UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811- 08821

Rydex Variable Trust

(Exact name of registrant as specified in charter)

702 King Farm Boulevard, Suite 200
Rockville, Maryland 20850

(Address of principal executive offices) (Zip code)

Amy J. Lee

Rydex Variable Trust
702 King Farm Boulevard, Suite 200
Rockville, Maryland 20850

(Name and address of agent for service)

Registrant’s telephone number, including area code: (301) 296-5100

Date of fiscal year end: December 31

Date of reporting period: January 1, 2025 - June 30, 2025

Item 1.

Reports to Stockholders.

(a)

The registrant’s semi-annual report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Investment Company Act”), is as follows:

MUFG Logo

Banking Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$93	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 7.30%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 9.23% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Banking Fund	7.30%	28.79%	15.04%	6.44%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Financials Index	9.23%	29.45%	19.99%	12.46%

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

Fund Statistics as of 6.30.25

Net Assets	$6,452,224
Total Number of Portfolio Holdings	82
Portfolio Turnover Rate	36%

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

Guggenheim Investments

Banking Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Banks	91.9%
Diversified Financial Services	4.0%
Savings & Loans	3.6%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to GuggenheimInvestments.com/variable-insurance-funds or, call 800 820 0888.

SAR-C000010427-063025

Guggenheim Investments

MUFG Logo

Basic Materials

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$94	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 10.01%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 6.03% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Basic Materials Fund	10.01%	7.25%	11.38%	7.64%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Materials Index	6.03%	1.86%	11.56%	8.45%

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

Fund Statistics as of 6.30.25

Net Assets	$5,513,640
Total Number of Portfolio Holdings	99
Portfolio Turnover Rate	40%

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

Guggenheim Investments

Basic Materials | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Chemicals	32.4%
Mining	30.9%
Packaging & Containers	10.2%
Iron & Steel	10.1%
Building Materials	9.2%
Biotechnology	2.2%
Forest Products & Paper	1.5%
Other	3.5%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010428-063025

Guggenheim Investments

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Biotechnology Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$88	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -1.71%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned -1.11% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Biotechnology Fund	-1.71%	-5.52%	-0.01%	1.28%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Health Care Index	-1.11%	-5.90%	7.93%	8.03%

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

Fund Statistics as of 6.30.25

Net Assets	$8,996,675
Total Number of Portfolio Holdings	79
Portfolio Turnover Rate	528%

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

Guggenheim Investments

Biotechnology Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010380-063025

Guggenheim Investments

MUFG Logo

Consumer Products Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$90	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 2.72%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 6.40% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Consumer Products Fund	2.72%	4.62%	5.72%	4.91%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Consumer Staples Index	6.40%	12.16%	11.20%	9.19%

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

Fund Statistics as of 6.30.25

Net Assets	$5,687,063
Total Number of Portfolio Holdings	69
Portfolio Turnover Rate	24%

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

Guggenheim Investments

Consumer Products Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Food	32.5%
Beverages	25.5%
Cosmetics & Personal Care	16.6%
Agriculture	14.5%
Household Products & Housewares	6.3%
Retail	2.0%
Internet	1.0%
Pharmaceuticals	0.9%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010381-063025

Guggenheim Investments

MUFG Logo

Electronics Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$93	1.79%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 9.74%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 8.05% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Electronics Fund	9.74%	-0.82%	21.40%	20.22%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Information Technology Index	8.05%	15.10%	23.02%	23.21%

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

Fund Statistics as of 6.30.25

Net Assets	$12,776,636
Total Number of Portfolio Holdings	65
Portfolio Turnover Rate	17%

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

Guggenheim Investments

Electronics Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Semiconductors	91.9%
Energy-Alternate Sources	3.5%
Telecommunications	1.1%
Electronics	1.1%
Electrical Components & Equipment	0.7%
Computers	0.5%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010382-063025

Guggenheim Investments

MUFG Logo

Energy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$89	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -1.60%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 0.77% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Energy Fund	-1.60%	-7.56%	19.47%	0.34%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Energy Index	0.77%	-3.96%	22.54%	5.49%

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

Fund Statistics as of 6.30.25

Net Assets	$10,239,991
Total Number of Portfolio Holdings	88
Portfolio Turnover Rate	415%

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

Guggenheim Investments

Energy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Oil & Gas	62.1%
Pipelines	18.3%
Oil & Gas Services	8.6%
Energy-Alternate Sources	3.8%
Mining	2.4%
Transportation	1.2%
Coal	1.0%
Other	2.1%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010383-063025

Guggenheim Investments

MUFG Logo

Energy Services Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$81	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -18.50%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 0.77% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Energy Services Fund	-18.50%	-28.25%	11.49%	-10.71%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Energy Index	0.77%	-3.96%	22.54%	5.49%

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

Fund Statistics as of 6.30.25

Net Assets	$2,989,824
Total Number of Portfolio Holdings	35
Portfolio Turnover Rate	1,273%1273%

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

Guggenheim Investments

Energy Services Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010384-063025

Guggenheim Investments

MUFG Logo

Financial Services Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$93	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 7.72%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 9.23% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Financial Services Fund	7.72%	25.35%	15.38%	9.23%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Financials Index	9.23%	29.45%	19.99%	12.46%

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

Fund Statistics as of 6.30.25

Net Assets	$11,339,481
Total Number of Portfolio Holdings	160
Portfolio Turnover Rate	50%

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

Guggenheim Investments

Financial Services Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Banks	26.2%
Diversified Financial Services	24.1%
REITs	17.7%
Insurance	17.6%
Commercial Services	6.6%
Private Equity	3.3%
Software	2.6%
Other	1.4%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010385-063025

Guggenheim Investments

MUFG Logo

Health Care Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$89	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -0.11%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Health Care Index, which returned -1.11% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Health Care Fund	-0.11%	-3.93%	5.03%	5.06%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Health Care Index	-1.11%	-5.90%	7.93%	8.03%

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

Fund Statistics as of 6.30.25

Net Assets	$9,027,393
Total Number of Portfolio Holdings	128
Portfolio Turnover Rate	43%

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

Guggenheim Investments

Health Care Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Pharmaceuticals	31.4%
Healthcare-Products	29.2%
Biotechnology	21.0%
Healthcare-Services	15.6%
Software	1.7%
Internet	0.5%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010386-063025

Guggenheim Investments

MUFG Logo

Internet Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$94	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 11.54%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 8.05% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Internet Fund	11.54%	29.18%	6.75%	11.59%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Information Technology Index	8.05%	15.10%	23.02%	23.21%

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

Fund Statistics as of 6.30.25

Net Assets	$5,640,733
Total Number of Portfolio Holdings	85
Portfolio Turnover Rate	50%

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

Guggenheim Investments

Internet Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Internet	55.5%
Software	25.7%
Telecommunications	11.4%
Commercial Services	2.2%
Computers	1.4%
Real Estate	1.2%
Entertainment	1.0%
Other	1.1%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010387-063025

Guggenheim Investments

MUFG Logo

Leisure Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$94	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 11.07%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned -3.87% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Leisure Fund	11.07%	26.27%	10.00%	7.10%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Consumer Discretionary Index	-3.87%	18.40%	11.65%	12.43%

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

Fund Statistics as of 6.30.25

Net Assets	$6,517,889
Total Number of Portfolio Holdings	97
Portfolio Turnover Rate	154%

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

Guggenheim Investments

Leisure Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Retail	19.5%
Internet	18.6%
Media	14.3%
Entertainment	10.6%
Lodging	8.2%
Leisure Time	8.0%
Agriculture	7.2%
Other	13.2%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010388-063025

Guggenheim Investments

MUFG Logo

Precious Metals Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$105	1.70%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 48.39%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 6.03% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Precious Metals Fund	48.39%	46.75%	8.40%	11.87%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Materials Index	6.03%	1.86%	11.56%	8.45%

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

Fund Statistics as of 6.30.25

Net Assets	$25,956,305
Total Number of Portfolio Holdings	37
Portfolio Turnover Rate	117%

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

Guggenheim Investments

Precious Metals Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010412-063025

Guggenheim Investments

MUFG Logo

Real Estate Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$89	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -0.45%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the MSCI U.S. REIT Index, which returned -0.09% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Real Estate Fund	-0.45%	8.00%	5.38%	4.00%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
MSCI U.S. REIT Index	-0.09%	8.92%	8.63%	6.33%

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

Fund Statistics as of 6.30.25

Net Assets	$3,654,812
Total Number of Portfolio Holdings	95
Portfolio Turnover Rate	144%

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

Guggenheim Investments

Real Estate Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
REITs-Diversified	21.9%
REITs-Health Care	12.2%
REITs-Apartments	11.2%
REITs-Warehouse/Industries	9.3%
REITs-Storage	7.6%
Real Estate Management/Services	7.4%
REITs-Shopping Centers	7.1%
Other	22.5%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010395-063025

Guggenheim Investments

MUFG Logo

Retailing Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$91	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 3.65%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned -3.87% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Retailing Fund	3.65%	12.44%	8.76%	7.87%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Consumer Discretionary Index	-3.87%	18.40%	11.65%	12.43%

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

Fund Statistics as of 6.30.25

Net Assets	$2,242,079
Total Number of Portfolio Holdings	63
Portfolio Turnover Rate	142%

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

Guggenheim Investments

Retailing Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Retail	68.4%
Internet	26.8%
Distribution & Wholesale	2.2%
Software	1.4%
Commercial Services	0.8%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010389-063025

Guggenheim Investments

MUFG Logo

Technology Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$94	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 10.26%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 8.05% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Technology Fund	10.26%	16.76%	15.58%	16.71%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Information Technology Index	8.05%	15.10%	23.02%	23.21%

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

Fund Statistics as of 6.30.25

Net Assets	$29,999,078
Total Number of Portfolio Holdings	138
Portfolio Turnover Rate	140%

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

Guggenheim Investments

Technology Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Software	31.4%
Semiconductors	27.4%
Computers	16.6%
Internet	14.5%
Telecommunications	4.2%
Electronics	3.6%
Investment Companies	0.8%
Other	1.0%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010391-063025

Guggenheim Investments

MUFG Logo

Telecommunications Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$94	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 10.77%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 17.87% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Telecommunications Fund	10.77%	31.02%	4.28%	4.16%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Telecommunication Services Index	17.87%	33.88%	7.58%	6.16%

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

Fund Statistics as of 6.30.25

Net Assets	$5,434,626
Total Number of Portfolio Holdings	46
Portfolio Turnover Rate	489%

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

Guggenheim Investments

Telecommunications Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Telecommunications	73.6%
Media	15.0%
Internet	6.1%
Computers	2.8%
Software	1.3%
Electronics	1.0%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010392-063025

Guggenheim Investments

MUFG Logo

Transportation Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$88	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -3.77%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 12.72% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Transportation Fund	-3.77%	6.29%	8.14%	5.68%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Industrials Index	12.72%	22.89%	18.43%	12.43%

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

Fund Statistics as of 6.30.25

Net Assets	$3,357,350
Total Number of Portfolio Holdings	76
Portfolio Turnover Rate	23%

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

Guggenheim Investments

Transportation Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Transportation	39.3%
Auto Manufacturers	24.0%
Airlines	11.5%
Auto Parts & Equipment	11.3%
Internet	7.8%
Commercial Services	2.0%
Home Builders	1.1%
Other	2.7%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010393-063025

Guggenheim Investments

MUFG Logo

Utilities Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$94	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 10.09%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 9.41% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Utilities Fund	10.09%	23.16%	9.46%	8.31%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Utilities Index	9.41%	23.40%	11.14%	10.66%

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

Fund Statistics as of 6.30.25

Net Assets	$11,199,910
Total Number of Portfolio Holdings	56
Portfolio Turnover Rate	192%

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

Guggenheim Investments

Utilities Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010394-063025

Guggenheim Investments

MUFG Logo

Dow 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$94	1.87%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 3.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 4.55% for the same period.

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

The sectors that contributed the most to the return of the underlying index were financials, industrials, and information technology. Those that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Microsoft Corp., and International Business Machines Corp. Those that detracted the most were UnitedHealth Group., Inc., Salesforce, Inc., and Apple, Inc. The fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the Dow Jones Industrial Average.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Dow 2x Strategy Fund	3.18%	18.43%	19.35%	16.16%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Dow Jones Industrial Average	4.55%	14.72%	13.52%	12.06%

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

Fund Statistics as of 6.30.25

Net Assets	$8,356,478
Total Number of Portfolio Holdings	38
Portfolio Turnover Rate	600%

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

Guggenheim Investments

Dow 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Dow Jones Industrial Average Equity Swap Agreements	111.7%
Equity Futures Contracts	21.2%
Financial	18.1%
Technology	13.3%
Consumer, Non-cyclical	9.8%
Industrial	9.2%
Consumer, Cyclical	7.7%
Other	8.8%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010422-063025

Guggenheim Investments

MUFG Logo

Inverse Dow 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$88	1.84%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -7.98%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 4.55% for the same period.

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

The sectors that contributed the most to the return of the underlying index were financials, industrials, and information technology. Those that detracted the most were health care, consumer discretionary, and energy. The holdings that contributed the most to return of the underlying index were Goldman Sachs Group, Inc., Microsoft Corp., and International Business Machines Corp. Those that detracted the most were UnitedHealth Group, Inc., Salesforce, Inc., and Apple, Inc. The fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the Dow Jones Industrial Average.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Inverse Dow 2x Strategy Fund	-7.98%	-19.73%	-22.11%	-24.32%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Dow Jones Industrial Average	4.55%	14.72%	13.52%	12.06%

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

Fund Statistics as of 6.30.25

Net Assets	$780,387
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

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

Guggenheim Investments

Inverse Dow 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010424-063025

Guggenheim Investments

MUFG Logo

Mid-Cap 1.5x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$87	1.79%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -2.99%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 0.20% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Mid-Cap 1.5x Strategy Fund	-2.99%	4.83%	15.15%	9.09%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P MidCap 400 Index	0.20%	7.53%	13.44%	9.25%

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

Fund Statistics as of 6.30.25

Net Assets	$3,403,459
Total Number of Portfolio Holdings	412
Portfolio Turnover Rate	12%

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

Guggenheim Investments

Mid-Cap 1.5x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
S&P MidCap 400 Index Equity Swap Agreements	79.1%
Financial	17.1%
Industrial	15.9%
Consumer, Non-cyclical	11.3%
Consumer, Cyclical	10.3%
Technology	7.3%
Basic Materials	2.7%
Energy	2.7%
Other	3.6%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010396-063025

Guggenheim Investments

MUFG Logo

Inverse Mid-Cap Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$91	1.84%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 0.17%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 0.20% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Inverse Mid-Cap Strategy Fund	0.17%	-4.09%	-11.69%	-10.07%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P MidCap 400 Index	0.20%	7.53%	13.44%	9.25%

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

Fund Statistics as of 6.30.25

Net Assets	$135,660
Total Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%

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

Guggenheim Investments

Inverse Mid-Cap Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010414-063025

Guggenheim Investments

MUFG Logo

NASDAQ-100^® Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$88	1.72%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 7.51%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 8.35% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
NASDAQ-100^® Fund	7.51%	14.27%	16.42%	16.91%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
NASDAQ-100 Index	8.35%	16.10%	18.36%	18.97%

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

Fund Statistics as of 6.30.25

Net Assets	$129,330,613
Total Number of Portfolio Holdings	113
Portfolio Turnover Rate	73%

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

Guggenheim Investments

NASDAQ-100^® Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Technology	39.4%
Communications	21.1%
NASDAQ-100 Index Equity Mini Futures Contracts	12.7%
NASDAQ-100 Index Equity Swap Agreements	9.2%
Consumer, Non-cyclical	7.3%
Consumer, Cyclical	6.3%
Industrial	1.4%
Other	2.7%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010425-063025

Guggenheim Investments

MUFG Logo

NASDAQ-100^® 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$98	1.90%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 8.50%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 8.35% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
NASDAQ-100^® 2x Strategy Fund	8.50%	17.31%	25.38%	28.35%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
NASDAQ-100 Index	8.35%	16.10%	18.36%	18.97%

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

Fund Statistics as of 6.30.25

Net Assets	$142,037,041
Total Number of Portfolio Holdings	113
Portfolio Turnover Rate	370%

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

Guggenheim Investments

NASDAQ-100^® 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
NASDAQ-100 Index Equity Swap Agreements	77.0%
Technology	42.7%
NASDAQ-100 Index Equity Mini Futures Contracts	38.3%
Communications	22.9%
Consumer, Non-cyclical	7.9%
Consumer, Cyclical	6.8%
Industrial	1.5%
Other	2.9%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010421-063025

Guggenheim Investments

MUFG Logo

Inverse NASDAQ-100^® Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$86	1.82%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -8.85%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 8.35% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Inverse NASDAQ-100^® Strategy Fund	-8.85%	-12.95%	-15.81%	-17.67%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
NASDAQ-100 Index	8.35%	16.10%	18.36%	18.97%

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

Fund Statistics as of 6.30.25

Net Assets	$1,061,736
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

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

Guggenheim Investments

Inverse NASDAQ-100^® Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010426-063025

Guggenheim Investments

MUFG Logo

Russell 2000^® 1.5x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$87	1.81%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -5.94%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -1.79% for the same period.

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

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Russell 2000^® 1.5x Strategy Fund	-5.94%	4.51%	9.61%	5.69%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Russell 2000 Index	-1.79%	7.68%	10.04%	8.25%

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

Fund Statistics as of 6.30.25

Net Assets	$2,484,166
Total Number of Portfolio Holdings	1,995
Portfolio Turnover Rate	4%

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

Guggenheim Investments

Russell 2000^® 1.5x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Russell 2000 Index Equity Swap Agreements	64.5%
Exchange-Traded Funds	32.8%
Russell 2000 Index Equity Mini Futures Contracts	26.5%
Financial	6.9%
Consumer, Non-cyclical	6.0%
Industrial	4.6%
Consumer, Cyclical	3.0%
Other	7.1%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010397-063025

Guggenheim Investments

MUFG Logo

Russell 2000^® 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$87	1.85%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -10.37%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned -1.79% for the same period.

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

The sectors that contributed the most to the return of the underlying index were industrials, financials, and materials. The sectors that detracted the most were health care, energy, and consumer discretionary. The holdings that contributed the most to the return of the underlying index were Carpenter Technology Corp., Insmed, Inc., and Hims & Hers Health, Inc. Those that detracted the most were Vaxcyte, Inc., Abercrombie & Fitch Co.—Class A, and FTAI Aviation, Ltd. The fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Russell 2000^® 2x Strategy Fund	-10.37%	0.71%	9.62%	4.43%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Russell 2000 Index	-1.79%	7.68%	10.04%	8.25%

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

Fund Statistics as of 6.30.25

Net Assets	$2,015,002
Total Number of Portfolio Holdings	15
Portfolio Turnover Rate	0%

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

Guggenheim Investments

Russell 2000^® 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Vanguard Russell 2000 ETF	10.0%
iShares Russell 2000 Index ETF	10.0%
Total	20.0%


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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000032290-063025

Guggenheim Investments

MUFG Logo

Inverse Russell 2000^® Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$92	1.83%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 2.34%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and outperforming the fund's secondary index, the Russell 2000 Index, which returned -1.79% for the same period.

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

The sectors that contributed the most to the return of the underlying index were industrials, financials, and materials. The sectors that detracted the most were health care, energy, and consumer discretionary. The holdings that contributed the most to the return of the underlying index were Carpenter Technology Corp., Insmed, Inc. and Hims & Hers Health, Inc. Those that detracted the most were Vaxcyte, Inc., Abercrombie & Fitch Co.—Class A, and FTAI Aviation, Ltd. The fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the Russell 2000 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Inverse Russell 2000^® Strategy Fund	2.34%	-4.66%	-10.40%	-9.50%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
Russell 2000 Index	-1.79%	7.68%	10.04%	8.25%

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

Fund Statistics as of 6.30.25

Net Assets	$881,224
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

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

Guggenheim Investments

Inverse Russell 2000^® Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	7.7%
Guggenheim Strategy Fund II	7.2%
Total	14.9%


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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010415-063025

Guggenheim Investments

MUFG Logo

Nova Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$87	1.70%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 5.89%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period.

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

The sectors that contributed the most to the return of the underlying index were information technology, financials, and industrials. Those that detracted the most were consumer discretionary, health care, and energy. The holdings that contributed the most to the return of the underlying index were Microsoft Corp., NVIDIA Corp., and Meta Platforms, Inc., Class A. Those that detracted the most were Apple, Inc, Tesla, Inc. and UnitedHealth Group, Inc. The fund maintained a daily correlation of over 99% to its benchmark of 150% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Nova Fund	5.89%	16.40%	20.25%	16.03%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%

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

Fund Statistics as of 6.30.25

Net Assets	$37,060,913
Total Number of Portfolio Holdings	518
Portfolio Turnover Rate	80%

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

Guggenheim Investments

Nova Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	58.7%
Technology	22.8%
S&P 500 Index Equity Mini Futures Contracts	20.2%
Communications	11.5%
Financial	10.7%
Consumer, Non-cyclical	10.4%
Consumer, Cyclical	5.8%
Other	10.3%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25


Guggenheim Ultra Short Duration Fund — Institutional Class	5.5%
Guggenheim Strategy Fund II	5.3%
NVIDIA Corp.	5.2%
Microsoft Corp.	5.0%
Apple, Inc.	4.2%
Amazon.com, Inc.	2.8%
Meta Platforms, Inc. — Class A	2.2%
Broadcom, Inc.	1.8%
Alphabet, Inc. — Class A	1.4%
Berkshire Hathaway, Inc. — Class B	1.2%
Top 10 Total	34.6%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25


Guggenheim Ultra Short Duration Fund — Institutional Class	5.5%
Guggenheim Strategy Fund II	5.3%
NVIDIA Corp.	5.2%
Microsoft Corp.	5.0%
Apple, Inc.	4.2%
Amazon.com, Inc.	2.8%
Meta Platforms, Inc. — Class A	2.2%
Broadcom, Inc.	1.8%
Alphabet, Inc. — Class A	1.4%
Berkshire Hathaway, Inc. — Class B	1.2%
Top 10 Total	34.6%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010401-063025

Guggenheim Investments

MUFG Logo

S&P 500^® 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

This semi-annual shareholder report contains important information about the S&P 500^® 2x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$99	1.93%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 5.93%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period.

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

The sectors that contributed the most to the return of the underlying index were information technology, financials, and industrials. Those that detracted the most were consumer discretionary, health care, and energy. The holdings that contributed the most to the return of the underlying index were Microsoft Corp., NVIDIA Corp., and Meta Platforms, Inc.- Class A. Those that detracted the most were Apple, Inc, Tesla, Inc. and UnitedHealth Group, Inc. The fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
S&P 500^® 2x Strategy Fund	5.93%	18.51%	24.82%	19.04%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%

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

Fund Statistics as of 6.30.25

Net Assets	$97,647,562
Total Number of Portfolio Holdings	517
Portfolio Turnover Rate	67%

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

Guggenheim Investments

S&P 500^® 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	104.0%
Technology	26.5%
Communications	13.4%
S&P 500 Index Equity Mini Futures Contracts	13.1%
Financial	12.4%
Consumer, Non-cyclical	12.1%
Consumer, Cyclical	6.7%
Other	12.0%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
NVIDIA Corp.	6.1%
Microsoft Corp.	5.9%
Apple, Inc.	4.9%
Amazon.com, Inc.	3.3%
Meta Platforms, Inc. — Class A	2.5%
Broadcom, Inc.	2.1%
Alphabet, Inc. — Class A	1.6%
Berkshire Hathaway, Inc. — Class B	1.4%
Tesla, Inc.	1.4%
Alphabet, Inc. — Class C	1.3%
Top 10 Total	30.5%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
NVIDIA Corp.	6.1%
Microsoft Corp.	5.9%
Apple, Inc.	4.9%
Amazon.com, Inc.	3.3%
Meta Platforms, Inc. — Class A	2.5%
Broadcom, Inc.	2.1%
Alphabet, Inc. — Class A	1.6%
Berkshire Hathaway, Inc. — Class B	1.4%
Tesla, Inc.	1.4%
Alphabet, Inc. — Class C	1.3%
Top 10 Total	30.5%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010420-063025

Guggenheim Investments

MUFG Logo

Inverse S&P 500^® Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

This semi-annual shareholder report contains important information about the Inverse S&P 500^® Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$87	1.80%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -4.87%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period.

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

The sectors that contributed the most to the return of the underlying index were information technology, financials, and industrials. Those that detracted the most were consumer discretionary, health care, and energy. The holdings that contributed the most to the return of the underlying index were Microsoft Corp., NVIDIA Corp., and Meta Platforms, Inc.—Class A. Those that detracted the most were Apple, Inc, Tesla, Inc. and UnitedHealth Group, Inc. The fund maintained a daily correlation of over 99% to its benchmark of -100% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Inverse S&P 500^® Strategy Fund	-4.87%	-8.66%	-12.94%	-12.44%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%

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

Fund Statistics as of 6.30.25

Net Assets	$1,154,354
Total Number of Portfolio Holdings	12
Portfolio Turnover Rate	0%

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

Guggenheim Investments

Inverse S&P 500^® Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	10.0%
Guggenheim Strategy Fund II	10.0%
Total	20.0%


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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010423-063025

Guggenheim Investments

MUFG Logo

S&P 500^® Pure Growth Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

This semi-annual shareholder report contains important information about the S&P 500^® Pure Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$89	1.70%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 10.35%, outperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Growth Index, which returned 11.42% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology, industrials, and utilities. The sectors that detracted were financials and energy. The holdings that contributed the most to the return of the underlying index for the reporting period were Palantir Technologies, Inc. — Class A, Howmet Aerospace, Inc. and NRG Energy, Inc. Those that detracted the most were Deckers Outdoor Corp., Norwegian Cruise Line Holdings Ltd., and United Airlines Holdings, Inc. The fund maintained a daily correlation of over 99% to the S&P 500 Pure Growth Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
S&P 500^® Pure Growth Fund	10.35%	21.68%	11.20%	10.11%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Pure Growth Index	11.42%	23.89%	13.11%	12.01%

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

Fund Statistics as of 6.30.25

Net Assets	$34,163,549
Total Number of Portfolio Holdings	93
Portfolio Turnover Rate	99%

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

Guggenheim Investments

S&P 500^® Pure Growth Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Consumer, Cyclical	25.5%
Technology	17.1%
Industrial	14.5%
Communications	13.0%
Financial	11.4%
Consumer, Non-cyclical	9.4%
Utilities	5.4%
Energy	3.0%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Royal Caribbean Cruises Ltd.	2.6%
Vistra Corp.	2.6%
Palantir Technologies, Inc. — Class A	2.4%
Axon Enterprise, Inc.	2.3%
Carnival Corp.	2.3%
NVIDIA Corp.	2.1%
Howmet Aerospace, Inc.	2.1%
NRG Energy, Inc.	1.9%
TKO Group Holdings, Inc.	1.8%
Crowdstrike Holdings, Inc. — Class A	1.8%
Top 10 Total	21.9%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Royal Caribbean Cruises Ltd.	2.6%
Vistra Corp.	2.6%
Palantir Technologies, Inc. — Class A	2.4%
Axon Enterprise, Inc.	2.3%
Carnival Corp.	2.3%
NVIDIA Corp.	2.1%
Howmet Aerospace, Inc.	2.1%
NRG Energy, Inc.	1.9%
TKO Group Holdings, Inc.	1.8%
Crowdstrike Holdings, Inc. — Class A	1.8%
Top 10 Total	21.9%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010408-063025

Guggenheim Investments

MUFG Logo

S&P 500^® Pure Value Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

This semi-annual shareholder report contains important information about the S&P 500^® Pure Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$86	1.70%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 4.65%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Value Index, which returned 5.42% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were health care, consumer staples, and financials. Those that detracted the most were consumer discretionary and real estate. The holdings that contributed the most to the return of the underlying index for the reporting period were CVS Health Corporation, Mosaic Co., and Dollar General Corp. Those that detracted the most were Viatris, Inc., Dow, Inc. and Centene Corp. The fund maintained a daily correlation of over 99% to the S&P 500 Pure Value Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
S&P 500^® Pure Value Fund	4.65%	13.65%	15.41%	6.68%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P 500 Pure Value Index	5.42%	15.52%	17.47%	8.55%

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

Fund Statistics as of 6.30.25

Net Assets	$16,874,793
Total Number of Portfolio Holdings	109
Portfolio Turnover Rate	127%

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

Guggenheim Investments

S&P 500^® Pure Value Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Consumer, Non-cyclical	31.2%
Financial	18.3%
Consumer, Cyclical	18.0%
Energy	9.1%
Basic Materials	6.2%
Communications	5.9%
Industrial	5.5%
Other	5.3%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
CVS Health Corp.	3.3%
Mosaic Co.	2.7%
Ford Motor Co.	2.6%
General Motors Co.	2.4%
Archer-Daniels-Midland Co.	2.3%
Centene Corp.	2.3%
Bunge Global S.A.	2.2%
Paramount Global — Class B	2.1%
Dollar General Corp.	2.0%
Valero Energy Corp.	1.9%
Top 10 Total	23.8%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
CVS Health Corp.	3.3%
Mosaic Co.	2.7%
Ford Motor Co.	2.6%
General Motors Co.	2.4%
Archer-Daniels-Midland Co.	2.3%
Centene Corp.	2.3%
Bunge Global S.A.	2.2%
Paramount Global — Class B	2.1%
Dollar General Corp.	2.0%
Valero Energy Corp.	1.9%
Top 10 Total	23.8%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010407-063025

Guggenheim Investments

MUFG Logo

S&P MidCap 400^® Pure Growth Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

This semi-annual shareholder report contains important information about the S&P MidCap 400^® Pure Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$84	1.70%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 0.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Growth Index, which returned 1.13% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were materials, industrials, and financials. Those that detracted the most from the return of the underlying index were health care, consumer discretionary, and energy. The holdings that contributed the most to the return of the underlying index for the reporting period were Carpenter Technology Corp., Hims & Hers Health, Inc., and ATI, Inc. Those that detracted the most were Sarepta Therapeutics, Inc., Abercrombie & Fitch Co. — Class A, and American Airlines Group, Inc. The fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Growth Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
S&P MidCap 400^® Pure Growth Fund	0.18%	-1.00%	9.17%	5.44%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P MidCap 400 Pure Growth Index	1.13%	0.84%	11.08%	7.24%

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

Fund Statistics as of 6.30.25

Net Assets	$9,362,147
Total Number of Portfolio Holdings	97
Portfolio Turnover Rate	58%

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

Guggenheim Investments

S&P MidCap 400^® Pure Growth Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Industrial	25.6%
Consumer, Non-cyclical	24.3%
Consumer, Cyclical	14.5%
Financial	10.9%
Technology	10.0%
Energy	5.7%
Basic Materials	4.6%
Communications	4.1%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Carpenter Technology Corp.	2.9%
Hims & Hers Health, Inc.	2.8%
Comfort Systems USA, Inc.	2.4%
Roivant Sciences Ltd.	2.1%
EMCOR Group, Inc.	1.9%
Valaris Ltd.	1.9%
Exelixis, Inc.	1.8%
Shift4 Payments, Inc. — Class A	1.8%
Interactive Brokers Group, Inc. — Class A	1.8%
ATI, Inc.	1.7%
Top 10 Total	21.1%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Carpenter Technology Corp.	2.9%
Hims & Hers Health, Inc.	2.8%
Comfort Systems USA, Inc.	2.4%
Roivant Sciences Ltd.	2.1%
EMCOR Group, Inc.	1.9%
Valaris Ltd.	1.9%
Exelixis, Inc.	1.8%
Shift4 Payments, Inc. — Class A	1.8%
Interactive Brokers Group, Inc. — Class A	1.8%
ATI, Inc.	1.7%
Top 10 Total	21.1%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010413-063025

Guggenheim Investments

MUFG Logo

S&P MidCap 400^® Pure Value Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

This semi-annual shareholder report contains important information about the S&P MidCap 400^® Pure Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$85	1.71%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 0.18%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Value Index, which returned 1.01% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were industrials, materials, and information technology. Those that detracted the most were energy, consumer discretionary, and health care. The holdings that contributed the most to the return of the underlying index for the reporting period were United States Steel Corp., Avis Budget Group, Inc., and Concentrix Corp. Those that detracted the most were Macy's, Inc., Manpower Group, Inc. and Civitas Resources, Inc. The fund maintained a daily correlation of over 99% to the S&P MidCap 400 Pure Value Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
S&P MidCap 400^® Pure Value Fund	0.18%	8.68%	19.26%	8.53%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P MidCap 400 Pure Value Index	1.01%	10.47%	21.50%	10.46%

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

Fund Statistics as of 6.30.25

Net Assets	$6,422,714
Total Number of Portfolio Holdings	86
Portfolio Turnover Rate	122%

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

Guggenheim Investments

S&P MidCap 400^® Pure Value Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Consumer, Cyclical	26.4%
Industrial	17.2%
Consumer, Non-cyclical	14.9%
Financial	14.8%
Energy	11.7%
Technology	6.4%
Utilities	4.4%
Basic Materials	3.4%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Concentrix Corp.	4.4%
HF Sinclair Corp.	3.6%
Goodyear Tire & Rubber Co.	3.5%
Avnet, Inc.	3.1%
Arrow Electronics, Inc.	3.1%
TD SYNNEX Corp.	3.0%
Lear Corp.	2.7%
PBF Energy, Inc. — Class A	2.4%
Avis Budget Group, Inc.	2.4%
AutoNation, Inc.	2.2%
Top 10 Total	30.4%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Concentrix Corp.	4.4%
HF Sinclair Corp.	3.6%
Goodyear Tire & Rubber Co.	3.5%
Avnet, Inc.	3.1%
Arrow Electronics, Inc.	3.1%
TD SYNNEX Corp.	3.0%
Lear Corp.	2.7%
PBF Energy, Inc. — Class A	2.4%
Avis Budget Group, Inc.	2.4%
AutoNation, Inc.	2.2%
Top 10 Total	30.4%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010411-063025

Guggenheim Investments

MUFG Logo

S&P SmallCap 600^® Pure Growth Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

This semi-annual shareholder report contains important information about the S&P SmallCap 600^® Pure Growth Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$85	1.70%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 1.61%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Growth Index, which returned 2.34% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were financials, health care, and consumer discretionary. The sectors that detracted were energy, real estate, and communication services. The holdings that contributed the most to the return of the underlying index for the reporting period were TransMedics Group, Inc., Palomar Holdings, Inc. and Protagonist Therapeutics, Inc. Those that detracted the most were Atlas Energy Solutions, Inc., Pursuit Attractions and Hospitality, Inc., and Greenbrier Companies, Inc. The fund maintained a daily correlation of over 99% to the S&P 600 Pure Growth Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
S&P SmallCap 600^® Pure Growth Fund	1.61%	6.00%	8.07%	4.69%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P SmallCap 600 Pure Growth Index	2.34%	7.87%	10.01%	6.55%

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

Fund Statistics as of 6.30.25

Net Assets	$8,337,547
Total Number of Portfolio Holdings	137
Portfolio Turnover Rate	164%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Growth Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
^†	Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^‡	6 month returns are not annualized.

Guggenheim Investments

S&P SmallCap 600^® Pure Growth Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Consumer, Non-cyclical	27.9%
Financial	21.4%
Industrial	20.3%
Consumer, Cyclical	17.0%
Technology	4.1%
Energy	3.8%
Communications	3.0%
Basic Materials	2.1%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Protagonist Therapeutics, Inc.	2.1%
Palomar Holdings, Inc.	1.9%
Corcept Therapeutics, Inc.	1.7%
TG Therapeutics, Inc.	1.7%
InterDigital, Inc.	1.7%
Adtalem Global Education, Inc.	1.6%
Chefs' Warehouse, Inc.	1.6%
DXP Enterprises, Inc.	1.5%
TransMedics Group, Inc.	1.5%
Cinemark Holdings, Inc.	1.5%
Top 10 Total	16.8%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Protagonist Therapeutics, Inc.	2.1%
Palomar Holdings, Inc.	1.9%
Corcept Therapeutics, Inc.	1.7%
TG Therapeutics, Inc.	1.7%
InterDigital, Inc.	1.7%
Adtalem Global Education, Inc.	1.6%
Chefs' Warehouse, Inc.	1.6%
DXP Enterprises, Inc.	1.5%
TransMedics Group, Inc.	1.5%
Cinemark Holdings, Inc.	1.5%
Top 10 Total	16.8%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010410-063025

Guggenheim Investments

MUFG Logo

S&P SmallCap 600^® Pure Value Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

This semi-annual shareholder report contains important information about the S&P SmallCap 600^® Pure Value Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$82	1.70%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -5.86%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Value Index, which returned -5.13% for the same period.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were information technology and communication services. Those that detracted the most were health care, consumer discretionary, and consumer staples. The holdings that contributed the most to the return of the underlying index for the reporting period were Par Pacific Holdings, Inc., National Vision Holdings, Inc., and ViaSat, Inc. Those that detracted the most were Kohl's Corp., B&G Foods, Inc., and Vital Energy, Inc. The fund maintained a daily correlation of over 99% to the S&P 600 Pure Value Index for the reporting period.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
S&P SmallCap 600^® Pure Value Fund	-5.86%	5.46%	16.87%	4.66%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P SmallCap 600 Pure Value Index	-5.13%	7.44%	19.17%	6.58%

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

Fund Statistics as of 6.30.25

Net Assets	$8,090,401
Total Number of Portfolio Holdings	149
Portfolio Turnover Rate	18%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the S&P SmallCap 600 Pure Value Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
^†	Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^‡	6 month returns are not annualized.

Guggenheim Investments

S&P SmallCap 600^® Pure Value Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Consumer, Cyclical	30.2%
Financial	21.3%
Consumer, Non-cyclical	18.2%
Energy	10.0%
Industrial	7.2%
Communications	6.2%
Basic Materials	4.0%
Other	2.2%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Par Pacific Holdings, Inc.	2.7%
SpartanNash Co.	2.2%
Viasat, Inc.	2.2%
Titan International, Inc.	1.9%
Dana, Inc.	1.8%
National Vision Holdings, Inc.	1.7%
Adient plc	1.7%
World Kinect Corp.	1.6%
Foot Locker, Inc.	1.6%
Topgolf Callaway Brands Corp.	1.6%
Top 10 Total	19.0%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Par Pacific Holdings, Inc.	2.7%
SpartanNash Co.	2.2%
Viasat, Inc.	2.2%
Titan International, Inc.	1.9%
Dana, Inc.	1.8%
National Vision Holdings, Inc.	1.7%
Adient plc	1.7%
World Kinect Corp.	1.6%
Foot Locker, Inc.	1.6%
Topgolf Callaway Brands Corp.	1.6%
Top 10 Total	19.0%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010409-063025

Guggenheim Investments

MUFG Logo

Government Long Bond 1.2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$72	1.44%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 1.20%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury 30 Year Bellwether Index, which returned 2.11% for the same period.

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

Despite volatility during the period, yields of long-term Treasury bonds ended the period relatively unchanged. The treasury bond market exhibited volatility throughout the period in response to tariff concerns and shifts in expectations regarding Federal Reserve policy decisions. Uncertainty about the long-term economic impacts of tariffs and fiscal policy have led to the volatility in long term treasury yields over the period. Long-term treasury yields reached their lows in April 2025 before rising steadily through the end of the period and ended the first half of the year mostly unchanged.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Government Long Bond 1.2x Strategy Fund	1.20%	-3.06%	-14.66%	-3.03%
Bloomberg U.S. Aggregate Bond Index	4.02%	6.08%	-0.73%	1.76%
Bloomberg U.S. Treasury 30 Year Bellwether Index	2.11%	0.05%	-10.37%	-0.75%

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

Fund Statistics as of 6.30.25

Net Assets	$5,206,907
Total Number of Portfolio Holdings	11
Portfolio Turnover Rate	5,528%5528%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S. Treasury 30 Year Bellwether Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
^†	Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^‡	6 month returns are not annualized.

Guggenheim Investments

Government Long Bond 1.2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
U.S. Treasury Bonds	42.0%
Guggenheim Strategy Fund II	5.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.8%
Total	51.0%


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


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

Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
U.S. Treasury Bonds	42.0%
Guggenheim Strategy Fund II	5.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.8%
Total	51.0%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010390-063025

Guggenheim Investments

MUFG Logo

Inverse Government Long Bond Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$280	5.63%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 0.40%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury 30 Year Bellwether Index, which returned 2.11% for the same period.

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Inverse Government Long Bond Strategy Fund	0.40%	6.34%	13.32%	0.69%
Bloomberg U.S. Aggregate Bond Index	4.02%	6.08%	-0.73%	1.76%
Bloomberg U.S. Treasury 30 Year Bellwether Index	2.11%	0.05%	-10.37%	-0.75%

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

Fund Statistics as of 6.30.25

Net Assets	$1,563,884
Total Number of Portfolio Holdings	12
Portfolio Turnover Rate	512%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The Bloomberg U.S. Aggregate Bond Index and the Bloomberg U.S.Treasury Bellwether 30 Yr. Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
^†	Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^‡	6 month returns are not annualized.

Guggenheim Investments

Inverse Government Long Bond Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Strategy Fund II	33.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	29.9%
Total	62.9%


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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010404-063025

Guggenheim Investments

MUFG Logo

High Yield Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$86	1.68%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 5.86%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 4.57% for the same period.

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

High yield continued to generate positive returns for the reporting period. During the period, risk assets experienced some volatility due to macro-economic factors stemming from trade negotiations and tariffs. After the initial market shock of increased tariffs on trading partners, risk assets rebounded and continued to generate positive total returns. All sectors contributed positively to the Bloomberg U.S. Corporate High Yield Index (the "Index") with notable positive contribution from communications and consumer discretionary. On the ratings side, BB-rated holdings led contribution to returns of the Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Date	High Yield Strategy Fund	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
06/30/2015	10000	10000	10000
07/31/2015	10067	10070	9942
08/31/2015	9911	10055	9769
09/30/2015	9809	10123	9514
10/31/2015	10095	10125	9776
11/30/2015	9958	10098	9559
12/31/2015	9836	10065	9318
01/31/2016	9848	10204	9168
02/29/2016	9856	10276	9221
03/31/2016	10252	10371	9630
04/30/2016	10370	10410	10007
05/31/2016	10366	10413	10069
06/30/2016	10597	10600	10162
07/31/2016	10777	10667	10437
08/31/2016	10781	10655	10655
09/30/2016	10930	10649	10726
10/31/2016	10805	10567	10767
11/30/2016	10801	10317	10716
12/31/2016	10979	10332	10914
01/31/2017	11056	10352	11073
02/28/2017	11192	10422	11234
03/31/2017	11247	10416	11209
04/30/2017	11394	10497	11338
05/31/2017	11470	10577	11437
06/30/2017	11421	10567	11452
07/31/2017	11568	10612	11579
08/31/2017	11631	10707	11574
09/30/2017	11648	10656	11678
10/31/2017	11725	10663	11728
11/30/2017	11662	10649	11698
12/31/2017	11733	10698	11733
01/31/2018	11654	10575	11803
02/28/2018	11484	10474	11703
03/31/2018	11543	10542	11632
04/30/2018	11589	10463	11708
05/31/2018	11619	10538	11705
06/30/2018	11601	10525	11752
07/31/2018	11755	10527	11880
08/31/2018	11852	10595	11968
09/30/2018	11911	10527	12034
10/31/2018	11719	10444	11842
11/30/2018	11738	10506	11740
12/31/2018	11631	10699	11489
01/31/2019	12080	10813	12008
02/28/2019	12119	10806	12208
03/31/2019	12359	11014	12323
04/30/2019	12501	11017	12498
05/31/2019	12341	11212	12349
06/30/2019	12814	11353	12631
07/31/2019	12736	11378	12702
08/31/2019	12896	11673	12753
09/30/2019	12924	11611	12799
10/31/2019	13039	11646	12835
11/30/2019	13090	11640	12876
12/31/2019	13240	11632	13134
01/31/2020	13305	11855	13137
02/29/2020	13152	12069	12952
03/31/2020	11556	11998	11468
04/30/2020	11823	12211	11985
05/31/2020	12114	12268	12512
06/30/2020	11990	12345	12635
07/31/2020	12389	12530	13227
08/31/2020	12594	12428	13353
09/30/2020	12411	12422	13216
10/31/2020	12344	12366	13283
11/30/2020	13015	12488	13808
12/31/2020	13178	12505	14068
01/31/2021	13056	12415	14115
02/28/2021	13008	12236	14167
03/31/2021	13095	12083	14188
04/30/2021	13283	12178	14342
05/31/2021	13347	12218	14384
06/30/2021	13429	12304	14577
07/31/2021	13447	12442	14632
08/31/2021	13532	12418	14708
09/30/2021	13409	12310	14706
10/31/2021	13288	12307	14681
11/30/2021	13167	12343	14538
12/31/2021	13401	12312	14811
01/31/2022	12956	12047	14406
02/28/2022	12754	11912	14258
03/31/2022	12507	11581	14094
04/30/2022	11884	11142	13593
05/31/2022	12010	11214	13626
06/30/2022	11309	11038	12709
07/31/2022	11988	11307	13459
08/31/2022	11491	10988	13149
09/30/2022	11105	10513	12627
10/31/2022	11461	10377	12955
11/30/2022	12005	10759	13236
12/31/2022	11863	10710	13154
01/31/2023	12356	11040	13654
02/28/2023	11990	10754	13479
03/31/2023	12285	11027	13623
04/30/2023	12383	11094	13759
05/31/2023	12276	10973	13633
06/30/2023	12378	10934	13861
07/31/2023	12524	10927	14052
08/31/2023	12486	10857	14091
09/30/2023	12242	10581	13924
10/31/2023	12055	10414	13762
11/30/2023	12809	10886	14386
12/31/2023	13368	11302	14922
01/31/2024	13387	11271	14921
02/29/2024	13348	11112	14965
03/31/2024	13569	11215	15142
04/30/2024	13207	10931	15000
05/31/2024	13513	11117	15165
06/30/2024	13614	11222	15308
07/31/2024	13999	11484	15605
08/31/2024	14240	11649	15860
09/30/2024	14473	11805	16116
10/31/2024	14133	11512	16029
11/30/2024	14473	11634	16214
12/31/2024	14261	11444	16145
01/31/2025	14445	11504	16365
02/28/2025	14636	11757	16475
03/31/2025	14431	11762	16307
04/30/2025	14425	11808	16303
05/31/2025	14727	11724	16577
06/30/2025	15094	11904	16882

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
High Yield Strategy Fund	5.86%	10.87%	4.71%	4.20%
Bloomberg U.S. Aggregate Bond Index	4.02%	6.08%	-0.73%	1.76%
Bloomberg U.S. Corporate High Yield Index	4.57%	10.28%	5.97%	5.38%

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

Fund Statistics as of 6.30.25

Net Assets	$7,572,421
Total Number of Portfolio Holdings	16
Portfolio Turnover Rate	0%

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

Guggenheim Investments

High Yield Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Interest Rate Futures Contracts	95.0%
CDX.NA.HY.44.V1 Index Credit Default Swap Agreements Protection Sold	87.8%
iShares iBoxx $ High Yield Corporate Bond ETF	1.6%
SPDR Bloomberg High Yield Bond ETF	1.6%
iShares iBoxx $ High Yield Corporate Bond ETF Swap Agreements	0.5%
SPDR Bloomberg High Yield Bond ETF Swap Agreements	0.2%

Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	7.6%
Guggenheim Strategy Fund II	7.6%
iShares iBoxx $ High Yield Corporate Bond ETF	1.6%
SPDR Bloomberg High Yield Bond ETF	1.6%
Total	18.4%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of total return swaps, credit default swaps, and interest rate futures contracts.


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

Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	7.6%
Guggenheim Strategy Fund II	7.6%
iShares iBoxx $ High Yield Corporate Bond ETF	1.6%
SPDR Bloomberg High Yield Bond ETF	1.6%
Total	18.4%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000046626-063025

Guggenheim Investments

MUFG Logo

Europe 1.25x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

This semi-annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period of January 1, 2025 to June 30, 2025. You can find additional information about the fund at GuggenheimInvestments.com/variable-insurance-funds. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$96	1.73%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 23.18%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 17.02% for the same period and outperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 19.57% for the same period.

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

The sectors that contributed the most to the return of the secondary index for the reporting period were financials, industrials, and consumer staples. No sectors detracted from performance. The holdings that contributed the most to the return of the underlying index for the reporting period were SAP SE, Banco Santander SA, and Novartis AG. Those that detracted the most were Novo Nordisk A/S, LVMH Moet Hennessy Louis Vuitton SE, and Diageo plc. The Fund maintained a daily correlation of over 99% to its benchmark of 125% of the daily price movement of the STOXX Europe 50 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Europe 1.25x Strategy Fund	23.18%	9.54%	11.62%	5.25%
MSCI World ex US Index	17.02%	15.70%	8.69%	3.90%
STOXX Europe 50 Index	19.57%	11.60%	12.24%	6.74%

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

Fund Statistics as of 6.30.25

Net Assets	$2,673,246
Total Number of Portfolio Holdings	59
Portfolio Turnover Rate	167%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the STOXX Europe 50 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
^†	Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^‡	6 month returns are not annualized.

Guggenheim Investments

Europe 1.25x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
STOXX Europe 50 Index Equity Futures Contracts	84.6%
Euro FX Futures Contracts	83.0%
Consumer, Non-cyclical	12.9%
Financial	8.4%
Industrial	5.6%
Technology	4.0%
Energy	2.8%
Other	6.8%

Country Diversification³ (% of Total Investments) as of 6.30.25

Geographic Region	% of Net Assets
United States	54.1%
Denmark	8.9%
France	8.6%
United Kingdom	7.4%
Switzerland	6.7%
Germany	5.7%
Netherlands	3.5%
Other	5.1%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Strategy Fund II	8.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.8%
ASML Holding N.V. — Class G	2.0%
SAP SE ADR	2.0%
Nestle S.A. ADR	1.6%
Novartis AG ADR	1.5%
Roche Holding AG ADR	1.5%
Novo Nordisk A/S ADR	1.4%
AstraZeneca plc ADR	1.4%
HSBC Holdings plc ADR	1.4%
Top 10 Total	28.2%


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
³	Country Diversification (% of Total Investments) includes temporary cash investments.

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Strategy Fund II	8.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.8%
ASML Holding N.V. — Class G	2.0%
SAP SE ADR	2.0%
Nestle S.A. ADR	1.6%
Novartis AG ADR	1.5%
Roche Holding AG ADR	1.5%
Novo Nordisk A/S ADR	1.4%
AstraZeneca plc ADR	1.4%
HSBC Holdings plc ADR	1.4%
Top 10 Total	28.2%


²	"10 Largest Holdings (as a % of Net Assets)" excludes any temporary cash or derivative investments.
³	Country Diversification (% of Total Investments) includes temporary cash investments.

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010418-063025

Guggenheim Investments

MUFG Logo

Japan 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$93	1.70%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 20.58%, outperforming the fund's broad-based securities market index, the MSCI World ex US Index, which returned 17.02% for the same period and outperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned 10.58% for the same period.

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

The sectors that contributed the most to the return of the secondary index for the reporting period were information technology, communication services, and industrials. The sector that detracted the most was energy. The holdings that contributed the most to the return of the underlying index were Tokyo Electron, Ltd., Advantest Corp., and SoftBank Group Corp. Those that detracted the most were Recruit Holdings Co., Ltd, TDK Corp., and Daichi Sankyo Co., Ltd. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Japan 2x Strategy Fund	20.58%	16.71%	5.64%	5.65%
MSCI World ex US Index	17.02%	15.70%	8.69%	3.90%
Nikkei-225 Stock Average Index	10.58%	14.07%	6.31%	5.41%

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

Fund Statistics as of 6.30.25

Net Assets	$1,563,031
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The MSCI World ex US Index and the Nikkei-225 Stock Average Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
^†	Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^‡	6 month returns are not annualized.

Guggenheim Investments

Japan 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25


¹	"Holdings Diversification (Market Exposure as a % of Net Assets)" excludes any temporary cash investments, investments in Guggenheim Strategy Funds Trust mutual funds, or investments in Guggenheim Ultra Short Duration Fund. The Fund's target exposure is achieved through a combination of equity futures contracts and currency futures contracts.

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010419-063025

Guggenheim Investments

MUFG Logo

Strengthening Dollar 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$90	2.00%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -18.73%, underperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned -10.70% for the same period.

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

There were no components which positively contributed to the performance of the underlying index for the Reporting Period. The components that detracted from the U.S. Dollar Index performance were the euro, Japanese yen and British pound. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Strengthening Dollar 2x Strategy Fund	-18.73%	-12.42%	1.64%	1.71%
Bloomberg U.S. Aggregate Bond Index	4.02%	6.08%	-0.73%	1.76%
U.S. Dollar Index	-10.70%	-8.49%	-0.10%	0.14%

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

Fund Statistics as of 6.30.25

Net Assets	$1,173,137
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

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

Guggenheim Investments

Strengthening Dollar 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010402-063025

Guggenheim Investments

MUFG Logo

Weakening Dollar 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$114	2.05%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 23.81%, outperforming the fund's broad-based securities market index, the Bloomberg U.S. Aggregate Bond Index, which returned 4.02% for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned -10.70% for the same period.

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

There were no components which positively contributed to the performance of the underlying index for the reporting period. The components that detracted from the U.S. Dollar Index performance were the euro, Japanese yen and British pound. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Weakening Dollar 2x Strategy Fund	23.81%	17.49%	-2.13%	-3.18%
Bloomberg U.S. Aggregate Bond Index	4.02%	6.08%	-0.73%	1.76%
U.S. Dollar Index	-10.70%	-8.49%	-0.10%	0.14%

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

Fund Statistics as of 6.30.25

Net Assets	$1,206,596
Total Number of Portfolio Holdings	9
Portfolio Turnover Rate	0%

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

Guggenheim Investments

Weakening Dollar 2x Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010400-063025

Guggenheim Investments

MUFG Logo

Commodities Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$81	1.62%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 0.42%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the S&P Goldman Sachs Commodity Index, which returned 1.94% for the same period.

