# EDGAR Filing Document

**Accession Number:** 0000899148
**File Stem:** 0000913181-25-000303
**Filing Date:** 2025-12
**Character Count:** 102631
**Document Hash:** d01b54e5e0e2db54f444e9c1fd6f2f8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000913181-25-000303.hdr.sgml**: 20251201

**ACCESSION NUMBER**: 0000913181-25-000303

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251201

**DATE AS OF CHANGE**: 20251201

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07584
- **FILM NUMBER:** 251538169

**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

### Commodities Strategy Fund (Series ID: S000003774)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000010463 | Class H      | RYMBX           |
| C000010464 | Class A      | RYMEX           |
| C000010465 | Class C      | RYMJX           |

## Nport-Ex

---

| | |
|:---|:---|
| **Commodities Strategy Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 17.6%** | | |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 81258 | $818269 |
| Guggenheim Strategy Fund II<sup>1</sup> | 32137 | 799577 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,609,630) |  | 1617846 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 5.1%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 2.26%<sup>2</sup> | 465954 | 465954 |
| **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $465,954) |  | 465954 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 2.2%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | $200000 | 199708 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $199,707) |  | 199708 |

---

---

| | |
|:---|:---|
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 75.8%** | |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 4033019 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 2902021 |
| **Total Repurchase Agreements** |  |
| &nbsp;&nbsp;&nbsp;(Cost $6,935,040) | 6935040 |
| **Total Investments - 100.7%** |  |
| &nbsp;&nbsp;&nbsp;(Cost $9,210,331) | $9218548 |
| **Other Assets & Liabilities, net - (0.7)%** | (65184) |
| **Total Net Assets - 100.0%** | $9153364 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional Amount** | **Value and <br> Unrealized<br> Appreciation<sup>\*\*</sup>** |
| **Commodity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| S&P Goldman Sachs Commodity Index Futures Contracts | 66 | Oct 2025 | $9099750 | $43295 |

---

---

| | |
|:---|:---|
| *\*\** | *Includes cumulative appreciation (depreciation).* |
| *\*\*\** | *A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.* |
| *†* | *Value determined based on Level 1 inputs — See Note 3.* |
| *††* | *Value determined based on Level 2 inputs — See Note 3.* |
| *1* | *Affiliated issuer.* |
| *2* | *Rate indicated is the 7-day yield as of September 30, 2025.* |
| *3* | *All or a portion of this security is pledged as futures collateral at September 30, 2025.* |
| *4* | *Rate indicated is the effective yield at the time of purchase.* |
| *5* | *Repurchase Agreements — See Note 4.* |

---

*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 3 in the Notes to Consolidated Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted<br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $1617846 | $— | $— | $1617846 |
| Money Market Fund | 465954 |  |  | 465954 |
| U.S. Treasury Bills |  | 199708 |  | 199708 |
| Repurchase Agreements |  | 6935040 |  | 6935040 |
| Commodity Futures Contracts\*\* | 43295 |  |  | 43295 |
| Total Assets | $2127095 | $7134748 | $— | $9261843 |

---

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

---

| | |
|:---|:---|
| **Commodities Strategy Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS *(Unaudited)*** | **September 30, 2025** |

---

**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> 12/31/24** | **Additions** | **Reductions** | **Realized Gain<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation<br> (Depreciation)** | **Value<br> 09/30/25** | **Shares<br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $798613 | $– | $– | $– | $964 | $799577 | 32137 | $32035 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 813393 | – | – | – | 4876 | 818269 | 81258 | 26916 |
|  | $1612006 | $– | $– | $– | $5840 | $1617846 |  | $58951 |

---

---

| | |
|:---|:---|
| **Managed Futures Strategy Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MUTUAL FUNDS<sup>†</sup> - 47.5%** | | |
| Guggenheim Strategy Fund III<sup>1</sup> | 193266 | $4821976 |
| Guggenheim Strategy Fund II<sup>1</sup> | 126104 | 3137469 |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 253625 | 2554007 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $10,451,739) |  | 10513452 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 10.1%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 2.26%<sup>2</sup> | 2230267 | 2230267 |
| **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $2,230,267) |  | 2230267 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | **Value** |
| **U.S. TREASURY BILLS<sup>††</sup> - 9.0%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | $1983000 | $1980107 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $1,980,090) |  | 1980107 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 36.6%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 4710509 | 4710509 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 3389519 | 3389519 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $8,100,028) |  | 8100028 |
| **Total Investments - 103.2%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $22,762,124) |  | $22823854 |
| **Other Assets & Liabilities, net - (3.2)%** |  | (699758) |
| **Total Net Assets - 100.0%** |  | $22124096 |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)<sup>\*\*</sup>** |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| FTSE/JSE TOP 40 Index Futures Contracts<sup>††</sup> | 97 | Dec 2025 | $5780812 | $213715 |
| NASDAQ-100 Index Mini Futures Contracts | 10 | Dec 2025 | 4979600 | 94600 |
| S&P/TSX 60 IX Index Futures Contracts | 14 | Dec 2025 | 3569016 | 61339 |
| Nikkei 225 (CME) Index Futures Contracts | 4 | Dec 2025 | 898900 | 42661 |
| IBEX 35 Index Futures Contracts | 11 | Oct 2025 | 2009993 | 39005 |
| FTSE 100 Index Futures Contracts | 17 | Dec 2025 | 2154009 | 12689 |
| DAX Index Futures Contracts | 1 | Dec 2025 | 706553 | 7743 |
| Dow Jones Industrial Average Index Mini Futures Contracts | 3 | Dec 2025 | 700275 | 6319 |
| Nikkei 225 (OSE) Index Futures Contracts | 4 | Dec 2025 | 1213277 | 5219 |
| Tokyo Stock Price Index Futures Contracts | 1 | Dec 2025 | 210396 | 3907 |
| FTSE Taiwan Index Futures Contracts | 7 | Oct 2025 | 602350 | 3685 |
|  |  |  | $22825181 | $490882 |
| **Commodity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Gold 100 oz. Futures Contracts | 6 | Dec 2025 | $2332080 | $176461 |
| Silver Futures Contracts | 8 | Dec 2025 | 1872600 | 176174 |
| Corn Futures Contracts | 38 | Dec 2025 | 790400 | 31606 |
| Palladium Futures Contracts | 1 | Dec 2025 | 128700 | 15597 |
| Coffee 'C' Futures Contracts | 3 | Dec 2025 | 420975 | 11053 |
| LME Zinc Futures Contracts | 7 | Nov 2025 | 518700 | 7774 |
| Copper Futures Contracts | 2 | Dec 2025 | 243625 | 7700 |
| Lean Hogs Futures Contracts | 13 | Dec 2025 | 461500 | 4007 |
| LME Primary Aluminum Futures Contracts | 2 | Nov 2025 | 133950 | 2960 |
| Sugar #11 Futures Contracts | 4 | Feb 2026 | 74368 | 2119 |
| Low Sulphur Gas Oil Futures Contracts | 2 | Nov 2025 | 137550 | 49 |
| WTI Crude Futures Contracts | 7 | Oct 2025 | 437710 | (813) |
| Gasoline RBOB Futures Contracts | 1 | Oct 2025 | 80938 | (889) |
| Brent Crude Futures Contracts | 3 | Oct 2025 | 198510 | (2235) |
| Hard Red Winter Wheat Futures Contracts | 7 | Dec 2025 | 173863 | (4197) |
| Wheat Futures Contracts | 8 | Dec 2025 | 203000 | (4994) |
| Cotton #2 Futures Contracts | 65 | Dec 2025 | 2136225 | (13637) |
| Live Cattle Futures Contracts | 25 | Dec 2025 | 2348000 | (16456) |
| Soybean Meal Futures Contracts | 37 | Dec 2025 | 1010840 | (35947) |
| Cocoa Futures Contracts | 12 | Dec 2025 | 804840 | (49012) |
|  |  |  | $14508374 | $307320 |

---

---

| | |
|:---|:---|
| **Managed Futures Strategy Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of <br> Contracts** | **Expiration Date** | **Notional Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Long Gilt Futures Contracts<sup>††</sup> | 5 | Dec 2025 | $610399 | $(707) |
| U.S. Treasury Long Bond Futures Contracts | 8 | Dec 2025 | 933000 | (1978) |
| Australian Government 3 Year Bond Futures Contracts | 22 | Dec 2025 | 1553960 | (6193) |
|  |  |  | $3097359 | $(8878) |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Mexican Peso Futures Contracts | 19 | Dec 2025 | $514520 | $9362 |
| Swiss Franc Futures Contracts | 1 | Dec 2025 | 158431 | 220 |
| Norwegian Krone Futures Contracts | 1 | Dec 2025 | 200400 | (133) |
| Swedish Krona Futures Contracts | 1 | Dec 2025 | 213400 | (1428) |
| Euro FX Futures Contracts | 8 | Dec 2025 | 1179100 | (1589) |
| New Zealand Dollar Futures Contracts | 22 | Dec 2025 | 1279300 | (13041) |
| Canadian Dollar Futures Contracts | 65 | Dec 2025 | 4687475 | (35929) |
|  |  |  | $8232626 | $(42538) |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| U.S. Treasury 5 Year Note Futures Contracts | 65 | Dec 2025 | $7096680 | $16923 |
| U.S. Treasury 10 Year Note Futures Contracts | 36 | Dec 2025 | 4050000 | 13504 |
| U.S. Treasury Long Bond Futures Contracts | 1 | Dec 2025 | 116625 | 1061 |
| Euro - Schatz Futures Contracts | 20 | Dec 2025 | 2512212 | (110) |
| Euro - Bund Futures Contracts | 2 | Dec 2025 | 301761 | (626) |
| U.S. Treasury 2 Year Note Futures Contracts | 19 | Dec 2025 | 3959125 | (1083) |
| U.S. Treasury Ultra Long Bond Futures Contracts | 8 | Dec 2025 | 961500 | (4585) |
| Canadian Government 10 Year Bond Futures Contracts<sup>††</sup> | 34 | Dec 2025 | 2990231 | (9169) |
|  |  |  | $21988134 | $15915 |
| **Commodity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Soybean Futures Contracts | 23 | Nov 2025 | $1150863 | $29597 |
| Red Spring Wheat Futures Contracts | 25 | Dec 2025 | 702500 | 19411 |
| LME Lead Futures Contracts | 16 | Nov 2025 | 788492 | 8791 |
| Wheat Futures Contracts | 8 | Dec 2025 | 203000 | 8462 |
| Hard Red Winter Wheat Futures Contracts | 6 | Dec 2025 | 149025 | 4826 |
| LME Nickel Futures Contracts | 10 | Nov 2025 | 909260 | 4746 |
| Gasoline RBOB Futures Contracts | 7 | Oct 2025 | 566567 | 4275 |
| Soybean Oil Futures Contracts | 17 | Dec 2025 | 504288 | 2934 |
| Soybean Meal Futures Contracts | 9 | Dec 2025 | 245880 | 1373 |
| NY Harbor ULSD Futures Contracts | 4 | Oct 2025 | 390970 | 479 |
| Sugar #11 Futures Contracts | 26 | Feb 2026 | 483392 | (1056) |
| Natural Gas Futures Contracts | 17 | Oct 2025 | 566100 | (9624) |
| Platinum Futures Contracts | 5 | Jan 2026 | 403400 | (28765) |
| Cattle Feeder Futures Contracts | 6 | Nov 2025 | 1079100 | (34294) |
|  |  |  | $8142837 | $11155 |
| **Currency Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Japanese Yen Futures Contracts | 34 | Dec 2025 | $2895950 | $1760 |
| Canadian Dollar Futures Contracts | 3 | Dec 2025 | 216345 | (52) |
| British Pound Futures Contracts | 16 | Dec 2025 | 1345100 | (1784) |
| Australian Dollar Futures Contracts | 14 | Dec 2025 | 927150 | (7505) |
| Mexican Peso Futures Contracts | 90 | Dec 2025 | 2437200 | (8305) |
|  |  |  | $7821745 | $(15886) |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| S&P MidCap 400 Index Mini Futures Contracts | 3 | Dec 2025 | $985830 | $(1396) |
| Russell 2000 Index Mini Futures Contracts | 6 | Dec 2025 | 736710 | (1432) |
| CAC 40 10 Euro Index Futures Contracts | 3 | Oct 2025 | 279251 | (1846) |
| S&P 500 Index Mini Futures Contracts | 2 | Dec 2025 | 673700 | (2254) |
| MSCI Emerging Markets Index Futures Contracts | 14 | Dec 2025 | 951790 | (10787) |
| Euro STOXX 50 Index Futures Contracts | 13 | Dec 2025 | 848145 | (18153) |
|  |  |  | $4475426 | $(35868) |

