **(1.32** **%)** | **6.67%** | **129.91%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2075 | $1993 | $1721 | $2241 | $1400 | $1868 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.92% | 0.46% | 0.07% | 0.75% | 0.55% | 0.41% |
| Total expenses | 1.61% | 1.60% | 1.59% | 1.55% | 1.51% | 1.59% |
| Net expenses<sup>d</sup> | 1.56% | 1.55% | 1.55% | 1.55% | 1.51% | 1.59% |
| Portfolio turnover rate | 763% | 3996% | 868% | 1064% | 252% | 454% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $54.66 | $62.15 | $49.75 | $60.04 | $60.66 | $26.59 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .04 | (.24) | (.40) | (.02) | (.13) | (.13) |
| Net gain (loss) on investments (realized and unrealized) | 6.82 | (2.47) | 13.09 | (1.66) | 3.64 | 34.22 |
| Total from investment operations | 6.86 | (2.71) | 12.69 | (1.68) | 3.51 | 34.09 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  | (.29) | (.08) | (.86) | (.02) |
| Net realized gains |  | (4.78) |  | (8.53) | (3.27) |  |
| Total distributions |  | (4.78) | (.29) | (8.61) | (4.13) | (.02) |
| Net asset value, end of period | $61.52 | $54.66 | $62.15 | $49.75 | $60.04 | $60.66 |
| **Total Return<sup>c</sup>** | **12.55%** | **(5.11** **%)** | **25.58%** | **(2.06** **%)** | **5.86%** | **128.24%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $123 | $149 | $327 | $1768 | $493 | $1690 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.14% | (0.39%) | (0.77%) | (0.03%) | (0.21%) | (0.30%) |
| Total expenses | 2.36% | 2.34% | 2.33% | 2.30% | 2.26% | 2.34% |
| Net expenses<sup>d</sup> | 2.31% | 2.29% | 2.31% | 2.30% | 2.26% | 2.34% |
| Portfolio turnover rate | 763% | 3996% | 868% | 1064% | 252% | 454% |

---

290 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P MIDCAP 400<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $68.62 | $76.31 | $60.56 | $70.54 | $70.05 | $30.48 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .30 | .15 |  | .49 | .35 | .31 |
| Net gain (loss) on investments (realized and unrealized) | 8.55 | (3.06) | 16.04 | (1.86) | 4.27 | 39.28 |
| Total from investment operations | 8.85 | (2.91) | 16.04 | (1.37) | 4.62 | 39.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  | (.29) | (.08) | (.86) | (.02) |
| Net realized gains |  | (4.78) |  | (8.53) | (3.27) |  |
| Total distributions |  | (4.78) | (.29) | (8.61) | (4.13) | (.02) |
| Net asset value, end of period | $77.47 | $68.62 | $76.31 | $60.56 | $70.54 | $70.05 |
| **Total Return** | **12.90%** | **(4.43** **%)** | **26.57%** | **(1.30** **%)** | **6.68%** | **129.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4795 | $3803 | $4299 | $7749 | $28139 | $154269 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.84% | 0.20% | 0.01% | 0.74% | 0.48% | 0.51% |
| Total expenses | 1.60% | 1.61% | 1.59% | 1.55% | 1.51% | 1.54% |
| Net expenses<sup>d</sup> | 1.55% | 1.56% | 1.55% | 1.55% | 1.51% | 1.54% |
| Portfolio turnover rate | 763% | 3996% | 868% | 1064% | 252% | 454% |

---

<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 \| 291

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** | **COMMON STOCKS<sup>†</sup>** **- 99.5%** |
| **Consumer, Non-cyclical - 28.1%** | **Consumer, Non-cyclical - 28.1%** | **Consumer, Non-cyclical - 28.1%** |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.\* | 1600 | $106288 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.\* | 550 | 84947 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.\* | 1003 | 83359 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.\* | 2002 | 72322 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.\* | 1917 | 65811 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.\* | 1053 | 61421 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.\* | 326 | 57549 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.\* | 485 | 54417 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | 568 | 53449 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.\* | 2553 | 49196 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp. — Class A | 1171 | 47379 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.\* | 3163 | 46370 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.\* | 2163 | 42611 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.\* | 196 | 39122 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.\* | 258 | 38427 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.\* | 1022 | 35760 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.\* | 243 | 29150 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.\* | 687 | 29088 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.\* | 1041 | 28690 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | 324 | 28353 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.\* | 302 | 27663 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.\* | 1022 | 26071 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.\* | 903 | 25600 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.\* | 999 | 24675 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.\* | 1632 | 22195 |
| &nbsp;&nbsp;&nbsp;CorVel Corp.\* | 278 | 21523 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 664 | 21487 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.\* | 247 | 18824 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.\* | 181 | 18703 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.\* | 195 | 14469 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.\* | 692 | 14179 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.\* | 443 | 13941 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.\* | 167 | 13619 |
| &nbsp;&nbsp;&nbsp;Inter Parfums, Inc. | 114 | 11215 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.\* | 1551 | 9384 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 107 |  |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.\*<sup>,†††</sup> | 107 |  |
| **Total Consumer, Non-cyclical** |  | 1337257 |
| **Industrial - 20.7%** | **Industrial - 20.7%** | **Industrial - 20.7%** |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.\* | 748 | 89064 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | 230 | 70106 |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | 615 | 67115 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.\* | 215 | 62728 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.\* | 184 | 62501 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.\* | 269 | 50244 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.\* | 2148 | 49963 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | 232 | 45474 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | 947 | 44538 |
| &nbsp;&nbsp;&nbsp;Greenbrier Companies, Inc. | 860 | 39706 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | 1285 | 36031 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 321 | 35198 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc. — Class A | 761 | 30037 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | 138 | 29133 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | 232 | 27606 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.\* | 110 | 27416 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.\* | 398 | 26782 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | 342 | 26043 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | 107 | 25974 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.\* | 191 | 23791 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | 125 | 22323 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc. — Class A | 862 | 21998 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | 492 | 20172 |
| &nbsp;&nbsp;&nbsp;Moog, Inc. — Class A | 87 | 18067 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | 58 | 17260 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | 384 | 16731 |
| **Total Industrial** |  | 986001 |
| **Financial - 20.1%** | **Financial - 20.1%** | **Financial - 20.1%** |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | 1692 | 81487 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.\* | 533 | 62228 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.\* | 711 | 60186 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | 287 | 55084 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.\* | 437 | 50294 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.\* | 2648 | 48352 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.\* | 601 | 45009 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.\* | 2987 | 43312 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | 507 | 42983 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.\* | 971 | 42025 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | 543 | 40187 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | 2889 | 40157 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc. — Class A | 196 | 34835 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. REIT | 4158 | 33098 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. REIT | 2319 | 31817 |
| &nbsp;&nbsp;&nbsp;Preferred Bank/Los Angeles CA | 327 | 29558 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. REIT | 2842 | 26629 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. REIT | 293 | 26250 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc. — Class A\* | 582 | 22314 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc. — Class A | 264 | 19647 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | 231 | 18602 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc. — Class A | 488 | 17324 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. REIT | 906 | 16598 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. REIT | 536 | 15951 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | 108 | 13657 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | 107 | 13254 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. REIT | 583 | 13001 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. REIT | 375 | 12082 |
| **Total Financial** |  | 955921 |
| **Consumer, Cyclical - 15.3%** | **Consumer, Cyclical - 15.3%** | **Consumer, Cyclical - 15.3%** |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | 2130 | 59683 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.\* | 1893 | 54481 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.\* | 328 | 51129 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.\* | 81 | 47039 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.\* | 621 | 45867 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.\* | 443 | 44575 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.\* | 243 | 40270 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp. — Class A\* | 167 | 37909 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions and Hospitality, Inc.\* | 997 | 36071 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | 146 | 36013 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.\* | 268 | 33950 |

---

292 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc. — Class A\* | 1309 | $33929 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc. — Class A\* | 358 | 33513 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. — Class A | 1058 | 30618 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.\* | 521 | 28712 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.\* | 11553 | 21142 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | 198 | 20956 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.\* | 740 | 16813 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.\* | 869 | 15781 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.\* | 192 | 14663 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 161 | 12843 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.\* | 319 | 10549 |
| **Total Consumer, Cyclical** |  | 726506 |
| **Technology - 4.5%** | **Technology - 4.5%** | **Technology - 4.5%** |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.\* | 314 | 56755 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc. — Class A | 1235 | 41224 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.\* | 665 | 35092 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.\* | 219 | 23050 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.\* | 537 | 18344 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.\* | 247 | 17648 |
| &nbsp;&nbsp;&nbsp;Box, Inc. — Class A\* | 465 | 15006 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.\* | 73 | 7602 |
| **Total Technology** |  | 214721 |
| **Energy - 4.4%** | **Energy - 4.4%** | **Energy - 4.4%** |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | 541 | 34429 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | 809 | 29909 |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | 1108 | 29152 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | 342 | 28550 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.\* | 519 | 27678 |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc. | 1784 | 20284 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | 816 | 20237 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.\* | 750 | 18585 |
| **Total Energy** |  | 208824 |
| **Communications - 4.0%** | **Communications - 4.0%** | **Communications - 4.0%** |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 319 | 110128 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.\* | 417 | 30187 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.\* | 560 | 20849 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.\* | 1324 | 20482 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | 300 | 11505 |
| **Total Communications** |  | 193151 |
| **Basic Materials - 2.4%** | **Basic Materials - 2.4%** | **Basic Materials - 2.4%** |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | 274 | 50065 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.\* | 1646 | 48327 |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | 388 | 17157 |
| **Total Basic Materials** |  | 115549 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,848,471) |  | 4737930 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 0.7%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $19306 | 19306 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 13892 | 13892 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $33,198) |  | 33198 |
| **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,881,669) | &nbsp;&nbsp;&nbsp;(Cost $3,881,669) | $4771128 |
| **Other Assets & Liabilities, net - (0.2)%** | **Other Assets & Liabilities, net - (0.2)%** | (11457) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $4759671 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs, unless otherwise noted — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>†††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 3 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 293

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND** |  |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $4737930 | $— | $— \* | $4737930 |
| Repurchase Agreements |  | 33198 |  | 33198 |
| Total Assets | $4737930 | $33198 | $— | $4771128 |

---

\* Security has a market value of $0.

294 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $3,848,471) | $4737930 |
| Repurchase agreements, at value (cost $33,198) | 33198 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Dividends | 1987 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 759 |
| &nbsp;&nbsp;&nbsp;Interest | 4 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 2 |
| **Total assets** | 4773880 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 4788 |
| &nbsp;&nbsp;&nbsp;Management fees | 2776 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1335 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 991 |
| &nbsp;&nbsp;&nbsp;Printing fees | 852 |
| &nbsp;&nbsp;&nbsp;Professional fees | 781 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 379 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 44 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2263 |
| **Total liabilities** | 14209 |
| **Net assets** | $4759671 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $7310170 |
| Total distributable earnings (loss) | (2550499) |
| Net assets | $4759671 |
| **Class A:** | **Class A:** |
| Net assets | $1514236 |
| Capital shares outstanding | 27314 |
| Net asset value per share | $55.44 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $58.20 |
| **Class C:** | **Class C:** |
| Net assets | $111054 |
| Capital shares outstanding | 2658 |
| Net asset value per share | $41.78 |
| **Class H:** | **Class H:** |
| Net assets | $3134381 |
| Capital shares outstanding | 56633 |
| Net asset value per share | $55.35 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $14437 |
| Interest | 535 |
| Income from securities lending, net | 39 |
| &nbsp;&nbsp;&nbsp;Total investment income | 15011 |
| **Expenses:** | **Expenses:** |
| Management fees | 13333 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1409 |
| &nbsp;&nbsp;&nbsp;Class C | 289 |
| &nbsp;&nbsp;&nbsp;Class H | 2963 |
| Transfer agent fees | 3864 |
| Portfolio accounting and administration fees | 2711 |
| Professional fees | 2551 |
| Trustees' fees\* | 517 |
| Custodian fees | 277 |
| Line of credit fees | 37 |
| Miscellaneous | 679 |
| &nbsp;&nbsp;&nbsp;Total expenses | 28630 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (889) |
| Net expenses | 27741 |
| Net investment loss | (12730) |
| **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 | (802) |
| Net realized loss | (802) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 481778 |
| Net change in unrealized appreciation (depreciation) | 481778 |
| Net realized and unrealized gain | 480976 |
| **Net increase in net assets resulting from operations** | $468246 |

---

\* 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 \| 295

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH 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 | $(12730) | $(46831) |
| Net realized loss on investments | (802) | (3269964) |
| Net change in unrealized appreciation (depreciation) on investments | 481778 | (343874) |
| Net increase (decrease) in net assets resulting from operations | 468246 | (3660669) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (94860) |
| &nbsp;&nbsp;&nbsp;Class C |  | (19501) |
| &nbsp;&nbsp;&nbsp;Class H |  | (260296) |
| Total distributions to shareholders |  | (374657) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 537672 | 1392943 |
| &nbsp;&nbsp;&nbsp;Class C | 86210 | 408424 |
| &nbsp;&nbsp;&nbsp;Class H | 1534161 | 350976377 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 91158 |
| &nbsp;&nbsp;&nbsp;Class C |  | 17244 |
| &nbsp;&nbsp;&nbsp;Class H |  | 253278 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (130972) | (1393245) |
| &nbsp;&nbsp;&nbsp;Class C | (21391) | (663558) |
| &nbsp;&nbsp;&nbsp;Class H | (958390) | (347849282) |
| Net increase from capital share transactions | 1047290 | 3233339 |
| Net increase (decrease) in net assets | 1515536 | (801987) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3244135 | 4046122 |
| &nbsp;&nbsp;&nbsp;End of period | $4759671 | $3244135 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 10053 | 25198 |
| &nbsp;&nbsp;&nbsp;Class C | 2108 | 9233 |
| &nbsp;&nbsp;&nbsp;Class H | 28530 | 6447990 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 1668 |
| &nbsp;&nbsp;&nbsp;Class C |  | 416 |
| &nbsp;&nbsp;&nbsp;Class H |  | 4645 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2761) | (25912) |
| &nbsp;&nbsp;&nbsp;Class C | (574) | (16043) |
| &nbsp;&nbsp;&nbsp;Class H | (18832) | (6453879) |
| Net increase (decrease) in shares | 18524 | (6684) |

---

296 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $47.90 | $55.36 | $44.74 | $53.16 | $89.23 | $43.85 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.18) | (.15) | (.02) | .13 | (.70) | (.62) |
| Net gain (loss) on investments (realized and unrealized) | 7.72 | (1.71) | 10.64 | (8.55)<sup>e</sup> | (5.41) | 46.00 |
| Total from investment operations | 7.54 | (1.86) | 10.62 | (8.42) | (6.11) | 45.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.02) |  |  |  |  |
| Net realized gains |  | (5.58) |  |  | (29.96) |  |
| Total distributions |  | (5.60) |  |  | (29.96) |  |
| Net asset value, end of period | $55.44 | $47.90 | $55.36 | $44.74 | $53.16 | $89.23 |
| **Total Return<sup>c</sup>** | **15.74%** | **(4.62** **%)** | **23.74%** | **(15.84** **%)** | **(11.08** **%)** | **103.49%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1514 | $959 | $1056 | $948 | $1406 | $3448 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.70%) | (0.28%) | (0.05%) | 0.29% | (0.88%) | (0.86%) |
| Total expenses | 1.60% | 1.60% | 1.59% | 1.55% | 1.51% | 1.58% |
| Net expenses<sup>d</sup> | 1.55% | 1.55% | 1.55% | 1.55% | 1.51% | 1.58% |
| Portfolio turnover rate | 28% | 3105% | 942% | 812% | 707% | 752% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $36.23 | $43.46 | $35.39 | $42.35 | $77.59 | $38.41 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.29) | (.41) | (.31) | (.20) | (1.17) | (.96) |
| Net gain (loss) on investments (realized and unrealized) | 5.84 | (1.22) | 8.38 | (6.76)<sup>e</sup> | (4.11) | 40.14 |
| Total from investment operations | 5.55 | (1.63) | 8.07 | (6.96) | (5.28) | 39.18 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.02) |  |  |  |  |
| Net realized gains |  | (5.58) |  |  | (29.96) |  |
| Total distributions |  | (5.60) |  |  | (29.96) |  |
| Net asset value, end of period | $41.78 | $36.23 | $43.46 | $35.39 | $42.35 | $77.59 |
| **Total Return<sup>c</sup>** | **15.32%** | **(5.33** **%)** | **22.80%** | **(16.43** **%)** | **(11.75** **%)** | **102.00%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $111 | $41 | $327 | $278 | $483 | $2329 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (1.46%) | (0.96%) | (0.83%) | (0.54 %) | (1.69%) | (1.59%) |
| Total expenses | 2.33% | 2.34% | 2.34% | 2.30% | 2.26% | 2.33% |
| Net expenses<sup>d</sup> | 2.28% | 2.29% | 2.30% | 2.30% | 2.26% | 2.33% |
| Portfolio turnover rate | 28% | 3105% | 942% | 812% | 707% | 752% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 297

**S&P SMALLCAP 600<sup>®</sup>** **PURE GROWTH FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $47.82 | $55.29 | $44.67 | $53.15 | $89.21 | $43.84 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | (.18) | (.22) | .04 | .02 | (.81) | (.86) |
| Net gain (loss) on investments (realized and unrealized) | 7.71 | (1.65) | 10.58 | (8.50)<sup>e</sup> | (5.29) | 46.23 |
| Total from investment operations | 7.53 | (1.87) | 10.62 | (8.48) | (6.10) | 45.37 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (.02) |  |  |  |  |
| Net realized gains |  | (5.58) |  |  | (29.96) |  |
| Total distributions |  | (5.60) |  |  | (29.96) |  |
| Net asset value, end of period | $55.35 | $47.82 | $55.29 | $44.67 | $53.15 | $89.21 |
| **Total Return** | **15.75%** | **(4.63** **%)** | **23.77%** | **(15.95** **%)** | **(11.06** **%)** | **103.49%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3134 | $2244 | $2664 | $3401 | $3312 | $25071 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | (0.70%) | (0.39%) | 0.09% | 0.05% | (0.97%) | (1.05%) |
| Total expenses | 1.60% | 1.61% | 1.57% | 1.55% | 1.51% | 1.54% |
| Net expenses<sup>d</sup> | 1.55% | 1.56% | 1.55% | 1.55% | 1.51% | 1.54% |
| Portfolio turnover rate | 28% | 3105% | 942% | 812% | 707% | 752% |

---

<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 period does not agree with the aggregate net gain on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

298 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** | **COMMON STOCKS<sup>†</sup>** **- 99.4%** |
| **Consumer, Cyclical - 31.2%** | **Consumer, Cyclical - 31.2%** | **Consumer, Cyclical - 31.2%** |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.\* | 2519 | $73530 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | 3642 | 72986 |
| &nbsp;&nbsp;&nbsp;Adient plc\* | 2931 | 70578 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | 1087 | 66742 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | 4179 | 64231 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.\* | 6592 | 62624 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | 1124 | 49411 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.\* | 6365 | 48119 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.\* | 1827 | 46278 |
| &nbsp;&nbsp;&nbsp;Guess?, Inc. | 2263 | 37815 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.\* | 152 | 37156 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | 907 | 37024 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.\* | 6083 | 36559 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc. — Class A | 477 | 36295 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group Ltd.\* | 1252 | 33316 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.\* | 2030 | 33048 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.\* | 723 | 31219 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.\* | 653 | 28725 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.\* | 5579 | 27449 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.\* | 1241 | 23902 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | 484 | 21325 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.\* | 729 | 19701 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | 290 | 18377 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 1029 | 18255 |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co. — Class A\* | 277 | 16833 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | 138 | 16724 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | 1175 | 15322 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | 304 | 15206 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | 1762 | 12634 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.\* | 1060 | 12519 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | 369 | 12339 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers Ltd. | 125 | 11990 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.\* | 441 | 10712 |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | 1792 | 9390 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | 437 | 9085 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | 119 | 8619 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.\* | 109 | 5637 |
| **Total Consumer, Cyclical** |  | 1151675 |
| **Financial - 20.9%** | **Financial - 20.9%** | **Financial - 20.9%** |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | 1430 | 57672 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc. — Class A\* | 6387 | 56844 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. — Class A\* | 2794 | 53198 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.\* | 2183 | 52370 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. — Class A REIT | 1546 | 51961 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. — Class A | 471 | 29979 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield plc\* | 1768 | 28146 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | 918 | 27926 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.\* | 1634 | 25229 |
| &nbsp;&nbsp;&nbsp;SiriusPoint Ltd.\* | 1290 | 23336 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | 1676 | 22039 |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc. REIT | 3078 | 21454 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties REIT | 939 | 20893 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc. — Class A | 196 | 19841 |
| &nbsp;&nbsp;&nbsp;PennyMac Mortgage Investment Trust REIT | 1575 | 19310 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. REIT | 2252 | 18309 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | 301 | 16787 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. REIT | 1051 | 16280 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | 461 | 15407 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | 1425 | 15347 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. REIT | 1677 | 15110 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. REIT | 1480 | 14992 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. REIT | 1089 | 14135 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. REIT | 2380 | 13780 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | 370 | 13649 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | 851 | 12714 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | 1993 | 12655 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | 589 | 11910 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | 260 | 11744 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | 149 | 10925 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. REIT | 940 | 10208 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp. — Class A | 511 | 9796 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. REIT | 1077 | 9693 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.\* | 230 | 9600 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. REIT | 1946 | 7531 |
| **Total Financial** |  | 770770 |
| **Consumer, Non-cyclical - 15.7%** | **Consumer, Non-cyclical - 15.7%** | **Consumer, Non-cyclical - 15.7%** |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.\* | 1710 | 64330 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | 1443 | 50101 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | 1163 | 44078 |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | 949 | 37780 |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.\* | 3896 | 34869 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | 616 | 34416 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.\* | 1697 | 32854 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.\* | 1404 | 23629 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | 1784 | 22907 |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Company, Inc.\* | 827 | 20476 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | 960 | 18586 |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 395 | 18217 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.\* | 1117 | 17928 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.\* | 1454 | 16808 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.\* | 535 | 16232 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.\* | 749 | 15137 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.\* | 540 | 13916 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | 656 | 11788 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | 497 | 11744 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co. — Class A\* | 380 | 11221 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | 548 | 11157 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.\* | 372 | 10249 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp. — Class A | 421 | 10222 |
| &nbsp;&nbsp;&nbsp;Helen of Troy Ltd.\* | 285 | 7182 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.\* | 833 | 7014 |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | 289 | 6991 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.\* | 1199 | 6846 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.\* | 70 | 2286 |
| **Total Consumer, Non-cyclical** |  | 578964 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 299

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Energy - 11.4%** | **Energy - 11.4%** | **Energy - 11.4%** |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.\* | 3499 | $123935 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.\* | 1413 | 51546 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | 1550 | 41106 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.\* | 2083 | 36015 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.\* | 1916 | 35523 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.\* | 3067 | 29412 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.\* | 1328 | 22430 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co. — Class A | 2290 | 20427 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.\* | 480 | 17318 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.\* | 505 | 15463 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | 2871 | 14872 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | 1742 | 14215 |
| **Total Energy** |  | 422262 |
| **Communications - 8.2%** | **Communications - 8.2%** | **Communications - 8.2%** |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.\* | 5082 | 148902 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | 1669 | 45697 |
| &nbsp;&nbsp;&nbsp;Angi, Inc.\* | 1832 | 29789 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.\* | 633 | 21566 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | 525 | 20601 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | 907 | 18439 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | 1290 | 17312 |
| **Total Communications** |  | 302306 |
| **Industrial - 7.1%** | **Industrial - 7.1%** | **Industrial - 7.1%** |
| &nbsp;&nbsp;&nbsp;Enviri Corp.\* | 5011 | 63589 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | 1957 | 50784 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.\* | 2769 | 35914 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.\* | 1683 | 27820 |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | 406 | 19541 |
| &nbsp;&nbsp;&nbsp;Dorian LPG Ltd. | 579 | 17254 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | 872 | 13342 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.\* | 156 | 10415 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | 1040 | 8715 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.\* | 631 | 8310 |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | 110 | 7686 |
| **Total Industrial** |  | 263370 |
| **Basic Materials - 3.2%** | **Basic Materials - 3.2%** | **Basic Materials - 3.2%** |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | 999 | 27972 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. — Class A | 532 | 22386 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | 284 | 21914 |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | 863 | 16725 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | 713 | 11294 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | 297 | 9988 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | 171 | 8157 |
| **Total Basic Materials** |  | 118436 |
| **Technology - 1.4%** | **Technology - 1.4%** | **Technology - 1.4%** |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.\* | 1809 | 24657 |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.\* | 2271 | 20257 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.\* | 64 | 7258 |
| **Total Technology** |  | 52172 |
| **Utilities - 0.3%** | **Utilities - 0.3%** | **Utilities - 0.3%** |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | 721 | 12841 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,680,414) |  | 3672796 |
|  | **Face<br> Amount** |  |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 1.4%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 1.4%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 1.4%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $29692 | 29692 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 21366 | 21366 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $51,058) |  | 51058 |
| **Total Investments - 100.8%** | **Total Investments - 100.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,731,472) | &nbsp;&nbsp;&nbsp;(Cost $2,731,472) | $3723854 |
| **Other Assets & Liabilities, net - (0.8)%** | **Other Assets & Liabilities, net - (0.8)%** | (29622) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3694232 |

---

300 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND** |  |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;REIT — Real Estate Investment Trust |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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 | $3672796 | $— | $— | $3672796 |
| Repurchase Agreements |  | 51058 |  | 51058 |
| Total Assets | $3672796 | $51058 | $— | $3723854 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 301

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $2,680,414) | $3672796 |
| Repurchase agreements, at value (cost $51,058) | 51058 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 71933 |
| &nbsp;&nbsp;&nbsp;Dividends | 11460 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1971 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 57 |
| &nbsp;&nbsp;&nbsp;Interest | 6 |
| **Total assets** | 3809281 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 122 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 69903 |
| &nbsp;&nbsp;&nbsp;Management fees | 19692 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 6568 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 5102 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2691 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 131 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 10840 |
| **Total liabilities** | 115049 |
| **Net assets** | $3694232 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $29011268 |
| Total distributable earnings (loss) | (25317036) |
| Net assets | $3694232 |
| **Class A:** | **Class A:** |
| Net assets | $1406344 |
| Capital shares outstanding | 6414 |
| Net asset value per share | $219.26 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $230.19 |
| **Class C:** | **Class C:** |
| Net assets | $5818 |
| Capital shares outstanding | 33 |
| Net asset value per share | $176.48 |
| **Class H:** | **Class H:** |
| Net assets | $2282070 |
| Capital shares outstanding | 10440 |
| Net asset value per share | $218.59 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends | $92816 |
| Interest | 1085 |
| Income from securities lending, net | 457 |
| &nbsp;&nbsp;&nbsp;Total investment income | 94358 |
| **Expenses:** | **Expenses:** |
| Management fees | 39278 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1586 |
| &nbsp;&nbsp;&nbsp;Class C | 35 |
| &nbsp;&nbsp;&nbsp;Class H | 11498 |
| Transfer agent fees | 9619 |
| Portfolio accounting and administration fees | 7986 |
| Professional fees | 6993 |
| Custodian fees | 824 |
| Trustees' fees\* | 487 |
| Line of credit fees | 84 |
| Miscellaneous | 3827 |
| &nbsp;&nbsp;&nbsp;Total expenses | 82217 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (2618) |
| Net expenses | 79599 |
| Net investment income | 14759 |
| **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 | (1916550) |
| Net realized loss | (1916550) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 932983 |
| Net change in unrealized appreciation (depreciation) | 932983 |
| Net realized and unrealized loss | (983567) |
| **Net decrease in net assets resulting from operations** | $(968808) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

302 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **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 | $14759 | $6359 |
| Net realized loss on investments | (1916550) | (3142620) |
| Net change in unrealized appreciation (depreciation) on investments | 932983 | (619719) |
| Net decrease in net assets resulting from operations | (968808) | (3755980) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 4781 | 1509737 |
| &nbsp;&nbsp;&nbsp;Class C |  | 430296 |
| &nbsp;&nbsp;&nbsp;Class H | 144916331 | 230533406 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (93355) | (1418061) |
| &nbsp;&nbsp;&nbsp;Class C | (6494) | (429545) |
| &nbsp;&nbsp;&nbsp;Class H | (143622115) | (227753142) |
| Net increase from capital share transactions | 1199148 | 2872691 |
| Net increase (decrease) in net assets | 230340 | (883289) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3463892 | 4347181 |
| &nbsp;&nbsp;&nbsp;End of period | $3694232 | $3463892 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 28 | 7486 |
| &nbsp;&nbsp;&nbsp;Class C |  | 2594 |
| &nbsp;&nbsp;&nbsp;Class H | 671488 | 1160801 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (555) | (6953) |
| &nbsp;&nbsp;&nbsp;Class C | (44) | (2677) |
| &nbsp;&nbsp;&nbsp;Class H | (672915) | (1164114) |
| Net decrease in shares | (1998) | (2863) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 303

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $183.88 | $200.53 | $170.77 | $182.48 | $167.98 | $67.45 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .97 | .43 | (.23) | .25 | (.34) | (.14) |
| Net gain (loss) on investments (realized and unrealized) | 34.41 <sup>e</sup> | (17.08) | 31.89 <sup>e</sup> | (11.96) | 14.84 <sup>e</sup> | 100.67 <sup>e</sup> |
| Total from investment operations | 35.38 | (16.65) | 31.66 | (11.71) | 14.50 | 100.53 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  | (1.90) |  |  |  |
| Total distributions |  |  | (1.90) |  |  |  |
| Net asset value, end of period | $219.26 | $183.88 | $200.53 | $170.77 | $182.48 | $167.98 |
| **Total Return<sup>c</sup>** | **19.24%** | **(8.30** **%)** | **18.65%** | **(6.42** **%)** | **8.63%** | **149.04%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1406 | $1276 | $1285 | $1212 | $4732 | $3242 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.99% | 0.22% | (0.13 %) | 0.15% | (0.19 %) | (0.31 %) |
| Total expenses | 1.61% | 1.60% | 1.59% | 1.55% | 1.51% | 1.59% |
| Net expenses<sup>d</sup> | 1.56% | 1.55% | 1.56% | 1.55% | 1.51% | 1.59% |
| Portfolio turnover rate | 3423% | 1587% | 1058% | 1520% | 892% | 1503% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $150.26 | $165.10 | $141.95 | $152.84 | $141.75 | $57.31 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .11 | (.95) | (1.46) | (.85) | (1.65) | (.40) |
| Net gain (loss) on investments (realized and unrealized) | 26.11 <sup>e</sup> | (13.89) | 26.51 <sup>e</sup> | (10.04) | 12.74 <sup>e</sup> | 84.84 <sup>e</sup> |
| Total from investment operations | 26.22 | (14.84) | 25.05 | (10.89) | 11.09 | 84.44 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  | (1.90) |  |  |  |
| Total distributions |  |  | (1.90) |  |  |  |
| Net asset value, end of period | $176.48 | $150.26 | $165.10 | $141.95 | $152.84 | $141.75 |
| **Total Return<sup>c</sup>** | **17.45%** | **(8.99** **%)** | **17.76%** | **(7.13** **%)** | **7.82%** | **147.34%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $6 | $12 | $26 | $80 | $140 | $1472 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.14% | (0.59%) | (0.98 %) | (0.60%) | (1.11 %) | (1.07 %) |
| Total expenses | 2.37% | 2.35% | 2.35% | 2.29% | 2.26% | 2.34% |
| Net expenses<sup>d</sup> | 2.31% | 2.30% | 2.32% | 2.29% | 2.26% | 2.34% |
| Portfolio turnover rate | 3423% | 1587% | 1058% | 1520% | 892% | 1503% |