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

The fund obtained exposure to the commodities markets through futures on the S&P Goldman Sachs Commodity Index. S&P Goldman Sachs Commodity Index futures had a strong first quarter of 2025 but experienced headwinds from energy and agricultural sectors in the second quarter of 2025. Eleven of the twenty-four index components had positive returns for the period. The components with some of the largest positive returns were gold, silver, and live cattle. The components with some of the largest negative returns were cocoa, corn, and Kansas wheat.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Commodities Strategy Fund	0.42%	-1.40%	15.80%	0.17%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
S&P Goldman Sachs Commodity Index	1.94%	0.25%	17.69%	1.45%

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

Fund Statistics as of 6.30.25

Net Assets	$5,162,932
Total Number of Portfolio Holdings	9
Portfolio Turnover Rate	0%

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

Guggenheim Investments

Commodities Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Consolidated Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	22.1%
Guggenheim Strategy Fund II	21.7%
Total	43.8%


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


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010403-063025

Guggenheim Investments

MUFG Logo

Global Managed Futures Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$108	2.22%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -3.99%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.09% for the same period.

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

In the first half of 2025, futures markets were marked by a mix of reversals and consolidation, presenting a challenging environment for trend-following systems. Global stock index futures saw choppy behavior, with early-year rallies in U.S. and European equities stalling amid shifting central bank policy signals and geopolitical uncertainty. Bond futures were volatile but lacked sustained directional moves, as inflation data and diverging rate expectations kept global yields in flux. In foreign exchange, the U.S. dollar strengthened modestly against major currencies in Q1 before weakening in Q2, driven by changing interest rate differentials and mixed economic signals across regions. Commodity futures were mixed—energy markets, particularly crude oil, saw sharp but short-lived moves tied to supply disruptions and OPEC policy, while metals and agricultural contracts experienced sporadic price swings without sustained trends.

This backdrop of frequent reversals and limited trend persistence across asset classes created a difficult environment for trend-following models, which typically perform best in sustained directional markets. Reflecting these conditions, the fund posted a negative return in Q1, with losses across all asset classes—Currencies and Fixed Income were the largest detractors, while Commodities and Equities also contributed to the decline. In Q2, performance improved, supported by gains in Commodities, Currencies, and Equities, though Fixed Income remained a drag. Despite the recovery in Q2, the fund ended the first half of the year with a net loss.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Global Managed Futures Strategy Fund	-3.99%	-8.02%	2.74%	0.41%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
ICE BofA 3-Month U.S. Treasury Bill Index	2.09%	4.71%	2.78%	1.98%

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

Fund Statistics as of 6.30.25

Net Assets	$11,282,019
Total Number of Portfolio Holdings	70
Portfolio Turnover Rate	0%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the ICE BofA 3-Month U.S. Treasury Bill Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
^†	Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^‡	6 month returns are not annualized.

Guggenheim Investments

Global Managed Futures Strategy Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Consolidated Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Interest Rate Futures Contracts	146.0%
Currency Futures Contracts	51.4%
Equity Futures Contracts	48.8%
Commodity Futures Contracts	30.1%
Currency Futures Contracts Short Sales	-1.4%
Interest Rate Futures Contracts Short Sales	-5.2%
Equity Futures Contracts Short Sales	-7.4%
Commodity Futures Contracts Short Sales	-26.4%

Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Variable Insurance Strategy Fund III	22.2%
Guggenheim Strategy Fund III	19.7%
Guggenheim Strategy Fund II	1.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.6%
Total	43.5%


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


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

Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Variable Insurance Strategy Fund III	22.2%
Guggenheim Strategy Fund III	19.7%
Guggenheim Strategy Fund II	1.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.6%
Total	43.5%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000069235-063025

Guggenheim Investments

MUFG Logo

Multi-Hedge Strategies Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$78	1.59%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned -2.10%, underperforming the fund's broad-based securities market index, the S&P 500 Index, which returned 6.20% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 2.38% for the same period.

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

The fund's merger arbitrage strategy was the largest positive contributor in the first half of the year as several notable deals closed (e.g. Capital One / Discover). Closed-end fund arbitrage and the long/short equity strategy also made modest positive contributions. The fund's global macro strategies were a net detractor during the period as positive contributions from Flow (driven primarily by fixed income) did not make up for poor performance in value (primarily commodities and fixed income) and Momentum (hurt by equities and currency). Flow strategies take positions based on expected capital flows in markets which are determined through economic theory or statistical observation of market behavior. Momentum is a systematic trend-following strategy that seeks to capture momentum premia in futures markets. Carry strategies seek to capture inefficiencies in the futures curves of different markets and asset classes including commodities, fixed income, and implied volatility. Value premia strategies take positions based on expected future prices in markets as derived from economic and/or non-price data and include strategies applied to commodities, currencies, and fixed income. A market neutral strategy attempts to profit whether the market is going up or down.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 6.30.25), assuming a $10,000 initial investment.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
Multi-Hedge Strategies Fund	-2.10%	-6.97%	1.25%	1.46%
S&P 500 Index	6.20%	15.16%	16.64%	13.65%
HFRX Global Hedge Fund Index	2.38%	4.74%	3.52%	2.11%

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

Fund Statistics as of 6.30.25

Net Assets	$26,770,973
Total Number of Portfolio Holdings	320
Portfolio Turnover Rate	75%

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

Guggenheim Investments

Multi-Hedge Strategies Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Consolidated Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Interest Rate Futures Contracts	34.6%
Custom Basket Swap Agreements	13.4%
Commodity Futures Contracts	11.8%
Currency Futures Contracts	9.1%
Consumer, Non-cyclical	6.1%
Financial	5.6%
Closed-End Mutual Funds	4.9%
Equity Futures Contracts	4.8%
Technology	4.5%
Consumer, Cyclical	4.0%
Industrial	3.6%
Energy	3.2%
Communications	2.7%
Utilities	2.0%
Basic Materials	1.8%
Technology Short Sales	-0.4%
Basic Materials Short Sales	-0.4%
Communications Short Sales	-0.5%
Equity Futures Contracts Short Sales	-1.0%
Industrial Short Sales	-0.7%
Financial Short Sales	-3.1%
Energy Short Sales	-3.3%
Exchange-Traded Funds Short Sales	-5.0%
Custom Basket Swap Agreements Short Sales	-8.6%
Currency Futures Contracts Short Sales	-8.8%
Commodity Futures Contracts Short Sales	-14.5%
Interest Rate Futures Contracts Short Sales	-24.7%

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Strategy Fund III	9.3%
Guggenheim Variable Insurance Strategy Fund III	8.1%
Guggenheim Strategy Fund II	6.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.1%
Kellanova	1.7%
Everi Holdings, Inc.	1.7%
Hess Corp.	1.7%
Redfin Corp.	1.5%
Dun & Bradstreet Holdings, Inc.	1.5%
Enstar Group Ltd.	1.4%
Top 10 Total	35.2%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 6.30.25

Top 10	% of Net Assets
Guggenheim Strategy Fund III	9.3%
Guggenheim Variable Insurance Strategy Fund III	8.1%
Guggenheim Strategy Fund II	6.2%
Guggenheim Ultra Short Duration Fund — Institutional Class	2.1%
Kellanova	1.7%
Everi Holdings, Inc.	1.7%
Hess Corp.	1.7%
Redfin Corp.	1.5%
Dun & Bradstreet Holdings, Inc.	1.5%
Enstar Group Ltd.	1.4%
Top 10 Total	35.2%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010416-063025

Guggenheim Investments

MUFG Logo

U.S. Government Money Market Fund

Variable Annuity

Semi-Annual Shareholder Report | 6.30.25

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

What were the fund costs for the last six months?¹

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Variable Annuity	$75	1.50%²

¹	Excludes expenses of the underlying funds in which the fund invests, if any.
²	Annualized.

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

For the period of January 1, 2025 to June 30, 2025, the fund returned 1.43%.

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

For the first half of 2025, resilient economic data delayed the timing of expected rate cuts and inflation remained slightly above the U.S. Federal Reserve's (the "Fed") target level. At its June 2025 meeting, the Fed noted that economic activity continued to expand at a solid pace, the labor market is solid and inflation remains somewhat elevated. Uncertainty about the economic impacts of tariffs and fiscal policy has resulted in the market pricing in two 25 basis point rate cuts for the remainder of 2025.

Average Annual Total Returns*^,† as of 6.30.25

	6 Month^‡	One Year	Five Years	Ten Years
U.S. Government Money Market Fund	1.43%	3.32%	1.94%	1.12%

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

Fund Statistics as of 6.30.25

Net Assets	$48,760,695
Total Number of Portfolio Holdings	19

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.
^†	Performance figures do not reflect fees and expenses associated with an investment in variable insurance products. If returns had taken into account these fees and expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^‡	6 month returns are not annualized.

Guggenheim Investments

U.S. Government Money Market Fund | Variable Annuity

Semi-Annual Shareholder Report | June 30, 2025

What did the fund invest in?

Holdings Diversification (Market Exposure as a % of Net Assets) as of 6.30.25

Sector	% of Net Assets
Freddie Mac - FADN	4.1%
Federal Farm Credit Bank - FADN	2.3%
Farmer Mac - FADN	1.8%
Federal Home Loan Bank - FAN	8.2%
Federal Farm Credit Bank - FAN	7.2%
Freddie Mac - FAN	4.0%
Repurchase Agreements	38.9%
U.S. Treasury Bills	20.4%
U.S. Government Securities	10.2%

FADN - Federal Agency Discount Note

FAN - Federal Agency Note

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-C000010379-063025

Guggenheim Investments

(b)

Not applicable.

Item 2.

Code of Ethics.

Not required at this time.

Item 3.

Audit Committee Financial Expert.

Not required at this time.

Item 4.

Principal Accountant Fees and Services.

Not required at this time.

Item 5.

Audit Committee of Listed Registrants.

(a)

Not applicable to this registrant.

(b)

Not applicable to this registrant.

Item 6.

Investments.

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

(b) Not applicable.

Item 7.

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

6.30.2025

Rydex Variable Trust Semi-Annual Financial Report

Sector Funds		Domestic Equity Funds
Banking Fund		Dow 2x Strategy Fund
Basic Materials Fund		Inverse Dow 2x Strategy Fund
Biotechnology Fund		Mid-Cap 1.5x Strategy Fund
Consumer Products Fund		Inverse Mid-Cap Strategy Fund
Electronics Fund		NASDAQ-100^® Fund
Energy Fund		NASDAQ-100^® 2x Strategy Fund
Energy Services Fund		Inverse NASDAQ-100^® Strategy Fund
Financial Services Fund		Russell 2000^® 1.5x Strategy Fund
Health Care Fund		Russell 2000^® 2x Strategy Fund
Internet Fund		Inverse Russell 2000^® Strategy Fund
Leisure Fund		Nova Fund
Precious Metals Fund		S&P 500^® 2x Strategy Fund
Real Estate Fund		Inverse S&P 500^® Strategy Fund
Retailing Fund		S&P 500^® Pure Growth Fund
Technology Fund		S&P 500^® Pure Value Fund
Telecommunications Fund		S&P MidCap 400^® Pure Growth Fund
Transportation Fund		S&P MidCap 400^® Pure Value Fund
Utilities Fund		S&P SmallCap 600^® Pure Growth Fund
		S&P SmallCap 600^® Pure Value Fund
Fixed Income Funds		International Equity Funds
Government Long Bond 1.2x Strategy Fund		Europe 1.25x Strategy Fund
Inverse Government Long Bond Strategy Fund		Japan 2x Strategy Fund
High Yield Strategy Fund
Specialty Funds		Alternatives Funds
Strengthening Dollar 2x Strategy Fund		Rydex Commodities Strategy Fund
Weakening Dollar 2x Strategy Fund		Guggenheim Global Managed Futures Strategy Fund
		Guggenheim Multi-Hedge Strategies Fund
Money Market Fund
U.S. Government Money Market Fund

GuggenheimInvestments.com

RVT-SEMI-0625X1225

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

Distributed by Guggenheim Funds Distributors, LLC.

TABLE OF CONTENTS


Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (SEMI-Annual Financial Report)
BANKING FUND	3
BASIC MATERIALS FUND	8
BIOTECHNOLOGY FUND	13
CONSUMER PRODUCTS FUND	18
ELECTRONICS FUND	23
ENERGY FUND	28
ENERGY SERVICES FUND	33
FINANCIAL SERVICES FUND	38
HEALTH CARE FUND	44
INTERNET FUND	50
LEISURE FUND	55
PRECIOUS METALS FUND	60
REAL ESTATE FUND	65
RETAILING FUND	70
TECHNOLOGY FUND	75
TELECOMMUNICATIONS FUND	81
TRANSPORTATION FUND	86
UTILITIES FUND	91
DOW 2x STRATEGY FUND	96
INVERSE DOW 2x STRATEGY FUND	101
MID-CAP 1.5x STRATEGY FUND	106
INVERSE MID-CAP STRATEGY FUND	115
NASDAQ-100^® FUND	120
NASDAQ-100^® 2x STRATEGY FUND	127
INVERSE NASDAQ-100^® STRATEGY FUND	133
RUSSELL 2000^® 1.5x STRATEGY FUND	138
RUSSELL 2000^® 2x STRATEGY FUND	162
INVERSE RUSSELL 2000^® STRATEGY FUND	167
NOVA FUND	172
S&P 500^® 2x STRATEGY FUND	182
INVERSE S&P 500^® STRATEGY FUND	192
S&P 500^® PURE GROWTH FUND	198
S&P 500^® PURE VALUE FUND	203
S&P MIDCAP 400^® PURE GROWTH FUND	208
S&P MIDCAP 400^® PURE VALUE FUND	213
S&P SMALLCAP 600^® PURE GROWTH FUND	218
S&P SMALLCAP 600^® PURE VALUE FUND	224

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 1

TABLE OF CONTENTS (concluded)

GOVERNMENT LONG BOND 1.2x STRATEGY FUND	230
INVERSE GOVERNMENT LONG BOND STRATEGY FUND	235
HIGH YIELD STRATEGY FUND	241
EUROPE 1.25x STRATEGY FUND	247
JAPAN 2x STRATEGY FUND	253
STRENGTHENING DOLLAR 2x STRATEGY FUND	258
WEAKENING DOLLAR 2x STRATEGY FUND	263
COMMODITIES STRATEGY FUND	268
GLOBAL MANAGED FUTURES STRATEGY FUND	273
MULTI-HEDGE STRATEGIES FUND	280
U.S. GOVERNMENT MONEY MARKET FUND	295
NOTES TO FINANCIAL STATEMENTS	300
OTHER INFORMATION	325
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies	327
Item 9: Proxy Disclosures for Open-End Management Investment Companies	328
Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies	329
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract	330

2 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
BANKING FUND

	Shares		Value
COMMON STOCKS^† - 98.5%

Banks - 90.9%
Citigroup, Inc.		3,136	$	266,936
Wells Fargo & Co.		3,318		265,838
JPMorgan Chase & Co.		913		264,688
Bank of America Corp.		5,482		259,408
PNC Financial Services Group, Inc.		1,082		201,706
U.S. Bancorp		4,299		194,530
NU Holdings Limited/Cayman Islands — Class A*		14,063		192,944
Bank of New York Mellon Corp.		2,049		186,684
Truist Financial Corp.		4,170		179,268
M&T Bank Corp.		678		131,525
State Street Corp.		1,206		128,246
Fifth Third Bancorp		3,005		123,596
Northern Trust Corp.		945		119,817
Huntington Bancshares, Inc.		6,909		115,795
Regions Financial Corp.		4,652		109,415
KeyCorp		5,999		104,503
Citizens Financial Group, Inc.		2,297		102,791
ICICI Bank Ltd. ADR		2,787		93,755
East West Bancorp, Inc.		879		88,761
HDFC Bank Ltd. ADR*		1,132		86,790
Toronto-Dominion Bank		1,079		79,253
First Horizon Corp.		3,667		77,740
Popular, Inc.		689		75,935
Royal Bank of Canada		558		73,405
SouthState Corp.		779		71,691
Barclays plc ADR		3,805		70,735
Webster Financial Corp.		1,293		70,598
Bank of Nova Scotia		1,262		69,751
Western Alliance Bancorporation		873		68,077
Comerica, Inc.		1,104		65,854
Commerce Bancshares, Inc.		1,052		65,403
Zions Bancorp North America		1,259		65,392
Cullen/Frost Bankers, Inc.		503		64,656
UMB Financial Corp.		595		62,570
Synovus Financial Corp.		1,206		62,410
Old National Bancorp		2,864		61,118
Pinnacle Financial Partners, Inc.		553		61,057
Prosperity Bancshares, Inc.		833		58,510
Canadian Imperial Bank of Commerce		805		57,018
Cadence Bank		1,748		55,901
Wintrust Financial Corp.		442		54,799
FNB Corp.		3,674		53,567
UBS Group AG*		1,579		53,402
First Citizens BancShares, Inc. — Class A		27		52,825
Bank OZK		1,118		52,613
HSBC Holdings plc ADR¹		862		52,401
United Bankshares, Inc.		1,425		51,913
Hancock Whitney Corp.		895		51,373
Columbia Banking System, Inc.		2,190		51,202
Bank of Montreal		434		48,013
Valley National Bancorp		5,346		47,740
First Financial Bankshares, Inc.		1,325		47,673
Associated Banc-Corp.		1,915		46,707
Grupo Financiero Galicia S.A. ADR*		925		46,611
Banco Bradesco S.A. ADR		15,073		46,576
Texas Capital Bancshares, Inc.*		561		44,543
Fulton Financial Corp.		2,338		42,178
First Hawaiian, Inc.		1,656		41,334
Cathay General Bancorp		892		40,613
International Bancshares Corp.		608		40,468
Eastern Bankshares, Inc.		2,611		39,870
Bancorp, Inc.*		683		38,910
First Interstate BancSystem, Inc. — Class A		1,334		38,446
CVB Financial Corp.		1,905		37,700
Independent Bank Corp.		584		36,725
Seacoast Banking Corporation of Florida		1,318		36,403
Simmons First National Corp. — Class A		1,863		35,322
First Financial Bancorp		1,422		34,498
Banner Corp.		368		23,607
BOK Financial Corp.		227		22,162
Total Banks				5,864,264

Diversified Financial Services - 4.0%
Capital One Financial Corp.		1,230		261,695

Savings & Loans - 3.6%
Axos Financial, Inc.*		630		47,905
Flagstar Financial, Inc.		4,013		42,538
WSFS Financial Corp.		748		41,140
WaFd, Inc.		1,205		35,282
Pacific Premier Bancorp, Inc.		1,542		32,521
Banc of California, Inc.		2,192		30,797
Total Savings & Loans				230,183

Total Common Stocks
(Cost $4,351,599)				6,356,142

PREFERRED STOCKS^† - 1.0%
Banks - 1.0%
Itau Unibanco Holding S.A.
ADR		9,663		65,612
Total Preferred Stocks
(Cost $49,421)				65,612

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC. issued 06/30/25 at 4.37% due 07/01/25	$	19,592		19,592
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		8,454		8,454
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		8,163		8,163
Total Repurchase Agreements
(Cost $36,209)				36,209

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 3

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
BANKING FUND

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 0.5%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		35,483	$	35,483
Total Securities Lending Collateral
(Cost $35,483)				35,483

Total Investments - 100.6%
(Cost $4,472,712)			$	6,493,446
Other Assets & Liabilities, net - (0.6)%				(41,222	)
Total Net Assets - 100.0%			$	6,452,224

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	6,356,142	$	—	$	—	$	6,356,142
Preferred Stocks		65,612		—		—		65,612
Repurchase Agreements		—		36,209		—		36,209
Securities Lending Collateral		35,483		—		—		35,483
Total Assets	$	6,457,237	$	36,209	$	—	$	6,493,446

4 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

BANKING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $34,650 of securities loaned (cost $4,436,503)	$	6,457,237
Repurchase agreements, at value (cost $36,209)		36,209
Receivables:
Dividends		13,000
Foreign tax reclaims		584
Securities lending income		24
Interest		4
Total assets		6,507,058

Liabilities:
Payable for:
Return of securities lending collateral		35,483
Management fees		3,974
Fund shares redeemed		3,485
Transfer agent fees		2,034
Investor service fees		1,169
Portfolio accounting and administration fees		491
Trustees’ fees*		44
Miscellaneous		8,154
Total liabilities		54,834
Net assets	$	6,452,224

Net assets consist of:
Paid in capital	$	5,186,239
Total distributable earnings (loss)		1,265,985
Net assets	$	6,452,224
Capital shares outstanding		51,697
Net asset value per share	$	124.81

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $1,023)	$	66,355
Interest		608
Income from securities lending, net		236
Total investment income		67,199

Expenses:
Management fees		18,571
Investor service fees		5,462
Transfer agent fees		5,749
Professional fees		5,357
Portfolio accounting and administration fees		3,386
Custodian fees		297
Trustees’ fees*		222
Miscellaneous		1,424
Total expenses		40,468
Less:
Expenses reimbursed by Adviser		(1,092	)
Net expenses		39,376
Net investment income		27,823

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(105,193	)
Net realized loss		(105,193	)
Net change in unrealized appreciation (depreciation) on:
Investments		604,984
Net change in unrealized appreciation (depreciation)		604,984
Net realized and unrealized gain		499,791
Net increase in net assets resulting from operations	$	527,614

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 5

BANKING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	27,823		$	39,311
Net realized gain (loss) on investments		(105,193	)		309,218
Net change in unrealized appreciation (depreciation) on investments		604,984			(15,139	)
Net increase in net assets resulting from operations		527,614			333,390

Distributions to shareholders		—			(62,928	)

Capital share transactions:
Proceeds from sale of shares		4,261,083			4,737,554
Distributions reinvested		—			62,928
Cost of shares redeemed		(1,764,164	)		(5,418,042	)
Net increase (decrease) from capital share transactions		2,496,919			(617,560	)
Net increase (decrease) in net assets		3,024,533			(347,098	)

Net assets:
Beginning of period		3,427,691			3,774,789
End of period	$	6,452,224		$	3,427,691

Capital share activity:
Shares sold		37,373			43,844
Shares issued from reinvestment of distributions		—			596
Shares redeemed		(15,145	)		(53,926	)
Net increase (decrease) in shares		22,228			(9,486	)

6 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

BANKING FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	116.32		$	96.90		$	95.16		$	116.67		$	88.04		$	97.20
Income (loss) from investment operations:
Net investment income (loss)^b		.74			1.54			1.71			1.01			.82			1.18
Net gain (loss) on investments (realized and unrealized)		7.75			20.59			.95			(20.83	)		28.58			(9.63	)
Total from investment operations		8.49			22.13			2.66			(19.82	)		29.40			(8.45	)
Less distributions from:
Net investment income		—			(2.71	)		(.92	)		(1.69	)		(.77	)		(.71	)
Total distributions		—			(2.71	)		(.92	)		(1.69	)		(.77	)		(.71	)
Net asset value, end of period	$	124.81		$	116.32		$	96.90		$	95.16		$	116.67		$	88.04

Total Return^c		7.30	%		23.11	%		2.97	%		(17.02	%)		33.49	%		(8.46	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,452		$	3,428		$	3,775		$	3,650		$	6,907		$	4,234
Ratios to average net assets:
Net investment income (loss)		1.27	%		1.48	%		2.02	%		0.95	%		0.73	%		1.60	%
Total expenses		1.85	%		1.80	%		1.81	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.75	%		1.79	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		36	%		177	%		228	%		375	%		351	%		529	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 7

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
BASIC MATERIALS FUND

	Shares		Value
COMMON STOCKS^† - 100.0%

Chemicals - 32.4%
Linde plc		532	$	249,604
Sherwin-Williams Co.		431		147,988
Ecolab, Inc.		516		139,031
Air Products and Chemicals, Inc.		466		131,440
PPG Industries, Inc.		760		86,450
DuPont de Nemours, Inc.		1,247		85,532
International Flavors & Fragrances, Inc.		965		70,976
Dow, Inc.		2,600		68,848
CF Industries Holdings, Inc.		707		65,044
LyondellBasell Industries N.V. — Class A		1,108		64,109
RPM International, Inc.		560		61,510
Nutrien Ltd.		1,023		59,579
Mosaic Co.		1,606		58,587
Eastman Chemical Co.		643		48,006
Albemarle Corp.		704		44,120
Axalta Coating Systems Ltd.*		1,429		42,427
Celanese Corp. — Class A		742		41,055
Element Solutions, Inc.		1,738		39,366
FMC Corp.		901		37,617
Cabot Corp.		449		33,675
Avient Corp.		852		27,528
Westlake Corp.		356		27,031
Ashland, Inc.		503		25,291
Olin Corp.		1,254		25,193
Balchem Corp.		153		24,357
Innospec, Inc.		277		23,293
Chemours Co.		1,934		22,144
Huntsman Corp.		2,009		20,934
Hawkins, Inc.		123		17,478
Total Chemicals				1,788,213

Mining - 30.9%
Newmont Corp.		2,349		136,853
Freeport-McMoRan, Inc.		3,123		135,382
Barrick Mining Corp.		3,752		78,117
Agnico Eagle Mines Ltd.		605		71,953
Teck Resources Ltd. — Class B		1,658		66,950
Kinross Gold Corp.		4,262		66,615
Wheaton Precious Metals Corp.		703		63,129
Rio Tinto plc ADR		1,077		62,821
BHP Group Ltd. ADR¹		1,231		59,199
Hudbay Minerals, Inc.		5,519		58,557
Franco-Nevada Corp.		356		58,356
Pan American Silver Corp.		2,001		56,828
Royal Gold, Inc.		319		56,731
Alamos Gold, Inc. — Class A		2,090		55,510
B2Gold Corp.		15,143		54,666
Anglogold Ashanti plc		1,196		54,502
First Majestic Silver Corp.		6,564		54,284
IAMGOLD Corp.*		7,295		53,618
Gold Fields Ltd. ADR		2,210		52,311
Southern Copper Corp.		511		51,703
Harmony Gold Mining Company Ltd. ADR		3,685		51,480
Eldorado Gold Corp.*		2,486		50,565
Equinox Gold Corp.*		8,239		47,374
Alcoa Corp.		1,598		47,157
MP Materials Corp.*^,1		1,171		38,959
Coeur Mining, Inc.*		4,205		37,256
Hecla Mining Co.		5,270		31,567
SSR Mining, Inc.*		2,108		26,856
Century Aluminum Co.*		878		15,822
Kaiser Aluminum Corp.		94		7,511
Total Mining				1,702,632

Packaging & Containers - 10.2%
Amcor plc		7,896		72,564
Packaging Corporation of America		362		68,219
Ball Corp.		1,191		66,803
Smurfit WestRock plc		1,535		66,235
Crown Holdings, Inc.		569		58,596
AptarGroup, Inc.		345		53,968
Graphic Packaging Holding Co.		1,992		41,972
Silgan Holdings, Inc.		675		36,572
Sealed Air Corp.		1,137		35,281
Sonoco Products Co.		781		34,020
O-I Glass, Inc.*		1,792		26,414
Total Packaging & Containers				560,644

Iron & Steel - 10.1%
Nucor Corp.		740		95,860
Vale S.A. ADR		7,531		73,126
Steel Dynamics, Inc.		544		69,637
Carpenter Technology Corp.		236		65,226
Reliance, Inc.		195		61,210
ATI, Inc.*		693		59,834
ArcelorMittal S.A.		1,802		56,907
Commercial Metals Co.		806		39,421
Cleveland-Cliffs, Inc.*		4,413		33,539
Total Iron & Steel				554,760

Building Materials - 9.2%
CRH plc*		1,424		130,723
Vulcan Materials Co.		373		97,286
Martin Marietta Materials, Inc.		175		96,068
Cemex SAB de CV ADR		7,991		55,378
Eagle Materials, Inc.		213		43,049
Louisiana-Pacific Corp.		443		38,094
Knife River Corp.*		431		35,187
Aspen Aerogels, Inc.*		1,897		11,230
Total Building Materials				507,015

Biotechnology - 2.2%
Corteva, Inc.		1,637		122,006

Forest Products & Paper - 1.5%
International Paper Co.		1,789		83,779

Coal - 1.3%
Core Natural Resources, Inc.		445		31,035
Warrior Met Coal, Inc.		563		25,802
Alpha Metallurgical Resources, Inc.*		123		13,835
Total Coal				70,672

8 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
BASIC MATERIALS FUND

	Shares		Value
Household Products & Housewares - 1.2%
Avery Dennison Corp.		352	$	61,765

Housewares - 0.5%
Scotts Miracle-Gro Co. — Class A		436		28,758

Environmental Control - 0.5%
PureCycle Technologies, Inc.*		1,935		26,509

Total Common Stocks
(Cost $2,647,549)				5,506,753

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	19,223		19,223
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		8,295		8,295
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		8,009		8,009
Total Repurchase Agreements
(Cost $35,527)				35,527

SECURITIES LENDING COLLATERAL^†,3 - 1.0%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		56,879	$	56,879
Total Securities Lending Collateral
(Cost $56,879)				56,879

Total Investments - 101.6%
(Cost $2,739,955)			$	5,599,159
Other Assets & Liabilities, net - (1.6)%				(85,519	)
Total Net Assets - 100.0%			$	5,513,640

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,506,753	$	—	$	—	$	5,506,753
Repurchase Agreements		—		35,527		—		35,527
Securities Lending Collateral		56,879		—		—		56,879
Total Assets	$	5,563,632	$	35,527	$	—	$	5,599,159

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 9

BASIC MATERIALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $55,217 of securities loaned (cost $2,704,428)	$	5,563,632
Repurchase agreements, at value (cost $35,527)		35,527
Cash		125
Receivables:
Dividends		4,150
Fund shares sold		748
Securities lending income		53
Interest		4
Total assets		5,604,239

Liabilities:
Payable for:
Return of securities lending collateral		56,879
Fund shares redeemed		14,767
Management fees		3,722
Transfer agent fees		2,572
Investor service fees		1,095
Portfolio accounting and administration fees		460
Trustees’ fees*		60
Miscellaneous		11,044
Total liabilities		90,599
Net assets	$	5,513,640

Net assets consist of:
Paid in capital	$	2,374,173
Total distributable earnings (loss)		3,139,467
Net assets	$	5,513,640
Capital shares outstanding		51,056
Net asset value per share	$	107.99

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $1,202)	$	59,121
Interest		935
Income from securities lending, net		311
Total investment income		60,367

Expenses:
Management fees		24,850
Investor service fees		7,309
Transfer agent fees		8,229
Professional fees		5,481
Portfolio accounting and administration fees		4,531
Custodian fees		413
Trustees’ fees*		388
Line of credit fees		55
Miscellaneous		2,820
Total expenses		54,076
Less:
Expenses reimbursed by Adviser		(1,462	)
Net expenses		52,614
Net investment income		7,753

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		375,473
Net realized gain		375,473
Net change in unrealized appreciation (depreciation) on:
Investments		155,881
Net change in unrealized appreciation (depreciation)		155,881
Net realized and unrealized gain		531,354
Net increase in net assets resulting from operations	$	539,107

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

10 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

BASIC MATERIALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	7,753		$	19,624
Net realized gain on investments		375,473			751,953
Net change in unrealized appreciation (depreciation) on investments		155,881			(858,274	)
Net increase (decrease) in net assets resulting from operations		539,107			(86,697	)

Distributions to shareholders		—			(64,199	)

Capital share transactions:
Proceeds from sale of shares		2,065,247			6,002,036
Distributions reinvested		—			64,199
Cost of shares redeemed		(3,128,577	)		(7,074,068	)
Net decrease from capital share transactions		(1,063,330	)		(1,007,833	)
Net decrease in net assets		(524,223	)		(1,158,729	)

Net assets:
Beginning of period		6,037,863			7,196,592
End of period	$	5,513,640		$	6,037,863

Capital share activity:
Shares sold		19,602			58,286
Shares issued from reinvestment of distributions		—			612
Shares redeemed		(30,054	)		(68,251	)
Net decrease in shares		(10,452	)		(9,353	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 11

BASIC MATERIALS FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	98.16		$	101.56		$	93.20		$	105.96		$	89.05		$	75.99
Income (loss) from investment operations:
Net investment income (loss)^b		.14			.29			.49			.67			.34			.22
Net gain (loss) on investments (realized and unrealized)		9.69			(2.75	)		7.87			(11.01	)		19.78			14.43
Total from investment operations		9.83			(2.46	)		8.36			(10.34	)		20.12			14.65
Less distributions from:
Net investment income		—			(.94	)		—			(.56	)		(.59	)		(.97	)
Net realized gains		—			—			—			(1.86	)		(2.62	)		(.62	)
Total distributions		—			(.94	)		—			(2.42	)		(3.21	)		(1.59	)
Net asset value, end of period	$	107.99		$	98.16		$	101.56		$	93.20		$	105.96		$	89.05

Total Return^c		10.01	%		(2.47	%)		8.97	%		(9.65	%)		22.94	%		19.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,514		$	6,038		$	7,197		$	7,995		$	9,249		$	8,273
Ratios to average net assets:
Net investment income (loss)		0.27	%		0.28	%		0.51	%		0.68	%		0.33	%		0.31	%
Total expenses		1.85	%		1.78	%		1.80	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.73	%		1.79	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		40	%		100	%		141	%		185	%		149	%		194	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

12 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
BIOTECHNOLOGY FUND

	Shares		Value
COMMON STOCKS^† - 99.6%

Biotechnology - 75.9%
Amgen, Inc.		1,456	$	406,530
Gilead Sciences, Inc.		3,628		402,236
Vertex Pharmaceuticals, Inc.*		807		359,276
Regeneron Pharmaceuticals, Inc.		607		318,675
Corteva, Inc.		4,161		310,119
Alnylam Pharmaceuticals, Inc.*		875		285,329
Insmed, Inc.*		1,851		186,285
Royalty Pharma plc — Class A		5,114		184,257
BeOne Medicines Ltd. ADR*		754		182,521
Biogen, Inc.*		1,426		179,091
Illumina, Inc.*		1,788		170,593
United Therapeutics Corp.*		530		152,295
Exelixis, Inc.*		3,390		149,414
Incyte Corp.*		2,058		140,150
BioMarin Pharmaceutical, Inc.*		2,462		135,336
Moderna, Inc.*		4,845		133,674
Blueprint Medicines Corp.*		957		122,668
Bridgebio Pharma, Inc.*		2,776		119,868
CRISPR Therapeutics AG*^,1		2,362		114,888
Ionis Pharmaceuticals, Inc.*		2,820		111,418
Argenx SE ADR*		202		111,346
Guardant Health, Inc.*		2,124		110,533
Halozyme Therapeutics, Inc.*		2,035		105,861
BioNTech SE ADR*^,1		983		104,660
Legend Biotech Corp. ADR*		2,898		102,850
Revolution Medicines, Inc.*		2,771		101,945
TG Therapeutics, Inc.*		2,642		95,086
Roivant Sciences Ltd.*		8,021		90,397
Akero Therapeutics, Inc.*		1,599		85,323
Cytokinetics, Inc.*		2,511		82,963
PTC Therapeutics, Inc.*		1,686		82,344
ADMA Biologics, Inc.*		4,486		81,690
SpringWorks Therapeutics, Inc.*		1,692		79,507
Avidity Biosciences, Inc.*		2,570		72,988
Ultragenyx Pharmaceutical, Inc.*		1,959		71,229
Axsome Therapeutics, Inc.*		682		71,194
ACADIA Pharmaceuticals, Inc.*		3,236		69,801
Viking Therapeutics, Inc.*		2,620		69,430
Veracyte, Inc.*		2,353		63,602
Krystal Biotech, Inc.*		439		60,345
Nuvalent, Inc. — Class A*		779		59,438
Recursion Pharmaceuticals, Inc. — Class A*^,1		11,617		58,782
Arrowhead Pharmaceuticals, Inc.*		3,701		58,476
Crinetics Pharmaceuticals, Inc.*		1,997		57,434
Summit Therapeutics, Inc.*^,1		2,659		56,584
Apellis Pharmaceuticals, Inc.*		3,250		56,257
Ideaya Biosciences, Inc.*		2,619		55,051
Amicus Therapeutics, Inc.*		9,593		54,968
Beam Therapeutics, Inc.*		3,159		53,735
Denali Therapeutics, Inc.*		3,717		52,001
Celldex Therapeutics, Inc.*		2,487		50,610
Arcellx, Inc.*		768		50,573
Immunovant, Inc.*		2,827		45,232
Dynavax Technologies Corp.*		4,555		45,186
Intellia Therapeutics, Inc.*		4,717		44,245
Novavax, Inc.*^,1		6,226		39,224
Sarepta Therapeutics, Inc.*		2,146		36,697
Dyne Therapeutics, Inc.*		3,541		33,710
Geron Corp.*		13,571		19,135
Iovance Biotherapeutics, Inc.*^,1		10,671		18,354
Total Biotechnology				6,823,409

Pharmaceuticals - 18.1%
AbbVie, Inc.		3,284		609,576
AstraZeneca plc ADR		2,700		188,676
Neurocrine Biosciences, Inc.*		1,195		150,199
Viatris, Inc.		15,337		136,959
Jazz Pharmaceuticals plc*		1,173		124,479
Alkermes plc*		3,447		98,619
Vaxcyte, Inc.*		2,565		83,388
Protagonist Therapeutics, Inc.*		1,407		77,765
Agios Pharmaceuticals, Inc.*		1,703		56,642
Ascendis Pharma A/S ADR*		301		51,953
Madrigal Pharmaceuticals, Inc.*		167		50,541
Total Pharmaceuticals				1,628,797

Healthcare-Products - 4.5%
Natera, Inc.*		1,220		206,107
Exact Sciences Corp.*		2,549		135,454
Twist Bioscience Corp.*		1,784		65,633
Total Healthcare-Products				407,194

Healthcare-Services - 1.1%
Medpace Holdings, Inc.*		305		95,727

Total Common Stocks
(Cost $4,834,270)				8,955,127

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	40,170		40,170
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		17,333		17,333
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		16,737		16,737
Total Repurchase Agreements
(Cost $74,240)				74,240

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 13

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
BIOTECHNOLOGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 3.3%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		298,290	$	298,290
Total Securities Lending Collateral
(Cost $298,290)				298,290

Total Investments - 103.7%
(Cost $5,206,800)			$	9,327,657
Other Assets & Liabilities, net - (3.7)%				(330,982	)
Total Net Assets - 100.0%			$	8,996,675

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	8,955,127	$	—	$	—	$	8,955,127
Repurchase Agreements		—		74,240		—		74,240
Securities Lending Collateral		298,290		—		—		298,290
Total Assets	$	9,253,417	$	74,240	$	—	$	9,327,657

14 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

BIOTECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $293,918 of securities loaned (cost $5,132,560)	$	9,253,417
Repurchase agreements, at value (cost $74,240)		74,240
Receivables:
Foreign tax reclaims		475
Securities lending income		272
Interest		9
Total assets		9,328,413

Liabilities:
Payable for:
Return of securities lending collateral		298,290
Management fees		6,159
Transfer agent fees		4,394
Investor service fees		1,811
Fund shares redeemed		1,342
Portfolio accounting and administration fees		761
Trustees’ fees*		103
Miscellaneous		18,878
Total liabilities		331,738
Net assets	$	8,996,675

Net assets consist of:
Paid in capital	$	5,091,149
Total distributable earnings (loss)		3,905,526
Net assets	$	8,996,675
Capital shares outstanding		122,314
Net asset value per share	$	73.55

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $96)	$	40,536
Interest		1,687
Income from securities lending, net		717
Total investment income		42,940

Expenses:
Management fees		44,468
Investor service fees		13,079
Transfer agent fees		14,614
Portfolio accounting and administration fees		8,109
Professional fees		7,593
Custodian fees		734
Trustees’ fees*		672
Miscellaneous		7,414
Total expenses		96,683
Less:
Expenses reimbursed by Adviser		(2,616	)
Net expenses		94,067
Net investment loss		(51,127	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		870,392
Net realized gain		870,392
Net change in unrealized appreciation (depreciation) on:
Investments		(847,725	)
Net change in unrealized appreciation (depreciation)		(847,725	)
Net realized and unrealized gain		22,667
Net decrease in net assets resulting from operations	$	(28,460	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 15

BIOTECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(51,127	)	$	(96,553	)
Net realized gain on investments		870,392			1,041,013
Net change in unrealized appreciation (depreciation) on investments		(847,725	)		(1,186,931	)
Net decrease in net assets resulting from operations		(28,460	)		(242,471	)

Distributions to shareholders		—			(957,725	)

Capital share transactions:
Proceeds from sale of shares		49,475,452			97,129,737
Distributions reinvested		—			957,725
Cost of shares redeemed		(50,417,688	)		(99,129,808	)
Net decrease from capital share transactions		(942,236	)		(1,042,346	)
Net decrease in net assets		(970,696	)		(2,242,542	)

Net assets:
Beginning of period		9,967,371			12,209,913
End of period	$	8,996,675		$	9,967,371

Capital share activity:
Shares sold		638,756			1,203,256
Shares issued from reinvestment of distributions		—			11,803
Shares redeemed		(649,634	)		(1,229,202	)
Net decrease in shares		(10,878	)		(14,143	)

16 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

BIOTECHNOLOGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	74.83		$	82.87		$	79.37		$	99.09		$	107.01		$	94.84
Income (loss) from investment operations:
Net investment income (loss)^b		(.36	)		(.67	)		(.58	)		(.57	)		(1.04	)		(.91	)
Net gain (loss) on investments (realized and unrealized)		(.92	)^f		.09	^e		4.90			(12.71	)		3.01			20.68
Total from investment operations		(1.28	)		(.58	)		4.32			(13.28	)		1.97			19.77
Less distributions from:
Net realized gains		—			(7.46	)		(.82	)		(6.44	)		(9.89	)		(7.60	)
Total distributions		—			(7.46	)		(.82	)		(6.44	)		(9.89	)		(7.60	)
Net asset value, end of period	$	73.55		$	74.83		$	82.87		$	79.37		$	99.09		$	107.01

Total Return^c		(1.71	%)		(1.40	%)		5.53	%		(13.31	%)		1.42	%		21.31	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,997		$	9,967		$	12,210		$	16,531		$	22,626		$	24,622
Ratios to average net assets:
Net investment income (loss)		(0.98	%)		(0.82	%)		(0.75	%)		(0.70	%)		(0.98	%)		(0.94	%)
Total expenses		1.85	%		1.79	%		1.80	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.74	%		1.78	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		528	%		893	%		74	%		116	%		118	%		160	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	The amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
^f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
CONSUMER PRODUCTS FUND

	Shares		Value
COMMON STOCKS^† - 99.3%

Food - 32.5%
Mondelez International, Inc. — Class A		2,696	$	181,818
Kroger Co.		1,898		136,144
Sysco Corp.		1,565		118,533
Hershey Co.		671		111,353
General Mills, Inc.		1,960		101,548
Kellanova		1,162		92,414
Kraft Heinz Co.		3,492		90,163
McCormick & Company, Inc.		1,165		88,330
Tyson Foods, Inc. — Class A		1,563		87,434
US Foods Holding Corp.*		1,073		82,632
Sprouts Farmers Market, Inc.*		495		81,497
Performance Food Group Co.*		820		71,725
J M Smucker Co.		635		62,357
Conagra Brands, Inc.		2,893		59,220
Hormel Foods Corp.		1,898		57,415
Ingredion, Inc.		411		55,740
Albertsons Companies, Inc. — Class A		2,453		52,764
Lamb Weston Holdings, Inc.		977		50,657
The Campbell’s Co.		1,517		46,496
Post Holdings, Inc.*		406		44,266
Cal-Maine Foods, Inc.		440		43,837
Flowers Foods, Inc.		2,151		34,373
Simply Good Foods Co.*		1,032		32,601
Pilgrim’s Pride Corp.		590		26,538
Grocery Outlet Holding Corp.*		1,650		20,493
Marzetti Co		109		18,832
Total Food				1,849,180

Beverages - 25.5%
Coca-Cola Co.		4,137		292,693
PepsiCo, Inc.		1,839		242,822
Keurig Dr Pepper, Inc.		3,880		128,273
Monster Beverage Corp.*		2,041		127,848
Coca-Cola Europacific Partners plc		1,088		100,879
Constellation Brands, Inc. — Class A		565		91,914
Brown-Forman Corp. — Class B		2,581		69,455
Anheuser-Busch InBev S.A. ADR¹		943		64,803
Celsius Holdings, Inc.*		1,307		60,632
Diageo plc ADR		578		58,285
Fomento Economico Mexicano SAB de CV ADR		549		56,536
Molson Coors Beverage Co. — Class B		1,168		56,169
Primo Brands Corp. — Class A		1,839		54,471
Coca-Cola Consolidated, Inc.		427		47,675
Total Beverages				1,452,455

Cosmetics & Personal Care - 16.6%
Procter & Gamble Co.		2,241		357,036
Colgate-Palmolive Co.		1,831		166,438
Kenvue, Inc.		5,762		120,599
Estee Lauder Companies, Inc. — Class A		1,315		106,252
Unilever plc ADR		1,059		64,779
Haleon plc ADR		5,752		59,648
elf Beauty, Inc.*		394		49,029
Inter Parfums, Inc.		132		17,333
Total Cosmetics & Personal Care				941,114

Agriculture - 14.5%
Philip Morris International, Inc.		1,724		313,992
Altria Group, Inc.		3,312		194,183
Archer-Daniels-Midland Co.		1,911		100,863
British American Tobacco plc ADR		1,581		74,829
Bunge Global S.A.		812		65,187
Darling Ingredients, Inc.*		1,308		49,625
Vital Farms, Inc.*		625		24,075
Total Agriculture				822,754

Household Products & Housewares - 6.3%
Kimberly-Clark Corp.		975		125,697
Church & Dwight Company, Inc.		978		93,995
Clorox Co.		607		72,882
WD-40 Co.		99		22,581
Spectrum Brands Holdings, Inc.		411		21,783
Reynolds Consumer Products, Inc.		980		20,992
Total Household Products & Housewares				357,930

Retail - 2.0%
Casey’s General Stores, Inc.		159		81,133
Freshpet, Inc.*		483		32,825
Total Retail				113,958

Internet - 1.0%
Maplebear, Inc.*		1,288		58,269

Pharmaceuticals - 0.9%
BellRing Brands, Inc.*		907		52,542

Total Common Stocks
(Cost $2,607,410)				5,648,202

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Chase Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	20,812		20,812
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		8,980		8,980
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		8,672		8,672
Total Repurchase Agreements
(Cost $38,464)				38,464

18 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
CONSUMER PRODUCTS FUND

	Shares		Value
SECURITIES LENDING COLLATERAL^†,3 - 0.9%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		49,490	$	49,490
Total Securities Lending Collateral
(Cost $49,490)				49,490

Total Investments - 100.9%
(Cost $2,695,364)			$	5,736,156
Other Assets & Liabilities, net - (0.9)%				(49,093	)
Total Net Assets - 100.0%			$	5,687,063

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,648,202	$	—	$	—	$	5,648,202
Repurchase Agreements		—		38,464		—		38,464
Securities Lending Collateral		49,490		—		—		49,490
Total Assets	$	5,697,692	$	38,464	$	—	$	5,736,156

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 19

CONSUMER PRODUCTS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $48,585 of securities loaned (cost $2,656,900)	$	5,697,692
Repurchase agreements, at value (cost $38,464)		38,464
Receivables:
Dividends		12,953
Fund shares sold		7,637
Securities lending income		14
Interest		5
Total assets		5,756,765

Liabilities:
Payable for:
Return of securities lending collateral		49,490
Management fees		3,877
Transfer agent fees		2,610
Investor service fees		1,140
Fund shares redeemed		1,058
Portfolio accounting and administration fees		479
Trustees’ fees*		60
Miscellaneous		10,988
Total liabilities		69,702
Net assets	$	5,687,063

Net assets consist of:
Paid in capital	$	2,198,089
Total distributable earnings (loss)		3,488,974
Net assets	$	5,687,063
Capital shares outstanding		78,784
Net asset value per share	$	72.19

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends	$	85,351
Interest		731
Income from securities lending, net		86
Total investment income		86,168

Expenses:
Management fees		24,386
Investor service fees		7,172
Transfer agent fees		8,039
Professional fees		5,522
Portfolio accounting and administration fees		4,447
Custodian fees		406
Trustees’ fees*		378
Line of credit fees		5
Miscellaneous		2,684
Total expenses		53,039
Less:
Expenses reimbursed by Adviser		(1,435	)
Net expenses		51,604
Net investment income		34,564

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		278,103
Net realized gain		278,103
Net change in unrealized appreciation (depreciation) on:
Investments		(167,648	)
Net change in unrealized appreciation (depreciation)		(167,648	)
Net realized and unrealized gain		110,455
Net increase in net assets resulting from operations	$	145,019

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

20 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

CONSUMER PRODUCTS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	34,564		$	81,209
Net realized gain on investments		278,103			1,460,699
Net change in unrealized appreciation (depreciation) on investments		(167,648	)		(1,288,294	)
Net increase in net assets resulting from operations		145,019			253,614

Distributions to shareholders		—			(101,574	)

Capital share transactions:
Proceeds from sale of shares		1,152,125			41,746,626
Distributions reinvested		—			101,574
Cost of shares redeemed		(1,594,844	)		(44,593,098	)
Net decrease from capital share transactions		(442,719	)		(2,744,898	)
Net decrease in net assets		(297,700	)		(2,592,858	)

Net assets:
Beginning of period		5,984,763			8,577,621
End of period	$	5,687,063		$	5,984,763

Capital share activity:
Shares sold		15,941			582,865
Shares issued from reinvestment of distributions		—			1,439
Shares redeemed		(22,310	)		(624,659	)
Net decrease in shares		(6,369	)		(40,355	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 21

CONSUMER PRODUCTS FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	70.28		$	68.34		$	71.96		$	77.68		$	70.88		$	67.43
Income (loss) from investment operations:
Net investment income (loss)^b		.43			.75			.65			.81			.50			.51
Net gain (loss) on investments (realized and unrealized)		1.48			2.27			(2.99	)		(1.66	)		7.00			4.44
Total from investment operations		1.91			3.02			(2.34	)		(.85	)		7.50			4.95
Less distributions from:
Net investment income		—			(1.08	)		(.93	)		(.54	)		(.64	)		(.59	)
Net realized gains		—			—			(.35	)		(4.33	)		(.06	)		(.91	)
Total distributions		—			(1.08	)		(1.28	)		(4.87	)		(.70	)		(1.50	)
Net asset value, end of period	$	72.19		$	70.28		$	68.34		$	71.96		$	77.68		$	70.88

Total Return^c		2.72	%		4.42	%		(3.30	%)		(0.91	%)		10.62	%		7.58	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,687		$	5,985		$	8,578		$	12,833		$	15,675		$	15,787
Ratios to average net assets:
Net investment income (loss)		1.20	%		1.05	%		0.92	%		1.10	%		0.68	%		0.79	%
Total expenses		1.85	%		1.78	%		1.80	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.73	%		1.79	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		24	%		558	%		126	%		149	%		162	%		155	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

22 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
ELECTRONICS FUND

	Shares		Value
COMMON STOCKS^† - 98.8%

Semiconductors - 91.9%
NVIDIA Corp.		13,997	$	2,211,386
Broadcom, Inc.		4,682		1,290,593
Advanced Micro Devices, Inc.*		4,044		573,844
Texas Instruments, Inc.		2,351		488,115
QUALCOMM, Inc.		2,893		460,739
Applied Materials, Inc.		2,350		430,215
Micron Technology, Inc.		3,431		422,871
Lam Research Corp.		4,105		399,581
KLA Corp.		428		383,377
Analog Devices, Inc.		1,608		382,736
Intel Corp.*		15,148		339,315
Marvell Technology, Inc.		3,839		297,139
Microchip Technology, Inc.		3,097		217,936
Taiwan Semiconductor Manufacturing Company Ltd. ADR		943		213,580
NXP Semiconductor N.V.		939		205,162
Monolithic Power Systems, Inc.		280		204,786
ASML Holding N.V. — Class G		237		189,929
ARM Holdings plc ADR*		1,142		184,707
ON Semiconductor Corp.*		3,056		160,165
Teradyne, Inc.		1,511		135,869
STMicroelectronics N.V. — Class Y¹		4,141		125,928
Entegris, Inc.		1,513		122,023
ASE Technology Holding Company Ltd. ADR		11,629		120,128
Skyworks Solutions, Inc.		1,591		118,561
Astera Labs, Inc.*		1,305		117,998
Kulicke & Soffa Industries, Inc.		3,360		116,256
United Microelectronics Corp. ADR¹		14,808		113,281
MACOM Technology Solutions Holdings, Inc.*		772		110,620
Nova Ltd.*		401		110,355
Qorvo, Inc.*		1,174		99,684
Rambus, Inc.*		1,459		93,405
MKS, Inc.		925		91,908
Lattice Semiconductor Corp.*		1,823		89,309
Cirrus Logic, Inc.*		777		81,006
Onto Innovation, Inc.*		772		77,918
Silicon Laboratories, Inc.*		515		75,890
Allegro MicroSystems, Inc.*		2,213		75,662
Semtech Corp.*		1,588		71,682
GLOBALFOUNDRIES, Inc.*		1,818		69,448
Ambarella, Inc.*^,1		951		62,828
Impinj, Inc.*		544		60,422
Power Integrations, Inc.		1,073		59,981
FormFactor, Inc.*		1,655		56,949
Synaptics, Inc.*		851		55,162
Amkor Technology, Inc.		2,619		54,973
Diodes, Inc.*		1,037		54,847
Axcelis Technologies, Inc.*		749		52,198
SiTime Corp.*		238		50,713
ACM Research, Inc. — Class A*		1,606		41,595
MaxLinear, Inc. — Class A*		2,764		39,276
Veeco Instruments, Inc.*		1,807		36,718
Penguin Solutions, Inc.*		1,747		34,608
Wolfspeed, Inc.*^,1		7,717		3,078
Total Semiconductors				11,736,455

Energy-Alternate Sources - 3.5%
First Solar, Inc.*		865		143,192
Canadian Solar, Inc.*^,1		10,591		116,925
SolarEdge Technologies, Inc.*^,1		5,682		115,913
Enphase Energy, Inc.*		1,883		74,661
Total Energy-Alternate Sources				450,691

Telecommunications - 1.1%
Credo Technology Group Holding Ltd.*		1,499		138,792

Electronics - 1.1%
Camtek Ltd.*^,1		1,575		133,182

Electrical Components & Equipment - 0.7%
Universal Display Corp.		579		89,432

Computers - 0.5%
Rigetti Computing, Inc.*^,1		5,502		65,254

Total Common Stocks
(Cost $3,715,592)				12,613,806

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	55,775		55,775
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		24,067		24,067
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		23,240		23,240
Total Repurchase Agreements
(Cost $103,082)				103,082