---

---

| | |
|:---|:---|
| **Managed Futures Strategy Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | |
|:---|:---|
| *\*\** | *Includes cumulative appreciation (depreciation).* |
| *\*\*\** | *A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.* |
| *†* | *Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.* |
| *††* | *Value determined based on Level 2 inputs — See Note 3.* |
| *1* | *Affiliated issuer.* |
| *2* | *Rate indicated is the 7-day yield as of September 30, 2025.* |
| *3* | *All or a portion of this security is pledged as futures collateral at September 30, 2025.* |
| *4* | *Rate indicated is the effective yield at the time of purchase.* |
| *5* | *Repurchase Agreements — See Note 4.* |

---

*CME — Chicago Mercantile Exchange*

 

*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 3 in the Notes to Consolidated Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1<br> Quoted Prices** | **Level 2 <br> Significant <br> Observable Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Mutual Funds | $10513452 | $— | $— | $10513452 |
| Money Market Fund | 2230267 |  |  | 2230267 |
| U.S. Treasury Bills |  | 1980107 |  | 1980107 |
| Repurchase Agreements |  | 8100028 |  | 8100028 |
| Commodity Futures Contracts\*\* | 520394 |  |  | 520394 |
| Equity Futures Contracts\*\* | 277167 | 213715 |  | 490882 |
| Interest Rate Futures Contracts\*\* | 31488 |  |  | 31488 |
| Currency Futures Contracts\*\* | 11342 |  |  | 11342 |
| Total Assets | $13584110 | $10293850 | $— | $23877960 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Commodity Futures Contracts\*\* | $201919 | $— | $— | $201919 |
| Currency Futures Contracts\*\* | 69766 |  |  | 69766 |
| Equity Futures Contracts\*\* | 35868 |  |  | 35868 |
| Interest Rate Futures Contracts\*\* | 14575 | 9876 |  | 24451 |
| Total Liabilities | $322128 | $9876 | $— | $332004 |

---

*\*\** *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.

---

| | |
|:---|:---|
| **Managed Futures Strategy Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