---

304 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**S&P SMALLCAP 600<sup>®</sup>** **PURE VALUE FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $183.37 | $199.98 | $170.34 | $182.04 | $167.56 | $67.25 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .19 | .05 | (.16) | .49 | (.53) | (.13) |
| Net gain (loss) on investments (realized and unrealized) | 35.03 <sup>e</sup> | (16.66) | 31.71 <sup>e</sup> | (12.19) | 15.01 <sup>e</sup> | 100.44 <sup>e</sup> |
| Total from investment operations | 35.22 | (16.61) | 31.55 | (11.70) | 14.48 | 100.31 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  | (1.91) |  |  |  |
| Total distributions |  |  | (1.91) |  |  |  |
| Net asset value, end of period | $218.59 | $183.37 | $199.98 | $170.34 | $182.04 | $167.56 |
| **Total Return** | **19.21%** | **(8.31** **%)** | **18.63%** | **(6.43** **%)** | **8.64%** | **149.16%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2282 | $2176 | $3036 | $7449 | $18001 | $35499 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 0.18% | 0.02% | (0.09 %) | 0.29% | (0.29 %) | (0.18 %) |
| Total expenses | 1.56% | 1.60% | 1.59% | 1.55% | 1.51% | 1.55% |
| Net expenses<sup>d</sup> | 1.52% | 1.55% | 1.56% | 1.55% | 1.51% | 1.55% |
| Portfolio turnover rate | 3423% | 1587% | 1058% | 1520% | 892% | 1503% |

---

<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 period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 305

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **EMERGING MARKETS BOND STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILL<sup>††</sup>** **- 0.5%** | **U.S. TREASURY BILL<sup>††</sup>** **- 0.5%** | **U.S. TREASURY BILL<sup>††</sup>** **- 0.5%** |
| U.S. Treasury Bill | U.S. Treasury Bill | U.S. Treasury Bill |
| &nbsp;&nbsp;&nbsp;3.92% due 10/14/25<sup>1,2</sup> | $8000 | $7988 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,988) |  | 7988 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 85.3%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 85.3%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 85.3%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 801040 | 801040 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 576401 | 576401 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,377,441) |  | 1377441 |
| **Total Investments - 85.8%** | **Total Investments - 85.8%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,385,429) | &nbsp;&nbsp;&nbsp;(Cost $1,385,429) | $1385429 |
| **Other Assets & Liabilities, net - 14.2%** | **Other Assets & Liabilities, net - 14.2%** | 229581 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1615010 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| U.S. Treasury 5 Year Note Futures Contracts | 6 | Dec 2025 | $655078 | $(1555) |
| U.S. Treasury 10 Year Note Futures Contracts | 4 | Dec 2025 | 450000 | (3570) |
|  |  |  | $1105078 | $(5125) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Received** | **Unrealized <br> Appreciation\*\*** |
| Barclays Bank plc<br> ICE | CDX.EM.44.V1 | 1.00% | Quarterly | 12/20/30 | $1300000 | $(28438) | $(29068) | $630 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |
| Goldman Sachs International | Invesco Emerging Markets Sovereign Debt ETF | Pay | 4.84% (Federal <br> Funds Rate +<br> 0.75%) | At Maturity | 10/29/25 | 21516 | $463885 | $1291 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at 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;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;CDX.EM.44.V1 — Credit Default Swap Emerging Markets Series 44 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

306 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

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| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **EMERGING MARKETS BOND 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 | $— | $7988 | $— | $7988 |
| Repurchase Agreements |  | 1377441 |  | 1377441 |
| Credit Default Swap Agreements\*\* |  | 630 |  | 630 |
| Credit Index Swap Agreements\*\* |  | 1291 |  | 1291 |
| Total Assets | $— | $1387350 | $— | $1387350 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Interest Rate Futures Contracts\*\* | $5125 | $– $– $| 5125 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 307

**EMERGING MARKETS BOND STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $7,988) | $7988 |
| Repurchase agreements, at value (cost $1,377,441) | 1377441 |
| Segregated cash with broker | 251962 |
| Unrealized appreciation on OTC swap agreements | 1291 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 12936 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 325 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 186 |
| &nbsp;&nbsp;&nbsp;Interest | 117 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 78 |
| **Total assets** | 1652324 |
| **Liabilities:** | **Liabilities:** |
| Unamortized upfront premiums received on credit default swap agreements | 29068 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 5787 |
| &nbsp;&nbsp;&nbsp;Management fees | 633 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 417 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 373 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 241 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 222 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 131 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 6 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 436 |
| **Total liabilities** | 37314 |
| **Net assets** | $1615010 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $2180188 |
| Total distributable earnings (loss) | (565178) |
| Net assets | $1615010 |
| **Class A:** | **Class A:** |
| Net assets | $47846 |
| Capital shares outstanding | 803 |
| Net asset value per share | $59.58 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $62.55 |
| **Class C:** | **Class C:** |
| Net assets | $44986 |
| Capital shares outstanding | 858 |
| Net asset value per share | $52.44 |
| **Class H:** | **Class H:** |
| Net assets | $1522178 |
| Capital shares outstanding | 25707 |
| Net asset value per share | $59.21 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $11240 |
| &nbsp;&nbsp;&nbsp;Total investment income | 11240 |
| **Expenses:** | **Expenses:** |
| Management fees | 2158 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 62 |
| &nbsp;&nbsp;&nbsp;Class C | 145 |
| &nbsp;&nbsp;&nbsp;Class H | 623 |
| Transfer agent fees | 601 |
| Portfolio accounting and administration fees | 592 |
| Registration fees | 298 |
| Professional fees | 230 |
| Custodian fees | 40 |
| Trustees' fees\* | 32 |
| Miscellaneous | 66 |
| &nbsp;&nbsp;&nbsp;Total expenses | 4847 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (143) |
| Net expenses | 4704 |
| Net investment income | 6536 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | 18278 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 3566 |
| Net realized gain | 21844 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | 2990 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (6267) |
| Net change in unrealized appreciation (depreciation) | (3277) |
| Net realized and unrealized gain | 18567 |
| **Net increase in net assets resulting from operations** | $25103 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

308 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EMERGING MARKETS BOND 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 | $6536 | $16841 |
| Net realized gain on investments | 21844 | 6985 |
| Net change in unrealized appreciation (depreciation) on investments | (3277) | (833) |
| Net increase in net assets resulting from operations | 25103 | 22993 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (2668) |
| &nbsp;&nbsp;&nbsp;Class C |  | (1568) |
| &nbsp;&nbsp;&nbsp;Class H |  | (32719) |
| Total distributions to shareholders |  | (36955) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 69381 | 12525 |
| &nbsp;&nbsp;&nbsp;Class C | 96487 | 26540 |
| &nbsp;&nbsp;&nbsp;Class H | 2065005 | 3140505 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 2668 |
| &nbsp;&nbsp;&nbsp;Class C |  | 960 |
| &nbsp;&nbsp;&nbsp;Class H |  | 31822 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (60600) | (47694) |
| &nbsp;&nbsp;&nbsp;Class C | (63198) | (25369) |
| &nbsp;&nbsp;&nbsp;Class H | (906233) | (3337267) |
| Capital contribution from administrator |  |  |
| &nbsp;&nbsp;&nbsp;Class H |  | 186 |
| Net increase (decrease) from capital share transactions | 1200842 | (195124) |
| Net increase (decrease) in net assets | 1225945 | (209086) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 389065 | 598151 |
| &nbsp;&nbsp;&nbsp;End of period | $1615010 | $389065 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1195 | 207 |
| &nbsp;&nbsp;&nbsp;Class C | 1887 | 488 |
| &nbsp;&nbsp;&nbsp;Class H | 35297 | 54137 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 48 |
| &nbsp;&nbsp;&nbsp;Class C |  | 19 |
| &nbsp;&nbsp;&nbsp;Class H |  | 573 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1034) | (846) |
| &nbsp;&nbsp;&nbsp;Class C | (1229) | (490) |
| &nbsp;&nbsp;&nbsp;Class H | (15732) | (57591) |
| Net increase (decrease) in shares | 20384 | (3455) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 309

**EMERGING MARKETS BOND STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $56.20 | $57.69 | $58.60 | $62.44 | $70.11 | $63.93 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .70 | 1.67 | 1.79 | .60 | (1.07) | (1.14) |
| Net gain (loss) on investments (realized and unrealized) | 2.68 | .82 | 3.08 | (4.44) | (6.60) | 8.16 |
| Total from investment operations | 3.38 | 2.49 | 4.87 | (3.84) | (7.67) | 7.02 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (3.98) | (5.78) |  |  | (.84) |
| Total distributions |  | (3.98) | (5.78) |  |  | (.84) |
| Net asset value, end of period | $59.58 | $56.20 | $57.69 | $58.60 | $62.44 | $70.11 |
| **Total Return<sup>c</sup>** | **6.01%** | **4.38%** | **8.63%** | **(6.15** **%)** | **(10.98** **%)** | **10.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $48 | $36 | $71 | $266 | $46 | $48 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.42% | 2.91% | 3.07% | 1.06% | (1.54%) | (1.72%) |
| Total expenses | 1.65% | 1.66% | 1.64% | 1.61% | 1.57% | 1.74% |
| Net expenses<sup>d</sup> | 1.60% | 1.61% | 1.62% | 1.61% | 1.57% | 1.74% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $49.65 | $51.80 | $53.59 | $57.52 | $65.07 | $59.82 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .41 | 1.09 | 1.35 | (.04) | (1.47) | (1.56) |
| Net gain (loss) on investments (realized and unrealized) | 2.38 | .74 | 2.64 | (3.89) | (6.08) | 7.65 |
| Total from investment operations | 2.79 | 1.83 | 3.99 | (3.93) | (7.55) | 6.09 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (3.98) | (5.78) |  |  | (.84) |
| Total distributions |  | (3.98) | (5.78) |  |  | (.84) |
| Net asset value, end of period | $52.44 | $49.65 | $51.80 | $53.59 | $57.52 | $65.07 |
| **Total Return<sup>c</sup>** | **5.62%** | **3.58%** | **7.81%** | **(6.83** **%)** | **(11.62** **%)** | **10.10%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $45 | $10 | $9 | $22 | $63 | $52 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.60% | 2.10% | 2.53% | (0.07%) | (2.28%) | (2.36%) |
| Total expenses | 2.39% | 2.41% | 2.37% | 2.35% | 2.31% | 2.40% |
| Net expenses<sup>d</sup> | 2.34% | 2.37% | 2.34% | 2.35% | 2.31% | 2.40% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

310 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EMERGING MARKETS BOND STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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** | **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 | $55.85 | $57.36 | $58.30 | $62.03 | $69.64 | $63.50 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .66 | 1.67 | 1.65 | .40 | (1.07) | (1.14) |
| Net gain (loss) on investments (realized and unrealized) | 2.70 | .78 | 3.19 | (4.13) | (6.54) | 8.12 |
| Total from investment operations | 3.36 | 2.45 | 4.84 | (3.73) | (7.61) | 6.98 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (3.98) | (5.78) |  |  | (.84) |
| Total distributions |  | (3.98) | (5.78) |  |  | (.84) |
| Capital contribution from administrator |  | .02 |  |  |  |  |
| Net asset value, end of period | $59.21 | $55.85 | $57.36 | $58.30 | $62.03 | $69.64 |
| **Total Return** | **6.02%** | **4.39%** | **8.62%** | **(6.01** **%)** | **(10.93** **%)** | **10.93%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1522 | $343 | $518 | $389 | $494 | $343 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.30% | 2.93% | 2.85% | 0.70% | (1.52%) | (1.61%) |
| Total expenses | 1.65% | 1.65% | 1.64% | 1.61% | 1.56% | 1.65% |
| Net expenses<sup>d</sup> | 1.60% | 1.60% | 1.62% | 1.61% | 1.56% | 1.65% |
| 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> On May 17, 2024, the Fund's administrator made a capital contribution to the Fund's Class H shares, relating to an operational issue. The impact of the capital contribution to the total return for the year ended March 31, 2025 was 0.04% for Class H.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 311

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **GOVERNMENT LONG BOND 1.2x STRATEGY FUND**  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 7.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 7.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 7.9%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 51284 | $516434 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 20287 | 504752 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,011,485) |  | 1021186 |
|  | **Face<br> Amount** |  |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 84.9%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 84.9%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 84.9%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;4.75% due 08/15/55 | $11000000 | 11039531 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,678,503) |  | 11039531 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 1.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.5%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 201000 | 200707 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $200,705) |  | 200707 |

---

---

| | | |
|:---|:---|:---|
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 2.4%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 2.4%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 2.4%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 184202 | 184202 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 132546 | 132546 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $316,748) |  | 316748 |
| **Total Investments - 96.7%** | **Total Investments - 96.7%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $12,207,441) | &nbsp;&nbsp;&nbsp;(Cost $12,207,441) | $12578172 |
| **Other Assets & Liabilities, net - 3.3%** | **Other Assets & Liabilities, net - 3.3%** | 427599 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $13005771 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| U.S. Treasury Ultra Long Bond Futures Contracts | 39 | Dec 2025 | $4687313 | $118713 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at 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;See Sector Classification in Other Information section. |

---

312 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **GOVERNMENT LONG BOND 1.2x 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** |
| Mutual Funds | $1021186 | $— | $— | $1021186 |
| U.S. Government Securities |  | 11039531 |  | 11039531 |
| U.S. Treasury Bills |  | 200707 |  | 200707 |
| Repurchase Agreements |  | 316748 |  | 316748 |
| Interest Rate Futures Contracts\*\* | 118713 |  |  | 118713 |
| Total Assets | $1139899 | $11556986 | $— | $12696885 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $504345 | $— | $— | $— | $407 | $504752 | 20287 | $13504 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 514383 |  |  |  | 2051 | 516434 | 51284 | 11275 |
|  | $1018728 | $— | $— | $— | $2458 | $1021186 |  | $24779 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 313

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND** <br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $10,879,208) | $11240238 |
| Investments in affiliated issuers, at value (cost $1,011,485) | 1021186 |
| Repurchase agreements, at value (cost $316,748) | 316748 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 1706109 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 267808 |
| &nbsp;&nbsp;&nbsp;Interest | 77083 |
| &nbsp;&nbsp;&nbsp;Dividends | 3968 |
| **Total assets** | 14633140 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 1584685 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 16066 |
| &nbsp;&nbsp;&nbsp;Management fees | 5639 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 5193 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 1177 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 869 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 570 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 179 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 12991 |
| **Total liabilities** | 1627369 |
| **Net assets** | $13005771 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $80667235 |
| Total distributable earnings (loss) | (67661464) |
| Net assets | $13005771 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $11142188 |
| Capital shares outstanding | 107285 |
| Net asset value per share | $103.86 |
| **Class A:** | **Class A:** |
| Net assets | $171652 |
| Capital shares outstanding | 1637 |
| Net asset value per share | $104.86 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $110.09 |
| **Class C:** | **Class C:** |
| Net assets | $229759 |
| Capital shares outstanding | 2167 |
| Net asset value per share | $106.03 |
| **Class H:** | **Class H:** |
| Net assets | $1462172 |
| Capital shares outstanding | 13906 |
| Net asset value per share | $105.15 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $24779 |
| Interest | 496847 |
| &nbsp;&nbsp;&nbsp;Total investment income | 521626 |
| **Expenses:** | **Expenses:** |
| Management fees | 54649 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 284 |
| &nbsp;&nbsp;&nbsp;Class C | 1245 |
| &nbsp;&nbsp;&nbsp;Class H | 4712 |
| Transfer agent fees | 21083 |
| Portfolio accounting and administration fees | 16668 |
| Professional fees | 7706 |
| Trustees' fees\* | 1658 |
| Custodian fees | 1541 |
| Line of credit fees | 61 |
| Miscellaneous | 15463 |
| &nbsp;&nbsp;&nbsp;Total expenses | 125070 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (5465) |
| Expenses waived by Adviser | (646) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (6111) |
| Net expenses | 118959 |
| Net investment income | 402667 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 1929090 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 417095 |
| Net realized gain | 2346185 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (882725) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 2458 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (356809) |
| Net change in unrealized appreciation (depreciation) | (1237076) |
| Net realized and unrealized gain | 1109109 |
| **Net increase in net assets resulting from operations** | $1511776 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

314 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND** <br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $402667 | $861346 |
| Net realized gain (loss) on investments | 2346185 | (2447235) |
| Net change in unrealized appreciation (depreciation) on investments | (1237076) | 1427425 |
| Net increase (decrease) in net assets resulting from operations | 1511776 | (158464 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (328970) | (760182) |
| &nbsp;&nbsp;&nbsp;Class A | (4006) | (21908) |
| &nbsp;&nbsp;&nbsp;Class C | (3460) | (5915) |
| &nbsp;&nbsp;&nbsp;Class H | (66231) | (73297 |
| Total distributions to shareholders | (402667) | (861302 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 187672969 | 468874976 |
| &nbsp;&nbsp;&nbsp;Class A | 88794 | 2164865 |
| &nbsp;&nbsp;&nbsp;Class C | 38043 | 683093 |
| &nbsp;&nbsp;&nbsp;Class H | 38094624 | 70012097 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 326562 | 745393 |
| &nbsp;&nbsp;&nbsp;Class A | 3723 | 21311 |
| &nbsp;&nbsp;&nbsp;Class C | 3460 | 5471 |
| &nbsp;&nbsp;&nbsp;Class H | 66222 | 72782 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (259449144) | (401536533) |
| &nbsp;&nbsp;&nbsp;Class A | (196609) | (2135465) |
| &nbsp;&nbsp;&nbsp;Class C | (56081) | (531025) |
| &nbsp;&nbsp;&nbsp;Class H | (38466747) | (69409817 |
| Net increase (decrease) from capital share transactions | (71874184) | 68967148 |
| Net increase (decrease) in net assets | (70765075) | 67947382 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 83770846 | 15823464 |
| &nbsp;&nbsp;&nbsp;End of period | $13005771 | $83770846 |
| **Capital Share Activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 1828675 | 4300980 |
| &nbsp;&nbsp;&nbsp;Class A | 851 | 18658 |
| &nbsp;&nbsp;&nbsp;Class C | 344 | 5924 |
| &nbsp;&nbsp;&nbsp;Class H | 369062 | 642834 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 3177 | 6797 |
| &nbsp;&nbsp;&nbsp;Class A | 36 | 190 |
| &nbsp;&nbsp;&nbsp;Class C | 33 | 49 |
| &nbsp;&nbsp;&nbsp;Class H | 642 | 665 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (2486959) | (3671393) |
| &nbsp;&nbsp;&nbsp;Class A | (1928) | (18978) |
| &nbsp;&nbsp;&nbsp;Class C | (550) | (4664) |
| &nbsp;&nbsp;&nbsp;Class H | (370718) | (637022 |
| Net increase (decrease) in shares | (657335) | 644040 |

---

\* 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 \| 315

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND** <br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $107.04 | $114.30 | $133.97 | $184.71 | $189.64 | $370.56 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.92 | 3.90 | 4.00 | 3.20 | 1.95 | 1.25 |
| Net gain (loss) on investments (realized and unrealized) | (3.17)<sup>g</sup> | (7.24) | (19.67) | (50.54) | (4.98) | (72.97) |
| Total from investment operations | (1.25) | (3.34) | (15.67) | (47.34) | (3.03) | (71.72) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.93) | (3.92) | (4.00) | (3.40) | (1.90) | (1.25) |
| Net realized gains |  |  |  |  |  | (107.95) |
| Total distributions | (1.93) | (3.92) | (4.00) | (3.40) | (1.90) | (109.20) |
| Net asset value, end of period | $103.86 | $107.04 | $114.30 | $133.97 | $184.71 | $189.64 |
| **Total Return** | **(1.12** **%)** | **(2.94** **%)** | **(11.71** **%)** | **(25.66** **%)** | **(1.71** **%)** | **(24.72** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $11142 | $81609 | $14403 | $17260 | $11904 | $69360 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.74% | 3.54% | 3.42% | 2.15% | 0.95% | 0.40% |
| Total expenses<sup>c</sup> | 1.09% | 1.05% | 1.05% | 1.01% | 0.96% | 1.07% |
| Net expenses<sup>d</sup> | 1.03% | 1.00% | 1.00% | 0.99% | 0.95% | 1.05% |
| Portfolio turnover rate | 590% | 1616% | 1573% | 2562% | 2153% | 1938% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $108.07 | $115.37 | $135.34 | $186.69 | $191.72 | $373.52 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.82 | 3.66 | 3.65 | 3.10 | 1.40 | .55 |
| Net gain (loss) on investments (realized and unrealized) | (3.21)<sup>g</sup> | (7.30) | (19.87) | (51.40) | (5.03) | (73.90) |
| Total from investment operations | (1.39) | (3.64) | (16.22) | (48.30) | (3.63) | (73.35) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.82) | (3.66) | (3.75) | (3.05) | (1.40) | (.50) |
| Net realized gains |  |  |  |  |  | (107.95) |
| Total distributions | (1.82) | (3.66) | (3.75) | (3.05) | (1.40) | (108.45) |
| Net asset value, end of period | $104.86 | $108.07 | $115.37 | $135.34 | $186.69 | $191.72 |
| **Total Return<sup>e</sup>** | **(1.24** **%)** | **(3.14** **%)** | **(12.04** **%)** | **(25.88** **%)** | **(1.96** **%)** | **(24.98** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $172 | $289 | $324 | $2648 | $2231 | $1610 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.52% | 3.23% | 2.93% | 2.18% | 0.66% | 0.18% |
| Total expenses<sup>c</sup> | 1.33% | 1.30% | 1.29% | 1.25% | 1.21% | 1.30% |
| Net expenses<sup>d</sup> | 1.27% | 1.24% | 1.26% | 1.24% | 1.19% | 1.29% |
| Portfolio turnover rate | 590% | 1616% | 1573% | 2562% | 2153% | 1938% |

---

316 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND** <br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $109.25 | $116.66 | $134.62 | $183.07 | $188.15 | $370.73 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.45 | 2.84 | 2.85 | 2.00 | (.25) | (1.65) |
| Net gain (loss) on investments (realized and unrealized) | (3.22)<sup>g</sup> | (7.38) | (19.86) | (50.45) | (4.83) | (72.98) |
| Total from investment operations | (1.77) | (4.54) | (17.01) | (48.45) | (5.08) | (74.63) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.45) | (2.87) | (.95) |  |  |  |
| Net realized gains |  |  |  |  |  | (107.95) |
| Total distributions | (1.45) | (2.87) | (.95) |  |  | (107.95) |
| Net asset value, end of period | $106.03 | $109.25 | $116.66 | $134.62 | $183.07 | $188.15 |
| **Total Return<sup>e</sup>** | **(1.61** **%)** | **(3.89** **%)** | **(12.67** **%)** | **(26.47** **%)** | **(2.71** **%)** | **(25.55** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $230 | $256 | $120 | $384 | $149 | $169 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.78% | 2.51% | 2.36% | 1.41% | (0.12%) | (0.55%) |
| Total expenses<sup>c</sup> | 2.07% | 2.06% | 2.05% | 2.01% | 1.96% | 2.05% |
| Net expenses<sup>d</sup> | 2.01% | 2.00% | 2.00% | 1.99% | 1.94% | 2.03% |
| Portfolio turnover rate | 590% | 1616% | 1573% | 2562% | 2153% | 1938% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 317

**GOVERNMENT LONG BOND 1.2x STRATEGY FUND** <br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $108.37 | $115.69 | $135.49 | $186.86 | $191.89 | $373.77 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.81 | 3.64 | 3.65 | 3.00 | 1.40 | .65 |
| Net gain (loss) on investments (realized and unrealized) | (3.20)<sup>g</sup> | (7.29) | (19.70) | (51.32) | (5.03) | (74.13) |
| Total from investment operations | (1.39) | (3.65) | (16.05) | (48.32) | (3.63) | (73.48) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (1.83) | (3.67) | (3.75) | (3.05) | (1.40) | (.45) |
| Net realized gains |  |  |  |  |  | (107.95) |
| Total distributions | (1.83) | (3.67) | (3.75) | (3.05) | (1.40) | (108.40) |
| Net asset value, end of period | $105.15 | $108.37 | $115.69 | $135.49 | $186.86 | $191.89 |
| **Total Return** | **(1.24** **%)** | **(3.18** **%)** | **(11.87** **%)** | **(25.87** **%)** | **(1.95** **%)** | **(24.98** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1462 | $1617 | $977 | $24223 | $49287 | $85087 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.51% | 3.31% | 2.87% | 2.05% | 0.69% | 0.23% |
| Total expenses<sup>c</sup> | 1.35% | 1.31% | 1.28% | 1.25% | 1.21% | 1.29% |
| Net expenses<sup>d</sup> | 1.29% | 1.25% | 1.26% | 1.24% | 1.19% | 1.28% |
| Portfolio turnover rate | 590% | 1616% | 1573% | 2562% | 2153% | 1938% |

---

<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> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>f</sup> Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 24, 2025.

<sup>g</sup> The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

318 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **INVERSE GOVERNMENT LONG BOND STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 42.3%** | **MUTUAL FUNDS<sup>†</sup>** **- 42.3%** | **MUTUAL FUNDS<sup>†</sup>** **- 42.3%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 137556 | $3422386 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 326794 | 3290818 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,642,019) |  | 6713204 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.0%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.0%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 0.0%** |
| &nbsp;&nbsp;&nbsp;Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 4.00%<sup>2</sup> | 5905 | 5905 |
| **Total Money Market Fund** | **Total Money Market Fund** |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,905) |  | 5905 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 11.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 11.3%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 11.3%** |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;4.15% (SOFR + 0.02%, Rate Floor: 0.00%) due 11/06/25<sup>◊</sup> | $1000000 | 1000017 |
| 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> | 800000 | 800014 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,800,000) |  | 1800031 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 0.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.9%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 0.9%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | 139000 | 138797 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $138,796) |  | 138797 |

---

---

| | | |
|:---|:---|:---|
| **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 115.2%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 115.2%** | **REPURCHASE AGREEMENTS<sup>††,5</sup>** **- 115.2%** |
| **Individual Repurchase Agreements** | **Individual Repurchase Agreements** | **Individual Repurchase Agreements** |
| Barclays Capital, Inc. issued 09/30/25 at 3.75% due 10/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.75% and maturing 08/15/2055 as collateral, with a value of $7,095,375) to be repurchased at $6,956,975 | 6956250 | 6956250 |
| Mizuho Securities USA LLC<br> issued 09/30/25 at 3.90% <br> due 10/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.75% and maturing 08/15/2055 as collateral, with a value of $4,961,250) to be repurchased at $4,863,971 | 4863971 | 4863971 |
| **Joint Repurchase Agreements** |  |  |
| J.P. Morgan Securities LLC issued 09/30/25 at 4.20% due 10/01/25 | 3777366 | 3777366 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 2718062 | 2718062 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $18,315,649) |  | 18315649 |
| **Total Investments - 169.7%** | **Total Investments - 169.7%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $26,902,369) | &nbsp;&nbsp;&nbsp;(Cost $26,902,369) | 26973586 |
| **U.S. Government Securities Sold Short<sup>†</sup>** **- (82.7)%** | **U.S. Government Securities Sold Short<sup>†</sup>** **- (82.7)%** | **U.S. Government Securities Sold Short<sup>†</sup>** **- (82.7)%** |
| U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
| &nbsp;&nbsp;&nbsp;4.75% due 08/15/55<sup>††</sup> | 13100000 | (13147078) |
| **Total U.S. Government Securities Sold Short - (82.7)%** | **Total U.S. Government Securities Sold Short - (82.7)%** |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $12,864,742) | &nbsp;&nbsp;&nbsp;(Proceeds $12,864,742) | $(13147078) |
| **Other Assets & Liabilities, net - 13.0%** | **Other Assets & Liabilities, net - 13.0%** | 2073387 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $15899895 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |
| U.S. Treasury Ultra Long Bond Futures Contracts | 24 | Dec 2025 | $2884500 | $(20283) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 319

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **INVERSE GOVERNMENT LONG BOND STRATEGY FUND** |  |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| \*\*\* | &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;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <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;Rate indicated is the effective yield at the time of purchase. |
| <sup>5</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

The following table summarizes the inputs used to value the Fund's investments at 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** |
| Mutual Funds | $6713204 | $— | $— | $6713204 |
| Money Market Fund | 5905 |  |  | 5905 |
| Federal Agency Notes |  | 1800031 |  | 1800031 |
| U.S. Treasury Bills |  | 138797 |  | 138797 |
| Repurchase Agreements |  | 18315649 |  | 18315649 |
| Total Assets | $6719109 | $20254477 | $— | $26973586 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| U.S. Government Securities Sold Short | $— | $13147078 | $— | $13147078 |
| Interest Rate Futures Contracts\*\* | 20283 |  |  | 20283 |
| Total Liabilities | $20283 | $13147078 | $— | $13167361 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

320 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INVERSE GOVERNMENT LONG BOND STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $3419634 | $— | $— | $— | $2752 | $3422386 | 137556 | $91562 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 3277747 |  |  |  | 13071 | 3290818 | 326794 | 71849 |
|  | $6697381 | $— | $— | $— | $15823 | $6713204 |  | $163411 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 321

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $1,944,701) | $1944733 |
| Investments in affiliated issuers, at value (cost $6,642,019) | 6713204 |
| Repurchase agreements, at value (cost $18,315,649) | 18315649 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Securities sold | 1204313 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 1081045 |
| &nbsp;&nbsp;&nbsp;Dividends | 26155 |
| &nbsp;&nbsp;&nbsp;Interest | 24017 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 10500 |
| **Total assets** | 29319616 |
| **Liabilities:** | **Liabilities:** |
| Securities sold short, at value (proceeds $12,864,742) | 13147078 |
| Overdraft due to custodian bank | 134459 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Interest on short sales | 79472 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 28377 |
| &nbsp;&nbsp;&nbsp;Management fees | 10713 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 5119 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 1444 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 663 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 169 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 12227 |
| **Total liabilities** | 13419721 |
| **Net assets** | $15899895 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $251061499 |
| Total distributable earnings (loss) | (235161604) |
| Net assets | $15899895 |
| **Investor Class:** | **Investor Class:** |
| Net assets | $9979394 |
| Capital shares outstanding | 50456 |
| Net asset value per share | $197.78 |
| **Class A:** | **Class A:** |
| Net assets | $2250486 |
| Capital shares outstanding | 12124 |
| Net asset value per share | $185.62 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $194.88 |
| **Class C:** | **Class C:** |
| Net assets | $474177 |
| Capital shares outstanding | 3148 |
| Net asset value per share | $150.65 |
| **Class H:** | **Class H:** |
| Net assets | $3195838 |
| Capital shares outstanding | 17134 |
| Net asset value per share | $186.52 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $163411 |
| Interest | 518140 |
| &nbsp;&nbsp;&nbsp;Total investment income | 681551 |
| **Expenses:** | **Expenses:** |
| Management fees | 79788 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 3094 |
| &nbsp;&nbsp;&nbsp;Class C | 2446 |
| &nbsp;&nbsp;&nbsp;Class H | 3914 |
| Transfer agent fees | 19176 |
| Interest expense | 329692 |
| Portfolio accounting and administration fees | 13520 |
| Professional fees | 4189 |
| Custodian fees | 1240 |
| Trustees' fees\* | 1196 |
| Miscellaneous | 14426 |
| &nbsp;&nbsp;&nbsp;Total expenses | 472681 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (8865) |
| Expenses waived by Adviser | (4115) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (12980) |
| Net expenses | 459701 |
| Net investment income | 221850 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 2165 |
| &nbsp;&nbsp;&nbsp;Investments sold short | 369452 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 60075 |
| Net realized gain | 431692 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (1) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 15823 |
| &nbsp;&nbsp;&nbsp;Investments sold short | (172466) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (50091) |
| Net change in unrealized appreciation (depreciation) | (206735) |
| Net realized and unrealized gain | 224957 |
| **Net increase in net assets resulting from operations** | $446807 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