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 4.1%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		529,680		529,680
Total Securities Lending Collateral
(Cost $529,680)				529,680

Total Investments - 103.7%
(Cost $4,348,354)			$	13,246,568
Other Assets & Liabilities, net - (3.7)%				(469,932	)
Total Net Assets - 100.0%			$	12,776,636

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 23

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
ELECTRONICS FUND

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	12,613,806	$	—	$	—	$	12,613,806
Repurchase Agreements		—		103,082		—		103,082
Securities Lending Collateral		529,680		—		—		529,680
Total Assets	$	13,143,486	$	103,082	$	—	$	13,246,568

24 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

ELECTRONICS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $515,346 of securities loaned (cost $4,245,272)	$	13,143,486
Repurchase agreements, at value (cost $103,082)		103,082
Receivables:
Fund shares sold		104,839
Dividends		9,343
Securities lending income		3,518
Interest		13
Total assets		13,364,281

Liabilities:
Payable for:
Return of securities lending collateral		529,680
Transfer agent fees		8,006
Management fees		7,934
Investor service fees		2,333
Portfolio accounting and administration fees		980
Fund shares redeemed		308
Trustees’ fees*		209
Miscellaneous		38,195
Total liabilities		587,645
Net assets	$	12,776,636

Net assets consist of:
Paid in capital	$	2,793,078
Total distributable earnings (loss)		9,983,558
Net assets	$	12,776,636
Capital shares outstanding		49,679
Net asset value per share	$	257.18

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $678)	$	74,498
Interest		3,415
Income from securities lending, net		10,622
Total investment income		88,535

Expenses:
Management fees		82,410
Investor service fees		24,238
Transfer agent fees		29,882
Portfolio accounting and administration fees		15,027
Professional fees		12,718
Printing expenses		9,158
Trustees’ fees*		1,753
Custodian fees		1,433
Line of credit fees		36
Miscellaneous		2,102
Total expenses		178,757
Less:
Expenses reimbursed by Adviser		(4,848	)
Net expenses		173,909
Net investment loss		(85,374	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,042,346
Net realized gain		2,042,346
Net change in unrealized appreciation (depreciation) on:
Investments		(5,269,560	)
Net change in unrealized appreciation (depreciation)		(5,269,560	)
Net realized and unrealized loss		(3,227,214	)
Net decrease in net assets resulting from operations	$	(3,312,588	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 25

ELECTRONICS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(85,374	)	$	(300,801	)
Net realized gain on investments		2,042,346			6,547,055
Net change in unrealized appreciation (depreciation) on investments		(5,269,560	)		(398,798	)
Net increase (decrease) in net assets resulting from operations		(3,312,588	)		5,847,456

Distributions to shareholders		—			(459,070	)

Capital share transactions:
Proceeds from sale of shares		2,866,540			14,157,280
Distributions reinvested		—			459,070
Cost of shares redeemed		(15,684,038	)		(26,449,667	)
Net decrease from capital share transactions		(12,817,498	)		(11,833,317	)
Net decrease in net assets		(16,130,086	)		(6,444,931	)

Net assets:
Beginning of period		28,906,722			35,351,653
End of period	$	12,776,636		$	28,906,722

Capital share activity:
Shares sold		12,148			59,399
Shares issued from reinvestment of distributions		—			1,776
Shares redeemed		(85,811	)		(110,795	)
Net decrease in shares		(73,663	)		(49,620	)

26 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

ELECTRONICS FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	234.36		$	204.39		$	135.09		$	210.77		$	162.39		$	105.84
Income (loss) from investment operations:
Net investment income (loss)^b		(.98	)		(2.01	)		(1.04	)		(.99	)		(1.50	)		(.73	)
Net gain (loss) on investments (realized and unrealized)		23.80	^e		35.29			74.72			(67.42	)		60.92			59.27
Total from investment operations		22.82			33.28			73.68			(68.41	)		59.42			58.54
Less distributions from:
Net realized gains		—			(3.31	)		(4.38	)		(7.27	)		(11.04	)		(1.99	)
Total distributions		—			(3.31	)		(4.38	)		(7.27	)		(11.04	)		(1.99	)
Net asset value, end of period	$	257.18		$	234.36		$	204.39		$	135.09		$	210.77		$	162.39

Total Return^c		9.74	%		16.13	%		54.75	%		(32.70	%)		38.25	%		55.96	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12,777		$	28,907		$	35,352		$	10,807		$	16,564		$	12,151
Ratios to average net assets:
Net investment income (loss)		(0.88	%)		(0.85	%)		(0.60	%)		(0.62	%)		(0.82	%)		(0.62	%)
Total expenses		1.84	%		1.78	%		1.81	%		1.77	%		1.70	%		1.82	%
Net expenses^d		1.79	%		1.73	%		1.78	%		1.77	%		1.70	%		1.82	%
Portfolio turnover rate		17	%		52	%		70	%		115	%		197	%		158	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 27

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
ENERGY FUND

	Shares		Value
COMMON STOCKS^† - 99.5%

Oil & Gas - 62.1%
Exxon Mobil Corp.		6,535	$	704,473
Chevron Corp.		3,507		502,167
ConocoPhillips		3,807		341,640
EOG Resources, Inc.		2,221		265,654
Marathon Petroleum Corp.		1,425		236,707
Phillips 66		1,905		227,266
Valero Energy Corp.		1,607		216,013
Hess Corp.		1,480		205,039
Equities Corp.		3,431		200,096
Occidental Petroleum Corp.		4,199		176,400
Expand Energy Corp.		1,482		173,305
Diamondback Energy, Inc.		1,178		161,857
BP plc ADR		5,237		156,743
Shell plc ADR		2,072		145,889
Devon Energy Corp.		4,531		144,131
Coterra Energy, Inc. — Class A		5,557		141,037
Canadian Natural Resources Ltd.		4,167		130,844
Petroleo Brasileiro S.A. ADR		10,167		127,189
Suncor Energy, Inc.		3,184		119,241
Antero Resources Corp.*		2,827		113,872
Viper Energy, Inc.		2,775		105,811
Cenovus Energy, Inc.		7,719		104,978
Range Resources Corp.		2,534		103,058
Permian Resources Corp.		7,433		101,237
Ovintiv, Inc.		2,635		100,262
HF Sinclair Corp.		2,136		87,747
Equinor ASA ADR¹		3,421		86,004
APA Corp.		4,430		81,025
Matador Resources Co.		1,602		76,447
Chord Energy Corp.		780		75,543
CNX Resources Corp.*		2,170		73,086
Texas Pacific Land Corp.		63		66,553
Magnolia Oil & Gas Corp. — Class A		2,954		66,406
California Resources Corp.		1,377		62,888
Weatherford International plc		1,217		61,227
Transocean Ltd.*		22,427		58,086
Noble Corporation plc		2,174		57,720
Murphy Oil Corp.		2,448		55,080
SM Energy Co.		2,142		52,929
Northern Oil & Gas, Inc.		1,846		52,334
Comstock Resources, Inc.*		1,821		50,387
Civitas Resources, Inc.		1,811		49,839
Valaris Ltd.*		1,177		49,563
Patterson-UTI Energy, Inc.		8,085		47,944
PBF Energy, Inc. — Class A		2,100		45,507
Crescent Energy Co. — Class A		4,624		39,766
Helmerich & Payne, Inc.		2,293		34,762
Vital Energy, Inc.*^,1		1,287		20,708
Total Oil & Gas				6,356,460

Pipelines - 18.3%
Williams Companies, Inc.		4,724		296,714
Kinder Morgan, Inc.		8,797		258,632
Cheniere Energy, Inc.		999		243,276
ONEOK, Inc.		2,876		234,768
Targa Resources Corp.		1,185		206,285
Enbridge, Inc.		2,996		135,779
DT Midstream, Inc.		1,031		113,317
Golar LNG Ltd.		2,468		101,657
TC Energy Corp.		2,078		101,385
Antero Midstream Corp.		4,494		85,161
Pembina Pipeline Corp.		1,964		73,670
New Fortress Energy, Inc.*^,1		7,652		25,405
Total Pipelines				1,876,049

Oil & Gas Services - 8.6%
Schlumberger N.V.		6,500		219,700
Baker Hughes Co.		5,331		204,390
Halliburton Co.		6,255		127,477
TechnipFMC plc		3,022		104,078
ChampionX Corp.		2,809		69,776
NOV, Inc.		5,494		68,290
Tidewater, Inc.*		984		45,392
Liberty Energy, Inc. — Class A		3,647		41,868
Total Oil & Gas Services				880,971

Energy-Alternate Sources - 3.8%
First Solar, Inc.*		819		135,577
SolarEdge Technologies, Inc.*^,1		4,111		83,864
Enphase Energy, Inc.*		1,784		70,736
Sunrun, Inc.*		5,307		43,411
Plug Power, Inc.*^,1		18,802		28,015
Green Plains, Inc.*		3,815		23,005
Total Energy-Alternate Sources				384,608

Mining - 2.4%
Cameco Corp.		1,842		136,731
Uranium Energy Corp.*		8,709		59,221
Centrus Energy Corp. — Class A*		243		44,513
Total Mining				240,465

Transportation - 1.2%
Scorpio Tankers, Inc.		1,669		65,308
Frontline plc¹		3,950		64,819
Total Transportation				130,127

Coal - 1.0%
Core Natural Resources, Inc.		871		60,744
Peabody Energy Corp.		3,141		42,152
Total Coal				102,896

Metal Fabricate & Hardware - 0.8%
Tenaris S.A. ADR		2,176		81,382

Retail - 0.7%
Murphy USA, Inc.		177		72,004

Machinery-Diversified - 0.6%
Cactus, Inc. — Class A		1,373		60,028

Total Common Stocks
(Cost $5,341,857)				10,184,990

28 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
ENERGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.4%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	20,848	$	20,848
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		8,996		8,996
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		8,687		8,687
Total Repurchase Agreements
(Cost $38,531)				38,531

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 2.2%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		227,949		227,949
Total Securities Lending Collateral
(Cost $227,949)				227,949

Total Investments - 102.1%
(Cost $5,608,337)			$	10,451,470
Other Assets & Liabilities, net - (2.1)%				(211,479	)
Total Net Assets - 100.0%			$	10,239,991

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	10,184,990	$	—	$	—	$	10,184,990
Repurchase Agreements		—		38,531		—		38,531
Securities Lending Collateral		227,949		—		—		227,949
Total Assets	$	10,412,939	$	38,531	$	—	$	10,451,470

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 29

ENERGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $229,387 of securities loaned (cost $5,569,806)	$	10,412,939
Repurchase agreements, at value (cost $38,531)		38,531
Cash		1,927
Receivables:
Securities sold		61,493
Fund shares sold		12,648
Dividends		9,271
Securities lending income		363
Interest		5
Total assets		10,537,177

Liabilities:
Payable for:
Return of securities lending collateral		227,949
Fund shares redeemed		36,000
Management fees		6,833
Transfer agent fees		4,537
Investor service fees		2,010
Portfolio accounting and administration fees		844
Trustees’ fees*		103
Miscellaneous		18,910
Total liabilities		297,186
Net assets	$	10,239,991

Net assets consist of:
Paid in capital	$	7,728,226
Total distributable earnings (loss)		2,511,765
Net assets	$	10,239,991
Capital shares outstanding		43,363
Net asset value per share	$	236.15

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $2,508)	$	147,895
Interest		1,521
Income from securities lending, net		1,378
Total investment income		150,794

Expenses:
Management fees		43,159
Investor service fees		12,694
Transfer agent fees		14,234
Professional fees		10,515
Portfolio accounting and administration fees		7,870
Custodian fees		721
Trustees’ fees*		674
Line of credit fees		7
Miscellaneous		3,957
Total expenses		93,831
Less:
Expenses reimbursed by Adviser		(2,539	)
Net expenses		91,292
Net investment income		59,502

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(186,549	)
Net realized loss		(186,549	)
Net change in unrealized appreciation (depreciation) on:
Investments		(996,915	)
Net change in unrealized appreciation (depreciation)		(996,915	)
Net realized and unrealized loss		(1,183,464	)
Net decrease in net assets resulting from operations	$	(1,123,962	)

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

30 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

ENERGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	59,502		$	189,213
Net realized gain (loss) on investments		(186,549	)		2,155,145
Net change in unrealized appreciation (depreciation) on investments		(996,915	)		(1,945,872	)
Net increase (decrease) in net assets resulting from operations		(1,123,962	)		398,486

Distributions to shareholders		—			(356,907	)

Capital share transactions:
Proceeds from sale of shares		42,208,525			169,034,724
Distributions reinvested		—			356,907
Cost of shares redeemed		(40,671,332	)		(176,181,571	)
Net increase (decrease) from capital share transactions		1,537,193			(6,789,940	)
Net increase (decrease) in net assets		413,231			(6,748,361	)

Net assets:
Beginning of period		9,826,760			16,575,121
End of period	$	10,239,991		$	9,826,760

Capital share activity:
Shares sold		169,060			650,246
Shares issued from reinvestment of distributions		—			1,369
Shares redeemed		(166,641	)		(678,172	)
Net increase (decrease) in shares		2,419			(26,557	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 31

ENERGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	240.00		$	245.55		$	251.65		$	171.83		$	114.99		$	176.90
Income (loss) from investment operations:
Net investment income (loss)^b		1.38			3.13			4.00			5.48			2.42			.96
Net gain (loss) on investments (realized and unrealized)		(5.23	)		(2.47	)^e		(.13	)		77.00			55.43			(62.41	)
Total from investment operations		(3.85	)		.66			3.87			82.48			57.85			(61.45	)
Less distributions from:
Net investment income		—			(6.21	)		(9.97	)		(2.66	)		(1.01	)		(.46	)
Total distributions		—			(6.21	)		(9.97	)		(2.66	)		(1.01	)		(.46	)
Net asset value, end of period	$	236.15		$	240.00		$	245.55		$	251.65		$	171.83		$	114.99

Total Return^c		(1.60	%)		0.07	%		1.61	%		48.29	%		50.46	%		(34.17	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,240		$	9,827		$	16,575		$	23,477		$	16,714		$	6,189
Ratios to average net assets:
Net investment income (loss)		1.17	%		1.23	%		1.63	%		2.38	%		1.51	%		2.04	%
Total expenses		1.85	%		1.78	%		1.81	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.73	%		1.79	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		415	%		1,179	%		229	%		307	%		316	%		317	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
^f	Reverse share split — Per share amounts for the years presented through December 31, 2020 have been restated to reflect a 1:3 reverse share split effective August 24, 2020.

32 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
ENERGY SERVICES FUND

	Shares		Value
COMMON STOCKS^† - 99.7%

Oil & Gas Services - 72.5%
Schlumberger N.V.		11,122	$	375,924
Baker Hughes Co.		9,121		349,699
Halliburton Co.		10,702		218,107
TechnipFMC plc		3,512		120,953
ChampionX Corp.		4,807		119,406
Archrock, Inc.		4,747		117,868
NOV, Inc.		9,400		116,842
Oceaneering International, Inc.*		3,828		79,316
Kodiak Gas Services, Inc.		2,307		79,061
Tidewater, Inc.*		1,683		77,637
Solaris Energy Infrastructure, Inc. — Class A		2,731		77,260
Liberty Energy, Inc. — Class A		6,240		71,635
Aris Water Solutions, Inc. — Class A		2,640		62,436
Atlas Energy Solutions, Inc.¹		3,977		53,173
Expro Group Holdings N.V.*		5,900		50,681
Select Water Solutions, Inc. — Class A		5,849		50,535
Helix Energy Solutions Group, Inc.*		8,039		50,163
ProPetro Holding Corp.*		6,689		39,933
RPC, Inc.		8,157		38,583
ProFrac Holding Corp. — Class A*^,1		2,176		16,886
Total Oil & Gas Services				2,166,098

Oil & Gas - 20.5%
Weatherford International plc		2,084		104,846
Noble Corporation plc		3,721		98,792
Valaris Ltd.*		2,015		84,852
Patterson-UTI Energy, Inc.		13,834		82,036
Seadrill Ltd.*		2,537		66,596
Transocean Ltd.*		24,859		64,385
Helmerich & Payne, Inc.		3,925		59,503
Borr Drilling Ltd.*		19,009		34,786
Nabors Industries Ltd.*		656		18,381
Total Oil & Gas				614,177

Machinery-Diversified - 3.4%
Cactus, Inc. — Class A		2,349		102,698

Metal Fabricate & Hardware - 3.3%
Tenaris S.A. ADR		2,591		96,904

Total Common Stocks
(Cost $1,891,846)				2,979,877

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	12,071		12,071
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		5,209		5,209
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		5,030		5,030
Total Repurchase Agreements
(Cost $22,310)				22,310

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.7%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		49,980		49,980
Total Securities Lending Collateral
(Cost $49,980)				49,980

Total Investments - 102.1%
(Cost $1,964,136)			$	3,052,167
Other Assets & Liabilities, net - (2.1)%				(62,343	)
Total Net Assets - 100.0%			$	2,989,824

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 33

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
ENERGY SERVICES FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,979,877	$	—	$	—	$	2,979,877
Repurchase Agreements		—		22,310		—		22,310
Securities Lending Collateral		49,980		—		—		49,980
Total Assets	$	3,029,857	$	22,310	$	—	$	3,052,167

34 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

ENERGY SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $48,508 of securities loaned (cost $1,941,826)	$	3,029,857
Repurchase agreements, at value (cost $22,310)		22,310
Receivables:
Fund shares sold		10,422
Dividends		2,693
Securities lending income		150
Interest		3
Total assets		3,065,435

Liabilities:
Payable for:
Return of securities lending collateral		49,980
Fund shares redeemed		14,204
Management fees		2,001
Transfer agent fees		1,554
Investor service fees		588
Portfolio accounting and administration fees		247
Trustees’ fees*		38
Miscellaneous		6,999
Total liabilities		75,611
Net assets	$	2,989,824

Net assets consist of:
Paid in capital	$	12,501,338
Total distributable earnings (loss)		(9,511,514	)
Net assets	$	2,989,824
Capital shares outstanding		12,116
Net asset value per share	$	246.77

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $8)	$	37,337
Interest		934
Income from securities lending, net		310
Total investment income		38,581

Expenses:
Management fees		17,828
Transfer agent fees		5,871
Investor service fees		5,243
Professional fees		3,745
Portfolio accounting and administration fees		3,251
Custodian fees		295
Trustees’ fees*		269
Line of credit fees		47
Miscellaneous		2,239
Total expenses		38,788
Less:
Expenses reimbursed by Adviser		(1,049	)
Net expenses		37,739
Net investment income		842

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(273,011	)
Net realized loss		(273,011	)
Net change in unrealized appreciation (depreciation) on:
Investments		(820,876	)
Net change in unrealized appreciation (depreciation)		(820,876	)
Net realized and unrealized loss		(1,093,887	)
Net decrease in net assets resulting from operations	$	(1,093,045	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 35

ENERGY SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	842		$	1,990
Net realized gain (loss) on investments		(273,011	)		945,153
Net change in unrealized appreciation (depreciation) on investments		(820,876	)		(1,283,912	)
Net decrease in net assets resulting from operations		(1,093,045	)		(336,769	)

Capital share transactions:
Proceeds from sale of shares		64,528,336			14,405,185
Cost of shares redeemed		(64,616,526	)		(15,646,899	)
Net decrease from capital share transactions		(88,190	)		(1,241,714	)
Net decrease in net assets		(1,181,235	)		(1,578,483	)

Net assets:
Beginning of period		4,171,059			5,749,542
End of period	$	2,989,824		$	4,171,059

Capital share activity:
Shares sold		209,890			43,723
Shares redeemed		(211,549	)		(47,435	)
Net decrease in shares		(1,659	)		(3,712	)

36 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

ENERGY SERVICES FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020^e
Per Share Data
Net asset value, beginning of period	$	302.80		$	328.79		$	314.84		$	220.84		$	188.21		$	302.92
Income (loss) from investment operations:
Net investment income (loss)^b		.06			.12			(1.88	)		(2.27	)		.37			.11
Net gain (loss) on investments (realized and unrealized)		(56.09	)		(26.11	)		15.83			96.27			32.56			(114.69	)
Total from investment operations		(56.03	)		(25.99	)		13.95			94.00			32.93			(114.58	)
Less distributions from:
Net investment income		—			—			—			—			(.30	)		(.13	)
Total distributions		—			—			—			—			(.30	)		(.13	)
Net asset value, end of period	$	246.77		$	302.80		$	328.79		$	314.84		$	220.84		$	188.21

Total Return^c		(18.50	%)		(7.90	%)		4.43	%		42.56	%		17.50	%		(37.33	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,990		$	4,171		$	5,750		$	17,546		$	8,693		$	3,825
Ratios to average net assets:
Net investment income (loss)		0.04	%		0.04	%		(0.58	%)		(0.80	%)		0.16	%		0.44	%
Total expenses		1.85	%		1.78	%		1.80	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.73	%		1.78	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		1,273	%		252	%		290	%		337	%		301	%		817	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	Reverse share split — Per share amounts for the years presented through December 31, 2020 have been restated to reflect a 1:10 reverse share split effective August 24, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 37

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
FINANCIAL SERVICES FUND

	Shares		Value
COMMON STOCKS^† - 98.9%

Banks - 25.6%
JPMorgan Chase & Co.		1,122	$	325,279
Bank of America Corp.		4,350		205,842
Wells Fargo & Co.		2,343		187,721
Goldman Sachs Group, Inc.		249		176,230
Morgan Stanley		1,062		149,593
Citigroup, Inc.		1,707		145,300
NU Holdings Limited/Cayman Islands — Class A*		7,270		99,744
PNC Financial Services Group, Inc.		520		96,938
U.S. Bancorp		2,067		93,532
Bank of New York Mellon Corp.		986		89,834
Truist Financial Corp.		2,004		86,152
ICICI Bank Ltd. ADR		2,067		69,534
HDFC Bank Ltd. ADR		885		67,853
Toronto-Dominion Bank		918		67,427
Popular, Inc.		608		67,008
Royal Bank of Canada		497		65,380
Bank of Nova Scotia		1,162		64,224
M&T Bank Corp.		326		63,241
State Street Corp.		580		61,677
Fifth Third Bancorp		1,445		59,433
Northern Trust Corp.		454		57,563
Huntington Bancshares, Inc.		3,322		55,677
Regions Financial Corp.		2,237		52,614
KeyCorp		2,884		50,239
Citizens Financial Group, Inc.		1,105		49,449
East West Bancorp, Inc.		422		42,613
First Horizon Corp.		1,763		37,376
Western Alliance Bancorporation		420		32,751
Comerica, Inc.		531		31,674
Zions Bancorp North America		606		31,476
Commerce Bancshares, Inc.		505		31,396
UMB Financial Corp.		286		30,076
Old National Bancorp		1,377		29,385
Bank OZK		537		25,271
Columbia Banking System, Inc.		1,053		24,619
Valley National Bancorp		2,571		22,959
Pinnacle Financial Partners, Inc.		192		21,199
First Citizens BancShares, Inc. — Class A		10		19,565
Wintrust Financial Corp.		153		18,969
Total Banks				2,906,813

Diversified Financial Services - 24.1%
Visa, Inc. — Class A		807		286,525
Mastercard, Inc. — Class A		413		232,081
American Express Co.		455		145,136
Charles Schwab Corp.		1,560		142,334
Blackrock, Inc.		132		138,501
Capital One Financial Corp.		624		132,762
Coinbase Global, Inc. — Class A*		356		124,774
Intercontinental Exchange, Inc.		621		113,935
CME Group, Inc. — Class A		403		111,075
Interactive Brokers Group, Inc. — Class A		1,978		109,601
Apollo Global Management, Inc.		596		84,555
Ares Management Corp. — Class A		473		81,924
Ameriprise Financial, Inc.		148		78,992
Nasdaq, Inc.		824		73,682
XP, Inc. — Class A		3,574		72,195
Tradeweb Markets, Inc. — Class A		433		63,391
Blue Owl Capital, Inc.		3,120		59,935
Raymond James Financial, Inc.		385		59,048
Synchrony Financial		867		57,864
Cboe Global Markets, Inc.		236		55,038
SoFi Technologies, Inc.*		2,908		52,955
T. Rowe Price Group, Inc.		528		50,952
LPL Financial Holdings, Inc.		135		50,621
TPG, Inc.		889		46,628
Ally Financial, Inc.		961		37,431
SEI Investments Co.		405		36,393
Mr Cooper Group, Inc.*		215		32,080
Jefferies Financial Group, Inc.		580		31,720
Franklin Resources, Inc.		1,295		30,886
Invesco Ltd.		1,907		30,073
Virtu Financial, Inc. — Class A		651		29,158
SLM Corp.		873		28,626
Upstart Holdings, Inc.*		427		27,618
Hamilton Lane, Inc. — Class A		182		25,866
Total Diversified Financial Services				2,734,355

REITs - 17.7%
American Tower Corp. — Class A		513		113,383
Welltower, Inc.		723		111,147
Prologis, Inc.		1,034		108,694
Equinix, Inc.		115		91,479
Digital Realty Trust, Inc.		483		84,201
Realty Income Corp.		1,379		79,444
Simon Property Group, Inc.		491		78,933
Crown Castle, Inc.		729		74,890
Public Storage		255		74,822
VICI Properties, Inc.		1,991		64,907
Extra Space Storage, Inc.		413		60,893
Iron Mountain, Inc.		588		60,311
Ventas, Inc.		929		58,666
AvalonBay Communities, Inc.		287		58,404
SBA Communications Corp.		240		56,362
Equity Residential		799		53,925
Invitation Homes, Inc.		1,431		46,937
Weyerhaeuser Co.		1,801		46,268
Mid-America Apartment Communities, Inc.		307		45,439
Sun Communities, Inc.		350		44,272
Kimco Realty Corp.		1,958		41,157
Regency Centers Corp.		565		40,245
UDR, Inc.		980		40,013
Alexandria Real Estate Equities, Inc.		535		38,857
Lamar Advertising Co. — Class A		320		38,835
Healthpeak Properties, Inc.		2,204		38,592
Gaming and Leisure Properties, Inc.		824		38,464
Camden Property Trust		330		37,188
American Homes 4 Rent — Class A		1,025		36,972
Annaly Capital Management, Inc.		1,937		36,454
Equity LifeStyle Properties, Inc.		579		35,707

38 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
FINANCIAL SERVICES FUND

	Shares		Value
Host Hotels & Resorts, Inc.		2,311	$	35,497
BXP, Inc.¹		513		34,612
AGNC Investment Corp.¹		3,609		33,167
Rexford Industrial Realty, Inc.		881		31,337
Sabra Health Care REIT, Inc.		1,249		23,032
Lineage, Inc.¹		436		18,975
Total REITs				2,012,481

Insurance - 17.6%
Berkshire Hathaway, Inc. — Class B*		729		354,126
Progressive Corp.		515		137,433
Marsh & McLennan Companies, Inc.		522		114,130
Arthur J Gallagher & Co.		310		99,237
Willis Towers Watson plc		310		95,015
Arch Capital Group Ltd.		978		89,047
Chubb Ltd.		297		86,047
Travelers Companies, Inc.		320		85,613
Aon plc — Class A		238		84,909
Aflac, Inc.		799		84,263
Allstate Corp.		396		79,719
American International Group, Inc.		903		77,288
MetLife, Inc.		931		74,871
Prudential Financial, Inc.		643		69,084
Hartford Insurance Group, Inc.		523		66,353
Brown & Brown, Inc.		560		62,087
Everest Group Ltd.		182		61,853
Cincinnati Financial Corp.		356		53,016
W R Berkley Corp.		686		50,400
Equitable Holdings, Inc.		842		47,236
Principal Financial Group, Inc.		594		47,181
Corebridge Financial, Inc.		961		34,115
Erie Indemnity Co. — Class A		62		21,501
Selective Insurance Group, Inc.		201		17,417
Total Insurance				1,991,941

Commercial Services - 6.6%
S&P Global, Inc.		276		145,532
Moody’s Corp.		196		98,311
PayPal Holdings, Inc.*		1,250		92,900
Block, Inc. — Class A*		1,063		72,209
StoneCo Ltd. — Class A*		4,494		72,084
Toast, Inc. — Class A*		1,266		56,071
Affirm Holdings, Inc.*		755		52,201
Corpay, Inc.*		154		51,100
Global Payments, Inc.		619		49,545
Shift4 Payments, Inc. — Class A*^,1		334		33,103
MarketAxess Holdings, Inc.		138		30,821
Total Commercial Services				753,877

Private Equity - 3.3%
Blackstone, Inc. — Class A		1,028		153,768
KKR & Company, Inc. — Class A		815		108,419
Brookfield Corp.		1,083		66,984
Carlyle Group, Inc.		810		41,634
Total Private Equity				370,805

Software - 2.6%
Fiserv, Inc.*		634		109,308
MSCI, Inc. — Class A		129		74,399
Fidelity National Information Services, Inc.		889		72,374
Jack Henry & Associates, Inc.		222		39,998
Total Software				296,079

Internet - 1.0%
Robinhood Markets, Inc. — Class A*		1,192		111,607

Investment Companies - 0.4%
Ares Capital Corp.		1,952		42,866

Total Common Stocks
(Cost $4,611,273)				11,220,824

PREFERRED STOCKS^† - 0.6%
Banks - 0.6%
Itau Unibanco Holding S.A.
ADR		9,366		63,595
Total Preferred Stocks
(Cost $38,327)				63,595

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	44,910		44,910
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		19,379		19,379
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		18,713		18,713
Total Repurchase Agreements
(Cost $83,002)				83,002

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.8%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		90,492		90,492
Total Securities Lending Collateral
(Cost $90,492)				90,492

Total Investments - 101.0%
(Cost $4,823,094)			$	11,457,913
Other Assets & Liabilities, net - (1.0)%				(118,432	)
Total Net Assets - 100.0%			$	11,339,481

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 39

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
FINANCIAL SERVICES FUND

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	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 June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	11,220,824	$	—	$	—	$	11,220,824
Preferred Stocks		63,595		—		—		63,595
Repurchase Agreements		—		83,002		—		83,002
Securities Lending Collateral		90,492		—		—		90,492
Total Assets	$	11,374,911	$	83,002	$	—	$	11,457,913

40 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $87,971 of securities loaned (cost $4,740,092)	$	11,374,911
Repurchase agreements, at value (cost $83,002)		83,002
Receivables:
Dividends		18,063
Interest		10
Fund shares sold		8
Securities lending income		8
Total assets		11,476,002

Liabilities:
Payable for:
Return of securities lending collateral		90,492
Management fees		8,611
Fund shares redeemed		5,553
Transfer agent fees		5,322
Investor service fees		2,533
Portfolio accounting and administration fees		1,064
Trustees’ fees*		124
Miscellaneous		22,822
Total liabilities		136,521
Net assets	$	11,339,481

Net assets consist of:
Paid in capital	$	5,278,417
Total distributable earnings (loss)		6,061,064
Net assets	$	11,339,481
Capital shares outstanding		91,254
Net asset value per share	$	124.26

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $997)	$	125,529
Interest		1,894
Income from securities lending, net		92
Total investment income		127,515

Expenses:
Management fees		48,019
Investor service fees		14,123
Transfer agent fees		16,199
Professional fees		10,118
Portfolio accounting and administration fees		8,756
Trustees’ fees*		809
Custodian fees		801
Miscellaneous		5,649
Total expenses		104,474
Less:
Expenses reimbursed by Adviser		(2,825	)
Net expenses		101,649
Net investment income		25,866

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		602,778
Net realized gain		602,778
Net change in unrealized appreciation (depreciation) on:
Investments		164,882
Net change in unrealized appreciation (depreciation)		164,882
Net realized and unrealized gain		767,660
Net increase in net assets resulting from operations	$	793,526

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 41

FINANCIAL SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	25,866		$	64,619
Net realized gain on investments		602,778			871,102
Net change in unrealized appreciation (depreciation) on investments		164,882			1,082,546
Net increase in net assets resulting from operations		793,526			2,018,267

Distributions to shareholders		—			(143,245	)

Capital share transactions:
Proceeds from sale of shares		6,363,952			24,972,160
Distributions reinvested		—			143,245
Cost of shares redeemed		(7,373,881	)		(29,137,763	)
Net decrease from capital share transactions		(1,009,929	)		(4,022,358	)
Net decrease in net assets		(216,403	)		(2,147,336	)

Net assets:
Beginning of period		11,555,884			13,703,220
End of period	$	11,339,481		$	11,555,884

Capital share activity:
Shares sold		53,819			232,295
Shares issued from reinvestment of distributions		—			1,374
Shares redeemed		(62,744	)		(276,826	)
Net decrease in shares		(8,925	)		(43,157	)

42 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

FINANCIAL SERVICES FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	115.35		$	95.60		$	83.94		$	112.74		$	85.52		$	89.79
Income (loss) from investment operations:
Net investment income (loss)^b		.27			.56			.70			.65			.40			.70
Net gain (loss) on investments (realized and unrealized)		8.64			20.58			10.96			(20.97	)		29.49			(1.47	)
Total from investment operations		8.91			21.14			11.66			(20.32	)		29.89			(.77	)
Less distributions from:
Net investment income		—			(.96	)		—			(.58	)		(.38	)		(.74	)
Net realized gains		—			(.43	)		—			(7.90	)		(2.29	)		(2.76	)
Total distributions		—			(1.39	)		—			(8.48	)		(2.67	)		(3.50	)
Net asset value, end of period	$	124.26		$	115.35		$	95.60		$	83.94		$	112.74		$	85.52

Total Return^c		7.72	%		22.26	%		13.89	%		(18.11	%)		35.26	%		(0.11	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,339		$	11,556		$	13,703		$	10,179		$	18,140		$	10,367
Ratios to average net assets:
Net investment income (loss)		0.46	%		0.53	%		0.82	%		0.67	%		0.39	%		0.92	%
Total expenses		1.85	%		1.79	%		1.80	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.74	%		1.78	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		50	%		201	%		95	%		101	%		170	%		339	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 43

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
HEALTH CARE FUND

	Shares		Value
COMMON STOCKS^† - 99.4%

Pharmaceuticals - 31.4%
Eli Lilly & Co.		450	$	350,789
Johnson & Johnson		1,738		265,480
AbbVie, Inc.		1,341		248,916
Merck & Company, Inc.		2,428		192,200
Pfizer, Inc.		6,641		160,978
CVS Health Corp.		1,924		132,718
McKesson Corp.		181		132,633
Bristol-Myers Squibb Co.		2,794		129,334
Zoetis, Inc.		685		106,826
Cencora, Inc. — Class A		347		104,048
Becton Dickinson & Co.		563		96,977
AstraZeneca plc ADR		1,340		93,639
Cardinal Health, Inc.		531		89,208
Dexcom, Inc.*		963		84,060
Novo Nordisk A/S ADR¹		1,099		75,853
Jazz Pharmaceuticals plc*		661		70,145
Novartis AG ADR		555		67,161
Teva Pharmaceutical Industries Ltd. ADR*		3,902		65,398
GSK plc ADR¹		1,621		62,246
Alkermes plc*		2,075		59,366
Neurocrine Biosciences, Inc.*		391		49,145
Viatris, Inc.		5,009		44,730
Henry Schein, Inc.*		537		39,228
Corcept Therapeutics, Inc.*		501		36,773
Option Care Health, Inc.*		993		32,253
Vaxcyte, Inc.*		838		27,243
Madrigal Pharmaceuticals, Inc.*		57		17,250
Total Pharmaceuticals				2,834,597

Healthcare-Products - 29.2%
Abbott Laboratories		1,569		213,400
Intuitive Surgical, Inc.*		373		202,692
Boston Scientific Corp.*		1,723		185,067
Thermo Fisher Scientific, Inc.		420		170,293
Stryker Corp.		426		168,538
Danaher Corp.		793		156,649
Medtronic plc		1,164		101,466
Edwards Lifesciences Corp.*		1,218		95,260
IDEXX Laboratories, Inc.*		173		92,787
ResMed, Inc.		337		86,946
Agilent Technologies, Inc.		684		80,719
GE HealthCare Technologies, Inc.		1,089		80,662
STERIS plc		281		67,502
Natera, Inc.*		399		67,407
Insulet Corp.*		212		66,606
Waters Corp.*		179		62,478
Zimmer Biomet Holdings, Inc.		648		59,104
West Pharmaceutical Services, Inc.		249		54,481
Baxter International, Inc.		1,796		54,383
Cooper Companies, Inc.*		742		52,801
Hologic, Inc.*		810		52,780
Align Technology, Inc.*		277		52,444
Exact Sciences Corp.*		833		44,266
Avantor, Inc.*		3,058		41,161
Masimo Corp.*		244		41,046
Bio-Techne Corp.		765		39,359
Lantheus Holdings, Inc.*		403		32,990
Merit Medical Systems, Inc.*		351		32,811
Repligen Corp.*		263		32,712
Bruker Corp.		713		29,376
TransMedics Group, Inc.*		213		28,544
Dentsply Sirona, Inc.		1,553		24,662
PROCEPT BioRobotics Corp.*		409		23,558
Twist Bioscience Corp.*		583		21,449
Tandem Diabetes Care, Inc.*		796		14,837
Total Healthcare-Products				2,631,236

Biotechnology - 21.0%
Amgen, Inc.		594		165,851
Gilead Sciences, Inc.		1,482		164,309
Vertex Pharmaceuticals, Inc.*		330		146,916
Regeneron Pharmaceuticals, Inc.		198		103,950
Alnylam Pharmaceuticals, Inc.*		286		93,262
CRISPR Therapeutics AG*^,1		1,470		71,501
Argenx SE ADR*		117		64,493
BioNTech SE ADR*^,1		597		63,563
Insmed, Inc.*		605		60,887
Royalty Pharma plc — Class A		1,671		60,206
Biogen, Inc.*		466		58,525
Illumina, Inc.*		584		55,719
United Therapeutics Corp.*		173		49,712
Exelixis, Inc.*		1,108		48,835
Incyte Corp.*		672		45,763
BioMarin Pharmaceutical, Inc.*		804		44,196
Moderna, Inc.*		1,582		43,647
Blueprint Medicines Corp.*		313		40,120
Bridgebio Pharma, Inc.*		907		39,164
Ionis Pharmaceuticals, Inc.*		921		36,389
Guardant Health, Inc.*		694		36,116
Halozyme Therapeutics, Inc.*		665		34,593
Legend Biotech Corp. ADR*		947		33,609
Revolution Medicines, Inc.*		905		33,295
TG Therapeutics, Inc.*		863		31,059
Roivant Sciences Ltd.*		2,620		29,527
Cytokinetics, Inc.*		820		27,093
ADMA Biologics, Inc.*		1,466		26,696
SpringWorks Therapeutics, Inc.*		552		25,939
Axsome Therapeutics, Inc.*		234		24,427
Avidity Biosciences, Inc.*		840		23,856
Viking Therapeutics, Inc.*		855		22,658
Krystal Biotech, Inc.*		151		20,757
Crinetics Pharmaceuticals, Inc.*		685		19,701
Apellis Pharmaceuticals, Inc.*		1,062		18,383
Novavax, Inc.*^,1		2,034		12,814
Sarepta Therapeutics, Inc.*		702		12,004
Iovance Biotherapeutics, Inc.*^,1		3,663		6,300
Total Biotechnology				1,895,835

Healthcare-Services - 15.6%
UnitedHealth Group, Inc.		742		231,482
Cigna Group		407		134,546

44 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
HEALTH CARE FUND

	Shares		Value
Elevance Health, Inc.		338	$	131,468
HCA Healthcare, Inc.		298		114,164
ICON plc*		544		79,125
Humana, Inc.		316		77,256
Centene Corp.*		1,336		72,518
IQVIA Holdings, Inc.*		453		71,388
Labcorp Holdings, Inc.		251		65,890
Quest Diagnostics, Inc.		350		62,871
Tenet Healthcare Corp.*		326		57,376
Molina Healthcare, Inc.*		191		56,899
Universal Health Services, Inc. — Class B		262		47,461
HealthEquity, Inc.*		401		42,009
Ensign Group, Inc.		269		41,496
Charles River Laboratories International, Inc.*		250		37,932
DaVita, Inc.*		234		33,333
Medpace Holdings, Inc.*		105		32,955
Acadia Healthcare Company, Inc.*		894		20,285
Total Healthcare-Services				1,410,454

Software - 1.7%
Veeva Systems, Inc. — Class A*		320		92,154
Tempus AI, Inc.*^,1		545		34,629
Waystar Holding Corp.*		679		27,751
Total Software				154,534

Internet - 0.5%
Hims & Hers Health, Inc.*^,1		806		40,179

Total Common Stocks
(Cost $3,508,370)				8,966,835

RIGHTS^††† - 0.0%
Pharmaceuticals - 0.0%
Johnson & Johnson		307		—
Total Rights
(Cost $—)				—

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	39,567		39,567
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		17,073		17,073
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		16,486		16,486
Total Repurchase Agreements
(Cost $73,126)				73,126

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.1%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		282,360		282,360
Total Securities Lending Collateral
(Cost $282,360)				282,360

Total Investments - 103.3%
(Cost $3,863,856)			$	9,322,321
Other Assets & Liabilities, net - (3.3)%				(294,928	)
Total Net Assets - 100.0%			$	9,027,393

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
^†††	Value determined based on Level 3 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 45

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
HEALTH CARE FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	8,966,835	$	—	$	—		$	8,966,835
Rights		—		—		—	*		—
Repurchase Agreements		—		73,126		—			73,126
Securities Lending Collateral		282,360		—		—			282,360
Total Assets	$	9,249,195	$	73,126	$	—		$	9,322,321

*	Security has a market value of $0.

46 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

HEALTH CARE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $276,644 of securities loaned (cost $3,790,730)	$	9,249,195
Repurchase agreements, at value (cost $73,126)		73,126
Receivables:
Fund shares sold		18,251
Dividends		6,086
Foreign tax reclaims		925
Securities lending income		37
Interest		9
Total assets		9,347,629

Liabilities:
Payable for:
Return of securities lending collateral		282,360
Management fees		6,708
Transfer agent fees		4,919
Fund shares redeemed		2,178
Investor service fees		1,973
Portfolio accounting and administration fees		829
Trustees’ fees*		115
Miscellaneous		21,154
Total liabilities		320,236
Net assets	$	9,027,393

Net assets consist of:
Paid in capital	$	2,248,332
Total distributable earnings (loss)		6,779,061
Net assets	$	9,027,393
Capital shares outstanding		114,309
Net asset value per share	$	78.97

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $970)	$	73,615
Interest		1,749
Income from securities lending, net		357
Total investment income		75,721

Expenses:
Management fees		48,888
Investor service fees		14,379
Transfer agent fees		16,009
Professional fees		10,002
Portfolio accounting and administration fees		8,915
Custodian fees		808
Trustees’ fees*		731
Miscellaneous		6,529
Total expenses		106,261
Less:
Expenses reimbursed by Adviser		(2,876	)
Net expenses		103,385
Net investment loss		(27,664	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,066,164
Net realized gain		1,066,164
Net change in unrealized appreciation (depreciation) on:
Investments		(1,187,586	)
Net change in unrealized appreciation (depreciation)		(1,187,586	)
Net realized and unrealized loss		(121,422	)
Net decrease in net assets resulting from operations	$	(149,086	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 47

HEALTH CARE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(27,664	)	$	(72,168	)
Net realized gain on investments		1,066,164			2,193,327
Net change in unrealized appreciation (depreciation) on investments		(1,187,586	)		(1,944,740	)
Net increase (decrease) in net assets resulting from operations		(149,086	)		176,419

Distributions to shareholders		—			(393,635	)

Capital share transactions:
Proceeds from sale of shares		4,806,223			12,746,756
Distributions reinvested		—			393,635
Cost of shares redeemed		(6,900,364	)		(15,362,305	)
Net decrease from capital share transactions		(2,094,141	)		(2,221,914	)
Net decrease in net assets		(2,243,227	)		(2,439,130	)

Net assets:
Beginning of period		11,270,620			13,709,750
End of period	$	9,027,393		$	11,270,620

Capital share activity:
Shares sold		58,100			149,794
Shares issued from reinvestment of distributions		—			4,723
Shares redeemed		(86,345	)		(180,936	)
Net decrease in shares		(28,245	)		(26,419	)

48 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

HEALTH CARE FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	79.06		$	81.14		$	80.37		$	96.58		$	86.44		$	74.88
Income (loss) from investment operations:
Net investment income (loss)^b		(.19	)		(.45	)		(.47	)		(.47	)		(.61	)		(.55	)
Net gain (loss) on investments (realized and unrealized)		.10	^e		.67			4.39			(11.24	)		16.61			14.32
Total from investment operations		(.09	)		.22			3.92			(11.71	)		16.00			13.77
Less distributions from:
Net realized gains		—			(2.30	)		(3.15	)		(4.50	)		(5.86	)		(2.21	)
Total distributions		—			(2.30	)		(3.15	)		(4.50	)		(5.86	)		(2.21	)
Net asset value, end of period	$	78.97		$	79.06		$	81.14		$	80.37		$	96.58		$	86.44

Total Return^c		(0.11	%)		0.14	%		5.03	%		(12.00	%)		18.84	%		18.68	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,027		$	11,271		$	13,710		$	17,447		$	23,841		$	21,049
Ratios to average net assets:
Net investment income (loss)		(0.48	%)		(0.54	%)		(0.59	%)		(0.57	%)		(0.66	%)		(0.71	%)
Total expenses		1.85	%		1.78	%		1.80	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.73	%		1.79	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		43	%		105	%		136	%		158	%		114	%		171	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 49

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
INTERNET FUND

	Shares		Value
COMMON STOCKS^† - 99.5%

Internet - 55.5%
Meta Platforms, Inc. — Class A		422	$	311,474
Amazon.com, Inc.*		1,362		298,809
Alphabet, Inc. — Class A		1,686		297,124
Netflix, Inc.*		217		290,591
Uber Technologies, Inc.*		1,836		171,299
DoorDash, Inc. — Class A*		480		118,325
Airbnb, Inc. — Class A*		733		97,005
Booking Holdings, Inc.		15		86,839
Coupang, Inc.*		2,813		84,277
Alibaba Group Holding Ltd. ADR		694		78,707
Spotify Technology S.A.*		97		74,432
Shopify, Inc. — Class A*		645		74,401
eBay, Inc.		899		66,940
Reddit, Inc. — Class A*		430		64,745
GoDaddy, Inc. — Class A*		327		58,880
Sea Ltd. ADR*		366		58,538
Pinterest, Inc. — Class A*		1,607		57,627
VeriSign, Inc.		195		56,316
JD.com, Inc. ADR		1,718		56,075
MercadoLibre, Inc.*		21		54,886
Expedia Group, Inc.		317		53,472
Baidu, Inc. ADR*		590		50,598
Trip.com Group Ltd. ADR		843		49,433
F5, Inc.*		159		46,797
Chewy, Inc. — Class A*		1,075		45,816
Bilibili, Inc. ADR*		2,119		45,453
Roku, Inc.*		515		45,263
Zillow Group, Inc. — Class C*		637		44,622
Wix.com Ltd.*		260		41,200
Snap, Inc. — Class A*		4,570		39,713
Match Group, Inc.		1,046		32,311
Wayfair, Inc. — Class A*		599		30,633
Lyft, Inc. — Class A*		1,881		29,645
Etsy, Inc.*		479		24,027
Cargurus, Inc.*		635		21,253
IAC, Inc.*		521		19,454
Trump Media & Technology Group Corp.*^,1		1,050		18,942
TripAdvisor, Inc.*		1,087		14,185
Ziff Davis, Inc.*		413		12,501
Bumble, Inc. — Class A*		1,478		9,740
Total Internet				3,132,348

Software - 25.7%
Salesforce, Inc.		686		187,065
Adobe, Inc.*		371		143,533
ROBLOX Corp. — Class A*		950		99,940
Cloudflare, Inc. — Class A*		495		96,936
Snowflake, Inc. — Class A*		428		95,774
Workday, Inc. — Class A*		377		90,480
Datadog, Inc. — Class A*		589		79,120
Take-Two Interactive Software, Inc.*		318		77,226
Veeva Systems, Inc. — Class A*		266		76,603
Electronic Arts, Inc.		477		76,177
Zoom Communications, Inc. — Class A*		697		54,352
Nutanix, Inc. — Class A*		689		52,667
Twilio, Inc. — Class A*		404		50,242
MongoDB, Inc.*		223		46,828
NetEase, Inc. ADR		346		46,565
DocuSign, Inc.*		591		46,033
Akamai Technologies, Inc.*		490		39,082
Dropbox, Inc. — Class A*		1,129		32,289
Box, Inc. — Class A*		723		24,705
ZoomInfo Technologies, Inc. — Class A*		1,966		19,896
DigitalOcean Holdings, Inc.*		565		16,136
Total Software				1,451,649

Telecommunications - 11.4%
Cisco Systems, Inc.		2,717		188,505
Arista Networks, Inc.*		1,154		118,066
Motorola Solutions, Inc.		233		97,967
Telefonaktiebolaget LM Ericsson ADR		5,316		45,080
Juniper Networks, Inc.		1,114		44,482
Nokia Oyj ADR		7,951		41,186
Ciena Corp.*		502		40,828
Extreme Networks, Inc.*		1,018		18,273
Viavi Solutions, Inc.*		1,767		17,794
Viasat, Inc.*		1,216		17,754
Applied Digital Corp.*^,1		1,321		13,302
Total Telecommunications				643,237

Commercial Services - 2.2%
PayPal Holdings, Inc.*		1,320		98,103
Paylocity Holding Corp.*		144		26,091
Total Commercial Services				124,194

Computers - 1.4%
Okta, Inc.*		484		48,385
Lumentum Holdings, Inc.*		318		30,229
Total Computers				78,614

Real Estate - 1.2%
CoStar Group, Inc.*		820		65,928

Entertainment - 1.0%
DraftKings, Inc. — Class A*		1,308		56,100

Investment Companies - 0.5%
Core Scientific, Inc.*		1,704		29,088

Electronics - 0.3%
Applied Optoelectronics, Inc.*		622		15,979

Healthcare-Services - 0.3%
Teladoc Health, Inc.*		1,819		15,843

Total Common Stocks
(Cost $1,932,283)				5,612,980

50 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
INTERNET FUND

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	22,792	$	22,792
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		9,835		9,835
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		9,496		9,496
Total Repurchase Agreements
(Cost $42,123)				42,123

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.4%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		24,084		24,084
Total Securities Lending Collateral
(Cost $24,084)				24,084

Total Investments - 100.6%
(Cost $1,998,490)			$	5,679,187
Other Assets & Liabilities, net - (0.6)%				(38,454	)
Total Net Assets - 100.0%			$	5,640,733

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,612,980	$	—	$	—	$	5,612,980
Repurchase Agreements		—		42,123		—		42,123
Securities Lending Collateral		24,084		—		—		24,084
Total Assets	$	5,637,064	$	42,123	$	—	$	5,679,187

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 51

INTERNET FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value- including $23,649 of securities loaned (cost $1,956,367)	$	5,637,064
Repurchase agreements, at value (cost $42,123)		42,123
Receivables:
Fund shares sold		123,818
Dividends		1,588
Securities lending income		73
Interest		5
Total assets		5,804,671

Liabilities:
Payable for:
Securities purchased		120,608
Return of securities lending collateral		24,084
Management fees		3,817
Transfer agent fees		2,527
Investor service fees		1,123
Fund shares redeemed		590
Portfolio accounting and administration fees		472
Trustees’ fees*		58
Miscellaneous		10,659
Total liabilities		163,938
Net assets	$	5,640,733

Net assets consist of:
Paid in capital	$	1,757,825
Total distributable earnings (loss)		3,882,908
Net assets	$	5,640,733
Capital shares outstanding		48,240
Net asset value per share	$	116.93

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $285)	$	12,435
Interest		963
Income from securities lending, net		209
Total investment income		13,607

Expenses:
Management fees		24,711
Investor service fees		7,268
Transfer agent fees		7,985
Professional fees		5,463
Portfolio accounting and administration fees		4,506
Custodian fees		406
Trustees’ fees*		353
Miscellaneous		3,035
Total expenses		53,727
Less:
Expenses reimbursed by Adviser		(1,453	)
Net expenses		52,274
Net investment loss		(38,667	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		316,099
Net realized gain		316,099
Net change in unrealized appreciation (depreciation) on:
Investments		191,155
Net change in unrealized appreciation (depreciation)		191,155
Net realized and unrealized gain		507,254
Net increase in net assets resulting from operations	$	468,587

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

52 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INTERNET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(38,667	)	$	(81,030	)
Net realized gain on investments		316,099			1,731,832
Net change in unrealized appreciation (depreciation) on investments		191,155			(380,409	)
Net increase in net assets resulting from operations		468,587			1,270,393

Capital share transactions:
Proceeds from sale of shares		2,621,747			6,570,504
Cost of shares redeemed		(2,801,413	)		(10,381,910	)
Net decrease from capital share transactions		(179,666	)		(3,811,406	)
Net increase (decrease) in net assets		288,921			(2,541,013	)

Net assets:
Beginning of period		5,351,812			7,892,825
End of period	$	5,640,733		$	5,351,812

Capital share activity:
Shares sold		23,450			69,526
Shares redeemed		(26,261	)		(111,377	)
Net decrease in shares		(2,811	)		(41,851	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 53

INTERNET FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	104.83		$	84.96		$	57.64		$	139.50		$	164.44		$	104.02
Income (loss) from investment operations:
Net investment income (loss)^b		(.70	)		(1.19	)		(1.04	)		(1.28	)		(2.50	)		(1.95	)
Net gain (loss) on investments (realized and unrealized)		12.80			21.06			28.36			(59.04	)		(2.98	)		64.22
Total from investment operations		12.10			19.87			27.32			(60.32	)		(5.48	)		62.27
Less distributions from:
Net realized gains		—			—			—			(21.54	)		(19.46	)		(1.85	)
Total distributions		—			—			—			(21.54	)		(19.46	)		(1.85	)
Net asset value, end of period	$	116.93		$	104.83		$	84.96		$	57.64		$	139.50		$	164.44

Total Return^c		11.54	%		23.39	%		47.40	%		(44.84	%)		(4.66	%)		60.21	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,641		$	5,352		$	7,893		$	4,424		$	9,131		$	14,066
Ratios to average net assets:
Net investment income (loss)		(1.33	%)		(1.30	%)		(1.45	%)		(1.55	%)		(1.53	%)		(1.54	%)
Total expenses		1.85	%		1.79	%		1.81	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.74	%		1.79	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		50	%		113	%		240	%		58	%		139	%		243	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