Transactions during the period ended September 30, 2025, in which the company is an affiliated issuer, were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Value <br> 12/31/24** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $3133686 | $– | $– | $– | $3783 | $3137469 | 126104 | $125703 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III | 4820043 |  |  |  | 1933 | 4821976 | 193266 | 197781 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 2538790 | – | – | – | 15217 | 2554007 | 253625 | 84010 |
|  | $10492519 | $– | $– | $– | $20933 | $10513452 |  | $407494 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS<sup>†</sup> - 28.4%** | | |
| **Technology - 6.5%** |  |  |
| WNS Holdings Ltd.<sup>\*</sup> | 2108 | $160777 |
| Informatica, Inc. — Class A<sup>\*</sup> | 5638 | 140048 |
| Cantaloupe, Inc.<sup>\*</sup> | 11574 | 122337 |
| CoreCard Corp.<sup>\*</sup> | 3663 | 98608 |
| AvidXchange Holdings, Inc.<sup>\*</sup> | 8675 | 86316 |
| Electronic Arts, Inc. | 358 | 72208 |
| Vimeo, Inc.<sup>\*</sup> | 7601 | 58908 |
| PROS Holdings, Inc.<sup>\*</sup> | 2546 | 58329 |
| Integral Ad Science Holding Corp.<sup>\*</sup> | 5716 | 58132 |
| Verint Systems, Inc.<sup>\*</sup> | 1443 | 29221 |
| **Total Technology** |  | 884884 |
| **Consumer, Non-cyclical - 5.8%** |  |  |
| Kellanova | 3162 | 259347 |
| Verona Pharma plc ADR<sup>\*</sup> | 1654 | 176498 |
| Cross Country Healthcare, Inc.<sup>\*</sup> | 7090 | 100678 |
| Tourmaline Bio, Inc.<sup>\*</sup> | 1849 | 88438 |
| STAAR Surgical Co.<sup>\*</sup> | 3118 | 83780 |
| Merus N.V.<sup>\*</sup> | 617 | 58091 |
| Surmodics, Inc.<sup>\*</sup> | 1093 | 32670 |
| **Total Consumer, Non-cyclical** |  | 799502 |
| **Financial - 3.7%** |  |  |
| Mr Cooper Group, Inc. | 632 | 133219 |
| ProAssurance Corp.<sup>\*</sup> | 4893 | 117383 |
| International Money Express, Inc.<sup>\*</sup> | 5754 | 80383 |
| HarborOne Bancorp, Inc. | 3878 | 52741 |
| Guild Holdings Co. — Class A | 2156 | 42991 |
| Air Lease Corp. — Class A | 644 | 40991 |
| Synovus Financial Corp. | 813 | 39902 |
| **Total Financial** |  | 507610 |
| **Communications - 3.6%** |  |  |
| Frontier Communications Parent, Inc.<sup>\*</sup> | 5914 | 220888 |
| Interpublic Group of Companies, Inc. | 4333 | 120934 |
| WideOpenWest, Inc.<sup>\*</sup> | 18403 | 94960 |
| TEGNA, Inc. | 2871 | 58367 |
| **Total Communications** |  | 495149 |
| **Consumer, Cyclical - 3.4%** |  |  |
| Steelcase, Inc. — Class A | 6578 | 113163 |
| MRC Global, Inc.<sup>\*</sup> | 6718 | 96874 |
| Hanesbrands, Inc.<sup>\*</sup> | 13166 | 86764 |
| Potbelly Corp.<sup>\*</sup> | 4311 | 73459 |
| ODP Corp.<sup>\*</sup> | 2107 | 58680 |
| Guess?, Inc. | 2450 | 40940 |
| **Total Consumer, Cyclical** |  | 469880 |
| **Industrial - 2.6%** |  |  |
| Chart Industries, Inc.<sup>\*</sup> | 845 | 169126 |
| American Woodmark Corp.<sup>\*</sup> | 1324 | 88390 |
| Spirit AeroSystems Holdings, Inc. — Class A<sup>\*</sup> | 1408 | 54349 |
| Norfolk Southern Corp. | 123 | 36950 |
| **Total Industrial** |  | 348815 |
| **Utilities - 1.9%** |  |  |
| ALLETE, Inc. | 2076 | 137846 |
| TXNM Energy, Inc. | 1358 | 76795 |
| Northwestern Energy Group, Inc. | 722 | 42317 |
| **Total Utilities** |  | 256958 |
| **Energy - 0.9%** |  |  |
| Aris Water Solutions, Inc. — Class A | 3509 | 86532 |
| Vital Energy, Inc.<sup>\*</sup> | 2242 | 37867 |
| Berry Corp. | 1189 | 4495 |
| **Total Energy** |  | 128894 |
| **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,820,915) |  | 3891692 |
| **RIGHTS<sup>†</sup> - 0.0%** |  |  |
| **Consumer, Non-cyclical - 0.0%** |  |  |
| Bristol-Myers Squibb Co.<sup>\*</sup> | 12237 |  |
| Novartis AG<sup>\*,†††</sup> | 9562 |  |
| Sanofi SA<sup>\*,††</sup> | 1186 |  |
| Johnson & Johnson<sup>\*,†††</sup> | 3841 | – |
| **Total Consumer, Non-cyclical** |  | – |
| **Financial - 0.0%** |  |  |
| Sycamore Partners<sup>\*</sup> | 10376 | – |
| **Total Rights** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,729) |  | – |
| **MUTUAL FUNDS<sup>†</sup> - 24.9%** |  |  |
| Guggenheim Ultra Short Duration Fund — Institutional Class<sup>1</sup> | 163780 | 1649261 |
| Guggenheim Strategy Fund II<sup>1</sup> | 45136 | 1122983 |
| Guggenheim Strategy Fund III<sup>1</sup> | 25899 | 646183 |
| **Total Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $3,391,958) |  | 3418427 |
| **CLOSED-END MUTUAL FUNDS<sup>\*\*\*,†</sup> - 6.1%** |  |  |
| Mexico Fund, Inc. | 1276 | 25137 |
| PIMCO New York Municipal Income Fund II | 3576 | 24853 |
| Neuberger Berman Next Generation Connectivity Fund, Inc. | 1593 | 24500 |
| Ellsworth Growth and Income Fund Ltd. | 2102 | 24383 |
| Clough Global Equity Fund | 3186 | 24245 |
| Bancroft Fund Ltd. | 1102 | 24114 |
| General American Investors Company, Inc. | 386 | 24013 |
| Nuveen Dow 30sm Dynamic Overwrite Fund | 1602 | 23854 |
| European Equity Fund, Inc. | 2191 | 23750 |
| Royce Micro-Capital Trust, Inc. | 2282 | 23710 |
| Tri-Continental Corp. | 692 | 23528 |
| Sprott Focus Trust, Inc. | 2823 | 23431 |
| Total Return Securities Fund | 3842 | 23359 |
| Gabelli Dividend & Income Trust | 861 | 23359 |
| Eaton Vance California Municipal Income Trust | 2316 | 23345 |
| John Hancock Diversified Income Fund | 2192 | 23345 |
| Royce Small-Capital Trust, Inc. | 1445 | 23308 |
| SRH Total Return Fund, Inc. | 1254 | 22773 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **CLOSED-END MUTUAL FUNDS<sup>\*\*\*,†</sup> - 6.1% (continued)** | | |
| Templeton Emerging Markets Fund/United States | 1168 | $19552 |
| Gabelli Healthcare & WellnessRx Trust | 2054 | 18630 |
| BlackRock MuniHoldings New York Quality Fund, Inc. | 1634 | 16699 |
| BlackRock New York Municipal Income Trust | 1646 | 16657 |
| abrdn Australia Equity Fund, Inc. | 3504 | 16083 |
| Virtus Total Return Fund, Inc. | 2442 | 15751 |
| Federated Hermes Premier Municipal Income Fund | 1375 | 15180 |
| PIMCO California Municipal Income Fund | 1668 | 14545 |
| Royce Global Trust, Inc. | 946 | 12251 |
| abrdn Emerging Markets ex China Fund, Inc. | 1837 | 11904 |
| AllianceBernstein National Municipal Income Fund, Inc. | 1011 | 10969 |
| Gabelli Global Small and Mid Capital Value Trust | 637 | 9205 |
| Mexico Equity and Income Fund, Inc. | 685 | 8131 |
| abrdn National Municipal Income Fund | 777 | 7972 |
| New Germany Fund, Inc. | 521 | 6023 |
| Western Asset Inflation-Linked Opportunities & Income Fund | 466 | 4143 |
| abrdn Healthcare Investors | 118 | 2178 |
| abrdn Life Sciences Investors | 140 | 2171 |
| Nuveen New York AMT-Free Quality Municipal Income Fund | 204 | 2081 |
| BlackRock MuniYield New York Quality Fund, Inc. | 208 | 2065 |
| BNY Mellon Municipal Bond Infrastructure Fund, Inc. | 193 | 2065 |
| Invesco Municipal Trust | 212 | 2046 |
| BlackRock MuniHoldings Quality Fund II, Inc. | 203 | 2042 |
| Blackrock Investment Quality Municipal Trust, Inc. | 180 | 2041 |
| MFS High Yield Municipal Trust | 588 | 2040 |
| BlackRock MuniHoldings New Jersey Quality Fund, Inc. | 176 | 2040 |
| RiverNorth Flexible Municipal Income Fund, Inc. | 141 | 2039 |
| BlackRock MuniYield Quality Fund, Inc. | 175 | 2039 |
| MFS High Income Municipal Trust | 548 | 2039 |
| BlackRock MuniYield Fund, Inc. | 193 | 2038 |
| BlackRock Municipal Income Trust II | 195 | 2038 |
| BNY Mellon Strategic Municipals, Inc. | 326 | 2037 |
| BlackRock California Municipal Income Trust | 186 | 2037 |
| MFS Investment Grade Municipal Trust | 259 | 2036 |
| BlackRock MuniYield Pennsylvania Quality Fund | 179 | 2035 |
| BlackRock MuniHoldings Fund, Inc. | 173 | 2033 |
| RiverNorth Opportunistic Municipal Income Fund, Inc. | 139 | 2032 |
| Flaherty & Crumrine Preferred & Income Fund, Inc. | 169 | 2031 |
| Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc. | 208 | 2028 |
| BlackRock MuniYield Quality Fund III, Inc. | 183 | 2028 |
| Western Asset Managed Municipals Fund, Inc. | 196 | 2027 |
| BlackRock MuniYield Quality Fund II, Inc. | 202 | 2026 |
| Putnam Municipal Opportunities Trust | 196 | 2025 |
| BNY Mellon Strategic Municipal Bond Fund, Inc. | 342 | 2025 |
| BlackRock Municipal Income Trust | 201 | 2020 |
| Allspring Utilities and High Income Fund | 163 | 2018 |
| abrdn Total Dynamic Dividend Fund | 213 | 2015 |
| BlackRock Municipal Income Quality Trust | 184 | 2015 |
| Flaherty & Crumrine Total Return Fund, Inc. | 113 | 2014 |
| Nuveen AMT-Free Municipal Value Fund | 142 | 2014 |
| NYLI MacKay DefinedTerm Muni Opportunities Fund | 133 | 2012 |
| Flaherty & Crumrine Preferred and Income Securities Fund, Inc. | 119 | 2010 |
| BlackRock MuniVest Fund II, Inc. | 189 | 2009 |
| Putnam Managed Municipal Income Trust | 331 | 1999 |
| Eaton Vance Tax-Managed Buy-Write Opportunities Fund | 140 | 1995 |
| Nuveen S&P 500 Buy-Write Income Fund | 138 | 1993 |
| Nuveen New York Municipal Value Fund | 241 | 1991 |
| Invesco Bond Fund | 126 | 1988 |
| Franklin Universal Trust | 247 | 1986 |
| First Trust Enhanced Equity Income Fund | 92 | 1980 |
| Nuveen Real Estate Income Fund | 242 | 1980 |
| Nuveen NASDAQ 100 Dynamic Overwrite Fund | 72 | 1977 |
| BlackRock Enhanced Equity Dividend Trust | 217 | 1977 |
| BlackRock Health Sciences Term Trust | 137 | 1976 |
| BlackRock MuniYield Michigan Quality Fund, Inc. | 175 | 1974 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **CLOSED-END MUTAL FUNDS<sup>\*\*\*,†</sup> - 6.1% (continued)** | | |
| BlackRock Health Sciences Trust | 53 | $1973 |
| John Hancock Income Securities Trust | 169 | 1973 |
| Eaton Vance Tax Managed Global Buy Write Opportunities Fund | 218 | 1973 |
| BlackRock Science and Technology Term Trust | 89 | 1972 |
| Western Asset Investment Grade Opportunity Trust, Inc. | 118 | 1969 |
| BlackRock Enhanced Global Dividend Trust | 170 | 1967 |
| Eaton Vance Tax-Managed Buy-Write Income Fund | 131 | 1965 |
| MFS Multimarket Income Trust | 411 | 1965 |
| MFS Charter Income Trust | 306 | 1964 |
| BlackRock Resources & Commodities Strategy Trust | 193 | 1963 |
| BrandywineGLOBAL Global Income Opportunities Fund, Inc. | 226 | 1962 |
| Western Asset Emerging Markets Debt Fund, Inc. | 190 | 1961 |
| BlackRock Enhanced International Dividend Trust | 341 | 1961 |
| Eaton Vance Risk-Managed Diversified Equity Income Fund | 218 | 1960 |
| Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund | 71 | 1957 |
| Eaton Vance Tax-Advantaged Dividend Income Fund | 80 | 1956 |
| Allspring Global Dividend Opportunity Fund | 343 | 1955 |
| BlackRock Municipal 2030 Target Term Trust | 87 | 1954 |
| Principal Real Estate Income Fund | 186 | 1946 |
| Franklin Limited Duration Income Trust | 305 | 1943 |
| Eaton Vance Senior Floating-Rate Trust | 169 | 1933 |
| John Hancock Investors Trust | 138 | 1931 |
| PIMCO Municipal Income Fund II | 243 | 1922 |
| BlackRock Virginia Municipal Bond Trust | 177 | 1915 |
| BlackRock Technology and Private Equity Term Trust | 279 | 1869 |
| DTF Tax-Free Income 2028 Term Fund, Inc. | 156 | 1783 |
| Nuveen Pennsylvania Quality Municipal Income Fund | 141 | 1692 |
| Nuveen New Jersey Quality Municipal Income Fund | 135 | 1675 |
| BlackRock MuniHoldings California Quality Fund, Inc. | 150 | 1627 |
| Voya Emerging Markets High Dividend Equity Fund | 259 | 1624 |
| Neuberger Berman Municipal Fund, Inc. | 157 | 1620 |
| MFS Municipal Income Trust | 298 | 1606 |
| BlackRock MuniVest Fund, Inc. | 234 | 1605 |
| Invesco Pennsylvania Value Municipal Income Trust | 155 | 1601 |
| Western Asset Intermediate Muni Fund, Inc. | 202 | 1598 |
| Voya Asia Pacific High Dividend Equity Income Fund | 213 | 1597 |
| GAMCO Natural Resources Gold & Income Trust | 227 | 1596 |
| Adams Diversified Equity Fund, Inc. | 71 | 1583 |
| Source Capital | 35 | 1576 |
| Virtus Convertible & Income Fund | 105 | 1575 |
| Nuveen Select Maturities Municipal Fund | 169 | 1565 |
| Duff & Phelps Utility and Infrastructure Fund, Inc. | 121 | 1562 |
| MFS Intermediate High Income Fund | 884 | 1560 |
| Virtus Convertible & Income Fund II | 114 | 1559 |
| Allspring Multi-Sector Income Fund | 162 | 1552 |
| Western Asset Inflation-Linked Income Fund | 184 | 1549 |
| Liberty All Star Growth Fund, Inc. | 279 | 1548 |
| BNY Mellon High Yield Strategies Fund | 595 | 1541 |
| Eaton Vance Senior Income Trust | 278 | 1523 |
| Liberty All-Star Equity Fund | 234 | 1484 |
| Tortoise Energy Infrastructure Corp. | 10 | 431 |
| PIMCO Dynamic Income Strategy Fund | 17 | 424 |
| Eaton Vance Tax-Advantaged Global Dividend Income Fund | 20 | 423 |
| Cohen & Steers Infrastructure Fund, Inc. | 17 | 422 |
| John Hancock Tax-Advantaged Dividend Income Fund | 17 | 422 |
| Invesco Senior Income Trust | 121 | 419 |
| Eaton Vance Tax-Managed Global Diversified Equity Income Fund | 46 | 419 |
| Nuveen Core Plus Impact Fund | 38 | 418 |
| Highland Global Allocation Fund | 46 | 418 |
| PGIM Short Duration High Yield Opportunities Fund | 25 | 418 |
| RiverNorth Flexible Municipal Income Fund II, Inc. | 32 | 418 |
| Eaton Vance National Municipal Opportunities Trust | 25 | 416 |
| Invesco Municipal Opportunity Trust | 43 | 416 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **CLOSED-END MUTUAL FUNDS<sup>\*\*\*,†</sup> - 6.1% (continued)** | | |
| Cohen & Steers Select Preferred and Income Fund, Inc. | 20 | $416 |
| Nuveen Multi-Asset Income Fund | 32 | 415 |
| BlackRock Taxable Municipal Bond Trust | 25 | 415 |
| Destra Multi-Alternative Fund | 48 | 415 |
| Blackrock Science & Technology Trust | 10 | 414 |
| John Hancock Premium Dividend Fund | 31 | 414 |
| XAI Madison Equity Premium Income Fund | 67 | 414 |
| Cohen & Steers Real Estate Opportunities and Income Fund | 27 | 413 |
| Eaton Vance Floating-Rate Income Trust | 35 | 412 |
| Saba Capital Income & Opportunities Fund | 53 | 412 |
| Tortoise Sustainable and Social Impact Term Fund | 35 | 412 |
| Japan Smaller Capitalization Fund, Inc. | 39 | 411 |
| Nuveen Credit Strategies Income Fund | 78 | 411 |
| NYLI CBRE Global Infrastructure Megatrends Term Fund | 28 | 411 |
| Clough Global Dividend and Income Fund | 69 | 411 |
| Clough Global Opportunities Fund | 72 | 410 |
| Saba Capital Income & Opportunities Fund II | 45 | 410 |
| India Fund, Inc. | 28 | 410 |
| RiverNorth Managed Duration Municipal Income Fund, Inc. | 29 | 410 |
| Neuberger Berman Energy Infrastructure and Income Fund, Inc. | 47 | 410 |
| Templeton Emerging Markets Income Fund | 66 | 409 |
| Nuveen Floating Rate Income Fund | 50 | 409 |
| Kayne Anderson Energy Infrastructure Fund | 33 | 408 |
| XAI Octagon Floating Rate Alternative Income Trust | 77 | 408 |
| RiverNorth Opportunities Fund, Inc. | 34 | 408 |
| Eaton Vance Municipal Bond Fund | 41 | 407 |
| BlackRock Energy and Resources Trust | 30 | 407 |
| Allspring Income Opportunities Fund | 58 | 407 |
| Angel Oak Financial Strategies Income Term Trust | 31 | 406 |
| High Income Securities Fund | 64 | 406 |
| RiverNorth Managed Duration Municipal Income Fund II, Inc. | 27 | 405 |
| LMP Capital and Income Fund, Inc. | 26 | 404 |
| Special Opportunities Fund, Inc. | 26 | 403 |
| Nuveen S&P 500 Dynamic Overwrite Fund | 23 | 402 |
| Highland Opportunities and Income Fund | 61 | 387 |
| Herzfeld Credit Income Fund, Inc. | 95 | 226 |
| **Total Closed-End Mutual Funds** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $723,777) |  | 840629 |
| **MONEY MARKET FUND<sup>\*\*\*,†</sup> - 2.9%** |  |  |
| Dreyfus Treasury Obligations Cash Management Fund — Institutional Shares, 2.26%<sup>2</sup> | 398197 | 398197 |
| **Total Money Market Fund** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $398,197) |  | 398197 |