322 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $221850 | $677926 |
| Net realized gain on investments | 431692 | 80942 |
| Net change in unrealized appreciation (depreciation) on investments | (206735) | 282010 |
| Net increase in net assets resulting from operations | 446807 | 1040878 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | (679462) |
| &nbsp;&nbsp;&nbsp;Class A |  | (209796) |
| &nbsp;&nbsp;&nbsp;Class C |  | (46981) |
| &nbsp;&nbsp;&nbsp;Class H |  | (228988) |
| Total distributions to shareholders |  | (1165227) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 44774682 | 93688545 |
| &nbsp;&nbsp;&nbsp;Class A | 161346 | 1199372 |
| &nbsp;&nbsp;&nbsp;Class C | 2799 | 75313 |
| &nbsp;&nbsp;&nbsp;Class H | 1586523 | 5762410 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 649543 |
| &nbsp;&nbsp;&nbsp;Class A |  | 188189 |
| &nbsp;&nbsp;&nbsp;Class C |  | 46981 |
| &nbsp;&nbsp;&nbsp;Class H |  | 228318 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (45236861) | (97187867) |
| &nbsp;&nbsp;&nbsp;Class A | (510276) | (1709139) |
| &nbsp;&nbsp;&nbsp;Class C | (20462) | (215257) |
| &nbsp;&nbsp;&nbsp;Class H | (1616660) | (5608246) |
| Net decrease from capital share transactions | (858909) | (2881838) |
| Net decrease in net assets | (412102) | (3006187) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 16311997 | 19318184 |
| &nbsp;&nbsp;&nbsp;End of period | $15899895 | $16311997 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | 224228 | 472974 |
| &nbsp;&nbsp;&nbsp;Class A | 843 | 6419 |
| &nbsp;&nbsp;&nbsp;Class C | 18 | 493 |
| &nbsp;&nbsp;&nbsp;Class H | 8388 | 30333 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class |  | 3423 |
| &nbsp;&nbsp;&nbsp;Class A |  | 1055 |
| &nbsp;&nbsp;&nbsp;Class C |  | 322 |
| &nbsp;&nbsp;&nbsp;Class H |  | 1273 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Investor Class | (226737) | (491543) |
| &nbsp;&nbsp;&nbsp;Class A | (2675) | (9232) |
| &nbsp;&nbsp;&nbsp;Class C | (131) | (1382) |
| &nbsp;&nbsp;&nbsp;Class H | (8608) | (29390) |
| Net decrease in shares | (4674) | (15255) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 323

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Investor Class** | **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 | $191.99 | $192.41 | $166.83 | $133.30 | $139.52 | $114.58 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 2.62 | 7.65 | 8.64 | (.15) | (3.89) | (1.30) |
| Net gain (loss) on investments (realized and unrealized) | 3.17 | 7.22 | 19.22 | 33.68 | (2.33) | 26.68 |
| Total from investment operations | 5.79 | 14.87 | 27.86 | 33.53 | (6.22) | 25.38 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (15.29) | (2.28) |  |  | (.44) |
| Total distributions |  | (15.29) | (2.28) |  |  | (.44) |
| Net asset value, end of period | $197.78 | $191.99 | $192.41 | $166.83 | $133.30 | $139.52 |
| **Total Return** | **3.02%** | **7.82%** | **16.72%** | **25.15%** | **(4.46** **%)** | **22.19%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $9979 | $10169 | $13105 | $29663 | $78436 | $36863 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.61% | 3.87% | 4.62% | (0.09%) | (3.02%) | (2.46%) |
| Total expenses<sup>c</sup> | 5.23% | 5.10% | 4.75% | 4.32% | 3.31% | 2.75% |
| Net expenses<sup>d,e</sup> | 5.08% | 4.95% | 4.63% | 4.28% | 3.29% | 2.73% |
| Portfolio turnover rate | 309% | 643% | 662% | 1076% | 2058% | 2159% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $180.41 | $182.11 | $158.40 | $126.88 | $133.13 | $109.61 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 2.23 | 6.88 | 7.77 | .56 | (3.77) | (1.09) |
| Net gain (loss) on investments (realized and unrealized) | 2.98 | 6.71 | 18.22 | 30.96 | (2.48) | 25.05 |
| Total from investment operations | 5.21 | 13.59 | 25.99 | 31.52 | (6.25) | 23.96 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (15.29) | (2.28) |  |  | (.44) |
| Total distributions |  | (15.29) | (2.28) |  |  | (.44) |
| Net asset value, end of period | $185.62 | $180.41 | $182.11 | $158.40 | $126.88 | $133.13 |
| **Total Return<sup>f</sup>** | **2.89%** | **7.56%** | **16.42%** | **24.84%** | **(4.69** **%)** | **21.95%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2250 | $2518 | $2862 | $3677 | $4385 | $4798 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.36% | 3.69% | 4.40% | 0.37% | (3.11%) | (2.59%) |
| Total expenses<sup>c</sup> | 5.48% | 5.34% | 5.01% | 4.61% | 3.47% | 2.97% |
| Net expenses<sup>d,e</sup> | 5.33% | 5.18% | 4.88% | 4.56% | 3.45% | 2.94% |
| Portfolio turnover rate | 309% | 643% | 662% | 1076% | 2058% | 2159% |

---

324 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (continued)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **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 | $146.97 | $152.14 | $133.62 | $107.86 | $114.03 | $94.64 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.24 | 4.57 | 5.42 | (1.03) | (4.01) | (1.11) |
| Net gain (loss) on investments (realized and unrealized) | 2.44 | 5.55 | 15.38 | 26.79 | (2.16) | 20.94 |
| Total from investment operations | 3.68 | 10.12 | 20.80 | 25.76 | (6.17) | 19.83 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (15.29) | (2.28) |  |  | (.44) |
| Total distributions |  | (15.29) | (2.28) |  |  | (.44) |
| Net asset value, end of period | $150.65 | $146.97 | $152.14 | $133.62 | $107.86 | $114.03 |
| **Total Return<sup>f</sup>** | **2.50%** | **6.75%** | **15.56%** | **23.88%** | **(5.41** **%)** | **21.00%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $474 | $479 | $582 | $886 | $1048 | $1500 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.61% | 2.97% | 3.64% | (0.79%) | (3.85%) | (3.32%) |
| Total expenses<sup>c</sup> | 6.23% | 6.08% | 5.76% | 5.35% | 4.22% | 3.70% |
| Net expenses<sup>d,e</sup> | 6.08% | 5.93% | 5.64% | 5.31% | 4.19% | 3.68% |
| Portfolio turnover rate | 309% | 643% | 662% | 1076% | 2058% | 2159% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 325

**INVERSE GOVERNMENT LONG BOND STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $181.29 | $182.92 | $159.09 | $127.42 | $133.70 | $109.85 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 2.24 | 6.80 | 7.67 | (.55) | (3.95) | (.98) |
| Net gain (loss) on investments (realized and unrealized) | 2.99 | 6.86 | 18.44 | 32.22 | (2.33) | 25.27 |
| Total from investment operations | 5.23 | 13.66 | 26.11 | 31.67 | (6.28) | 24.29 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (15.29) | (2.28) |  |  | (.44) |
| Total distributions |  | (15.29) | (2.28) |  |  | (.44) |
| Net asset value, end of period | $186.52 | $181.29 | $182.92 | $159.09 | $127.42 | $133.70 |
| **Total Return** | **2.89%** | **7.56%** | **16.43%** | **24.85%** | **(4.70** **%)** | **22.18%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3196 | $3146 | $2769 | $14072 | $11922 | $7472 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.36% | 3.64% | 4.37% | (0.36%) | (3.20%) | (2.62%) |
| Total expenses<sup>c</sup> | 5.47% | 5.34% | 4.99% | 4.55% | 3.49% | 2.94% |
| Net expenses<sup>d,e</sup> | 5.33% | 5.19% | 4.88% | 4.51% | 3.47% | 2.92% |
| Portfolio turnover rate | 309% | 643% | 662% | 1076% | 2058% | 2159% |

---

<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> Does not include expenses of the underlying funds in which the Fund invests.

<sup>d</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>e</sup> Net expense may include expenses related to short sales. Excluding these expenses, the net expense ratios for the periods presented would be:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **09/30/25<sup>a</sup>** | **03/31/25** | **03/31/24** | **03/31/23** | **03/31/22** | **03/31/21** |
| Investor Class | 1.36% | 1.33% | 1.37% | 1.40% | 1.39% | 1.47% |
| Class A | 1.61% | 1.58% | 1.61% | 1.64% | 1.63% | 1.73% |
| Class C | 2.35% | 2.33% | 2.36% | 2.40% | 2.38% | 2.48% |
| Class H | 1.60% | 1.59% | 1.62% | 1.65% | 1.64% | 1.73% |

---

<sup>f</sup> Total return does not reflect the impact of any applicable sales charges.

326 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **HIGH YIELD STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 20.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 20.5%** | **MUTUAL FUNDS<sup>†</sup>** **- 20.5%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III<sup>1</sup> | 79841 | $1992035 |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 133249 | 1341817 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 53173 | 1322938 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,578,426) |  | 4656790 |
|  | **Face<br> Amount** |  |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 29.0%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 29.0%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 29.0%** |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;4.15% (SOFR + 0.02%, Rate Floor: 0.00%) due 11/06/25<sup>◊</sup> | $2000000 | 2000034 |
| &nbsp;&nbsp;&nbsp;4.13% (Fed Funds Effective Rate + 0.04%, Rate Floor: 0.00%) due 01/06/26<sup>◊</sup> | 1500000 | 1499911 |
| &nbsp;&nbsp;&nbsp;4.29% (SOFR + 0.16%, Rate Floor: 0.00%) due 10/27/25<sup>◊</sup> | 1300000 | 1300147 |
| 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> | 1500000 | 1500027 |
| &nbsp;&nbsp;&nbsp;4.28% (SOFR + 0.15%, Rate Floor: 0.00%) due 12/08/25<sup>◊</sup> | 275000 | 275082 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,575,282) |  | 6575201 |

---

---

| | | |
|:---|:---|:---|
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 9.5%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 9.5%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 9.5%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.00% due 10/08/25<sup>2</sup> | 2150000 | 2148355 |
| **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,148,328) |  | 2148355 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 3.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.4%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 3.4%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | 770000 | 768877 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $768,870) |  | 768877 |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 32.2%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 32.2%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 32.2%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 4254420 | 4254420 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 3061333 | 3061333 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $7,315,753) |  | 7315753 |
| **Total Investments - 94.6%** | **Total Investments - 94.6%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $21,386,659) | &nbsp;&nbsp;&nbsp;(Cost $21,386,659) | $21464976 |
| **Other Assets & Liabilities, net - 5.4%** | **Other Assets & Liabilities, net - 5.4%** | 1230257 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $22695233 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> (Depreciation)\*\*** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** | **Interest Rate Futures Contracts Purchased<sup>†</sup>** |
| U.S. Treasury 5 Year Note Futures Contracts | 204 | Dec 2025 | $22272656 | $(1945) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Sold<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> Paid** | **Unrealized <br> Appreciation\*\*** |
| Barclays Bank plc<br> ICE | CDX.NA.HY.45.V1 | 5.00% | Quarterly | 12/20/30 | $13150000 | $1016738 | $997046 | $19692 |
| Goldman Sachs International<br> ICE | CDX.NA.HY.45.V1 | 5.00% | Quarterly | 12/20/30 | 6700000 | 518034 | 508336 | 9698 |
|  |  |  |  |  |  | $1534772 | $1505382 | $29390 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 327

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **HIGH YIELD STRATEGY FUND** |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** | **OTC Credit Index Swap Agreements<sup>††</sup>** |
| Goldman Sachs International | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.09% (Federal<br> Funds Rate) | At Maturity | 10/29/25 | 16337 | $1326401 | $653 |
| BNP Paribas | iShares iBoxx $ High Yield Corporate Bond ETF | Pay | 4.64% (Federal<br> Funds Rate +<br> 0.55%) | At Maturity | 11/20/25 | 1222 | 99230 | 49 |
| BNP Paribas | SPDR Bloomberg High Yield Bond ETF | Pay | 4.64% (Federal<br> Funds Rate + 0.55%) | At Maturity | 11/20/25 | 1788 | 175216 | 18 |
|  |  |  |  |  |  |  | $1600847 | $720 |

---

---

| | |
|:---|:---|
| \*\* | &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;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the effective yield at the time of purchase. |
| <sup>3</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures and credit default swap collateral at September 30, 2025. |
| <sup>4</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;CDX.NA.HY.45.V1 — Credit Default Swap North American High Yield Series 45 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;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** |
| Mutual Funds | $4656790 | $— | $— | $4656790 |
| Federal Agency Notes |  | 6575201 |  | 6575201 |
| Federal Agency Discount Notes |  | 2148355 |  | 2148355 |
| U.S. Treasury Bills |  | 768877 |  | 768877 |
| Repurchase Agreements |  | 7315753 |  | 7315753 |
| Credit Default Swap Agreements\*\* |  | 29390 |  | 29390 |
| Credit Index Swap Agreements\*\* |  | 720 |  | 720 |
| Total Assets | $4656790 | $16838296 | $— | $21495086 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Interest Rate Futures Contracts\*\* | $1945 | $– $– $| 1945 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

328 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **HIGH YIELD STRATEGY FUND** |  |

---

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $1321874 | $— | $— | $— | $1064 | $1322938 | 53173 | $35394 |
| &nbsp;&nbsp;Guggenheim Strategy Fund III | 1990438 |  |  |  | 1597 | 1992035 | 79841 | 54580 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 1336487 |  |  |  | 5330 | 1341817 | 133249 | 29296 |
|  | $4648799 | $— | $— | $— | $7991 | $4656790 |  | $119270 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 329

**HIGH YIELD STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $9,492,480) | $9492433 |
| Investments in affiliated issuers, at value (cost $4,578,426) | 4656790 |
| Repurchase agreements, at value (cost $7,315,753) | 7315753 |
| Segregated cash with broker | 682037 |
| Unamortized upfront premiums paid on credit default swap agreements | 1505382 |
| Unrealized appreciation on OTC swap agreements | 720 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Swap settlement | 1555783 |
| &nbsp;&nbsp;&nbsp;Interest | 56503 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 24812 |
| &nbsp;&nbsp;&nbsp;Dividends | 19440 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 3756 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 3418 |
| **Total assets** | 25316827 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 45797 |
| Segregated cash due to broker | 364048 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Securities purchased | 1505382 |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 630273 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 27092 |
| &nbsp;&nbsp;&nbsp;Management fees | 14753 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 7797 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 5259 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 2053 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 260 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 18880 |
| **Total liabilities** | 2621594 |
| **Net assets** | $22695233 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $32826987 |
| Total distributable earnings (loss) | (10131754) |
| Net assets | $22695233 |
| **Class A:** | **Class A:** |
| Net assets | $3100506 |
| Capital shares outstanding | 23998 |
| Net asset value per share | $129.20 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $135.64 |
| **Class C:** | **Class C:** |
| Net assets | $426643 |
| Capital shares outstanding | 4075 |
| Net asset value per share | $104.69 |
| **Class H:** | **Class H:** |
| Net assets | $19168084 |
| Capital shares outstanding | 148444 |
| Net asset value per share | $129.13 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $119270 |
| Interest | 409171 |
| &nbsp;&nbsp;&nbsp;Total investment income | 528441 |
| **Expenses:** | **Expenses:** |
| Management fees | 92805 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 4090 |
| &nbsp;&nbsp;&nbsp;Class C | 2177 |
| &nbsp;&nbsp;&nbsp;Class H | 26300 |
| Transfer agent fees | 26536 |
| Portfolio accounting and administration fees | 18870 |
| Registration fees | 18373 |
| Professional fees | 4770 |
| Trustees' fees\* | 2099 |
| Custodian fees | 1769 |
| Line of credit fees | 8 |
| Miscellaneous | 1882 |
| &nbsp;&nbsp;&nbsp;Total expenses | 199679 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (6187) |
| Expenses waived by Adviser | (1678) |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (7865) |
| Net expenses | 191814 |
| Net investment income | 336627 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 13360 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 905754 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 104900 |
| Net realized gain | 1024014 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (353) |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 7991 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 222208 |
| &nbsp;&nbsp;&nbsp;Futures contracts | (149483) |
| Net change in unrealized appreciation (depreciation) | 80363 |
| Net realized and unrealized gain | 1104377 |
| **Net increase in net assets resulting from operations** | $1441004 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

330 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HIGH YIELD STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $336627 | $1169162 |
| Net realized gain on investments | 1024014 | 1148791 |
| Net change in unrealized appreciation (depreciation) on investments | 80363 | (151637) |
| Net increase in net assets resulting from operations | 1441004 | 2166316 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (198754) |
| &nbsp;&nbsp;&nbsp;Class C |  | (34933) |
| &nbsp;&nbsp;&nbsp;Class H |  | (2091935) |
| Total distributions to shareholders |  | (2325622) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 153527 | 1452134 |
| &nbsp;&nbsp;&nbsp;Class C | 69129 | 351315 |
| &nbsp;&nbsp;&nbsp;Class H | 81066065 | 201007649 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 198011 |
| &nbsp;&nbsp;&nbsp;Class C |  | 33671 |
| &nbsp;&nbsp;&nbsp;Class H |  | 2083585 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (809127) | (1111779) |
| &nbsp;&nbsp;&nbsp;Class C | (146586) | (315389) |
| &nbsp;&nbsp;&nbsp;Class H | (86950250) | (211912158) |
| Net decrease from capital share transactions | (6617242) | (8212961) |
| Net decrease in net assets | (5176238) | (8372267) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 27871471 | 36243738 |
| &nbsp;&nbsp;&nbsp;End of period | $22695233 | $27871471 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1251 | 11911 |
| &nbsp;&nbsp;&nbsp;Class C | 691 | 3479 |
| &nbsp;&nbsp;&nbsp;Class H | 653634 | 1613119 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 1644 |
| &nbsp;&nbsp;&nbsp;Class C |  | 343 |
| &nbsp;&nbsp;&nbsp;Class H |  | 17313 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6537) | (8919) |
| &nbsp;&nbsp;&nbsp;Class C | (1482) | (3091) |
| &nbsp;&nbsp;&nbsp;Class H | (703601) | (1702902) |
| Net decrease in shares | (56044) | (67103) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 331

**HIGH YIELD STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $120.38 | $121.29 | $114.48 | $117.11 | $122.60 | $108.68 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.73 | 3.92 | 3.96 | 1.41 | (1.36) | (.55) |
| Net gain (loss) on investments (realized and unrealized) | 7.09 | 3.87 | 7.66 | (3.68) | (4.13) | 14.47 <sup>f</sup> |
| Total from investment operations | 8.82 | 7.79 | 11.62 | (2.27) | (5.49) | 13.92 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.70) | (4.81) | (.36) |  |  |
| Total distributions |  | (8.70) | (4.81) | (.36) |  |  |
| Net asset value, end of period | $129.20 | $120.38 | $121.29 | $114.48 | $117.11 | $122.60 |
| **Total Return<sup>c</sup>** | **7.33%** | **6.41%** | **10.33%** | **(1.89** **%)** | **(4.48** **%)** | **12.81%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3101 | $3525 | $2990 | $2524 | $2962 | $4021 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.77% | 3.18% | 3.40% | 1.28% | (1.10%) | (1.21 %) |
| Total expenses<sup>d</sup> | 1.60% | 1.59% | 1.59% | 1.54% | 1.51% | 1.60% |
| Net expenses<sup>e</sup> | 1.54% | 1.53% | 1.54% | 1.52% | 1.49% | 1.57% |
| Portfolio turnover rate |  |  |  |  | 40% | 134% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $97.91 | $100.93 | $96.73 | $99.75 | $105.21 | $93.96 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.02 | 2.48 | 2.49 | .50 | (1.97) | (.81) |
| Net gain (loss) on investments (realized and unrealized) | 5.76 | 3.20 | 6.52 | (3.16) | (3.49) | 12.06 <sup>f</sup> |
| Total from investment operations | 6.78 | 5.68 | 9.01 | (2.66) | (5.46) | 11.25 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.70) | (4.81) | (.36) |  |  |
| Total distributions |  | (8.70) | (4.81) | (.36) |  |  |
| Net asset value, end of period | $104.69 | $97.91 | $100.93 | $96.73 | $99.75 | $105.21 |
| **Total Return<sup>c</sup>** | **6.91%** | **5.62%** | **9.51%** | **(2.62** **%)** | **(5.19** **%)** | **11.97%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $427 | $476 | $417 | $1251 | $1313 | $2136 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.02% | 2.44% | 2.55% | 0.53% | (1.86%) | (1.96 %) |
| Total expenses<sup>d</sup> | 2.35% | 2.34% | 2.33% | 2.29% | 2.26% | 2.34% |
| Net expenses<sup>e</sup> | 2.29% | 2.28% | 2.30% | 2.27% | 2.24% | 2.32% |
| Portfolio turnover rate |  |  |  |  | 40% | 134% |

---

332 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**HIGH YIELD STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $120.31 | $121.22 | $114.41 | $117.03 | $122.51 | $108.54 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.70 | 3.95 | 3.98 | 1.61 | (1.41) | (.47) |
| Net gain (loss) on investments (realized and unrealized) | 7.12 | 3.84 | 7.64 | (3.87) | (4.07) | 14.44 <sup>f</sup> |
| Total from investment operations | 8.82 | 7.79 | 11.62 | (2.26) | (5.48) | 13.97 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (8.70) | (4.81) | (.36) |  |  |
| Total distributions |  | (8.70) | (4.81) | (.36) |  |  |
| Net asset value, end of period | $129.13 | $120.31 | $121.22 | $114.41 | $117.03 | $122.51 |
| **Total Return** | **7.34%** | **6.41%** | **10.32%** | **(1.88** **%)** | **(4.47** **%)** | **12.87%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $19168 | $23870 | $32837 | $14924 | $16947 | $19835 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.73% | 3.20% | 3.41% | 1.45% | (1.14%) | (1.23 %) |
| Total expenses<sup>d</sup> | 1.60% | 1.59% | 1.58% | 1.55% | 1.51% | 1.61% |
| Net expenses<sup>e</sup> | 1.54% | 1.53% | 1.54% | 1.53% | 1.49% | 1.59% |
| Portfolio turnover rate |  |  |  |  | 40% | 134% |

---

<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 period does not agree with the aggregate net loss on investments for the year because of sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 333

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **INVERSE HIGH YIELD STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup>** **- 48.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 48.9%** | **MUTUAL FUNDS<sup>†</sup>** **- 48.9%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 16720 | $168368 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 6753 | 168013 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $331,495) |  | 336381 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 1.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.0%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.0%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.92% due 10/14/25<sup>2,3</sup> | $7000 | 6989 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,990) |  | 6989 |

---

---

| | | |
|:---|:---|:---|
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 45.5%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 45.5%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 45.5%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 182111 | 182111 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 131041 | 131041 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $313,152) |  | 313152 |
| **Total Investments - 95.4%** | **Total Investments - 95.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $651,637) | &nbsp;&nbsp;&nbsp;(Cost $651,637) | $656522 |
| **Other Assets & Liabilities, net - 4.6%** | **Other Assets & Liabilities, net - 4.6%** | 31691 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $688213 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Depreciation\*\*** |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** | **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |
| U.S. Treasury 5 Year Note Futures Contracts | 6 | Dec 2025 | $655078 | $(424) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** | **Centrally Cleared Credit Default Swap Agreements Protection Purchased<sup>††</sup>** |
| **Counterparty** | **Index** | **Protection <br> Premium <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value** | **Upfront <br> Premiums <br> (Received)** | **Unrealized <br> Depreciation\*\*** |
| Barclays Bank plc<br> ICE | CDX.NA.HY.45.V1 | 5.00% | Quarterly | 12/20/30 | $650000 | $(50257) | $(49227) | $(1030) |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at 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;CDX.NA.HY.45.V1 — Credit Default Swap North American High Yield Series 45 Index Version 1 |
|  | &nbsp;&nbsp;&nbsp;ICE — Intercontinental Exchange |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

334 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INVERSE HIGH YIELD 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** |
| Mutual Funds | $336381 | $— | $— | $336381 |
| U.S. Treasury Bills |  | 6989 |  | 6989 |
| Repurchase Agreements |  | 313152 |  | 313152 |
| Total Assets | $336381 | $320141 | $— | $656522 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Interest Rate Futures Contracts\*\* | $424 | $— | $— | $424 |
| Credit Default Swap Agreements\*\* |  | 1030 |  | 1030 |
| Total Liabilities | $424 | $1030 | $— | $1454 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $227829 | $— | $(60000) | $844 | $(660) | $168013 | 6753 | $5994 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 227461 |  | (60000) | 893 | 14 | 168368 | 16720 | 4895 |
|  | $455290 | $— | $(120000) | $1737 | $(646) | $336381 |  | $10889 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 335

**INVERSE HIGH YIELD STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $6,990) | $6989 |
| Investments in affiliated issuers, at value (cost $331,495) | 336381 |
| Repurchase agreements, at value (cost $313,152) | 313152 |
| Segregated cash with broker | 72871 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Variation margin on credit default swap agreements | 11628 |
| &nbsp;&nbsp;&nbsp;Dividends | 1577 |
| &nbsp;&nbsp;&nbsp;Interest | 37 |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 30 |
| **Total assets** | 742665 |
| **Liabilities:** | **Liabilities:** |
| Unamortized upfront premiums received on credit default swap agreements | 49227 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Swap settlement | 1802 |
| &nbsp;&nbsp;&nbsp;Protection fees on credit default swap agreements | 812 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 531 |
| &nbsp;&nbsp;&nbsp;Management fees | 382 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 144 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 141 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 64 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 58 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 17 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 1274 |
| **Total liabilities** | 54452 |
| **Net assets** | $688213 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $12176612 |
| Total distributable earnings (loss) | (11488399) |
| Net assets | $688213 |
| **Class A:** | **Class A:** |
| Net assets | $231655 |
| Capital shares outstanding | 4960 |
| Net asset value per share | $46.70 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $49.03 |
| **Class C:** | **Class C:** |
| Net assets | $3932 |
| Capital shares outstanding | 98 |
| Net asset value per share | $40.49 |
| **Class H:** | **Class H:** |
| Net assets | $452626 |
| Capital shares outstanding | 9455 |
| Net asset value per share | $47.88 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of affiliated issuers | $10889 |
| Interest | 46087 |
| &nbsp;&nbsp;&nbsp;Total investment income | 56976 |
| **Expenses:** | **Expenses:** |
| Management fees | 10157 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 1039 |
| &nbsp;&nbsp;&nbsp;Class C | 26 |
| &nbsp;&nbsp;&nbsp;Class H | 2340 |
| Transfer agent fees | 3307 |
| Registration fees | 2341 |
| Portfolio accounting and administration fees | 2065 |
| Professional fees | 612 |
| Trustees' fees\* | 230 |
| Custodian fees | 194 |
| Miscellaneous | 6 |
| &nbsp;&nbsp;&nbsp;Total expenses | 22317 |
| Less: | Less: |
| Expenses reimbursed by Adviser: | (677) |
| Expenses waived by Adviser | (281) |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (958) |
| Net expenses | 21359 |
| Net investment income | 35617 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 1737 |
| &nbsp;&nbsp;&nbsp;Swap agreements | (445617) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 66518 |
| Net realized loss | (377362) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | (646) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (22795) |
| &nbsp;&nbsp;&nbsp;Futures contracts | 18606 |
| Net change in unrealized appreciation (depreciation) | (4835) |
| Net realized and unrealized loss | (382197) |
| **Net decrease in net assets resulting from operations** | $(346580) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

336 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE HIGH YIELD 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 | $35617 | $166771 |
| Net realized loss on investments | (377362) | (215352) |
| Net change in unrealized appreciation (depreciation) on investments | (4835) | 41897 |
| Net decrease in net assets resulting from operations | (346580) | (6684) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 5565621 | 189227 |
| &nbsp;&nbsp;&nbsp;Class C | 1674 | 19378 |
| &nbsp;&nbsp;&nbsp;Class H | 14598678 | 37379350 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5593237) | (92138) |
| &nbsp;&nbsp;&nbsp;Class C | (5907) | (34610) |
| &nbsp;&nbsp;&nbsp;Class H | (17413356) | (39938489) |
| Net decrease from capital share transactions | (2846527) | (2477282) |
| Net decrease in net assets | (3193107) | (2483966) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 3881320 | 6365286 |
| &nbsp;&nbsp;&nbsp;End of period | $688213 | $3881320 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 112462 | 3901 |
| &nbsp;&nbsp;&nbsp;Class C | 39 | 454 |
| &nbsp;&nbsp;&nbsp;Class H | 288155 | 747220 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (114293) | (1904) |
| &nbsp;&nbsp;&nbsp;Class C | (140) | (826) |
| &nbsp;&nbsp;&nbsp;Class H | (349607) | (799089) |
| Net decrease in shares | (63384) | (50244) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 337

**INVERSE HIGH YIELD STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $48.74 | $48.49 | $49.81 | $49.19 | $50.15 | $62.01 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .65 | 1.62 | 1.72 | (.01) | (.64) | (.68) |
| Net gain (loss) on investments (realized and unrealized) | (2.69) | (1.37) | (3.04) | .63 <sup>f</sup> | .82 | (7.31) |
| Total from investment operations | (2.04) | .25 | (1.32) | .62 | .18 | (7.99) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  |  | (1.14) | (3.87) |
| Total distributions |  |  |  |  | (1.14) | (3.87) |
| Net asset value, end of period | $46.70 | $48.74 | $48.49 | $49.81 | $49.19 | $50.15 |
| **Total Return<sup>c</sup>** | **(4.19** **%)** | **0.52%** | **(2.65** **%)** | **1.26%** | **0.47%** | **(12.88** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $232 | $331 | $232 | $351 | $238 | $5612 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.62% | 3.34% | 3.43% | (0.02 %) | (1.31%) | (1.28%) |
| Total expenses<sup>d</sup> | 1.64% | 1.56% | 1.58% | 1.55% | 1.50% | 1.56% |
| Net expenses<sup>e</sup> | 1.57% | 1.48% | 1.54% | 1.55% | 1.49% | 1.54% |
| Portfolio turnover rate |  |  |  |  | 344% | 438% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $42.41 | $42.50 | $44.00 | $43.75 | $44.74 | $56.62 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .41 | 1.14 | 1.17 | .01 | (.81) | (.90) |
| Net gain (loss) on investments (realized and unrealized) | (2.33) | (1.23) | (2.67) | .24 <sup>f</sup> | .96 | (7.11) |
| Total from investment operations | (1.92) | (.09) | (1.50) | .25 | .15 | (8.01) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  |  | (1.14) | (3.87) |
| Total distributions |  |  |  |  | (1.14) | (3.87) |
| Net asset value, end of period | $40.49 | $42.41 | $42.50 | $44.00 | $43.75 | $44.74 |
| **Total Return<sup>c</sup>** | **(4.53** **%)** | **(0.21** **%)** | **(3.41** **%)** | **0.57%** | **0.45%** | **(14.23** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $4 | $8 | $24 | $85 | $119 | $162 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.94% | 2.69% | 2.64% | 0.01% | (1.88%) | (1.78%) |
| Total expenses<sup>d</sup> | 2.37% | 2.32% | 2.33% | 2.29% | 2.26% | 2.36% |
| Net expenses<sup>e</sup> | 2.25% | 2.25% | 2.29% | 2.29% | 2.22% | 2.31% |
| Portfolio turnover rate |  |  |  |  | 344% | 438% |