54 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
LEISURE FUND

	Shares		Value
COMMON STOCKS^† - 99.6%

Retail - 19.5%
McDonald’s Corp.		742	$	216,790
Starbucks Corp.		1,661		152,197
Chipotle Mexican Grill, Inc. — Class A*		2,473		138,859
Yum! Brands, Inc.		671		99,429
Darden Restaurants, Inc.		353		76,943
Restaurant Brands International, Inc.		886		58,733
Yum China Holdings, Inc.		1,287		57,542
Domino’s Pizza, Inc.		127		57,226
Texas Roadhouse, Inc. — Class A		287		53,787
Dutch Bros, Inc. — Class A*		717		49,021
Cava Group, Inc.*		542		45,653
Brinker International, Inc.*		242		43,640
Wingstop, Inc.		114		38,388
Shake Shack, Inc. — Class A*		271		38,103
Cheesecake Factory, Inc.		424		26,568
Wendy’s Co.		1,821		20,796
Cracker Barrel Old Country Store, Inc.		334		20,401
Sweetgreen, Inc. — Class A*		1,347		20,043
Papa John’s International, Inc.		376		18,401
Dave & Buster’s Entertainment, Inc.*		448		13,476
Bloomin’ Brands, Inc.		1,376		11,847
Jack in the Box, Inc.*		441		7,700
Krispy Kreme, Inc.*^,1		2,084		6,065
Total Retail				1,271,608

Internet - 18.6%
Netflix, Inc.*		283		378,974
DoorDash, Inc. — Class A*		626		154,315
Airbnb, Inc. — Class A*		956		126,517
Booking Holdings, Inc.		21		121,574
Spotify Technology S.A.*		135		103,591
Sea Ltd. ADR*		494		79,010
Expedia Group, Inc.		413		69,665
Trip.com Group Ltd. ADR		1,121		65,736
Roku, Inc.*		673		59,150
MakeMyTrip Ltd.*		562		55,087
Total Internet				1,213,619

Media - 14.3%
Walt Disney Co.		1,887		234,007
Comcast Corp. — Class A		4,936		176,166
Charter Communications, Inc. — Class A*		244		99,750
Warner Bros Discovery, Inc.*		7,045		80,736
Fox Corp. — Class A		1,280		71,731
News Corp. — Class A		2,231		66,305
Liberty Broadband Corp. — Class C*		575		56,568
New York Times Co. — Class A		800		44,784
Paramount Global — Class B		3,455		44,570
Sirius XM Holdings, Inc.		1,429		32,824
Nexstar Media Group, Inc. — Class A		146		25,251
Total Media				932,692

Entertainment - 10.6%
Flutter Entertainment plc*		387		110,589
TKO Group Holdings, Inc.		472		85,880
Live Nation Entertainment, Inc.*		514		77,758
DraftKings, Inc. — Class A*		1,708		73,256
Warner Music Group Corp. — Class A		2,100		57,204
Light & Wonder, Inc. — Class A*		475		45,724
Churchill Downs, Inc.		385		38,885
Vail Resorts, Inc.		235		36,926
Caesars Entertainment, Inc.*		1,295		36,765
Red Rock Resorts, Inc. — Class A		650		33,819
Cinemark Holdings, Inc.		903		27,253
Penn Entertainment, Inc.*		1,446		25,840
Six Flags Entertainment Corp.*		825		25,105
United Parks & Resorts, Inc.*		383		18,058
Total Entertainment				693,062

Lodging - 8.2%
Hilton Worldwide Holdings, Inc.		463		123,316
Marriott International, Inc. — Class A		440		120,212
Las Vegas Sands Corp.		1,343		58,434
Hyatt Hotels Corp. — Class A		400		55,860
Wynn Resorts Ltd.		458		42,901
MGM Resorts International*		1,157		39,789
Wyndham Hotels & Resorts, Inc.		463		37,600
Boyd Gaming Corp.		418		32,700
Choice Hotels International, Inc.¹		194		24,615
Total Lodging				535,427

Leisure Time - 8.0%
Royal Caribbean Cruises Ltd.		454		142,166
Carnival Corp.*		3,392		95,383
Viking Holdings Ltd.*		1,248		66,506
Norwegian Cruise Line Holdings Ltd.*		2,361		47,881
Planet Fitness, Inc. — Class A*		434		47,328
Brunswick Corp.		517		28,559
Peloton Interactive, Inc. — Class A*		3,545		24,602
YETI Holdings, Inc.*		777		24,491
Harley-Davidson, Inc.		1,012		23,883
Polaris, Inc.		539		21,910
Total Leisure Time				522,709

Agriculture - 7.2%
Philip Morris International, Inc.		1,412		257,167
Altria Group, Inc.		2,571		150,738
British American Tobacco plc ADR		1,269		60,062
Total Agriculture				467,967

Software - 6.0%
ROBLOX Corp. — Class A*		1,240		130,448
Take-Two Interactive Software, Inc.*		415		100,783
Electronic Arts, Inc.		623		99,493
NetEase, Inc. ADR		451		60,695
Total Software				391,419

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 55

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
LEISURE FUND

	Shares		Value
Beverages - 4.2%
Constellation Brands, Inc. — Class A		438	$	71,254
Anheuser-Busch InBev S.A. ADR¹		794		54,564
Brown-Forman Corp. — Class B		2,003		53,901
Diageo plc ADR		504		50,823
Molson Coors Beverage Co. — Class B		906		43,569
Total Beverages				274,111

Toys, Games & Hobbies - 1.4%
Hasbro, Inc.		665		49,090
Mattel, Inc.*		1,957		38,592
Total Toys, Games & Hobbies				87,682

Food Service - 0.8%
Aramark		1,225		51,291

Telecommunications - 0.8%
EchoStar Corp. — Class A*		1,742		48,253

Total Common Stocks
(Cost $4,157,997)				6,489,840

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.4%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	12,423		12,423
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		5,361		5,361
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		5,176		5,176
Total Repurchase Agreements
(Cost $22,960)				22,960

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.0%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		67,270		67,270
Total Securities Lending Collateral
(Cost $67,270)				67,270

Total Investments - 101.0%
(Cost $4,248,227)			$	6,580,070
Other Assets & Liabilities, net - (1.0)%				(62,181	)
Total Net Assets - 100.0%			$	6,517,889

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	6,489,840	$	—	$	—	$	6,489,840
Repurchase Agreements		—		22,960		—		22,960
Securities Lending Collateral		67,270		—		—		67,270
Total Assets	$	6,557,110	$	22,960	$	—	$	6,580,070

56 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

LEISURE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $66,167 of securities loaned (cost $4,225,267)	$	6,557,110
Repurchase agreements, at value (cost $22,960)		22,960
Receivables:
Securities sold		275,120
Dividends		8,609
Securities lending income		22
Interest		3
Total assets		6,863,824

Liabilities:
Payable for:
Fund shares redeemed		258,651
Return of securities lending collateral		67,270
Management fees		4,115
Transfer agent fees		2,546
Investor service fees		1,210
Portfolio accounting and administration fees		508
Trustees’ fees*		63
Miscellaneous		11,572
Total liabilities		345,935
Net assets	$	6,517,889

Net assets consist of:
Paid in capital	$	4,738,960
Total distributable earnings (loss)		1,778,929
Net assets	$	6,517,889
Capital shares outstanding		46,614
Net asset value per share	$	139.83

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $157)	$	44,982
Interest		940
Income from securities lending, net		1,889
Total investment income		47,811

Expenses:
Management fees		25,084
Investor service fees		7,378
Transfer agent fees		8,642
Professional fees		5,851
Portfolio accounting and administration fees		4,574
Trustees’ fees*		450
Custodian fees		418
Line of credit fees		35
Miscellaneous		2,054
Total expenses		54,486
Less:
Expenses reimbursed by Adviser		(1,476	)
Net expenses		53,010
Net investment loss		(5,199	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		275,971
Net realized gain		275,971
Net change in unrealized appreciation (depreciation) on:
Investments		816
Net change in unrealized appreciation (depreciation)		816
Net realized and unrealized gain		276,787
Net increase in net assets resulting from operations	$	271,588

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 57

LEISURE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(5,199	)	$	(6,400	)
Net realized gain on investments		275,971			414,550
Net change in unrealized appreciation (depreciation) on investments		816			182,301
Net increase in net assets resulting from operations		271,588			590,451

Distributions to shareholders		—			(2,061	)

Capital share transactions:
Proceeds from sale of shares		10,216,805			10,073,625
Distributions reinvested		—			2,061
Cost of shares redeemed		(8,829,730	)		(10,744,803	)
Net increase (decrease) from capital share transactions		1,387,075			(669,117	)
Net increase (decrease) in net assets		1,658,663			(80,727	)

Net assets:
Beginning of period		4,859,226			4,939,953
End of period	$	6,517,889		$	4,859,226

Capital share activity:
Shares sold		78,075			85,066
Shares issued from reinvestment of distributions		—			19
Shares redeemed		(70,060	)		(92,171	)
Net increase (decrease) in shares		8,015			(7,086	)

58 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

LEISURE FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	125.89		$	108.13		$	88.27		$	121.87		$	122.53		$	106.03
Income (loss) from investment operations:
Net investment income (loss)^b		(.11	)		(.15	)		.02			(.44	)		(1.02	)		(.56	)
Net gain (loss) on investments (realized and unrealized)		14.05			17.98			19.84			(33.16	)		2.25			21.48
Total from investment operations		13.94			17.83			19.86			(33.60	)		1.23			20.92
Less distributions from:
Net investment income		—			(.07	)		—			—			—			—
Net realized gains		—			—			—			—			(1.89	)		(4.42	)
Total distributions		—			(.07	)		—			—			(1.89	)		(4.42	)
Net asset value, end of period	$	139.83		$	125.89		$	108.13		$	88.27		$	121.87		$	122.53

Total Return^c		11.07	%		16.50	%		22.50	%		(27.57	%)		0.92	%		21.01	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,518		$	4,859		$	4,940		$	3,736		$	6,104		$	10,822
Ratios to average net assets:
Net investment income (loss)		(0.18	%)		(0.13	%)		0.02	%		(0.45	%)		(0.78	%)		(0.56	%)
Total expenses		1.85	%		1.79	%		1.81	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.74	%		1.79	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		154	%		231	%		351	%		103	%		194	%		257	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 59

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
PRECIOUS METALS FUND

	Shares		Value
COMMON STOCKS^† - 99.9%

Mining - 99.9%
Newmont Corp.		38,852	$	2,263,518
Freeport-McMoRan, Inc.		51,653		2,239,158
Agnico Eagle Mines Ltd.		17,698		2,104,823
Wheaton Precious Metals Corp.		19,623		1,762,145
Barrick Mining Corp.		78,440		1,633,121
Kinross Gold Corp.		70,764		1,106,041
Franco-Nevada Corp.		6,603		1,082,364
Gold Fields Ltd. ADR		43,784		1,036,367
Anglogold Ashanti plc		22,659		1,032,571
Alamos Gold, Inc. — Class A		33,944		901,553
Pan American Silver Corp.		30,823		875,373
Royal Gold, Inc.		4,023		715,450
Coeur Mining, Inc.*		69,553		616,238
Harmony Gold Mining Company Ltd. ADR		43,423		606,619
OR Royalties, Inc.		23,105		594,030
Eldorado Gold Corp.*		27,061		550,421
IAMGOLD Corp.*		74,610		548,384
First Majestic Silver Corp.		65,532		541,950
Hecla Mining Co.		87,176		522,184
New Gold, Inc.*		101,034		500,118
Sibanye Stillwater Ltd. ADR*		65,885		475,690
Sandstorm Gold Ltd.		48,561		456,473
SSR Mining, Inc.*		34,864		444,167
B2Gold Corp.		115,856		418,240
Equinox Gold Corp.*		71,711		412,338
MAG Silver Corp.		18,908		399,526
Fortuna Mining Corp.*		57,642		376,979
Centerra Gold, Inc.		47,145		339,915
Seabridge Gold, Inc.*		21,898		317,959
Endeavour Silver Corp.*		61,195		301,079
Novagold Resources, Inc.*		59,340		242,701
Silvercorp Metals, Inc.		50,380		212,604
McEwen Mining, Inc.*		19,327		185,733
Perpetua Resources Corp.*		10,916		132,520
Total Mining				25,948,352

Total Common Stocks
(Cost $8,903,146)				25,948,352

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 1.1%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	149,596		149,596
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		64,550		64,550
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		62,332		62,332
Total Repurchase Agreements
(Cost $276,478)				276,478

Total Investments - 101.0%
(Cost $9,179,624)			$	26,224,830
Other Assets & Liabilities, net - (1.0)%				(268,525	)
Total Net Assets - 100.0%			$	25,956,305

*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Repurchase Agreements — See Note 6.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

60 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
PRECIOUS METALS FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	25,948,352	$	—	$	—	$	25,948,352
Repurchase Agreements		—		276,478		—		276,478
Total Assets	$	25,948,352	$	276,478	$	—	$	26,224,830

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 61

PRECIOUS METALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value (cost $8,903,146)	$	25,948,352
Repurchase agreements, at value (cost $276,478)		276,478
Receivables:
Fund shares sold		5,946
Dividends		1,080
Foreign tax reclaims		964
Securities lending income		40
Interest		33
Total assets		26,232,893

Liabilities:
Overdraft due to custodian bank		263
Payable for:
Fund shares redeemed		199,745
Management fees		16,934
Transfer agent fees		10,598
Investor service fees		5,645
Portfolio accounting and administration fees		2,371
Trustees’ fees*		221
Miscellaneous		40,811
Total liabilities		276,588
Net assets	$	25,956,305

Net assets consist of:
Paid in capital	$	30,676,455
Total distributable earnings (loss)		(4,720,150	)
Net assets	$	25,956,305
Capital shares outstanding		434,504
Net asset value per share	$	59.74

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $14,892)	$	137,889
Interest		3,506
Income from securities lending, net		332
Total investment income		141,727

Expenses:
Management fees		82,514
Investor service fees		27,505
Transfer agent fees		29,252
Professional fees		23,060
Portfolio accounting and administration fees		17,053
Custodian fees		1,518
Trustees’ fees*		1,173
Line of credit fees		5
Miscellaneous		10,452
Total expenses		192,532
Less:
Expenses reimbursed by Adviser		(5,501	)
Net expenses		187,031
Net investment loss		(45,304	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		618,493
Net realized gain		618,493
Net change in unrealized appreciation (depreciation) on:
Investments		7,570,057
Net change in unrealized appreciation (depreciation)		7,570,057
Net realized and unrealized gain		8,188,550
Net increase in net assets resulting from operations	$	8,143,246

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

62 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

PRECIOUS METALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(45,304	)	$	(99,728	)
Net realized gain on investments		618,493			294,842
Net change in unrealized appreciation (depreciation) on investments		7,570,057			453,930
Net increase in net assets resulting from operations		8,143,246			649,044

Distributions to shareholders		—			(292,332	)

Capital share transactions:
Proceeds from sale of shares		27,660,741			421,796,083
Distributions reinvested		—			292,332
Cost of shares redeemed		(26,026,092	)		(439,012,518	)
Net increase (decrease) from capital share transactions		1,634,649			(16,924,103	)
Net increase (decrease) in net assets		9,777,895			(16,567,391	)

Net assets:
Beginning of period		16,178,410			32,745,801
End of period	$	25,956,305		$	16,178,410

Capital share activity:
Shares sold		550,338			9,997,315
Shares issued from reinvestment of distributions		—			6,521
Shares redeemed		(517,724	)		(10,469,375	)
Net increase (decrease) in shares		32,614			(465,539	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 63

PRECIOUS METALS FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	40.26		$	37.75		$	36.48		$	41.25		$	47.27		$	36.75
Income (loss) from investment operations:
Net investment income (loss)^b		(.10	)		(.19	)		(.04	)		.05			.06			(.37	)
Net gain (loss) on investments (realized and unrealized)		19.58			3.33			1.43			(4.64	)		(4.40	)		13.03
Total from investment operations		19.48			3.14			1.39			(4.59	)		(4.34	)		12.66
Less distributions from:
Net investment income		—			(.63	)		(.12	)		(.18	)		(1.68	)		(2.14	)
Total distributions		—			(.63	)		(.12	)		(.18	)		(1.68	)		(2.14	)
Net asset value, end of period	$	59.74		$	40.26		$	37.75		$	36.48		$	41.25		$	47.27

Total Return^c		48.39	%		8.12	%		3.83	%		(11.08	%)		(9.19	%)		34.30	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	25,956		$	16,178		$	32,746		$	24,977		$	21,158		$	23,246
Ratios to average net assets:
Net investment income (loss)		(0.41	%)		(0.47	%)		(0.12	%)		0.13	%		0.13	%		(0.88	%)
Total expenses		1.75	%		1.69	%		1.70	%		1.67	%		1.59	%		1.72	%
Net expenses^d		1.70	%		1.64	%		1.68	%		1.67	%		1.59	%		1.72	%
Portfolio turnover rate		117	%		2,009	%		427	%		188	%		133	%		163	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

64 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
REAL ESTATE FUND

	Shares		Value
COMMON STOCKS^† - 99.2%

REITs - 90.3%

REITs-Diversified - 21.9%
American Tower Corp. — Class A		570	$	125,981
Digital Realty Trust, Inc.		536		93,441
Equinix, Inc.		105		83,524
Crown Castle, Inc.		809		83,109
VICI Properties, Inc.		2,211		72,079
SBA Communications Corp.		246		57,771
Weyerhaeuser Co.		2,000		51,380
WP Carey, Inc.		717		44,726
Lamar Advertising Co. — Class A		355		43,083
Gaming and Leisure Properties, Inc.		916		42,759
EPR Properties¹		440		25,634
Broadstone Net Lease, Inc.		1,309		21,009
PotlatchDeltic Corp.		540		20,720
Outfront Media, Inc.¹		1,168		19,062
Uniti Group, Inc.*		2,643		11,418
Total REITs-Diversified				795,696

REITs-Health Care - 12.2%
Welltower, Inc.		803		123,445
Ventas, Inc.		1,031		65,108
Alexandria Real Estate Equities, Inc.		595		43,215
Healthpeak Properties, Inc.		2,448		42,864
Omega Healthcare Investors, Inc.		1,092		40,022
CareTrust REIT, Inc.		998		30,539
American Healthcare REIT, Inc.		820		30,127
Healthcare Realty Trust, Inc.		1,884		29,880
Sabra Health Care REIT, Inc.		1,387		25,576
Medical Properties Trust, Inc.¹		3,740		16,119
Total REITs-Health Care				446,895

REITs-Apartments - 11.2%
AvalonBay Communities, Inc.		319		64,917
Equity Residential		887		59,864
Invitation Homes, Inc.		1,589		52,119
Mid-America Apartment Communities, Inc.		340		50,323
UDR, Inc.		1,088		44,423
Camden Property Trust		367		41,357
American Homes 4 Rent — Class A		1,138		41,048
Essex Property Trust, Inc.		121		34,291
Independence Realty Trust, Inc.		1,372		24,271
Total REITs-Apartments				412,613

REITs-Warehouse/Industries - 9.3%
Prologis, Inc.		1,148		120,678
Rexford Industrial Realty, Inc.		979		34,823
STAG Industrial, Inc.		883		32,035
First Industrial Realty Trust, Inc.		630		30,322
Terreno Realty Corp.		508		28,484
EastGroup Properties, Inc.		164		27,408
Americold Realty Trust, Inc.		1,572		26,142
Lineage, Inc.¹		440		19,149
LXP Industrial Trust		2,235		18,461
Total REITs-Warehouse/Industries				337,502

REITs-Storage - 7.6%
Public Storage		284		83,331
Extra Space Storage, Inc.		459		67,675
Iron Mountain, Inc.		653		66,978
CubeSmart		888		37,740
National Storage Affiliates Trust		727		23,257
Total REITs-Storage				278,981

REITs-Shopping Centers - 7.1%
Kimco Realty Corp.		2,175		45,719
Regency Centers Corp.		628		44,732
Federal Realty Investment Trust		366		34,766
Brixmor Property Group, Inc.		1,329		34,607
Kite Realty Group Trust		1,206		27,316
Phillips Edison & Company, Inc.		767		26,868
Urban Edge Properties		1,006		18,772
Acadia Realty Trust		1,002		18,607
SITE Centers Corp.		798		9,025
Total REITs-Shopping Centers				260,412

REITs-Office Property - 5.7%
BXP, Inc.¹		569		38,390
Vornado Realty Trust		804		30,745
Cousins Properties, Inc.		909		27,297
SL Green Realty Corp.		406		25,131
Kilroy Realty Corp.¹		700		24,017
Highwoods Properties, Inc.		707		21,981
COPT Defense Properties		767		21,154
Douglas Emmett, Inc.¹		1,267		19,056
Total REITs-Office Property				207,771

REITs-Single Tenant - 5.1%
Realty Income Corp.		1,531		88,201
NNN REIT, Inc.		814		35,149
Agree Realty Corp.		468		34,192
Essential Properties Realty Trust, Inc.		964		30,761
Total REITs-Single Tenant				188,303

REITs-Hotels - 4.1%
Host Hotels & Resorts, Inc.		2,566		39,414
Ryman Hospitality Properties, Inc.		304		29,996
Apple Hospitality REIT, Inc.¹		1,655		19,314
Park Hotels & Resorts, Inc.		1,631		16,685
Sunstone Hotel Investors, Inc.		1,822		15,815
DiamondRock Hospitality Co.		1,985		15,205
Pebblebrook Hotel Trust		1,367		13,656
Total REITs-Hotels				150,085

REITs-Regional Malls - 3.7%
Simon Property Group, Inc.		546		87,775
Macerich Co.		1,535		24,836
Tanger, Inc.		746		22,813
Total REITs-Regional Malls				135,424

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 65

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
REAL ESTATE FUND

	Shares		Value
REITs-Manufactured Homes - 2.4%
Sun Communities, Inc.		389	$	49,205
Equity LifeStyle Properties, Inc.		642		39,592
Total REITs-Manufactured Homes				88,797

Total REITs				3,302,479

Real Estate - 7.4%
Real Estate Management/Services - 7.4%
CBRE Group, Inc. — Class A*		564		79,028
CoStar Group, Inc.*		863		69,385
Jones Lang LaSalle, Inc.*		129		32,996
Compass, Inc. — Class A*		3,555		22,325
Newmark Group, Inc. — Class A		1,726		20,971
Cushman & Wakefield plc*		1,774		19,638
Redfin Corp.*^,1		1,295		14,491
eXp World Holdings, Inc.		1,147		10,438
Total Real Estate Management/Services				269,272

Total Real Estate				269,272

Internet - 1.5%
E-Commerce/Services - 1.5%
Zillow Group, Inc. — Class C*		671		47,004
Opendoor Technologies, Inc.*^,1		12,515		6,670
Total E-Commerce/Services				53,674

Total Internet				53,674

Total Common Stocks
(Cost $1,565,420)				3,625,425

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	14,366		14,366
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		6,199		6,199
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		5,986		5,986
Total Repurchase Agreements
(Cost $26,551)				26,551

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 4.3%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		157,132		157,132
Total Securities Lending Collateral
(Cost $157,132)				157,132

Total Investments - 104.2%
(Cost $1,749,103)			$	3,809,108
Other Assets & Liabilities, net - (4.2)%				(154,296	)
Total Net Assets - 100.0%			$	3,654,812

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	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 June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	3,625,425	$	—	$	—	$	3,625,425
Repurchase Agreements		—		26,551		—		26,551
Securities Lending Collateral		157,132		—		—		157,132
Total Assets	$	3,782,557	$	26,551	$	—	$	3,809,108

66 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $147,445 of securities loaned (cost $1,722,552)	$	3,782,557
Repurchase agreements, at value (cost $26,551)		26,551
Receivables:
Dividends		16,808
Securities lending income		28
Interest		3
Total assets		3,825,947

Liabilities:
Payable for:
Return of securities lending collateral		157,132
Management fees		2,521
Transfer agent fees		1,772
Fund shares redeemed		1,203
Investor service fees		741
Portfolio accounting and administration fees		311
Trustees’ fees*		40
Miscellaneous		7,415
Total liabilities		171,135
Net assets	$	3,654,812

Net assets consist of:
Paid in capital	$	2,186,353
Total distributable earnings (loss)		1,468,459
Net assets	$	3,654,812
Capital shares outstanding		97,373
Net asset value per share	$	37.53

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends	$	62,095
Interest		613
Income from securities lending, net		72
Total investment income		62,780

Expenses:
Management fees		16,607
Investor service fees		4,884
Transfer agent fees		5,483
Professional fees		3,705
Portfolio accounting and administration fees		3,028
Custodian fees		276
Trustees’ fees*		260
Miscellaneous		1,856
Total expenses		36,099
Less:
Expenses reimbursed by Adviser		(977	)
Net expenses		35,122
Net investment income		27,658

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		74,485
Net realized gain		74,485
Net change in unrealized appreciation (depreciation) on:
Investments		(215,021	)
Net change in unrealized appreciation (depreciation)		(215,021	)
Net realized and unrealized loss		(140,536	)
Net decrease in net assets resulting from operations	$	(112,878	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 67

REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	27,658		$	62,305
Net realized gain on investments		74,485			276,725
Net change in unrealized appreciation (depreciation) on investments		(215,021	)		(219,360	)
Net increase (decrease) in net assets resulting from operations		(112,878	)		119,670

Distributions to shareholders		—			(57,969	)

Capital share transactions:
Proceeds from sale of shares		5,804,477			16,147,869
Distributions reinvested		—			57,969
Cost of shares redeemed		(5,996,395	)		(17,043,501	)
Net decrease from capital share transactions		(191,918	)		(837,663	)
Net decrease in net assets		(304,796	)		(775,962	)

Net assets:
Beginning of period		3,959,608			4,735,570
End of period	$	3,654,812		$	3,959,608

Capital share activity:
Shares sold		152,582			431,924
Shares issued from reinvestment of distributions		—			1,571
Shares redeemed		(160,251	)		(458,695	)
Net decrease in shares		(7,669	)		(25,200	)

68 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

REAL ESTATE FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	37.70		$	36.36		$	34.71		$	51.05		$	38.31		$	43.46
Income (loss) from investment operations:
Net investment income (loss)^b		.26			.48			.50			.38			.31			.28
Net gain (loss) on investments (realized and unrealized)		(.43	)		1.35			3.02			(14.10	)		12.70			(3.19	)
Total from investment operations		(.17	)		1.83			3.52			(13.72	)		13.01			(2.91	)
Less distributions from:
Net investment income		—			(.49	)		(.47	)		(.41	)		(.27	)		(1.16	)
Net realized gains		—			—			(1.40	)		(2.21	)		—			(1.08	)
Total distributions		—			(.49	)		(1.87	)		(2.62	)		(.27	)		(2.24	)
Net asset value, end of period	$	37.53		$	37.70		$	36.36		$	34.71		$	51.05		$	38.31

Total Return^c		(0.45	%)		5.03	%		10.32	%		(27.40	%)		34.07	%		(5.82	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,655		$	3,960		$	4,736		$	4,772		$	14,706		$	6,518
Ratios to average net assets:
Net investment income (loss)		1.42	%		1.31	%		1.45	%		0.90	%		0.69	%		0.76	%
Total expenses		1.85	%		1.79	%		1.81	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.74	%		1.79	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		144	%		343	%		125	%		134	%		136	%		173	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 69

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
RETAILING FUND

	Shares		Value
COMMON STOCKS^† - 99.6%

Retail - 68.4%
Walmart, Inc.		1,045	$	102,180
Costco Wholesale Corp.		102		100,974
TJX Companies, Inc.		765		94,470
Home Depot, Inc.		253		92,760
Lowe’s Companies, Inc.		405		89,857
O’Reilly Automotive, Inc.*		780		70,301
Carvana Co.*		205		69,077
Target Corp.		545		53,764
Ross Stores, Inc.		399		50,904
Tractor Supply Co.		811		42,796
Dollar General Corp.		361		41,291
Ulta Beauty, Inc.*		80		37,426
AutoZone, Inc.*		10		37,122
Williams-Sonoma, Inc.		226		36,922
Dollar Tree, Inc.*		367		36,348
Genuine Parts Co.		273		33,118
Dick’s Sporting Goods, Inc.		166		32,836
GameStop Corp. — Class A*		1,266		30,878
Burlington Stores, Inc.*		132		30,708
BJ’s Wholesale Club Holdings, Inc.*		280		30,192
Best Buy Company, Inc.		422		28,329
CarMax, Inc.*		389		26,145
Ollie’s Bargain Outlet Holdings, Inc.*		184		24,248
Walgreens Boots Alliance, Inc.*		2,026		23,258
Floor & Decor Holdings, Inc. — Class A*		297		22,560
Five Below, Inc.*		167		21,907
Bath & Body Works, Inc.		731		21,901
AutoNation, Inc.*		108		21,454
Gap, Inc.		877		19,127
Murphy USA, Inc.		45		18,306
Urban Outfitters, Inc.*		248		17,990
Boot Barn Holdings, Inc.*		110		16,720
Abercrombie & Fitch Co. — Class A*		198		16,404
Lithia Motors, Inc. — Class A		46		15,540
Signet Jewelers Ltd.		180		14,319
RH*		75		14,176
Macy’s, Inc.		1,195		13,934
Academy Sports & Outdoors, Inc.		305		13,667
Advance Auto Parts, Inc.		275		12,785
Foot Locker, Inc.*		502		12,299
National Vision Holdings, Inc.*		485		11,160
American Eagle Outfitters, Inc.		1,014		9,755
Victoria’s Secret & Co.*		513		9,501
Kohl’s Corp.¹		902		7,649
ODP Corp.*		319		5,783
Total Retail				1,532,841

Internet - 26.8%
Amazon.com, Inc.*		1,032		226,410
Coupang, Inc.*		1,953		58,512
PDD Holdings, Inc. ADR*		548		57,354
Alibaba Group Holding Ltd. ADR		467		52,962
MercadoLibre, Inc.*		19		49,659
eBay, Inc.		625		46,538
JD.com, Inc. ADR		1,189		38,809
Chewy, Inc. — Class A*		746		31,795
Wayfair, Inc. — Class A*		416		21,274
Etsy, Inc.*		333		16,703
Total Internet				600,016

Distribution & Wholesale - 2.2%
Pool Corp.		88		25,650
LKQ Corp.		658		24,353
Total Distribution & Wholesale				50,003

Software - 1.4%
Global-e Online Ltd*		948		31,796

Commercial Services - 0.8%
Valvoline, Inc.*		477		18,064

Total Common Stocks
(Cost $939,354)				2,232,720

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	8,559		8,559
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		3,693		3,693
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		3,566		3,566
Total Repurchase Agreements
(Cost $15,818)				15,818

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.3%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		5,915		5,915
Total Securities Lending Collateral
(Cost $5,915)				5,915

Total Investments - 100.6%
(Cost $961,087)			$	2,254,453
Other Assets & Liabilities, net - (0.6)%				(12,374	)
Total Net Assets - 100.0%			$	2,242,079

70 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
RETAILING FUND

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,232,720	$	—	$	—	$	2,232,720
Repurchase Agreements		—		15,818		—		15,818
Securities Lending Collateral		5,915		—		—		5,915
Total Assets	$	2,238,635	$	15,818	$	—	$	2,254,453

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 71

RETAILING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $5,732 of securities loaned (cost $945,269)	$	2,238,635
Repurchase agreements, at value (cost $15,818)		15,818
Receivables:
Dividends		2,023
Fund shares sold		671
Securities lending income		27
Interest		2
Total assets		2,257,176

Liabilities:
Overdraft due to custodian bank		15
Payable for:
Return of securities lending collateral		5,915
Professional fees		2,150
Management fees		1,807
Transfer agent fees		1,185
Investor service fees		531
Fund shares redeemed		350
Portfolio accounting and administration fees		223
Trustees’ fees*		27
Miscellaneous		2,894
Total liabilities		15,097
Net assets	$	2,242,079

Net assets consist of:
Paid in capital	$	1,102,546
Total distributable earnings (loss)		1,139,533
Net assets	$	2,242,079
Capital shares outstanding		16,554
Net asset value per share	$	135.44

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $45)	$	16,052
Interest		480
Income from securities lending, net		53
Total investment income		16,585

Expenses:
Management fees		11,909
Investor service fees		3,503
Transfer agent fees		3,833
Professional fees		2,615
Portfolio accounting and administration fees		2,171
Custodian fees		195
Trustees’ fees*		168
Miscellaneous		1,477
Total expenses		25,871
Less:
Expenses reimbursed by Adviser		(701	)
Net expenses		25,170
Net investment loss		(8,585	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,831
Net realized gain		3,831
Net change in unrealized appreciation (depreciation) on:
Investments		(85,907	)
Net change in unrealized appreciation (depreciation)		(85,907	)
Net realized and unrealized loss		(82,076	)
Net decrease in net assets resulting from operations	$	(90,661	)

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

72 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

RETAILING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(8,585	)	$	(16,379	)
Net realized gain on investments		3,831			802,117
Net change in unrealized appreciation (depreciation) on investments		(85,907	)		(251,591	)
Net increase (decrease) in net assets resulting from operations		(90,661	)		534,147

Capital share transactions:
Proceeds from sale of shares		3,806,233			8,149,757
Cost of shares redeemed		(3,932,795	)		(9,240,685	)
Net decrease from capital share transactions		(126,562	)		(1,090,928	)
Net decrease in net assets		(217,223	)		(556,781	)

Net assets:
Beginning of period		2,459,302			3,016,083
End of period	$	2,242,079		$	2,459,302

Capital share activity:
Shares sold		28,286			68,942
Shares redeemed		(30,552	)		(77,033	)
Net decrease in shares		(2,266	)		(8,091	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 73

RETAILING FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	130.67		$	112.08		$	96.16		$	134.27		$	128.69		$	89.57
Income (loss) from investment operations:
Net investment income (loss)^b		(.40	)		(.67	)		(.40	)		(.71	)		(1.27	)		(.95	)
Net gain (loss) on investments (realized and unrealized)		5.17	^e		19.26			16.32			(34.86	)		16.53			40.07
Total from investment operations		4.77			18.59			15.92			(35.57	)		15.26			39.12
Less distributions from:
Net realized gains		—			—			—			(2.54	)		(9.68	)		—
Total distributions		—			—			—			(2.54	)		(9.68	)		—
Net asset value, end of period	$	135.44		$	130.67		$	112.08		$	96.16		$	134.27		$	128.69

Total Return^c		3.65	%		16.59	%		16.56	%		(26.52	%)		11.75	%		43.68	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,242		$	2,459		$	3,016		$	3,220		$	6,622		$	7,196
Ratios to average net assets:
Net investment income (loss)		(0.61	%)		(0.55	%)		(0.39	%)		(0.68	%)		(0.92	%)		(0.91	%)
Total expenses		1.85	%		1.79	%		1.81	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.74	%		1.79	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		142	%		273	%		212	%		193	%		375	%		250	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

74 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
TECHNOLOGY FUND

	Shares		Value
COMMON STOCKS^† - 99.5%

Software - 31.4%
Microsoft Corp.		3,334	$	1,658,365
Oracle Corp.		2,281		498,695
Palantir Technologies, Inc. — Class A*		3,163		431,180
Salesforce, Inc.		1,577		430,032
Intuit, Inc.		503		396,178
ServiceNow, Inc.*		380		390,670
Adobe, Inc.*		853		330,009
MicroStrategy, Inc. — Class A*		715		289,024
AppLovin Corp. — Class A*		727		254,508
Cadence Design Systems, Inc.*		793		244,363
Synopsys, Inc.*		472		241,985
ROBLOX Corp. — Class A*		2,187		230,072
Cloudflare, Inc. — Class A*		1,138		222,855
Autodesk, Inc.*		713		220,723
Snowflake, Inc. — Class A*		985		220,413
Workday, Inc. — Class A*		868		208,320
Roper Technologies, Inc.		364		206,330
Atlassian Corp. — Class A*		1,002		203,496
Datadog, Inc. — Class A*		1,356		182,151
Take-Two Interactive Software, Inc.*		730		177,281
Electronic Arts, Inc.		1,097		175,191
NetEase, Inc. ADR		1,201		161,631
ANSYS, Inc.*		426		149,620
Zoom Communications, Inc. — Class A*		1,603		125,002
Samsara, Inc. — Class A*		3,064		121,886
PTC, Inc.*		704		121,327
Nutanix, Inc. — Class A*		1,586		121,234
Twilio, Inc. — Class A*		928		115,406
Guidewire Software, Inc.*		489		115,135
Dynatrace, Inc.*		1,980		109,316
HubSpot, Inc.*		195		108,543
MongoDB, Inc.*		515		108,145
DocuSign, Inc.*		1,359		105,853
Monday.com Ltd.*		314		98,747
Manhattan Associates, Inc.*		469		92,613
Akamai Technologies, Inc.*		1,130		90,129
IonQ, Inc.*		1,977		84,952
Dropbox, Inc. — Class A*		2,598		74,303
Confluent, Inc. — Class A*		2,922		72,845
Unity Software, Inc.*		2,957		71,559
Gitlab, Inc. — Class A*		1,526		68,838
SoundHound AI, Inc. — Class A*^,1		5,434		58,307
ZoomInfo Technologies, Inc. — Class A*		4,524		45,783
Total Software				9,433,015

Semiconductors - 27.4%
NVIDIA Corp.		10,739		1,696,655
Broadcom, Inc.		3,592		990,135
Advanced Micro Devices, Inc.*		3,104		440,458
Texas Instruments, Inc.		1,805		374,754
QUALCOMM, Inc.		2,218		353,239
Applied Materials, Inc.		1,802		329,892
Micron Technology, Inc.		2,632		324,394
Lam Research Corp.		3,150		306,621
KLA Corp.		328		293,803
Analog Devices, Inc.		1,233		293,479
Intel Corp.*		11,621		260,310
Taiwan Semiconductor Manufacturing Company Ltd. ADR		1,077		243,930
NXP Semiconductor N.V.		1,071		234,003
Marvell Technology, Inc.		2,945		227,943
ARM Holdings plc ADR*		1,379		223,039
ASML Holding N.V. — Class G		275		220,382
Microchip Technology, Inc.		2,376		167,199
STMicroelectronics N.V. — Class Y¹		5,342		162,450
ON Semiconductor Corp.*		2,344		122,849
Teradyne, Inc.		1,161		104,397
Monolithic Power Systems, Inc.		132		96,542
Entegris, Inc.		1,161		93,635
Skyworks Solutions, Inc.		1,222		91,063
Astera Labs, Inc.*		1,001		90,510
Qorvo, Inc.*		902		76,589
Rambus, Inc.*		1,121		71,766
MKS, Inc.		710		70,546
Lattice Semiconductor Corp.*		1,399		68,537
Cirrus Logic, Inc.*		543		56,610
GLOBALFOUNDRIES, Inc.*		1,397		53,365
Axcelis Technologies, Inc.*		575		40,072
Impinj, Inc.*		255		28,323
Total Semiconductors				8,207,490

Computers - 16.6%
Apple, Inc.		7,268		1,491,175
International Business Machines Corp.		1,537		453,077
Crowdstrike Holdings, Inc. — Class A*		589		299,984
Dell Technologies, Inc. — Class C		1,943		238,212
Fortinet, Inc.*		2,103		222,329
Accenture plc — Class A		592		176,943
Check Point Software Technologies Ltd.*		761		168,371
Cognizant Technology Solutions Corp. — Class A		2,092		163,239
Infosys Ltd. ADR		8,791		162,897
Seagate Technology Holdings plc		1,101		158,907
Zscaler, Inc.*		477		149,749
Hewlett Packard Enterprise Co.		7,228		147,813
Super Micro Computer, Inc.*		2,873		140,806
Western Digital Corp.		2,106		134,763
HP, Inc.		5,210		127,437
CyberArk Software Ltd.*		308		125,319
NetApp, Inc.		1,173		124,983
Pure Storage, Inc. — Class A*		2,009		115,678
Okta, Inc.*		1,111		111,067
Lumentum Holdings, Inc.*		733		69,679
Sandisk Corp.*		1,517		68,796
Varonis Systems, Inc.*		1,244		63,133
Rigetti Computing, Inc.*^,1		4,221		50,061
Total Computers				4,964,418

Internet - 14.5%
Alphabet, Inc. — Class A		7,055		1,243,303
Meta Platforms, Inc. — Class A		1,620		1,195,706

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 75

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
TECHNOLOGY FUND

	Shares		Value
Palo Alto Networks, Inc.*		1,526	$	312,281
Shopify, Inc. — Class A*		1,759		202,901
Sea Ltd. ADR*		1,133		181,212
Baidu, Inc. ADR*		1,908		163,630
Reddit, Inc. — Class A*		988		148,763
GoDaddy, Inc. — Class A*		753		135,585
Pinterest, Inc. — Class A*		3,701		132,718
CDW Corp.		733		130,906
VeriSign, Inc.		449		129,671
F5, Inc.*		373		109,781
Gen Digital, Inc.		3,537		103,988
Snap, Inc. — Class A*		10,521		91,427
Match Group, Inc.		2,409		74,414
Total Internet				4,356,286

Telecommunications - 4.2%
Cisco Systems, Inc.		6,253		433,833
Arista Networks, Inc.*		2,658		271,940
Motorola Solutions, Inc.		535		224,946
Corning, Inc.		3,322		174,704
Credo Technology Group Holding Ltd.*		1,150		106,479
InterDigital, Inc.		195		43,725
Total Telecommunications				1,255,627

Electronics - 3.6%
Amphenol Corp. — Class A		3,005		296,744
TE Connectivity plc		979		165,128
Keysight Technologies, Inc.*		865		141,739
Jabil, Inc.		638		139,148
Flex Ltd.*		2,455		122,553
Trimble, Inc.*		1,531		116,325
Coherent Corp.*		1,158		103,305
Total Electronics				1,084,942

Investment Companies - 0.8%
Core Scientific, Inc.*		3,923		66,965
MARA Holdings, Inc.*		3,883		60,885
Riot Platforms, Inc.*		4,779		54,003
Cleanspark, Inc.*^,1		4,459		49,183
Total Investment Companies				231,036

Energy-Alternate Sources - 0.5%
First Solar, Inc.*		664		109,919
Enphase Energy, Inc.*		1,445		57,294
Total Energy-Alternate Sources				167,213

Office & Business Equipment - 0.3%
Zebra Technologies Corp. — Class A*		337		103,917

Electrical Components & Equipment - 0.2%
Universal Display Corp.		347		53,598

Total Common Stocks
(Cost $13,962,032)				29,857,542

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	111,248		111,248
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		48,004		48,004
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		46,354		46,354
Total Repurchase Agreements
(Cost $205,606)				205,606

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.7%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		211,415		211,415
Total Securities Lending Collateral
(Cost $211,415)				211,415

Total Investments - 100.9%
(Cost $14,379,053)			$	30,274,563
Other Assets & Liabilities, net - (0.9)%				(275,485	)
Total Net Assets - 100.0%			$	29,999,078

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

76 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
TECHNOLOGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	29,857,542	$	—	$	—	$	29,857,542
Repurchase Agreements		—		205,606		—		205,606
Securities Lending Collateral		211,415		—		—		211,415
Total Assets	$	30,068,957	$	205,606	$	—	$	30,274,563

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 77

TECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $213,342 of securities loaned (cost $14,173,447)	$	30,068,957
Repurchase agreements, at value (cost $205,606)		205,606
Receivables:
Fund shares sold		277,175
Dividends		8,563
Foreign tax reclaims		496
Securities lending income		64
Interest		25
Total assets		30,560,886

Liabilities:
Payable for:
Securities purchased		256,555
Return of securities lending collateral		211,415
Management fees		17,730
Fund shares redeemed		17,291
Transfer agent fees		9,924
Investor service fees		5,215
Portfolio accounting and administration fees		2,190
Trustees’ fees*		225
Miscellaneous		41,263
Total liabilities		561,808
Net assets	$	29,999,078

Net assets consist of:
Paid in capital	$	12,423,896
Total distributable earnings (loss)		17,575,182
Net assets	$	29,999,078
Capital shares outstanding		127,897
Net asset value per share	$	234.56

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $261)	$	68,034
Interest		3,561
Income from securities lending, net		226
Total investment income		71,821

Expenses:
Management fees		90,509
Transfer agent fees		29,608
Investor service fees		26,620
Professional fees		23,340
Portfolio accounting and administration fees		16,504
Custodian fees		1,493
Trustees’ fees*		1,365
Line of credit fees		37
Miscellaneous		7,551
Total expenses		197,027
Less:
Expenses reimbursed by Adviser		(5,324	)
Net expenses		191,703
Net investment loss		(119,882	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,017,645
Net realized gain		1,017,645
Net change in unrealized appreciation (depreciation) on:
Investments		2,129,936
Net change in unrealized appreciation (depreciation)		2,129,936
Net realized and unrealized gain		3,147,581
Net increase in net assets resulting from operations	$	3,027,699

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

78 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

TECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(119,882	)	$	(233,397	)
Net realized gain on investments		1,017,645			5,705,994
Net change in unrealized appreciation (depreciation) on investments		2,129,936			(836,779	)
Net increase in net assets resulting from operations		3,027,699			4,635,818

Distributions to shareholders		—			(880,066	)

Capital share transactions:
Proceeds from sale of shares		34,681,430			30,734,805
Distributions reinvested		—			880,066
Cost of shares redeemed		(30,657,343	)		(36,493,392	)
Net increase (decrease) from capital share transactions		4,024,087			(4,878,521	)
Net increase (decrease) in net assets		7,051,786			(1,122,769	)

Net assets:
Beginning of period		22,947,292			24,070,061
End of period	$	29,999,078		$	22,947,292

Capital share activity:
Shares sold		161,937			152,420
Shares issued from reinvestment of distributions		—			4,411
Shares redeemed		(141,909	)		(183,294	)
Net increase (decrease) in shares		20,028			(26,463	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 79

TECHNOLOGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	212.73		$	179.18		$	122.14		$	207.63		$	184.01		$	125.88
Income (loss) from investment operations:
Net investment income (loss)^b		(1.17	)		(2.06	)		(1.43	)		(1.65	)		(1.82	)		(.99	)
Net gain (loss) on investments (realized and unrealized)		23.00			44.42			61.07			(72.52	)		38.58			62.21
Total from investment operations		21.83			42.36			59.64			(74.17	)		36.76			61.22
Less distributions from:
Net realized gains		—			(8.81	)		(2.60	)		(11.32	)		(13.14	)		(3.09	)
Total distributions		—			(8.81	)		(2.60	)		(11.32	)		(13.14	)		(3.09	)
Net asset value, end of period	$	234.56		$	212.73		$	179.18		$	122.14		$	207.63		$	184.01

Total Return^c		10.26	%		23.97	%		49.01	%		(36.25	%)		20.50	%		49.25	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	29,999		$	22,947		$	24,070		$	15,460		$	30,389		$	25,233
Ratios to average net assets:
Net investment income (loss)		(1.13	%)		(1.03	%)		(0.94	%)		(1.10	%)		(0.92	%)		(0.69	%)
Total expenses		1.85	%		1.78	%		1.81	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.73	%		1.78	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		140	%		141	%		100	%		78	%		113	%		192	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

80 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
TELECOMMUNICATIONS FUND

	Shares		Value
COMMON STOCKS^† - 99.8%

Telecommunications - 73.6%
Cisco Systems, Inc.		6,315	$	438,135
AT&T, Inc.		13,732		397,404
Verizon Communications, Inc.		8,180		353,949
T-Mobile US, Inc.		1,213		289,009
Arista Networks, Inc.*		2,683		274,498
Motorola Solutions, Inc.		502		211,071
Juniper Networks, Inc.		3,700		147,741
AST SpaceMobile, Inc.*^,1		3,107		145,190
Ciena Corp.*		1,666		135,496
EchoStar Corp. — Class A*		4,432		122,766
Frontier Communications Parent, Inc.*		3,184		115,898
Telefonaktiebolaget LM Ericsson ADR		12,695		107,654
Vodafone Group plc ADR		9,721		103,626
BCE, Inc.		4,468		99,055
Rogers Communications, Inc. — Class B		3,267		96,899
TELUS Corp.		5,895		94,674
Nokia Oyj ADR		17,920		92,826
America Movil SAB de CV ADR		5,158		92,534
Telephone & Data Systems, Inc.		2,034		72,370
Calix, Inc.*		1,333		70,902
Iridium Communications, Inc.		2,190		66,072
Lumen Technologies, Inc.*		14,784		64,754
Extreme Networks, Inc.*		3,380		60,671
Viavi Solutions, Inc.*		5,867		59,081
Viasat, Inc.*		4,039		58,969
CommScope Holding Company, Inc.*		6,958		57,612
InterDigital, Inc.		220		49,330
Gogo, Inc.*		2,986		43,834
Harmonic, Inc.*		4,146		39,263
Globalstar, Inc.*		1,565		36,856
Total Telecommunications				3,998,139

Media - 15.0%
Comcast Corp. — Class A		8,801		314,108
Charter Communications, Inc. — Class A*		557		227,707
Liberty Broadband Corp. — Class C*		1,463		143,930
Liberty Global Ltd. — Class A*		9,470		94,795
Liberty Latin America Ltd. — Class C*		6,025		37,475
Total Media				818,015

Internet - 6.1%
Roku, Inc.*		1,711		150,380
F5, Inc.*		423		124,497
Cogent Communications Holdings, Inc.		1,190		57,370
Total Internet				332,247

Computers - 2.8%
Lumentum Holdings, Inc.*		1,056		100,383
NetScout Systems, Inc.*		2,092		51,903
Total Computers				152,286

Software - 1.3%
Nice Ltd. ADR*		441		74,489

Electronics - 1.0%
Applied Optoelectronics, Inc.*		2,065		53,050

Total Common Stocks
(Cost $4,377,831)				5,428,226

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.4%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	10,822		10,822
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		4,670		4,670
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		4,509		4,509
Total Repurchase Agreements
(Cost $20,001)				20,001

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.2%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		64,287		64,287
Total Securities Lending Collateral
(Cost $64,287)				64,287

Total Investments - 101.4%
(Cost $4,462,119)			$	5,512,514
Other Assets & Liabilities, net - (1.4)%				(77,888	)
Total Net Assets - 100.0%			$	5,434,626

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 81

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
TELECOMMUNICATIONS FUND

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,428,226	$	—	$	—	$	5,428,226
Repurchase Agreements		—		20,001		—		20,001
Securities Lending Collateral		64,287		—		—		64,287
Total Assets	$	5,492,513	$	20,001	$	—	$	5,512,514

82 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $59,487 of securities loaned (cost $4,442,118)	$	5,492,513
Repurchase agreements, at value (cost $20,001)		20,001
Receivables:
Fund shares sold		2,458,183
Dividends		3,115
Securities lending income		126
Interest		3
Total assets		7,973,941

Liabilities:
Payable for:
Securities purchased		2,462,288
Return of securities lending collateral		64,287
Fund shares redeemed		2,139
Management fees		1,816
Transfer agent fees		1,364
Investor service fees		534
Portfolio accounting and administration fees		224
Trustees’ fees*		36
Miscellaneous		6,627
Total liabilities		2,539,315
Net assets	$	5,434,626

Net assets consist of:
Paid in capital	$	5,457,505
Total distributable earnings (loss)		(22,879	)
Net assets	$	5,434,626
Capital shares outstanding		77,150
Net asset value per share	$	70.44

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $946)	$	26,713
Interest		558
Income from securities lending, net		1,056
Total investment income		28,327

Expenses:
Management fees		12,531
Investor service fees		3,685
Transfer agent fees		4,694
Professional fees		2,920
Portfolio accounting and administration fees		2,285
Trustees’ fees*		292
Custodian fees		218
Line of credit fees		12
Miscellaneous		600
Total expenses		27,237
Less:
Expenses reimbursed by Adviser		(737	)
Net expenses		26,500
Net investment income		1,827

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		95,209
Net realized gain		95,209
Net change in unrealized appreciation (depreciation) on:
Investments		113,935
Net change in unrealized appreciation (depreciation)		113,935
Net realized and unrealized gain		209,144
Net increase in net assets resulting from operations	$	210,971

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 83

TELECOMMUNICATIONS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,827		$	11,213
Net realized gain on investments		95,209			204,814
Net change in unrealized appreciation (depreciation) on investments		113,935			259,882
Net increase in net assets resulting from operations		210,971			475,909

Distributions to shareholders		—			(14,001	)

Capital share transactions:
Proceeds from sale of shares		16,261,865			12,909,159
Distributions reinvested		—			14,001
Cost of shares redeemed		(15,245,512	)		(11,154,022	)
Net increase from capital share transactions		1,016,353			1,769,138
Net increase in net assets		1,227,324			2,231,046

Net assets:
Beginning of period		4,207,302			1,976,256
End of period	$	5,434,626		$	4,207,302

Capital share activity:
Shares sold		260,025			210,072
Shares issued from reinvestment of distributions		—			251
Shares redeemed		(249,042	)		(179,774	)
Net increase in shares		10,983			30,549

84 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

TELECOMMUNICATIONS FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	63.59		$	55.48		$	52.62		$	71.41		$	66.03		$	60.85
Income (loss) from investment operations:
Net investment income (loss)^b		.04			.22			.32			.37			.44			.48
Net gain (loss) on investments (realized and unrealized)		6.81			8.44			2.98	^e		(18.80	)		5.48			5.27	^e
Total from investment operations		6.85			8.66			3.30			(18.43	)		5.92			5.75
Less distributions from:
Net investment income		—			(.55	)		(.44	)		(.36	)		(.54	)		(.57	)
Total distributions		—			(.55	)		(.44	)		(.36	)		(.54	)		(.57	)
Net asset value, end of period	$	70.44		$	63.59		$	55.48		$	52.62		$	71.41		$	66.03

Total Return^c		10.77	%		15.73	%		6.30	%		(25.85	%)		8.98	%		9.49	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,435		$	4,207		$	1,976		$	2,051		$	6,987		$	3,254
Ratios to average net assets:
Net investment income (loss)		0.12	%		0.37	%		0.59	%		0.62	%		0.62	%		0.81	%
Total expenses		1.85	%		1.82	%		1.81	%		1.77	%		1.70	%		1.82	%
Net expenses^d		1.80	%		1.77	%		1.79	%		1.77	%		1.70	%		1.82	%
Portfolio turnover rate		489	%		381	%		260	%		113	%		237	%		258	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 85