---

---

| | | |
|:---|:---|:---|
| | **Face<br> Amount** | |
| **U.S. TREASURY BILLS<sup>††</sup> - 6.0%** | | |
| U.S. Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3.81% due 10/14/25<sup>3,4</sup> | $500000 | 499271 |
| &nbsp;&nbsp;&nbsp;3.93% due 10/14/25<sup>3,4</sup> | 327000 | 326523 |
| **Total U.S. Treasury Bills** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $825,767) |  | 825794 |
| **REPURCHASE AGREEMENTS<sup>††,5</sup> - 30.4%** |  |  |
| &nbsp;&nbsp;&nbsp;J.P. Morgan Securities LLC<br> issued 09/30/25 at 4.20% <br> due 10/01/25 | 2422288 | 2422288 |
| &nbsp;&nbsp;&nbsp;BofA Securities, Inc.<br> issued 09/30/25 at 4.19% <br> due 10/01/25 | 1742995 | 1742995 |
| **Total Repurchase Agreements** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $4,165,283) |  | 4165283 |
| **Total Investments - 98.7%** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $13,329,626) |  | $13540022 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | |
| **COMMON STOCKS SOLD SHORT<sup>†</sup> - (6.3)%** | | |
| **Utilities - (0.3)%** |  |  |
| Black Hills Corp. | 708 | (43606) |
| **Consumer, Non-cyclical - (0.5)%** |  |  |
| Herc Holdings, Inc. | 1 | (117) |
| Euronet Worldwide, Inc.<sup>\*</sup> | 824 | (72355) |
| **Total Consumer, Non-cyclical** |  | (72472) |
| **Industrial - (0.9)%** |  |  |
| Union Pacific Corp. | 123 | (29073) |
| Masterbrand, Inc.<sup>\*</sup> | 6819 | (89806) |
| **Total Industrial** |  | (118879) |
| **Communications - (0.9)%** |  |  |
| Omnicom Group, Inc. | 1491 | (121561) |
| **Energy - (1.0)%** |  |  |
| California Resources Corp. | 70 | (3723) |
| Crescent Energy Co. — Class A | 4274 | (38124) |
| DNOW, Inc.<sup>\*</sup> | 6375 | (97219) |
| **Total Energy** |  | (139066) |
| **Consumer, Cyclical - (1.1)%** |  |  |
| HNI Corp. | 1442 | (67558) |
| Gildan Activewear, Inc. — Class A | 1343 | (77626) |
| **Total Consumer, Cyclical** |  | (145184) |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS SOLD SHORT<sup>†</sup> - (6.3)% (continued)** | | |
| **Financial - (1.6)%** |  |  |
| Pinnacle Financial Partners, Inc. | 426 | $(39954) |
| Eastern Bankshares, Inc. | 2373 | (43070) |
| Rocket Companies, Inc. — Class A | 6952 | (134730) |
| **Total Financial** |  | (217754) |
| **Total Common Stocks Sold Short** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $815,964) |  | (858522) |
| **MASTER LIMITED PARTNERSHIPS SOLD SHORT<sup>†</sup> - (0.0)%** |  |  |
| **Energy - 0.0%** |  |  |
| Western Midstream Partners, LP | 184 | (7230) |
| **Total Master Limited Partnerships Sold Short** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $7,079) |  | (7230) |
| **EXCHANGE-TRADED FUNDS SOLD SHORT<sup>\*\*\*,†</sup> - (6.5)%** |  |  |
| iShares Mortgage Real Estate ETF | 5 | (110) |
| VanEck High Yield Muni ETF | 7 | (356) |
| Materials Select Sector SPDR Fund | 6 | (538) |
| Technology Select Sector SPDR Fund | 4 | (1127) |
| iShares JP Morgan USD Emerging Markets Bond ETF | 14 | (1333) |
| iShares U.S. Real Estate ETF | 22 | (2136) |
| SPDR S&P Biotech ETF | 28 | (2806) |
| Utilities Select Sector SPDR Fund | 33 | (2878) |
| Invesco Senior Loan ETF | 190 | (3977) |
| iShares Preferred & Income Securities ETF | 165 | (5217) |
| iShares MSCI Emerging Markets ETF | 109 | (5821) |
| VanEck Gold Miners ETF | 80 | (6112) |
| iShares TIPS Bond ETF | 55 | (6117) |

---

---

| | | |
|:---|:---|:---|
| iShares iBoxx $ Investment Grade Corporate Bond ETF | 56 | (6242) |
| iShares 7-10 Year Treasury Bond ETF | 78 | (7524) |
| iShares Floating Rate Bond ETF | 153 | (7816) |
| iShares Core High Dividend ETF | 108 | (13225) |
| iShares iBoxx $ High Yield Corporate Bond ETF | 175 | (14208) |
| Schwab U.S. Aggregate Bond ETF | 690 | (16194) |
| Health Care Select Sector SPDR Fund | 125 | (17396) |
| iShares Latin America 40 ETF | 710 | (20512) |
| iShares MSCI All Country Asia ex Japan ETF | 242 | (22075) |
| iShares Russell 1000 Growth ETF | 63 | (29510) |
| iShares National Muni Bond ETF | 576 | (61338) |
| SPDR Bloomberg Convertible Securities ETF | 702 | (63531) |
| SPDR S&P 500 ETF Trust | 108 | (71947) |
| SPDR Nuveen ICE High Yield Municipal Bond ETF | 3163 | (78853) |
| iShares Russell 1000 Value ETF | 414 | (84286) |
| iShares Russell 2000 Index ETF | 360 | (87106) |
| iShares MSCI EAFE ETF | 1324 | (123622) |
| SPDR Nuveen ICE Municipal Bond ETF | 2766 | (126047) |
| **Total Exchange-Traded Funds Sold Short** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $880,690) |  | (889960) |
| **Total Securities Sold Short - (12.8)%** |  |  |
| &nbsp;&nbsp;&nbsp;(Proceeds $1,703,733) |  | $(1755712) |
| **Other Assets & Liabilities, net - 14.1%** |  | 1934253 |
| **Total Net Assets - 100.0%** |  | $13718563 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