---

338 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE HIGH YIELD STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $49.95 | $49.75 | $51.12 | $50.44 | $50.99 | $63.45 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .66 | 1.72 | 1.75 | .47 | (.68) | (.74) |
| Net gain (loss) on investments (realized and unrealized) | (2.73) | (1.52) | (3.12) | .21 <sup>f</sup> | 1.27 | (7.85) |
| Total from investment operations | (2.07) | .20 | (1.37) | .68 | .59 | (8.59) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  |  |  |  | (1.14) | (3.87) |
| Total distributions |  |  |  |  | (1.14) | (3.87) |
| Net asset value, end of period | $47.88 | $49.95 | $49.75 | $51.12 | $50.44 | $50.99 |
| **Total Return** | **(4.14** **%)** | **0.40%** | **(2.68** **%)** | **1.35%** | **1.27%** | **(13.58** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $453 | $3542 | $6109 | $17927 | $6706 | $3719 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.63% | 3.44% | 3.39% | 0.88% | (1.35%) | (1.26%) |
| Total expenses<sup>d</sup> | 1.65% | 1.56% | 1.58% | 1.54% | 1.52% | 1.62% |
| Net expenses<sup>e</sup> | 1.58% | 1.50% | 1.55% | 1.53% | 1.51% | 1.60% |
| Portfolio turnover rate |  |  |  |  | 344% | 438% |

---

<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 period does not agree with the aggregate net loss on investments for the year because of the sales and repurchases 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 \| 339

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **EMERGING MARKETS 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 41.2%** | **COMMON STOCKS<sup>†</sup>** **- 41.2%** | **COMMON STOCKS<sup>†</sup>** **- 41.2%** |
| **Communications - 15.6%** | **Communications - 15.6%** | **Communications - 15.6%** |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. ADR | 5603 | $1001424 |
| &nbsp;&nbsp;&nbsp;PDD Holdings, Inc. ADR\* | 1616 | 213587 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. ADR | 3617 | 126523 |
| &nbsp;&nbsp;&nbsp;Trip.com Group Ltd. ADR | 1517 | 114078 |
| &nbsp;&nbsp;&nbsp;Baidu, Inc. ADR\* | 694 | 91448 |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV ADR | 2260 | 47460 |
| &nbsp;&nbsp;&nbsp;Chunghwa Telecom Company Ltd. ADR | 949 | 41395 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | 1234 | 28802 |
| &nbsp;&nbsp;&nbsp;Full Truck Alliance Company Ltd. ADR | 2063 | 26757 |
| &nbsp;&nbsp;&nbsp;Kanzhun Ltd. ADR | 922 | 21538 |
| &nbsp;&nbsp;&nbsp;Telkom Indonesia Persero Tbk PT ADR | 1137 | 21398 |
| &nbsp;&nbsp;&nbsp;Bilibili, Inc. ADR\* | 720 | 20225 |
| **Total Communications** |  | 1754635 |
| **Technology - 11.9%** | **Technology - 11.9%** | **Technology - 11.9%** |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Company Ltd. ADR | 3437 | 959920 |
| &nbsp;&nbsp;&nbsp;Infosys Ltd. ADR | 8813 | 143387 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. ADR | 853 | 129648 |
| &nbsp;&nbsp;&nbsp;ASE Technology Holding Company Ltd. ADR | 4359 | 48341 |
| &nbsp;&nbsp;&nbsp;United Microelectronics Corp. ADR | 5891 | 44654 |
| &nbsp;&nbsp;&nbsp;Wipro Ltd. ADR | 7587 | 19954 |
| **Total Technology** |  | 1345904 |
| **Financial - 6.7%** | **Financial - 6.7%** | **Financial - 6.7%** |
| &nbsp;&nbsp;&nbsp;HDFC Bank Ltd. ADR | 8876 | 303204 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. ADR | 6364 | 192384 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. ADR | 885 | 73375 |
| &nbsp;&nbsp;&nbsp;Shinhan Financial Group Company Ltd. ADR | 1151 | 57976 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco S.A. ADR | 13197 | 44606 |
| &nbsp;&nbsp;&nbsp;Woori Financial Group, Inc. ADR | 568 | 31893 |
| &nbsp;&nbsp;&nbsp;KE Holdings, Inc. ADR | 1655 | 31445 |
| &nbsp;&nbsp;&nbsp;Banco de Chile ADR | 580 | 17574 |
| **Total Financial** |  | 752457 |
| **Basic Materials - 2.5%** | **Basic Materials - 2.5%** | **Basic Materials - 2.5%** |
| &nbsp;&nbsp;&nbsp;Vale S.A. ADR | 8949 | 97186 |
| &nbsp;&nbsp;&nbsp;Gold Fields Ltd. ADR | 2234 | 93739 |
| &nbsp;&nbsp;&nbsp;POSCO Holdings, Inc. ADR | 751 | 36957 |
| &nbsp;&nbsp;&nbsp;Harmony Gold Mining Company Ltd. ADR | 1362 | 24720 |
| &nbsp;&nbsp;&nbsp;Suzano S.A. ADR | 1672 | 15717 |
| &nbsp;&nbsp;&nbsp;Sociedad Quimica y Minera de Chile S.A. ADR\* | 356 | 15301 |
| **Total Basic Materials** |  | 283620 |
| **Consumer, Non-cyclical - 1.5%** | **Consumer, Non-cyclical - 1.5%** | **Consumer, Non-cyclical - 1.5%** |
| &nbsp;&nbsp;&nbsp;BeOne Medicines Ltd. ADR\* | 181 | 61667 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano SAB de CV ADR | 424 | 41819 |
| &nbsp;&nbsp;&nbsp;Ambev S.A. ADR | 10621 | 23685 |
| &nbsp;&nbsp;&nbsp;Dr Reddy's Laboratories Ltd. ADR | 1520 | 21249 |
| &nbsp;&nbsp;&nbsp;New Oriental Education & Technology Group, Inc. ADR\* | 326 | 17301 |
| **Total Consumer, Non-cyclical** |  | 165721 |
| **Consumer, Cyclical - 1.0%** | **Consumer, Cyclical - 1.0%** | **Consumer, Cyclical - 1.0%** |
| &nbsp;&nbsp;&nbsp;XPeng, Inc. ADR\* | 1827 | 42789 |
| &nbsp;&nbsp;&nbsp;Li Auto, Inc. ADR\* | 1492 | 37807 |
| &nbsp;&nbsp;&nbsp;NIO, Inc. ADR\* | 3871 | 29497 |
| **Total Consumer, Cyclical** |  | 110093 |
| **Industrial - 0.9%** | **Industrial - 0.9%** | **Industrial - 0.9%** |
| &nbsp;&nbsp;&nbsp;Cemex SAB de CV ADR | 3778 | 33964 |
| &nbsp;&nbsp;&nbsp;Embraer S.A. ADR | 434 | 26235 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico SAB de CV ADR | 102 | 24194 |
| &nbsp;&nbsp;&nbsp;ZTO Express Cayman, Inc. ADR | 1045 | 20064 |
| **Total Industrial** |  | 104457 |
| **Utilities - 0.6%** | **Utilities - 0.6%** | **Utilities - 0.6%** |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo SABESP ADR | 1143 | 28449 |
| &nbsp;&nbsp;&nbsp;Centrais Eletricas Brasileiras S.A. ADR | 2278 | 22598 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. ADR | 1282 | 16730 |
| **Total Utilities** |  | 67777 |
| **Energy - 0.5%** | **Energy - 0.5%** | **Energy - 0.5%** |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro S.A. - Petrobras ADR | 4643 | 58780 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,285,265) |  | 4643444 |
| **PREFERRED STOCKS<sup>†</sup>** **- 1.4%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.4%** | **PREFERRED STOCKS<sup>†</sup>** **- 1.4%** |
| **Financial - 0.8%** | **Financial - 0.8%** | **Financial - 0.8%** |
| Itau Unibanco Holding S.A. ADR | 13303 | 97644 |
| **Energy - 0.6%** | **Energy - 0.6%** | **Energy - 0.6%** |
| Petroleo Brasileiro S.A. - Petrobras ADR | 5505 | 65069 |
| **Total Preferred Stocks** | **Total Preferred Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $131,551) |  | 162713 |
| **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 1.9%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 1.9%** | **MONEY MARKET FUND\*\*\*<sup>,†</sup>** **- 1.9%** |
| &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 |

---

340 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **EMERGING MARKETS 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 27.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 27.7%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 27.7%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $1815324 | $1815324 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 1306244 | 1306244 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,121,568) |  | 3121568 |
| **Total Investments - 72.2%** | **Total Investments - 72.2%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,748,384) | &nbsp;&nbsp;&nbsp;(Cost $6,748,384) | $8137725 |
| **Other Assets & Liabilities, net - 27.8%** | **Other Assets & Liabilities, net - 27.8%** | 3132367 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $11270092 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 Emerging 50 ADR Index | Pay | 4.59% (Federal Funds Rate + 0.50%) | At Maturity | 11/19/25 | 2599 | $10592958 | $159286 |
| BNP Paribas | S&P Emerging 50 ADR Index | Pay | 4.69% (Federal Funds Rate + 0.60%) | At Maturity | 11/20/25 | 1743 | 7104184 | 6554 |
|  |  |  |  |  |  |  | $17697142 | $165840 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\*\* | &nbsp;&nbsp;&nbsp;A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Rate indicated is the 7-day yield as of September 30, 2025. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 341

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **EMERGING MARKETS 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** |
| Common Stocks | $4643444 | $— | $— | $4643444 |
| Preferred Stocks | 162713 |  |  | 162713 |
| Money Market Fund | 210000 |  |  | 210000 |
| Repurchase Agreements |  | 3121568 |  | 3121568 |
| Equity Index Swap Agreements\*\* |  | 165840 |  | 165840 |
| Total Assets | $5016157 | $3287408 | $— | $8303565 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

342 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EMERGING MARKETS 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $3,626,816) | $5016157 |
| Repurchase agreements, at value (cost $3,121,568) | 3121568 |
| Segregated cash with broker | 2959702 |
| Unrealized appreciation on OTC swap agreements | 165840 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 631339 |
| &nbsp;&nbsp;&nbsp;Dividends | 5676 |
| &nbsp;&nbsp;&nbsp;Interest | 364 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 96 |
| **Total assets** | 11900742 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 591394 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 13118 |
| &nbsp;&nbsp;&nbsp;Management fees | 6992 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 3478 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 2047 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 816 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 114 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 12691 |
| **Total liabilities** | 630650 |
| **Net assets** | $11270092 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $22604671 |
| Total distributable earnings (loss) | (11334579) |
| Net assets | $11270092 |
| **Class A:** | **Class A:** |
| Net assets | $303770 |
| Capital shares outstanding | 2940 |
| Net asset value per share | $103.32 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $108.47 |
| **Class C:** | **Class C:** |
| Net assets | $172291 |
| Capital shares outstanding | 1855 |
| Net asset value per share | $92.89 |
| **Class H:** | **Class H:** |
| Net assets | $10794031 |
| Capital shares outstanding | 104996 |
| Net asset value per share | $102.80 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends (net of foreign withholding tax of $3,589) | $92504 |
| Interest | 122982 |
| Income from securities lending, net | 6789 |
| &nbsp;&nbsp;&nbsp;Total investment income | 222275 |
| **Expenses:** | **Expenses:** |
| Management fees | 57568 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 275 |
| &nbsp;&nbsp;&nbsp;Class C | 887 |
| &nbsp;&nbsp;&nbsp;Class H | 15495 |
| Transfer agent fees | 14493 |
| Portfolio accounting and administration fees | 13114 |
| Interest expense | 10315 |
| Registration fees | 4458 |
| Professional fees | 2287 |
| Custodian fees | 859 |
| Trustees' fees\* | 593 |
| Miscellaneous | 10109 |
| &nbsp;&nbsp;&nbsp;Total expenses | 130453 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (6395) |
| Net expenses | 124058 |
| Net investment income | 98217 |
| **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 | 815060 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 3068574 |
| Net realized gain | 3883634 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 869032 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 388520 |
| Net change in unrealized appreciation (depreciation) | 1257552 |
| Net realized and unrealized gain | 5141186 |
| **Net increase in net assets resulting from operations** | $5239403 |

---

\* 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 \| 343

**EMERGING MARKETS 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 | $98217 | $80099 |
| Net realized gain (loss) on investments | 3883634 | (865855) |
| Net change in unrealized appreciation (depreciation) on investments | 1257552 | (76864) |
| Net increase (decrease) in net assets resulting from operations | 5239403 | (862620) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (6735) |
| &nbsp;&nbsp;&nbsp;Class C |  | (5198) |
| &nbsp;&nbsp;&nbsp;Class H |  | (85935) |
| Total distributions to shareholders |  | (97868) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 1284347 | 570811 |
| &nbsp;&nbsp;&nbsp;Class C | 713470 | 189933 |
| &nbsp;&nbsp;&nbsp;Class H | 92798820 | 132228865 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 6735 |
| &nbsp;&nbsp;&nbsp;Class C |  | 4275 |
| &nbsp;&nbsp;&nbsp;Class H |  | 83123 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (1232535) | (640770) |
| &nbsp;&nbsp;&nbsp;Class C | (759824) | (204354) |
| &nbsp;&nbsp;&nbsp;Class H | (93273299) | (127773393) |
| Net increase (decrease) from capital share transactions | (469021) | 4465225 |
| Net increase in net assets | 4770382 | 3504737 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 6499710 | 2994973 |
| &nbsp;&nbsp;&nbsp;End of period | $11270092 | $6499710 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 18635 | 9093 |
| &nbsp;&nbsp;&nbsp;Class C | 11808 | 3409 |
| &nbsp;&nbsp;&nbsp;Class H | 1319194 | 2082667 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 109 |
| &nbsp;&nbsp;&nbsp;Class C |  | 76 |
| &nbsp;&nbsp;&nbsp;Class H |  | 1350 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (18100) | (10337) |
| &nbsp;&nbsp;&nbsp;Class C | (12447) | (3125) |
| &nbsp;&nbsp;&nbsp;Class H | (1308858) | (2037183) |
| Net increase in shares | 10232 | 46059 |

---

344 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EMERGING MARKETS 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $65.70 | $56.30 | $54.39 | $68.28 | $116.33 | $44.29 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .78 | 1.61 | 1.36 | .89 | (.03) | (.94) |
| Net gain (loss) on investments (realized and unrealized) | 36.84 | 10.04 <sup>e</sup> | 1.76 | (14.78) | (48.02) | 72.98 |
| Total from investment operations | 37.62 | 11.65 | 3.12 | (13.89) | (48.05) | 72.04 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (2.25) | (1.21) |  |  |  |
| Total distributions |  | (2.25) | (1.21) |  |  |  |
| Net asset value, end of period | $103.32 | $65.70 | $56.30 | $54.39 | $68.28 | $116.33 |
| **Total Return<sup>c</sup>** | **57.26%** | **20.96%** | **5.93%** | **(20.35** **%)** | **(41.30** **%)** | **162.66%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $304 | $158 | $199 | $370 | $193 | $647 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.06% | 2.55% | 2.58% | 1.67% | (0.03%) | (1.10%) |
| Total expenses | 1.98% | 1.89% | 1.91% | 1.85% | 1.75% | 1.83% |
| Net expenses<sup>d</sup> | 1.88% | 1.79% | 1.84% | 1.82% | 1.75% | 1.83% |
| Portfolio turnover rate | 150% | 925% | 905% | 416% | 266% | 632% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $59.30 | $51.39 | $50.17 | $63.47 | $108.94 | $41.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .45 | .99 | .79 | .69 | (.48) | (1.69) |
| Net gain (loss) on investments (realized and unrealized) | 33.14 | 9.17 <sup>e</sup> | 1.64 | (13.99) | (44.99) | 68.84 |
| Total from investment operations | 33.59 | 10.16 | 2.43 | (13.30) | (45.47) | 67.15 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (2.25) | (1.21) |  |  |  |
| Total distributions |  | (2.25) | (1.21) |  |  |  |
| Net asset value, end of period | $92.89 | $59.30 | $51.39 | $50.17 | $63.47 | $108.94 |
| **Total Return<sup>c</sup>** | **56.64%** | **20.05%** | **5.07%** | **(20.97** **%)** | **(41.74** **%)** | **160.68%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $172 | $148 | $110 | $132 | $311 | $449 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.35% | 1.73% | 1.64% | 1.43% | (0.55%) | (1.95%) |
| Total expenses | 2.73% | 2.64% | 2.68% | 2.57% | 2.50% | 2.57% |
| Net expenses<sup>d</sup> | 2.64% | 2.54% | 2.60% | 2.54% | 2.50% | 2.57% |
| Portfolio turnover rate | 150% | 925% | 905% | 416% | 266% | 632% |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 345

**EMERGING MARKETS 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $65.43 | $56.16 | $54.34 | $68.26 | $116.30 | $44.29 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .55 | 1.34 | 1.32 | 1.20 | .01 | (1.28) |
| Net gain (loss) on investments (realized and unrealized) | 36.82 | 10.18 <sup>e</sup> | 1.71 | (15.12) | (48.05) | 73.29 |
| Total from investment operations | 37.37 | 11.52 | 3.03 | (13.92) | (48.04) | 72.01 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (2.25) | (1.21) |  |  |  |
| Total distributions |  | (2.25) | (1.21) |  |  |  |
| Net asset value, end of period | $102.80 | $65.43 | $56.16 | $54.34 | $68.26 | $116.30 |
| **Total Return** | **57.11%** | **20.75%** | **5.78%** | **(20.41** **%)** | **(41.31** **%)** | **162.59%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $10794 | $6194 | $2686 | $2597 | $2810 | $6808 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.53% | 2.16% | 2.53% | 2.35% | 0.01% | (1.29%) |
| Total expenses | 2.03% | 1.90% | 1.93% | 1.82% | 1.75% | 1.81% |
| Net expenses<sup>d</sup> | 1.93% | 1.80% | 1.85% | 1.79% | 1.75% | 1.81% |
| Portfolio turnover rate | 150% | 925% | 905% | 416% | 266% | 632% |

---

<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 period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

346 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **INVERSE EMERGING MARKETS 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 62.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 62.9%** | **REPURCHASE AGREEMENTS<sup>††,1</sup>** **- 62.9%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $38687 | $38687 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 27838 | 27838 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $66,525) |  | 66525 |
| **Total Investments - 62.9%** | **Total Investments - 62.9%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $66,525) | &nbsp;&nbsp;&nbsp;(Cost $66,525) | $66525 |
| **Other Assets & Liabilities, net - 37.1%** | **Other Assets & Liabilities, net - 37.1%** | 39260 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $105785 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Equity Index Swap Agreements Sold Short<sup>††</sup>** |
| Goldman Sachs International | S&P Emerging 50 ADR Index | Receive | 3.59% (Federal<br> Funds Rate -<br> 0.50%) | At Maturity | 11/19/25 | 11 | $43793 | $(66) |
| BNP Paribas | S&P Emerging 50 ADR Index | Receive | 3.89% (Federal<br> Funds Rate -<br> 0.20%) | At Maturity | 11/20/25 | 41 | 165417 | (152) |
|  |  |  |  |  |  |  | $209210 | $(218) |

---

---

| | |
|:---|:---|
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 347

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **INVERSE EMERGING MARKETS 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** |
| Repurchase Agreements | $— | $66525 | $— | $66525 |
| Total Assets | $— | $66525 | $— | $66525 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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\*\* | $– $| 218 | $– $| 218 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

348 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE EMERGING MARKETS 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Repurchase agreements, at value (cost $66,525) | 66525 |
| Segregated cash with broker | 64068 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 2100 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 706 |
| &nbsp;&nbsp;&nbsp;Interest | 7 |
| **Total assets** | 133406 |
| **Liabilities:** | **Liabilities:** |
| Unrealized depreciation on OTC swap agreements | 218 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 26961 |
| &nbsp;&nbsp;&nbsp;Management fees | 124 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 66 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 37 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 15 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 2 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 198 |
| **Total liabilities** | 27621 |
| **Net assets** | $105785 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $20342620 |
| Total distributable earnings (loss) | (20236835) |
| Net assets | $105785 |
| **Class A:** | **Class A:** |
| Net assets | $2481 |
| Capital shares outstanding | 30 |
| Net asset value per share | $83.71 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $87.88 |
| **Class C:** | **Class C:** |
| Net assets | $2027 |
| Capital shares outstanding | 25 |
| Net asset value per share | $81.08 |
| **Class H:** | **Class H:** |
| Net assets | $101277 |
| Capital shares outstanding | 1198 |
| Net asset value per share | $84.52 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $4839 |
| &nbsp;&nbsp;&nbsp;Total investment income | 4839 |
| **Expenses:** | **Expenses:** |
| Management fees | 920 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 11 |
| &nbsp;&nbsp;&nbsp;Class C | 26 |
| &nbsp;&nbsp;&nbsp;Class H | 240 |
| Transfer agent fees | 235 |
| Interest expense | 358 |
| Portfolio accounting and administration fees | 211 |
| Professional fees | 100 |
| Trustees' fees\* | 22 |
| Custodian fees | 15 |
| Line of credit fees | 10 |
| Miscellaneous | 142 |
| &nbsp;&nbsp;&nbsp;Total expenses | 2290 |
| Less: | Less: |
| Expenses reimbursed by Adviser | Expenses reimbursed by Adviser |
| &nbsp;&nbsp;&nbsp;Total waived expenses | (101) |
| Net expenses | 2189 |
| Net investment income | 2650 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | (110452) |
| Net realized loss | (110452) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | (5641) |
| Net change in unrealized appreciation (depreciation) | (5641) |
| Net realized and unrealized loss | (116093) |
| **Net decrease in net assets resulting from operations** | $(113443) |

---

\* 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 \| 349

**INVERSE EMERGING MARKETS 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 | $2650 | $11700 |
| Net realized loss on investments | (110452) | (109206) |
| Net change in unrealized appreciation (depreciation) on investments | (5641) | (10844 |
| Net decrease in net assets resulting from operations | (113443) | (108350 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (249) |
| &nbsp;&nbsp;&nbsp;Class C |  | (223) |
| &nbsp;&nbsp;&nbsp;Class H |  | (10862 |
| Total distributions to shareholders |  | (11334 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 405533 | 777225 |
| &nbsp;&nbsp;&nbsp;Class C | 185665 | 85770 |
| &nbsp;&nbsp;&nbsp;Class H | 17252488 | 21195738 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 249 |
| &nbsp;&nbsp;&nbsp;Class C |  | 223 |
| &nbsp;&nbsp;&nbsp;Class H |  | 10752 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (427222) | (810540) |
| &nbsp;&nbsp;&nbsp;Class C | (200250) | (85277) |
| &nbsp;&nbsp;&nbsp;Class H | (17135318) | (21280410 |
| Net increase (decrease) from capital share transactions | 80896 | (106270 |
| Net decrease in net assets | (32547) | (225954) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 138332 | 364286 |
| &nbsp;&nbsp;&nbsp;End of period | $105785 | $138332 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 2464 | 4463 |
| &nbsp;&nbsp;&nbsp;Class C | 1057 | 547 |
| &nbsp;&nbsp;&nbsp;Class H | 140266 | 119452 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 2 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1 |
| &nbsp;&nbsp;&nbsp;Class H |  | 65 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (2461) | (4713) |
| &nbsp;&nbsp;&nbsp;Class C | (1057) |  |
| &nbsp;&nbsp;&nbsp;Class H | (139958) | (119976 |
| Net increase (decrease) in shares | 311 |  |

---

\* Reverse share split - Capital share activity has been restated to reflect a 1:20 reverse share split effective February 24, 2025.

350 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**INVERSE EMERGING MARKETS 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>b</sup>** | **Year Ended <br> March 31, <br> 2024<sup>b</sup>** | **Year Ended <br> March 31, <br> 2023<sup>b</sup>** | **Year Ended <br> March 31, <br> 2022<sup>b</sup>** | **Year Ended <br> March 31, <br> 2021<sup>b</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 | $147.89 | $219.27 | $265.61 | $300.57 | $248.83 | $934.09 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>c</sup> | 2.55 | 5.37 | 9.40 | 2.20 | (4.60) | (10.80) |
| Net gain (loss) on investments (realized and unrealized) | (66.73) | (67.30) | (48.34) | (37.16) | 56.34 | (674.46) |
| Total from investment operations | (64.18) | (61.93) | (38.94) | (34.96) | 51.74 | (685.26) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income (loss) |  | (9.45) | (7.40) |  |  |  |
| Total distributions |  | (9.45) | (7.40) |  |  |  |
| Net asset value, end of period | $83.71 | $147.89 | $219.27 | $265.61 | $300.57 | $248.83 |
| **Total Return<sup>d</sup>** | **(42.45** **%)** | **(29.83** **%)** | **(15.06** **%)** | **(11.64** **%)** | **20.82%** | **(73.37** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2 | $4 | $60 | $7 | $14 | $2 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.88% | 3.21% | 3.72% | 0.65% | (1.86%) | (1.81%) |
| Total expenses | 2.21% | 1.86% | 1.82% | 2.00% | 1.87% | 1.86% |
| Net expenses<sup>e</sup> | 2.13% | 1.76% | 1.75% | 1.97% | 1.87% | 1.86% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>b</sup>** | **Year Ended <br> March 31, <br> 2024<sup>b</sup>** | **Year Ended <br> March 31, <br> 2023<sup>b</sup>** | **Year Ended <br> March 31, <br> 2022<sup>b</sup>** | **Year Ended <br> March 31, <br> 2021<sup>b</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 | $141.84 | $215.46 | $262.83 | $300.43 | $248.01 | $936.48 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>c</sup> | 1.94 | 4.78 | 7.80 | .20 | (7.20) | (13.80) |
| Net gain (loss) on investments (realized and unrealized) | (62.70) | (68.95) | (47.77) | (37.80) | 59.62 | (674.67) |
| Total from investment operations | (60.76) | (64.17) | (39.97) | (37.60) | 52.42 | (688.47) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income (loss) |  | (9.45) | (7.40) |  |  |  |
| Total distributions |  | (9.45) | (7.40) |  |  |  |
| Net asset value, end of period | $81.08 | $141.84 | $215.46 | $262.83 | $300.43 | $248.01 |
| **Total Return<sup>d</sup>** | **(42.75** **%)** | **(30.36** **%)** | **(15.60** **%)** | **(12.52** **%)** | **21.13%** | **(73.52** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $2 | $4 | $5 | $6 | $7 | $6 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.36% | 2.79% | 3.08% | 0.08% | (2.44%) | (2.62%) |
| Total expenses | 2.95% | 2.62% | 2.59% | 2.76% | 2.48% | 2.66% |
| Net expenses<sup>e</sup> | 2.87% | 2.53% | 2.51% | 2.73% | 2.48% | 2.66% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 351

**INVERSE EMERGING MARKETS 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025<sup>b</sup>** | **Year Ended <br> March 31, <br> 2024<sup>b</sup>** | **Year Ended <br> March 31, <br> 2023<sup>b</sup>** | **Year Ended <br> March 31, <br> 2022<sup>b</sup>** | **Year Ended <br> March 31, <br> 2021<sup>b</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 | $146.96 | $221.54 | $269.12 | $303.40 | $250.77 | $927.73 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>c</sup> | 1.09 | 5.60 | 8.60 | 2.20 | (4.60) | (8.40) |
| Net gain (loss) on investments (realized and unrealized) | (63.53) | (70.73) | (48.78) | (36.48) | 57.23 | (668.56) |
| Total from investment operations | (62.44) | (65.13) | (40.18) | (34.28) | 52.63 | (676.96) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income (loss) |  | (9.45) | (7.40) |  |  |  |
| Total distributions |  | (9.45) | (7.40) |  |  |  |
| Net asset value, end of period | $84.52 | $146.96 | $221.54 | $269.12 | $303.40 | $250.77 |
| **Total Return<sup>d</sup>** | **(42.50** **%)** | **(29.89** **%)** | **(15.24** **%)** | **(11.27** **%)** | **20.97%** | **(72.97** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $101 | $131 | $299 | $465 | $1265 | $400 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.59% | 3.31% | 3.61% | 0.66% | (1.70%) | (1.85%) |
| Total expenses | 2.23% | 1.82% | 1.83% | 2.01% | 1.75% | 1.89% |
| Net expenses<sup>e</sup> | 2.13% | 1.72% | 1.75% | 1.97% | 1.75% | 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> Reverse share split – Per share amounts have been restated to reflect a 1:20 reverse share split effective February 24, 2025.

<sup>c</sup> Net investment income (loss) per share was computed using average shares outstanding throughout the period.

<sup>d</sup> Total return does not reflect the impact of any applicable sales charges.