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
TRANSPORTATION FUND

	Shares		Value
COMMON STOCKS^† - 99.7%

Transportation - 39.3%
Union Pacific Corp.		633	$	145,641
United Parcel Service, Inc. — Class B		1,131		114,163
CSX Corp.		2,975		97,074
Norfolk Southern Corp.		370		94,709
FedEx Corp.		384		87,287
Old Dominion Freight Line, Inc.		421		68,328
Expeditors International of Washington, Inc.		425		48,556
XPO, Inc.*		372		46,980
Canadian Pacific Kansas City Ltd.		569		45,105
Canadian National Railway Co.		426		44,321
Star Bulk Carriers Corp.¹		2,526		43,573
ZTO Express Cayman, Inc. ADR		2,438		43,275
ZIM Integrated Shipping Services Ltd.		2,667		42,912
TFI International, Inc.		474		42,504
J.B. Hunt Transport Services, Inc.		290		41,644
CH Robinson Worldwide, Inc.		430		41,258
Golden Ocean Group Ltd.¹		5,410		39,601
Saia, Inc.*		125		34,249
Knight-Swift Transportation Holdings, Inc.		739		32,686
Ryder System, Inc.		199		31,641
Kirby Corp.*		275		31,188
Matson, Inc.		207		23,049
Landstar System, Inc.		150		20,853
Hub Group, Inc. — Class A		521		17,417
ArcBest Corp.		213		16,403
Werner Enterprises, Inc.		571		15,623
Forward Air Corp.*		381		9,350
Total Transportation				1,319,390

Auto Manufacturers - 24.0%
Tesla, Inc.*		1,151		365,627
General Motors Co.		1,732		85,232
Ford Motor Co.		7,619		82,666
Ferrari N.V.		91		44,657
Stellantis N.V.¹		4,349		43,620
Rivian Automotive, Inc. — Class A*		3,103		42,635
NIO, Inc. ADR*^,1		12,163		41,719
Li Auto, Inc. ADR*		1,536		41,641
Toyota Motor Corp. ADR		237		40,826
Lucid Group, Inc.*^,1		7,482		15,787
Total Auto Manufacturers				804,410

Airlines - 11.5%
Delta Air Lines, Inc.		1,434		70,524
United Airlines Holdings, Inc.*		815		64,898
Southwest Airlines Co.		1,634		53,007
Ryanair Holdings plc ADR		771		44,463
Copa Holdings S.A. — Class A		400		43,988
American Airlines Group, Inc.*		3,035		34,053
Alaska Air Group, Inc.*		608		30,084
SkyWest, Inc.*		230		23,683
JetBlue Airways Corp.*		3,016		12,758
Allegiant Travel Co. — Class A*		164		9,012
Total Airlines				386,470

Auto Parts & Equipment - 11.3%
Mobileye Global, Inc. — Class A*		2,746		49,373
Autoliv, Inc.		394		44,089
Aptiv plc*		645		44,002
Magna International, Inc.		1,128		43,552
BorgWarner, Inc.		998		33,413
Lear Corp.		294		27,924
Gentex Corp.		1,227		26,982
QuantumScape Corp.*		3,795		25,502
Goodyear Tire & Rubber Co.*		1,879		19,485
Visteon Corp.*		208		19,406
Dorman Products, Inc.*		142		17,419
Adient plc*		808		15,724
Fox Factory Holding Corp.*		456		11,829
Total Auto Parts & Equipment				378,700

Internet - 7.8%
Uber Technologies, Inc.*		1,943		181,282
Grab Holdings Ltd. — Class A*		9,844		49,515
Lyft, Inc. — Class A*		1,991		31,378
Total Internet				262,175

Commercial Services - 2.0%
GXO Logistics, Inc.*		621		30,243
Avis Budget Group, Inc.*		142		24,005
Hertz Global Holdings, Inc.*		1,746		11,925
Total Commercial Services				66,173

Home Builders - 1.1%
Thor Industries, Inc.		296		26,288
Winnebago Industries, Inc.		354		10,266
Total Home Builders				36,554

Aerospace & Defense - 0.8%
Joby Aviation, Inc.*^,1		2,715		28,643

Building Materials - 0.8%
Modine Manufacturing Co.*		280		27,580

Leisure Time - 0.6%
Harley-Davidson, Inc.		821		19,376

Retail - 0.5%
Patrick Industries, Inc.		189		17,439

Total Common Stocks
(Cost $1,666,939)				3,346,910

86 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
TRANSPORTATION FUND

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.6%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	11,826	$	11,826
Barclays Capital, Inc issued 06/30/25 at 4.39% due 07/01/25		5,103		5,103
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		4,927		4,927
Total Repurchase Agreements
(Cost $21,856)				21,856

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 4.7%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		156,235		156,235
Total Securities Lending Collateral
(Cost $156,235)				156,235

Total Investments - 105.0%
(Cost $1,845,030)			$	3,525,001
Other Assets & Liabilities, net - (5.0)%				(167,651	)
Total Net Assets - 100.0%			$	3,357,350

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	3,346,910	$	—	$	—	$	3,346,910
Repurchase Agreements		—		21,856		—		21,856
Securities Lending Collateral		156,235		—		—		156,235
Total Assets	$	3,503,145	$	21,856	$	—	$	3,525,001

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 87

TRANSPORTATION FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $150,735 of securities loaned (cost $1,823,174)	$	3,503,145
Repurchase agreements, at value (cost $21,856)		21,856
Cash		110
Receivables:
Dividends		1,303
Securities lending income		246
Interest		2
Total assets		3,526,662

Liabilities:
Payable for:
Return of securities lending collateral		156,235
Management fees		2,113
Fund shares redeemed		1,883
Transfer agent fees		1,472
Investor service fees		622
Portfolio accounting and administration fees		261
Trustees’ fees*		37
Miscellaneous		6,689
Total liabilities		169,312
Net assets	$	3,357,350

Net assets consist of:
Paid in capital	$	2,436,464
Total distributable earnings (loss)		920,886
Net assets	$	3,357,350
Capital shares outstanding		38,758
Net asset value per share	$	86.62

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $3,588)	$	35,045
Interest		607
Income from securities lending, net		830
Total investment income		36,482

Expenses:
Management fees		14,452
Investor service fees		4,251
Transfer agent fees		4,941
Professional fees		3,138
Portfolio accounting and administration fees		2,635
Trustees’ fees*		252
Custodian fees		242
Miscellaneous		1,507
Total expenses		31,418
Less:
Expenses reimbursed by Adviser		(850	)
Net expenses		30,568
Net investment income		5,914

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		4,104
Net realized gain		4,104
Net change in unrealized appreciation (depreciation) on:
Investments		(208,270	)
Net change in unrealized appreciation (depreciation)		(208,270	)
Net realized and unrealized loss		(204,166	)
Net decrease in net assets resulting from operations	$	(198,252	)

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

88 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

TRANSPORTATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	5,914		$	(4,782	)
Net realized gain on investments		4,104			474,103
Net change in unrealized appreciation (depreciation) on investments		(208,270	)		(562,202	)
Net decrease in net assets resulting from operations		(198,252	)		(92,881	)

Distributions to shareholders		—			(7,975	)

Capital share transactions:
Proceeds from sale of shares		623,314			3,499,921
Distributions reinvested		—			7,975
Cost of shares redeemed		(1,066,610	)		(5,005,820	)
Net decrease from capital share transactions		(443,296	)		(1,497,924	)
Net decrease in net assets		(641,548	)		(1,598,780	)

Net assets:
Beginning of period		3,998,898			5,597,678
End of period	$	3,357,350		$	3,998,898

Capital share activity:
Shares sold		7,084			41,126
Shares issued from reinvestment of distributions		—			93
Shares redeemed		(12,753	)		(59,811	)
Net decrease in shares		(5,669	)		(18,592	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 89

TRANSPORTATION FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	90.01		$	88.83		$	71.36		$	124.83		$	109.37		$	80.67
Income (loss) from investment operations:
Net investment income (loss)^b		.15			(.12	)		.15			(.16	)		(.02	)		(.72	)
Net gain (loss) on investments (realized and unrealized)		(3.54	)		1.48	^e		17.32			(42.05	)		23.27			32.30
Total from investment operations		(3.39	)		1.36			17.47			(42.21	)		23.25			31.58
Less distributions from:
Net investment income		—			(.18	)		—			—			—			(.14	)
Net realized gains		—			—			—			(11.26	)		(7.79	)		(2.74	)
Total distributions		—			(.18	)		—			(11.26	)		(7.79	)		(2.88	)
Net asset value, end of period	$	86.62		$	90.01		$	88.83		$	71.36		$	124.83		$	109.37

Total Return^c		(3.77	%)		1.56	%		24.48	%		(35.03	%)		22.17	%		40.62	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,357		$	3,999		$	5,598		$	3,329		$	6,872		$	7,900
Ratios to average net assets:
Net investment income (loss)		0.35	%		(0.14	%)		0.17	%		(0.17	%)		(0.02	%)		(0.86	%)
Total expenses		1.85	%		1.79	%		1.81	%		1.77	%		1.70	%		1.82	%
Net expenses^d		1.80	%		1.74	%		1.79	%		1.77	%		1.70	%		1.82	%
Portfolio turnover rate		23	%		112	%		318	%		343	%		326	%		373	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

90 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
UTILITIES FUND

	Shares		Value
COMMON STOCKS^† - 99.3%

Electric - 87.5%
NextEra Energy, Inc.		7,924	$	550,084
Constellation Energy Corp.		1,512		488,013
Southern Co.		5,228		480,087
Duke Energy Corp.		3,861		455,598
Vistra Corp.		2,056		398,473
American Electric Power Company, Inc.		3,403		353,095
Sempra		4,402		333,540
Dominion Energy, Inc.		5,882		332,451
Public Service Enterprise Group, Inc.		3,710		312,308
Exelon Corp.		7,190		312,190
Xcel Energy, Inc.		4,334		295,145
Entergy Corp.		3,402		282,774
Consolidated Edison, Inc.		2,795		280,478
WEC Energy Group, Inc.		2,603		271,233
NRG Energy, Inc.		1,683		270,256
PG&E Corp.		18,771		261,668
Ameren Corp.		2,520		242,021
CenterPoint Energy, Inc.		6,392		234,842
DTE Energy Co.		1,739		230,348
PPL Corp.		6,785		229,944
Eversource Energy		3,534		224,833
FirstEnergy Corp.		5,471		220,263
Edison International		4,171		215,224
CMS Energy Corp.		3,071		212,759
Evergy, Inc.		2,738		188,730
Alliant Energy Corp.		3,063		185,220
National Grid plc ADR¹		2,271		168,985
Fortis, Inc.		3,445		164,430
Brookfield Renewable Corp.		4,709		154,361
Pinnacle West Capital Corp.		1,713		153,262
OGE Energy Corp.		3,180		141,128
Talen Energy Corp.*		439		127,648
AES Corp.		11,588		121,906
IDACORP, Inc.		1,025		118,336
Clearway Energy, Inc. — Class C		3,696		118,272
Ormat Technologies, Inc.		1,294		108,385
Oklo, Inc.*^,1		1,897		106,213
TXNM Energy, Inc.		1,821		102,559
Portland General Electric Co.		2,438		99,056
Northwestern Energy Group, Inc.		1,618		83,003
Otter Tail Corp.		950		73,236
Hawaiian Electric Industries, Inc.*		6,067		64,492
MGE Energy, Inc.		396		35,022
Total Electric				9,801,871

Gas - 7.9%
Atmos Energy Corp.		1,516		233,631
NiSource, Inc.		5,152		207,832
UGI Corp.		3,624		131,986
National Fuel Gas Co.		1,535		130,030
ONE Gas, Inc.		1,374		98,735
MDU Resources Group, Inc.		5,255		87,601
Total Gas				889,815

Water - 3.5%
American Water Works Company, Inc.		1,764		245,390
Essential Utilities, Inc.		4,047		150,305
Total Water				395,695

Energy-Alternate Sources - 0.4%
XPLR Infrastructure, LP*		4,912		40,278

Total Common Stocks
(Cost $4,786,723)				11,127,659

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 1.0%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	58,215		58,215
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		25,120		25,120
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		24,256		24,256
Total Repurchase Agreements
(Cost $107,591)				107,591

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 1.9%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		208,068		208,068
Total Securities Lending Collateral
(Cost $208,068)				208,068

Total Investments - 102.2%
(Cost $5,102,382)			$	11,443,318
Other Assets & Liabilities, net - (2.2)%				(243,408	)
Total Net Assets - 100.0%			$	11,199,910

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 91

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
UTILITIES FUND

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	11,127,659	$	—	$	—	$	11,127,659
Repurchase Agreements		—		107,591		—		107,591
Securities Lending Collateral		208,068		—		—		208,068
Total Assets	$	11,335,727	$	107,591	$	—	$	11,443,318

92 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

UTILITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $206,338 of securities loaned (cost $4,994,791)	$	11,335,727
Repurchase agreements, at value (cost $107,591)		107,591
Cash		1,595
Receivables:
Dividends		18,931
Securities lending income		202
Interest		13
Total assets		11,464,059

Liabilities:
Payable for:
Return of securities lending collateral		208,068
Fund shares redeemed		18,292
Management fees		7,804
Transfer agent fees		5,123
Investor service fees		2,295
Portfolio accounting and administration fees		964
Trustees’ fees*		117
Miscellaneous		21,486
Total liabilities		264,149
Net assets	$	11,199,910

Net assets consist of:
Paid in capital	$	10,868,924
Total distributable earnings (loss)		330,986
Net assets	$	11,199,910
Capital shares outstanding		271,647
Net asset value per share	$	41.23

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $1,016)	$	177,051
Interest		1,555
Income from securities lending, net		647
Total investment income		179,253

Expenses:
Management fees		48,052
Investor service fees		14,133
Transfer agent fees		15,771
Professional fees		11,089
Portfolio accounting and administration fees		8,762
Custodian fees		793
Trustees’ fees*		726
Line of credit fees		62
Miscellaneous		5,172
Total expenses		104,560
Less:
Expenses reimbursed by Adviser		(2,827	)
Net expenses		101,733
Net investment income		77,520

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		460,943
Net realized gain		460,943
Net change in unrealized appreciation (depreciation) on:
Investments		666,039
Net change in unrealized appreciation (depreciation)		666,039
Net realized and unrealized gain		1,126,982
Net increase in net assets resulting from operations	$	1,204,502

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 93

UTILITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	77,520		$	158,794
Net realized gain on investments		460,943			1,007,950
Net change in unrealized appreciation (depreciation) on investments		666,039			743,746
Net increase in net assets resulting from operations		1,204,502			1,910,490

Distributions to shareholders		—			(161,312	)

Capital share transactions:
Proceeds from sale of shares		22,288,706			47,376,005
Distributions reinvested		—			161,312
Cost of shares redeemed		(23,045,079	)		(48,043,551	)
Net decrease from capital share transactions		(756,373	)		(506,234	)
Net increase in net assets		448,129			1,242,944

Net assets:
Beginning of period		10,751,781			9,508,837
End of period	$	11,199,910		$	10,751,781

Capital share activity:
Shares sold		569,711			1,262,610
Shares issued from reinvestment of distributions		—			4,649
Shares redeemed		(585,185	)		(1,280,410	)
Net decrease in shares		(15,474	)		(13,151	)

94 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

UTILITIES FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	37.45		$	31.67		$	34.65		$	34.86		$	30.93		$	33.76
Income (loss) from investment operations:
Net investment income (loss)^b		.27			.50			.46			.29			.43			.41
Net gain (loss) on investments (realized and unrealized)		3.51			5.76			(2.92	)		.07			4.02			(2.20	)
Total from investment operations		3.78			6.26			(2.46	)		.36			4.45			(1.79	)
Less distributions from:
Net investment income		—			(.48	)		(.52	)		(.31	)		(.52	)		(.55	)
Net realized gains		—			—			—			(.26	)		—			(.49	)
Total distributions		—			(.48	)		(.52	)		(.57	)		(.52	)		(1.04	)
Net asset value, end of period	$	41.23		$	37.45		$	31.67		$	34.65		$	34.86		$	30.93

Total Return^c		10.09	%		19.86	%		(7.12	%)		1.04	%		14.52	%		(5.13	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,200		$	10,752		$	9,509		$	17,137		$	13,444		$	11,801
Ratios to average net assets:
Net investment income (loss)		1.37	%		1.41	%		1.40	%		0.83	%		1.32	%		1.34	%
Total expenses		1.85	%		1.79	%		1.80	%		1.77	%		1.69	%		1.82	%
Net expenses^d		1.80	%		1.74	%		1.79	%		1.77	%		1.69	%		1.82	%
Portfolio turnover rate		192	%		425	%		102	%		387	%		110	%		151	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 95

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
DOW 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS^† - 66.9%

Financial - 18.1%
Goldman Sachs Group, Inc.		779	$	551,337
Visa, Inc. — Class A		779		276,584
American Express Co.		779		248,485
JPMorgan Chase & Co.		779		225,840
Travelers Companies, Inc.		779		208,414
Total Financial				1,510,660

Technology - 13.3%
Microsoft Corp.		779		387,482
International Business Machines Corp.		779		229,634
Salesforce, Inc.		779		212,426
Apple, Inc.		779		159,827
NVIDIA Corp.		779		123,074
Total Technology				1,112,443

Consumer, Non-cyclical - 9.8%
UnitedHealth Group, Inc.		779		243,025
Amgen, Inc.		779		217,505
Procter & Gamble Co.		779		124,110
Johnson & Johnson		779		118,992
Merck & Company, Inc.		779		61,666
Coca-Cola Co.		779		55,114
Total Consumer, Non-cyclical				820,412

Industrial - 9.2%
Caterpillar, Inc.		779		302,416
Honeywell International, Inc.		779		181,413
Boeing Co.*		779		163,224
3M Co.		779		118,595
Total Industrial				765,648

Consumer, Cyclical - 7.7%
Home Depot, Inc.		779		285,613
McDonald’s Corp.		779		227,600
Walmart, Inc.		779		76,171
NIKE, Inc. — Class B		779		55,340
Total Consumer, Cyclical				644,724

Communications - 4.3%
Amazon.com, Inc.*		779		170,905
Walt Disney Co.		779		96,604
Cisco Systems, Inc.		779		54,047
Verizon Communications, Inc.		779		33,707
Total Communications				355,263

Basic Materials - 3.2%
Sherwin-Williams Co.		779		267,477

Energy - 1.3%
Chevron Corp.		779		111,545

Total Common Stocks
(Cost $3,459,361)				5,588,172

	Face Amount
U.S. TREASURY BILLS^†† - 5.4%
U.S. Treasury Bills
4.23% due 09/18/25^1,2	$	350,000		346,760
3.94% due 07/08/25^2,3		108,000		107,913
Total U.S. Treasury Bills
(Cost $454,664)				454,673

REPURCHASE AGREEMENTS^††,4 - 16.5%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25¹		746,800		746,800
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25¹		322,244		322,244
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25¹		311,167		311,167
Total Repurchase Agreements
(Cost $1,380,211)				1,380,211

Total Investments - 88.8%
(Cost $5,294,236)			$	7,423,056
Other Assets & Liabilities, net - 11.2%				933,422
Total Net Assets - 100.0%			$	8,356,478

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Equity Futures Contracts Purchased^†

Dow Jones Industrial Average Mini Futures Contracts

Sep 2025

1,775,040

74,067

96 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
DOW 2x STRATEGY FUND

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

Barclays Bank plc

Dow Jones Industrial Average

Pay

5.29% (SOFR + 0.90%)

At Maturity

09/25/25

146

6,432,576

97,015

BNP Paribas

Dow Jones Industrial Average

Pay

5.23% (Federal
Funds Rate + 0.90%)

At Maturity

09/25/25

2,900,263

70,840

9,332,839

167,855

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁴	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	5,588,172	$	—	$	—	$	5,588,172
U.S. Treasury Bills		—		454,673		—		454,673
Repurchase Agreements		—		1,380,211		—		1,380,211
Equity Futures Contracts**		74,067		—		—		74,067
Equity Index Swap Agreements**		—		167,855		—		167,855
Total Assets	$	5,662,239	$	2,002,739	$	—	$	7,664,978

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 97

DOW 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value (cost $3,914,025)	$	6,042,845
Repurchase agreements, at value (cost $1,380,211)		1,380,211
Segregated cash with broker		40,764
Unrealized appreciation on OTC swap agreements		167,855
Receivables:
Fund shares sold		1,747,402
Variation margin on futures contracts		10,040
Dividends		1,691
Interest		167
Total assets		9,390,975

Liabilities:
Payable for:
Securities purchased		1,004,324
Swap settlement		4,771
Management fees		4,427
Transfer agent fees		3,314
Investor service fees		1,230
Portfolio accounting and administration fees		271
Trustees’ fees*		83
Fund shares redeemed		9
Miscellaneous		16,068
Total liabilities		1,034,497
Net assets	$	8,356,478

Net assets consist of:
Paid in capital	$	6,593,939
Total distributable earnings (loss)		1,762,539
Net assets	$	8,356,478
Capital shares outstanding		35,277
Net asset value per share	$	236.88

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends	$	55,899
Interest		40,814
Total investment income		96,713

Expenses:
Management fees		37,682
Investor service fees		10,467
Transfer agent fees		11,992
Professional fees		7,900
Portfolio accounting and administration fees		6,490
Interest expense		2,005
Custodian fees		596
Trustees’ fees*		591
Miscellaneous		4,935
Total expenses		82,658
Less:
Expenses reimbursed by Adviser		(4,187	)
Net expenses		78,471
Net investment income		18,242

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		189,668
Swap agreements		(213	)
Futures contracts		(301,648	)
Net realized loss		(112,193	)
Net change in unrealized appreciation (depreciation) on:
Investments		(44,451	)
Swap agreements		133,353
Futures contracts		81,837
Net change in unrealized appreciation (depreciation)		170,739
Net realized and unrealized gain		58,546
Net increase in net assets resulting from operations	$	76,788

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

98 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

DOW 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	18,242		$	76,837
Net realized gain (loss) on investments		(112,193	)		2,510,120
Net change in unrealized appreciation (depreciation) on investments		170,739			(931,693	)
Net increase in net assets resulting from operations		76,788			1,655,264

Distributions to shareholders		—			(96,119	)

Capital share transactions:
Proceeds from sale of shares		53,782,507			127,103,691
Distributions reinvested		—			96,119
Cost of shares redeemed		(55,969,707	)		(136,247,669	)
Net decrease from capital share transactions		(2,187,200	)		(9,047,859	)
Net decrease in net assets		(2,110,412	)		(7,488,714	)

Net assets:
Beginning of period		10,466,890			17,955,604
End of period	$	8,356,478		$	10,466,890

Capital share activity:
Shares sold		228,195			593,096
Shares issued from reinvestment of distributions		—			446
Shares redeemed		(238,511	)		(641,241	)
Net decrease in shares		(10,316	)		(47,699	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 99

DOW 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	229.57		$	192.47		$	156.26		$	207.85		$	147.84		$	163.38
Income (loss) from investment operations:
Net investment income (loss)^b		.49			1.60			1.21			.42			(.68	)		(.53	)
Net gain (loss) on investments (realized and unrealized)		6.82			37.94			35.49			(43.46	)		60.69			(.73	)
Total from investment operations		7.31			39.54			36.70			(43.04	)		60.01			(1.26	)
Less distributions from:
Net investment income		—			(2.44	)		(.49	)		—			—			(.92	)
Net realized gains		—			—			—			(8.55	)		—			(13.36	)
Total distributions		—			(2.44	)		(.49	)		(8.55	)		—			(14.28	)
Net asset value, end of period	$	236.88		$	229.57		$	192.47		$	156.26		$	207.85		$	147.84

Total Return^c		3.18	%		20.63	%		23.57	%		(20.49	%)		40.59	%		1.73	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,356		$	10,467		$	17,956		$	14,372		$	19,882		$	14,253
Ratios to average net assets:
Net investment income (loss)		0.44	%		0.76	%		0.75	%		0.25	%		(0.37	%)		(0.42	%)
Total expenses^d		1.97	%		1.89	%		1.97	%		1.88	%		1.78	%		1.91	%
Net expenses^e		1.87	%		1.79	%		1.90	%		1.81	%		1.72	%		1.85	%
Portfolio turnover rate		600	%		853	%		316	%		458	%		489	%		607	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

100 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
INVERSE DOW 2x STRATEGY FUND

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES^†† - 25.6%
Freddie Mac
4.23% due 07/02/25¹	$	100,000	$	99,989
Federal Home Loan Bank
4.15% due 07/10/25¹		100,000		99,896
Total Federal Agency Discount Notes
(Cost $199,885)				199,885

U.S. TREASURY BILLS^†† - 12.7%
U.S. Treasury Bills
4.23% due 09/18/25^1,2		50,000		49,537
4.20% due 09/18/25^1,2		50,000		49,537
Total U.S. Treasury Bills
(Cost $99,075)				99,074

FEDERAL AGENCY NOTES^†† - 6.4%
Federal Farm Credit Bank
4.32% due 02/27/26		50,000		49,967
Total Federal Agency Notes
(Cost $49,998)				49,967

REPURCHASE AGREEMENTS^††,3 - 61.3%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25²		258,985		258,985
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25²		111,752		111,752
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25²		107,911		107,911
Total Repurchase Agreements
(Cost $478,648)				478,648

Total Investments - 106.0%
(Cost $827,606)			$	827,574
Other Assets & Liabilities, net - (6.0)%				(47,187	)
Total Net Assets - 100.0%			$	780,387

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements Sold Short^††

BNP Paribas

Dow Jones Industrial Average

Receive

4.83% (Federal
Funds Rate +
0.50%)

At Maturity

09/25/25

666,470

(16,838

)

Barclays Bank plc

Dow Jones Industrial Average

Receive

4.99% (SOFR + 0.60%)

At Maturity

09/25/25

886,605

(22,386

)

1,553,075

(39,224

)

^††	Value determined based on Level 2 inputs — See Note 4.
¹	Rate indicated is the effective yield at the time of purchase.
²	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
³	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 101

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
INVERSE DOW 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Federal Agency Discount Notes	$	—	$	199,885	$	—	$	199,885
U.S. Treasury Bills		—		99,074		—		99,074
Federal Agency Notes		—		49,967		—		49,967
Repurchase Agreements		—		478,648		—		478,648
Total Assets	$	—	$	827,574	$	—	$	827,574

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	39,224			$	—			$	39,224

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

102 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE DOW 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value (cost $348,958)	$	348,926
Repurchase agreements, at value (cost $478,648)		478,648
Receivables:
Interest		802
Total assets		828,376

Liabilities:
Unrealized depreciation on OTC swap agreements		39,224
Payable for:
Fund shares redeemed		2,394
Swap settlement		2,265
Management fees		673
Transfer agent fees		550
Investor service fees		187
Portfolio accounting and administration fees		41
Trustees’ fees*		14
Miscellaneous		2,641
Total liabilities		47,989
Net assets	$	780,387

Net assets consist of:
Paid in capital	$	26,442,050
Total distributable earnings (loss)		(25,661,663	)
Net assets	$	780,387
Capital shares outstanding		5,565
Net asset value per share	$	140.23

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Interest	$	31,085
Total investment income		31,085

Expenses:
Management fees		5,919
Investor service fees		1,644
Transfer agent fees		1,893
Professional fees		1,051
Portfolio accounting and administration fees		1,019
Trustees’ fees*		95
Custodian fees		93
Miscellaneous		1,035
Total expenses		12,749
Less:
Expenses reimbursed by Adviser		(658	)
Net expenses		12,091
Net investment income		18,994

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		8
Swap agreements		(566,551	)
Futures contracts		(44,483	)
Net realized loss		(611,026	)
Net change in unrealized appreciation (depreciation) on:
Investments		(95	)
Swap agreements		(34,800	)
Futures contracts		(7,388	)
Net change in unrealized appreciation (depreciation)		(42,283	)
Net realized and unrealized loss		(653,309	)
Net decrease in net assets resulting from operations	$	(634,315	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 103

INVERSE DOW 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	18,994		$	49,696
Net realized loss on investments		(611,026	)		(1,120,702	)
Net change in unrealized appreciation (depreciation) on investments		(42,283	)		20,739
Net decrease in net assets resulting from operations		(634,315	)		(1,050,267	)

Distributions to shareholders		—			(58,940	)

Capital share transactions:
Proceeds from sale of shares		21,170,441			60,891,775
Distributions reinvested		—			58,940
Cost of shares redeemed		(21,193,511	)		(59,477,986	)
Net increase (decrease) from capital share transactions		(23,070	)		1,472,729
Net increase (decrease) in net assets		(657,385	)		363,522

Net assets:
Beginning of period		1,437,772			1,074,250
End of period	$	780,387		$	1,437,772

*Capital share activity:**
Shares sold		130,814			339,573
Shares issued from reinvestment of distributions		—			363
Shares redeemed		(134,684	)		(335,999	)
Net increase (decrease) in shares		(3,870	)		3,937

*	Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

104 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE DOW 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a,g			Year Ended December 31, 2024^g			Year Ended December 31, 2023^g			Year Ended December 31, 2022^g			Year Ended December 31, 2021^g			Year Ended December 31, 2020^g
Per Share Data
Net asset value, beginning of period	$	152.39		$	195.40		$	239.52		$	228.09		$	352.71		$	655.03
Income (loss) from investment operations:
Net investment income (loss)^b		2.23			6.55			7.35			.40			(3.15	)		(1.70	)
Net gain (loss) on investments (realized and unrealized)		(14.39	)		(36.81	)		(51.02	)		11.03	^f		(121.47	)		(299.92	)
Total from investment operations		(12.16	)		(30.26	)		(43.67	)		11.43			(124.62	)		(301.62	)
Less distributions from:
Net investment income		—			(12.75	)		(.45	)		—			—			(.70	)
Total distributions		—			(12.75	)		(.45	)		—			—			(.70	)
Net asset value, end of period	$	140.23		$	152.39		$	195.40		$	239.52		$	228.09		$	352.71

Total Return^c		(7.98	%)		(15.94	%)		(18.26	%)		5.00	%		(35.33	%)		(45.76	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	780		$	1,438		$	1,074		$	2,220		$	3,283		$	3,431
Ratios to average net assets:
Net investment income (loss)		2.89	%		3.86	%		3.17	%		0.16	%		(1.15	%)		(1.04	%)
Total expenses^d		1.94	%		1.88	%		1.91	%		1.90	%		1.79	%		1.92	%
Net expenses^e		1.84	%		1.78	%		1.84	%		1.83	%		1.70	%		1.86	%
Portfolio turnover rate		—			—			—			—			116	%		616	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests, if any.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments in the Fund.
^g	Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 105

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS^† - 70.9%

Financial - 17.1%
Interactive Brokers Group, Inc. — Class A		362	$	20,058
Equitable Holdings, Inc.		252		14,137
Fidelity National Financial, Inc.		217		12,165
East West Bancorp, Inc.		114		11,512
WP Carey, Inc. REIT		182		11,353
Reinsurance Group of America, Inc. — Class A		55		10,910
Unum Group		133		10,741
Gaming and Leisure Properties, Inc. REIT		228		10,643
Jones Lang LaSalle, Inc.*		39		9,975
Equity LifeStyle Properties, Inc. REIT		159		9,806
RenaissanceRe Holdings Ltd.		40		9,716
American Homes 4 Rent — Class A REIT		264		9,523
Annaly Capital Management, Inc. REIT		501		9,429
Carlyle Group, Inc.		177		9,098
Ally Financial, Inc.		230		8,959
First Horizon Corp.		421		8,925
Lamar Advertising Co. — Class A REIT		73		8,859
Stifel Financial Corp.		85		8,821
Omega Healthcare Investors, Inc. REIT		240		8,796
Kinsale Capital Group, Inc.		18		8,710
Evercore, Inc. — Class A		30		8,101
Houlihan Lokey, Inc.		45		8,098
CubeSmart REIT		189		8,033
Webster Financial Corp.		140		7,644
American Financial Group, Inc.		60		7,573
SouthState Corp.		82		7,547
Primerica, Inc.		27		7,389
Jefferies Financial Group, Inc.		135		7,383
EastGroup Properties, Inc. REIT		44		7,353
Old Republic International Corp.		189		7,265
SEI Investments Co.		79		7,099
Western Alliance Bancorporation		91		7,096
Pinnacle Financial Partners, Inc.		64		7,066
Rexford Industrial Realty, Inc. REIT		196		6,972
Wintrust Financial Corp.		56		6,943
Cullen/Frost Bankers, Inc.		53		6,813
NNN REIT, Inc. REIT		156		6,736
Agree Realty Corp. REIT		91		6,649
Brixmor Property Group, Inc. REIT		254		6,614
Comerica, Inc.		109		6,502
Zions Bancorp North America		123		6,389
Commerce Bancshares, Inc.		101		6,279
UMB Financial Corp.		59		6,204
Ryan Specialty Holdings, Inc.		89		6,051
Synovus Financial Corp.		115		5,951
Old National Bancorp		270		5,762
SLM Corp.		174		5,705
Voya Financial, Inc.		80		5,680
STAG Industrial, Inc. REIT		155		5,623
Prosperity Bancshares, Inc.		79		5,549
MGIC Investment Corp.		197		5,485
Starwood Property Trust, Inc. REIT		268		5,379
Vornado Realty Trust REIT		139		5,315
First Industrial Realty Trust, Inc. REIT		110		5,294
First American Financial Corp.		85		5,218
Hamilton Lane, Inc. — Class A		36		5,116
Essent Group Ltd.		84		5,101
Hanover Insurance Group, Inc.		30		5,096
RLI Corp.		69		4,983
Cadence Bank		155		4,957
Affiliated Managers Group, Inc.		24		4,723
Healthcare Realty Trust, Inc. REIT		292		4,631
FNB Corp.		299		4,359
Selective Insurance Group, Inc.		50		4,333
Home BancShares, Inc.		152		4,326
United Bankshares, Inc.		118		4,299
Glacier Bancorp, Inc.		98		4,222
Cousins Properties, Inc. REIT		139		4,174
Kite Realty Group Trust REIT		183		4,145
Bank OZK		88		4,141
Columbia Banking System, Inc.		175		4,092
Janus Henderson Group plc		105		4,078
Hancock Whitney Corp.		71		4,075
First Financial Bankshares, Inc.		107		3,850
EPR Properties REIT¹		63		3,670
Sabra Health Care REIT, Inc. REIT		198		3,651
Valley National Bancorp		395		3,527
Independence Realty Trust, Inc. REIT		194		3,432
Associated Banc-Corp.		136		3,317
Kemper Corp.		50		3,227
CNO Financial Group, Inc.		82		3,164
Kilroy Realty Corp. REIT¹		88		3,019
Texas Capital Bancshares, Inc.*		38		3,017
International Bancshares Corp.		44		2,929
Federated Hermes, Inc. — Class B		63		2,792
Flagstar Financial, Inc.		252		2,671
COPT Defense Properties REIT		94		2,593
Brighthouse Financial, Inc.*		48		2,581
Rayonier, Inc. REIT		116		2,573
Western Union Co.		274		2,307
PotlatchDeltic Corp. REIT		59		2,264
National Storage Affiliates Trust REIT		58		1,855
Park Hotels & Resorts, Inc. REIT		166		1,698
Total Financial				581,884

Industrial - 15.9%
EMCOR Group, Inc.		37		19,791
Flex Ltd.*		318		15,875
Comfort Systems USA, Inc.		29		15,550
Curtiss-Wright Corp.		31		15,145
Carlisle Companies, Inc.		36		13,442
AECOM		110		12,414
XPO, Inc.*		98		12,376
Woodward, Inc.		49		12,009
Graco, Inc.		139		11,950
Coherent Corp.*		129		11,508
BWX Technologies, Inc.		76		10,948
ITT, Inc.		65		10,194
nVent Electric plc		137		10,035
RBC Bearings, Inc.*		26		10,005

106 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Crown Holdings, Inc.		96	$	9,886
Owens Corning		71		9,764
Clean Harbors, Inc.*		42		9,710
Lincoln Electric Holdings, Inc.		46		9,537
CNH Industrial N.V.		726		9,409
Fabrinet*		30		8,840
MasTec, Inc.*		51		8,692
AptarGroup, Inc.		55		8,604
TD SYNNEX Corp.		62		8,413
Regal Rexnord Corp.¹		55		7,973
Tetra Tech, Inc.		219		7,875
Crane Co.		41		7,786
TopBuild Corp.*		24		7,770
Acuity, Inc.		25		7,459
Applied Industrial Technologies, Inc.		32		7,438
Mueller Industries, Inc.		92		7,311
Fluor Corp.*		137		7,024
Donaldson Company, Inc.		99		6,866
Advanced Drainage Systems, Inc.		59		6,777
NEXTracker, Inc. — Class A*		119		6,470
Middleby Corp.*		44		6,336
Chart Industries, Inc.*		37		6,092
Saia, Inc.*		22		6,028
Oshkosh Corp.		53		6,018
Knight-Swift Transportation Holdings, Inc.		135		5,971
Toro Co.		83		5,866
Universal Display Corp.		37		5,715
Flowserve Corp.		109		5,706
Esab Corp.		47		5,666
Eagle Materials, Inc.		28		5,659
Watts Water Technologies, Inc. — Class A		23		5,656
Valmont Industries, Inc.		17		5,552
MSA Safety, Inc.		33		5,528
Arrow Electronics, Inc.*		43		5,480
Simpson Manufacturing Company, Inc.		35		5,436
Ryder System, Inc.		34		5,406
Kirby Corp.*		47		5,330
Graphic Packaging Holding Co.		251		5,288
AGCO Corp.		51		5,261
Fortune Brands Innovations, Inc.		100		5,148
UFP Industries, Inc.		50		4,968
Trex Company, Inc.*		89		4,840
Littelfuse, Inc.		21		4,761
GATX Corp.		30		4,607
Vontier Corp.		123		4,539
Cognex Corp.		139		4,409
Louisiana-Pacific Corp.		51		4,385
AAON, Inc.		56		4,130
Landstar System, Inc.		29		4,032
Novanta, Inc.*		30		3,868
Timken Co.		53		3,845
Knife River Corp.*		47		3,837
Belden, Inc.		33		3,821
Hexcel Corp.		67		3,785
Avnet, Inc.		70		3,716
Silgan Holdings, Inc.		68		3,684
Sensata Technologies Holding plc		121		3,643
Sonoco Products Co.		82		3,572
Exponent, Inc.		42		3,138
EnerSys		33		2,831
Terex Corp.		54		2,521
Greif, Inc. — Class A		22		1,430
Total Industrial				542,350

Consumer, Non-cyclical - 11.3%
RB Global, Inc.		154		16,353
US Foods Holding Corp.*		192		14,786
Tenet Healthcare Corp.*		77		13,552
Sprouts Farmers Market, Inc.*		81		13,336
Illumina, Inc.*		131		12,499
Performance Food Group Co.*		130		11,371
United Therapeutics Corp.*		37		10,632
Neurocrine Biosciences, Inc.*		82		10,307
Encompass Health Corp.		84		10,301
API Group Corp.*		201		10,261
Exelixis, Inc.*		226		9,961
Service Corporation International		118		9,605
BioMarin Pharmaceutical, Inc.*		159		8,740
Penumbra, Inc.*		32		8,212
Avantor, Inc.*		566		7,618
HealthEquity, Inc.*		72		7,543
Ensign Group, Inc.		47		7,250
Albertsons Companies, Inc. — Class A		335		7,206
Ingredion, Inc.		53		7,188
Morningstar, Inc.		22		6,906
Paylocity Holding Corp.*		36		6,523
Medpace Holdings, Inc.*		20		6,277
Masimo Corp.*		37		6,224
H&R Block, Inc.		111		6,093
BellRing Brands, Inc.*		105		6,083
Celsius Holdings, Inc.*		131		6,077
elf Beauty, Inc.*		47		5,849
Chemed Corp.		12		5,843
Shift4 Payments, Inc. — Class A*^,1		56		5,550
Globus Medical, Inc. — Class A*		94		5,548
Coca-Cola Consolidated, Inc.		49		5,471
Jazz Pharmaceuticals plc*		51		5,412
Repligen Corp.*		43		5,348
Halozyme Therapeutics, Inc.*		102		5,306
Darling Ingredients, Inc.*		131		4,970
Lantheus Holdings, Inc.*		57		4,666
GXO Logistics, Inc.*		95		4,627
FTI Consulting, Inc.*		28		4,522
Option Care Health, Inc.*		136		4,417
Grand Canyon Education, Inc.*		23		4,347
WEX, Inc.*		28		4,113
Post Holdings, Inc.*		37		4,034
Valvoline, Inc.*		106		4,014
Roivant Sciences Ltd.*		350		3,944
Bruker Corp.		92		3,791
Bio-Rad Laboratories, Inc. — Class A*		15		3,620
Euronet Worldwide, Inc.*		34		3,447
Cytokinetics, Inc.*		99		3,271

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 107

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Haemonetics Corp.*		42	$	3,134
Brink’s Co.		35		3,125
Perrigo Company plc		114		3,046
Graham Holdings Co. — Class B		3		2,839
Marzetti Co		16		2,764
Envista Holdings Corp.*		141		2,755
Amedisys, Inc.*		27		2,657
Dentsply Sirona, Inc.		165		2,620
Flowers Foods, Inc.		163		2,605
Avis Budget Group, Inc.*		14		2,367
LivaNova plc*		45		2,026
Insperity, Inc.		30		1,804
Acadia Healthcare Company, Inc.*		76		1,724
ManpowerGroup, Inc.		38		1,535
Pilgrim’s Pride Corp.		33		1,484
Coty, Inc. — Class A*		304		1,413
Sotera Health Co.*		127		1,412
Sarepta Therapeutics, Inc.*		82		1,402
Boston Beer Company, Inc. — Class A*		7		1,336
Total Consumer, Non-cyclical				385,062

Consumer, Cyclical - 10.3%
Casey’s General Stores, Inc.		31		15,818
Watsco, Inc.		29		12,807
Burlington Stores, Inc.*		52		12,097
BJ’s Wholesale Club Holdings, Inc.*		110		11,861
Somnigroup International, Inc.		171		11,637
Texas Roadhouse, Inc. — Class A		55		10,308
Core & Main, Inc. — Class A*		157		9,475
Toll Brothers, Inc.		83		9,473
Dick’s Sporting Goods, Inc.		47		9,297
Aramark		218		9,128
GameStop Corp. — Class A*		338		8,244
Wingstop, Inc.		23		7,745
Planet Fitness, Inc. — Class A*		70		7,633
Lithia Motors, Inc. — Class A		22		7,432
WESCO International, Inc.		37		6,852
Skechers USA, Inc. — Class A*		108		6,815
Floor & Decor Holdings, Inc. — Class A*		89		6,760
Light & Wonder, Inc. — Class A*		70		6,738
Ollie’s Bargain Outlet Holdings, Inc.*		51		6,721
Autoliv, Inc.		59		6,602
American Airlines Group, Inc.*		548		6,149
Murphy USA, Inc.		15		6,102
Churchill Downs, Inc.		60		6,060
Five Below, Inc.*		46		6,034
Cava Group, Inc.*		68		5,728
Bath & Body Works, Inc.		177		5,303
Mattel, Inc.*		268		5,285
Wyndham Hotels & Resorts, Inc.		64		5,197
Taylor Morrison Home Corp. — Class A*		83		5,098
Alaska Air Group, Inc.*		101		4,997
Hyatt Hotels Corp. — Class A		35		4,888
Vail Resorts, Inc.		31		4,871
Crocs, Inc.*		47		4,760
Whirlpool Corp.		46		4,665
FirstCash Holdings, Inc.		32		4,325
Lear Corp.		44		4,179
AutoNation, Inc.*		21		4,172
Gentex Corp.		187		4,112
Gap, Inc.		184		4,013
Boyd Gaming Corp.		51		3,990
Thor Industries, Inc.		44		3,908
Dolby Laboratories, Inc. — Class A		51		3,787
Abercrombie & Fitch Co. — Class A*		40		3,314
Warner Music Group Corp. — Class A		121		3,296
VF Corp.		275		3,231
KB Home		60		3,178
MSC Industrial Direct Company, Inc. — Class A		37		3,146
Brunswick Corp.		55		3,038
Travel + Leisure Co.		55		2,839
PVH Corp.		40		2,744
Macy’s, Inc.		231		2,693
Penske Automotive Group, Inc.		15		2,577
Goodyear Tire & Rubber Co.*		237		2,458
RH*		13		2,457
Scotts Miracle-Gro Co. — Class A		36		2,375
Choice Hotels International, Inc.¹		18		2,284
YETI Holdings, Inc.*		69		2,175
Harley-Davidson, Inc.		91		2,148
Visteon Corp.*		23		2,146
Hilton Grand Vacations, Inc.*		48		1,993
Marriott Vacations Worldwide Corp.		26		1,880
Polaris, Inc.		44		1,789
Capri Holdings Ltd.*		98		1,735
Wendy’s Co.		134		1,530
Columbia Sportswear Co.		25		1,527
Under Armour, Inc. — Class A*		157		1,072
Under Armour, Inc. — Class C*		106		688
Total Consumer, Cyclical				349,379

Technology - 7.3%
Guidewire Software, Inc.*		70		16,481
Pure Storage, Inc. — Class A*		258		14,856
Okta, Inc.*		139		13,896
Dynatrace, Inc.*		249		13,747
Duolingo, Inc.*		33		13,531
DocuSign, Inc.*		168		13,086
Entegris, Inc.		126		10,162
Manhattan Associates, Inc.*		50		9,873
CACI International, Inc. — Class A*		18		8,581
Kyndryl Holdings, Inc.*		193		8,098
MACOM Technology Solutions Holdings, Inc.*		49		7,021
Doximity, Inc. — Class A*		111		6,809
CommVault Systems, Inc.*		37		6,450
ExlService Holdings, Inc.*		135		5,912
Genpact Ltd.		134		5,897
Rambus, Inc.*		89		5,698
Lattice Semiconductor Corp.*		114		5,585
MKS, Inc.		56		5,564
Lumentum Holdings, Inc.*		58		5,513
KBR, Inc.		108		5,178

108 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Dropbox, Inc. — Class A*		163	$	4,662
Cirrus Logic, Inc.*		44		4,587
Science Applications International Corp.		39		4,392
Appfolio, Inc. — Class A*		19		4,375
Qualys, Inc.*		30		4,286
Onto Innovation, Inc.*		41		4,138
Pegasystems, Inc.		74		4,006
Silicon Laboratories, Inc.*		27		3,979
Allegro MicroSystems, Inc.*		109		3,727
BILL Holdings, Inc.*		79		3,655
Maximus, Inc.		47		3,299
Parsons Corp.*		39		2,799
Power Integrations, Inc.		47		2,627
Crane NXT Co.		41		2,210
ZoomInfo Technologies, Inc. — Class A*		216		2,186
Synaptics, Inc.*		32		2,074
Concentrix Corp.		38		2,008
Blackbaud, Inc.*		31		1,991
Amkor Technology, Inc.		94		1,973
ASGN, Inc.*		36		1,797
IPG Photonics Corp.*		22		1,510
Total Technology				248,219

Basic Materials - 2.7%
Reliance, Inc.		44		13,812
RPM International, Inc.		107		11,753
Carpenter Technology Corp.		41		11,331
ATI, Inc.*		117		10,102
Royal Gold, Inc.		55		9,781
Alcoa Corp.		215		6,345
Axalta Coating Systems Ltd.*		181		5,374
Commercial Metals Co.		94		4,597
NewMarket Corp.		6		4,145
Cabot Corp.		45		3,375
Cleveland-Cliffs, Inc.*		402		3,055
Avient Corp.		76		2,455
Westlake Corp.		28		2,126
Olin Corp.		96		1,929
Ashland, Inc.		38		1,911
Total Basic Materials				92,091

Energy - 2.7%
Antero Resources Corp.*		242		9,748
DT Midstream, Inc.		84		9,232
Ovintiv, Inc.		216		8,219
Range Resources Corp.		198		8,053
Permian Resources Corp.		529		7,205
HF Sinclair Corp.		133		5,464
Antero Midstream Corp.		279		5,287
Chord Energy Corp.		48		4,649
Matador Resources Co.		97		4,629
Viper Energy, Inc.		109		4,156
CNX Resources Corp.*		120		4,041
ChampionX Corp.		159		3,950
NOV, Inc.		312		3,878
Weatherford International plc		60		3,018
Murphy Oil Corp.		111		2,497
Valaris Ltd.*		54		2,274
Civitas Resources, Inc.		71		1,954
PBF Energy, Inc. — Class A		82		1,777
Total Energy				90,031

Utilities - 2.0%
Essential Utilities, Inc.		214		7,948
OGE Energy Corp.		167		7,412
UGI Corp.		178		6,483
National Fuel Gas Co.		75		6,353
IDACORP, Inc.		45		5,195
TXNM Energy, Inc.		77		4,337
Ormat Technologies, Inc.		48		4,021
New Jersey Resources Corp.		83		3,720
Southwest Gas Holdings, Inc.		50		3,719
Portland General Electric Co.		91		3,697
ONE Gas, Inc.		50		3,593
Spire, Inc.		49		3,577
Black Hills Corp.		60		3,366
ALLETE, Inc.		48		3,075
Northwestern Energy Group, Inc.		51		2,616
Total Utilities				69,112

Communications - 1.6%
Ciena Corp.*		118		9,597
Hims & Hers Health, Inc.*^,1		163		8,125
Chewy, Inc. — Class A*		182		7,757
New York Times Co. — Class A		135		7,557
Frontier Communications Parent, Inc.*		185		6,734
Maplebear, Inc.*		136		6,153
Nexstar Media Group, Inc. — Class A		24		4,151
EchoStar Corp. — Class A*		111		3,075
Iridium Communications, Inc.		90		2,715
Total Communications				55,864

Total Common Stocks
(Cost $1,554,217)				2,413,992

MUTUAL FUNDS^† - 7.1%
Guggenheim Ultra Short Duration Fund — Institutional Class²		15,965		160,450
Guggenheim Strategy Fund II²		3,259		81,072
Total Mutual Funds
(Cost $231,938)				241,522

	Face Amount
U.S. TREASURY BILLS^†† - 2.9%
U.S. Treasury Bills
4.23% due 09/18/25^3,4	$	50,000		49,537
4.20% due 09/18/25^3,4		50,000		49,537
Total U.S. Treasury Bills
(Cost $99,075)				99,074

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 109

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MID-CAP 1.5x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS^††,5 - 18.3%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25³	$	337,633	$	337,633
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25³		145,688		145,688
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25³		140,680		140,680
Total Repurchase Agreements
(Cost $624,001)				624,001

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.7%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁷		23,302		23,302
Total Securities Lending Collateral
(Cost $23,302)				23,302

Total Investments - 99.9%
(Cost $2,532,533)			$	3,401,891
Other Assets & Liabilities, net - 0.1%				1,568
Total Net Assets - 100.0%			$	3,403,459

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

S&P MidCap 400 Index

Pay

4.58% (Federal
Funds Rate +
0.25%)

At Maturity

09/24/25

482

1,494,896

14,071

Barclays Bank plc

S&P MidCap 400 Index

Pay

5.24% (SOFR +
0.85%)

At Maturity

09/25/25

198

612,961

9,611

BNP Paribas

S&P MidCap 400 Index

Pay

4.88% (Federal
Funds Rate +
0.55%)

At Maturity

09/25/25

189

585,186

9,173

2,693,043

32,855

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Affiliated issuer.
³	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	Repurchase Agreements — See Note 6.
⁶	Securities lending collateral — See Note 7.
⁷	Rate indicated is the 7-day yield as of June 30, 2025.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

110 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
MID-CAP 1.5x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	2,413,992	$	—	$	—	$	2,413,992
Mutual Funds		241,522		—		—		241,522
U.S. Treasury Bills		—		99,074		—		99,074
Repurchase Agreements		—		624,001		—		624,001
Securities Lending Collateral		23,302		—		—		23,302
Equity Index Swap Agreements**		—		32,855		—		32,855
Total Assets	$	2,678,816	$	755,930	$	—	$	3,434,746

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

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated person, as defined in the Investment Company Act of 1940 (“affiliated issuer”).

The Fund may invest in certain of the underlying series of Guggenheim Strategy Funds Trust, including Guggenheim Strategy Fund II, Guggenheim Strategy Fund III and Guggenheim Variable Insurance Strategy Fund III (collectively, the “Guggenheim Strategy Funds”), each of which are open-end management investment companies managed by GI. The Guggenheim Strategy Funds, which launched on March 11, 2014, are offered as short-term investment options only to mutual funds, trusts, and other accounts managed by GI and/or its affiliates, and are not available to the public. The Guggenheim Strategy Funds pay no investment management fees. The Guggenheim Strategy Funds’ annual report on Form N-CSR dated September 30, 2024 is available publicly or upon request. This information is available from the EDGAR database on the SEC’s website at https://www.sec.gov/Archives/edgar/data/1601445/000139834424022509/fp0090292-6_ncsrixbrl.htm. The Fund also may invest in certain of the underlying series of Guggenheim Funds Trust, which are open-end management investment companies managed by GI, are available to the public and whose most recent annual report on Form N-CSR is available publicly or upon request.