**Futures Contracts**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Number of Contracts** | **Expiration Date** | **Notional Amount** | **Value and Unrealized<br> Appreciation (Depreciation)<sup>\*\*</sup>** |
| **Interest Rate Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Euro - OATS Futures Contracts | 22 | Dec 2025 | $3134147 | $16852 |
| U.S. Treasury Ultra Long Bond Futures Contracts | 2 | Dec 2025 | 240375 | 4372 |
| U.S. Treasury 5 Year Note Futures Contracts | 3 | Dec 2025 | 327539 | (84) |
| U.S. Treasury 10 Year Note Futures Contracts | 21 | Dec 2025 | 2362500 | (600) |
| Euro - Bund Futures Contracts | 8 | Dec 2025 | 1207046 | (831) |
|  |  |  | $7271607 | $19709 |
| **Commodity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Sugar #11 Futures Contracts | 36 | Apr 2026 | $650765 | $7328 |
| Coffee 'C' Futures Contracts | 2 | May 2026 | 260138 | 1869 |
| Natural Gas Futures Contracts | 7 | Oct 2025 | 233100 | 950 |
| Gasoline RBOB Futures Contracts | 6 | Dec 2025 | 472424 | (15) |
| Cotton #2 Futures Contracts | 10 | Dec 2025 | 328650 | (232) |
| Low Sulphur Gas Oil Futures Contracts | 6 | Dec 2025 | 404400 | (1460) |
| Soybean Meal Futures Contracts | 7 | Dec 2025 | 191240 | (4632) |
|  |  |  | $2540717 | $3808 |
| **Equity Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| CBOE Volatility Index Futures Contracts | 5 | Dec 2025 | $99250 | $428 |
| CBOE Volatility Index Futures Contracts | 1 | Jan 2026 | 20700 | 27 |
| Russell 2000 Index Mini Futures Contracts | 2 | Dec 2025 | 245570 | 6 |
| Dow Jones Industrial Average Index Mini Futures Contracts | 2 | Dec 2025 | 466850 | (124) |
| NASDAQ-100 Index Mini Futures Contracts | 1 | Dec 2025 | 497960 | (157) |
| S&P 500 Index Mini Futures Contracts | 3 | Dec 2025 | 1010550 | (568) |
| CBOE Volatility Index Futures Contracts | 15 | Oct 2025 | 264000 | (3672) |
|  |  |  | $2604880 | $(4060) |
| **Currency Futures Contracts Purchased<sup>†</sup>** |  |  |  |  |
| Japanese Yen Futures Contracts | 6 | Dec 2025 | $511050 | $2235 |
| Australian Dollar Futures Contracts | 9 | Dec 2025 | 596025 | (18) |
| British Pound Futures Contracts | 8 | Dec 2025 | 672550 | (3117) |
| New Zealand Dollar Futures Contracts | 3 | Dec 2025 | 174450 | (4387) |
|  |  |  | $1954075 | $(5287) |
| **Currency Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Swiss Franc Futures Contracts | 9 | Dec 2025 | $1425881 | $3160 |
| Euro FX Futures Contracts | 1 | Dec 2025 | 147388 | 4 |
| Canadian Dollar Futures Contracts | 5 | Dec 2025 | 360575 | (87) |
|  |  |  | $1933844 | $3077 |
| **Interest Rate Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| U.S. Treasury 2 Year Note Futures Contracts | 3 | Dec 2025 | $625125 | $1177 |
| Long Gilt Futures Contracts<sup>††</sup> | 17 | Dec 2025 | 2075357 | 799 |
| Euro - BTP Italian Government Bond Futures Contracts<sup>††</sup> | 5 | Dec 2025 | 703088 | 495 |
| Canadian Government 10 Year Bond Futures Contracts<sup>††</sup> | 4 | Dec 2025 | 351792 | 225 |
| U.S. Treasury Long Bond Futures Contracts | 1 | Dec 2025 | 116625 | (58) |
|  |  |  | $3871987 | $2638 |
| **Commodity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| Gasoline RBOB Futures Contracts | 6 | Dec 2025 | $467258 | $4861 |
| Natural Gas Futures Contracts | 8 | Nov 2025 | 312640 | 4459 |
| Soybean Oil Futures Contracts | 1 | Dec 2025 | 29664 | 2385 |
| Cotton #2 Futures Contracts | 7 | May 2026 | 241010 | 2183 |
| Hard Red Winter Wheat Futures Contracts | 2 | Dec 2025 | 49675 | 1344 |
| Coffee 'C' Futures Contracts | 1 | Dec 2025 | 140325 | 540 |
| Corn Futures Contracts | 4 | Dec 2025 | 83200 | (1300) |
| Low Sulphur Gas Oil Futures Contracts | 5 | Nov 2025 | 343875 | (2134) |
| Sugar #11 Futures Contracts | 35 | Feb 2026 | 650720 | (11642) |
|  |  |  | $2318367 | $696 |
| **Equity Futures Contracts Sold Short<sup>†</sup>** |  |  |  |  |
| CBOE Volatility Index Futures Contracts | 19 | Nov 2025 | $364800 | $1039 |
| CBOE Volatility Index Futures Contracts | 9 | Feb 2026 | 190468 | (654) |
|  |  |  | $555268 | $385 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

**Custom Basket Swap Agreements**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Obligation** | **Type** | **Financing Rate** | **Payment Frequency** | **Maturity Date** | **Notional Amount** | **Value and Unrealized Appreciation** |
| **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** | **OTC Custom Basket Swap Agreements<sup>††</sup>** |  |  |  |  |
| Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Pay | 4.49% (Federal Funds Rate + 0.40%) | At Maturity | 08/31/28 | $3950322 | $227809 |
| **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** | **OTC Custom Basket Swap Agreements Sold Short<sup>††</sup>** |  |  |  |  |
| Morgan Stanley Capital Services LLC | MS Long/Short Equity Custom Basket | Receive | 3.64% (Federal Funds Rate - 0.45%) | At Maturity | 08/31/28 | $2681163 | $67127 |