<sup>e</sup> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

352 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **EUROPE 1.25x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup>** **- 54.3%** | **COMMON STOCKS<sup>†</sup>** **- 54.3%** | **COMMON STOCKS<sup>†</sup>** **- 54.3%** |
| **Consumer, Non-cyclical - 16.2%** | **Consumer, Non-cyclical - 16.2%** | **Consumer, Non-cyclical - 16.2%** |
| &nbsp;&nbsp;&nbsp;Novartis AG ADR | 321 | $41165 |
| &nbsp;&nbsp;&nbsp;AstraZeneca plc ADR | 515 | 39511 |
| &nbsp;&nbsp;&nbsp;Nestle S.A. ADR | 429 | 39369 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG ADR | 937 | 39176 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S ADR | 537 | 29798 |
| &nbsp;&nbsp;&nbsp;Unilever plc ADR | 419 | 24838 |
| &nbsp;&nbsp;&nbsp;British American Tobacco plc ADR | 365 | 19374 |
| &nbsp;&nbsp;&nbsp;Sanofi S.A. ADR | 379 | 17889 |
| &nbsp;&nbsp;&nbsp;L'Oreal S.A. ADR | 200 | 17328 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica S.A. ADR | 104 | 16952 |
| &nbsp;&nbsp;&nbsp;RELX plc ADR | 314 | 14997 |
| &nbsp;&nbsp;&nbsp;GSK plc ADR | 337 | 14545 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev S.A. ADR | 171 | 10193 |
| &nbsp;&nbsp;&nbsp;Diageo plc ADR | 92 | 8780 |
| **Total Consumer, Non-cyclical** |  | 333915 |
| **Financial - 12.4%** | **Financial - 12.4%** | **Financial - 12.4%** |
| &nbsp;&nbsp;&nbsp;HSBC Holdings plc ADR | 575 | 40813 |
| &nbsp;&nbsp;&nbsp;Allianz SE ADR | 643 | 26987 |
| &nbsp;&nbsp;&nbsp;Banco Santander S.A. ADR | 2474 | 25928 |
| &nbsp;&nbsp;&nbsp;UBS Group AG\* | 522 | 21402 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA ADR | 520 | 19729 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. ADR | 961 | 18499 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG ADR | 486 | 17384 |
| &nbsp;&nbsp;&nbsp;BNP Paribas S.A. ADR | 355 | 16160 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA ADR | 406 | 16114 |
| &nbsp;&nbsp;&nbsp;AXA S.A. ADR | 305 | 14622 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR | 1086 | 13890 |
| &nbsp;&nbsp;&nbsp;ING Groep N.V. ADR | 503 | 13118 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group plc ADR | 338 | 9785 |
| **Total Financial** |  | 254431 |
| **Industrial - 7.8%** | **Industrial - 7.8%** | **Industrial - 7.8%** |
| &nbsp;&nbsp;&nbsp;Siemens AG ADR | 250 | 33752 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE ADR | 481 | 26945 |
| &nbsp;&nbsp;&nbsp;Airbus SE ADR | 393 | 22880 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings plc ADR | 1393 | 22567 |
| &nbsp;&nbsp;&nbsp;Safran S.A. ADR | 250 | 22078 |
| &nbsp;&nbsp;&nbsp;ABB Ltd. ADR | 263 | 18923 |
| &nbsp;&nbsp;&nbsp;Vinci S.A. ADR | 389 | 13483 |
| **Total Industrial** |  | 160628 |
| **Technology - 5.3%** | **Technology - 5.3%** | **Technology - 5.3%** |
| &nbsp;&nbsp;&nbsp;ASML Holding N.V. — Class G | 65 | 62926 |
| &nbsp;&nbsp;&nbsp;SAP SE ADR | 170 | 45426 |
| **Total Technology** |  | 108352 |
| **Energy - 3.6%** | **Energy - 3.6%** | **Energy - 3.6%** |
| &nbsp;&nbsp;&nbsp;Shell plc ADR | 488 | 34907 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE ADR | 380 | 22682 |
| &nbsp;&nbsp;&nbsp;BP plc ADR | 457 | 15748 |
| **Total Energy** |  | 73337 |
| **Consumer, Cyclical - 2.8%** | **Consumer, Cyclical - 2.8%** | **Consumer, Cyclical - 2.8%** |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE ADR | 211 | 25807 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont S.A. ADR | 896 | 17123 |
| &nbsp;&nbsp;&nbsp;Hermes International SCA ADR | 58 | 14217 |
| **Total Consumer, Cyclical** |  | 57147 |
| **Utilities - 2.1%** | **Utilities - 2.1%** | **Utilities - 2.1%** |
| &nbsp;&nbsp;&nbsp;Iberdrola S.A. ADR | 255 | 19395 |
| &nbsp;&nbsp;&nbsp;National Grid plc ADR | 172 | 12499 |
| &nbsp;&nbsp;&nbsp;Enel SpA ADR | 1299 | 12289 |
| **Total Utilities** |  | 44183 |
| **Communications - 1.7%** | **Communications - 1.7%** | **Communications - 1.7%** |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG ADR | 584 | 19944 |
| &nbsp;&nbsp;&nbsp;Prosus N.V. ADR | 1046 | 14769 |
| **Total Communications** |  | 34713 |
| **Basic Materials - 1.5%** | **Basic Materials - 1.5%** | **Basic Materials - 1.5%** |
| &nbsp;&nbsp;&nbsp;Air Liquide S.A. ADR | 483 | 20011 |
| &nbsp;&nbsp;&nbsp;Rio Tinto plc ADR | 179 | 11816 |
| **Total Basic Materials** |  | 31827 |
| **Common Stocks - 0.9%** | **Common Stocks - 0.9%** | **Common Stocks - 0.9%** |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG ADR | 38 | 17698 |
| **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;(Cost $785,698) |  | 1116231 |
| **MUTUAL FUNDS<sup>†</sup>** **- 6.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 6.8%** | **MUTUAL FUNDS<sup>†</sup>** **- 6.8%** |
| &nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 7027 | 70763 |
| &nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II<sup>1</sup> | 2760 | 68680 |
| **Total Mutual Funds** | **Total Mutual Funds** |  |
| &nbsp;&nbsp;&nbsp;(Cost $138,225) |  | 139443 |
|  | **Face<br> Amount** |  |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 6.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 6.8%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>2,3</sup> | $139000 | 138797 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $138,796) |  | 138797 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 353

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(continued) | September 30, 2025 |
| **EUROPE 1.25x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 29.5%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 29.5%** | **REPURCHASE AGREEMENTS<sup>††,4</sup>** **- 29.5%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | $352793 | $352793 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 253858 | 253858 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $606,651) |  | 606651 |
| **Total Investments - 97.4%** | **Total Investments - 97.4%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,669,370) | &nbsp;&nbsp;&nbsp;(Cost $1,669,370) | $2001122 |
| **Other Assets & Liabilities, net - 2.6%** | **Other Assets & Liabilities, net - 2.6%** | 53624 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $2054746 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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>** |
| STOXX 50 Index Futures Contracts | 27 | Dec 2025 | $1478405 | $20144 |
| **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
| Euro FX Futures Contracts | 10 | Dec 2025 | 1473875 | 6637 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing security. |
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;Affiliated issuer. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at 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;ADR — American Depositary Receipt |
|  | &nbsp;&nbsp;&nbsp;plc — Public Limited Company |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

354 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **EUROPE 1.25x 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** |
| Common Stocks | $1116231 | $— | $— | $1116231 |
| Mutual Funds | 139443 |  |  | 139443 |
| U.S. Treasury Bills |  | 138797 |  | 138797 |
| Repurchase Agreements |  | 606651 |  | 606651 |
| Equity Futures Contracts\*\* | 20144 |  |  | 20144 |
| Currency Futures Contracts\*\* | 6637 |  |  | 6637 |
| Total Assets | $1282455 | $745448 | $— | $2027903 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

**Affiliated Transactions** 

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments ("GI"), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 ("affiliated issuer").

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II and Guggenheim Strategy Fund III (collectively, the "Guggenheim Strategy Funds"), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds' annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC's website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 03/31/25** | **Additions** | **Reductions** | **Realized <br> Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment <br> Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Guggenheim Strategy Fund II | $68625 | $— | $— | $— | $55 | $68680 | 2760 | $1837 |
| &nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 70482 |  |  |  | 281 | 70763 | 7027 | 1545 |
|  | $139107 | $— | $— | $— | $336 | $139443 |  | $3382 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 355

**EUROPE 1.25x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments in unaffiliated issuers, at value (cost $924,494) | $1255028 |
| Investments in affiliated issuers, at value (cost $138,225) | 139443 |
| Repurchase agreements, at value (cost $606,651) | 606651 |
| Cash | 6859 |
| Segregated cash with broker | 551 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 24098 |
| &nbsp;&nbsp;&nbsp;Foreign tax reclaims | 17141 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 11546 |
| &nbsp;&nbsp;&nbsp;Dividends | 2863 |
| &nbsp;&nbsp;&nbsp;Investment Adviser | 156 |
| &nbsp;&nbsp;&nbsp;Securities lending income | 77 |
| &nbsp;&nbsp;&nbsp;Interest | 71 |
| **Total assets** | 2064484 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Management fees | 2935 |
| &nbsp;&nbsp;&nbsp;Licensing fees | 1450 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 1168 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 846 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 528 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 38 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 2773 |
| **Total liabilities** | 9738 |
| **Net assets** | $2054746 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $3464007 |
| Total distributable earnings (loss) | (1409261) |
| Net assets | $2054746 |
| **Class A:** | **Class A:** |
| Net assets | $415496 |
| Capital shares outstanding | 3357 |
| Net asset value per share | $123.77 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $129.94 |
| **Class C:** | **Class C:** |
| Net assets | $26676 |
| Capital shares outstanding | 281 |
| Net asset value per share | $95.04 |
| **Class H:** | **Class H:** |
| Net assets | $1612574 |
| Capital shares outstanding | 13216 |
| Net asset value per share | $122.02 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $4,290) | $19318 |
| Dividends from securities of affiliated issuers | 3382 |
| Interest | 43864 |
| Income from securities lending, net | 2683 |
| &nbsp;&nbsp;&nbsp;Total investment income | 69247 |
| **Expenses:** | **Expenses:** |
| Management fees | 18106 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 529 |
| &nbsp;&nbsp;&nbsp;Class C | 357 |
| &nbsp;&nbsp;&nbsp;Class H | 4411 |
| Transfer agent fees | 4290 |
| Portfolio accounting and administration fees | 3068 |
| Registration fees | 2440 |
| Professional fees | 614 |
| Custodian fees | 280 |
| Trustees' fees\* | 257 |
| Line of credit fees | 90 |
| Miscellaneous | 2141 |
| &nbsp;&nbsp;&nbsp;Total expenses | 36583 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (4024) |
| Expenses waived by Adviser | (88) |
| &nbsp;&nbsp;&nbsp;Total waived/reimbursed expenses | (4112) |
| Net expenses | 32471 |
| Net investment income | 36776 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | (468501) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (831904) |
| &nbsp;&nbsp;&nbsp;Foreign currency transactions | (22381) |
| Net realized loss | (1322786) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated issuers | 200895 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated issuers | 336 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 237435 |
| &nbsp;&nbsp;&nbsp;Foreign currency translations | 115 |
| Net change in unrealized appreciation (depreciation) | 438781 |
| Net realized and unrealized loss | (884005) |
| **Net decrease in net assets resulting from operations** | $(847229) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

356 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EUROPE 1.25x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $36776 | $106047 |
| Net realized gain (loss) on investments | (1322786) | 314299 |
| Net change in unrealized appreciation (depreciation) on investments | 438781 | (335157) |
| Net increase (decrease) in net assets resulting from operations | (847229) | 85189 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (7614) |
| &nbsp;&nbsp;&nbsp;Class C |  | (4147) |
| &nbsp;&nbsp;&nbsp;Class H |  | (149240) |
| Total distributions to shareholders |  | (161001) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 902984 | 886834 |
| &nbsp;&nbsp;&nbsp;Class C | 88640 | 229601 |
| &nbsp;&nbsp;&nbsp;Class H | 53171142 | 261867521 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 7566 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1527 |
| &nbsp;&nbsp;&nbsp;Class H |  | 145260 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (783845) | (1142580) |
| &nbsp;&nbsp;&nbsp;Class C | (192321) | (277719) |
| &nbsp;&nbsp;&nbsp;Class H | (65146920) | (249215568) |
| Net increase (decrease) from capital share transactions | (11960320) | 12502442 |
| Net increase (decrease) in net assets | (12807549) | 12426630 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 14862295 | 2435665 |
| &nbsp;&nbsp;&nbsp;End of period | $2054746 | $14862295 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 7748 | 7501 |
| &nbsp;&nbsp;&nbsp;Class C | 995 | 2478 |
| &nbsp;&nbsp;&nbsp;Class H | 460843 | 2200191 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 73 |
| &nbsp;&nbsp;&nbsp;Class C |  | 19 |
| &nbsp;&nbsp;&nbsp;Class H |  | 1419 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (6772) | (9481) |
| &nbsp;&nbsp;&nbsp;Class C | (2222) | (2856) |
| &nbsp;&nbsp;&nbsp;Class H | (577642) | (2086128) |
| Net increase (decrease) in shares | (117050) | 113216 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 357

**EUROPE 1.25x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $113.14 | $121.23 | $106.74 | $101.20 | $94.56 | $69.30 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.00 | 4.03 | 2.61 | 1.76 | (.96) | (.93) |
| Net gain (loss) on investments (realized and unrealized) | 9.63 <sup>f</sup> | (.15) | 12.63 | 3.78 <sup>f</sup> | 7.60 <sup>f</sup> | 30.74 |
| Total from investment operations | 10.63 | 3.88 | 15.24 | 5.54 | 6.64 | 29.81 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (11.97) | (.75) |  |  | (4.55) |
| Total distributions |  | (11.97) | (.75) |  |  | (4.55) |
| Net asset value, end of period | $123.77 | $113.14 | $121.23 | $106.74 | $101.20 | $94.56 |
| **Total Return<sup>c</sup>** | **9.40%** | **4.06%** | **14.35%** | **5.48%** | **7.02%** | **43.39%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $415 | $269 | $520 | $388 | $482 | $130 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.70% | 3.33% | 2.41% | 1.84% | (0.93 %) | (1.10%) |
| Total expenses<sup>d</sup> | 1.80% | 1.74% | 1.74% | 1.79% | 1.72% | 1.75% |
| Net expenses<sup>e</sup> | 1.59% | 1.61% | 1.66% | 1.74% | 1.70% | 1.73% |
| Portfolio turnover rate | 840% | 4585% | 1595% | 231% | 517% | 534% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $87.20 | $96.99 | $86.21 | $82.72 | $77.88 | $58.24 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .60 | 2.49 | 1.28 | .94 | (1.18) | (.96) |
| Net gain (loss) on investments (realized and unrealized) | 7.24 <sup>f</sup> | (.31) | 10.25 | 2.55 <sup>f</sup> | 6.02 <sup>f</sup> | 25.15 |
| Total from investment operations | 7.84 | 2.18 | 11.53 | 3.49 | 4.84 | 24.19 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (11.97) | (.75) |  |  | (4.55) |
| Total distributions |  | (11.97) | (.75) |  |  | (4.55) |
| Net asset value, end of period | $95.04 | $87.20 | $96.99 | $86.21 | $82.72 | $77.88 |
| **Total Return<sup>c</sup>** | **8.99%** | **3.27%** | **13.48%** | **4.22%** | **6.21%** | **41.93%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $27 | $131 | $181 | $165 | $483 | $142 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.35% | 2.59% | 1.47% | 1.17% | (1.41 %) | (1.50%) |
| Total expenses<sup>d</sup> | 2.57% | 2.50% | 2.51% | 2.53% | 2.48% | 2.58% |
| Net expenses<sup>e</sup> | 2.37% | 2.36% | 2.42% | 2.48% | 2.46% | 2.55% |
| Portfolio turnover rate | 840% | 4585% | 1595% | 231% | 517% | 534% |

---

358 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**EUROPE 1.25x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $111.23 | $119.37 | $105.14 | $100.11 | $93.56 | $68.79 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.05 | 2.93 | 3.64 | 1.01 | (.93) | (.74) |
| Net gain (loss) on investments (realized and unrealized) | 9.74 <sup>f</sup> | .90 <sup>f</sup> | 11.34 | 4.02 <sup>f</sup> | 7.48 <sup>f</sup> | 30.06 |
| Total from investment operations | 10.79 | 3.83 | 14.98 | 5.03 | 6.55 | 29.32 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (11.97) | (.75) |  |  | (4.55) |
| Total distributions |  | (11.97) | (.75) |  |  | (4.55) |
| Net asset value, end of period | $122.02 | $111.23 | $119.37 | $105.14 | $100.11 | $93.56 |
| **Total Return** | **9.70%** | **4.08%** | **14.32%** | **5.01%** | **7.00%** | **42.96%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1613 | $14461 | $1735 | $13479 | $4182 | $1410 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.85% | 2.49% | 3.37% | 1.08% | (0.90 %) | (0.88%) |
| Total expenses<sup>d</sup> | 1.81% | 1.77% | 1.76% | 1.77% | 1.71% | 1.77% |
| Net expenses<sup>e</sup> | 1.60% | 1.59% | 1.69% | 1.73% | 1.69% | 1.74% |
| Portfolio turnover rate | 840% | 4585% | 1595% | 231% | 517% | 534% |

---

<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 period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 359

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **JAPAN 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 36.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 36.5%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 36.5%** |
| 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> | $727000 | $725940 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $725,933) |  | 725940 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 54.6%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 54.6%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 54.6%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 630833 | 630833 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 453925 | 453925 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,084,758) |  | 1084758 |
| **Total Investments - 91.1%** | **Total Investments - 91.1%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,810,691) | &nbsp;&nbsp;&nbsp;(Cost $1,810,691) | $1810698 |
| **Other Assets & Liabilities, net - 8.9%** | **Other Assets & Liabilities, net - 8.9%** | 177702 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1988400 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)\*\*** |
| **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** | **Equity Futures Contracts Purchased<sup>†</sup>** |
| Nikkei 225 (CME) Index Futures Contracts | 15 | Dec 2025 | $3370875 | $102033 |
| Micro Nikkei Stock Average Futures Contracts | 28 | Dec 2025 | 629230 | 11198 |
|  |  |  | $4000105 | $113231 |
| **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
| Japanese Yen Futures Contracts | 47 | Dec 2025 | $4003225 | $(11715) |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at 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;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;CME — Chicago Mercantile Exchange |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

360 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **JAPAN 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 | $— | $725940 | $— | $725940 |
| Repurchase Agreements |  | 1084758 |  | 1084758 |
| Equity Futures Contracts\*\* | 113231 |  |  | 113231 |
| Total Assets | $113231 | $1810698 | $— | $1923929 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Total** |
| Currency Futures Contracts\*\* | $11715 | $– $– $| 11715 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 361

**JAPAN 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $725,933) | $725940 |
| Repurchase agreements, at value (cost $1,084,758) | 1084758 |
| Cash | 8138 |
| Segregated cash with broker | 35666 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 147218 |
| &nbsp;&nbsp;&nbsp;Interest | 127 |
| **Total assets** | 2001847 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 6873 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 3582 |
| &nbsp;&nbsp;&nbsp;Management fees | 1075 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 427 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 359 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 147 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 13 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 971 |
| **Total liabilities** | 13447 |
| **Net assets** | $1988400 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $3746780 |
| Total distributable earnings (loss) | (1758380) |
| Net assets | $1988400 |
| **Class A:** | **Class A:** |
| Net assets | $398324 |
| Capital shares outstanding | 2324 |
| Net asset value per share | $171.40 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $179.95 |
| **Class C:** | **Class C:** |
| Net assets | $636 |
| Capital shares outstanding | 4 |
| Net asset value per share | $148.43 |
| **Class H:** | **Class H:** |
| Net assets | $1589440 |
| Capital shares outstanding | 9195 |
| Net asset value per share | $172.86 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $26528 |
| &nbsp;&nbsp;&nbsp;Total investment income | 26528 |
| **Expenses:** | **Expenses:** |
| Management fees | 4715 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 388 |
| &nbsp;&nbsp;&nbsp;Class C | 3 |
| &nbsp;&nbsp;&nbsp;Class H | 1183 |
| Transfer agent fees | 1291 |
| Portfolio accounting and administration fees | 959 |
| Registration fees | 712 |
| Professional fees | 447 |
| Custodian fees | 87 |
| Trustees' fees\* | 80 |
| Miscellaneous | 136 |
| &nbsp;&nbsp;&nbsp;Total expenses | 10001 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (314) |
| Net expenses | 9687 |
| Net investment income | 16841 |
| **Net Realized and Unrealized Gain (Loss):** | **Net Realized and Unrealized Gain (Loss):** |
| Net realized gain (loss) on: | Net realized gain (loss) on: |
| &nbsp;&nbsp;&nbsp;Futures contracts | 354811 |
| Net realized gain | 354811 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Investments | 8 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 127326 |
| Net change in unrealized appreciation (depreciation) | 127334 |
| Net realized and unrealized gain | 482145 |
| **Net increase in net assets resulting from operations** | $498986 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

362 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**JAPAN 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 | $16841 | $55177 |
| Net realized gain (loss) on investments | 354811 | (733749) |
| Net change in unrealized appreciation (depreciation) on investments | 127334 | 27072 |
| Net increase (decrease) in net assets resulting from operations | 498986 | (651500) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (12545) |
| &nbsp;&nbsp;&nbsp;Class C |  | (28) |
| &nbsp;&nbsp;&nbsp;Class H |  | (51240) |
| Total distributions to shareholders |  | (63813) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 100430 | 143799 |
| &nbsp;&nbsp;&nbsp;Class C |  | 6497 |
| &nbsp;&nbsp;&nbsp;Class H | 4500960 | 3550004 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 12545 |
| &nbsp;&nbsp;&nbsp;Class C |  | 28 |
| &nbsp;&nbsp;&nbsp;Class H |  | 49842 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (73821) | (241379) |
| &nbsp;&nbsp;&nbsp;Class C | (134) | (24310) |
| &nbsp;&nbsp;&nbsp;Class H | (3898421) | (4731495) |
| Net increase (decrease) from capital share transactions | 629014 | (1234469) |
| Net increase (decrease) in net assets | 1128000 | (1949782) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 860400 | 2810182 |
| &nbsp;&nbsp;&nbsp;End of period | $1988400 | $860400 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 835 | 1083 |
| &nbsp;&nbsp;&nbsp;Class C |  | 55 |
| &nbsp;&nbsp;&nbsp;Class H | 30304 | 26288 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 93 |
| &nbsp;&nbsp;&nbsp;Class C |  |  |
| &nbsp;&nbsp;&nbsp;Class H |  | 367 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (689) | (1828) |
| &nbsp;&nbsp;&nbsp;Class C | (1) | (205) |
| &nbsp;&nbsp;&nbsp;Class H | (26497) | (35841) |
| Net increase (decrease) in shares | 3952 | (9988) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 363

**JAPAN 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $112.97 | $159.13 | $117.27 | $142.84 | $201.08 | $94.96 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.89 | 4.71 | 4.91 | 1.39 | (2.21) | (1.95) |
| Net gain (loss) on investments (realized and unrealized) | 56.54 | (45.29) | 44.41 | (26.96) | (56.03) | 109.13 |
| Total from investment operations | 58.43 | (40.58) | 49.32 | (25.57) | (58.24) | 107.18 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.58) | (7.46) |  |  | (1.06) |
| Total distributions |  | (5.58) | (7.46) |  |  | (1.06) |
| Net asset value, end of period | $171.40 | $112.97 | $159.13 | $117.27 | $142.84 | $201.08 |
| **Total Return<sup>c</sup>** | **51.72%** | **(26.07** **%)** | **44.34%** | **(17.90** **%)** | **(28.96** **%)** | **112.92%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $398 | $246 | $450 | $207 | $207 | $255 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.71% | 3.50% | 3.77% | 1.27% | (1.22%) | (1.26%) |
| Total expenses<sup>d</sup> | 1.59% | 1.58% | 1.57% | 1.50% | 1.51% | 1.58% |
| Net expenses<sup>e</sup> | 1.54% | 1.53% | 1.54% | 1.49% | 1.49% | 1.56% |
| Portfolio turnover rate |  |  |  |  |  | 15% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $98.18 | $140.30 | $104.92 | $128.84 | $182.53 | $87.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.20 | 4.00 | 3.51 | .39 | (3.48) | (2.98) |
| Net gain (loss) on investments (realized and unrealized) | 49.05 | (40.54) | 39.33 | (24.31) | (50.21) | 99.57 |
| Total from investment operations | 50.25 | (36.54) | 42.84 | (23.92) | (53.69) | 96.59 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.58) | (7.46) |  |  | (1.06) |
| Total distributions |  | (5.58) | (7.46) |  |  | (1.06) |
| Net asset value, end of period | $148.43 | $98.18 | $140.30 | $104.92 | $128.84 | $182.53 |
| **Total Return<sup>c</sup>** | **51.18%** | **(26.70** **%)** | **43.33%** | **(18.57** **%)** | **(29.41** **%)** | **111.34%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $— <sup>f</sup> | $— <sup>f</sup> | $22 | $4 | $5 | $53 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.93% | 3.25% | 3.05% | 0.40% | (2.00%) | (2.02%) |
| Total expenses<sup>d</sup> | 2.26% | 2.29% | 2.30% | 2.30% | 2.25% | 2.32% |
| Net expenses<sup>e</sup> | 2.26% | 2.25% | 2.27% | 2.30% | 2.24% | 2.30% |
| Portfolio turnover rate |  |  |  |  |  | 15% |

---

364 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**JAPAN 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $113.93 | $160.43 | $118.13 | $143.98 | $202.65 | $95.70 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.91 | 4.83 | 4.48 | 1.64 | (2.25) | (2.07) |
| Net gain (loss) on investments (realized and unrealized) | 57.02 | (45.75) | 45.28 | (27.49) | (56.42) | 110.08 |
| Total from investment operations | 58.93 | (40.92) | 49.76 | (25.85) | (58.67) | 108.01 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.58) | (7.46) |  |  | (1.06) |
| Total distributions |  | (5.58) | (7.46) |  |  | (1.06) |
| Net asset value, end of period | $172.86 | $113.93 | $160.43 | $118.13 | $143.98 | $202.65 |
| **Total Return** | **51.72%** | **(26.07** **%)** | **44.34%** | **(17.95** **%)** | **(28.95** **%)** | **112.94%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1589 | $614 | $2338 | $7347 | $1049 | $1560 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.67% | 3.53% | 3.54% | 1.48% | (1.22%) | (1.27%) |
| Total expenses<sup>d</sup> | 1.59% | 1.58% | 1.58% | 1.54% | 1.51% | 1.58% |
| Net expenses<sup>e</sup> | 1.54% | 1.53% | 1.56% | 1.53% | 1.49% | 1.56% |
| Portfolio turnover rate |  |  |  |  |  | 15% |

---

<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> Less than $1,000 in Net Assets.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 365

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **STRENGTHENING DOLLAR 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 1.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.6%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 1.6%** |
| 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> | $57000 | $56916 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $56,916) |  | 56916 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 93.4%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 93.4%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 93.4%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 1877762 | 1877762 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 1351173 | 1351173 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,228,935) |  | 3228935 |
| **Total Investments - 95.0%** | **Total Investments - 95.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,285,851) | &nbsp;&nbsp;&nbsp;(Cost $3,285,851) | $3285851 |
| **Other Assets & Liabilities, net - 5.0%** | **Other Assets & Liabilities, net - 5.0%** | 172572 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $3458423 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** | **Currency Futures Contracts Purchased<sup>†</sup>** |
| U.S. Dollar Index Futures Contracts | 54 | Dec 2025 | $5263380 | $880 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Appreciation** |
| **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** | **OTC Currency Index Swap Agreements<sup>††</sup>** |
| Goldman Sachs International | U.S. Dollar Index | Receive | N/A | At Maturity | 12/19/25 | 16759 | $1633746 | $5337 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at 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;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

366 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **STRENGTHENING DOLLAR 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 | $— | $56916 | $— | $56916 |
| Repurchase Agreements |  | 3228935 |  | 3228935 |
| Currency Futures Contracts\*\* | 880 |  |  | 880 |
| Currency Index Swap Agreements\*\* |  | 5337 |  | 5337 |
| Total Assets | $880 | $3291188 | $— | $3292068 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 367

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $56,916) | $56916 |
| Repurchase agreements, at value (cost $3,228,935) | 3228935 |
| Segregated cash with broker | 209971 |
| Unrealized appreciation on OTC swap agreements | 5337 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 153181 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 1294 |
| &nbsp;&nbsp;&nbsp;Interest | 376 |
| **Total assets** | 3656010 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 178601 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 6156 |
| &nbsp;&nbsp;&nbsp;Management fees | 1605 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 666 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 503 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 94 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 22 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 9940 |
| **Total liabilities** | 197587 |
| **Net assets** | $3458423 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $24541556 |
| Total distributable earnings (loss) | (21083133) |
| Net assets | $3458423 |
| **Class A:** | **Class A:** |
| Net assets | $339371 |
| Capital shares outstanding | 5921 |
| Net asset value per share | $57.32 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $60.18 |
| **Class C:** | **Class C:** |
| Net assets | $96159 |
| Capital shares outstanding | 1992 |
| Net asset value per share | $48.27 |
| **Class H:** | **Class H:** |
| Net assets | $3022893 |
| Capital shares outstanding | 52946 |
| Net asset value per share | $57.09 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $42686 |
| &nbsp;&nbsp;&nbsp;Total investment income | 42686 |
| **Expenses:** | **Expenses:** |
| Management fees | 8783 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 456 |
| &nbsp;&nbsp;&nbsp;Class C | 340 |
| &nbsp;&nbsp;&nbsp;Class H | 1899 |
| Transfer agent fees | 2061 |
| Licensing fees | 2497 |
| Portfolio accounting and administration fees | 1488 |
| Registration fees | 816 |
| Professional fees | 736 |
| Trustees' fees\* | 184 |
| Custodian fees | 142 |
| Miscellaneous | 250 |
| &nbsp;&nbsp;&nbsp;Total expenses | 19652 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (975) |
| Net expenses | 18677 |
| Net investment income | 24009 |
| **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 | (81) |
| &nbsp;&nbsp;&nbsp;Swap agreements | (63897) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (157911) |
| Net realized loss | (221889) |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | (2728) |
| &nbsp;&nbsp;&nbsp;Futures contracts | (20556) |
| Net change in unrealized appreciation (depreciation) | (23284) |
| Net realized and unrealized loss | (245173) |
| **Net decrease in net assets resulting from operations** | $(221164) |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

368 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

**STATEMENTS OF CHANGES IN NET ASSETS**<br>

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br> September 30, 2025<br> (Unaudited)** | **Year Ended<br> March 31, <br> 2025** |
| **Increase (Decrease) in Net Assets from Operations:** |  |  |
| Net investment income | $24009 | $91521 |
| Net realized loss on investments | (221889) | (425633) |
| Net change in unrealized appreciation (depreciation) on investments | (23284) | (43490) |
| Net decrease in net assets resulting from operations | (221164) | (377602) |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (13671) |
| &nbsp;&nbsp;&nbsp;Class C |  | (131) |
| &nbsp;&nbsp;&nbsp;Class H |  | (150721) |
| Total distributions to shareholders |  | (164523) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 288652 | 660718 |
| &nbsp;&nbsp;&nbsp;Class C | 105919 | 35194 |
| &nbsp;&nbsp;&nbsp;Class H | 20676552 | 117911292 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 12913 |
| &nbsp;&nbsp;&nbsp;Class C |  | 131 |
| &nbsp;&nbsp;&nbsp;Class H |  | 140209 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (320768) | (689981) |
| &nbsp;&nbsp;&nbsp;Class C | (11375) | (42351) |
| &nbsp;&nbsp;&nbsp;Class H | (19235573) | (117748091) |
| Net increase from capital share transactions | 1503407 | 280034 |
| Net increase (decrease) in net assets | 1282243 | (262091) |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 2176180 | 2438271 |
| &nbsp;&nbsp;&nbsp;End of period | $3458423 | $2176180 |
| **Capital share activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 5001 | 10173 |
| &nbsp;&nbsp;&nbsp;Class C | 2183 | 636 |
| &nbsp;&nbsp;&nbsp;Class H | 361323 | 1810989 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 195 |
| &nbsp;&nbsp;&nbsp;Class C |  | 2 |
| &nbsp;&nbsp;&nbsp;Class H |  | 2130 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (5543) | (10677) |
| &nbsp;&nbsp;&nbsp;Class C | (233) | (766) |
| &nbsp;&nbsp;&nbsp;Class H | (336292) | (1817243) |
| Net increase (decrease) in shares | 26439 | (4561) |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 369