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	80,974	$	—	$	—	$	—	$	98	$	81,072		3,259	$	2,168
Guggenheim Ultra Short Duration Fund — Institutional Class		159,811		—		—		—		639		160,450		15,965		3,487
	$	240,785	$	—	$	—	$	—	$	737	$	241,522			$	5,655

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 111

MID-CAP 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value - including $22,840 of securities loaned (cost $1,676,594)	$	2,536,368
Investments in affiliated issuers, at value (cost $231,938)		241,522
Repurchase agreements, at value (cost $624,001)		624,001
Cash		33
Unrealized appreciation on OTC swap agreements		32,855
Receivables:
Dividends		3,352
Fund shares sold		1,895
Interest		76
Securities lending income		2
Total assets		3,440,104

Liabilities:
Payable for:
Return of securities lending collateral		23,302
Professional fees		2,712
Management fees		2,433
Transfer agent fees		1,617
Fund shares redeemed		764
Investor service fees		685
Swap settlement		303
Portfolio accounting and administration fees		151
Trustees’ fees*		38
Miscellaneous		4,640
Total liabilities		36,645
Net assets	$	3,403,459

Net assets consist of:
Paid in capital	$	2,695,345
Total distributable earnings (loss)		708,114
Net assets	$	3,403,459
Capital shares outstanding		14,818
Net asset value per share	$	229.68

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $17)	$	23,129
Dividends from securities of affiliated issuers		5,655
Interest		11,605
Income from securities lending, net		11
Total investment income		40,400

Expenses:
Management fees		16,418
Investor service fees		4,561
Transfer agent fees		5,217
Professional fees		3,482
Portfolio accounting and administration fees		2,827
Custodian fees		259
Trustees’ fees*		258
Interest expense		14
Miscellaneous		1,696
Total expenses		34,732
Less:
Expenses reimbursed by Adviser		(1,824	)
Expenses waived by Adviser		(199	)
Total waived/reimbursed expenses		(2,023	)
Net expenses		32,709
Net investment income		7,691

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		248,002
Swap agreements		(99,179	)
Futures contracts		(25,279	)
Net realized gain		123,544
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(284,967	)
Investments in affiliated issuers		737
Swap agreements		71,575
Futures contracts		16,977
Net change in unrealized appreciation (depreciation)		(195,678	)
Net realized and unrealized loss		(72,134	)
Net decrease in net assets resulting from operations	$	(64,443	)

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

112 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

MID-CAP 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	7,691		$	16,954
Net realized gain on investments		123,544			488,667
Net change in unrealized appreciation (depreciation) on investments		(195,678	)		162,252
Net increase (decrease) in net assets resulting from operations		(64,443	)		667,873

Distributions to shareholders		—			(25,946	)

Capital share transactions:
Proceeds from sale of shares		1,516,146			2,467,556
Distributions reinvested		—			25,946
Cost of shares redeemed		(1,992,079	)		(3,539,887	)
Net decrease from capital share transactions		(475,933	)		(1,046,385	)
Net decrease in net assets		(540,376	)		(404,458	)

Net assets:
Beginning of period		3,943,835			4,348,293
End of period	$	3,403,459		$	3,943,835

Capital share activity:
Shares sold		7,214			11,130
Shares issued from reinvestment of distributions		—			112
Shares redeemed		(9,053	)		(15,625	)
Net decrease in shares		(1,839	)		(4,383	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 113

MID-CAP 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	236.77		$	206.67		$	173.92		$	242.90		$	205.26		$	193.99
Income (loss) from investment operations:
Net investment income (loss)^b		.47			.90			1.04			(.22	)		(1.55	)		(.12	)
Net gain (loss) on investments (realized and unrealized)		(7.56	)		30.61			31.71			(56.21	)		70.95			12.09
Total from investment operations		(7.09	)		31.51			32.75			(56.43	)		69.40			11.97
Less distributions from:
Net investment income		—			(1.41	)		—			—			—			(.15	)
Net realized gains		—			—			—			(12.55	)		(31.76	)		(.55	)
Total distributions		—			(1.41	)		—			(12.55	)		(31.76	)		(.70	)
Net asset value, end of period	$	229.68		$	236.77		$	206.67		$	173.92		$	242.90		$	205.26

Total Return^c		(2.99	%)		15.26	%		18.83	%		(23.20	%)		35.25	%		10.69	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,403		$	3,944		$	4,348		$	4,516		$	6,038		$	4,756
Ratios to average net assets:
Net investment income (loss)		0.42	%		0.40	%		0.56	%		(0.11	%)		(0.65	%)		(0.47	%)
Total expenses^d		1.90	%		1.86	%		1.89	%		1.83	%		1.75	%		1.87	%
Net expenses^e		1.79	%		1.76	%		1.81	%		1.77	%		1.69	%		1.81	%
Portfolio turnover rate		12	%		34	%		18	%		154	%		56	%		472	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

114 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
INVERSE MID-CAP STRATEGY FUND

	Shares		Value
MUTUAL FUNDS^† - 33.3%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		2,464	$	24,761
Guggenheim Strategy Fund II¹		822		20,445
Total Mutual Funds
(Cost $43,902)				45,206

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 60.9%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25³	$	44,710		44,710
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25³		19,293		19,293

BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25³	18,629		18,629
Total Repurchase Agreements
(Cost $82,632)			82,632

Total Investments - 94.2%
(Cost $126,534)		$	127,838
Other Assets & Liabilities, net - 5.8%			7,822
Total Net Assets - 100.0%		$	135,660

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements Sold Short^††

Goldman Sachs International

S&P MidCap 400 Index

Receive

4.28% (Federal
Funds Rate -
0.05%)

At Maturity

09/24/25

40,740

(279

)

BNP Paribas

S&P MidCap 400 Index

Receive

4.48% (Federal
Funds Rate +
0.15%)

At Maturity

09/25/25

36,812

(578

)

Barclays Bank plc

S&P MidCap 400 Index

Receive

4.94% (SOFR +
0.55%)

At Maturity

09/25/25

58,165

(911

)

135,717

(1,768

)

^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Affiliated issuer.
²	Repurchase Agreements — See Note 6.
³	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 115

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
INVERSE MID-CAP STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	45,206	$	—	$	—	$	45,206
Repurchase Agreements		—		82,632		—		82,632
Total Assets	$	45,206	$	82,632	$	—	$	127,838

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	1,768			$	—			$	1,768

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

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	20,421	$	—	$	—	$	—	$	24	$	20,445		822	$	547
Guggenheim Ultra Short Duration Fund — Institutional Class		24,662		—		—		—		99		24,761		2,464		538
	$	45,083	$	—	$	—	$	—	$	123	$	45,206			$	1,085

116 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE MID-CAP STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in affiliated issuers, at value (cost $43,902)	$	45,206
Repurchase agreements, at value (cost $82,632)		82,632
Segregated cash with broker		10,000
Receivables:
Dividends		172
Interest		10
Fund shares sold		1
Total assets		138,021

Liabilities:
Unrealized depreciation on OTC swap agreements		1,768
Payable for:
Fund shares redeemed		155
Management fees		83
Transfer agent fees		59
Investor service fees		24
Swap settlement		9
Portfolio accounting and administration fees		6
Trustees’ fees*		1
Miscellaneous		256
Total liabilities		2,361
Net assets	$	135,660

Net assets consist of:
Paid in capital	$	2,198,523
Total distributable earnings (loss)		(2,062,863	)
Net assets	$	135,660
Capital shares outstanding		905
Net asset value per share	$	149.90

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of affiliated issuers	$	1,085
Interest		1,966
Total investment income		3,051

Expenses:
Management fees		612
Investor service fees		170
Transfer agent fees		182
Professional fees		116
Portfolio accounting and administration fees		105
Printing expenses		45
Custodian fees		10
Trustees’ fees*		7
Miscellaneous		102
Total expenses		1,349
Less:
Expenses reimbursed by Adviser		(68	)
Expenses waived by Adviser		(31	)
Total waived expenses		(99	)
Net expenses		1,250
Net investment income		1,801

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(12,422	)
Net realized loss		(12,422	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(1	)
Investments in affiliated issuers		123
Swap agreements		(2,579	)
Net change in unrealized appreciation (depreciation)		(2,457	)
Net realized and unrealized loss		(14,879	)
Net decrease in net assets resulting from operations	$	(13,078	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 117

INVERSE MID-CAP STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	1,801		$	4,727
Net realized loss on investments		(12,422	)		(19,154	)
Net change in unrealized appreciation (depreciation) on investments		(2,457	)		2,481
Net decrease in net assets resulting from operations		(13,078	)		(11,946	)

Distributions to shareholders		—			(6,469	)

Capital share transactions:
Proceeds from sale of shares		367,354			596,013
Distributions reinvested		—			6,469
Cost of shares redeemed		(334,650	)		(596,818	)
Net increase from capital share transactions		32,704			5,664
Net increase (decrease) in net assets		19,626			(12,751	)

Net assets:
Beginning of period		116,034			128,785
End of period	$	135,660		$	116,034

*Capital share activity:**
Shares sold		2,271			3,655
Shares issued from reinvestment of distributions		—			43
Shares redeemed		(2,141	)		(3,684	)
Net increase in shares		130			14

*	Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

118 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE MID-CAP STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a,f			Year Ended December 31, 2024^f			Year Ended December 31, 2023^f			Year Ended December 31, 2022^f			Year Ended December 31, 2021^f			Year Ended December 31,2020^f
Per Share Data
Net asset value, beginning of period	$	149.65		$	169.24		$	187.00		$	171.52		$	223.44		$	300.22
Income (loss) from investment operations:
Net investment income (loss)^b		2.05			5.55			5.80			.40			(2.20	)		(3.05	)
Net gain (loss) on investments (realized and unrealized)		(1.80	)		(16.19	)		(22.66	)		15.08	^g		(49.72	)		(71.03	)
Total from investment operations		.25			(10.64	)		(16.86	)		15.48			(51.92	)		(74.08	)
Less distributions from:
Net investment income		—			(8.95	)		(.90	)		—			—			(2.70	)
Total distributions		—			(8.95	)		(.90	)		—			—			(2.70	)
Net asset value, end of period	$	149.90		$	149.65		$	169.24		$	187.00		$	171.52		$	223.44

Total Return^c		0.17	%		(6.36	%)		(9.04	%)		9.01	%		(23.21	%)		(24.89	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	136		$	116		$	129		$	240		$	89		$	137
Ratios to average net assets:
Net investment income (loss)		2.65	%		3.50	%		3.20	%		0.21	%		(1.18	%)		(1.01	%)
Total expenses^d		1.99	%		1.82	%		1.85	%		1.78	%		1.74	%		1.88	%
Net expenses^e		1.84	%		1.68	%		1.75	%		1.71	%		1.67	%		1.83	%
Portfolio turnover rate		—			—			—			9	%		29	%		281	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.
^g	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments in the Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 119

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
NASDAQ-100^® FUND

	Shares		Value
COMMON STOCKS^† - 78.2%

Technology - 39.4%
NVIDIA Corp.		58,681	$	9,271,011
Microsoft Corp.		17,874		8,890,706
Apple, Inc.		35,920		7,369,706
Broadcom, Inc.		18,702		5,155,206
Palantir Technologies, Inc. — Class A*		13,389		1,825,189
Advanced Micro Devices, Inc.*		9,594		1,361,389
Intuit, Inc.		1,650		1,299,590
Texas Instruments, Inc.		5,375		1,115,957
QUALCOMM, Inc.		6,496		1,034,553
Adobe, Inc.*		2,522		975,711
Applied Materials, Inc.		4,748		869,216
Micron Technology, Inc.		6,612		814,929
Crowdstrike Holdings, Inc. — Class A*		1,474		750,723
Lam Research Corp.		7,569		736,766
KLA Corp.		782		700,469
Analog Devices, Inc.		2,936		698,827
AppLovin Corp. — Class A*		1,821		637,496
MicroStrategy, Inc. — Class A*		1,502		607,154
Intel Corp.*		25,809		578,122
Cadence Design Systems, Inc.*		1,616		497,970
Fortinet, Inc.*		4,529		478,806
Synopsys, Inc.*		918		470,640
ASML Holding N.V. — Class G		517		414,319
Marvell Technology, Inc.		5,102		394,895
Autodesk, Inc.*		1,266		391,916
Roper Technologies, Inc.		636		360,510
NXP Semiconductor N.V.		1,494		326,424
Paychex, Inc.		2,131		309,975
Workday, Inc. — Class A*		1,278		306,720
Zscaler, Inc.*		921		289,139
Take-Two Interactive Software, Inc.*		1,078		261,792
Datadog, Inc. — Class A*		1,890		253,884
Electronic Arts, Inc.		1,484		236,995
Cognizant Technology Solutions Corp. — Class A		2,917		227,613
Microchip Technology, Inc.		3,192		224,621
Atlassian Corp. — Class A*		978		198,622
ANSYS, Inc.*		520		182,634
ON Semiconductor Corp.*		2,472		129,558
ARM Holdings plc ADR*		791		127,936
GLOBALFOUNDRIES, Inc.*		3,271		124,952
Total Technology				50,902,641

Communications - 21.1%
Amazon.com, Inc.*		25,531		5,601,246
Meta Platforms, Inc. — Class A		5,222		3,854,306
Netflix, Inc.*		2,517		3,370,590
Alphabet, Inc. — Class A		13,997		2,466,691
Alphabet, Inc. — Class C		13,129		2,328,953
Cisco Systems, Inc.		23,429		1,625,504
T-Mobile US, Inc.		6,718		1,600,631
Booking Holdings, Inc.		193		1,117,323
Shopify, Inc. — Class A*		7,208		831,443
Palo Alto Networks, Inc.*		3,945		807,305
Comcast Corp. — Class A		22,035		786,429
MercadoLibre, Inc.*		300		784,089
DoorDash, Inc. — Class A*		2,359		581,517
PDD Holdings, Inc. ADR*		3,952		413,616
Charter Communications, Inc. — Class A*^,1		831		339,721
Airbnb, Inc. — Class A*		2,554		337,997
Trade Desk, Inc. — Class A*		2,652		190,917
Warner Bros Discovery, Inc.*		14,638		167,752
CDW Corp.		779		139,122
Total Communications				27,345,152

Consumer, Non-cyclical - 7.3%
Intuitive Surgical, Inc.*		2,121		1,152,572
PepsiCo, Inc.		8,113		1,071,241
Amgen, Inc.		3,182		888,446
Gilead Sciences, Inc.		7,360		816,003
Automatic Data Processing, Inc.		2,401		740,468
Vertex Pharmaceuticals, Inc.*		1,519		676,259
Cintas Corp.		2,389		532,437
Mondelez International, Inc. — Class A		7,661		516,658
PayPal Holdings, Inc.*		5,754		427,637
Monster Beverage Corp.*		5,771		361,495
Regeneron Pharmaceuticals, Inc.		628		329,700
Keurig Dr Pepper, Inc.		8,036		265,670
Verisk Analytics, Inc. — Class A		828		257,922
IDEXX Laboratories, Inc.*		476		255,298
Coca-Cola Europacific Partners plc		2,717		251,920
AstraZeneca plc ADR		3,527		246,467
Dexcom, Inc.*		2,320		202,513
GE HealthCare Technologies, Inc.		2,709		200,656
Kraft Heinz Co.		7,003		180,817
Biogen, Inc.*		867		108,887
Total Consumer, Non-cyclical				9,483,066

Consumer, Cyclical - 6.3%
Tesla, Inc.*		8,754		2,780,796
Costco Wholesale Corp.		2,625		2,598,592
Starbucks Corp.		6,724		616,120
O’Reilly Automotive, Inc.*		5,058		455,878
Marriott International, Inc. — Class A		1,620		442,600
PACCAR, Inc.		3,105		295,161
Fastenal Co.		6,788		285,096
Copart, Inc.*		5,715		280,435
Ross Stores, Inc.		1,946		248,271
Lululemon Athletica, Inc.*		680		161,554
Total Consumer, Cyclical				8,164,503

Industrial - 1.4%
Honeywell International, Inc.		3,802		885,410
Axon Enterprise, Inc.*		461		381,680
CSX Corp.		11,115		362,683
Old Dominion Freight Line, Inc.		1,250		202,875
Total Industrial				1,832,648

120 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
NASDAQ-100^® FUND

	Shares		Value
Utilities - 1.1%
Constellation Energy Corp.		1,854	$	598,397
American Electric Power Company, Inc.		3,160		327,882
Exelon Corp.		5,973		259,348
Xcel Energy, Inc.		3,413		232,425
Total Utilities				1,418,052

Basic Materials - 1.0%
Linde plc		2,785		1,306,666

Energy - 0.4%
Diamondback Energy, Inc.		1,729		237,565
Baker Hughes Co.		5,862		224,749
Total Energy				462,314

Financial - 0.2%
CoStar Group, Inc.*		2,495		200,598

Total Common Stocks
(Cost $48,856,273)				101,115,640

MUTUAL FUNDS^† - 13.8%
Guggenheim Ultra Short Duration Fund — Institutional Class²		909,569		9,141,164
Guggenheim Strategy Fund II²		347,696		8,650,682
Total Mutual Funds
(Cost $17,605,877)				17,791,846

	Face Amount
U.S. TREASURY BILLS^†† - 1.5%
U.S. Treasury Bills
3.94% due 07/08/25^3,4	$	1,744,000		1,742,594
4.23% due 09/18/25^4,5		250,000		247,686
Total U.S. Treasury Bills
(Cost $1,990,279)				1,990,280

REPURCHASE AGREEMENTS^††,6 - 8.9%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25⁵		6,223,848		6,223,848
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25⁵		2,685,588		2,685,588
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25⁵		2,593,270		2,593,270
Total Repurchase Agreements
(Cost $11,502,706)				11,502,706

	Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.2%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁸		247,036		247,036
Total Securities Lending Collateral
(Cost $247,036)				247,036

Total Investments - 102.6%
(Cost $80,202,171)			$	132,647,508
Other Assets & Liabilities, net - (2.6)%				(3,316,895	)
Total Net Assets - 100.0%			$	129,330,613

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Equity Futures Contracts Purchased^†

NASDAQ-100 Index Mini Futures Contracts

Sep 2025

16,477,920

734,612

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

NASDAQ-100 Index

Pay

4.93% (Federal
Funds Rate +
0.60%)

At Maturity

09/24/25

222

5,038,022

108,517

BNP Paribas

NASDAQ-100 Index

Pay

5.23% (Federal
Funds Rate +
0.90%)

At Maturity

09/25/25

178

4,047,777

78,774

Barclays Bank plc

NASDAQ-100 Index

Pay

5.39% (SOFR +
1.00%)

At Maturity

09/25/25

126

2,859,363

55,640

11,945,162

242,931

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 121

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
NASDAQ-100^® FUND

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
⁶	Repurchase Agreements — See Note 6.
⁷	Securities lending collateral — See Note 7.
⁸	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	101,115,640	$	—	$	—	$	101,115,640
Mutual Funds		17,791,846		—		—		17,791,846
U.S. Treasury Bills		—		1,990,280		—		1,990,280
Repurchase Agreements		—		11,502,706		—		11,502,706
Securities Lending Collateral		247,036		—		—		247,036
Equity Futures Contracts**		734,612		—		—		734,612
Equity Index Swap Agreements**		—		242,931		—		242,931
Total Assets	$	119,889,134	$	13,735,917	$	—	$	133,625,051

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

122 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
NASDAQ-100^® FUND

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	8,640,252	$	—	$	—	$	—	$	10,430	$	8,650,682		347,696	$	231,366
Guggenheim Ultra Short Duration Fund — Institutional Class		9,104,781		—		—		—		36,383		9,141,164		909,569		198,633
	$	17,745,033	$	—	$	—	$	—	$	46,813	$	17,791,846			$	429,999

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 123

NASDAQ-100^® FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value - including $246,921 of securities loaned (cost $51,093,588)	$	103,352,956
Investments in affiliated issuers, at value (cost $17,605,877)		17,791,846
Repurchase agreements, at value (cost $11,502,706)		11,502,706
Segregated cash with broker		25,000
Unrealized appreciation on OTC swap agreements		242,931
Receivables:
Fund shares sold		513,775
Variation margin on futures contracts		96,840
Dividends		81,395
Swap settlement		57,818
Interest		1,398
Securities lending income		9
Total assets		133,666,674

Liabilities:
Segregated cash due to broker		650,000
Payable for:
Securities purchased		3,001,559
Return of securities lending collateral		247,036
Management fees		68,961
Transfer agent fees		51,914
Fund shares redeemed		47,630
Investor service fees		23,592
Portfolio accounting and administration fees		9,908
Trustees’ fees*		1,206
Miscellaneous		234,255
Total liabilities		4,336,061
Net assets	$	129,330,613

Net assets consist of:
Paid in capital	$	59,904,593
Total distributable earnings (loss)		69,426,020
Net assets	$	129,330,613
Capital shares outstanding		1,397,746
Net asset value per share	$	92.53

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $528)	$	341,953
Dividends from securities of affiliated issuers		429,999
Interest		235,943
Income from securities lending, net		28
Total investment income		1,007,923

Expenses:
Management fees		438,807
Investor service fees		146,269
Transfer agent fees		164,259
Professional fees		112,615
Portfolio accounting and administration fees		90,685
Custodian fees		8,233
Trustees’ fees*		7,717
Interest expense		2,171
Miscellaneous		77,748
Total expenses		1,048,504
Less:
Expenses reimbursed by Adviser		(29,255	)
Expenses waived by Adviser		(11,306	)
Total waived/reimbursed expenses		(40,561	)
Net expenses		1,007,943
Net investment loss		(20	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		9,826,162
Swap agreements		144,669
Futures contracts		3,524,209
Net realized gain		13,495,040
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(6,087,168	)
Investments in affiliated issuers		46,813
Swap agreements		759,352
Futures contracts		942,246
Net change in unrealized appreciation (depreciation)		(4,338,757	)
Net realized and unrealized gain		9,156,283
Net increase in net assets resulting from operations	$	9,156,263

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

124 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

NASDAQ-100^® FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(20	)	$	38,683
Net realized gain on investments		13,495,040			12,335,081
Net change in unrealized appreciation (depreciation) on investments		(4,338,757	)		14,633,482
Net increase in net assets resulting from operations		9,156,263			27,007,246

Distributions to shareholders		—			(2,864,502	)

Capital share transactions:
Proceeds from sale of shares		162,076,010			291,322,507
Distributions reinvested		—			2,864,502
Cost of shares redeemed		(166,752,771	)		(311,142,110	)
Net decrease from capital share transactions		(4,676,761	)		(16,955,101	)
Net increase in net assets		4,479,502			7,187,643

Net assets:
Beginning of period		124,851,111			117,663,468
End of period	$	129,330,613		$	124,851,111

Capital share activity:
Shares sold		1,998,432			3,781,913
Shares issued from reinvestment of distributions		—			35,351
Shares redeemed		(2,051,311	)		(4,025,970	)
Net decrease in shares		(52,879	)		(208,706	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 125

NASDAQ-100^® FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	86.07		$	70.91		$	46.28		$	72.89		$	62.81		$	48.86
Income (loss) from investment operations:
Net investment income (loss)^b		—			.02			.16			(.17	)		(.56	)		(.31	)
Net gain (loss) on investments (realized and unrealized)		6.46			16.84			24.47			(24.48	)		16.09			21.04
Total from investment operations		6.46			16.86			24.63			(24.65	)		15.53			20.73
Less distributions from:
Net investment income		—			(.17	)		—			—			—			(.17	)
Net realized gains		—			(1.53	)		—			(1.96	)		(5.45	)		(6.61	)
Total distributions		—			(1.70	)		—			(1.96	)		(5.45	)		(6.78	)
Net asset value, end of period	$	92.53		$	86.07		$	70.91		$	46.28		$	72.89		$	62.81

Total Return^c		7.51	%		23.91	%		53.22	%		(34.14	%)		25.54	%		44.96	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	129,331		$	124,851		$	117,663		$	64,960		$	139,405		$	112,787
Ratios to average net assets:
Net investment income (loss)		—			0.03	%		0.27	%		(0.30	%)		(0.83	%)		(0.58	%)
Total expenses^d		1.79	%		1.73	%		1.78	%		1.71	%		1.63	%		1.76	%
Net expenses^e		1.72	%		1.67	%		1.73	%		1.68	%		1.61	%		1.72	%
Portfolio turnover rate		73	%		107	%		151	%		168	%		57	%		142	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

126 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
NASDAQ-100^® 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS^† - 84.7%

Technology - 42.7%
NVIDIA Corp.		69,840	$	11,034,022
Microsoft Corp.		21,274		10,581,900
Apple, Inc.		42,751		8,771,222
Broadcom, Inc.		22,259		6,135,693
Palantir Technologies, Inc. — Class A*		15,935		2,172,259
Advanced Micro Devices, Inc.*		11,418		1,620,214
Intuit, Inc.		1,964		1,546,905
Texas Instruments, Inc.		6,398		1,328,353
QUALCOMM, Inc.		7,732		1,231,398
Adobe, Inc.*		3,001		1,161,027
Applied Materials, Inc.		5,651		1,034,529
Micron Technology, Inc.		7,870		969,978
Crowdstrike Holdings, Inc. — Class A*		1,754		893,330
Lam Research Corp.		9,007		876,741
KLA Corp.		932		834,830
Analog Devices, Inc.		3,495		831,880
AppLovin Corp. — Class A*		2,167		758,623
MicroStrategy, Inc. — Class A*		1,787		722,359
Intel Corp.*		30,718		688,083
Cadence Design Systems, Inc.*		1,923		592,573
Fortinet, Inc.*		5,390		569,831
Synopsys, Inc.*		1,093		560,359
ASML Holding N.V. — Class G		616		493,656
Marvell Technology, Inc.		6,071		469,895
Autodesk, Inc.*		1,507		466,522
Roper Technologies, Inc.		757		429,098
NXP Semiconductor N.V.		1,779		388,694
Paychex, Inc.		2,536		368,887
Workday, Inc. — Class A*		1,521		365,040
Zscaler, Inc.*		1,097		344,392
Take-Two Interactive Software, Inc.*		1,283		311,577
Datadog, Inc. — Class A*		2,250		302,243
Electronic Arts, Inc.		1,766		282,030
Cognizant Technology Solutions Corp. — Class A		3,471		270,842
Microchip Technology, Inc.		3,798		267,265
Atlassian Corp. — Class A*		1,164		236,397
ANSYS, Inc.*		620		217,756
ON Semiconductor Corp.*		2,943		154,243
ARM Holdings plc ADR*		942		152,359
GLOBALFOUNDRIES, Inc.*		3,894		148,751
Total Technology				60,585,756

Communications - 22.9%
Amazon.com, Inc.*		30,387		6,666,604
Meta Platforms, Inc. — Class A		6,215		4,587,229
Netflix, Inc.*		2,997		4,013,372
Alphabet, Inc. — Class A		16,658		2,935,639
Alphabet, Inc. — Class C		15,625		2,771,719
Cisco Systems, Inc.		27,887		1,934,800
T-Mobile US, Inc.		7,996		1,905,127
Booking Holdings, Inc.		229		1,325,736
Shopify, Inc. — Class A*		8,579		989,588
Palo Alto Networks, Inc.*		4,695		960,785
Comcast Corp. — Class A		26,227		936,042
MercadoLibre, Inc.*		357		933,066
DoorDash, Inc. — Class A*		2,808		692,200
PDD Holdings, Inc. ADR*		4,704		492,321
Charter Communications, Inc. — Class A*^,1		988		403,904
Airbnb, Inc. — Class A*		3,039		402,181
Trade Desk, Inc. — Class A*		3,156		227,201
Warner Bros Discovery, Inc.*		17,422		199,656
CDW Corp.		927		165,553
Total Communications				32,542,723

Consumer, Non-cyclical - 7.9%
Intuitive Surgical, Inc.*		2,524		1,371,567
PepsiCo, Inc.		9,655		1,274,846
Amgen, Inc.		3,787		1,057,368
Gilead Sciences, Inc.		8,760		971,221
Automatic Data Processing, Inc.		2,858		881,407
Vertex Pharmaceuticals, Inc.*		1,809		805,367
Cintas Corp.		2,843		633,620
Mondelez International, Inc. — Class A		9,119		614,985
PayPal Holdings, Inc.*		6,848		508,943
Monster Beverage Corp.*		6,867		430,149
Regeneron Pharmaceuticals, Inc.		748		392,700
Keurig Dr Pepper, Inc.		9,565		316,219
Verisk Analytics, Inc. — Class A		985		306,828
IDEXX Laboratories, Inc.*		566		303,568
Coca-Cola Europacific Partners plc		3,234		299,856
AstraZeneca plc ADR		4,197		293,286
Dexcom, Inc.*		2,761		241,008
GE HealthCare Technologies, Inc.		3,225		238,876
Kraft Heinz Co.		8,334		215,184
Biogen, Inc.*		1,032		129,609
Total Consumer, Non-cyclical				11,286,607

Consumer, Cyclical - 6.8%
Tesla, Inc.*		10,418		3,309,382
Costco Wholesale Corp.		3,124		3,092,572
Starbucks Corp.		8,002		733,223
O’Reilly Automotive, Inc.*		6,021		542,673
Marriott International, Inc. — Class A		1,929		527,022
PACCAR, Inc.		3,697		351,437
Fastenal Co.		8,079		339,318
Copart, Inc.*		6,803		333,823
Ross Stores, Inc.		2,316		295,475
Lululemon Athletica, Inc.*		810		192,440
Total Consumer, Cyclical				9,717,365

Industrial - 1.5%
Honeywell International, Inc.		4,526		1,054,015
Axon Enterprise, Inc.*		548		453,711
CSX Corp.		13,229		431,662
Old Dominion Freight Line, Inc.		1,488		241,503
Total Industrial				2,180,891

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 127

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
NASDAQ-100^® 2x STRATEGY FUND

	Shares		Value
Utilities - 1.2%
Constellation Energy Corp.		2,207	$	712,332
American Electric Power Company, Inc.		3,762		390,345
Exelon Corp.		7,110		308,716
Xcel Energy, Inc.		4,061		276,554
Total Utilities				1,687,947

Basic Materials - 1.1%
Linde plc		3,315		1,555,332

Energy - 0.4%
Diamondback Energy, Inc.		2,057		282,632
Baker Hughes Co.		6,977		267,498
Total Energy				550,130

Financial - 0.2%
CoStar Group, Inc.*		2,971		238,868

Total Common Stocks
(Cost $85,106,871)				120,345,619

	Face Amount
U.S. TREASURY BILLS^†† - 8.4%
U.S. Treasury Bills
4.20% due 09/04/25^2,3	$	7,000,000		6,946,174
3.94% due 07/08/25^3,4		4,329,000		4,325,511
4.23% due 09/18/25^2,3		500,000		495,372
4.20% due 09/18/25^2,3		100,000		99,074
Total U.S. Treasury Bills
(Cost $11,866,333)				11,866,131

REPURCHASE AGREEMENTS^††,5 - 3.8%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25²		2,896,889		2,896,889
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25²		1,250,006		1,250,006
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25²		1,207,037		1,207,037
Total Repurchase Agreements
(Cost $5,353,932)				5,353,932

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.2%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁷		328,427		328,427
Total Securities Lending Collateral
(Cost $328,427)				328,427

Total Investments - 97.1%
(Cost $102,655,563)			$	137,894,109
Other Assets & Liabilities, net - 2.9%				4,142,932
Total Net Assets - 100.0%			$	142,037,041

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Equity Futures Contracts Purchased^†

NASDAQ-100 Index Mini Futures Contracts

119

Sep 2025

54,468,680

2,428,302

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

NASDAQ-100 Index

Pay

4.93% (Federal
Funds Rate +
0.60%)

At Maturity

09/24/25

3,218

72,976,729

1,497,855

BNP Paribas

NASDAQ-100 Index

Pay

5.23% (Federal
Funds Rate +
0.90%)

At Maturity

09/25/25

1,357

30,773,555

598,750

Barclays Bank plc

NASDAQ-100 Index

Pay

5.39% (SOFR +
1.00%)

At Maturity

09/25/25

247

5,596,395

108,889

109,346,679

2,205,494

128 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
NASDAQ-100^® 2x STRATEGY FUND

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
³	Rate indicated is the effective yield at the time of purchase.
⁴	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁵	Repurchase Agreements — See Note 6.
⁶	Securities lending collateral — See Note 7.
⁷	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	120,345,619	$	—	$	—	$	120,345,619
U.S. Treasury Bills		—		11,866,131		—		11,866,131
Repurchase Agreements		—		5,353,932		—		5,353,932
Securities Lending Collateral		328,427		—		—		328,427
Equity Futures Contracts**		2,428,302		—		—		2,428,302
Equity Index Swap Agreements**		—		2,205,494		—		2,205,494
Total Assets	$	123,102,348	$	19,425,557	$	—	$	142,527,905

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 129

NASDAQ-100^® 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $328,274 of securities loaned (cost $97,301,631)	$	132,540,177
Repurchase agreements, at value (cost $5,353,932)		5,353,932
Cash		333
Unrealized appreciation on OTC swap agreements		2,205,494
Receivables:
Securities sold		10,012,220
Variation margin on futures contracts		320,110
Fund shares sold		163,003
Dividends		19,610
Interest		651
Swap settlement		219
Securities lending income		12
Total assets		150,615,761

Liabilities:
Line of credit		71,000
Segregated cash due to broker		1,420,000
Payable for:
Fund shares redeemed		6,289,296
Return of securities lending collateral		328,427
Management fees		108,280
Transfer agent fees		55,954
Investor service fees		30,078
Portfolio accounting and administration fees		6,617
Trustees’ fees*		1,260
Miscellaneous		267,808
Total liabilities		8,578,720
Net assets	$	142,037,041

Net assets consist of:
Paid in capital	$	104,256,490
Total distributable earnings (loss)		37,780,551
Net assets	$	142,037,041
Capital shares outstanding		704,572
Net asset value per share	$	201.59

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $548)	$	394,216
Interest		503,742
Income from securities lending, net		32
Total investment income		897,990

Expenses:
Management fees		534,206
Investor service fees		148,391
Transfer agent fees		164,740
Professional fees		129,810
Portfolio accounting and administration fees		92,001
Interest expense		40,696
Custodian fees		8,479
Trustees’ fees*		7,570
Miscellaneous		60,880
Total expenses		1,186,773
Less:
Expenses reimbursed by Adviser		(59,356	)
Net expenses		1,127,417
Net investment loss		(229,427	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		8,170,101
Swap agreements		2,007,032
Futures contracts		(2,479,201	)
Net realized gain		7,697,932
Net change in unrealized appreciation (depreciation) on:
Investments		(1,492,149	)
Swap agreements		6,457,296
Futures contracts		2,741,673
Net change in unrealized appreciation (depreciation)		7,706,820
Net realized and unrealized gain		15,404,752
Net increase in net assets resulting from operations	$	15,175,325

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

130 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

NASDAQ-100^® 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(229,427	)	$	(239,987	)
Net realized gain on investments		7,697,932			32,283,911
Net change in unrealized appreciation (depreciation) on investments		7,706,820			3,588,579
Net increase in net assets resulting from operations		15,175,325			35,632,503

Capital share transactions:
Proceeds from sale of shares		516,150,678			1,160,498,367
Distributions reinvested		—			—
Cost of shares redeemed		(526,015,465	)		(1,179,071,524	)
Net decrease from capital share transactions		(9,864,787	)		(18,573,157	)
Net increase in net assets		5,310,538			17,059,346

Net assets:
Beginning of period		136,726,503			119,667,157
End of period	$	142,037,041		$	136,726,503

Capital share activity:
Shares sold		3,060,564			7,384,669
Shares redeemed		(3,091,876	)		(7,562,684	)
Net decrease in shares		(31,312	)		(178,015	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 131

NASDAQ-100^® 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	185.80		$	130.94		$	60.60		$	191.98		$	141.54		$	91.34
Income (loss) from investment operations:
Net investment income (loss)^b		(.34	)		(.32	)		(.24	)		(.49	)		(1.74	)		(.88	)
Net gain (loss) on investments (realized and unrealized)		16.13			55.18			70.58			(111.42	)		73.37			72.46
Total from investment operations		15.79			54.86			70.34			(111.91	)		71.63			71.58
Less distributions from:
Net investment income		—			—			—			—			—			(.30	)
Net realized gains		—			—			—			(19.47	)		(21.19	)		(21.08	)
Total distributions		—			—			—			(19.47	)		(21.19	)		(21.38	)
Net asset value, end of period	$	201.59		$	185.80		$	130.94		$	60.60		$	191.98		$	141.54

Total Return^c		8.50	%		41.90	%		116.07	%		(61.04	%)		53.45	%		86.87	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	142,037		$	136,727		$	119,667		$	32,228		$	151,069		$	131,049
Ratios to average net assets:
Net investment income (loss)		(0.39	%)		(0.20	%)		(0.25	%)		(0.47	%)		(1.05	%)		(0.83	%)
Total expenses^d		2.00	%		1.97	%		2.08	%		1.86	%		1.78	%		1.91	%
Net expenses^e		1.90	%		1.87	%		2.01	%		1.79	%		1.74	%		1.87	%
Portfolio turnover rate		370	%		623	%		564	%		860	%		392	%		663	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

132 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
INVERSE NASDAQ-100^® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS^† - 35.1%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		18,765	$	188,585
Guggenheim Strategy Fund II¹		7,386		183,765
Total Mutual Funds
(Cost $368,699)				372,350

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 18.8%
Farmer Mac
4.17% due 07/16/25²	$	100,000		99,826
Federal Farm Credit Bank
4.20% due 07/22/25²		100,000		99,756
Total Federal Agency Discount Notes
(Cost $199,582)				199,582

REPURCHASE AGREEMENTS^††,3 - 43.8%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25⁴	251,790		251,790
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25⁴	108,647		108,647
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25⁴	104,912		104,912
Total Repurchase Agreements
(Cost $465,349)			465,349

Total Investments - 97.7%
(Cost $1,033,630)		$	1,037,281
Other Assets & Liabilities, net - 2.3%			24,455
Total Net Assets - 100.0%		$	1,061,736

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements Sold Short^††

Goldman Sachs International

NASDAQ-100 Index

Receive

4.73% (Federal
Funds Rate +
0.40%)

At Maturity

09/24/25

209,012

(4,512

)

BNP Paribas

NASDAQ-100 Index

Receive

4.83% (Federal
Funds Rate +
0.50%)

At Maturity

09/25/25

349,112

(6,786

)

Barclays Bank plc

NASDAQ-100 Index

Receive

5.04% (SOFR +
0.65%)

At Maturity

09/25/25

482,970

(9,393

)

1,041,094

(20,691

)

^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.
³	Repurchase Agreements — See Note 6.
⁴	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 133

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
INVERSE NASDAQ-100^® STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	372,350	$	—	$	—	$	372,350
Federal Agency Discount Notes		—		199,582		—		199,582
Repurchase Agreements		—		465,349		—		465,349
Total Assets	$	372,350	$	664,931	$	—	$	1,037,281

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	20,691			$	—			$	20,691

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

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	183,543	$	—	$	—	$	—	$	222	$	183,765		7,386	$	4,915
Guggenheim Ultra Short Duration Fund — Institutional Class		187,834		—		—		—		751		188,585		18,765		4,098
	$	371,377	$	—	$	—	$	—	$	973	$	372,350			$	9,013

134 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value (cost $199,582)	$	199,582
Investments in affiliated issuers, at value (cost $368,699)		372,350
Repurchase agreements, at value (cost $465,349)		465,349
Segregated cash with broker		54,000
Receivables:
Dividends		1,429
Interest		56
Total assets		1,092,766

Liabilities:
Unrealized depreciation on OTC swap agreements		20,691
Payable for:
Fund shares redeemed		4,704
Management fees		818
Transfer agent fees		720
Swap settlement		561
Investor service fees		238
Portfolio accounting and administration fees		52
Trustees’ fees*		16
Miscellaneous		3,230
Total liabilities		31,030
Net assets	$	1,061,736

Net assets consist of:
Paid in capital	$	11,336,959
Total distributable earnings (loss)		(10,275,223	)
Net assets	$	1,061,736
Capital shares outstanding		9,042
Net asset value per share	$	117.42

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of affiliated issuers	$	9,013
Interest		32,881
Total investment income		41,894

Expenses:
Management fees		8,070
Investor service fees		2,242
Transfer agent fees		2,257
Portfolio accounting and administration fees		1,390
Professional fees		1,157
Printing Expenses		496
Custodian fees		120
Trustees’ fees*		67
Miscellaneous		1,619
Total expenses		17,418
Less:
Expenses reimbursed by Adviser		(897	)
Expenses waived by Adviser		(233	)
Total waived/reimbursed expenses		(1,130	)
Net expenses		16,288
Net investment income		25,606

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(464,997	)
Futures contracts		(109,152	)
Net realized loss		(574,149	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(16	)
Investments in affiliated issuers		973
Swap agreements		(38,717	)
Net change in unrealized appreciation (depreciation)		(37,760	)
Net realized and unrealized loss		(611,909	)
Net decrease in net assets resulting from operations	$	(586,303	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 135

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	25,606		$	37,615
Net realized loss on investments		(574,149	)		(160,939	)
Net change in unrealized appreciation (depreciation) on investments		(37,760	)		28,790
Net decrease in net assets resulting from operations		(586,303	)		(94,534	)

Distributions to shareholders		—			(91,254	)

Capital share transactions:
Proceeds from sale of shares		23,560,553			14,170,122
Distributions reinvested		—			91,254
Cost of shares redeemed		(22,962,189	)		(14,044,929	)
Net increase from capital share transactions		598,364			216,447
Net increase in net assets		12,061			30,659

Net assets:
Beginning of period		1,049,675			1,019,016
End of period	$	1,061,736		$	1,049,675

*Capital share activity:**
Shares sold		179,268			98,606
Shares issued from reinvestment of distributions		—			674
Shares redeemed		(178,374	)		(97,058	)
Net increase in shares		894			2,222

*	Reverse share split — Capital share activity has been restated to reflect a 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

136 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE NASDAQ-100^® STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a,f			Year Ended December 31, 2024 ^f			Year Ended December 31, 2023 ^f			Year Ended December 31, 2022^f			Year Ended December 31, 2021^f			Year Ended December 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	128.82		$	171.96		$	254.18		$	188.58		$	252.98		$	412.15
Income (loss) from investment operations:
Net investment income (loss)^b		1.86			5.20			6.90			.30			(2.70	)		(3.30	)
Net gain (loss) on investments (realized and unrealized)		(13.26	)		(31.44	)		(87.72	)		65.30			(61.70	)		(152.87	)
Total from investment operations		(11.40	)		(26.24	)		(80.82	)		65.60			(64.40	)		(156.17	)
Less distributions from:
Net investment income		—			(16.90	)		(1.40	)		—			—			(3.00	)
Total distributions		—			(16.90	)		(1.40	)		—			—			(3.00	)
Net asset value, end of period	$	117.42		$	128.82		$	171.96		$	254.18		$	188.58		$	252.98

Total Return^c		(8.85	%)		(15.79	%)		(31.85	%)		34.78	%		(25.45	%)		(38.00	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,062		$	1,050		$	1,019		$	8,699		$	1,653		$	464
Ratios to average net assets:
Net investment income (loss)		2.86	%		3.52	%		3.25	%		0.12	%		(1.23	%)		(0.93	%)
Total expenses^d		1.94	%		1.86	%		1.90	%		1.94	%		1.78	%		1.92	%
Net expenses^e		1.82	%		1.72	%		1.81	%		1.88	%		1.71	%		1.87	%
Portfolio turnover rate		—			—			—			63	%		430	%		681	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	Reverse share split — Per share amounts have been restated to reflect a 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 137

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS^† - 27.6%

Financial - 6.9%
UMB Financial Corp.		20	$	2,103
Old National Bancorp		86		1,835
Essential Properties Realty Trust, Inc. REIT		53		1,691
Jackson Financial, Inc. — Class A		19		1,687
Essent Group Ltd.		27		1,640
American Healthcare REIT, Inc.		43		1,580
Ryman Hospitality Properties, Inc. REIT		16		1,579
Terreno Realty Corp. REIT		28		1,570
CareTrust REIT, Inc.		51		1,561
Cadence Bank		47		1,503
Upstart Holdings, Inc.*		23		1,488
MARA Holdings, Inc.*		93		1,458
Home BancShares, Inc.		51		1,451
Piper Sandler Cos.		5		1,390
Selective Insurance Group, Inc.		16		1,386
United Bankshares, Inc.		38		1,384
Radian Group, Inc.		38		1,369
Kite Realty Group Trust REIT		59		1,336
Glacier Bancorp, Inc.		31		1,335
Hancock Whitney Corp.		23		1,320
First Financial Bankshares, Inc.		36		1,295
Core Scientific, Inc.*		74		1,263
Moelis & Co. — Class A		20		1,246
Phillips Edison & Company, Inc. REIT		34		1,191
Atlantic Union Bankshares Corp.		38		1,189
Sabra Health Care REIT, Inc.		64		1,180
SL Green Realty Corp. REIT		19		1,176
Ameris Bancorp		18		1,165
Valley National Bancorp		130		1,161
Independence Realty Trust, Inc. REIT		63		1,114
Macerich Co. REIT		68		1,100
Associated Banc-Corp.		45		1,098
StoneX Group, Inc.*		12		1,094
ServisFirst Bancshares, Inc.		14		1,085
Palomar Holdings, Inc.*		7		1,080
Axos Financial, Inc.*		14		1,065
CNO Financial Group, Inc.		27		1,042
Enstar Group Ltd.*		3		1,009
Riot Platforms, Inc.*		89		1,006
International Bancshares Corp.		15		998
PJT Partners, Inc. — Class A		6		990
BGC Group, Inc. — Class A		96		982
United Community Banks, Inc.		32		953
Texas Capital Bancshares, Inc.*		12		953
StepStone Group, Inc. — Class A		17		943
Tanger, Inc. REIT		30		917
Renasant Corp.		25		898
First BanCorp		43		896
HA Sustainable Infrastructure Capital, Inc.		33		886
NMI Holdings, Inc. — Class A*		21		886
Fulton Financial Corp.		49		884
WSFS Financial Corp.		16		880
Flagstar Financial, Inc.		82		869
Genworth Financial, Inc. — Class A*		111		864
COPT Defense Properties REIT		31		855
Blackstone Mortgage Trust, Inc. — Class A REIT¹		44		847
National Health Investors, Inc. REIT		12		841
Cleanspark, Inc.*		75		827
Cathay General Bancorp		18		819
Broadstone Net Lease, Inc. REIT		51		819
Baldwin Insurance Group, Inc. — Class A*		19		813
McGrath RentCorp		7		812
Eastern Bankshares, Inc.		53		809
PotlatchDeltic Corp. REIT		21		806
PennyMac Financial Services, Inc.		8		797
Community Financial System, Inc.		14		796
WesBanco, Inc.		25		791
Enova International, Inc.*		7		781
Compass, Inc. — Class A*		123		773
Victory Capital Holdings, Inc. — Class A		12		764
Independent Bank Corp.		12		755
Artisan Partners Asset Management, Inc. — Class A		17		754
Bank of Hawaii Corp.		11		743
Bread Financial Holdings, Inc.		13		743
BancFirst Corp.		6		742
Burford Capital Ltd.		52		741
Four Corners Property Trust, Inc. REIT		27		727
CVB Financial Corp.		36		712
BankUnited, Inc.		20		712
Apple Hospitality, Inc. REIT¹		60		700
First Interstate BancSystem, Inc. — Class A		24		692
Cushman & Wakefield plc*		62		686
Bancorp, Inc.*		12		684
Park National Corp.		4		669
Acadia Realty Trust REIT		36		668
Douglas Emmett, Inc. REIT¹		44		662
Lemonade, Inc.*		15		657
TowneBank		19		649
Simmons First National Corp. — Class A		34		645
LXP Industrial Trust REIT		78		644
WaFd, Inc.		22		644
Seacoast Banking Corporation of Florida		23		635
Urban Edge Properties REIT		34		634
Walker & Dunlop, Inc.		9		634
Goosehead Insurance, Inc. — Class A		6		633
First Financial Bancorp		26		631
Provident Financial Services, Inc.		35		614
First Merchants Corp.		16		613
Outfront Media, Inc. REIT		37		604
Curbline Properties Corp. REIT		26		594
Farmer Mac — Class C		3		583
NBT Bancorp, Inc.		14		582
Skyward Specialty Insurance Group, Inc.*		10		578
Banner Corp.		9		577
InvenTrust Properties Corp. REIT		21		575
SiriusPoint Ltd.*		28		571
Trupanion, Inc.*		10		553
Stock Yards Bancorp, Inc.		7		553

138 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Enterprise Financial Services Corp.		10	$	551
Pacific Premier Bancorp, Inc.		26		548
Trustmark Corp.		15		547
Arbor Realty Trust, Inc. REIT¹		51		546
Dave, Inc.*		2		537
Bank of NT Butterfield & Son Ltd.		12		531
Cohen & Steers, Inc.		7		527
First Busey Corp.		23		526
Banc of California, Inc.		37		520
OFG Bancorp		12		514
FB Financial Corp.		11		498
Nicolet Bankshares, Inc.		4		494
City Holding Co.		4		490
First Bancorp		11		485
Nelnet, Inc. — Class A		4		484
St. Joe Co.		10		477
Pathward Financial, Inc.		6		475
Horace Mann Educators Corp.		11		473
Mercury General Corp.		7		471
Customers Bancorp, Inc.*		8		470
Hut 8 Corp.*^,1		25		465
Pagseguro Digital Ltd. — Class A		48		463
Stewart Information Services Corp.		7		456
Sunstone Hotel Investors, Inc. REIT		52		451
Newmark Group, Inc. — Class A		37		450
First Commonwealth Financial Corp.		27		438
Northwest Bancshares, Inc.		34		435
Lakeland Financial Corp.		7		430
DiamondRock Hospitality Co. REIT		56		429
LTC Properties, Inc. REIT		12		415
Global Net Lease, Inc. REIT		53		400
Getty Realty Corp. REIT		14		387
Innovative Industrial Properties, Inc. REIT		7		387
German American Bancorp, Inc.		10		385
Root, Inc. — Class A*		3		384
Elme Communities REIT		24		382
S&T Bancorp, Inc.		10		378
National Bank Holdings Corp. — Class A		10		376
NETSTREIT Corp. REIT		22		372
ARMOUR Residential REIT, Inc.¹		22		370
WisdomTree, Inc.		32		368
Apollo Commercial Real Estate Finance, Inc. REIT		38		368
Veritex Holdings, Inc.		14		365
Hilltop Holdings, Inc.		12		364
Stellar Bancorp, Inc.		13		364
Virtus Investment Partners, Inc.		2		363
LendingClub Corp.*		30		361
Alexander & Baldwin, Inc. REIT		20		357
Marex Group plc		9		355
Sila Realty Trust, Inc. REIT		15		355
UMH Properties, Inc. REIT		21		353
JBG SMITH Properties REIT		20		346
Dynex Capital, Inc. REIT		28		342
Xenia Hotels & Resorts, Inc. REIT		27		339
Cipher Mining, Inc.*		71		339
Westamerica BanCorp		7		339
Ladder Capital Corp. — Class A REIT		31		333
Hope Bancorp, Inc.		31		333
Triumph Financial, Inc.*		6		331
Ellington Financial, Inc. REIT¹		25		325
TriCo Bancshares		8		324
Pebblebrook Hotel Trust REIT		32		320
ProAssurance Corp.*		14		320
Safety Insurance Group, Inc.		4		318
Terawulf, Inc.*		72		315
Cannae Holdings, Inc.		15		313
Veris Residential, Inc. REIT		21		313
Apartment Investment and Management Co. — Class A REIT		36		311
Perella Weinberg Partners		16		311
1st Source Corp.		5		310
Paramount Group, Inc. REIT*		50		305
HCI Group, Inc.		2		304
Two Harbors Investment Corp. REIT		28		302
ConnectOne Bancorp, Inc.		13		301
Centerspace REIT		5		301
Berkshire Hills Bancorp, Inc.		12		301
Empire State Realty Trust, Inc. — Class A REIT		37		299
Live Oak Bancshares, Inc.		10		298
Enact Holdings, Inc.		8		297
Dime Community Bancshares, Inc.		11		296
PennyMac Mortgage Investment Trust REIT		23		296
Chimera Investment Corp. REIT		21		291
RLJ Lodging Trust REIT		40		291
Coastal Financial Corp.*		3		291
Smartstop Self Storage REIT, Inc.		8		290
Origin Bancorp, Inc.		8		286
Employers Holdings, Inc.		6		283
American Assets Trust, Inc. REIT		14		276
Uniti Group, Inc. REIT*		64		276
Bitdeer Technologies Group — Class A*		24		276
Peoples Bancorp, Inc.		9		275
QCR Holdings, Inc.		4		272
Navient Corp.		19		268
Fidelis Insurance Holdings Ltd.		16		265
MFA Financial, Inc. REIT		28		265
OceanFirst Financial Corp.		15		264
Preferred Bank/Los Angeles CA		3		260
Hamilton Insurance Group Ltd. — Class B*		12		259
Brookline Bancorp, Inc.		24		253
Tompkins Financial Corp.		4		251
Acadian Asset Management, Inc.		7		247
Easterly Government Properties, Inc. REIT		11		244
Piedmont Realty Trust, Inc. — Class A REIT*		33		241
Univest Financial Corp.		8		240
Burke & Herbert Financial Services Corp.		4		239
Hudson Pacific Properties, Inc. REIT*		86		236
Southside Bancshares, Inc.		8		235