---

**MS LONG/SHORT EQUITY LONG CUSTOM BASKET**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| **Consumer, Non-cyclical** |  |  |  |
| Perdoceo Education Corp. | 980 | 0.92% | $9426 |
| Incyte Corp. | 484 | 1.04% | 4366 |
| Alkermes plc | 1431 | 1.09% | 4171 |
| United Therapeutics Corp. | 36 | 0.38% | 3711 |
| Royalty Pharma plc — Class A | 1132 | 1.01% | 3662 |
| United Rentals, Inc. | 22 | 0.53% | 3416 |
| ADT, Inc. | 4700 | 1.04% | 2719 |
| Utah Medical Products, Inc. | 589 | 0.94% | 2268 |
| Innoviva, Inc. | 1965 | 0.91% | 2067 |
| PTC Therapeutics, Inc. | 313 | 0.49% | 2054 |
| Catalyst Pharmaceuticals, Inc. | 1894 | 0.94% | 1991 |
| Jazz Pharmaceuticals plc | 73 | 0.24% | 1820 |
| Cal-Maine Foods, Inc. | 358 | 0.85% | 1791 |
| Exelixis, Inc. | 364 | 0.38% | 1456 |
| Graham Holdings Co. — Class B | 22 | 0.66% | 1104 |
| Theravance Biopharma, Inc. | 1858 | 0.69% | 1053 |
| SIGA Technologies, Inc. | 1587 | 0.37% | 1008 |
| Strata Critical Medical, Inc. | 288 | 0.04% | 707 |
| Merck & Company, Inc. | 494 | 1.05% | 382 |
| Collegium Pharmaceutical, Inc. | 298 | 0.26% | 358 |
| H&R Block, Inc. | 238 | 0.30% | (164) |
| Regeneron Pharmaceuticals, Inc. | 65 | 0.93% | (227) |
| Gilead Sciences, Inc. | 131 | 0.37% | (229) |
| Seneca Foods Corp. — Class A | 78 | 0.21% | (343) |
| Bristol-Myers Squibb Co. | 827 | 0.94% | (347) |
| Biogen, Inc. | 299 | 1.06% | (362) |
| Ingredion, Inc. | 242 | 0.75% | (1242) |
| USANA Health Sciences, Inc. | 517 | 0.36% | (1502) |
| Pilgrim's Pride Corp. | 320 | 0.33% | (1612) |
| Molson Coors Beverage Co. — Class B | 222 | 0.25% | (1712) |
| Alarm.com Holdings, Inc. | 720 | 0.97% | (2460) |
| Harmony Biosciences Holdings, Inc. | 757 | 0.53% | (5543) |
| **Total Consumer, Non-cyclical** |  |  | 33787 |
| **Communications** |  |  |  |
| AT&T, Inc. | 1399 | 1.00% | 7010 |
| Fox Corp. — Class A | 685 | 1.09% | 5751 |
| Millicom International Cellular S.A. | 865 | 1.06% | 4966 |
| Verizon Communications, Inc. | 936 | 1.04% | 4682 |
| Lumen Technologies, Inc. | 3806 | 0.59% | 4254 |
| InterDigital, Inc. | 57 | 0.50% | 3268 |
| Etsy, Inc. | 219 | 0.37% | 3108 |
| A10 Networks, Inc. | 1173 | 0.54% | 1921 |
| Ziff Davis, Inc. | 378 | 0.36% | 966 |
| Harmonic, Inc. | 1607 | 0.41% | 772 |
| Spok Holdings, Inc. | 735 | 0.32% | 249 |
| Gambling.com Group Ltd. | 1307 | 0.27% | (15) |
| T-Mobile US, Inc. | 81 | 0.49% | (484) |
| Yelp, Inc. — Class A | 1305 | 1.03% | (1957) |
| Comcast Corp. — Class A | 1221 | 0.97% | (3593) |
| IDT Corp. — Class B | 312 | 0.41% | (4063) |
| **Total Communications** |  |  | 26835 |
| **Industrial** |  |  |  |
| Mueller Industries, Inc. | 427 | 1.09% | 13174 |
| Snap-on, Inc. | 127 | 1.11% | 5957 |
| Scorpio Tankers, Inc. | 520 | 0.74% | 2413 |
| Owens Corning | 274 | 0.98% | 877 |
| Lindsay Corp. | 300 | 1.07% | 530 |
| Teekay Tankers Ltd. — Class A | 482 | 0.62% | 396 |
| Gibraltar Industries, Inc. | 377 | 0.60% | 332 |
| International Seaways, Inc. | 181 | 0.21% | 15 |
| DHT Holdings, Inc. | 715 | 0.22% | (237) |
| Karat Packaging, Inc. | 615 | 0.39% | (253) |
| Uniti Group, Inc. | 2814 | 0.44% | (374) |
| Fortive Corp. | 875 | 1.09% | (486) |
| AZZ, Inc. | 357 | 0.99% | (1439) |
| Middleby Corp. | 133 | 0.45% | (1464) |
| Gencor Industries, Inc. | 1180 | 0.44% | (1755) |
| CNH Industrial N.V. | 3686 | 1.01% | (1844) |
| Alamo Group, Inc. | 198 | 0.96% | (3855) |
| **Total Industrial** |  |  | 11987 |
| **Consumer, Cyclical** |  |  |  |
| BorgWarner, Inc. | 950 | 1.06% | 5088 |
| Allison Transmission Holdings, Inc. | 467 | 1.00% | 5070 |
| Visteon Corp. | 334 | 1.01% | 4160 |
| Aptiv plc | 192 | 0.42% | 2750 |
| Gentex Corp. | 553 | 0.40% | 1598 |
| General Motors Co. | 239 | 0.37% | 1275 |
| Garrett Motion, Inc. | 1696 | 0.58% | 754 |
| PACCAR, Inc. | 423 | 1.05% | 580 |
| Ford Motor Co. | 1343 | 0.41% | 364 |
| Strattec Security Corp. | 155 | 0.27% | 154 |
| Inspired Entertainment, Inc. | 1002 | 0.24% | 95 |
| Boyd Gaming Corp. | 192 | 0.42% | (17) |
| Dolby Laboratories, Inc. — Class A | 191 | 0.35% | (73) |
| Buckle, Inc. | 174 | 0.26% | (276) |
| Abercrombie & Fitch Co. — Class A | 170 | 0.37% | (627) |
| Tri Pointe Homes, Inc. | 946 | 0.81% | (845) |
| Harley-Davidson, Inc. | 581 | 0.41% | (1345) |
| Bath & Body Works, Inc. | 481 | 0.31% | (2952) |
| **Total Consumer, Cyclical** |  |  | 15753 |
| **Technology** |  |  |  |
| Cirrus Logic, Inc. | 360 | 1.14% | 9605 |
| Micron Technology, Inc. | 141 | 0.60% | 9122 |
| Axcelis Technologies, Inc. | 145 | 0.36% | 5293 |
| Zoom Communications, Inc. — Class A | 498 | 1.04% | 4426 |
| Adeia, Inc. | 1161 | 0.49% | 4237 |
| Kulicke & Soffa Industries, Inc. | 628 | 0.65% | 4020 |
| Photronics, Inc. | 1473 | 0.86% | 3791 |
| QUALCOMM, Inc. | 259 | 1.09% | 3657 |
| Dropbox, Inc. — Class A | 1418 | 1.08% | 3029 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage<br> Notional<br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| Consensus Cloud Solutions, Inc. | 526 | 0.39% | $2377 |
| OneSpan, Inc. | 1880 | 0.76% | 2328 |
| Daily Journal Corp. | 52 | 0.61% | 1822 |
| Bandwidth, Inc. — Class A | 1876 | 0.79% | 1805 |
| Teradata Corp. | 933 | 0.51% | 1050 |
| Skyworks Solutions, Inc. | 473 | 0.92% | 963 |
| NetScout Systems, Inc. | 1137 | 0.74% | 918 |
| Mitek Systems, Inc. | 1178 | 0.29% | 113 |
| LiveRamp Holdings, Inc. | 492 | 0.34% | (283) |
| **Total Technology** |  |  | 58273 |
| **Basic Materials** |  |  |  |
| Newmont Corp. | 373 | 0.80% | 5955 |
| Caledonia Mining Corporation plc | 426 | 0.39% | 3744 |
| Anglogold Ashanti plc | 236 | 0.42% | 2899 |
| Alcoa Corp. | 722 | 0.60% | 1187 |
| **Total Basic Materials** |  |  | 13785 |
| **Financial** |  |  |  |
| Enova International, Inc. | 337 | 0.98% | 7063 |
| MGIC Investment Corp. | 1460 | 1.05% | 6700 |
| Synchrony Financial | 539 | 0.97% | 5961 |
| Jackson Financial, Inc. — Class A | 421 | 1.08% | 5045 |
| Enact Holdings, Inc. | 1085 | 1.05% | 4778 |
| Essent Group Ltd. | 652 | 1.05% | 4372 |
| Fidelity National Financial, Inc. | 687 | 1.05% | 3441 |
| NMI Holdings, Inc. — Class A | 1029 | 1.00% | 2686 |
| RenaissanceRe Holdings Ltd. | 169 | 1.09% | 2606 |
| Preferred Bank/Los Angeles CA | 184 | 0.42% | 1619 |
| Westamerica BanCorp | 832 | 1.05% | 1565 |
| Hartford Insurance Group, Inc. | 307 | 1.04% | 1158 |
| BancFirst Corp. | 305 | 0.98% | 887 |
| Bank OZK | 498 | 0.64% | 549 |
| Live Oak Bancshares, Inc. | 773 | 0.69% | 381 |
| Vornado Realty Trust | 385 | 0.40% | 254 |
| Arch Capital Group Ltd. | 448 | 1.03% | (85) |
| QCR Holdings, Inc. | 529 | 1.01% | (216) |
| World Acceptance Corp. | 63 | 0.27% | (410) |
| GCM Grosvenor, Inc. — Class A | 1858 | 0.57% | (580) |
| McGrath RentCorp | 331 | 0.98% | (604) |
| Atlantic Union Bankshares Corp. | 1156 | 1.03% | (818) |
| Skyward Specialty Insurance Group, Inc. | 298 | 0.36% | (1057) |
| Northeast Community Bancorp, Inc. | 800 | 0.42% | (1065) |
| Pathward Financial, Inc. | 336 | 0.63% | (1444) |
| Horace Mann Educators Corp. | 837 | 0.96% | (1473) |
| OneMain Holdings, Inc. | 529 | 0.76% | (1554) |
| **Total Financial** |  |  | 39759 |
| **Utilities** |  |  |  |
| National Fuel Gas Co. | 479 | 1.12% | 10390 |
| Evergy, Inc. | 556 | 1.07% | 5105 |
| Duke Energy Corp. | 193 | 0.60% | 3129 |
| Consolidated Water Company Ltd. | 749 | 0.67% | 3113 |
| Brookfield Infrastructure Corp. — Class A | 1048 | 1.09% | 2088 |
| MDU Resources Group, Inc. | 1089 | 0.49% | 1720 |
| Portland General Electric Co. | 680 | 0.76% | 1016 |
| Otter Tail Corp. | 492 | 1.02% | 688 |
| Edison International | 241 | 0.34% | 154 |
| Clearway Energy, Inc. — Class C | 1451 | 1.04% | 118 |
| MGE Energy, Inc. | 204 | 0.43% | (162) |
| **Total Utilities** |  |  | 27359 |
| **Energy** |  |  |  |
| Occidental Petroleum Corp. | 428 | 0.51% | 271 |
| **Total MS Long/Short Equity Long Custom Basket** |  |  | $227809 |