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **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 | $63.44 | $62.78 | $58.06 | $52.63 | $48.47 | $55.34 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .73 | 1.97 | 2.11 | .38 | (.64) | (.64) |
| Net gain (loss) on investments (realized and unrealized) | (6.85) | 1.03 <sup>e</sup> | 3.88 <sup>e</sup> | 5.05 <sup>e</sup> | 4.80 | (5.95) |
| Total from investment operations | (6.12) | 3.00 | 5.99 | 5.43 | 4.16 | (6.59) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (2.34) | (1.27) |  |  | (.28) |
| Total distributions |  | (2.34) | (1.27) |  |  | (.28) |
| Net asset value, end of period | $57.32 | $63.44 | $62.78 | $58.06 | $52.63 | $48.47 |
| **Total Return<sup>c</sup>** | **(9.65** **%)** | **4.61%** | **10.36%** | **10.32%** | **8.58%** | **(11.88** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $339 | $410 | $425 | $624 | $1023 | $1464 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.51% | 3.06% | 3.50% | 0.64% | (1.32%) | (1.26%) |
| Total expenses | 2.00% | 2.02% | 1.91% | 1.82% | 1.89% | 1.91% |
| Net expenses<sup>d</sup> | 1.90% | 1.92% | 1.83% | 1.79% | 1.86% | 1.87% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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 | $54.07 | $53.82 | $50.31 | $45.94 | $42.62 | $49.08 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .43 | 1.28 | 1.38 | .23 | (.87) | (.90) |
| Net gain (loss) on investments (realized and unrealized) | (6.23) | 1.31 <sup>e</sup> | 3.40 <sup>e</sup> | 4.14 <sup>e</sup> | 4.19 | (5.28) |
| Total from investment operations | (5.80) | 2.59 | 4.78 | 4.37 | 3.32 | (6.18) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (2.34) | (1.27) |  |  | (.28) |
| Total distributions |  | (2.34) | (1.27) |  |  | (.28) |
| Net asset value, end of period | $48.27 | $54.07 | $53.82 | $50.31 | $45.94 | $42.62 |
| **Total Return<sup>c</sup>** | **(10.73** **%)** | **3.83%** | **9.57%** | **9.51%** | **7.79%** | **(12.56** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $96 | $2 | $9 | $38 | $34 | $35 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.75% | 2.34% | 2.66% | 0.43% | (2.07%) | (2.00%) |
| Total expenses | 2.72% | 2.82% | 2.64% | 2.56% | 2.66% | 2.67% |
| Net expenses<sup>d</sup> | 2.62% | 2.67% | 2.57% | 2.52% | 2.62% | 2.63% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

370 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**STRENGTHENING DOLLAR 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **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 | $63.19 | $62.55 | $57.86 | $52.44 | $48.29 | $55.12 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .72 | 1.90 | 2.07 | .67 | (.66) | (.70) |
| Net gain (loss) on investments (realized and unrealized) | (6.82) | 1.08 <sup>e</sup> | 3.89 <sup>e</sup> | 4.75 <sup>e</sup> | 4.81 | (5.85) |
| Total from investment operations | (6.10) | 2.98 | 5.96 | 5.42 | 4.15 | (6.55) |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (2.34) | (1.27) |  |  | (.28) |
| Total distributions |  | (2.34) | (1.27) |  |  | (.28) |
| Net asset value, end of period | $57.09 | $63.19 | $62.55 | $57.86 | $52.44 | $48.29 |
| **Total Return** | **(9.65** **%)** | **4.61%** | **10.35%** | **10.34%** | **8.59%** | **(11.86** **%)** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $3023 | $1764 | $2004 | $6596 | $4190 | $2437 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.48% | 2.92% | 3.46% | 1.08% | (1.36%) | (1.36%) |
| Total expenses | 1.98% | 2.01% | 1.90% | 1.81% | 1.89% | 1.94% |
| Net expenses<sup>d</sup> | 1.88% | 1.91% | 1.83% | 1.77% | 1.85% | 1.90% |
| Portfolio turnover rate |  |  |  |  |  |  |

---

---

| | |
|:---|:---|
| <sup>a</sup> | &nbsp;&nbsp;&nbsp;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> | &nbsp;&nbsp;&nbsp;Net investment income (loss) per share was computed using average shares outstanding throughout the period. |
| <sup>c</sup> | &nbsp;&nbsp;&nbsp;Total return does not reflect the impact of any applicable sales charges. |
| <sup>d e</sup> | &nbsp;&nbsp;&nbsp;Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable. The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund. |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 371

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **WEAKENING DOLLAR 2x STRATEGY FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 2.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 2.8%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>1,2</sup> | $39000 | $38943 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $38,943) |  | 38943 |
| **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 93.2%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 93.2%** | **REPURCHASE AGREEMENTS<sup>††,3</sup>** **- 93.2%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 749147 | 749147 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 539060 | 539060 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,288,207) |  | 1288207 |
| **Total Investments - 96.0%** | **Total Investments - 96.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,327,150) | &nbsp;&nbsp;&nbsp;(Cost $1,327,150) | $1327150 |
| **Other Assets & Liabilities, net - 4.0%** | **Other Assets & Liabilities, net - 4.0%** | 54700 |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $1381850 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** | **Futures Contracts** |
| **Description** | **Number of <br> Contracts** | **Expiration <br> Date** | **Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation\*\*** |
| **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** | **Currency Futures Contracts Sold Short<sup>†</sup>** |
| U.S. Dollar Index Futures Contracts | 22 | Dec 2025 | $2144340 | $278 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** | **Total Return Swap Agreements** |
| **Counterparty** | **Index** | **Type** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Units** | **Notional <br> Amount** | **Value and <br> Unrealized <br> Depreciation** |
| **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** | **OTC Currency Index Swap Agreements Sold Short<sup>††</sup>** |
| Goldman Sachs International | U.S. Dollar Index | Pay | N/A | At Maturity | 12/19/25 | 6306 | $614731 | $(2042) |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities. |
| <sup>†</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 1 inputs — See Note 4. |
| <sup>††</sup> | &nbsp;&nbsp;&nbsp;Value determined based on Level 2 inputs — See Note 4. |
| <sup>1</sup> | &nbsp;&nbsp;&nbsp;All or a portion of this security is pledged as futures collateral at 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;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

372 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **WEAKENING DOLLAR 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 | $— | $38943 | $— | $38943 |
| Repurchase Agreements |  | 1288207 |  | 1288207 |
| Currency Futures Contracts\*\* | 278 |  |  | 278 |
| Total Assets | $278 | $1327150 | $— | $1327428 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 <br> Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Currency Index Swap Agreements\*\* | $– $| 2042 | $– $| 2042 |

---

\*\* This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 373

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $38,943) | $38943 |
| Repurchase agreements, at value (cost $1,288,207) | 1288207 |
| Segregated cash with broker | 67963 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 8417 |
| &nbsp;&nbsp;&nbsp;Variation margin on futures contracts | 2508 |
| &nbsp;&nbsp;&nbsp;Interest | 150 |
| **Total assets** | 1406188 |
| **Liabilities:** | **Liabilities:** |
| Overdraft due to custodian bank | 10911 |
| Unrealized depreciation on OTC swap agreements | 2042 |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Licensing fees | 4257 |
| &nbsp;&nbsp;&nbsp;Swap settlement | 4166 |
| &nbsp;&nbsp;&nbsp;Management fees | 1022 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 443 |
| &nbsp;&nbsp;&nbsp;Distribution and service fees | 320 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 60 |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 50 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 14 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 1053 |
| **Total liabilities** | 24338 |
| **Net assets** | $1381850 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $11736555 |
| Total distributable earnings (loss) | (10354705) |
| Net assets | $1381850 |
| **Class A:** | **Class A:** |
| Net assets | $209948 |
| Capital shares outstanding | 1421 |
| Net asset value per share | $147.75 |
| Maximum offering price per share (Net asset value divided by 95.25%) | $155.12 |
| **Class C:** | **Class C:** |
| Net assets | $59913 |
| Capital shares outstanding | 485 |
| Net asset value per share | $123.59 |
| **Class H:** | **Class H:** |
| Net assets | $1111989 |
| Capital shares outstanding | 7539 |
| Net asset value per share | $147.50 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $34654 |
| &nbsp;&nbsp;&nbsp;Total investment income | 34654 |
| **Expenses:** | **Expenses:** |
| Management fees | 7211 |
| Distribution and service fees: | Distribution and service fees: |
| &nbsp;&nbsp;&nbsp;Class A | 261 |
| &nbsp;&nbsp;&nbsp;Class C | 247 |
| &nbsp;&nbsp;&nbsp;Class H | 1681 |
| Transfer agent fees | 1728 |
| Licensing fees | 2056 |
| Portfolio accounting and administration fees | 1222 |
| Registration fees | 867 |
| Professional fees | 355 |
| Custodian fees | 110 |
| Trustees' fees\* | 91 |
| Miscellaneous | 488 |
| &nbsp;&nbsp;&nbsp;Total expenses | 16317 |
| Less: | Less: |
| Expenses reimbursed by Adviser | (801) |
| Net expenses | 15516 |
| Net investment income | 19138 |
| **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 | 53 |
| &nbsp;&nbsp;&nbsp;Swap agreements | 32295 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 122883 |
| Net realized gain | 155231 |
| Net change in unrealized appreciation (depreciation) on: | Net change in unrealized appreciation (depreciation) on: |
| &nbsp;&nbsp;&nbsp;Swap agreements | 880 |
| &nbsp;&nbsp;&nbsp;Futures contracts | 14101 |
| Net change in unrealized appreciation (depreciation) | 14981 |
| Net realized and unrealized gain | 170212 |
| **Net increase in net assets resulting from operations** | $189350 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

374 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**WEAKENING DOLLAR 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 | $19138 | $38524 |
| Net realized gain (loss) on investments | 155231 | (127751) |
| Net change in unrealized appreciation (depreciation) on investments | 14981 | 10364 |
| Net increase (decrease) in net assets resulting from operations | 189350 | (78863 |
| **Distributions to shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | (7608) |
| &nbsp;&nbsp;&nbsp;Class C |  | (19) |
| &nbsp;&nbsp;&nbsp;Class H |  | (39911 |
| Total distributions to shareholders |  | (47538 |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 114257 | 86458 |
| &nbsp;&nbsp;&nbsp;Class C | 57500 | 500 |
| &nbsp;&nbsp;&nbsp;Class H | 10227537 | 51979406 |
| Distributions reinvested |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 7603 |
| &nbsp;&nbsp;&nbsp;Class C |  | 19 |
| &nbsp;&nbsp;&nbsp;Class H |  | 39070 |
| Cost of shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (96025) | (123981) |
| &nbsp;&nbsp;&nbsp;Class C | (282) | (364) |
| &nbsp;&nbsp;&nbsp;Class H | (10217568) | (51700123 |
| Net increase from capital share transactions | 85419 | 288588 |
| Net increase in net assets | 274769 | 162187 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 1107081 | 944894 |
| &nbsp;&nbsp;&nbsp;End of period | $1381850 | $1107081 |
| **Capital Share Activity:** |  |  |
| Shares sold |  |  |
| &nbsp;&nbsp;&nbsp;Class A | 799 | 653 |
| &nbsp;&nbsp;&nbsp;Class C | 483 | 4 |
| &nbsp;&nbsp;&nbsp;Class H | 71068 | 370718 |
| Shares issued from reinvestment of distributions |  |  |
| &nbsp;&nbsp;&nbsp;Class A |  | 60 |
| &nbsp;&nbsp;&nbsp;Class C |  | 1 |
| &nbsp;&nbsp;&nbsp;Class H |  | 311 |
| Shares redeemed |  |  |
| &nbsp;&nbsp;&nbsp;Class A | (667) |  |
| &nbsp;&nbsp;&nbsp;Class C | (2) | (3\* |
| &nbsp;&nbsp;&nbsp;Class H | (70609) | (369279 |
| Net increase in shares | 1072 | 1545 |

---

\* Capital share activity has been restated to reflect a 1:3 reverse share split effective February 24, 2025.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 375

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class A** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025 <sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $132.43 | $138.60 | $146.87 | $166.41 | $191.12 | $173.56 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.77 | 4.22 | 4.98 | 1.56 | (2.22) | (2.52) |
| Net gain (loss) on investments (realized and unrealized) | 13.55 | (4.85) | (11.78) | (21.10) | (22.49) | 20.44 |
| Total from investment operations | 15.32 | (.63) | (6.80) | (19.54) | (24.71) | 17.92 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.54) | (1.47) |  |  | (.36) |
| Total distributions |  | (5.54) | (1.47) |  |  | (.36) |
| Net asset value, end of period | $147.75 | $132.43 | $138.60 | $146.87 | $166.41 | $191.12 |
| **Total Return<sup>c</sup>** | **11.57%** | **(0.25** **%)** | **(4.65** **%)** | **(11.72** **%)** | **(12.95** **%)** | **10.32%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $210 | $171 | $207 | $225 | $192 | $387 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.42% | 3.11% | 3.48% | 1.10% | (1.18%) | (1.30%) |
| Total expenses<sup>d</sup> | 2.01% | 2.02% | 1.91% | 1.74% | 1.90% | 1.90% |
| Net expenses<sup>e</sup> | 1.91% | 1.92% | 1.83% | 1.69% | 1.84% | 1.86% |
| Portfolio turnover rate |  |  |  |  |  | 48% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class C** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025 <sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $99.50 | $118.40 | $126.79 | $144.70 | $167.43 | $153.22 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.03 | 2.56 | 3.60 | .96 | (3.18) | (3.51) |
| Net gain (loss) on investments (realized and unrealized) | 23.06 | (15.92) | (10.52) | (18.87) | (19.55) | 18.08 |
| Total from investment operations | 24.09 | (13.36) | (6.92) | (17.91) | (22.73) | 14.57 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.54) | (1.47) |  |  | (.36) |
| Total distributions |  | (5.54) | (1.47) |  |  | (.36) |
| Net asset value, end of period | $123.59 | $99.50 | $118.40 | $126.79 | $144.70 | $167.43 |
| **Total Return<sup>c</sup>** | **11.15%** | **(1.14** **%)** | **(5.51** **%)** | **(12.38** **%)** | **(13.57** **%)** | **9.50%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $60 | $0 | $0 | $6 | $15 | $37 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 1.68% | 2.23% | 2.87% | 0.81% | (1.93%) | (2.04%) |
| Total expenses<sup>d</sup> | 2.74% | 2.73% | 2.53% | 2.37% | 2.66% | 2.66% |
| Net expenses<sup>e</sup> | 2.64% | 2.73% | 2.46% | 2.32% | 2.59% | 2.62% |
| Portfolio turnover rate |  |  |  |  |  | 48% |

---

376 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**WEAKENING DOLLAR 2x STRATEGY FUND**<br>

**FINANCIAL HIGHLIGHTS** (concluded)<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Class H** | **Six Months Ended <br> September 30, 2025<sup>a</sup>** | **Year Ended <br> March 31, <br> 2025 <sup>f</sup>** | **Year Ended <br> March 31, <br> 2024<sup>f</sup>** | **Year Ended <br> March 31, <br> 2023<sup>f</sup>** | **Year Ended <br> March 31, <br> 2022<sup>f</sup>** | **Year Ended <br> March 31, <br> 2021<sup>f</sup>** |
| **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** | **Per Share Data** |
| Net asset value, beginning of period | $132.20 | $138.35 | $146.60 | $166.11 | $190.78 | $173.29 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | 1.75 | 4.20 | 5.04 | 1.65 | (2.19) | (2.79) |
| Net gain (loss) on investments (realized and unrealized) | 13.55 | (4.81) | (11.82) | (21.16) | (22.48) | 20.64 |
| Total from investment operations | 15.30 | (.61) | (6.78) | (19.51) | (24.67) | 17.85 |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income |  | (5.54) | (1.47) |  |  | (.36) |
| Total distributions |  | (5.54) | (1.47) |  |  | (.36) |
| Net asset value, end of period | $147.50 | $132.20 | $138.35 | $146.60 | $166.11 | $190.78 |
| **Total Return** | **11.57%** | **(0.24** **%)** | **(4.64** **%)** | **(11.74** **%)** | **(12.93** **%)** | **10.29%** |
| **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| Net assets, end of period (in thousands) | $1112 | $936 | $737 | $1363 | $1005 | $1063 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 2.41% | 3.07% | 3.50% | 1.18% | (1.17%) | (1.47%) |
| Total expenses<sup>d</sup> | 2.02% | 2.01% | 1.89% | 1.74% | 1.90% | 1.88% |
| Net expenses<sup>e</sup> | 1.92% | 1.91% | 1.81% | 1.69% | 1.84% | 1.86% |
| Portfolio turnover rate |  |  |  |  |  | 48% |

---

<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> Reverse share split — Per share amounts have been restated to reflect a 1:3 reverse share split effective February 24, 2025.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 377

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited) | September 30, 2025 |
| **U.S. GOVERNMENT MONEY MARKET FUND** |  |

---

---

| | | |
|:---|:---|:---|
|  | **Face<br> Amount** | **Value** |
| **FEDERAL AGENCY NOTES<sup>††</sup>** **- 25.1%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 25.1%** | **FEDERAL AGENCY NOTES<sup>††</sup>** **- 25.1%** |
| Federal Farm Credit Bank | Federal Farm Credit Bank | Federal Farm Credit Bank |
| &nbsp;&nbsp;&nbsp;4.15% (SOFR + 0.02%, Rate Floor: 0.00%) due 11/06/25<sup>◊</sup> | $15000000 | $15000000 |
| &nbsp;&nbsp;&nbsp;4.26% (U.S. Prime Rate - 2.99%, Rate Floor: 0.00%) due 06/18/26<sup>◊</sup> | 10000000 | 10004908 |
| &nbsp;&nbsp;&nbsp;4.21% (U.S. Prime Rate - 3.04%, Rate Floor: 0.00%) due 05/21/26<sup>◊</sup> | 10000000 | 10001644 |
| &nbsp;&nbsp;&nbsp;4.13% (Fed Funds Effective Rate + 0.04%, Rate Floor: 0.00%) due 01/06/26<sup>◊</sup> | 10000000 | 10000412 |
| 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> | 10000000 | 10000000 |
| &nbsp;&nbsp;&nbsp;4.13% (SOFR, Rate Floor: 0.00%) due 11/20/25<sup>◊</sup> | 10000000 | 9999887 |
| **Total Federal Agency Notes** | **Total Federal Agency Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $65,006,851) |  | 65006851 |
| **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 16.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 16.9%** | **FEDERAL AGENCY DISCOUNT NOTES<sup>††</sup>** **- 16.9%** |
| Federal Home Loan Bank | Federal Home Loan Bank | Federal Home Loan Bank |
| &nbsp;&nbsp;&nbsp;4.11% due 10/31/25<sup>1</sup> | 8600000 | 8570545 |
| &nbsp;&nbsp;&nbsp;4.25% due 10/03/25<sup>1</sup> | 8500000 | 8497993 |
| &nbsp;&nbsp;&nbsp;4.27% due 10/08/25<sup>1</sup> | 8000000 | 7993366 |
| &nbsp;&nbsp;&nbsp;4.15% due 11/10/25<sup>1</sup> | 4600000 | 4578789 |
| &nbsp;&nbsp;&nbsp;4.13% due 12/19/25<sup>1</sup> | 3500000 | 3468279 |
| &nbsp;&nbsp;&nbsp;4.14% due 10/10/25<sup>1</sup> | 3000000 | 2996895 |
| Freddie Mac | Freddie Mac | Freddie Mac |
| &nbsp;&nbsp;&nbsp;4.03% due 10/23/25<sup>1</sup> | 7858000 | 7838647 |
| **Total Federal Agency Discount Notes** | **Total Federal Agency Discount Notes** |  |
| &nbsp;&nbsp;&nbsp;(Cost $43,944,514) |  | 43944514 |
| **U.S. TREASURY BILLS<sup>††</sup>** **- 14.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 14.8%** | **U.S. TREASURY BILLS<sup>††</sup>** **- 14.8%** |
| U.S. Treasury Bills | U.S. Treasury Bills | U.S. Treasury Bills |
| &nbsp;&nbsp;&nbsp;4.01% due 10/21/25<sup>1</sup> | 15000000 | 14966595 |
| &nbsp;&nbsp;&nbsp;4.00% due 11/06/25<sup>1</sup> | 15000000 | 14940022 |
| &nbsp;&nbsp;&nbsp;4.03% due 12/04/25<sup>1</sup> | 8500000 | 8439173 |
| **Total U.S. Treasury Bills** | **Total U.S. Treasury Bills** |  |
| &nbsp;&nbsp;&nbsp;(Cost $38,345,790) |  | 38345790 |
| **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 6.4%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 6.4%** | **U.S. GOVERNMENT SECURITIES<sup>††</sup>** **- 6.4%** |
| United States Treasury Floating Rate Note | United States Treasury Floating Rate Note | United States Treasury Floating Rate Note |
| &nbsp;&nbsp;&nbsp;4.07% (3 Month U.S. Treasury Bill Rate + 0.17%, Rate Floor: 0.00%) due 10/31/25<sup>◊</sup> | 10500000 | 10500595 |
| &nbsp;&nbsp;&nbsp;4.14% (3 Month U.S. Treasury Bill Rate + 0.25%, Rate Floor: 0.00%) due 01/31/26<sup>◊</sup> | 6000000 | 6003622 |
| **Total U.S. Government Securities** | **Total U.S. Government Securities** |  |
| &nbsp;&nbsp;&nbsp;(Cost $16,504,217) |  | 16504217 |
| **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 54.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 54.8%** | **REPURCHASE AGREEMENTS<sup>††,2</sup>** **- 54.8%** |
| J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 82579006 | 82579006 |
| BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 59420994 | 59420994 |
| **Total Repurchase Agreements** | **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $142,000,000) |  | 142000000 |
| **Total Investments - 118.0%** | **Total Investments - 118.0%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $305,801,372) | &nbsp;&nbsp;&nbsp;(Cost $305,801,372) | $305801372 |
| **Other Assets & Liabilities, net - (18.0)%** | **Other Assets & Liabilities, net - (18.0)%** | (46741176) |
| **Total Net Assets - 100.0%** | **Total Net Assets - 100.0%** | $259060196 |

---

---

| | |
|:---|:---|
| <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 effective yield at the time of purchase. |
| <sup>2</sup> | &nbsp;&nbsp;&nbsp;Repurchase Agreements — See Note 6. |
|  | &nbsp;&nbsp;&nbsp;SOFR — Secured Overnight Financing Rate |
|  | &nbsp;&nbsp;&nbsp;See Sector Classification in Other Information section. |

---

378 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** (Unaudited)(concluded) | September 30, 2025 |
| **U.S. GOVERNMENT MONEY MARKET 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** |
| Federal Agency Notes | $— | $65006851 | $— | $65006851 |
| Federal Agency Discount Notes |  | 43944514 |  | 43944514 |
| U.S. Treasury Bills |  | 38345790 |  | 38345790 |
| U.S. Government Securities |  | 16504217 |  | 16504217 |
| Repurchase Agreements |  | 142000000 |  | 142000000 |
| Total Assets | $— | $305801372 | $— | $305801372 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 379

**U.S. GOVERNMENT MONEY MARKET FUND**<br>

---

| |
|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** (Unaudited) |
| September 30, 2025 |

---

---

| | |
|:---|:---|
| **Assets:** | **Assets:** |
| Investments, at value (cost $163,801,372) | $163801372 |
| Repurchase agreements, at value (cost $142,000,000) | 142000000 |
| Cash | 2869800 |
| Receivables: | Receivables: |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 8369011 |
| &nbsp;&nbsp;&nbsp;Interest | 511193 |
| **Total assets** | 317551376 |
| **Liabilities:** | **Liabilities:** |
| Payable for: | Payable for: |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed | 58091279 |
| &nbsp;&nbsp;&nbsp;Management fees | 104729 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 71779 |
| &nbsp;&nbsp;&nbsp;Portfolio accounting and administration fees | 31605 |
| &nbsp;&nbsp;&nbsp;Distributions to shareholders | 3929 |
| &nbsp;&nbsp;&nbsp;Trustees' fees\* | 2551 |
| &nbsp;&nbsp;&nbsp;Miscellaneous | 185308 |
| **Total liabilities** | 58491180 |
| **Net assets** | $259060196 |
| **Net assets consist of:** | **Net assets consist of:** |
| Paid in capital | $258907201 |
| Total distributable earnings (loss) | 152995 |
| Net assets | $259060196 |
| Capital shares outstanding | 258885450 |
| Net asset value per share | $1.00 |

---

---

| |
|:---|
| **STATEMENT OF OPERATIONS** (Unaudited) |
| Six Months Ended September 30, 2025 |

---

---

| | |
|:---|:---|
| **Investment Income:** | **Investment Income:** |
| Interest | $5835381 |
| &nbsp;&nbsp;&nbsp;Total investment income | 5835381 |
| **Expenses:** | **Expenses:** |
| Management fees | 669164 |
| Transfer agent fees | 240990 |
| Portfolio accounting and administration fees | 201545 |
| Registration fees | 163361 |
| Professional fees | 52807 |
| Custodian fees | 18686 |
| Trustees' fees\* | 17633 |
| Miscellaneous | 64272 |
| &nbsp;&nbsp;&nbsp;Total expenses | 1428458 |
| Net investment income | 4406923 |
| **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 | 15638 |
| Net realized gain | 15638 |
| **Net increase in net assets resulting from operations** | $4422561 |

---

\* Relates to Trustees not deemed "interested persons" within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

380 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO FINANCIAL STATEMENTS.

**U.S. GOVERNMENT MONEY MARKET 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 | $4406923 | $10300337 |
| Net realized gain on investments | 15638 | 2129 |
| Net change in unrealized appreciation (depreciation) on investments |  |  |
| Net increase in net assets resulting from operations | 4422561 | 10302466 |
| Distributions to shareholders | (4406924) | (10300331) |
| **Capital share transactions:** |  |  |
| Proceeds from sale of shares | 3229840491 | 5458985385 |
| Distributions reinvested | 4364484 | 10212588 |
| Cost of shares redeemed | (3263580374) | (5456429907) |
| Net increase (decrease) from capital share transactions | (29375399) | 12768066 |
| Net increase (decrease) in net assets | (29359762) | 12770201 |
| **Net assets:** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 288419958 | 275649757 |
| &nbsp;&nbsp;&nbsp;End of period | $259060196 | $288419958 |
| **Capital share activity:** |  |  |
| Shares sold | 3229840490 | 5458985385 |
| Shares issued from reinvestment of distributions | 4364784 | 10212748 |
| Shares redeemed | (3263580374) | (5456429908) |
| Net increase (decrease) in shares | (29375100) | 12768225 |

---

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 381

**U.S. GOVERNMENT MONEY MARKET FUND**<br>

**FINANCIAL HIGHLIGHTS**<br>

This table is presented to show selected data for a share outstanding throughout each period and to assist shareholders in evaluating the Fund's performance for the periods presented.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: | Income (loss) from investment operations: |
| Net investment income (loss)<sup>b</sup> | .02 | .04 | .04 | .02 | — <sup>d</sup> | — <sup>d</sup> |
| Net gain (loss) on investments (realized and unrealized) | — <sup>d</sup> | — <sup>d</sup> | — <sup>d</sup> | — <sup>d</sup> | — <sup>d</sup> | — <sup>d</sup> |
| Total from investment operations | .02 | .04 | .04 | .02 | — <sup>d</sup> | — <sup>d</sup> |
| Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: | Less distributions from: |
| Net investment income | (.02) | (.04) | (.04) | (.02) |  |  |
| Net realized gains | — <sup>d</sup> | — <sup>d</sup> | — <sup>d</sup> |  |  |  |
| Total distributions | (.02) | (.04) | (.04) | (.02) |  |  |
| Net asset value, end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** | **1.66%** | **3.98%** | **4.33%** | **1.86%** | **0.00** **%<sup>**c**</sup>** | **0.05%** |
| **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) | $259060 | $288420 | $275650 | $311699 | $356201 | $348971 |
| Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: | Ratios to average net assets: |
| Net investment income (loss) | 3.29% | 3.91% | 4.26% | 1.81% | (0.04 %) | 0.00 %<sup>e</sup> |
| Total expenses | 1.07% | 1.05% | 1.05% | 0.99% | 0.95% | 1.04% |
| Net expenses<sup>c</sup> | 1.07% | 1.05% | 1.05% | 0.86% | 0.12% | 0.16% |

---

<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> Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

<sup>d</sup> Less than 0.01% per share.

<sup>e</sup> Less than 0.01%.

382 \| 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 Series Funds (the "Trust"), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940 (the "1940 Act"), as an open-ended investment company. The Trust consists of multiple series. Each series represents a separate fund (each, a "Fund" and collectively, the "Funds").

The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately.

The Trust offers a combination of seven separate classes of shares: Investor Class shares, Class A shares, Class C shares, Class H shares, Class P shares, Institutional Class shares and Money Market Class shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share ("NAV"), with the exception of Class A shares. Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Class A share purchases of $1 million or more are exempt from the front-end sales charge but are subject to a 1% contingent deferred sales charge ("CDSC") if shares are redeemed within 12 months of purchase. Class C shares are subject to a 1% CDSC if shares are redeemed within 12 months of purchase. Class C shares of each Fund automatically convert to Class A shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the Class C shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of Class A shares. Institutional Class shares are offered primarily for direct investment by institutions such as pension and profit sharing plans, endowments, foundations and corporations. Institutional Class shares require a minimum initial investment of $2 million and a minimum account balance of $1 million. At September 30, 2025, the Trust consisted of fifty-one Funds.

This report covers the following Funds:

---

| | |
|:---|:---|
| **Fund Name** | **Diversification Status** |
| Banking Fund | Diversified |
| Basic Materials Fund | Diversified |
| Biotechnology Fund | Diversified |
| Consumer Products Fund | Diversified |
| Electronics Fund | Non-diversified |
| Energy Fund | Diversified |
| Energy Services Fund | Non-diversified |
| Financial Services Fund | Diversified |
| Health Care Fund | Diversified |
| Internet Fund | Diversified |
| Leisure Fund | Diversified |
| Precious Metals Fund | Non-diversified |
| Real Estate Fund | Diversified |
| Retailing Fund | Diversified |
| Technology Fund | Diversified |
| Telecommunications Fund | Non-diversified |
| Transportation Fund | Diversified |
| Utilities Fund | Diversified |
| Dow Jones Industrial Average<sup>®</sup> Fund | Non-diversified |
| Mid-Cap 1.5x Strategy Fund | Non-diversified |
| Inverse Mid-Cap Strategy Fund | Non-diversified |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Non-diversified |
| NASDAQ-100<sup>®</sup> Fund | Non-diversified |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Non-diversified |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Non-diversified |
| Russell 2000<sup>®</sup> Fund | Non-diversified |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Non-diversified |
| Nova Fund | Non-diversified |
| S&P 500<sup>®</sup> Fund | Non-diversified |
| Inverse S&P 500<sup>®</sup> Strategy Fund | Non-diversified |
| S&P 500<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P 500<sup>®</sup> Pure Value Fund | Non-diversified |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | Non-diversified |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | Non-diversified |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | Non-diversified |
| Emerging Markets Bond Strategy Fund | Diversified |
| Government Long Bond 1.2x Strategy Fund | Diversified |
| Inverse Government Long Bond Strategy Fund | Diversified |
| High Yield Strategy Fund | Non-diversified |
| Inverse High Yield Strategy Fund | Non-diversified |
| Emerging Markets 2x Strategy Fund | Non-diversified |
| Inverse Emerging Markets 2x Strategy Fund | Non-diversified |
| Europe 1.25x Strategy Fund | Non-diversified |
| Japan 2x Strategy Fund | Non-diversified |
| Strengthening Dollar 2x Strategy Fund | Non-diversified |
| Weakening Dollar 2x Strategy Fund | Non-diversified |
| U.S. Government Money Market Fund | Diversified |

---

At September 30, 2025, Investor Class, Class A, Class C, Class H and Money Market Class shares have been issued by the Funds.

The Funds are designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offer unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Funds to experience high portfolio turnover.

Each of the Sector Funds invests in a specific industry sector. To the extent that the investments of a Sector Fund are concentrated in a single sector, the Fund is subject to legislative or regulatory changes, adverse market conditions and/or increased competition affecting such sector.

The Sector Funds seek capital appreciation and invest substantially all of their assets in equity securities of companies involved in the sector referenced in each Fund's name.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 383

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

Security Investors, LLC (the "Adviser"), which operates under the name Guggenheim Investments ("GI"), provides advisory services to the Funds. Guggenheim Funds Distributors, LLC ("GFD") serves as distributor of the Funds' shares. GI and GFD are affiliated entities.