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 139

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Bank First Corp.		2	$	235
Franklin BSP Realty Trust, Inc. REIT¹		22		235
Safehold, Inc. REIT		15		233
Encore Capital Group, Inc.*		6		232
Merchants Bancorp		7		231
Alexander’s, Inc. REIT		1		225
Patria Investments Ltd. — Class A		16		225
First Mid Bancshares, Inc.		6		225
Kennedy-Wilson Holdings, Inc.		33		224
AMERISAFE, Inc.		5		219
Heritage Financial Corp.		9		215
Old Second Bancorp, Inc.		12		213
Redwood Trust, Inc. REIT		36		213
Community Trust Bancorp, Inc.		4		212
Diversified Healthcare Trust REIT		59		211
Metropolitan Bank Holding Corp.*		3		210
Orchid Island Capital, Inc. REIT		29		203
Camden National Corp.		5		203
Capitol Federal Financial, Inc.		33		201
NexPoint Residential Trust, Inc. REIT		6		200
Hanmi Financial Corp.		8		197
Brandywine Realty Trust REIT		46		197
Business First Bancshares, Inc.		8		197
Ready Capital Corp. REIT		45		197
Central Pacific Financial Corp.		7		196
Universal Insurance Holdings, Inc.		7		194
F&G Annuities & Life, Inc.		6		192
eXp World Holdings, Inc.		21		191
Esquire Financial Holdings, Inc.		2		189
Amalgamated Financial Corp.		6		187
Brookfield Business Corp. — Class A		6		187
Byline Bancorp, Inc.		7		187
Mercantile Bank Corp.		4		186
Horizon Bancorp, Inc.		12		185
Marcus & Millichap, Inc.		6		184
Amerant Bancorp, Inc.		10		182
Northeast Bank		2		178
BrightSpire Capital, Inc. REIT		35		177
Plymouth Industrial REIT, Inc.		11		177
MidWestOne Financial Group, Inc.		6		173
United Fire Group, Inc.		6		172
Gladstone Commercial Corp. REIT		12		172
TrustCo Bank Corporation NY		5		167
World Acceptance Corp.*		1		165
Southern Missouri Bancorp, Inc.		3		164
Equity Bancshares, Inc. — Class A		4		163
First Financial Corp.		3		163
PRA Group, Inc.*		11		162
Independent Bank Corp.		5		162
NB Bancorp, Inc.*		9		161
FTAI Infrastructure, Inc.		26		161
Orrstown Financial Services, Inc.		5		159
Heritage Commerce Corp.		16		159
SITE Centers Corp. REIT		14		158
Capital City Bank Group, Inc.		4		157
First Community Bankshares, Inc.		4		157
Eagle Bancorp, Inc.		8		156
New York Mortgage Trust, Inc. REIT		23		154
P10, Inc. — Class A		15		153
Summit Hotel Properties, Inc. REIT		30		153
Armada Hoffler Properties, Inc. REIT¹		22		151
Bowhead Specialty Holdings, Inc.*		4		150
Whitestone REIT — Class B		12		150
HomeTrust Bancshares, Inc.		4		150
Heritage Insurance Holdings, Inc.*		6		150
Peoples Financial Services Corp.		3		148
Republic Bancorp, Inc. — Class A		2		146
Diamond Hill Investment Group, Inc.		1		145
Metrocity Bankshares, Inc.		5		143
Tiptree, Inc. — Class A		6		141
Washington Trust Bancorp, Inc.		5		141
Invesco Mortgage Capital, Inc. REIT		18		141
Mid Penn Bancorp, Inc.		5		141
Hippo Holdings, Inc.*		5		140
TPG RE Finance Trust, Inc. REIT		18		139
GCM Grosvenor, Inc. — Class A		12		139
CTO Realty Growth, Inc. REIT		8		138
Farmers National Banc Corp.		10		138
CNB Financial Corp.		6		137
SmartFinancial, Inc.		4		135
Peakstone Realty Trust REIT		10		132
KKR Real Estate Finance Trust, Inc. REIT		15		132
Real Brokerage, Inc.*		29		131
NET Lease Office Properties REIT*		4		130
Alerus Financial Corp.		6		130
ACNB Corp.		3		128
Financial Institutions, Inc.		5		128
CBL & Associates Properties, Inc. REIT		5		127
Farmland Partners, Inc. REIT		11		127
Shore Bancshares, Inc.		8		126
NerdWallet, Inc. — Class A*		11		121
Universal Health Realty Income Trust REIT		3		120
Bar Harbor Bankshares		4		120
One Liberty Properties, Inc. REIT		5		119
Enterprise Bancorp, Inc.		3		119
Global Medical REIT, Inc.		17		118
Great Southern Bancorp, Inc.		2		118
HarborOne Bancorp, Inc.		10		117
Community Healthcare Trust, Inc. REIT		7		116
ChoiceOne Financial Services, Inc.		4		115
Northfield Bancorp, Inc.		10		115
Five Star Bancorp		4		114
Compass Diversified Holdings*		18		113
Peapack-Gladstone Financial Corp.		4		113
LendingTree, Inc.*		3		111
South Plains Financial, Inc.		3		108
Bit Digital, Inc.*		49		107
Flushing Financial Corp.		9		107
Arrow Financial Corp.		4		106
Firstsun Capital Bancorp*		3		104
Carter Bankshares, Inc.*		6		104
Midland States Bancorp, Inc.		6		104

140 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Home Bancorp, Inc.		2	$	104
Saul Centers, Inc. REIT		3		102
Columbia Financial, Inc.*		7		102
Anywhere Real Estate, Inc.*		28		101
First Business Financial Services, Inc.		2		101
Capital Bancorp, Inc.		3		101
Greenlight Capital Re Ltd. — Class A*		7		101
Service Properties Trust REIT		42		100
Third Coast Bancshares, Inc.*		3		98
OppFi, Inc.		7		98
Community West Bancshares		5		98
Kearny Financial Corp.		15		97
Bridgewater Bancshares, Inc.*		6		95
California BanCorp*		6		95
Unity Bancorp, Inc.		2		94
Northrim BanCorp, Inc.		1		93
First Bank/Hamilton NJ		6		93
Civista Bancshares, Inc.		4		93
Ambac Financial Group, Inc.*		13		92
Gladstone Land Corp. REIT		9		92
Bank of Marin Bancorp		4		91
Chatham Lodging Trust REIT		13		91
Sierra Bancorp		3		89
Postal Realty Trust, Inc. — Class A REIT		6		88
Selectquote, Inc.*		37		88
First Foundation, Inc.*		17		87
RBB Bancorp		5		86
Guaranty Bancshares, Inc.		2		85
BayCom Corp.		3		83
Colony Bankcorp, Inc.		5		82
International Money Express, Inc.*		8		81
FRP Holdings, Inc.*		3		81
Donegal Group, Inc. — Class A		4		80
NewtekOne, Inc.		7		79
FS Bancorp, Inc.		2		79
West BanCorp, Inc.		4		78
American Coastal Insurance Corp.		7		78
Orange County Bancorp, Inc.		3		77
Onity Group, Inc.*		2		76
First Bancorp, Inc.		3		76
Southern First Bancshares, Inc.*		2		76
Farmers & Merchants Bancorp Incorporated/Archbold OH		3		76
Citizens & Northern Corp.		4		76
HBT Financial, Inc.		3		76
Bankwell Financial Group, Inc.		2		72
Claros Mortgage Trust, Inc. REIT*		25		71
GBank Financial Holdings, Inc.*		2		71
Chicago Atlantic Real Estate Finance, Inc. REIT		5		70
Northeast Community Bancorp, Inc.		3		70
Ponce Financial Group, Inc.*		5		69
Kingsway Financial Services, Inc.*		5		68
MVB Financial Corp.		3		68
Ares Commercial Real Estate Corp. REIT		14		67
RMR Group, Inc. — Class A		4		65
HomeStreet, Inc.*		5		65
Primis Financial Corp.		6		65
Paysign, Inc.*		9		65
Oportun Financial Corp.*		9		64
Industrial Logistics Properties Trust REIT		14		64
PCB Bancorp		3		63
Timberland Bancorp, Inc.		2		62
First United Corp.		2		62
C&F Financial Corp.		1		62
Parke Bancorp, Inc.		3		61
Blue Ridge Bankshares, Inc.*		17		61
Penns Woods Bancorp, Inc.		2		61
Middlefield Banc Corp.		2		60
FrontView REIT, Inc.		5		60
Citizens Financial Services, Inc.		1		59
City Office REIT, Inc.		11		59
Red River Bancshares, Inc.		1		59
Sky Harbour Group Corp.*		6		59
James River Group Holdings Ltd.		10		59
Regional Management Corp.		2		58
Hawthorn Bancshares, Inc.		2		58
LCNB Corp.		4		58
Forge Global Holdings, Inc.*		3		57
FB Bancorp, Inc.*		5		56
Velocity Financial, Inc.*		3		56
John Marshall Bancorp, Inc.		3		56
Waterstone Financial, Inc.		4		55
Atlanticus Holdings Corp.*		1		55
Oak Valley Bancorp		2		54
National Bankshares, Inc.		2		54
First Internet Bancorp		2		54
AG Mortgage Investment Trust, Inc. REIT		7		53
MBIA, Inc.*		12		52
Norwood Financial Corp.		2		52
Provident Bancorp, Inc.*		4		50
USCB Financial Holdings, Inc.		3		50
First Community Corp.		2		49
Chemung Financial Corp.		1		48
Seven Hills Realty Trust REIT		4		48
Blue Foundry Bancorp*		5		48
FVCBankcorp, Inc.*		4		47
BRT Apartments Corp. REIT		3		47
Douglas Elliman, Inc.*		20		47
Kingstone Companies, Inc.*		3		46
Western New England Bancorp, Inc.		5		46
Fidelity D&D Bancorp, Inc.		1		46
Sound Financial Bancorp, Inc.		1		46
AlTi Global, Inc.*		11		46
Legacy Housing Corp.*		2		45
First Western Financial, Inc.*		2		45
Plumas Bancorp		1		44
Greene County Bancorp, Inc.		2		44
Alpine Income Property Trust, Inc. REIT		3		44
LINKBANCORP, Inc.		6		44
Transcontinental Realty Investors, Inc.*		1		43
Crawford & Co. — Class A		4		42

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 141

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Modiv Industrial, Inc. REIT		3	$	42
Citizens, Inc.*		12		42
Bank7 Corp.		1		42
Citizens Community Bancorp, Inc.		3		41
First Capital, Inc.		1		41
Northpointe Bancshares, Inc.		3		41
RE/MAX Holdings, Inc. — Class A*		5		41
Security National Financial Corp. — Class A*		4		39
Old Point Financial Corp.		1		39
Braemar Hotels & Resorts, Inc. REIT		16		39
OP Bancorp		3		39
First National Corp.		2		39
ESSA Bancorp, Inc.		2		39
Investar Holding Corp.		2		39
SB Financial Group, Inc.		2		38
Medallion Financial Corp.		4		38
MainStreet Bancshares, Inc.		2		38
Stratus Properties, Inc.*		2		38
NexPoint Diversified Real Estate Trust REIT		9		38
Seaport Entertainment Group, Inc.*		2		37
Virginia National Bankshares Corp.		1		37
Maui Land & Pineapple Company, Inc.*		2		36
Pioneer Bancorp, Inc.*		3		36
ACRES Commercial Realty Corp. REIT*		2		36
Ames National Corp.		2		36
eHealth, Inc.*		8		35
BankFinancial Corp.		3		35
Franklin Financial Services Corp.		1		35
United Security Bancshares		4		35
BCB Bancorp, Inc.		4		34
Eagle Bancorp Montana, Inc.		2		33
Franklin Street Properties Corp. REIT		20		33
Ohio Valley Banc Corp.		1		32
Resolute Holdings Management, Inc.*		1		32
Sunrise Realty Trust, Inc. REIT		3		32
Silvercrest Asset Management Group, Inc. — Class A		2		32
Westwood Holdings Group, Inc.		2		31
ECB Bancorp, Inc.*		2		31
Eagle Financial Services, Inc.		1		31
Princeton Bancorp, Inc.		1		31
BV Financial, Inc.*		2		30
Finwise Bancorp*		2		30
Rithm Property Trust, Inc. REIT		11		30
Consumer Portfolio Services, Inc.*		3		29
Peoples Bancorp of North Carolina, Inc.		1		29
CB Financial Services, Inc.		1		28
Angel Oak Mortgage REIT, Inc.		3		28
loanDepot, Inc. — Class A*		22		28
Finward Bancorp		1		28
Richmond Mutual BanCorp, Inc.		2		28
Nexpoint Real Estate Finance, Inc. REIT		2		28
Riverview Bancorp, Inc.		5		28
SR Bancorp, Inc.		2		27
Union Bankshares, Inc.		1		27
Lument Finance Trust, Inc. REIT		12		27
Landmark Bancorp Incorporated/Manhattan KS		1		26
Meridian Corp.		2		26
Chain Bridge Bancorp, Inc. — Class A*		1		26
NI Holdings, Inc.*		2		25
First Savings Financial Group, Inc.		1		25
CF Bankshares, Inc.		1		24
Finance of America Companies, Inc. — Class A*		1		23
Hanover Bancorp, Inc.		1		23
Advanced Flower Capital, Inc. REIT		5		22
Strawberry Fields REIT, Inc.		2		21
Patriot National Bancorp, Inc.*		12		18
Mobile Infrastructure Corp.*		4		18
Siebert Financial Corp.*		4		18
SWK Holdings Corp.		1		15
Clipper Realty, Inc. REIT		4		15
Bakkt Holdings, Inc.*		1		14
Better Home & Finance Holding Co.*		1		12
Rhinebeck Bancorp, Inc.*		1		12
Logistic Properties of The Americas*		1		7
GoHealth, Inc. — Class A*		1		5
Total Financial				170,368

Consumer, Non-cyclical - 6.0%
HealthEquity, Inc.*		23		2,409
Ensign Group, Inc.		15		2,314
Blueprint Medicines Corp.*		17		2,179
Bridgebio Pharma, Inc.*		42		1,814
Guardant Health, Inc.*		32		1,665
Stride, Inc.*		11		1,597
Glaukos Corp.*		15		1,549
Madrigal Pharmaceuticals, Inc.*		5		1,513
Merit Medical Systems, Inc.*		16		1,496
Lantheus Holdings, Inc.*		18		1,473
Option Care Health, Inc.*		44		1,429
TG Therapeutics, Inc.*		39		1,404
iRhythm Technologies, Inc.*		9		1,386
Adtalem Global Education, Inc.*		10		1,272
Alkermes plc*		44		1,259
TransMedics Group, Inc.*		9		1,206
Cal-Maine Foods, Inc.		12		1,196
Herc Holdings, Inc.		9		1,185
Axsome Therapeutics, Inc.*		11		1,148
ADMA Biologics, Inc.*		62		1,129
Integer Holdings Corp.*		9		1,107
Vaxcyte, Inc.*		34		1,105
Verra Mobility Corp.*		43		1,092
Brink’s Co.		12		1,071
CRISPR Therapeutics AG*		22		1,070
Oscar Health, Inc. — Class A*		49		1,051
Haemonetics Corp.*		14		1,045
StoneCo Ltd. — Class A*		65		1,043
Prestige Consumer Healthcare, Inc.*		13		1,038
Korn Ferry		14		1,027
PTC Therapeutics, Inc.*		21		1,026

142 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
RadNet, Inc.*		18	$	1,024
Cytokinetics, Inc.*		31		1,024
Akero Therapeutics, Inc.*		19		1,014
CBIZ, Inc.*		14		1,004
Krystal Biotech, Inc.*		7		962
Rhythm Pharmaceuticals, Inc.*		15		948
Graham Holdings Co. — Class B		1		946
ICU Medical, Inc.*		7		925
Soleno Therapeutics, Inc.*		11		922
Nuvalent, Inc. — Class A*		12		916
WD-40 Co.		4		912
GEO Group, Inc.*		37		886
Protagonist Therapeutics, Inc.*		16		884
Avidity Biosciences, Inc.*		31		880
Marzetti Co		5		864
CorVel Corp.*		8		822
Laureate Education, Inc. — Class A*		35		818
PROCEPT BioRobotics Corp.*		14		806
ABM Industries, Inc.		17		803
Simply Good Foods Co.*		25		790
Remitly Global, Inc.*		42		788
Scholar Rock Holding Corp.*		22		779
Alarm.com Holdings, Inc.*		13		735
Sezzle, Inc.*		4		717
Privia Health Group, Inc.*		31		713
ACADIA Pharmaceuticals, Inc.*		33		712
Crinetics Pharmaceuticals, Inc.*		24		690
Huron Consulting Group, Inc.*		5		688
LivaNova plc*		15		675
Catalyst Pharmaceuticals, Inc.*		31		673
Arcellx, Inc.*		10		658
Alight, Inc. — Class A		116		657
Inter Parfums, Inc.		5		657
Chefs’ Warehouse, Inc.*		10		638
Concentra Group Holdings Parent, Inc.		31		638
Xenon Pharmaceuticals, Inc.*		20		626
EVERTEC, Inc.		17		613
CoreCivic, Inc.*		29		611
Mirum Pharmaceuticals, Inc.*		12		611
Insperity, Inc.		10		601
Marqeta, Inc. — Class A*		103		601
Vericel Corp.*		14		596
Twist Bioscience Corp.*		16		589
TriNet Group, Inc.		8		585
Addus HomeCare Corp.*		5		576
Ligand Pharmaceuticals, Inc. — Class B*		5		568
Veracyte, Inc.*		21		568
Kymera Therapeutics, Inc.*		13		567
Perdoceo Education Corp.		17		556
Premier, Inc. — Class A		25		548
BrightSpring Health Services, Inc.*		23		543
QuidelOrtho Corp.*		18		519
Payoneer Global, Inc.*		75		514
Strategic Education, Inc.		6		511
Arrowhead Pharmaceuticals, Inc.*		32		506
Denali Therapeutics, Inc.*		36		504
BioCryst Pharmaceuticals, Inc.*		56		502
Agios Pharmaceuticals, Inc.*		15		499
LeMaitre Vascular, Inc.		6		498
John Wiley & Sons, Inc. — Class A		11		491
UFP Technologies, Inc.*		2		488
Indivior plc*		33		486
Ideaya Biosciences, Inc.*		23		483
Novocure Ltd.*		27		481
Supernus Pharmaceuticals, Inc.*		15		473
Enovis Corp.*		15		470
Surgery Partners, Inc.*		21		467
Adaptive Biotechnologies Corp.*		40		466
GeneDx Holdings Corp.*		5		462
Recursion Pharmaceuticals, Inc. — Class A*^,1		91		460
Arlo Technologies, Inc.*		27		458
Select Medical Holdings Corp.		30		455
J & J Snack Foods Corp.		4		454
Beam Therapeutics, Inc.*		26		442
Central Garden & Pet Co. — Class A*		14		438
Brookdale Senior Living, Inc. — Class A*		62		432
Amicus Therapeutics, Inc.*		75		430
AtriCure, Inc.*		13		426
ICF International, Inc.		5		424
CONMED Corp.		8		417
GRAIL, Inc.*		8		411
Teladoc Health, Inc.*		47		409
Universal Corp.		7		407
Universal Technical Institute, Inc.*		12		407
Arcutis Biotherapeutics, Inc.*		29		407
Tarsus Pharmaceuticals, Inc.*		10		405
Vita Coco Company, Inc.*		11		397
Progyny, Inc.*		18		396
Apogee Therapeutics, Inc.*		9		391
CG oncology, Inc.*		15		390
Omnicell, Inc.*		13		382
Harmony Biosciences Holdings, Inc.*		12		379
Turning Point Brands, Inc.		5		379
CRA International, Inc.		2		375
Flywire Corp.*		32		374
United Natural Foods, Inc.*		16		373
Spectrum Brands Holdings, Inc.		7		371
Disc Medicine, Inc.*		7		371
Celldex Therapeutics, Inc.*		18		366
Travere Therapeutics, Inc.*		24		355
Ocular Therapeutix, Inc.*		38		353
Upbound Group, Inc.		14		351
First Advantage Corp.*		21		349
Vital Farms, Inc.*		9		347
Alphatec Holdings, Inc.*		31		344
Innoviva, Inc.*		17		341
Biohaven Ltd.*		24		339
Azenta, Inc.*		11		339
Tandem Diabetes Care, Inc.*		18		336
89bio, Inc.*		34		334
Andersons, Inc.		9		331

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 143

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Pediatrix Medical Group, Inc.*		23	$	330
Vera Therapeutics, Inc.*		14		330
ANI Pharmaceuticals, Inc.*		5		326
10X Genomics, Inc. — Class A*		28		324
Coursera, Inc.*		37		324
Amneal Pharmaceuticals, Inc.*		40		324
PROG Holdings, Inc.		11		323
National Healthcare Corp.		3		321
US Physical Therapy, Inc.		4		313
Artivion, Inc.*		10		311
Grocery Outlet Holding Corp.*		25		310
Acuren Corp.*		28		309
Edgewell Personal Care Co.		13		304
Clover Health Investments Corp.*		109		304
MannKind Corp.*		81		303
Healthcare Services Group, Inc.*		20		301
CareDx, Inc.*		15		293
Barrett Business Services, Inc.		7		292
Fresh Del Monte Produce, Inc.		9		292
Weis Markets, Inc.		4		290
Immunovant, Inc.*		18		288
Pacira BioSciences, Inc.*		12		287
Neogen Corp.*		59		282
Driven Brands Holdings, Inc.*		16		281
Dynavax Technologies Corp.*		28		278
Heidrick & Struggles International, Inc.		6		275
Astrana Health, Inc.*		11		274
TreeHouse Foods, Inc.*		14		272
Aurinia Pharmaceuticals, Inc.*		32		271
WK Kellogg Co.		17		271
Pennant Group, Inc.*		9		269
Legalzoom.com, Inc.*		30		267
BrightView Holdings, Inc.*		16		266
Collegium Pharmaceutical, Inc.*		9		266
Viridian Therapeutics, Inc.*		19		266
Intellia Therapeutics, Inc.*		28		263
Edgewise Therapeutics, Inc.*		20		262
ARS Pharmaceuticals, Inc.*		15		262
National Beverage Corp.*		6		260
NeoGenomics, Inc.*		35		256
Janux Therapeutics, Inc.*		11		254
Ingles Markets, Inc. — Class A		4		254
Novavax, Inc.*^,1		40		252
Dole plc		18		252
Willdan Group, Inc.*		4		250
Ardelyx, Inc.*		63		247
Quanex Building Products Corp.		13		246
Harrow, Inc.*		8		244
Akebia Therapeutics, Inc.*		67		244
Cidara Therapeutics, Inc.*		5		244
Utz Brands, Inc.		19		238
SpartanNash Co.		9		238
Dyne Therapeutics, Inc.*		25		238
AdaptHealth Corp.*		25		236
Herbalife Ltd.*		27		233
Geron Corp.*		163		230
Amphastar Pharmaceuticals, Inc.*		10		230
Nurix Therapeutics, Inc.*		20		228
Integra LifeSciences Holdings Corp.*		18		221
Hertz Global Holdings, Inc.*		32		219
STAAR Surgical Co.*		13		218
BioLife Solutions, Inc.*		10		215
Syndax Pharmaceuticals, Inc.*		23		215
Avadel Pharmaceuticals plc*		24		212
Liquidia Corp.*		17		212
Praxis Precision Medicines, Inc.*		5		210
CorMedix, Inc.*		17		209
Cogent Biosciences, Inc.*		29		208
AMN Healthcare Services, Inc.*		10		207
Kforce, Inc.		5		206
Anavex Life Sciences Corp.*^,1		22		203
Verve Therapeutics, Inc.*		18		202
Niagen Bioscience, Inc.*		14		202
MiMedx Group, Inc.*		32		196
WaVe Life Sciences Ltd.*		30		195
Spyre Therapeutics, Inc.*		13		195
Matthews International Corp. — Class A		8		191
Deluxe Corp.		12		191
agilon health, Inc.*		83		191
SI-BONE, Inc.*		10		188
Cimpress plc*		4		188
Xeris Biopharma Holdings, Inc.*		40		187
LifeStance Health Group, Inc.*		36		186
Immunome, Inc.*		20		186
Lincoln Educational Services Corp.*		8		184
Carriage Services, Inc. — Class A		4		183
Udemy, Inc.*		26		183
Owens & Minor, Inc.*		20		182
Enliven Therapeutics, Inc.*		9		180
Hackett Group, Inc.		7		178
Vestis Corp.		31		178
Transcat, Inc.*		2		172
Helen of Troy Ltd.*		6		170
CompoSecure, Inc. — Class A*		12		169
Tootsie Roll Industries, Inc.		5		167
Replimune Group, Inc.*		18		167
ImmunityBio, Inc.*		62		164
Castle Biosciences, Inc.*		8		163
Zymeworks, Inc.*		13		163
Mister Car Wash, Inc.*		27		162
EyePoint Pharmaceuticals, Inc.*		17		160
Embecta Corp.		16		155
PACS Group, Inc.*		12		155
Arcus Biosciences, Inc.*		19		155
Mission Produce, Inc.*		13		152
American Public Education, Inc.*		5		152
Green Dot Corp. — Class A*		14		151
SunOpta, Inc.*		26		151
Xencor, Inc.*		19		149
Mineralys Therapeutics, Inc.*		11		149
Avanos Medical, Inc.*		12		147
LENZ Therapeutics, Inc.*		5		147

144 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Metsera, Inc.*^,1		5	$	142
UroGen Pharma Ltd.*		10		137
Sage Therapeutics, Inc.*		15		137
Calavo Growers, Inc.		5		133
Arvinas, Inc.*		18		132
Zevra Therapeutics, Inc.*		15		132
Ceribell, Inc.*		7		131
Nuvation Bio, Inc.*		67		131
ArriVent Biopharma, Inc.*		6		131
Cass Information Systems, Inc.		3		130
Axogen, Inc.*		12		130
RxSight, Inc.*		10		130
Mind Medicine MindMed, Inc.*		20		130
Evolus, Inc.*		14		129
OPKO Health, Inc.*		97		128
Phibro Animal Health Corp. — Class A		5		128
Myriad Genetics, Inc.*		24		127
Honest Company, Inc.*		25		127
Ennis, Inc.		7		127
Arbutus Biopharma Corp.*		41		127
John B Sanfilippo & Son, Inc.		2		126
Enhabit, Inc.*		13		125
Stoke Therapeutics, Inc.*		11		125
Relay Therapeutics, Inc.*		36		125
Fortrea Holdings, Inc.*		25		123
Day One Biopharmaceuticals, Inc.*		19		123
ORIC Pharmaceuticals, Inc.*		12		122
Amylyx Pharmaceuticals, Inc.*		19		122
Kura Oncology, Inc.*		21		121
Vir Biotechnology, Inc.*		24		121
Keros Therapeutics, Inc.*		9		120
MGP Ingredients, Inc.		4		120
iRadimed Corp.		2		120
Monro, Inc.		8		119
Fulgent Genetics, Inc.*		6		119
Community Health Systems, Inc.*		35		119
Surmodics, Inc.*		4		119
Iovance Biotherapeutics, Inc.*^,1		69		119
Natural Grocers by Vitamin Cottage, Inc.		3		118
aTyr Pharma, Inc.*		23		117
Paysafe Ltd.*		9		114
KalVista Pharmaceuticals, Inc.*		10		113
Ginkgo Bioworks Holdings, Inc.*		10		112
Orthofix Medical, Inc.*		10		112
AnaptysBio, Inc.*		5		111
Nathan’s Famous, Inc.		1		111
Theravance Biopharma, Inc.*		10		110
Trevi Therapeutics, Inc.*		20		109
Delcath Systems, Inc.*		8		109
Cytek Biosciences, Inc.*		32		109
Tango Therapeutics, Inc.*		21		107
OrthoPediatrics Corp.*		5		107
Celcuity, Inc.*		8		107
REGENXBIO, Inc.*		13		107
Phathom Pharmaceuticals, Inc.*		11		105
Cullinan Therapeutics, Inc.*		14		105
Cross Country Healthcare, Inc.*		8		104
Butterfly Network, Inc.*		52		104
Taysha Gene Therapies, Inc.*		45		104
Tejon Ranch Co.*		6		102
Seneca Foods Corp. — Class A*		1		101
Repay Holdings Corp.*		21		101
Eton Pharmaceuticals, Inc.*		7		100
Capricor Therapeutics, Inc.*^,1		10		99
AngioDynamics, Inc.*		10		99
Upstream Bio, Inc.*		9		99
Sana Biotechnology, Inc.*		36		98
Fulcrum Therapeutics, Inc.*		14		96
Emergent BioSolutions, Inc.*		15		96
Varex Imaging Corp.*		11		95
Kelly Services, Inc. — Class A		8		94
Rigel Pharmaceuticals, Inc.*		5		94
Dianthus Therapeutics, Inc.*		5		93
Pacific Biosciences of California, Inc.*		74		92
USANA Health Sciences, Inc.*		3		92
Arcturus Therapeutics Holdings, Inc.*		7		91
ZipRecruiter, Inc. — Class A*		18		90
Jade Biosciences, Inc.		9		90
B&G Foods, Inc.¹		21		89
Nano-X Imaging Ltd.*^,1		17		88
Solid Biosciences, Inc.*		18		88
Personalis, Inc.*		13		85
Heron Therapeutics, Inc.*^,1		41		85
Bicara Therapeutics, Inc.*		9		84
ClearPoint Neuro, Inc.*		7		84
Spire Global, Inc.*^,1		7		83
Distribution Solutions Group, Inc.*		3		82
ACCO Brands Corp.		23		82
Ardent Health, Inc.*		6		82
Altimmune, Inc.*^,1		21		81
KinderCare Learning Companies, Inc.*		8		81
Rezolute, Inc.*		18		80
Tourmaline Bio, Inc.*		5		80
iTeos Therapeutics, Inc.*		8		80
Maravai LifeSciences Holdings, Inc. — Class A*		33		79
Bioventus, Inc. — Class A*		12		79
Custom Truck One Source, Inc.*		16		79
Oruka Therapeutics, Inc.		7		78
Savara, Inc.*		34		77
Semler Scientific, Inc.*		2		77
Village Super Market, Inc. — Class A		2		77
Treace Medical Concepts, Inc.*		13		76
Aquestive Therapeutics, Inc.*		23		76
Performant Healthcare, Inc.*		19		76
XOMA Royalty Corp.*		3		76
Atea Pharmaceuticals, Inc.*		21		76
Pulse Biosciences, Inc.*		5		75
Mama’s Creations, Inc.*		9		75
Absci Corp.*		29		74
Quantum-Si, Inc.*		38		75
Tonix Pharmaceuticals Holding Corp.*		2		72

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 145

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
SIGA Technologies, Inc.		11	$	72
MeiraGTx Holdings plc*		11		72
Humacyte, Inc.*		34		71
Terns Pharmaceuticals, Inc.*		19		71
Vanda Pharmaceuticals, Inc.*		15		71
Cerus Corp.*		50		71
Central Garden & Pet Co.*		2		70
Beyond Meat, Inc.*		20		70
Blade Air Mobility, Inc.*		17		69
Franklin Covey Co.*		3		68
Olema Pharmaceuticals, Inc.*		16		68
Abeona Therapeutics, Inc.*		12		68
NeuroPace, Inc.*		6		67
Quanterix Corp.*		10		67
Kestra Medical Technologies Ltd.*		4		66
Organogenesis Holdings, Inc.*		18		66
SANUWAVE Health, Inc.*		2		66
Zimvie, Inc.*		7		65
Compass Therapeutics, Inc.*		25		65
Target Hospitality Corp.*		9		64
Guardian Pharmacy Services, Inc. — Class A*		3		64
Septerna, Inc.*		6		63
Aveanna Healthcare Holdings, Inc.*		12		63
Gossamer Bio, Inc.*		51		63
Aura Biosciences, Inc.*		10		63
Limoneira Co.		4		62
Annexon, Inc.*		26		62
Viemed Healthcare, Inc.*		9		62
Tactile Systems Technology, Inc.*		6		61
Prothena Corporation plc*		10		61
OraSure Technologies, Inc.*		20		60
Erasca, Inc.*		47		60
Tectonic Therapeutic, Inc.*		3		60
Beauty Health Co.*		31		59
Nature’s Sunshine Products, Inc.*		4		59
Astria Therapeutics, Inc.*		11		59
MaxCyte, Inc.*		27		59
Monte Rosa Therapeutics, Inc.*		13		59
Beta Bionics, Inc.*		4		58
Aldeyra Therapeutics, Inc.*		15		57
Tyra Biosciences, Inc.*		6		57
Westrock Coffee Co.*		10		57
MBX Biosciences, Inc.*		5		57
SELLAS Life Sciences Group, Inc.*		26		57
Utah Medical Products, Inc.		1		57
Rapport Therapeutics, Inc.*		5		57
Lifecore Biomedical, Inc.*		7		57
Precigen, Inc.*		40		57
Rocket Pharmaceuticals, Inc.*		23		56
Corvus Pharmaceuticals, Inc.*		14		56
Candel Therapeutics, Inc.*		11		56
Perspective Therapeutics, Inc.*		16		55
Priority Technology Holdings, Inc.*		7		54
Entrada Therapeutics, Inc.*		8		54
Cardiff Oncology, Inc.*		17		53
Olaplex Holdings, Inc.*		38		53
Esperion Therapeutics, Inc.*^,1		54		53
Sionna Therapeutics, Inc.*		3		52
TrueBlue, Inc.*		8		52
ADC Therapeutics S.A.*		19		51
Editas Medicine, Inc.*		23		51
National Research Corp. — Class A		3		50
Verastem, Inc.*		12		50
Fennec Pharmaceuticals, Inc.*		6		50
Resources Connection, Inc.		9		48
CPI Card Group, Inc.*		2		47
OmniAb, Inc.*		27		47
Benitec Biopharma, Inc.*		4		47
Allogene Therapeutics, Inc.*		41		46
Joint Corp.*		4		46
Quad/Graphics, Inc.		8		45
Y-mAbs Therapeutics, Inc.*		10		45
Palvella Therapeutics, Inc.*		2		45
European Wax Center, Inc. — Class A*		8		45
Omeros Corp.*		15		45
Neurogene, Inc.*		3		45
Cadiz, Inc.*		15		45
Electromed, Inc.*		2		44
Eledon Pharmaceuticals, Inc.*		16		43
Information Services Group, Inc.		9		43
Foghorn Therapeutics, Inc.*		9		42
Inogen, Inc.*		6		42
Medifast, Inc.*		3		42
Acme United Corp.		1		42
Cargo Therapeutics, Inc.*		10		41
4D Molecular Therapeutics, Inc.*		11		41
Voyager Therapeutics, Inc.*		13		40
Prime Medicine, Inc.*		16		39
LENSAR, Inc.*		3		40
KORU Medical Systems, Inc.*		11		39
Lifevantage Corp.		3		39
SoundThinking, Inc.*		3		39
Alumis, Inc.*		13		39
Zenas Biopharma, Inc.*		4		39
MediWound Ltd.*		2		39
Third Harmonic Bio, Inc.*		7		38
Enanta Pharmaceuticals, Inc.*		5		38
Puma Biotechnology, Inc.*		11		38
DocGo, Inc.*		24		38
Avita Medical, Inc.*		7		37
Accuray, Inc.*		27		37
Hain Celestial Group, Inc.*		24		36
Monopar Therapeutics, Inc.*		1		36
HF Foods Group, Inc.*		11		35
Neuronetics, Inc.*		10		35
Mercurity Fintech Holding, Inc.*		9		35
scPharmaceuticals, Inc.*		9		34
Aclaris Therapeutics, Inc.*		24		34
Kodiak Sciences, Inc.*		9		34
Oncology Institute, Inc.*		16		33
Alico, Inc.		1		32

146 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Fate Therapeutics, Inc.*		29	$	32
Acacia Research Corp.*		9		32
Biote Corp. — Class A*		8		32
Stereotaxis, Inc.*		15		32
Larimar Therapeutics, Inc.*		11		32
Anika Therapeutics, Inc.*		3		32
Alta Equipment Group, Inc.		5		32
Inhibikase Therapeutics, Inc.*		16		31
Ironwood Pharmaceuticals, Inc. — Class A*		43		31
Forrester Research, Inc.*		3		30
Alector, Inc.*		21		29
Gyre Therapeutics, Inc.*		4		29
Inhibrx Biosciences, Inc.*		2		28
Sanara Medtech, Inc.*		1		28
Protalix BioTherapeutics, Inc.*		19		28
DiaMedica Therapeutics, Inc.*		7		27
Protara Therapeutics, Inc.*		9		27
Aardvark Therapeutics, Inc.*		2		27
Design Therapeutics, Inc.*		8		27
Waldencast plc — Class A*		11		27
Bright Minds Biosciences, Inc.*		1		26
Pulmonx Corp.*		10		26
Zevia PBC — Class A*		8		26
Korro Bio, Inc.*		2		25
Sonida Senior Living, Inc.*		1		25
BioAge Labs, Inc.*		6		25
Lifeway Foods, Inc.*		1		25
Maze Therapeutics, Inc.*		2		25
Lexeo Therapeutics, Inc.*		6		24
RCM Technologies, Inc.*		1		24
CVRx, Inc.*		4		24
Tvardi Therapeutics, Inc.*		1		23
Nkarta, Inc.*		14		23
Anteris Technologies Global Corp.*		6		23
Nuvectis Pharma, Inc.*		3		22
BRC, Inc. — Class A*		17		22
Lucid Diagnostics, Inc.*		19		22
TriSalus Life Sciences, Inc.*		4		22
Solesence Inc*		5		22
Journey Medical Corp.*		3		22
Coherus Oncology, Inc.*		29		21
Cartesian Therapeutics, Inc.*^,1		2		21
MarketWise, Inc.		1		20
Myomo, Inc.*		9		19
Emerald Holding, Inc.		4		19
Innovage Holding Corp.*		5		18
Greenwich Lifesciences, Inc.*		2		18
TuHURA Biosciences, Inc.*		7		16
Alpha Teknova, Inc.*		3		15
AirSculpt Technologies, Inc.*^,1		3		15
FitLife Brands, Inc.*		1		13
Ispire Technology, Inc.*		5		13
Actuate Therapeutics, Inc.*		2		12
HireQuest, Inc.		1		10
Tevogen Bio Holdings, Inc.*		8		10
SBC Medical Group Holdings, Inc.*		2		9
Inmune Bio, Inc.*		4		9
Forafric Global plc*		1		8
Atlantic International Corp.*		3		6
Ligand Pharmaceuticals, Inc.*^,†††		6		—
Total Consumer, Non-cyclical				149,907

Industrial - 4.6%
Fabrinet*		10		2,947
Fluor Corp.*		45		2,307
AeroVironment, Inc.*		8		2,280
NEXTracker, Inc. — Class A*		38		2,066
Kratos Defense & Security Solutions, Inc.*		44		2,044
SPX Technologies, Inc.*		12		2,012
Chart Industries, Inc.*		12		1,976
Casella Waste Systems, Inc. — Class A*		17		1,961
Badger Meter, Inc.		8		1,960
Dycom Industries, Inc.*		8		1,955
Sterling Infrastructure, Inc.*		8		1,846
Watts Water Technologies, Inc. — Class A		7		1,721
Federal Signal Corp.		16		1,703
JBT Marel Corp.		14		1,684
Archer Aviation, Inc. — Class A*		147		1,595
UFP Industries, Inc.		16		1,590
Itron, Inc.*		12		1,580
GATX Corp.		10		1,536
Zurn Elkay Water Solutions Corp.		40		1,463
Moog, Inc. — Class A		8		1,448
Construction Partners, Inc. — Class A*		13		1,382
Modine Manufacturing Co.*		14		1,379
Sanmina Corp.*		14		1,370
NuScale Power Corp.*		34		1,345
ESCO Technologies, Inc.		7		1,343
Advanced Energy Industries, Inc.		10		1,325
Bloom Energy Corp. — Class A*		55		1,316
Joby Aviation, Inc.*^,1		124		1,308
Novanta, Inc.*		10		1,289
Belden, Inc.		11		1,274
Knife River Corp.*		15		1,225
Mirion Technologies, Inc.*		56		1,206
Frontdoor, Inc.*		20		1,179
Primoris Services Corp.		15		1,169
Enpro, Inc.		6		1,149
CSW Industrials, Inc.		4		1,147
Arcosa, Inc.		13		1,127
Granite Construction, Inc.		12		1,122
Golar LNG Ltd.		27		1,112
TTM Technologies, Inc.*		27		1,102
Exponent, Inc.		14		1,046
Mueller Water Products, Inc. — Class A		42		1,010
Matson, Inc.		9		1,002
Franklin Electric Company, Inc.		11		987
Kadant, Inc.		3		952
Plexus Corp.*		7		947
EnerSys		11		943
OSI Systems, Inc.*		4		899
Argan, Inc.		4		882

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 147

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Boise Cascade Co.		10	$	868
Terex Corp.		18		840
Atmus Filtration Technologies, Inc.		22		801
Griffon Corp.		11		796
Cactus, Inc. — Class A		18		787
AZZ, Inc.		8		756
Mercury Systems, Inc.*		14		754
MYR Group, Inc.*		4		726
RXO, Inc.*		44		692
AAR Corp.*		10		688
Alamo Group, Inc.		3		655
Atkore, Inc.		9		635
Powell Industries, Inc.		3		631
Enerpac Tool Group Corp.		15		609
O-I Glass, Inc.*		41		604
Trinity Industries, Inc.		22		594
IES Holdings, Inc.*		2		593
Tutor Perini Corp.*		12		561
Albany International Corp. — Class A		8		561
Tecnoglass, Inc.		7		541
Hub Group, Inc. — Class A		16		535
Vishay Intertechnology, Inc.		33		524
Triumph Group, Inc.*		20		515
Worthington Enterprises, Inc.		8		509
Kennametal, Inc.		21		482
PureCycle Technologies, Inc.*		35		479
Materion Corp.		6		476
Gibraltar Industries, Inc.*		8		472
Scorpio Tankers, Inc.		12		470
Standex International Corp.		3		469
ArcBest Corp.		6		462
Enovix Corp.*		44		455
Greif, Inc. — Class A		7		455
Werner Enterprises, Inc.		16		438
Lindsay Corp.		3		433
World Kinect Corp.		15		425
Limbach Holdings, Inc.*		3		420
Xometry, Inc. — Class A*		12		406
Knowles Corp.*		23		405
International Seaways, Inc.		11		401
Benchmark Electronics, Inc.		10		388
Tennant Co.		5		387
Hillenbrand, Inc.		19		381
Hillman Solutions Corp.*		53		378
Masterbrand, Inc.*		34		372
NV5 Global, Inc.*		16		369
Greenbrier Companies, Inc.		8		368
DHT Holdings, Inc.		34		367
American Superconductor Corp.*		10		367
Energizer Holdings, Inc.		18		363
Applied Optoelectronics, Inc.*		14		360
CTS Corp.		8		341
Ducommun, Inc.*		4		330
Intuitive Machines, Inc.*		29		315
Helios Technologies, Inc.		9		300
Bel Fuse, Inc. — Class B		3		293
Janus International Group, Inc.*		36		293
SFL Corporation Ltd.		33		275
Vicor Corp.*		6		272
Worthington Steel, Inc.		9		268
Astronics Corp.*		8		268
Napco Security Technologies, Inc.		9		267
DXP Enterprises, Inc.*		3		263
TriMas Corp.		9		258
nLight, Inc.*		13		256
Cadre Holdings, Inc.		8		255
Thermon Group Holdings, Inc.*		9		253
Teekay Tankers Ltd. — Class A		6		250
Astec Industries, Inc.		6		250
Dorian LPG Ltd.		10		244
Apogee Enterprises, Inc.		6		244
NANO Nuclear Energy, Inc.*		7		242
Proto Labs, Inc.*		6		240
CECO Environmental Corp.*		8		226
Gorman-Rupp Co.		6		220
FARO Technologies, Inc.*		5		220
Great Lakes Dredge & Dock Corp.*		18		219
American Woodmark Corp.*		4		213
Marten Transport Ltd.		16		208
Golden Ocean Group Ltd.¹		28		205
Montrose Environmental Group, Inc.*		9		197
Evolv Technologies Holdings, Inc.*		31		193
Insteel Industries, Inc.		5		186
Energy Recovery, Inc.*		14		179
Ichor Holdings Ltd.*		9		177
FLEX LNG Ltd.¹		8		176
Enviri Corp.*		20		174
Ardagh Metal Packaging S.A.		38		163
Byrna Technologies, Inc.*		5		154
Metallus, Inc.*		10		154
Ryerson Holding Corp.		7		151
Graham Corp.*		3		149
Forward Air Corp.*		6		147
Redwire Corp.*		9		147
Red Cat Holdings, Inc.*		20		146
Allient, Inc.		4		145
Myers Industries, Inc.		10		145
Nordic American Tankers Ltd.		55		145
TSS, Inc.*		5		144
Genco Shipping & Trading Ltd.		11		144
Sturm Ruger & Company, Inc.		4		144
Willis Lease Finance Corp.		1		143
Kimball Electronics, Inc.*		7		135
Power Solutions International, Inc.*		2		129
Navigator Holdings Ltd.		9		127
NWPX Infrastructure Inc*		3		123
Columbus McKinnon Corp.		8		122
Heartland Express, Inc.		14		121
Hyster-Yale, Inc.		3		119
LSI Industries, Inc.		7		119
Teekay Corporation Ltd.		14		115
Bowman Consulting Group Ltd.*		4		115

148 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Centuri Holdings, Inc.*		5	$	112
Costamare, Inc.		12		109
LSB Industries, Inc.*		14		109
Clearwater Paper Corp.*		4		109
Manitowoc Company, Inc.*		9		108
Aspen Aerogels, Inc.*		18		107
Amprius Technologies, Inc.*		25		105
Smith & Wesson Brands, Inc.		12		104
National Presto Industries, Inc.		1		98
Olympic Steel, Inc.		3		98
CryoPort, Inc.*		13		97
Covenant Logistics Group, Inc. — Class A		4		96
Eastman Kodak Co.*		17		96
Eve Holding, Inc.*		14		96
Standard BioTools, Inc.*		80		96
Mesa Laboratories, Inc.		1		94
Orion Group Holdings, Inc.*		10		91
JELD-WEN Holding, Inc.*		23		90
Titan America S.A.		7		87
Ardmore Shipping Corp.		9		86
Luxfer Holdings plc		7		85
Latham Group, Inc.*		12		77
Neonode, Inc.*		3		77
MicroVision, Inc.*		66		75
Park Aerospace Corp.		5		74
NVE Corp.		1		74
Greif, Inc. — Class B		1		69
Lightbridge Corp.*		5		67
L B Foster Co. — Class A*		3		66
KULR Technology Group, Inc.*		9		64
Mayville Engineering Company, Inc.*		4		64
Tredegar Corp.*		7		62
Kopin Corp.*		40		61
Palladyne AI Corp.*		7		61
Karat Packaging, Inc.		2		56
Turtle Beach Corp.*		4		55
Radiant Logistics, Inc.*		9		55
Safe Bulkers, Inc.		15		54
AerSale Corp.*		9		54
Pure Cycle Corp.*		5		54
Park-Ohio Holdings Corp.		3		54
Perma-Fix Environmental Services, Inc.*		5		53
Universal Logistics Holdings, Inc.		2		51
908 Devices, Inc.*		7		50
Arq, Inc.*		9		48
Ranpak Holdings Corp.*		13		46
Himalaya Shipping Ltd.		8		46
Eastern Co.		2		46
Sight Sciences, Inc.*		11		45
Pro-DEX, Inc.*		1		44
Proficient Auto Logistics, Inc.*		6		44
M-Tron Industries, Inc.*		1		42
Gencor Industries, Inc.*		3		42
Pangaea Logistics Solutions Ltd.		8		38
Richtech Robotics, Inc. — Class B*		19		37
Concrete Pumping Holdings, Inc.		6		37
Smith-Midland Corp.*		1		34
Core Molding Technologies, Inc.*		2		33
Omega Flex, Inc.		1		32
Mistras Group, Inc.*		4		32
Outdoor Holding Co.*		24		31
Energy Services of America Corp.		3		30
AirJoule Technologies Corp.*		6		28
PAMT CORP*		2		26
Ascent Industries Co.*		2		25
Net Power, Inc.*		9		22
Costamare Bulkers Holdings Ltd.*		2		17
SKYX Platforms Corp.*		16		17
NL Industries, Inc.		2		13
Southland Holdings, Inc.*		3		13
Total Industrial				114,818

Consumer, Cyclical - 3.0%
Brinker International, Inc.*		12		2,164
Taylor Morrison Home Corp. — Class A*		27		1,658
FirstCash Holdings, Inc.		11		1,487
Shake Shack, Inc. — Class A*		10		1,406
Group 1 Automotive, Inc.		3		1,310
Meritage Homes Corp.		19		1,272
Urban Outfitters, Inc.*		17		1,233
Boot Barn Holdings, Inc.*		8		1,216
Asbury Automotive Group, Inc.*		5		1,193
SkyWest, Inc.*		11		1,133
Life Time Group Holdings, Inc.*		37		1,122
GMS, Inc.*		10		1,088
Installed Building Products, Inc.		6		1,082
Abercrombie & Fitch Co. — Class A*		13		1,077
KB Home		19		1,007
Kontoor Brands, Inc.		15		990
Champion Homes, Inc.*		15		939
Resideo Technologies, Inc.*		40		882
Rush Enterprises, Inc. — Class A		17		876
Cinemark Holdings, Inc.		29		875
Signet Jewelers Ltd.		11		875
Cavco Industries, Inc.*		2		869
Dorman Products, Inc.*		7		859
Patrick Industries, Inc.		9		830
Academy Sports & Outdoors, Inc.		18		807
Six Flags Entertainment Corp.*		26		791
M/I Homes, Inc.*		7		785
Tri Pointe Homes, Inc.*		24		767
UniFirst Corp.		4		753
Cheesecake Factory, Inc.		12		752
Advance Auto Parts, Inc.		16		744
PriceSmart, Inc.		7		735
Goodyear Tire & Rubber Co.*		70		726
OPENLANE, Inc.*		29		709
Peloton Interactive, Inc. — Class A*		99		687
Red Rock Resorts, Inc. — Class A		13		676
REV Group, Inc.		14		666
Hilton Grand Vacations, Inc.*		16		665
VSE Corp.		5		655
Visteon Corp.*		7		653

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 149

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Marriott Vacations Worldwide Corp.		9	$	651
LCI Industries		7		638
Genius Sports Ltd.*		60		624
Dana, Inc.		36		617
HNI Corp.		12		590
Acushnet Holdings Corp.		8		583
Warby Parker, Inc. — Class A*		26		570
Polaris, Inc.		14		569
Green Brick Partners, Inc.*		9		566
Foot Locker, Inc.*		23		564
Atlanta Braves Holdings, Inc. — Class C*		12		561
Capri Holdings Ltd.*		31		549
OneSpaWorld Holdings Ltd.		26		530
Phinia, Inc.		11		489
National Vision Holdings, Inc.*		21		483
International Game Technology plc		30		474
Super Group SGHC Ltd.		43		472
Steven Madden Ltd.		19		456
Adient plc*		23		448
Papa John’s International, Inc.		9		440
Madison Square Garden Entertainment Corp.*		11		440
Hanesbrands, Inc.*		95		435
American Eagle Outfitters, Inc.		44		423
Sweetgreen, Inc. — Class A*		28		417
La-Z-Boy, Inc.		11		409
Wolverine World Wide, Inc.		22		398
Century Communities, Inc.		7		394
Blue Bird Corp.*		9		389
Winmark Corp.		1		378
JetBlue Airways Corp.*		87		368
Cracker Barrel Old Country Store, Inc.		6		367
Buckle, Inc.		8		363
AMC Entertainment Holdings, Inc. — Class A*		117		363
Rush Street Interactive, Inc.*		24		358
Garrett Motion, Inc.		34		357
MillerKnoll, Inc.		18		350
Sonos, Inc.*		32		346
IMAX Corp.*		12		336
Interface, Inc. — Class A		16		335
Victoria’s Secret & Co.*		18		333
United Parks & Resorts, Inc.*		7		330
Everi Holdings, Inc.*		23		328
Leggett & Platt, Inc.		36		321
Sonic Automotive, Inc. — Class A		4		320
MRC Global, Inc.*		23		315
Sabre Corp.*		98		310
LGI Homes, Inc.*		6		309
Aeva Technologies, Inc.*		8		302
Lionsgate Studios Corp.*		52		302
Carter’s, Inc.		10		301
Topgolf Callaway Brands Corp.*		36		290
Fox Factory Holding Corp.*		11		285
Camping World Holdings, Inc. — Class A		16		275
BJ’s Restaurants, Inc.*		6		268
Monarch Casino & Resort, Inc.		3		259
ScanSource, Inc.*		6		251
Sally Beauty Holdings, Inc.*		27		250
G-III Apparel Group Ltd.*		11		246
Kohl’s Corp.		29		246
Steelcase, Inc. — Class A		23		240
Gentherm, Inc.*		8		226
Allegiant Travel Co. — Class A*		4		220
XPEL, Inc.*		6		215
Dave & Buster’s Entertainment, Inc.*		7		211
Winnebago Industries, Inc.		7		203
Dream Finders Homes, Inc. — Class A*		8		201
Bloomin’ Brands, Inc.		23		198
PC Connection, Inc.		3		197
Microvast Holdings, Inc.*		53		192
indie Semiconductor, Inc. — Class A*^,1		52		185
Standard Motor Products, Inc.		6		184
ThredUp, Inc. — Class A*		24		180
Beazer Homes USA, Inc.*		8		179
Douglas Dynamics, Inc.		6		177
Accel Entertainment, Inc.*		15		177
First Watch Restaurant Group, Inc.*		11		176
Portillo’s, Inc. — Class A*		15		175
Pursuit Attractions and Hospitality, Inc.*		6		173
Kura Sushi USA, Inc. — Class A*		2		172
Ethan Allen Interiors, Inc.		6		167
Daktronics, Inc.*		11		166
Sun Country Airlines Holdings, Inc.*		14		164
Oxford Industries, Inc.		4		161
Global Business Travel Group I*		25		158
Malibu Boats, Inc. — Class A*		5		157
Build-A-Bear Workshop, Inc. — Class A		3		155
BlueLinx Holdings, Inc.*		2		149
Golden Entertainment, Inc.		5		147
Ermenegildo Zegna N.V.		17		145
Titan International, Inc.*		13		134
Miller Industries, Inc.		3		133
ODP Corp.*		7		127
American Axle & Manufacturing Holdings, Inc.*		31		127
MarineMax, Inc.*		5		126
EVgo, Inc.*		34		124
Arhaus, Inc.*		14		121
Titan Machinery, Inc.*		6		119
Wabash National Corp.		11		117
Lindblad Expeditions Holdings, Inc.*		10		117
Shyft Group, Inc.		9		113
America’s Car-Mart, Inc.*		2		112
A-Mark Precious Metals, Inc.		5		111
Caleres, Inc.		9		110
Global Industrial Co.		4		108
Cooper-Standard Holdings, Inc.*		5		108
Rush Enterprises, Inc. — Class B		2		105
Hovnanian Enterprises, Inc. — Class A*		1		105
Nu Skin Enterprises, Inc. — Class A		13		104
Marcus Corp.		6		101