---

**MS LONG/SHORT EQUITY SHORT CUSTOM BASKET**

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage <br> Notional <br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| **Technology** |  |  |  |
| ACV Auctions, Inc. — Class A | 2353 | (0.86)% | 11823 |
| Conduent, Inc. | 13202 | (1.38)% | (665) |
| Maximus, Inc. | 469 | (1.60)% | (1375) |
| **Total Technology** |  |  | 9783 |
| **Consumer, Non-cyclical** |  |  |  |
| Insperity, Inc. | 644 | (1.18)% | 6342 |
| Driven Brands Holdings, Inc. | 2148 | (1.29)% | 4972 |
| OrthoPediatrics Corp. | 1035 | (0.72)% | 2699 |
| Tejon Ranch Co. | 2089 | (1.25)% | 2266 |
| FTI Consulting, Inc. | 206 | (1.24)% | 1369 |
| First Advantage Corp. | 2577 | (1.48)% | 1285 |
| Barrett Business Services, Inc. | 788 | (1.30)% | 895 |
| ABM Industries, Inc. | 561 | (0.96)% | 825 |
| Guardant Health, Inc. | 91 | (0.21)% | (161) |
| Strata Critical Medical, Inc. | 288 | (0.05)% | (239) |
| GXO Logistics, Inc. | 496 | (0.98)% | (790) |
| Alico, Inc. | 831 | (1.07)% | (1371) |
| **Total Consumer, Non-cyclical** |  |  | 18092 |
| **Basic Materials** |  |  |  |
| Ashland, Inc. | 701 | (1.25)% | 6021 |
| Sensient Technologies Corp. | 366 | (1.28)% | 5378 |
| Air Products and Chemicals, Inc. | 141 | (1.43)% | 2468 |
| Balchem Corp. | 187 | (1.05)% | 2445 |
| RPM International, Inc. | 245 | (1.08)% | 1755 |
| Sherwin-Williams Co. | 113 | (1.46)% | 1523 |
| Kronos Worldwide, Inc. | 4075 | (0.87)% | 1412 |
| International Paper Co. | 860 | (1.49)% | 1011 |
| Dow, Inc. | 1729 | (1.48)% | 564 |
| Tronox Holdings plc — Class A | 2503 | (0.38)% | 363 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Shares** | **Percentage<br> Notional<br> Amount** | **Value and <br> Unrealized<br> Appreciation <br> (Depreciation)** |
| Ecolab, Inc. | 117 | (1.20)% | $(193) |
| Hawkins, Inc. | 107 | (0.73)% | (2064) |
| **Total Basic Materials** |  |  | 20683 |
| **Financial** |  |  |  |
| Marcus & Millichap, Inc. | 1102 | (1.21)% | 7501 |
| Kennedy-Wilson Holdings, Inc. | 4125 | (1.28)% | 6444 |
| Weyerhaeuser Co. | 1626 | (1.50)% | 5852 |
| SLM Corp. | 927 | (0.96)% | 4272 |
| FTAI Infrastructure, Inc. | 5208 | (0.85)% | 3709 |
| Cannae Holdings, Inc. | 1697 | (1.16)% | 3387 |
| Redwood Trust, Inc. | 5058 | (1.09)% | 3029 |
| Columbia Financial, Inc. | 2723 | (1.52)% | 2770 |
| PennyMac Mortgage Investment Trust | 3311 | (1.51)% | 2230 |
| Veris Residential, Inc. | 2273 | (1.29)% | 2089 |
| Heritage Commerce Corp. | 4027 | (1.49)% | 1930 |
| Western Alliance Bancorporation | 421 | (1.36)% | 1716 |
| Apartment Investment and Management Co. — Class A | 4638 | (1.37)% | 1628 |
| PotlatchDeltic Corp. | 992 | (1.51)% | 1552 |
| Horizon Bancorp, Inc. | 1883 | (1.12)% | 1472 |
| Ellington Financial, Inc. | 3018 | (1.46)% | 1111 |
| Primis Financial Corp. | 1442 | (0.57)% | 1052 |
| CoStar Group, Inc. | 215 | (0.68)% | 988 |
| NewtekOne, Inc. | 2505 | (1.07)% | 969 |
| AMERISAFE, Inc. | 424 | (0.69)% | 443 |
| Sun Communities, Inc. | 268 | (1.29)% | 399 |
| Merchants Bancorp | 839 | (1.00)% | 390 |
| Jefferies Financial Group, Inc. | 341 | (0.83)% | (127) |
| SoFi Technologies, Inc. | 325 | (0.32)% | (336) |
| Iron Mountain, Inc. | 456 | (1.73)% | (428) |
| Equinix, Inc. | 30 | (0.88)% | (478) |
| Fidelis Insurance Holdings Ltd. | 1222 | (0.83)% | (737) |
| PennyMac Financial Services, Inc. | 171 | (0.79)% | (1485) |
| CBRE Group, Inc. — Class A | 257 | (1.51)% | (1557) |
| Walker & Dunlop, Inc. | 346 | (1.08)% | (2014) |
| Welltower, Inc. | 198 | (1.32)% | (2094) |
| State Street Corp. | 253 | (1.09)% | (2255) |
| Radian Group, Inc. | 978 | (1.32)% | (2310) |
| American Healthcare REIT, Inc. | 844 | (1.32)% | (2610) |
| Newmark Group, Inc. — Class A | 2022 | (1.41)% | (4187) |
| Brighthouse Financial, Inc. | 485 | (0.96)% | (4302) |
| **Total Financial** |  |  | 30013 |
| **Energy** |  |  |  |
| Core Laboratories, Inc. | 3090 | (1.42)% | 7823 |
| Seadrill Ltd. | 1262 | (1.42)% | 2096 |
| Kodiak Gas Services, Inc. | 471 | (0.65)% | (259) |
| Oceaneering International, Inc. | 1673 | (1.55)% | (409) |
| Bristow Group, Inc. | 788 | (1.06)% | (480) |
| Archrock, Inc. | 841 | (0.83)% | (751) |
| BKV Corp. | 1016 | (0.88)% | (948) |
| Baker Hughes Co. | 640 | (1.16)% | (1537) |
| Delek US Holdings, Inc. | 257 | (0.31)% | (2136) |
| **Total Energy** |  |  | 3399 |
| **Industrial** |  |  |  |
| Landstar System, Inc. | 312 | (1.43)% | 3606 |
| Knife River Corp. | 403 | (1.16)% | 3252 |
| RXO, Inc. | 2543 | (1.46)% | 2949 |
| Werner Enterprises, Inc. | 1024 | (1.01)% | 2182 |
| Ball Corp. | 825 | (1.55)% | 1686 |
| Silgan Holdings, Inc. | 892 | (1.43)% | 1602 |
| Radiant Logistics, Inc. | 2671 | (0.59)% | 1484 |
| Old Dominion Freight Line, Inc. | 86 | (0.45)% | 662 |
| LSB Industries, Inc. | 1365 | (0.40)% | 419 |
| XPO, Inc. | 210 | (1.01)% | 262 |
| Ranpak Holdings Corp. | 1999 | (0.42)% | (1442) |
| CH Robinson Worldwide, Inc. | 244 | (1.20)% | (1619) |
| Jacobs Solutions, Inc. | 289 | (1.62)% | (3610) |
| Enviri Corp. | 2105 | (1.00)% | (4083) |
| TriMas Corp. | 720 | (1.04)% | (4450) |
| Costamare Bulkers Holdings Ltd. | 2094 | (1.12)% | (8362) |
| **Total Industrial** |  |  | (5462) |
| **Consumer, Cyclical** |  |  |  |
| Shake Shack, Inc. — Class A | 81 | (0.28)% | 671 |
| Southwest Airlines Co. | 695 | (0.83)% | 7 |
| JetBlue Airways Corp. | 1798 | (0.33)% | (419) |
| Tesla, Inc. | 25 | (0.41)% | (2671) |
| Lucid Group, Inc. | 399 | (0.35)% | (3115) |
| VSE Corp. | 160 | (0.99)% | (3854) |
| **Total Consumer, Cyclical** |  |  | (9381) |
| **Total MS Long/Short Equity Short Custom Basket** |  |  | $67127 |

---

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

---

| | |
|:---|:---|
| *\** | *Non-income producing security.* |
| *\*\** | *Includes cumulative appreciation (depreciation).* |
| *\*\*\** | *A copy of each underlying unaffiliated fund's financial statements is available at the SEC's website at www.sec.gov.* |
| *†* | *Value determined based on Level 1 inputs, unless otherwise noted — See Note 3.* |
| *††* | *Value determined based on Level 2 inputs — See Note 3.* |
| *†††* | *Value determined based on Level 3 inputs — See Note 3.* |
| *1* | *Affiliated issuer.* |
| *2* | *Rate indicated is the 7-day yield as of September 30, 2025.* |
| *3* | *All or a portion of this security is pledged as futures, equity custom basket swap and short security collateral at September 30, 2025.* |
| *4* | *Rate indicated is the effective yield at the time of purchase.* |
| *5* | *Repurchase Agreements — See Note 4.* |

---

*ADR — American Depositary Receipt*

*MS — Morgan Stanley Capital Services LLC*

*plc — Public Limited Company*

*REIT — Real Estate Investment Trust*

 

*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 3 in the Notes to Consolidated Schedule of Investments):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Assets)** | **Level 1 Quoted<br> Prices** | **Level 2 <br> Significant <br> Observable <br> Inputs** | **Level 3 <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks | $3891692 | $— | $— | $3891692 |
| Rights | — \* | — \* | — \* |  |
| Mutual Funds | 3418427 |  |  | 3418427 |
| Closed-End Mutual Funds | 840629 |  |  | 840629 |
| Money Market Fund | 398197 |  |  | 398197 |
| U.S. Treasury Bills |  | 825794 |  | 825794 |
| Repurchase Agreements |  | 4165283 |  | 4165283 |
| Commodity Futures Contracts\*\* | 25919 |  |  | 25919 |
| Interest Rate Futures Contracts\*\* | 22401 | 1519 |  | 23920 |
| Currency Futures Contracts\*\* | 5399 |  |  | 5399 |
| Equity Futures Contracts\*\* | 1500 |  |  | 1500 |
| Equity Custom Basket Swap Agreements\*\* |  | 294936 |  | 294936 |
| Total Assets | $8604164 | $5287532 | $— | $13891696 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities (Liabilities)** | **Level 1 Quoted <br> Prices** | **Level 2<br> Significant <br> Observable <br> Inputs** | **Level 3<br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Common Stocks Sold Short | $858522 | $— | $— | $858522 |
| Master Limited Partnership Sold Short | 7230 |  |  | 7230 |
| Exchange-Traded Funds Sold Short | 889960 |  |  | 889960 |
| Commodity Futures Contracts\*\* | 21415 |  |  | 21415 |
| Currency Futures Contracts\*\* | 7609 |  |  | 7609 |
| Equity Futures Contracts\*\* | 5175 |  |  | 5175 |
| Interest Rate Futures Contracts\*\* | 1573 |  |  | 1573 |
| Total Liabilities | $1791484 | $— | $— | $1791484 |

---

*\** *Includes securities with a market value of $0.*

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

---

| | |
|:---|:---|
| **Multi-Hedge Strategies Fund** |  |
| **CONSOLIDATED SCHEDULE OF INVESTMENTS**  ***(Unaudited)*** | **September 30, 2025** |

---

**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> 12/31/24** | **Additions** | **Reductions** | **Realized Gain (Loss)** | **Change in <br> Unrealized <br> Appreciation <br> (Depreciation)** | **Value <br> 09/30/25** | **Shares <br> 09/30/25** | **Investment Income** |
| **Mutual Funds** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund II | $4493228 | $– | $(3375000) | $1551 | $3204 | $1122983 | 45136 | $76801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Strategy Fund III | 1669953 |  | (1025000) | (2513) | 3743 | 646183 | 25899 | 43507 |
| &nbsp;&nbsp;&nbsp;&nbsp;Guggenheim Ultra Short Duration Fund — Institutional Class | 3725902 | – | (2090000) | 22051 | (8692) | 1649261 | 163780 | 73314 |
|  | $9889083 | $– | $(6490000) | $21089 | $(1745) | $3418427 |  | $193622 |

---

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS** **(Unaudited)**

**Note 1 – Organization, Consolidation of Subsidiaries 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.

This report covers the following Funds:

---

| | |
|:---|:---|
| **Fund Name** | **Diversification Status** |
| Commodities Strategy Fund | Non-diversified |
| Managed Futures Strategy Fund | Diversified |
| Multi-Hedge Strategies Fund | Diversified |

---

For information on the Funds' policy regarding valuation of investments and other significant accounting policies, please refer to the Funds' most recent semi-annual or annual shareholder report.

**Consolidation of Subsidiaries**

The consolidated schedules of investments of each Fund include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (each, a "Subsidiary" and collectively, the "Subsidiaries"). Significant inter-company accounts and transactions have been eliminated in consolidation for the Funds.

Each Fund may invest up to 25% of its total assets in its respective Subsidiary, which is intended to provide the Fund with exposure to certain investments consistent with the Fund's investment objective and policies while enabling the Fund to satisfy source-of-income requirements that apply to regulated investment companies under the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code").

**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 consolidated 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.

**(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 Security Investors, LLC (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. 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.

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS** **(Unaudited)**

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 net asset value as of the close of business, on the valuation date. Exchange-traded funds and closed-end investment companies are generally valued at the last quoted sale price.