**Significant Accounting Policies** 

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles ("U.S. GAAP") and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The NAV of each share class of each Fund is calculated by dividing the current value of the Fund's securities and other assets, less all liabilities attributable to the share class by the number of outstanding shares of the share class on the specified date.

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange ("NYSE"), usually 4:00 p.m. for the Russell 2000<sup>®</sup> Fund, S&P 500<sup>®</sup> Fund, Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund and Emerging Markets Bond Strategy Fund. All other Funds in this report will price at the afternoon NAV. The NAV is calculated using the current market value of each Fund's total assets as of the respective time of calculation. These financial statements are based on the 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 departments (the "Valuation Committee"), in determining the fair value of the Funds' securities and/or other assets. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.

Valuations of the Funds' securities and other assets are supplied primarily by independent third-party pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services.

If the independent third-party pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market ("NASDAQ") will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds and listed closed-end investment companies are generally valued at the last quoted sale price.

The U.S. Government Money Market Fund values debt securities at amortized cost pursuant to Rule 2a-7 of the 1940 Act, which approximates market value.

With the exception of the U.S. Government Money Market Fund, U.S. Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

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,

384 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent third-party pricing service.

Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation of the underlying securities would provide a more accurate valuation of the futures contract.

The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.

Swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

In general, portfolio securities and assets of a Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio securities and assets of a Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value." Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a portfolio security or asset at the price a Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset.

**(b) U.S. Government and Agency Obligations** 

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Funds' Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

**(c) Short Sales** 

When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities as collateral for short sales.

Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

**(d) Futures Contracts** 

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

**(e) Swap Agreements** 

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 385

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Upfront payments received or made by a Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

**(f) Currency Translations** 

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

**(g) Foreign Taxes** 

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2025, if any, are disclosed in the Funds' Statements of Assets and Liabilities.

**(h) Security Transactions** 

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts ("REITs") is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

**(i) Distributions** 

Dividends from net investment income are declared daily and paid monthly for the Government Long Bond 1.2x Strategy Fund and the U.S. Government Money Market Fund. Distributions of net investment income in the remaining Funds and distributions of net realized gains, if any, in all Funds are declared and paid at least annually. Dividends are reinvested in additional shares unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

**(j) 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

386 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

outstanding shares in each share class. Certain costs, such as distribution and service fees are charged directly to specific share classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

**(k) Cash** 

The Funds may leave cash overnight in their cash account with their custodian. Periodically, a Fund may have cash due to their custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.09% at September 30, 2025.

**(l) Indemnifications** 

Under the Trust's organizational documents, the Trustees and Officers of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Trust, on behalf of the Funds, enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

**Note 2 – Financial Instruments and Derivatives** 

As part of their investment strategies, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds' Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

**Short Sales** 

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

**Derivatives** 

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

**Duration:** the use of an instrument to manage the interest rate risk of a portfolio.

**Index Exposure:** the use of an instrument to obtain exposure to a listed or other type of index.

**Leverage:** gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

**Liquidity:** the ability to buy or sell exposure with little price/market impact.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 387

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

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 Jones Industrial Average<sup>®</sup> Fund | Index exposure, Liquidity | $699576 | $— |
| Mid-Cap 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 262400 |  |
| Inverse Mid-Cap Strategy Fund | Index exposure, Liquidity |  | 1846710 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 334420565 |  |
| NASDAQ-100<sup>®</sup> Fund | Index exposure, Liquidity | 14493693 |  |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Index exposure, Liquidity | 78243 | 1590301 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 277739 | 18500 |
| Russell 2000<sup>®</sup> Fund | Index exposure, Liquidity | 210357 |  |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Index exposure, Liquidity | 19757 | 124496 |
| Nova Fund | Index exposure, Leverage, Liquidity | 37061438 |  |
| S&P 500<sup>®</sup> Fund | Index exposure, Liquidity | 1407971 |  |
| Inverse S&P 500<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 3122360 |
| Emerging Markets Bond Strategy Fund | Duration, Index exposure, Leverage, Liquidity | 456384 |  |
| Government Long Bond 1.2x Strategy Fund | Duration, Index exposure, Leverage, Liquidity | 9937552 |  |
| Inverse Government Long Bond Strategy Fund | Duration, Index exposure, Liquidity |  | 4238068 |
| High Yield Strategy Fund | Duration, Index exposure, Liquidity | 21117616 |  |
| Inverse High Yield Strategy Fund | Duration, Index exposure, Liquidity |  | 1618517 |
| Europe 1.25x Strategy Fund | Index exposure, Leverage, Liquidity | 5239638 |  |
| Japan 2x Strategy Fund | Index exposure, Leverage, Liquidity | 5463424 |  |
| Strengthening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity | 2897887 |  |
| Weakening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 2277771 |

---

**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.

388 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total 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 Jones Industrial Average<sup>®</sup> Fund | Index exposure, Liquidity | $1709573 | $— |
| Mid-Cap 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 8535412 |  |
| Inverse Mid-Cap Strategy Fund | Index exposure, Liquidity |  | 4453796 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Index exposure, Leverage, Liquidity | 597962955 |  |
| NASDAQ-100<sup>®</sup> Fund | Index exposure, Liquidity | 50696997 |  |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 12445544 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Index exposure, Leverage, Liquidity | 5042876 |  |
| Russell 2000<sup>®</sup> Fund | Index exposure, Liquidity | 2899530 |  |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 1573984 |
| Nova Fund | Index exposure, Leverage, Liquidity | 119883924 |  |
| S&P 500<sup>®</sup> Fund | Index exposure, Liquidity | 9317080 |  |
| Inverse S&P 500<sup>®</sup> Strategy Fund | Index exposure, Liquidity |  | 38733409 |
| High Yield Strategy Fund | Duration, Index Exposure, Liquidity  | 1581327 |  |
| Emerging Markets Bond Strategy Fund | Duration, Index exposure, Leverage, Liquidity | 221746 |  |
| Emerging Markets 2x Strategy Fund | Index exposure, Leverage, Liquidity | 23450959 |  |
| Inverse Emerging Markets 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 303450 |

---

Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty's inability to perform.

The following table represents the Funds' use and volume of currency swaps on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Long** | **Short** |
| Strengthening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity | $1217851 | $— |
| Weakening Dollar 2x Strategy Fund | Index exposure, Leverage, Liquidity |  | 994594 |

---

Credit default swaps are instruments which allow for the full or partial transfer of third party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a "seller" or "buyer" of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 389

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The following table represents the Funds' use and volume of credit default swaps on a monthly basis:

---

| | | | |
|:---|:---|:---|:---|
| | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Average Notional Amount** |
| <br>**Fund** | <br>**Use** | **Protection Sold** | **Protection Purchased** |
| Emerging Markets Bond Strategy Fund | Duration, Index exposure, Leverage, Liquidity | $508333 | $— |
| High Yield Strategy Fund | Duration, Index exposure, Liquidity | 19800000 |  |
| Inverse High Yield Strategy Fund | Duration, Index exposure, Liquidity |  | 1550000 |

---

**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** |
| Currency/Equity/Interest rate futures contracts  | Variation margin on futures contracts  | Variation margin on futures contracts  |
| Credit/Currency/Equity swap agreements  | Unamortized upfront premiums paid on credit default swap agreements <br>Unrealized appreciation on OTC swap agreements <br>Variation margin on credit default swap agreements  | Unamortized upfront premiums received on credit default swap agreements <br>Unrealized depreciation on OTC swap agreements <br>Variation margin on credit default swap agreements  |

---

The following tables set forth the fair value of the Funds' derivative investments categorized by primary risk exposure at September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** |
| **Fund** | **Futures<br> Equity<br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate Risk\*** | **Swaps<br> Credit <br> Risk\*** | **Total Value at <br> September 30, <br> 2025** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $4236 | $11001 | $— | $— | $— | $— | $15237 |
| Mid-Cap 1.5x Strategy Fund |  | 5257 |  |  |  |  | 5257 |
| Inverse Mid-Cap Strategy Fund |  | 248 |  |  |  |  | 248 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 6370063 | 3094478 |  |  |  |  | 9464541 |
| NASDAQ-100<sup>®</sup> Fund | 289344 | 251168 |  |  |  |  | 540512 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund |  | 1963 |  |  |  |  | 1963 |
| Russell 2000<sup>®</sup> Fund |  | 936 |  |  |  |  | 936 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund |  | 3145 |  |  |  |  | 3145 |
| Nova Fund |  | 645108 |  |  |  |  | 645108 |
| S&P 500<sup>®</sup> Fund | 2196 | 40086 |  |  |  |  | 42282 |
| Emerging Markets Bond Strategy Fund |  |  |  |  |  | 1921 | 1921 |
| Government Long Bond 1.2x Strategy Fund |  |  |  |  | 118713 |  | 118713 |
| High Yield Strategy Fund |  |  |  |  |  | 30110 | 30110 |
| Emerging Markets 2x Strategy Fund |  | 165840 |  |  |  |  | 165840 |
| Europe 1.25x Strategy Fund | 20144 |  | 6637 |  |  |  | 26781 |
| Japan 2x Strategy Fund | 113231 |  |  |  |  |  | 113231 |

---

390 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** | **Asset Derivative Investments Value** |
| **Fund** | **Futures<br> Equity<br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate Risk\*** | **Swaps<br> Credit <br> Risk\*** | **Total Value at <br> September 30, <br> 2025** |
| Strengthening Dollar 2x Strategy Fund | $— | $— | $880 | $5337 | $— | $— | $6217 |
| Weakening Dollar 2x Strategy Fund |  |  | 278 |  |  |  | 278 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** | **Liability Derivative Investments Value** |
| **Fund** | **Futures <br> Equity <br> Risk\*** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk\*** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate Risk\*** | **Swaps <br> Credit <br> Risk\*** | **Total Value at <br> September 30, <br> 2025** |
| Mid-Cap 1.5x Strategy Fund | $— | $30248 | $— | $— | $— | $— | $30248 |
| Inverse Mid-Cap Strategy Fund |  | 256 |  |  |  |  | 256 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 3442 | 92034 |  |  |  |  | 95476 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund |  | 24521 |  |  |  |  | 24521 |
| Russell 2000<sup>®</sup> Fund |  | 8120 |  |  |  |  | 8120 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 1517 | 509 |  |  |  |  | 2026 |
| Nova Fund | 1260 |  |  |  |  |  | 1260 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 40277 | 189855 |  |  |  |  | 230132 |
| Emerging Markets Bond Strategy Fund |  |  |  |  | 5125 |  | 5125 |
| Inverse Government Long Bond Strategy Fund |  |  |  |  | 20283 |  | 20283 |
| High Yield Strategy Fund |  |  |  |  | 1945 |  | 1945 |
| Inverse High Yield Strategy Fund |  |  |  |  | 424 | 1030 | 1454 |
| Inverse Emerging Markets 2x Strategy Fund |  | 218 |  |  |  |  | 218 |
| Japan 2x Strategy Fund |  |  | 11715 |  |  |  | 11715 |
| Weakening Dollar 2x Strategy Fund |  |  |  | 2042 |  |  | 2042 |

---

\* Includes cumulative appreciation (depreciation) of futures contracts and centrally-cleared swaps 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** |
| Currency/Equity/Interest rate futures contracts | Net realized gain (loss) on futures contracts |
|  | Net change in unrealized appreciation (depreciation) on futures contracts |
| Credit/Currency/Equity swap agreements | Net realized gain (loss) on swap agreements <br>Net change in unrealized appreciation (depreciation) on swap agreements |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 391

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

The following is a summary of the Funds' realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds' Statements of Operations categorized by primary risk exposure for the period ended 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** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** | **Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations** |
| **Fund** | **Futures <br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate Risk** | **Swaps <br> Credit <br> Risk** | **Total** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $30487 | $(30354) | $— | $— | $— | $— | $133 |
| Mid-Cap 1.5x Strategy Fund | 4104 | 578203 |  |  |  |  | 582307 |
| Inverse Mid-Cap Strategy Fund | (559219) | (1247082) |  |  |  |  | (1806301) |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 56882372 | 128590985 |  |  |  |  | 185473357 |
| NASDAQ-100<sup>®</sup> Fund | 2797488 | 10950497 |  |  |  |  | 13747985 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | (207151) | (3126498) |  |  |  |  | (3333649) |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 47460 | 634920 |  |  |  |  | 682380 |
| Russell 2000<sup>®</sup> Fund | 40364 | 386012 |  |  |  |  | 426376 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | (149397) | (1195495) |  |  |  |  | (1344892) |
| Nova Fund | 3671350 | 11601666 |  |  |  |  | 15273016 |
| S&P 500<sup>®</sup> Fund | (57936) | 937522 |  |  |  |  | 879586 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | (644549) | (11473454) |  |  |  |  | (12118003) |
| Emerging Markets Bond Strategy Fund |  |  |  |  | 3566 | 18278 | 21844 |
| Government Long Bond 1.2x Strategy Fund |  |  |  |  | 417095 |  | 417095 |
| Inverse Government Long Bond Strategy Fund |  |  |  |  | 60075 |  | 60075 |
| High Yield Strategy Fund |  |  |  |  | 104900 | 905754 | 1010654 |
| Inverse High Yield Strategy Fund |  |  |  |  | 66518 | (445617) | (379099) |
| Emerging Markets 2x Strategy Fund |  | 3068574 |  |  |  |  | 3068574 |
| Inverse Emerging Markets 2x Strategy Fund |  | (110452) |  |  |  |  | (110452) |
| Europe 1.25x Strategy Fund | (1271508) |  | 439604 |  |  |  | (831904) |
| Japan 2x Strategy Fund | 417523 |  | (62712) |  |  |  | 354811 |
| Strengthening Dollar 2x Strategy Fund |  |  | (157911) | (63897) |  |  | (221808) |
| Weakening Dollar 2x Strategy Fund |  |  | 122883 | 32295 |  |  | 155178 |

---

392 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** | **Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations** |
| **Fund** | **Futures <br> Equity <br> Risk** | **Swaps <br> Equity <br> Risk** | **Futures <br> Foreign <br> Currency <br> Exchange <br> Risk** | **Swaps <br> Currency <br> Risk** | **Futures <br> Interest <br> Rate Risk** | **Swaps <br> Credit <br> Risk** | **Total** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $(8533) | $51990 | $— | $— | $— | $— | $43457 |
| Mid-Cap 1.5x Strategy Fund | 10192 | 207781 |  |  |  |  | 217973 |
| Inverse Mid-Cap Strategy Fund |  | (4087) |  |  |  |  | (4087) |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 10605682 | 11983793 |  |  |  |  | 22589475 |
| NASDAQ-100<sup>®</sup> Fund | 872668 | 2190248 |  |  |  |  | 3062916 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | (87189) | (405212) |  |  |  |  | (492401) |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 8446 | 120213 |  |  |  |  | 128659 |
| Russell 2000<sup>®</sup> Fund | 6757 | 97543 |  |  |  |  | 104300 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | (1517) | (46071) |  |  |  |  | (47588) |
| Nova Fund | 257448 | 3619521 |  |  |  |  | 3876969 |
| S&P 500<sup>®</sup> Fund | 8758 | 316715 |  |  |  |  | 325473 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | (66015) | (991949) |  |  |  |  | (1057964) |
| Emerging Markets Bond Strategy Fund |  |  |  |  | (6267) | 2990 | (3277) |
| Government Long Bond 1.2x Strategy Fund |  |  |  |  | (356809) |  | (356809) |
| Inverse Government Long Bond Strategy Fund |  |  |  |  | (50091) |  | (50091) |
| High Yield Strategy Fund |  |  |  |  | (149483) | 222208 | 72725 |
| Inverse High Yield Strategy Fund |  |  |  |  | 18606 | (22795) | (4189) |
| Emerging Markets 2x Strategy Fund |  | 388520 |  |  |  |  | 388520 |
| Inverse Emerging Markets 2x Strategy Fund |  | (5641) |  |  |  |  | (5641) |
| Europe 1.25x Strategy Fund | 262480 |  | (25045) |  |  |  | 237435 |
| Japan 2x Strategy Fund | 127331 |  | (5) |  |  |  | 127326 |
| Strengthening Dollar 2x Strategy Fund |  |  | (20556) | (2728) |  |  | (23284) |
| Weakening Dollar 2x Strategy Fund |  |  | 14101 | 880 |  |  | 14981 |

---

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

**Foreign Investments** 

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A Fund's indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 393

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer's financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.

Emerging markets, which consist of countries that have an emerging stock market as defined by Standard & Poor's<sup>®</sup>, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics as determined by GI, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. As a result, the securities of emerging market issuers may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in securities of developed foreign countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. The Funds may also be subject to this risk with respect to its investments in derivatives or other securities or financial instruments whose returns are related to the returns of emerging market securities.

**Note 3 – Offsetting** 

In the normal course of business, the Funds enter into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Funds to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement ("ISDA Master Agreement") or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Funds' Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Funds' Statements of Assets and Liabilities.

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

394 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**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> 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 Jones Industrial Average<sup>®</sup> Fund | Equity index swap agreements | $11001 | $— | $11001 | $— | $— | $11001 |
| Mid-Cap 1.5x Strategy Fund | Equity index swap agreements | 5257 |  | 5257 |  |  | 5257 |
| Inverse Mid-Cap Strategy Fund | Equity index swap agreements | 248 |  | 248 |  |  | 248 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Equity index swap agreements | 3094478 |  | 3094478 |  |  | 3094478 |
| NASDAQ-100<sup>®</sup> Fund | Equity index swap agreements | 251168 |  | 251168 |  |  | 251168 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Equity index swap agreements | 1963 |  | 1963 |  |  | 1963 |
| Russell 2000<sup>®</sup> Fund | Equity index swap agreements | 936 |  | 936 |  |  | 936 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Equity index swap agreements | 3145 |  | 3145 |  |  | 3145 |
| Nova Fund | Equity index swap agreements | 645108 |  | 645108 |  |  | 645108 |
| S&P 500<sup>®</sup> Fund | Equity index swap agreements | 40086 |  | 40086 |  |  | 40086 |
| Emerging Markets Bond Strategy Fund | Credit index swap agreements | 1291 |  | 1291 |  |  | 1291 |
| High Yield Strategy Fund | Index Swaps | 720 |  | 720 |  |  | 720 |
| Emerging Markets 2x Strategy Fund | Equity index swap agreements | 165840 |  | 165840 |  |  | 165840 |
| Strengthening Dollar 2x Strategy Fund | Currency swap agreements | 5337 |  | 5337 |  |  | 5337 |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 395

**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 Amounts <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** |
| Mid-Cap 1.5x Strategy Fund | Equity index swap agreements | $30248 | $— | $30248 | $— | $(30248) | $— |
| Inverse Mid-Cap Strategy Fund | Equity index swap agreements | 256 |  | 256 | (169) | (87) |  |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | Equity index swap agreements | 92034 |  | 92034 | (53467) | (38567) |  |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Equity index swap agreements | 24521 |  | 24521 |  | (24521) |  |
| Russell 2000<sup>®</sup> Fund | Equity index swap agreements | 8120 |  | 8120 |  | (8120) |  |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Equity index swap agreements | 509 |  | 509 |  | (509) |  |
| Inverse S&P 500<sup>®</sup> Strategy Fund | Equity index swap agreements | 189855 |  | 189855 | (45300) | (144555) |  |
| Inverse Emerging Markets 2x Strategy Fund | Equity index swap agreements | 218 |  | 218 |  | (218) |  |
| Weakening Dollar 2x Strategy Fund | Currency index swap agreements | 2042 |  | 2042 |  | (2042) |  |

---

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 Jones Industrial Average<sup>®</sup> Fund | Barclays Bank plc | Total return swap agreements | $22982 | $— |
|  | BNP Paribas | Total return swap agreements | 40231 |  |
|  | Goldman Sachs International | Futures contracts | 154 |  |
|  |  |  | 63367 |  |
| Mid-Cap 1.5x Strategy Fund | BNP Paribas | Total return swap agreements | 50210 |  |
|  | Goldman Sachs International | Total return swap agreements | 1100001 |  |
|  |  |  | 1150211 |  |
| Inverse Mid-Cap Strategy Fund | BNP Paribas | Total return swap agreements | 4994 |  |
|  | Goldman Sachs International | Total return swap agreements | 10000 |  |
|  |  |  | 14994 |  |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | Barclays Bank plc | Total return swap agreements | 344444 |  |
|  | BNP Paribas | Total return swap agreements | 13005724 | 970000 |
|  | Goldman Sachs International | Futures contracts | 9857107 |  |
|  |  |  | 23207275 | 970000 |
| NASDAQ-100<sup>®</sup> Fund | Barclays Bank plc | Total return swap agreements | 77273 |  |
|  | BNP Paribas | Total return swap agreements | 428109 |  |
|  | Goldman Sachs International | Futures contracts | 4111 |  |
|  | Goldman Sachs International | Total return swap agreements | 5550000 |  |
|  |  |  | 6059493 |  |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | BNP Paribas | Total return swap agreements | 198168 |  |
|  | Goldman Sachs International | Futures contracts | 29572 |  |
|  | Goldman Sachs International | Total return swap agreements | 543905 |  |
|  |  |  | 771645 |  |

---

396 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Counterparty** | **Asset Type** | **Cash Pledged** | **Cash Received** |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | Barclays Bank plc | Total return swap agreements | $37465 | $— |
|  | BNP Paribas | Total return swap agreements | 127876 |  |
|  | Goldman Sachs International | Total return swap agreements | 420000 |  |
|  |  |  | 585341 |  |
| Russell 2000<sup>®</sup> Fund | Barclays Bank plc | Total return swap agreements | 40000 |  |
|  | BNP Paribas | Total return swap agreements | 63237 |  |
|  | Goldman Sachs International | Total return swap agreements | 200000 |  |
|  |  |  | 303237 |  |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | Barclays Bank plc | Total return swap agreements | 20000 |  |
|  | BNP Paribas | Total return swap agreements | 10275 |  |
|  | Goldman Sachs International | Futures contracts | 620 |  |
|  | Goldman Sachs International | Total return swap agreements | 110000 |  |
|  |  |  | 140895 |  |
| Nova Fund | Barclays Bank plc | Total return swap agreements | 235000 |  |
|  | BNP Paribas | Total return swap agreements | 1373798 |  |
|  | Goldman Sachs International | Total return swap agreements | 1510000 |  |
|  |  |  | 3118798 |  |
| S&P 500<sup>®</sup> Fund | Barclays Bank plc | Total return swap agreements | 45472 |  |
|  | BNP Paribas | Total return swap agreements | 44154 |  |
|  | Goldman Sachs International | Futures contracts | 41869 |  |
|  | Goldman Sachs International | Total return swap agreements | 490000 |  |
|  |  |  | 621495 |  |
| Inverse S&P 500<sup>®</sup> Strategy Fund | BNP Paribas | Total return swap agreements | 353389 |  |
|  | Goldman Sachs International | Futures contracts | 101514 |  |
|  | Goldman Sachs International | Total return swap agreements | 3100000 |  |
|  |  |  | 3554903 |  |
| Emerging Markets Bond Strategy Fund | Barclays Bank plc | Credit default swap agreements | 194909 |  |
|  | Goldman Sachs International | Futures contracts | 7053 |  |
|  | Goldman Sachs International | Total return swap agreements | 50000 |  |
|  |  |  | 251962 |  |
| High Yield Strategy Fund | Barclays Bank plc | Credit default swap agreements |  | 55590 |
|  | BNP Paribas | Total return swap agreements | 14024 |  |
|  | Goldman Sachs International | Credit default swap agreements |  | 308458 |
|  | Goldman Sachs International | Total return swap agreements | 668013 |  |
|  |  |  | 682037 | 364048 |
| Inverse High Yield Strategy Fund | Barclays Bank plc | Credit default swap agreements | 72325 |  |
|  | Goldman Sachs International | Futures contracts | 546 |  |
|  |  |  | 72871 |  |
| Emerging Markets 2x Strategy Fund | BNP Paribas | Total return swap agreements | 359702 |  |
|  | Goldman Sachs International | Total return swap agreements | 2600000 |  |
|  |  |  | 2959702 |  |
| Inverse Emerging Markets 2x Strategy Fund | BNP Paribas | Total return swap agreements | 14068 |  |
|  | Goldman Sachs International | Total return swap agreements | 50000 |  |
|  |  |  | 64068 |  |
| Europe 1.25x Strategy Fund | Goldman Sachs International | Futures contracts | 551 |  |
| Japan 2x Strategy Fund | Goldman Sachs International | Futures contracts | 35666 |  |
| Strengthening Dollar 2x Strategy Fund | Goldman Sachs International | Futures contracts | 49971 |  |
|  | Goldman Sachs International | Total return swap agreements | 160000 |  |
|  |  |  | 209971 |  |
| Weakening Dollar 2x Strategy Fund | Goldman Sachs International | Futures contracts | 4684 |  |
|  | Goldman Sachs International | Total return swap agreements | 63279 |  |
|  |  |  | 67963 |  |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 397

**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 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of "readily available market quotations," which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that "a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable."

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

**Note 5 – Investment Advisory Agreement and Other Agreements** 

Under the terms of an investment advisory contract between the Trust, on behalf of the Funds, and the Adviser, the Funds pay GI investment advisory fees on a monthly basis calculated daily at the annualized rates below, based on the average daily net assets of the Funds:

---

| | |
|:---|:---|
| **Fund** | **Management Fees <br> (as a % of Net Assets)** |
| Banking Fund | 0.85% |
| Basic Materials Fund | 0.85% |
| Biotechnology Fund | 0.85% |
| Consumer Products Fund | 0.85% |
| Electronics Fund | 0.85% |
| Energy Fund | 0.85% |
| Energy Services Fund | 0.85% |
| Financial Services Fund | 0.85% |
| Health Care Fund | 0.85% |
| Internet Fund | 0.85% |
| Leisure Fund | 0.85% |
| Precious Metals Fund | 0.75% |
| Real Estate Fund | 0.85% |
| Retailing Fund | 0.85% |
| Technology Fund | 0.85% |
| Telecommunications Fund | 0.85% |
| Transportation Fund | 0.85% |
| Utilities Fund | 0.85% |
| Dow Jones Industrial Average<sup>®</sup> Fund | 0.75% |

---

398 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | |
|:---|:---|
| **Fund** | **Management Fees <br> (as a % of Net Assets)** |
| Mid-Cap 1.5x Strategy Fund | 0.90% |
| Inverse Mid-Cap Strategy Fund | 0.90% |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 0.90% |
| NASDAQ-100<sup>®</sup> Fund | 0.75% |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 0.90% |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 0.90% |
| Russell 2000<sup>®</sup> Fund | 0.75% |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 0.90% |
| Nova Fund | 0.75% |
| S&P 500<sup>®</sup> Fund | 0.75% |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 0.90% |
| S&P 500<sup>®</sup> Pure Growth Fund | 0.75% |
| S&P 500<sup>®</sup> Pure Value Fund | 0.75% |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 0.75% |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 0.75% |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 0.75% |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 0.75% |
| Emerging Markets Bond Strategy Fund | 0.75% |
| Government Long Bond 1.2x Strategy Fund | 0.50% |
| Inverse Government Long Bond Strategy Fund | 0.90% |
| High Yield Strategy Fund | 0.75% |
| Inverse High Yield Strategy Fund | 0.75% |
| Emerging Markets 2x Strategy Fund | 0.90% |
| Inverse Emerging Markets 2x Strategy Fund | 0.90% |
| Europe 1.25x Strategy Fund | 0.90% |
| Japan 2x Strategy Fund | 0.75% |
| Strengthening Dollar 2x Strategy Fund | 0.90% |
| Weakening Dollar 2x Strategy Fund | 0.90% |
| U.S. Government Money Market Fund | 0.50% |

---

When the aggregate assets of each series of the Trust (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) and each series of Rydex Dynamic Funds equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) will be reduced in accordance with the asset level and breakpoint schedule set forth below.

---

| | |
|:---|:---|
| **Fund Assets Under Management** | **Fund Asset-Based <br> Breakpoint Reductions** |
| $500 million - $1 billion | 0.025% |
| > $1 billion - $2 billion | 0.050% |
| > $2 billion | 0.075% |

---

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to Class A shares and Class H shares for which GFD and other firms that provide distribution and/or shareholder services ("Service Providers") may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Providers out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services it performs.

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to Class C shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds' Class C shares average daily net assets. The annual 0.25% service fee compensates a shareholder's financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder's financial adviser an ongoing sales commission. GFD advances the first year's service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 399

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

For the period ended September 30, 2025, GFD retained sales charges of $55,449 relating to sales of Class A shares of the Trust.

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund's adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing fund level without regard to any expense cap in effect for the investing fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended September 30, 2025, the following Funds waived fees related to investments in affiliated funds:

---

| | |
|:---|:---|
| **Fund** | **Amount Waived** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $855 |
| Mid-Cap 1.5x Strategy Fund | 1117 |
| Inverse Mid-Cap Strategy Fund | 58 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 3796 |
| NASDAQ-100<sup>®</sup> Fund | 34704 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 1098 |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 538 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 561 |
| Nova Fund | 9240 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 5376 |
| Government Long Bond 1.2x Strategy Fund | 646 |
| Inverse Government Long Bond Strategy Fund | 4115 |
| High Yield Strategy Fund | 1678 |
| Inverse High Yield Strategy Fund | 281 |
| Europe 1.25x Strategy Fund | 88 |

---

GI and its affiliates have voluntarily agreed to waive their fees, including but not limited to accounting, shareholder investor services and investment advisory fees, in an attempt to maintain a positive net yield for the U.S. Government Money Market Fund. GI or its affiliates may terminate this voluntary waiver at any time upon notice to the Fund. When shareholder investor services fees are waived, dealer compensation will be reduced to the extent of such waiver.

GI has contractually agreed to reduce fees and/or reimburse expenses for the Monthly Rebalance NASDAQ-100 2x Strategy Fund to the extent necessary to keep net operating expenses for Class A, Class C and Class H shares (including Rule 12b-1 fees if any) (excluding brokerage, dividends on securities sold short, acquired fund fees and expenses, interest, taxes, litigation, indemnification, and extraordinary expenses) from exceeding 1.35%, 2.10% and 1.35% of the Fund's Class A, Class C and Class H shares average daily net assets, respectively. The Total Annual Fund Operating Expenses After Fee Waiver and /or Expense Reimbursement includes Excluded Expenses and, thus, from time to time may be higher than 1.35%, 2.10% and 1.35%, respectively. This agreement may be terminated only with the approval of the Fund's Board.

Effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for the Inverse S&P 500<sup>®</sup> Strategy Fund, Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund, Inverse NASDAQ-100<sup>®</sup> Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000<sup>®</sup> 1.5x Strategy Fund, Inverse Russell 2000<sup>®</sup> Strategy Fund, Inverse Government Long Bond Strategy Fund, Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund's average daily net assets. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for the NASDAQ-100<sup>®</sup> Fund in an amount equal to an annual percentage rate of 0.05% of the Fund's average daily net assets in excess of $500,000,000. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to the Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

400 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

Effective August 1, 2023, GI has contractually agreed to waive and/or reimburse expenses for the Banking Fund, Basic Materials Fund, Biotechnology Fund, Consumer Products Fund, Electronics Fund, Energy Fund, Energy Services Fund, Financial Services Fund, Health Care Fund, Internet Fund, Leisure Fund, Precious Metals Fund, Real Estate Fund, Retailing Fund, Technology Fund, Telecommunications Fund, Transportation Fund, Utilities Fund, Dow Jones Industrial Average<sup>®</sup> Fund, Nova Fund, S&P 500 Fund, Inverse S&P 500 Strategy Fund, Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund, NASDAQ-100<sup>®</sup> Fund, Inverse NASDAQ-100<sup>®</sup> Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000<sup>®</sup> 1.5x Strategy Fund, Russell 2000<sup>®</sup> Fund, Inverse Russell 2000<sup>®</sup> Strategy Fund, S&P 500<sup>®</sup> Pure Growth Fund, S&P 500<sup>®</sup> Pure Value Fund, S&P MidCap 400<sup>®</sup> Pure Growth Fund, S&P MidCap 400<sup>®</sup> Pure Value Fund, S&P SmallCap 600<sup>®</sup> Pure Growth Fund, S&P 600<sup>®</sup> Pure Value Fund, Emerging Markets Bond Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund, Inverse High Yield Strategy Fund, Emerging Markets 2x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund's average daily net assets. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Effective August 1, 2025, GI has agreed to waive and/or reimburse, in addition to any other contractual wavier and/or reimbursement arrangements, expenses for Europe 1.25x Strategy Fund in an amount equal to an annual percentage rate of 0.10% of the Fund's average daily net assets. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund's Board upon sixty days' written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to the Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 401

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

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 Notes |  |  |
| &nbsp;&nbsp;4.20% |  |  | &nbsp;&nbsp;1.88% - 4.63% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | $151063649 | $151081273 | &nbsp;&nbsp;Due 02/28/27 - 05/15/35 | $151842800 | $154085015 |
| BofA Securities, Inc. |  |  | U.S. Treasury Strips |  |  |
| &nbsp;&nbsp;4.19% |  |  | &nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;Due 10/01/25 | 108700171 | 108712823 | &nbsp;&nbsp;Due 05/15/32 - 05/15/41 | 97714689 | 46519447 |
|  |  |  | U.S. Treasury Notes |  |  |
|  |  |  | &nbsp;&nbsp;3.88% - 4.88% |  |  |
|  |  |  | &nbsp;&nbsp;Due 05/31/26 - 09/30/32 | 64544400 | 64352713 |
|  |  |  | U.S. Treasury Floating Rate Note |  |  |
|  |  |  | &nbsp;&nbsp;4.08% |  |  |
|  |  |  | &nbsp;&nbsp;Due 07/31/26 | 2000 | 2014 |
|  |  |  |  | $162261089 | $110874174 |

---

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

**Note 7 – Portfolio Securities Loaned** 

The Funds may lend their securities to approved brokers to earn additional income. Securities lending income shown on the Funds' Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, BNY acts as the lending agent (prior to September 29, 2025, U.S. Bank acted as the lending agent), and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds' securities lending agreement with BNY, cash collateral and proceeds are invested in the Dreyfus Treasury Obligations Cash Management Fund – Institutional Shares. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering their securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand, including if a Fund determines it would like to vote a security on loan. The Adviser will vote such securities where the benefit of voting outweighs the costs to the Fund or administrative inconvenience of retrieving securities then on loan. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

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.

402 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

**Note 8 – Federal Income Tax Information** 

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' financial statements. The Funds' U.S. federal income tax returns are subject to examination by the Internal Revenue Service ("IRS") for a period of three years after they are filed.

If a Fund makes a distribution to its shareholders in excess of its current and accumulated "earnings and profits" in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder's basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder's basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

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<br> Tax<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| Banking Fund | $9086767 | $2094231 | $(30883) | $2063348 |
| Basic Materials Fund | 16469862 | 10050023 | (383896) | 9666127 |
| Biotechnology Fund | 55808516 | 37640251 | (3286505) | 34353746 |
| Consumer Products Fund | 21723105 | 14443783 | (969874) | 13473909 |
| Electronics Fund | 51591408 | 54523100 | (668440) | 53854660 |
| Energy Fund | 16862281 | 1996584 | (9608) | 1986976 |
| Energy Services Fund | 5439323 |  | (1010937) | (1010937) |
| Financial Services Fund | 12297809 | 1762938 | (51700) | 1711238 |
| Health Care Fund | 18726995 | 4547502 | (123723) | 4423779 |
| Internet Fund | 28864903 | 12061732 | (157939) | 11903793 |
| Leisure Fund | 7736643 | 3131708 | (67732) | 3063976 |
| Precious Metals Fund | 117120932 | 66788690 | (249869) | 66538821 |
| Real Estate Fund | 1787547 | 185326 | (697) | 184629 |
| Retailing Fund | 4048605 | 2493866 | (32967) | 2460899 |
| Technology Fund | 48140501 | 36936040 | (223710) | 36712330 |
| Telecommunications Fund | 8889651 | 1582064 | (98688) | 1483376 |
| Transportation Fund | 4140313 | 2138570 | (42453) | 2096117 |
| Utilities Fund | 21351071 | 5339255 | (680) | 5338575 |
| Dow Jones Industrial Average<sup>®</sup> Fund | 15662872 | 5548199 | (63124) | 5485075 |
| Mid-Cap 1.5x Strategy Fund | 8901151 | 2432051 | (297907) | 2134144 |
| Inverse Mid-Cap Strategy Fund | 144954 | 1081 | (256) | 825 |
| Monthly Rebalance Nasdaq-100 2x Strategy Fund | 902290626 | 39372856 | (1515799) | 37857057 |
| NASDAQ-100<sup>®</sup> Fund | 555985081 | 1526893054 | (9817183) | 1517075871 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund | 14027981 | 51444 | (95476) | (44032) |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 5421692 | 1175314 | (709040) | 466274 |
| Russell 2000<sup>®</sup> Fund | 10743849 | 2127568 | (513775) | 1613793 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund | 1246645 | 27830 | (2026) | 25804 |
| Nova Fund | 219454481 | 16204927 | (161328) | 16043599 |
| S&P 500<sup>®</sup> Fund | 96446490 | 68741642 | (252267) | 68489375 |
| Inverse S&P 500<sup>®</sup> Strategy Fund | 35071329 | 96224 | (230132) | (133908) |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 403

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax<br> Cost** | **Tax<br> Unrealized<br> Appreciation** | **Tax<br> Unrealized<br> Depreciation** | **Net<br> Tax<br> Unrealized<br> Appreciation<br> (Depreciation)** |
| S&P 500<sup>®</sup> Pure Growth Fund | $21956276 | $8335930 | $(305150) | $8030780 |
| S&P 500<sup>®</sup> Pure Value Fund | 140826229 | 4143830 | (1237961) | 2905869 |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 24228807 | 5101495 | (531745) | 4569750 |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 5621141 | 1460094 | (82709) | 1377385 |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 4099522 | 880835 | (209229) | 671606 |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 3094087 | 653082 | (23315) | 629767 |
| Emerging Markets Bond Strategy Fund | 1385429 | 1921 | (5125) | (3204) |
| Government Long Bond 1.2x Strategy Fund | 12234952 | 461933 |  | 461933 |
| Inverse Government Long Bond Strategy Fund | 14211385 | 36217 | (441377) | (405160) |
| High Yield Strategy Fund | 21408542 | 86741 | (2142) | 84599 |
| Inverse High Yield Strategy Fund | 652397 | 4125 | (1454) | 2671 |
| Emerging Markets 2x Strategy Fund | 6920408 | 1383454 | (297) | 1383157 |
| Inverse Emerging Markets 2x Strategy Fund | 66525 |  | (218) | (218) |
| Europe 1.25x Strategy Fund | 1870559 | 157455 | (111) | 157344 |
| Japan 2x Strategy Fund | 1810691 | 113238 | (11715) | 101523 |
| Strengthening Dollar 2x Strategy Fund | 3285851 | 6217 |  | 6217 |
| Weakening Dollar 2x Strategy Fund | 1327150 | 278 | (2042) | (1764) |
| U.S. Government Money Market Fund | 305801372 |  |  |  |

---

**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** |
| Banking Fund | $14526650 | $32855636 |
| Basic Materials Fund | 19644517 | 20579238 |
| Biotechnology Fund | 22849456 | 31848696 |
| Consumer Products Fund | 6456313 | 9981176 |
| Electronics Fund | 17585542 | 20419325 |
| Energy Fund | 77229254 | 77832052 |
| Energy Services Fund | 13179596 | 13578055 |
| Financial Services Fund | 30687736 | 49628212 |
| Health Care Fund | 34941308 | 32237480 |
| Internet Fund | 23257297 | 3852480 |
| Leisure Fund | 11852238 | 11210408 |
| Precious Metals Fund | 280197717 | 243803094 |
| Real Estate Fund | 14984685 | 15205601 |
| Retailing Fund | 7775459 | 8293430 |
| Technology Fund | 57171506 | 31803751 |
| Telecommunications Fund | 18819967 | 36873576 |
| Transportation Fund | 4461043 | 5866793 |
| Utilities Fund | 61835098 | 54742227 |

---

404 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Dow Jones Industrial Average<sup>®</sup> Fund | $11514683 | $17651310 |
| Mid-Cap 1.5x Strategy Fund | 630417 | 1295455 |
| Inverse Mid-Cap Strategy Fund |  | 30000 |
| Monthly Rebalance NASDAQ-100<sup>®</sup> 2x Strategy Fund | 3666210929 | 3208115448 |
| NASDAQ-100<sup>®</sup> Fund | 295710946 | 323684776 |
| Inverse NASDAQ-100<sup>®</sup> Strategy Fund |  |  |
| Russell 2000<sup>®</sup> 1.5x Strategy Fund | 344002 | 588193 |
| Russell 2000<sup>®</sup> Fund | 567784 | 696458 |
| Inverse Russell 2000<sup>®</sup> Strategy Fund |  |  |
| Nova Fund | 428880264 | 442487240 |
| S&P 500<sup>®</sup> Fund | 137945422 | 149603697 |
| Inverse S&P 500<sup>®</sup> Strategy Fund |  |  |
| S&P 500<sup>®</sup> Pure Growth Fund | 231499469 | 229908890 |
| S&P 500<sup>®</sup> Pure Value Fund | 373679554 | 248596455 |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 92897986 | 92359546 |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 45287464 | 46434444 |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 2044112 | 1018873 |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 143138656 | 141915263 |

---

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Emerging Markets Bond Strategy Fund | $— | $— |
| Government Long Bond 1.2x Strategy Fund |  | 3968 |
| Inverse Government Long Bond Strategy Fund |  |  |
| High Yield Strategy Fund |  | 19440 |
| Inverse High Yield Strategy Fund |  | 121577 |
| Emerging Markets 2x Strategy Fund | 17187200 | 17170728 |
| Inverse Emerging Markets 2x Strategy Fund |  |  |
| Europe 1.25x Strategy Fund | 20607121 | 25858893 |
| Japan 2x Strategy Fund |  |  |
| Strengthening Dollar 2x Strategy Fund |  |  |
| Weakening Dollar 2x Strategy Fund |  |  |
| U.S. Government Money Market Fund |  |  |

---

For the period ended September 30, 2025, the cost of purchases and proceeds from sales of government securities were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Government Long Bond 1.2x Strategy Fund | $182406484 | $243879595 |
| Inverse Government Long Bond Strategy Fund | 61577297 | 61028016 |

---

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 405

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

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 <br> Gain (Loss)**  |
| Banking Fund | $1997917 | $557765 | $(1767) |
| Basic Materials Fund | 2059773 | 1936385 | 213851 |
| Biotechnology Fund | 576786 | 1931455 | 271723 |
| Consumer Products Fund | 593398 | 516731 | 149249 |
| Electronics Fund | 1812734 | 3101761 | 630458 |
| Energy Fund | 11457282 | 9569608 | 162824 |
| Energy Services Fund | 2220307 | 3394320 | 88142 |
| Financial Services Fund | 4944034 | 2310667 | 127929 |
| Health Care Fund | 4466358 | 2325771 | 2766 |
| Internet Fund | 7111385 | 124120 | (4758) |
| Leisure Fund | 1367971 | 1418468 | (9487) |
| Precious Metals Fund | 7980477 | 3143966 | 4586 |
| Real Estate Fund | 2285706 | 1136309 | 10060 |
| Retailing Fund | 736889 | 1060055 | 37535 |
| Technology Fund | 14310480 | 6067203 | 137214 |
| Telecommunications Fund | 2054387 | 2634929 | 2753 |
| Transportation Fund | 318149 | 1023390 | 80765 |
| Utilities Fund | 6769827 | 5827461 | (122868) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases**  | **Sales**  | **Realized <br> Gain (Loss)**  |
| Dow Jones Industrial Average<sup>®</sup> Fund | $3352278 | $3685299 | $(47612) |
| Mid-Cap 1.5x Strategy Fund |  | 94454 | 62323 |
| Monthly Rebalance Nasdaq-100<sup>®</sup> 2x Strategy Fund | 527111274 | 837735506 | 4751560 |
| Nova Fund | 160277631 | 99984022 | 1587733 |
| S&P 500<sup>®</sup> Fund | 105249349 | 125083513 | 5350930 |
| S&P 500<sup>®</sup> Pure Growth Fund | 5810130 | 8040003 | 279692 |
| S&P 500<sup>®</sup> Pure Value Fund | 5667416 | 4071559 | (129747) |
| S&P MidCap 400 Pure Growth Fund | 1654438 | 1865892 | 190491 |
| S&P MidCap 400 Pure Value Fund | 290335 | 276346 | 1030 |
| S&P SmallCap 600 Pure Growth Fund | 92740 | 173707 | 1322 |
| S&P SmallCap 600 Pure Value Fund | 3335603 | 249001 | (20978) |

---

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** | **Realized<br> Gain (Loss)** |
| Europe 1.25x Strategy Fund | $91211 | $112159 | $(2822) |

---

**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.

406 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(continued)<br>

The average daily balances borrowed for the period ended September 30, 2025, were as follows:

---

| | |
|:---|:---|
| **Fund** | **Average Daily Balance** |
| Basic Materials Fund | $378 |
| Biotechnology Fund | 2482 |
| Consumer Products Fund | 68 |
| Energy Fund | 214 |
| Energy Services Fund | 389 |
| Internet Fund | 263 |
| Precious Metals Fund | 25701 |
| Real Estate Fund | 488 |
| Retailing Fund | 8 |
| Telecommunications Fund | 1652 |
| Transportation Fund | 422 |
| Utilities Fund | 1112 |
| Monthly Rebalance Nasdaq-100<sup>®</sup> 2x Strategy Fund | 9885 |
| NASDAQ-100<sup>®</sup> Fund | 2945 |
| S&P 500<sup>®</sup> Pure Growth Fund | 85 |
| S&P 500<sup>®</sup> Pure Value Fund | 3173 |
| S&P MidCap 400<sup>®</sup> Pure Growth Fund | 874 |
| S&P MidCap 400<sup>®</sup> Pure Value Fund | 2118 |
| S&P SmallCap 600<sup>®</sup> Pure Growth Fund | 668 |
| S&P SmallCap 600<sup>®</sup> Pure Value Fund | 1507 |
| Government Long Bond 1.2x Strategy Fund | 1085 |
| High Yield Strategy Fund | 134 |
| Inverse Emerging Markets 2x Strategy Fund | 181 |
| Europe 1.25x Strategy Fund | 1614 |

---

**Note 11 – Segment Reporting** 

In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Officers of the Trust, subject to the oversight and supervision of the Board, serve as the CODM for the Funds.

Each of the Funds represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the Fund's investment objective which is executed by each Fund's portfolio managers as a team. Each of the Funds uses a variety of investments to execute its investment strategy. Please refer to Note 1 – Organization and Significant Accounting Policies of these Notes to Financial Statements for additional details on the significant accounting policies and investment types used by the Funds. Please refer to each Fund's Schedule of Investments for a breakdown of the types of investments from which each of the Funds generates its returns. Financial information in the form of total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks, among other metrics, and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Fund's financial statements. Segment assets are reflected on each Fund's Statement of Assets and Liabilities as "total assets" and significant segment income, expenses, and gain(loss) are listed on each Fund's Statement of Operations.

**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

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 407

**NOTES TO FINANCIAL STATEMENTS** (Unaudited)(concluded)<br>

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.

408 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**OTHER INFORMATION** (Unaudited) <br>

**A Brief Note on The Compounding of Returns** 

Many of the Funds described in this report are benchmarked daily to leveraged and/or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in-line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period on a cumulative basis. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

**An Example of Compounding** 

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund's net asset value per share ("NAV") increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Index<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 \| 409

**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.

410 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Note: This is not applicable for any fund included in this document.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 411

**ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES**

Note: This is not applicable for any fund included in this document.

412 \| 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 \| 413

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT**

**Report of the Rydex Series Funds Board of Trustees** 

The Board of Trustees (the "Board") of Rydex Series 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"):

---

| | | | |
|:---|:---|:---|:---|
| **Tradable Funds (Including Sector Funds\*)** | **Tradable Funds (Including Sector Funds\*)** | **Tradable Funds (Including Sector Funds\*)** | **Tradable Funds (Including Sector Funds\*)** |
| ●  | Banking Fund\* | ●  | Basic Materials Fund\* |
| ●  | Biotechnology Fund\* | ●  | Commodities Strategy Fund |
| ●  | Consumer Products Fund\* | ●  | Dow Jones Industrial Average Fund |
| ●  | Electronics Fund\* | ●  | Emerging Markets 2x Strategy Fund |
| ●  | Emerging Markets Bond Strategy Fund | ●  | Energy Fund\* |
| ●  | Energy Services Fund\* | ●  | Europe 1.25x Strategy Fund |
| ●  | Financial Services Fund\* | ●  | Government Long Bond 1.2x Strategy Fund |
| ●  | Health Care Fund\* | ●  | High Yield Strategy Fund |
| ●  | Internet Fund\* | ●  | Inverse Emerging Markets 2x Strategy Fund |
| ●  | Inverse Government Long Bond Strategy Fund | ●  | Inverse High Yield Strategy Fund |
| ●  | Inverse Mid-Cap Strategy Fund | ●  | Inverse NASDAQ-100 Strategy Fund |
| ●  | Inverse Russell 2000 Strategy Fund | ●  | Inverse S&P 500 Strategy Fund |
| ●  | Japan 2x Strategy Fund | ●  | Leisure Fund\* |
| ●  | Mid-Cap 1.5x Strategy Fund | ●  | Monthly Rebalance NASDAQ-100 2x Strategy Fund |
| ●  | NASDAQ-100 Fund | ●  | Nova Fund |
| ●  | Precious Metals Fund\* | ●  | Real Estate Fund\* |
| ●  | Retailing Fund\* | ●  | Russell 2000 1.5x Strategy Fund |
| ●  | Russell 2000 Fund | ●  | S&P 500 Fund |
| ●  | S&P 500 Pure Growth Fund | ●  | S&P 500 Pure Value Fund |
| ●  | S&P MidCap 400 Pure Growth Fund | ●  | S&P MidCap 400 Pure Value Fund |
| ●  | S&P SmallCap 600 Pure Growth Fund | ●  | S&P SmallCap 600 Pure Value Fund |
| ●  | Strengthening Dollar 2x Strategy Fund | ●  | Technology Fund\* |
| ●  | Telecommunications Fund\* | ●  | Transportation Fund\* |
| ●  | Utilities Fund\* | ●  | U.S. Government Money Market Fund |
| ●  | Weakening Dollar 2x Strategy Fund |  |  |
| **Alternative Funds\*\* (***i.e.***, Non-Tradable Funds)** | **Alternative Funds\*\* (***i.e.***, Non-Tradable Funds)** | **Alternative Funds\*\* (***i.e.***, Non-Tradable Funds)** | **Alternative Funds\*\* (***i.e.***, Non-Tradable Funds)** |
| ●  | Managed Futures Strategy Fund\*\* | ●  | Multi-Hedge Strategies Fund\*\* |

---

---

| | |
|:---|:---|
| \*  | &nbsp;&nbsp;&nbsp;Each a "Sector Fund" and collectively, the "Sector Funds." |
| \*\*  | &nbsp;&nbsp;&nbsp;Each an "Alternative Fund" and collectively, the "Alternative Funds." Each Fund other than the Alternative Funds is referred to herein as a "Tradable Fund" and collectively, the "Tradable Funds." |

---

414 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)<br>

Security Investors<sup>1</sup> is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm ("Guggenheim Partners"). Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as "Guggenheim." "Guggenheim Investments" refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 15, 2025 (the "April Meeting") and on May 22, 2025 (the "May Meeting"), the Contracts Review Committee of the Board (the "Committee"), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees ("Independent Legal Counsel"), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees' legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC ("FUSE"), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject fund's relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. FUSE also made a presentation at the April Meeting. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim and FUSE, including, among other things, a discussion of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that the beneficial owners of the Funds are clients of tactical advisors who are engaged to provide tactical asset allocation investment advisory services. Each Tradable Fund is designed to provide such tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds. In this regard, the Committee received information regarding the Adviser's proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than the U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark. The Committee took into account the limitations of the peer group and universe comparisons provided by FUSE with respect to the Tradable Funds in light of their unique features and the limited size of the marketplace for tradable funds designed to support tactical advisors, noting that there are only two direct competitor product suites.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports

<sup>1</sup> Security Investors also serves as investment adviser to each of Rydex Series Funds Commodities Strategy CFC, Rydex Managed Futures Strategy CFC and Rydex Series Funds Multi-Hedge Strategies CFC (each a "Subsidiary" and collectively, the "Subsidiaries"), wholly-owned subsidiaries of the Trust that are organized as limited companies under the laws of the Cayman Islands and used by Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund, respectively, to obtain commodities exposure. Pursuant to a separate investment management agreement for each Subsidiary (each a "Subsidiary Advisory Agreement" and collectively, the "Subsidiary Advisory Agreements"), the Subsidiary pays Security Investors an advisory fee at the same rate that the respective Fund pays Security Investors under the Advisory Agreement. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Agreements. In addition, Security Investors has entered into a separate waiver agreement with respect to each applicable Fund pursuant to which Security Investors has contractually agreed to waive the advisory fee it receives from the Fund in an amount equal to the advisory fee paid to Security Investors by the respective Subsidiary. This undertaking will continue with respect to each applicable Fund for so long as the Fund invests in the respective Subsidiary, and may be terminated only with the approval of the Board.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 415

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)<br>

and materials, the "Contract Review Materials"). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other funds in the Guggenheim fund complex and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that the Advisory Agreement represented a reasonable business arrangement negotiated at arm's length and that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term. Following its review of the Committee's recommendation, the Board unanimously approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2026 at a meeting held on May 21-22, 2025 (the "May Board Meeting" and together with the May Meeting, the "May Meetings") and determined to adopt the Committee's considerations and conclusions, which follow.

*Nature, Extent and Quality of Services Provided by the Adviser:* With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim's resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim's resources and capabilities, the Committee considered Guggenheim's commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

The Committee's review of the services provided by Guggenheim to the Funds included consideration of Guggenheim's investment processes and index methodologies and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim's adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust's Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, twice-daily pricing for certain Tradable 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 Tradable 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 Tradable Funds during 2024 and 2023, including purchases and redemptions in dollar value and in number of transactions as well as transaction volume relative to the assets in the Tradable Funds. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. In addition, the Committee considered information provided by the Adviser analyzing the potential costs to shareholders of investing in tradable mutual funds, such as the Tradable Funds, compared to those of investing in exchange-traded funds, including expense ratios, brokerage commissions and spread costs, as well as the relative advantages and disadvantages of each investment product. The Committee considered management's view that the Tradable Funds continue to be utilized by tactical advisors as intended. With respect to the Sector Funds, the Committee also considered the Adviser's proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser's statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector, and corporate actions such as spin-offs, among other adjustments.

In connection with the Committee's evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim's administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the "OCFO"), which oversees the fund administration, accounting and transfer agency services provided to the Funds and other funds in the Guggenheim fund complex, including the OCFO's resources, personnel and services provided.

416 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)<br>

With respect to Guggenheim's resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, GIH Borrower, LLC ("GIHB"), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GIHB and its indirect subsidiary Guggenheim Investments Holdings, LLC.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, including the Committee's knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified to serve the Funds in such capacity and may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

*Investment Performance:* Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2024, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2024, as applicable, were received. In addition, the Committee received a comparison of each Fund's performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund's peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2024, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund's Class H shares to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain performance information for the Alternative Funds (i.e., the non-Tradable Funds) as of March 31, 2025. In assessing each Fund's performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

With respect to the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee considered the Adviser's statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser's statement that, in circumstances where there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser's discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures. In this connection, the Committee considered the tracking error of each Fund's Class H shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser's commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser's summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser's statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management's commentary explaining circumstances in which the performance of the Tradable Funds may deviate from the performance of their respective peer funds due to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to either the Commodities Strategy Fund or the Emerging Markets Bond Strategy Fund. The Committee considered, for each of the Commodities Strategy Fund and the Emerging Markets Bond Strategy Fund, a comparison to a peer group identified in the FUSE report that includes actively-managed funds, in each case noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser's statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund slightly underperformed the comparable peer fund and that the Fund's performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year periods ended December 31, 2024.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 417

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)<br>

With respect to the Sector Funds, the Committee considered the Adviser's summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser's statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management's commentary explaining circumstances in which the Sector Funds may underperform their respective peer groups due to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds' modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee observed that the returns of the Managed Futures Strategy Fund's Institutional Class shares ranked in the third quartile or better of its performance universe for each of the five-year and three-year periods considered. In addition, the Committee made the following observations:

**Multi-Hedge Strategies Fund:** The returns of the Fund's Institutional Class shares ranked in the 77th and 96th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2024, respectively. The Committee noted management's explanation that the Fund's relative underperformance over the five-year and three-year time periods was largely driven by a wide range of uncorrelated strategies following the first quarter of 2024, including underperformance in the Equity Market Neutral strategy due to net short exposures to multi-family residential REITs and industrial REITs and net long exposures to health care REITs and underperformance in the Long/Short Equity strategy due to tilts toward quality and value. The Committee considered management's statement that, in light of this underperformance, the investment management team was temporarily reducing its risk target for the Fund and prioritizing research and the potential implementation of new strategies for the Fund. The Committee took into account management's discussions at the April Meeting and the May Board Meeting regarding the Fund's performance and the Adviser's planned enhancements to the Fund's investment strategies and processes.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that: (i) each Fund's performance was acceptable; or (ii) it was satisfied with Guggenheim's responses and/or efforts to improve investment performance.

*Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds:* The Committee compared each Fund's contractual advisory fee, net effective management fee<sup>2</sup> and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group. In addition, the Committee considered information regarding Guggenheim's process for evaluating the competitiveness of each Fund's fees and expenses, noting Guggenheim's statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund's advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim's statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds, other than variable insurance fund counterparts to certain Funds, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser's summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser's statement that only one of the two direct competitor product suites (which also employs a daily rebalance feature) is directly comparable for purposes of assessing such Funds' advisory fees, with the exception of the Monthly Rebalance NASDAQ-100 2x Strategy Fund for which the other competitor product suite (which employs a monthly rebalance feature) is directly comparable. The Committee noted that the contractual advisory fee for each Fund's Class H shares, other than the Monthly Rebalance NASDAQ-100 2x Strategy Fund, was equal to or lower than 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 such Fund's Class H shares as compared to those of the peer fund. For the Monthly Rebalance NASDAQ-100 2x Strategy Fund, the Committee considered that, although the contractual advisory fee for the Fund's Class H

<sup>2</sup> The "net effective management fee" for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements. 

418 \| THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (continued)<br>

shares is higher than the contractual advisory fee charged to the peer fund, the Adviser has contractually agreed to cap Fund expenses to ensure that total net expenses are competitive. The Committee noted that the net effective management fee and the total net expense ratio for the Fund's Class H shares were lower than those of the peer fund.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser's statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund's and the peer fund's respective fiscal year ends, the Fund's contractual advisory fee and total net expense ratio were higher than those of the comparable peer fund, but noted management's statement that it believes that the peer fund's unique structural arrangement of investing in a master portfolio managed by an unaffiliated investment adviser may result in the peer fund's stated advisory fees being understated.

With respect to the Sector Funds, the Committee considered the Adviser's summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds' structure and the portfolio management needed to meet client requirements.

The Committee considered the continuation through August 1, 2026 of management's agreement, implemented as part of the 2024 annual contract renewal process, to reduce the total net expense ratio of Europe 1.25x Strategy Fund by 0.10% of its average daily net assets through an expense reimbursement and/or waiver agreement, with such reduction applicable in addition to any other contractual waiver and/or reimbursement arrangements in place. The Committee also considered the continuation through August 1, 2026 of management's agreement, implemented as part of the 2023 annual contract review process, to reduce the total net expense ratio of each Tradable Fund (other than the U.S. Government Money Market Fund) by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement, with such reduction applicable in addition to any other contractual waiver and/or reimbursement arrangements in place. The Committee further noted the continuation through August 1, 2026 of management's agreement, implemented as part of the 2022 annual contract review process, to reduce the total net expense ratio of each Tradable Fund with a contractual advisory fee of 0.90% of its average daily net assets<sup>3</sup> by 0.05% of its average daily net assets and, with respect to NASDAQ-100 Fund, to 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 Alternative Funds (i.e., the non-Tradable Funds), the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for each Fund's Institutional Class shares each rank in the third quartile or better of such Fund's peer group.

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.

<sup>3</sup> Emerging Markets 2x Strategy Fund, Europe 1.25x Strategy Fund, Inverse Emerging Markets 2x Strategy Fund, Inverse Government Long Bond Strategy Fund, Inverse Mid-Cap Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, Inverse S&P 500 Strategy Fund, Mid-Cap 1.5x Strategy Fund, Monthly Rebalance NASDAQ-100 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT \| 419

**ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** (concluded)<br>

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.

With respect to the Tradable Funds, the Committee noted that, in addition to the expense reimbursement and/or waiver arrangement implemented in August 2022 for the NASDAQ-100 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 Tradable Funds and the tradable series of Rydex Dynamic Funds, a separate trust, equal or exceed $10 billion.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for an Alternative Fund (i.e., a non-Tradable Fund), with consideration given to, among other things: (i) the Fund's size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund profitability; (vii) relative Fund performance; (viii) the nature, extent and quality of services management provides to the Fund; and (ix) the complexity of the Fund's investment strategy and the resources required to support the Fund.

As part of its assessment of economies of scale, the Committee took into account Guggenheim's representation that it seeks to share economies of scale through a number of means, including 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.

**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.

420 \| 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&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.](fp0095394-207_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.](fp0095394-207_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| (Registrant) | Rydex Series Funds |
| By (Signature and Title)\* | /s/ Brian 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, <br> 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 Series Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: December 4, 2025 | /s/ Brian E. Binder |
|  | Brian E. Binder,<br> President and Chief Executive Officer |

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EX.-19(a)(3)(ii)

**CERTIFICATION**

I, James Howley, certify that:

1. I have reviewed this report on Form N-CSR of Rydex Series Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to
the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and
report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: December 4, 2025 | <br> /s/ James Howley |
|  | James Howley,<br> Chief Financial Officer, Chief Accounting Officer, <br> and Treasurer |

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## Exhibit 99.906

EX.-19(b)

**CERTIFICATION**

I, Brian E. Binder, President and Chief Executive Officer, and I, James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer of Rydex Series Funds (the "Registrant") each certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "Report") fully complies with the requirements of Section
13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

Date: December 4, 2025

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| |
|:---|
| /s/ Brian E. Binder |
| Brian E. Binder<br> President and Chief Executive Officer |

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Date: December 4, 2025

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| |
|:---|
| /s/ James Howley |
| James Howley<br> Chief Financial Officer, Chief Accounting Officer <br> and Treasurer |

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