U.S. Government securities are valued by independent third-party pricing services, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

Repurchase agreements are generally valued at amortized cost, provided such amounts approximate market value.

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from independent third-party pricing services, which may consider the trade activity, treasury spreads, yields or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted by dealers who make markets in such securities. Commercial paper and discount notes with a maturity of 60 days or less at acquisition are valued at amortized cost, unless the Adviser concludes that amortized cost does not represent the fair value of the applicable asset in which case it will be valued using an independent third-party pricing service.

Futures contracts are valued on the basis of the last sale price as of 4:00 p.m. on the valuation date. In the event that the exchange for a specific futures contract closes earlier than 4:00 p.m., the futures contract is valued at the official settlement price of the exchange. However, the underlying securities from which the futures contract value is derived are monitored until 4:00 p.m. to determine if fair valuation of the underlying securities would provide a more accurate valuation of the futures contract.

Swap agreements entered into by a Fund are generally valued using an evaluated price provided by an independent third-party pricing service.

In general, portfolio securities and assets of a Fund will be valued on the basis of readily available market quotations at their current market value. With respect to portfolio securities and assets of a Fund for which market quotations are not readily available, or deemed unreliable by the Adviser, the Fund will fair value those securities and assets in good faith in accordance with the Valuation Procedures. Valuations in accordance with these methods are intended to reflect each security's (or asset's or liability's) "fair value." Fair value represents a good faith approximation of the value of a security. Fair value determinations may be based on limited inputs and involve the consideration of a number of subjective factors, an analysis of applicable facts and circumstances, and the exercise of judgment. Each such determination is based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to market prices; sale prices; broker quotes; and models which derive prices based on inputs such as prices of securities with comparable maturities and characteristics, or based on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. As a result, it is possible that the fair value for a security determined in good faith in accordance with the Valuation Procedures may differ from valuations for the same security determined by other funds using their own valuation procedures. Although the Valuation Procedures are designed to value a portfolio security or asset at the price a Fund may reasonably expect to receive upon its sale in an orderly transaction, there can be no assurance that any fair value determination thereunder would, in fact, approximate the amount that a Fund could reasonably expect to receive upon the sale of the portfolio security or asset.

**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. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Consolidated Schedule of Investments.

**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.

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS** **(Unaudited)**

**Derivatives**

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used to seek to mitigate certain investment risks, such as foreign currency exchange rate risk, interest rate risk and credit risk. U.S. GAAP requires disclosures to enable investors to better understand how and why a Fund uses derivative instruments, how these derivative instruments are accounted for and their effects on the Fund's financial position and results of operations.

The Funds may utilize derivatives for the following purposes:

**Duration:** the use of an instrument to manage the interest rate risk of a portfolio.

**Hedge:** an investment made in order to reduce the risk of adverse price movements in a security, by taking an offsetting position to protect against broad market moves.

**Index Exposure:** the use of an instrument to obtain exposure to a listed or other type of index.

**Leverage:** gaining total exposure to equities or other assets on the long and short sides at greater than 100% of invested capital.

**Liquidity:** the ability to buy or sell exposure with little price/market impact.

**Speculation:** the use of an instrument to express macro-economic and other investment views.

If a Fund's investment strategy consistently involves applying leverage, the value of the Fund's shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. A Fund's use of leverage, through borrowings or instruments such as derivatives, may cause 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. Securities held as collateral are noted on the Consolidated Schedules of Investments.

**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 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.

Custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as a custom basket of securities) for a fixed or variable interest rate. Custom basket swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the New York Stock Exchange 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 custom basket swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS** **(Unaudited)**

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.

**Note 3 – 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 4 – Repurchase Agreements**

The Funds transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by obligations of the U.S. Treasury and U.S. government agencies. The joint account includes other funds in the Guggenheim complex not covered in this report. The collateral is in the possession of the Funds' custodian and is evaluated to ensure that its market value exceeds, at a minimum, 102% of the original face amount of the repurchase agreements. Each Fund holds a pro rata share of the collateral based on the dollar amount of the repurchase agreement entered into by each Fund.

At September 30, 2025, the repurchase agreements in the joint account were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty and Terms of Agreement** | **Face Value** | **Repurchase Price** | **Collateral** | **Par Value** | **Fair Value** |
| J.P. Morgan Securities LLC |  |  | U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;4.20% |  |  | &nbsp;&nbsp;&nbsp;1.88% - 4.63% |  |  |
| &nbsp;&nbsp;&nbsp;Due 10/01/25 | $151063649 | $151081273 | &nbsp;&nbsp;&nbsp;Due 02/28/27 - 05/15/35 | $151842800 | $154085015 |
| BofA Securities, Inc. |  |  | U.S. Treasury Strips |  |  |
| &nbsp;&nbsp;&nbsp;4.19% |  |  | &nbsp;&nbsp;&nbsp;0.00% |  |  |
| &nbsp;&nbsp;&nbsp;Due 10/01/25 | 108700171 | 108712823 | &nbsp;&nbsp;&nbsp;Due 05/15/32 - 05/15/41 | 97714689 | 46519447 |
|  |  |  | U.S. Treasury Notes |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;3.88% - 4.88% |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Due 05/31/26 - 09/30/32 | 64544400 | 64352714 |
|  |  |  | U.S. Treasury Floating Rate Note |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;4.08% |  |  |
|  |  |  | &nbsp;&nbsp;&nbsp;Due 07/31/26 | 2000 | 2014 |
|  |  |  |  | 162261089 | 110874175 |

---

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.

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS** **(Unaudited)**

**Note 5 – Portfolio Securities Loaned**

The Funds may lend their securities to approved brokers to earn additional income. Securities lending income is 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, the Bank of New York Mellon Corp. ("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 its 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. 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 those banks and dealers to evaluate potential risks.

**Note 6 – Federal Income Tax Information**

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code, applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds' tax returns are evaluated to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds' tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds' consolidated 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.

Each Fund intends to invest up to 25% of its assets in its respective Subsidiary, which is expected to provide the Funds with exposure to the commodities markets within the limitations of the U.S. federal income tax requirements under Subchapter M of the Internal Revenue Code. Each Fund has received a private letter ruling from the IRS that concludes that the income each Fund receives from its Subsidiary will constitute qualifying income for purposes of Subchapter M of the Internal Revenue Code. Each Subsidiary is classified as a corporation for U.S. federal income tax purposes. Foreign corporations, such as the Subsidiaries, will generally not be subject to U.S. federal income taxation unless they are deemed to be engaged in a U.S. trade or business. If, during a taxable year, a Subsidiary's taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the respective Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

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 Cost** | **Tax Unrealized<br> Appreciation** | **Tax Unrealized<br> Depreciation** | **Net Tax Unrealized<br> Appreciation<br> (Depreciation)** |
| Commodities Strategy Fund | $9827897 | $- | $(566054) | $(566054) |
| Managed Futures Strategy Fund | 22791159 | 1086801 | (332004) | 754797 |
| Multi-Hedge Strategies Fund | 11654154 | 681602 | (235544) | 446058 |

---

**NOTES TO CONSOLIDATED SCHEDULE OF INVESTMENTS** **(Unaudited)**

**Note 7 – 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.

**OTHER INFORMATION *(Unaudited)***

**Sector Classification**

Information in the Consolidated 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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Rydex Series Funds

- **b. Investment Company Act file number:** 811-07584

- **c. CIK number of Registrant:** 0000899148

- **d. LEI of Registrant:** 5493004D62WV1EDNTU07

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 702 King Farm Blvd., Suite 200

  - **City:** Rockville

  - **State:** MD

  - **Foreign country:** US

  - **Zip / Postal Code:** 20850

  - **Telephone number:** 301-296-5100

**Item A.2. Information about the Series.**

- **a. Name of Series:** Commodities Strategy Fund

- **b. EDGAR series identifier (if any):** S000003774

- **c. LEI of Series:** 549300Y83L5ISW76HS10

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $9156537.64

**Total Liabilities:** $11540.24

**Net Assets:** $9144997.40

**Amount of Assets Invested in Other Investment Companies:** $1111930.75

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000010463 | 3.35%                | -0.24%               | 0.80%                |
| Class ID C000010464 | 3.36%                | -0.24%               | 0.81%                |
| Class ID C000010465 | 3.29%                | -0.30%               | 0.73%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-1456.27                                  |
| Month 2  | $0.00                    | $1969.63                                   |
| Month 3  | $0.00                    | $1114.22                                   |

**Designated Index Information**

- **Index Name:** S&P GSCI Commodity Index

- **Index Identifier:** SPGSCIINX

### Schedule of Portfolio Investments

| Name                                          | Title                                                                    | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Chicago Mercantile Exchange                   | S&P Goldman Sachs Commodity Index Futures Contracts                      | CUSIP: N/A<br>LEI: N/A                        | N/A              | DCO              |  | US        |        66 | NC      | $43295.40     | 0.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Dreyfus Treasury Obligations C                | Dreyfus Treasury Obligations Cash Management Fund - Institutional Shares | CUSIP: N/A<br>LEI: 549300MKKM9KT7BF6329       | Long             | STIV             | RF                | US        |    465954 | NS      | $465954.38    | 5.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Strategy Fund II                                              | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | RF                | US        |     32137 | NS      | $799577.14    | 8.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Guggenheim Partners Investment Management LLC | Guggenheim Ultra Short Duration Fund - Institutional Class               | CUSIP: 40169J523<br>LEI: N/A                  | Long             | EC               | RF                | US        |     81258 | NS      | $818268.51    | 8.95%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                    | J.P. Morgan Securities LLC                                               | CUSIP: N/A<br>LEI: ZBUT11V806EZRVTWT807       | Long             | RA               | CORP              | US        |   4033019 | PA      | $4033019.21   | 44.10%            |  |  |  | No            |                  2 | On Loan: No      |
| TREASURY BILL                                 | U.S. Treasury Bills                                                      | CUSIP: 912797RC3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    200000 | PA      | $199708.26    | 2.18%             | 2025-10-14      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| BOFA SECURITIES, INC.                         | BofA Securities, Inc.                                                    | CUSIP: N/A<br>LEI: 549300HN4UKV1E2R3U73       | Long             | RA               | CORP              | US        |   2902021 | PA      | $2902020.98   | 31.73%            |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** Rydex Series Funds

**Signature:** James Howley

**Name of Signer:** James Howley

**Title:** CFO