150 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Forestar Group, Inc.*		5	$	100
Atlanta Braves Holdings, Inc. — Class A*		2		99
Dine Brands Global, Inc.		4		97
Xperi, Inc.*		12		95
Shoe Carnival, Inc.		5		94
Clean Energy Fuels Corp.*		47		92
Arko Corp.		21		89
Jack in the Box, Inc.*		5		87
Potbelly Corp.*		7		86
Methode Electronics, Inc.		9		86
Solid Power, Inc.*		39		86
Frontier Group Holdings, Inc.*		23		83
Haverty Furniture Companies, Inc.		4		81
Hudson Technologies, Inc.*		10		81
El Pollo Loco Holdings, Inc.*		7		77
RCI Hospitality Holdings, Inc.		2		76
MasterCraft Boat Holdings, Inc.*		4		74
Lovesac Co.*		4		73
Weyco Group, Inc.		2		66
Strattec Security Corp.*		1		62
Savers Value Village, Inc.*		6		61
Krispy Kreme, Inc.*^,1		21		61
Movado Group, Inc.		4		61
Petco Health & Wellness Company, Inc.*		21		59
Genesco, Inc.*		3		59
Denny’s Corp.*		14		57
Motorcar Parts of America, Inc.*		5		56
Zumiez, Inc.*		4		53
Xponential Fitness, Inc. — Class A*		7		52
Tile Shop Holdings, Inc.*		8		51
Starz Entertainment Corp.*		3		48
Barnes & Noble Education, Inc.*		4		47
Hyliion Holdings Corp.*		35		46
Livewire Group, Inc.*		10		46
Webtoon Entertainment, Inc.*^,1		5		45
Rocky Brands, Inc.		2		44
Funko, Inc. — Class A*		9		43
Escalade, Inc.		3		42
JAKKS Pacific, Inc.		2		41
Sleep Number Corp.*		6		41
OneWater Marine, Inc. — Class A*		3		40
Reservoir Media, Inc.*		5		38
Flexsteel Industries, Inc.		1		36
Hamilton Beach Brands Holding Co. — Class A		2		36
Citi Trends, Inc.*		1		33
Holley, Inc.*		16		32
Luminar Technologies, Inc.*		11		32
American Outdoor Brands, Inc.*		3		31
Superior Group of Companies, Inc.		3		31
Bassett Furniture Industries, Inc.		2		30
Johnson Outdoors, Inc. — Class A		1		30
J Jill, Inc.		2		29
Clarus Corp.		8		28
Lakeland Industries, Inc.		2		27
Virco Mfg. Corp.		3		24
EVI Industries, Inc.		1		22
Designer Brands, Inc. — Class A¹		9		21
Spirit Aviation Holdings, Inc.*		4		20
Bally’s Corp.*		2		19
Torrid Holdings, Inc.*^,1		6		18
Marine Products Corp.		2		17
Traeger, Inc.*		9		15
Envela Corp.*		2		12
Total Consumer, Cyclical				74,045

Technology - 2.8%
IonQ, Inc.*		64		2,750
CommVault Systems, Inc.*		12		2,092
Rambus, Inc.*		29		1,857
Varonis Systems, Inc.*		30		1,522
Clearwater Analytics Holdings, Inc. — Class A*		66		1,447
Qualys, Inc.*		10		1,429
SPS Commerce, Inc.*		10		1,361
Silicon Laboratories, Inc.*		9		1,326
Box, Inc. — Class A*		38		1,298
ACI Worldwide, Inc.*		28		1,286
SiTime Corp.*		6		1,278
D-Wave Quantum, Inc.*^,1		77		1,127
Tenable Holdings, Inc.*		32		1,081
SoundHound AI, Inc. — Class A*^,1		99		1,062
Maximus, Inc.		15		1,053
Semtech Corp.*		23		1,038
Waystar Holding Corp.*		25		1,022
Insight Enterprises, Inc.*		7		967
Workiva, Inc.*		14		958
Rigetti Computing, Inc.*^,1		76		901
Power Integrations, Inc.		15		839
Freshworks, Inc. — Class A*		55		820
C3.ai, Inc. — Class A*		33		811
Agilysys, Inc.*		7		803
BlackLine, Inc.*		14		793
Zeta Global Holdings Corp. — Class A*		51		790
Impinj, Inc.*		7		777
Intapp, Inc.*		15		774
Progress Software Corp.		12		766
PAR Technology Corp.*		11		763
ACV Auctions, Inc. — Class A*		45		730
Ambarella, Inc.*		11		727
FormFactor, Inc.*		21		723
WNS Holdings Ltd.*		11		696
AvePoint, Inc.*		36		695
Synaptics, Inc.*		10		648
Blackbaud, Inc.*		10		642
Clear Secure, Inc. — Class A		23		639
Diodes, Inc.*		12		635
Axcelis Technologies, Inc.*		9		627
Vertex, Inc. — Class A*		17		601
ASGN, Inc.*		12		599
Quantum Computing, Inc.*		31		594
Braze, Inc. — Class A*		21		590
NCR Atleos Corp.*		20		571

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 151

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
LiveRamp Holdings, Inc.*		17	$	562
Five9, Inc.*		21		556
Alkami Technology, Inc.*		18		543
Pitney Bowes, Inc.		49		534
BigBear.ai Holdings, Inc.*		78		530
DigitalOcean Holdings, Inc.*		17		486
Kulicke & Soffa Industries, Inc.		14		484
Alignment Healthcare, Inc.*		34		476
NetScout Systems, Inc.*		19		471
CSG Systems International, Inc.		7		457
AvidXchange Holdings, Inc.*		46		450
NCR Voyix Corp.*		37		434
Donnelley Financial Solutions, Inc.*		7		432
Phreesia, Inc.*		15		427
Adeia, Inc.		29		410
Innodata, Inc.*		8		410
Rapid7, Inc.*		17		393
Diebold Nixdorf, Inc.*		7		388
NextNav, Inc.*		24		365
ACM Research, Inc. — Class A*		14		363
Evolent Health, Inc. — Class A*		32		360
Planet Labs PBC*		58		354
PagerDuty, Inc.*		23		351
Digi International, Inc.*		10		349
Ouster, Inc.*		14		339
Asana, Inc. — Class A*		25		338
Verint Systems, Inc.*		17		334
Appian Corp. — Class A*		11		328
Photronics, Inc.*		17		320
MaxLinear, Inc. — Class A*		22		313
Veeco Instruments, Inc.*		15		305
Schrodinger Incorporated/United States*		15		302
Sprout Social, Inc. — Class A*		14		293
Amplitude, Inc. — Class A*		23		285
Penguin Solutions, Inc.*		14		277
Olo, Inc. — Class A*		31		276
Ultra Clean Holdings, Inc.*		12		271
Fastly, Inc. — Class A*		37		261
Life360, Inc.*^,1		4		261
Porch Group, Inc.*		22		259
V2X, Inc.*		5		243
Yext, Inc.*		28		238
Navitas Semiconductor Corp.*		36		236
Pagaya Technologies Ltd. — Class A*		11		235
Sapiens International Corporation N.V.		8		234
Cohu, Inc.*		12		231
Grid Dynamics Holdings, Inc.*		18		208
PDF Solutions, Inc.*		9		192
PROS Holdings, Inc.*		12		188
Blend Labs, Inc. — Class A*		56		185
Alpha & Omega Semiconductor Ltd.*		7		180
Jamf Holding Corp.*		18		171
Vimeo, Inc.*		42		170
Xerox Holdings Corp.¹		32		169
OneSpan, Inc.		10		167
Integral Ad Science Holding Corp.*		20		166
I3 Verticals, Inc. — Class A*		6		165
Digital Turbine, Inc.*		27		159
E2open Parent Holdings, Inc.*		49		158
N-able, Inc.*		19		154
Cantaloupe, Inc.*		14		154
Red Violet, Inc.		3		148
Ibotta, Inc. — Class A*		4		146
MeridianLink, Inc.*		9		146
GigaCloud Technology, Inc. — Class A*^,1		7		138
PlayAGS, Inc.*		11		137
PubMatic, Inc. — Class A*		11		137
Weave Communications, Inc.*		16		133
CEVA, Inc.*		6		132
Domo, Inc. — Class B*		9		126
Nutex Health, Inc.*		1		125
Corsair Gaming, Inc.*		13		123
Cerence, Inc.*		12		123
Mitek Systems, Inc.*		12		119
Consensus Cloud Solutions, Inc.*		5		115
Bandwidth, Inc. — Class A*		7		111
SEMrush Holdings, Inc. — Class A*		12		109
Climb Global Solutions, Inc.		1		107
Conduent, Inc.*		40		106
VTEX — Class A*		16		106
Aehr Test Systems*		8		103
Outset Medical, Inc.*		5		96
Talkspace, Inc.*		33		92
Claritev Corp.*		2		90
BigCommerce Holdings, Inc.*		18		90
IBEX Holdings Ltd.*		3		87
Vishay Precision Group, Inc.*		3		84
Unisys Corp.*		18		81
Cricut, Inc. — Class A		12		81
Arteris, Inc.*		8		76
Rezolve AI plc*		24		74
Playtika Holding Corp.		15		71
TruBridge, Inc.*		3		70
Simulations Plus, Inc.		4		70
SkyWater Technology, Inc.*		7		69
8x8, Inc.*		35		69
Asure Software, Inc.*		7		68
Health Catalyst, Inc.*		18		68
Immersion Corp.		8		63
ReposiTrak, Inc.		3		59
CoreCard Corp.*		2		58
Inspired Entertainment, Inc.*		7		57
ON24, Inc.*		10		54
3D Systems Corp.*		35		54
Viant Technology, Inc. — Class A*		4		53
Digimarc Corp.*		4		53
Vuzix Corp.*		17		50
Aeluma, Inc.*		3		49
Rimini Street, Inc.*		13		49
Telos Corp.*		15		47
Kaltura, Inc.*		22		44
EverCommerce, Inc.*		4		42

152 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Expensify, Inc. — Class A*		16	$	41
Faraday Future Intelligent Electric, Inc.*		24		40
Atomera, Inc.*		8		40
Definitive Healthcare Corp.*		10		39
Playstudios, Inc.*		24		31
eGain Corp.*		5		31
Airship AI Holdings, Inc.*		5		29
Richardson Electronics Ltd.		3		29
Rackspace Technology, Inc.*		22		28
CS Disco, Inc.*		6		26
CSP, Inc.		2		26
Teads Holding Co.*		10		25
TTEC Holdings, Inc.*		5		24
WM Technology, Inc.*		23		21
Synchronoss Technologies, Inc.*		3		21
Wolfspeed, Inc.*		42		17
Skillsoft Corp.*		1		16
Silvaco Group, Inc.*		2		9
Golden Matrix Group, Inc.*		4		7
Zspace, Inc.*		1		3
Total Technology				68,919

Communications - 1.3%
Credo Technology Group Holding Ltd.*		40		3,627
Hims & Hers Health, Inc.*^,1		51		2,542
Q2 Holdings, Inc.*		17		1,591
InterDigital, Inc.		7		1,570
Lumen Technologies, Inc.*		257		1,126
EchoStar Corp. — Class A*		36		997
Telephone & Data Systems, Inc.		26		925
Magnite, Inc.*		38		917
Calix, Inc.*		16		851
Cargurus, Inc.*		22		736
TEGNA, Inc.		43		721
Extreme Networks, Inc.*		35		628
Viavi Solutions, Inc.*		60		604
Yelp, Inc. — Class A*		17		583
Cogent Communications Holdings, Inc.		12		578
ePlus, Inc.*		7		505
Applied Digital Corp.*		48		483
DigitalBridge Group, Inc.		46		476
CommScope Holding Company, Inc.*		57		472
Upwork, Inc.*		33		444
Viasat, Inc.*		30		438
TripAdvisor, Inc.*		31		405
A10 Networks, Inc.		20		387
fuboTV, Inc.*		90		347
Ziff Davis, Inc.*		11		333
Globalstar, Inc.*		13		306
Sphere Entertainment Co.*		7		293
Couchbase, Inc.*		12		293
Harmonic, Inc.*		30		284
IDT Corp. — Class B		4		273
Gogo, Inc.*		18		264
Sprinklr, Inc. — Class A*		30		254
QuinStreet, Inc.*		15		241
Groupon, Inc.*		7		234
Revolve Group, Inc.*		11		221
Liberty Latin America Ltd. — Class C*		34		211
Grindr, Inc.*		9		204
NETGEAR, Inc.*		7		204
HealthStream, Inc.		7		194
Shenandoah Telecommunications Co.		14		191
Cars.com, Inc.*		16		190
Rumble, Inc.*		21		189
Angi, Inc.*		12		183
ADTRAN Holdings, Inc.*		20		180
EverQuote, Inc. — Class A*		7		169
BlackSky Technology, Inc.*		8		165
Preformed Line Products Co.		1		160
Altice USA, Inc. — Class A*		70		150
Serve Robotics, Inc.*		13		149
Powerfleet Incorporated NJ*		33		142
Liquidity Services, Inc.*		6		142
Stagwell, Inc.*		31		140
Sinclair, Inc.		10		138
LifeMD, Inc.*		10		136
Gannett Company, Inc.*		38		136
Cable One, Inc.*		1		136
Figs, Inc. — Class A*		24		135
Bumble, Inc. — Class A*		20		132
Clearfield, Inc.*		3		130
Scholastic Corp.		6		126
RealReal, Inc.*		26		125
Thryv Holdings, Inc.*		10		121
Shutterstock, Inc.¹		6		114
Gray Media, Inc.		24		109
Stitch Fix, Inc. — Class A*		29		107
Nexxen International Ltd.*		10		104
Beyond, Inc.*		15		103
Ribbon Communications, Inc.*		25		100
MediaAlpha, Inc. — Class A*		9		99
Nextdoor Holdings, Inc.*		57		95
Ooma, Inc.*		7		90
Spok Holdings, Inc.		5		88
Boston Omaha Corp. — Class A*		6		84
National CineMedia, Inc.		17		82
Backblaze, Inc. — Class A*		14		77
Anterix, Inc.*		3		77
Aviat Networks, Inc.*		3		72
Satellogic, Inc. — Class A*		19		69
OptimizeRx Corp.*		5		67
WideOpenWest, Inc.*		14		57
AMC Networks, Inc. — Class A*		9		56
iHeartMedia, Inc. — Class A*		32		56
TechTarget, Inc.*		7		55
Open Lending Corp. — Class A*		28		54
Eventbrite, Inc. — Class A*		20		53
CuriosityStream, Inc.		9		51
EW Scripps Co. — Class A*		17		50
Getty Images Holdings, Inc.*		30		50
Liberty Latin America Ltd. — Class A*		8		49
ATN International, Inc.		3		49

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 153

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Gambling.com Group Ltd.*		4	$	48
BK Technologies Corp.*		1		47
Frequency Electronics, Inc.		2		46
Entravision Communications Corp. — Class A		17		39
Tucows, Inc. — Class A*		2		39
Advantage Solutions, Inc.*		25		33
Lands’ End, Inc.*		3		32
Vivid Seats, Inc. — Class A*		18		30
Newsmax, Inc.*		2		30
1-800-Flowers.com, Inc. — Class A*^,1		6		29
Nerdy, Inc.*		16		26
Triller Group, Inc.*		28		26
BARK, Inc.*		29		25
Travelzoo*		2		25
Inseego Corp.*		3		25
Crexendo, Inc.*		4		24
AudioEye, Inc.*		2		23
Gaia, Inc.*		5		22
Arena Group Holdings, Inc.*		3		19
Total Communications				31,932

Energy - 1.2%
ChampionX Corp.		52		1,292
CNX Resources Corp.*		38		1,280
Magnolia Oil & Gas Corp. — Class A		50		1,124
Archrock, Inc.		44		1,092
Core Natural Resources, Inc.		14		976
Noble Corporation plc		34		903
California Resources Corp.		18		822
Murphy Oil Corp.		36		810
Gulfport Energy Corp.*		4		805
SM Energy Co.		31		766
Valaris Ltd.*		17		716
Northern Oil & Gas, Inc.		25		709
Tidewater, Inc.*		14		646
Warrior Met Coal, Inc.		14		642
Patterson-UTI Energy, Inc.		95		563
Comstock Resources, Inc.*		20		553
Kinetik Holdings, Inc. — Class A		12		529
Transocean Ltd.*		200		518
Oceaneering International, Inc.*		25		518
Kodiak Gas Services, Inc.		15		514
PBF Energy, Inc. — Class A		23		498
Liberty Energy, Inc. — Class A		42		482
Sunrun, Inc.*		56		458
Seadrill Ltd.*		17		446
Peabody Energy Corp.		33		443
DNOW, Inc.*		29		430
Crescent Energy Co. — Class A		48		413
Sable Offshore Corp.*		18		396
Helmerich & Payne, Inc.		26		394
Sitio Royalties Corp. — Class A		21		386
Par Pacific Holdings, Inc.*		14		371
Plug Power, Inc.*^,1		246		367
Delek US Holdings, Inc.		16		339
Alpha Metallurgical Resources, Inc.*		3		337
NextDecade Corp.*		36		321
Eos Energy Enterprises, Inc.*		60		307
Solaris Energy Infrastructure, Inc. — Class A		10		283
Atlas Energy Solutions, Inc.¹		21		281
Talos Energy, Inc.*		32		271
Bristow Group, Inc.*		8		264
Helix Energy Solutions Group, Inc.*		39		243
Array Technologies, Inc.*^,1		41		242
Expro Group Holdings N.V.*		28		241
Kosmos Energy Ltd.*		128		220
Diversified Energy Company plc		15		220
Select Water Solutions, Inc. — Class A		25		216
CVR Energy, Inc.*		8		215
SunCoke Energy, Inc.		23		198
REX American Resources Corp.*		4		195
Shoals Technologies Group, Inc. — Class A*		45		191
Aris Water Solutions, Inc. — Class A		8		189
NPK International, Inc.*		22		187
Vitesse Energy, Inc.		8		177
Excelerate Energy, Inc. — Class A		6		176
Innovex International, Inc.*		10		156
Core Laboratories, Inc.		13		150
New Fortress Energy, Inc.*		45		149
Fluence Energy, Inc.*		20		134
Ramaco Resources, Inc. — Class A		10		131
ProPetro Holding Corp.*		22		131
Vital Energy, Inc.*^,1		8		129
Hallador Energy Co.*		8		127
BKV Corp.*		5		121
TETRA Technologies, Inc.*		34		114
RPC, Inc.		24		114
Nabors Industries Ltd.*		4		112
ASP Isotopes, Inc.*		15		110
Borr Drilling Ltd.*		60		110
SandRidge Energy, Inc.		10		108
Riley Exploration Permian, Inc.		4		105
Green Plains, Inc.*		17		103
VAALCO Energy, Inc.		28		101
National Energy Services Reunited Corp.*		16		96
Granite Ridge Resources, Inc.		15		95
Matrix Service Co.*		7		95
Flowco Holdings, Inc. — Class A		5		89
Oil States International, Inc.*		16		86
Gevo, Inc.*		62		82
Natural Gas Services Group, Inc.*		3		77
Summit Midstream Corp.*		3		73
Infinity Natural Resources, Inc. — Class A*		4		73
Kolibri Global Energy, Inc.*		9		62
Ranger Energy Services, Inc. — Class A		5		60
Flotek Industries, Inc.*		4		59
Forum Energy Technologies, Inc.*		3		58
Berry Corp.		21		58
HighPeak Energy, Inc.¹		5		49
W&T Offshore, Inc.		27		45
NACCO Industries, Inc. — Class A		1		44

154 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
DMC Global, Inc.*		5	$	40
Montauk Renewables, Inc.*		18		40
Evolution Petroleum Corp.		8		38
Epsilon Energy Ltd.		5		37
T1 Energy, Inc.*		30		37
SEACOR Marine Holdings, Inc.*		6		31
Complete Solaria, Inc.*		16		29
FutureFuel Corp.		7		27
ProFrac Holding Corp. — Class A*^,1		3		23
Empire Petroleum Corp.*		4		21
Mammoth Energy Services, Inc.*		7		20
Prairie Operating Co.*		6		18
OPAL Fuels, Inc. — Class A*		6		15
NextNRG, Inc.*		5		14
Verde Clean Fuels, Inc.*		1		3
Total Energy				29,974

Basic Materials - 0.9%
Coeur Mining, Inc.*		172		1,524
Commercial Metals Co.		31		1,516
Balchem Corp.		9		1,433
Cabot Corp.		15		1,125
Sensient Technologies Corp.		11		1,084
Hecla Mining Co.		161		964
HB Fuller Co.		15		902
Avient Corp.		25		808
Uranium Energy Corp.*		114		775
Centrus Energy Corp. — Class A*		4		733
Hawkins, Inc.		5		711
SSR Mining, Inc.*		55		701
Innospec, Inc.		7		589
Perimeter Solutions, Inc.*		37		515
Constellium SE*		38		505
Minerals Technologies, Inc.		9		496
Chemours Co.		41		470
Sylvamo Corp.		9		451
Quaker Chemical Corp.		4		448
Ingevity Corp.*		10		431
Rogers Corp.*		5		342
Stepan Co.		6		328
Energy Fuels, Inc.*		56		322
Kaiser Aluminum Corp.		4		319
United States Lime & Minerals, Inc.		3		299
Calumet, Inc.*		19		299
Novagold Resources, Inc.*		67		274
Century Aluminum Co.*		14		252
Ecovyst, Inc.*		29		239
MAC Copper Ltd. — Class A*		19		230
Ivanhoe Electric Incorporated / US*		23		209
Radius Recycling, Inc. — Class A		7		208
Compass Minerals International, Inc.*		9		181
Oil-Dri Corporation of America		3		177
AdvanSix, Inc.		7		166
Tronox Holdings plc — Class A		32		162
Koppers Holdings, Inc.		5		161
Orion S.A.		15		157
Perpetua Resources Corp.*		12		146
Encore Energy Corp.*		50		143
Ferroglobe plc		32		117
Magnera Corp.*		9		109
Intrepid Potash, Inc.*		3		107
Mativ Holdings, Inc.		15		102
Dakota Gold Corp.*		23		85
Caledonia Mining Corporation plc		4		77
Rayonier Advanced Materials, Inc.*		17		65
US Antimony Corp.*		25		54
Codexis, Inc.*		22		54
Idaho Strategic Resources, Inc.*		3		39
Contango ORE, Inc.*		2		39
Kronos Worldwide, Inc.		6		37
US Gold Corp.*		3		37
American Battery Technology Co.*		22		36
Piedmont Lithium, Inc.*		6		35
Vox Royalty Corp.		11		35
Friedman Industries, Inc.		2		33
NioCorp Developments Ltd.*		14		33
Critical Metals Corp.*		9		32
Lifezone Metals Ltd.*		7		29
Trinseo plc		9		28
American Vanguard Corp.		7		27
Valhi, Inc.		1		16
Total Basic Materials				22,021

Utilities - 0.9%
Oklo, Inc.*		28		1,568
TXNM Energy, Inc.		25		1,408
Ormat Technologies, Inc.		16		1,340
Brookfield Infrastructure Corp. — Class A		32		1,331
Southwest Gas Holdings, Inc.		17		1,265
Portland General Electric Co.		30		1,219
New Jersey Resources Corp.		27		1,210
Spire, Inc.		16		1,168
ONE Gas, Inc.		16		1,150
Black Hills Corp.		20		1,122
ALLETE, Inc.		16		1,025
MGE Energy, Inc.		10		884
Northwestern Energy Group, Inc.		17		872
Avista Corp.		22		835
Otter Tail Corp.		10		771
American States Water Co.		10		767
California Water Service Group		16		728
Chesapeake Utilities Corp.		6		721
Hawaiian Electric Industries, Inc.*		47		500
H2O America		9		468
Northwest Natural Holding Co.		11		437
Middlesex Water Co.		5		271
Unitil Corp.		4		208
Genie Energy Ltd. — Class B		6		161
Ameresco, Inc. — Class A*		9		137
York Water Co.		4		126
Consolidated Water Company Ltd.		4		120
RGC Resources, Inc.		2		45

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 155

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

	Shares		Value
Global Water Resources, Inc.		3	$	30
Total Utilities				21,887

Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		8		322

Total Common Stocks
(Cost $633,904)				684,193

WARRANTS^†† - 0.0%
Danimer Scientific, Inc.
Expiring 07/15/25*		1		—
Total Warrants
(Cost $—)				—

RIGHTS^† - 0.0%
Communications - 0.0%
Gen Digital, Inc.
Expires 04/17/27*		2		16

Consumer, Non-cyclical - 0.0%
Sanofi SA
Expires 06/30/27*		15		—
Cartesian Therapeutics Inc.
Expires 07/31/25*		69		—
Tobira Therapeutics, Inc.
Expires 12/31/28*^,†††		8		—
Novartis AG
Expires 12/31/29*^,†††		35		—
Total Consumer, Non-cyclical				—

Total Rights
(Cost $22)				16

EXCHANGE-TRADED FUNDS*^,† - 32.8%**
Vanguard Russell 2000 ETF		4,679		408,103
iShares Russell 2000 Index ETF¹		1,889		407,627
Total Exchange-Traded Funds
(Cost $827,474)				815,730

MUTUAL FUNDS^† - 20.8%
Guggenheim Ultra Short Duration Fund — Institutional Class²		27,070		272,055
Guggenheim Strategy Fund II²		9,842		244,880
Total Mutual Funds
(Cost $508,808)				516,935

	Face Amount
FEDERAL AGENCY NOTES^†† - 6.0%
Federal Farm Credit Bank
4.32% due 02/27/26	$	150,000		149,902
Total Federal Agency Notes
(Cost $149,995)				149,902

U.S. TREASURY BILLS^†† - 4.2%
U.S. Treasury Bills
3.94% due 07/08/25^3,4		55,000		54,956
4.20% due 09/18/25^4,5		50,000		49,537
Total U.S. Treasury Bills
(Cost $104,495)				104,493

REPURCHASE AGREEMENTS^††,6 - 8.3%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25⁵		111,776		111,776
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25⁵		48,231		48,231
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25⁵		46,573		46,573
Total Repurchase Agreements
(Cost $206,580)				206,580

	Shares
SECURITIES LENDING COLLATERAL^†,7 - 13.0%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁸		321,567		321,567
Total Securities Lending Collateral
(Cost $321,567)				321,567

Total Investments - 112.7%
(Cost $2,752,845)			$	2,799,416
Other Assets & Liabilities, net - (12.7)%				(315,250	)
Total Net Assets - 100.0%			$	2,484,166

156 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Equity Futures Contracts Purchased^†

Russell 2000 Index Mini Futures Contracts

Sep 2025

657,360

21,910

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

BNP Paribas

Russell 2000 Index

Pay

4.88% (Federal
Funds Rate +
0.55%)

At Maturity

09/25/25

277

602,345

10,760

Barclays Bank plc

Russell 2000 Index

Pay

5.14% (SOFR +
0.75%)

At Maturity

09/25/25

274

596,386

9,759

Goldman Sachs International

Russell 2000 Index

Pay

4.68% (Federal
Funds Rate +
0.35%)

At Maturity

09/24/25

186

404,711

2,572

1,603,442

23,091

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
^†††	Value determined based on Level 3 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
⁶	Repurchase Agreements — See Note 6.
⁷	Securities lending collateral — See Note 7.
⁸	Rate indicated is the 7-day yield as of June 30, 2025.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 157

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
RUSSELL 2000^® 1.5x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	684,193	$	—		$	—	*	$	684,193
Warrants		—		—	*		—			—
Rights		16		—			—	*		16
Exchange-Traded Funds		815,730		—			—			815,730
Mutual Funds		516,935		—			—			516,935
Federal Agency Notes		—		149,902			—			149,902
U.S. Treasury Bills		—		104,493			—			104,493
Repurchase Agreements		—		206,580			—			206,580
Securities Lending Collateral		321,567		—			—			321,567
Equity Futures Contracts**		21,910		—			—			21,910
Equity Index Swap Agreements**		—		23,091			—			23,091
Total Assets	$	2,360,351	$	484,066		$	—		$	2,844,417

*	Includes securities with a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)			Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	244,585	$	—	$	—		$	—	$	295		$	244,880		9,842	$	6,549
Guggenheim Ultra Short Duration Fund — Institutional Class		380,753		—		(110,000	)		2,015		(713	)		272,055		27,070		7,162
	$	625,338	$	—	$	(110,000	)	$	2,015	$	(418	)	$	516,935			$	13,711

158 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value - including $315,513 of securities loaned (cost $2,037,457)	$	2,075,901
Investments in affiliated issuers, at value (cost $508,808)		516,935
Repurchase agreements, at value (cost $206,580)		206,580
Cash		13
Segregated cash with broker		6,852
Unrealized appreciation on OTC swap agreements		23,091
Receivables:
Dividends		2,635
Interest		2,257
Fund shares sold		1,982
Securities sold		1,381
Variation margin on futures contracts		720
Securities lending income		36
Total assets		2,838,383

Liabilities:
Payable for:
Return of securities lending collateral		321,567
Fund shares redeemed		21,326
Management fees		1,738
Transfer agent fees		1,188
Swap settlement		794
Investor service fees		498
Securities purchased		443
Portfolio accounting and administration fees		109
Trustees’ fees*		29
Miscellaneous		6,525
Total liabilities		354,217
Net assets	$	2,484,166

Net assets consist of:
Paid in capital	$	3,758,339
Total distributable earnings (loss)		(1,274,173	)
Net assets	$	2,484,166
Capital shares outstanding		34,485
Net asset value per share	$	72.04

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $12)	$	8,495
Dividends from securities of affiliated issuers		13,711
Interest		12,837
Income from securities lending, net		252
Total investment income		35,295

Expenses:
Management fees		12,089
Investor service fees		3,358
Transfer agent fees		3,935
Professional fees		2,589
Portfolio accounting and administration fees		2,082
Trustees’ fees*		206
Custodian fees		193
Miscellaneous		1,670
Total expenses		26,122
Less:
Expenses reimbursed by Adviser		(1,343	)
Expenses waived by Adviser		(407	)
Total waived/reimbursed expenses		(1,750	)
Net expenses		24,372
Net investment income		10,923

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		2,049
Investments in affiliated issuers		2,015
Swap agreements		(216,246	)
Futures contracts		(87,685	)
Net realized loss		(299,867	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(62,328	)
Investments in affiliated issuers		(418	)
Swap agreements		42,669
Futures contracts		60,140
Net change in unrealized appreciation (depreciation)		40,063
Net realized and unrealized loss		(259,804	)
Net decrease in net assets resulting from operations	$	(248,881	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 159

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	10,923		$	39,608
Net realized gain (loss) on investments		(299,867	)		99,091
Net change in unrealized appreciation (depreciation) on investments		40,063			24,228
Net increase (decrease) in net assets resulting from operations		(248,881	)		162,927

Distributions to shareholders		—			(42,928	)

Capital share transactions:
Proceeds from sale of shares		1,816,529			6,228,214
Distributions reinvested		—			42,928
Cost of shares redeemed		(2,252,847	)		(7,518,471	)
Net decrease from capital share transactions		(436,318	)		(1,247,329	)
Net decrease in net assets		(685,199	)		(1,127,330	)

Net assets:
Beginning of period		3,169,365			4,296,695
End of period	$	2,484,166		$	3,169,365

Capital share activity:
Shares sold		24,604			83,141
Shares issued from reinvestment of distributions		—			561
Shares redeemed		(31,501	)		(103,909	)
Net decrease in shares		(6,897	)		(20,207	)

160 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

RUSSELL 2000^® 1.5x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	76.59		$	69.76		$	58.25		$	87.53		$	89.86		$	77.94
Income (loss) from investment operations:
Net investment income (loss)^b		.28			.85			.75			(.11	)		(.96	)		(.67	)
Net gain (loss) on investments (realized and unrealized)		(4.83	)		6.80			10.76			(29.17	)		18.02			15.02
Total from investment operations		(4.55	)		7.65			11.51			(29.28	)		17.06			14.35
Less distributions from:
Net investment income		—			(.82	)		—			—			(.07	)		—
Net realized gains		—			—			—			—			(19.32	)		(2.43	)
Total distributions		—			(.82	)		—			—			(19.39	)		(2.43	)
Net asset value, end of period	$	72.04		$	76.59		$	69.76		$	58.25		$	87.53		$	89.86

Total Return^c		(5.94	%)		10.95	%		19.76	%		(33.45	%)		19.00	%		20.04	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,484		$	3,169		$	4,297		$	3,364		$	7,985		$	11,284
Ratios to average net assets:
Net investment income (loss)		0.81	%		1.17	%		1.22	%		(0.17	%)		(0.96	%)		(1.01	%)
Total expenses^d		1.94	%		1.87	%		1.91	%		1.87	%		1.79	%		1.92	%
Net expenses^e		1.81	%		1.74	%		1.81	%		1.79	%		1.71	%		1.85	%
Portfolio turnover rate		4	%		7	%		5	%		88	%		99	%		148	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 161

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
RUSSELL 2000^® 2x STRATEGY FUND

	Shares		Value
RIGHTS^††† - 0.0%

Consumer, Non-cyclical - 0.0%
Tobira Therapeutics, Inc.*		7	$	—
Total Rights
(Cost $—)				—

EXCHANGE-TRADED FUNDS*^,† - 20.0%**
Vanguard Russell 2000 ETF		2,308		201,304
iShares Russell 2000 Index ETF¹		932		201,116
Total Exchange-Traded Funds
(Cost $408,358)				402,420

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 29.7%
Federal Home Loan Bank
4.15% due 07/10/25²	$	300,000		299,689
Federal Farm Credit Bank
4.19% due 07/22/25²		300,000		299,266
Total Federal Agency Discount Notes
(Cost $598,955)				598,955

U.S. TREASURY BILLS^†† - 5.0%
U.S. Treasury Bills
4.23% due 09/18/25^2,3		50,000		49,537
4.20% due 09/18/25^2,3		50,000		49,537
Total U.S. Treasury Bills
(Cost $99,074)				99,074

REPURCHASE AGREEMENTS^††,4 - 42.6%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25³		464,790		464,790
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25³		200,557		200,557
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25³		193,662		193,662
Total Repurchase Agreements
(Cost $859,009)				859,009

	Shares
SECURITIES LENDING COLLATERAL^†,5 - 7.0%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁶		141,680		141,680
Total Securities Lending Collateral
(Cost $141,680)				141,680

Total Investments - 104.3%
(Cost $2,107,076)			$	2,101,138
Other Assets & Liabilities, net - (4.3)%				(86,136	)
Total Net Assets - 100.0%			$	2,015,002

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Equity Futures Contracts Purchased^†

Russell 2000 Index Mini Futures Contracts

Sep 2025

109,560

192

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

BNP Paribas

Russell 2000 Index

Pay

4.88% (Federal
Funds Rate +
0.55%)

At Maturity

09/25/25

463

1,007,331

17,993

Barclays Bank plc

Russell 2000 Index

Pay

5.14% (SOFR +
0.75%)

At Maturity

09/25/25

459

997,868

16,932

Goldman Sachs International

Russell 2000 Index

Pay

4.68% (Federal
Funds Rate +
0.35%)

At Maturity

09/24/25

678

1,474,455

9,371

3,479,654

44,296

162 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
RUSSELL 2000^® 2x STRATEGY FUND

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
^†††	Value determined based on Level 3 inputs — See Note 4
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
⁴	Repurchase Agreements — See Note 6.
⁵	Securities lending collateral — See Note 7.
⁶	Rate indicated is the 7-day yield as of June 30, 2025.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Rights	$	—	$	—	$	—	*	$	—
Exchange-Traded Funds		402,420		—		—			402,420
Federal Agency Discount Notes		—		598,955		—			598,955
U.S. Treasury Bills		—		99,074		—			99,074
Repurchase Agreements		—		859,009		—			859,009
Securities Lending Collateral		141,680		—		—			141,680
Equity Futures Contracts**		192		—		—			192
Equity Index Swap Agreements**		—		44,296		—			44,296
Total Assets	$	544,292	$	1,601,334	$	—		$	2,145,626

*	Security has a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 163

RUSSELL 2000^® 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $138,969 of securities loaned (cost $1,248,067)	$	1,242,129
Repurchase agreements, at value (cost $859,009)		859,009
Segregated cash with broker		9,255
Unrealized appreciation on OTC swap agreements		44,296
Receivables:
Fund shares sold		24,999
Variation margin on futures contracts		120
Interest		104
Securities lending income		9
Total assets		2,179,921

Liabilities:
Payable for:
Return of securities lending collateral		141,680
Transfer agent fees		2,376
Management fees		1,351
Swap settlement		842
Investor service fees		375
Portfolio accounting and administration fees		83
Trustees’ fees*		82
Fund shares redeemed		26
Miscellaneous		18,104
Total liabilities		164,919
Net assets	$	2,015,002

Net assets consist of:
Paid in capital	$	6,627,824
Total distributable earnings (loss)		(4,612,822	)
Net assets	$	2,015,002
Capital shares outstanding		13,942
Net asset value per share	$	144.53

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends	$	2,113
Interest		136,000
Income from securities lending, net		61
Total investment income		138,174

Expenses:
Management fees		23,727
Investor service fees		6,591
Transfer agent fees		10,464
Portfolio accounting and administration fees		4,086
Professional fees		3,832
Trustees’ fees*		881
Custodian fees		436
Interest expense		217
Line of credit fees		36
Miscellaneous		1,141
Total expenses		51,411
Less:
Expenses reimbursed by Adviser		(2,636	)
Net expenses		48,775
Net investment income		89,399

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		219
Swap agreements		(3,364,783	)
Futures contracts		(455,808	)
Net realized loss		(3,820,372	)
Net change in unrealized appreciation (depreciation) on:
Investments		(10,254	)
Swap agreements		681,968
Futures contracts		127,182
Net change in unrealized appreciation (depreciation)		798,896
Net realized and unrealized loss		(3,021,476	)
Net decrease in net assets resulting from operations	$	(2,932,077	)

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

164 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

RUSSELL 2000^® 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	89,399		$	342,757
Net realized loss on investments		(3,820,372	)		(1,258,942	)
Net change in unrealized appreciation (depreciation) on investments		798,896			(964,072	)
Net decrease in net assets resulting from operations		(2,932,077	)		(1,880,257	)

Distributions to shareholders		—			(312,091	)

Capital share transactions:
Proceeds from sale of shares		13,866,371			129,503,893
Distributions reinvested		—			312,091
Cost of shares redeemed		(21,336,429	)		(127,199,259	)
Net increase (decrease) from capital share transactions		(7,470,058	)		2,616,725
Net increase (decrease) in net assets		(10,402,135	)		424,377

Net assets:
Beginning of period		12,417,137			11,992,760
End of period	$	2,015,002		$	12,417,137

Capital share activity:
Shares sold		99,902			838,048
Shares issued from reinvestment of distributions		—			1,899
Shares redeemed		(162,964	)		(843,309	)
Net decrease in shares		(63,062	)		(3,362	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 165

RUSSELL 2000^® 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	161.25		$	149.23		$	122.48		$	214.85		$	273.59		$	234.99
Income (loss) from investment operations:
Net investment income (loss)^b		2.47			5.33			3.71			.58			(3.44	)		(2.35	)
Net gain (loss) on investments (realized and unrealized)		(19.19	)		8.96	^f		23.17			(92.95	)		72.57			42.01
Total from investment operations		(16.72	)		14.29			26.88			(92.37	)		69.13			39.66
Less distributions from:
Net investment income		—			(.91	)		(.13	)		—			—			(1.06	)
Net realized gains		—			(1.36	)		—			—			(127.87	)		—
Total distributions		—			(2.27	)		(.13	)		—			(127.87	)		(1.06	)
Net asset value, end of period	$	144.53		$	161.25		$	149.23		$	122.48		$	214.85		$	273.59

Total Return^c		(10.37	%)		9.55	%		22.00	%		(42.99	%)		25.77	%		17.21	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,015		$	12,417		$	11,993		$	1,024		$	2,521		$	16,514
Ratios to average net assets:
Net investment income (loss)		3.39	%		3.34	%		2.83	%		0.40	%		(1.23	%)		(1.23	%)
Total expenses^d		1.95	%		1.97	%		2.11	%		1.88	%		1.80	%		1.92	%
Net expenses^e		1.85	%		1.87	%		2.04	%		1.83	%		1.74	%		1.86	%
Portfolio turnover rate		—			—			—			598	%		701	%		463	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

166 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
INVERSE RUSSELL 2000^® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS^† - 14.9%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		6,762	$	67,962
Guggenheim Strategy Fund II¹		2,575		64,060
Total Mutual Funds
(Cost $128,417)				132,022

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 17.0%
Federal Home Loan Bank
4.15% due 07/10/25²	$	100,000		99,896
Freddie Mac
4.23% due 07/02/25²		50,000		49,994
Total Federal Agency Discount Notes
(Cost $149,890)				149,890

REPURCHASE AGREEMENTS^††,3 - 66.5%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25⁴	316,870		316,870
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25⁴	136,729		136,729
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25⁴	132,029		132,029
Total Repurchase Agreements
(Cost $585,628)			585,628

Total Investments - 98.4%
(Cost $863,935)		$	867,540
Other Assets & Liabilities, net - 1.6%			13,684
Total Net Assets - 100.0%		$	881,224

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements Sold Short^††

Goldman Sachs International

Russell 2000 Index

Receive

4.43% (Federal
Funds Rate +
0.10%)

At Maturity

09/24/25

181

393,875

(2,502

)

BNP Paribas

Russell 2000 Index

Receive

4.48% (Federal
Funds Rate +
0.15%)

At Maturity

09/25/25

197,345

(3,525

)

Barclays Bank plc

Russell 2000 Index

Receive

4.74% (SOFR +
0.35%)

At Maturity

09/25/25

134

291,004

(5,198

)

882,224

(11,225

)

^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.
³	Repurchase Agreements — See Note 6.
⁴	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 167

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
INVERSE RUSSELL 2000^® STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	132,022	$	—	$	—	$	132,022
Federal Agency Discount Notes		—		149,890		—		149,890
Repurchase Agreements		—		585,628		—		585,628
Total Assets	$	132,022	$	735,518	$	—	$	867,540

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	11,225			$	—			$	11,225

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

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	63,983	$	—	$	—	$	—	$	77	$	64,060		2,575	$	1,713
Guggenheim Ultra Short Duration Fund — Institutional Class		67,691		—		—		—		271		67,962		6,762		1,477
	$	131,674	$	—	$	—	$	—	$	348	$	132,022			$	3,190

168 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value (cost $149,890)	$	149,890
Investments in affiliated issuers, at value (cost $128,417)		132,022
Repurchase agreements, at value (cost $585,628)		585,628
Segregated cash with broker		33,000
Receivables:
Dividends		505
Interest		72
Total assets		901,117

Liabilities:
Unrealized depreciation on OTC swap agreements		11,225
Payable for:
Fund shares redeemed		4,564
Swap settlement		648
Management fees		644
Transfer agent fees		378
Investor service fees		183
Portfolio accounting and administration fees		40
Trustees’ fees*		10
Miscellaneous		2,201
Total liabilities		19,893
Net assets	$	881,224

Net assets consist of:
Paid in capital	$	9,403,917
Total distributable earnings (loss)		(8,522,693	)
Net assets	$	881,224
Capital shares outstanding		6,309
Net asset value per share	$	139.68

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of affiliated issuers	$	3,190
Interest		14,242
Total investment income		17,432

Expenses:
Management fees		3,507
Investor service fees		974
Transfer agent fees		1,177
Professional fees		1,104
Portfolio accounting and administration fees		604
Trustees’ fees*		65
Custodian fees		57
Miscellaneous		99
Total expenses		7,587
Less:
Expenses reimbursed by Adviser		(389	)
Expenses waived by Adviser		(84	)
Total waived/reimbursed expenses		(473	)
Net expenses		7,114
Net investment income		10,318

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(83,142	)
Net realized loss		(83,142	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(22	)
Investments in affiliated issuers		348
Swap agreements		(14,838	)
Net change in unrealized appreciation (depreciation)		(14,512	)
Net realized and unrealized loss		(97,654	)
Net decrease in net assets resulting from operations	$	(87,336	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 169

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	10,318		$	25,607
Net realized loss on investments		(83,142	)		(101,513	)
Net change in unrealized appreciation (depreciation) on investments		(14,512	)		12,315
Net decrease in net assets resulting from operations		(87,336	)		(63,591	)

Distributions to shareholders		—			(37,982	)

Capital share transactions:
Proceeds from sale of shares		4,080,518			7,481,280
Distributions reinvested		—			37,982
Cost of shares redeemed		(3,842,807	)		(7,328,509	)
Net increase from capital share transactions		237,711			190,753
Net increase in net assets		150,375			89,180

Net assets:
Beginning of period		730,849			641,669
End of period	$	881,224		$	730,849

*Capital share activity:**
Shares sold		26,730			50,958
Shares issued from reinvestment of distributions		—			278
Shares redeemed		(25,776	)		(49,971	)
Net increase in shares		954			1,265

*	Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

170 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE RUSSELL 2000^® STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a,h			Year Ended December 31, 2024^h			Year Ended December 31, 2023^h			Year Ended December 31, 2022^h			Year Ended December 31, 2021^h			Year Ended December 31, 2020^h
Per Share Data
Net asset value, beginning of period	$	136.48		$	156.87		$	176.70		$	150.59		$	184.79		$	269.08
Income (loss) from investment operations:
Net investment income (loss)^b		1.92			5.20			5.55			(.45	)		(1.95	)		(2.85	)
Net gain (loss) on investments (realized and unrealized)		1.28	^g		(14.04	)		(25.38	)		26.56	^f		(32.25	)		(79.44	)
Total from investment operations		3.20			(8.84	)		(19.83	)		26.11			(34.20	)		(82.29	)
Less distributions from:
Net investment income		—			(11.55	)		—			—			—			(2.00	)
Total distributions		—			(11.55	)		—			—			—			(2.00	)
Net asset value, end of period	$	139.68		$	136.48		$	156.87		$	176.70		$	150.59		$	184.79

Total Return^c		2.34	%		(5.64	%)		(11.23	%)		17.33	%		(18.51	%)		(30.81	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	881		$	731		$	642		$	2,082		$	344		$	374
Ratios to average net assets:
Net investment income (loss)		2.65	%		3.56	%		3.22	%		(0.27	%)		(1.25	%)		(1.05	%)
Total expenses^d		1.95	%		1.85	%		1.87	%		1.88	%		1.79	%		1.93	%
Net expenses^e		1.83	%		1.72	%		1.79	%		1.82	%		1.71	%		1.87	%
Portfolio turnover rate		—			—			—			—			250	%		275	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
^g	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
^h	Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 171

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
NOVA FUND

	Shares		Value
COMMON STOCKS^† - 71.5%

Technology - 22.8%
NVIDIA Corp.		12,302	$	1,943,604
Microsoft Corp.		3,749		1,864,790
Apple, Inc.		7,534		1,545,751
Broadcom, Inc.		2,372		653,842
Oracle Corp.		820		179,277
Palantir Technologies, Inc. — Class A*		1,073		146,271
International Business Machines Corp.		469		138,252
Salesforce, Inc.		484		131,982
Advanced Micro Devices, Inc.*		818		116,074
Intuit, Inc.		141		111,056
ServiceNow, Inc.*		104		106,920
Texas Instruments, Inc.		458		95,090
Accenture plc — Class A		316		94,449
QUALCOMM, Inc.		553		88,071
Adobe, Inc.*		215		83,179
Applied Materials, Inc.		410		75,059
Micron Technology, Inc.		564		69,513
Crowdstrike Holdings, Inc. — Class A*		126		64,173
Lam Research Corp.		645		62,784
KLA Corp.		67		60,015
Analog Devices, Inc.		250		59,505
Intel Corp.*		2,200		49,280
Fiserv, Inc.*		280		48,275
Cadence Design Systems, Inc.*		138		42,525
Synopsys, Inc.*		78		39,989
Fortinet, Inc.*		320		33,830
Autodesk, Inc.*		108		33,434
Roper Technologies, Inc.		54		30,609
NXP Semiconductor N.V.		127		27,748
Workday, Inc. — Class A*		109		26,160
Paychex, Inc.		162		23,564
MSCI, Inc. — Class A		39		22,493
Fair Isaac Corp.*		12		21,936
Fidelity National Information Services, Inc.		265		21,574
Take-Two Interactive Software, Inc.*		85		20,642
Cognizant Technology Solutions Corp. — Class A		249		19,429
Microchip Technology, Inc.		271		19,070
Dell Technologies, Inc. — Class C		151		18,513
Electronic Arts, Inc.		115		18,365
Monolithic Power Systems, Inc.		24		17,553
Gartner, Inc.*		39		15,765
ANSYS, Inc.*		44		15,454
Seagate Technology Holdings plc		107		15,443
Broadridge Financial Solutions, Inc.		59		14,339
Hewlett Packard Enterprise Co.		663		13,558
Tyler Technologies, Inc.*		22		13,042
Super Micro Computer, Inc.*		259		12,694
HP, Inc.		476		11,643
Western Digital Corp.		176		11,262
ON Semiconductor Corp.*		211		11,058
NetApp, Inc.		103		10,975
PTC, Inc.*		61		10,513
Leidos Holdings, Inc.		65		10,254
Zebra Technologies Corp. — Class A*		26		8,017
Teradyne, Inc.		81		7,284
Jack Henry & Associates, Inc.		37		6,666
Akamai Technologies, Inc.*		74		5,902
Paycom Software, Inc.		25		5,785
Skyworks Solutions, Inc.		76		5,664
EPAM Systems, Inc.*		29		5,128
Dayforce, Inc.*		81		4,487
Total Technology				8,439,579

Communications - 11.5%
Amazon.com, Inc.*		4,766		1,045,613
Meta Platforms, Inc. — Class A		1,095		808,209
Alphabet, Inc. — Class A		2,936		517,411
Alphabet, Inc. — Class C		2,368		420,060
Netflix, Inc.*		215		287,913
Cisco Systems, Inc.		2,007		139,246
Walt Disney Co.		907		112,477
AT&T, Inc.		3,630		105,052
Uber Technologies, Inc.*		1,055		98,432
Booking Holdings, Inc.		16		92,628
Verizon Communications, Inc.		2,127		92,035
Palo Alto Networks, Inc.*		334		68,350
Comcast Corp. — Class A		1,879		67,062
T-Mobile US, Inc.		241		57,421
Arista Networks, Inc.*		520		53,201
DoorDash, Inc. — Class A*		173		42,646
Motorola Solutions, Inc.		84		35,319
Airbnb, Inc. — Class A*		218		28,850
Corning, Inc.		389		20,457
Charter Communications, Inc. — Class A*^,1		48		19,623
eBay, Inc.		233		17,349
Warner Bros Discovery, Inc.*		1,136		13,019
GoDaddy, Inc. — Class A*		72		12,964
VeriSign, Inc.		41		11,841
CDW Corp.		66		11,787
Expedia Group, Inc.		61		10,289
F5, Inc.*		29		8,535
FactSet Research Systems, Inc.		19		8,498
Gen Digital, Inc.		275		8,085
Omnicom Group, Inc.		98		7,050
Juniper Networks, Inc.		167		6,668
Fox Corp. — Class A		108		6,052
News Corp. — Class A		190		5,647
Interpublic Group of Companies, Inc.		187		4,578
Paramount Global — Class B		304		3,922
Match Group, Inc.		124		3,830
Fox Corp. — Class B		67		3,459
News Corp. — Class B		56		1,921
Total Communications				4,257,499

Financial - 10.7%
Berkshire Hathaway, Inc. — Class B*		925		449,337
JPMorgan Chase & Co.		1,402		406,454
Visa, Inc. — Class A		863		306,408
Mastercard, Inc. — Class A		409		229,833

172 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
NOVA FUND

	Shares		Value
Bank of America Corp.		3,305	$	156,393
Wells Fargo & Co.		1,642		131,557
Goldman Sachs Group, Inc.		155		109,701
American Express Co.		279		88,995
Morgan Stanley		623		87,756
Citigroup, Inc.		942		80,183
Progressive Corp.		296		78,991
Charles Schwab Corp.		862		78,649
Blackrock, Inc.		73		76,595
Capital One Financial Corp.		323		68,722
Blackstone, Inc. — Class A		368		55,046
Chubb Ltd.		188		54,467
Marsh & McLennan Companies, Inc.		249		54,441
Intercontinental Exchange, Inc.		289		53,023
American Tower Corp. — Class A REIT		236		52,161
CME Group, Inc. — Class A		182		50,163
Prologis, Inc. REIT		468		49,196
Welltower, Inc. REIT		313		48,117
KKR & Company, Inc. — Class A		341		45,363
Arthur J Gallagher & Co.		129		41,295
Equinix, Inc. REIT		49		38,978
Aon plc — Class A		109		38,887
Coinbase Global, Inc. — Class A*		107		37,502
PNC Financial Services Group, Inc.		200		37,284
U.S. Bancorp		786		35,566
Bank of New York Mellon Corp.		361		32,891
Apollo Global Management, Inc.		228		32,346
Travelers Companies, Inc.		114		30,500
Truist Financial Corp.		661		28,416
Digital Realty Trust, Inc. REIT		160		27,893
Allstate Corp.		134		26,975
Realty Income Corp. REIT		456		26,270
Aflac, Inc.		245		25,838
Ameriprise Financial, Inc.		48		25,619
Simon Property Group, Inc. REIT		155		24,918
American International Group, Inc.		291		24,907
Public Storage REIT		80		23,474
MetLife, Inc.		284		22,839
Crown Castle, Inc. REIT		220		22,601
CBRE Group, Inc. — Class A*		148		20,738
Prudential Financial, Inc.		179		19,232
Nasdaq, Inc.		209		18,689
Hartford Insurance Group, Inc.		143		18,142
VICI Properties, Inc. REIT		533		17,376
CoStar Group, Inc.*		213		17,125
Arch Capital Group Ltd.		188		17,117
Extra Space Storage, Inc. REIT		107		15,776
M&T Bank Corp.		81		15,713
Brown & Brown, Inc.		141		15,633
Willis Towers Watson plc		50		15,325
State Street Corp.		144		15,313
Iron Mountain, Inc. REIT		149		15,283
AvalonBay Communities, Inc. REIT		72		14,652
Ventas, Inc. REIT		228		14,398
Raymond James Financial, Inc.		92		14,110
Fifth Third Bancorp		337		13,861
Synchrony Financial		192		12,814
SBA Communications Corp. REIT		54		12,681
Northern Trust Corp.		98		12,425
Cboe Global Markets, Inc.		53		12,360
Huntington Bancshares, Inc.		735		12,319
Cincinnati Financial Corp.		79		11,765
Equity Residential REIT		172		11,608
W R Berkley Corp.		151		11,094
T. Rowe Price Group, Inc.		111		10,712
Regions Financial Corp.		453		10,655
Citizens Financial Group, Inc.		219		9,800
Invitation Homes, Inc. REIT		288		9,446
Weyerhaeuser Co. REIT		366		9,403
Essex Property Trust, Inc. REIT		32		9,069
Mid-America Apartment Communities, Inc. REIT		59		8,733
KeyCorp		498		8,675
Principal Financial Group, Inc.		104		8,261
Loews Corp.		88		8,066
Kimco Realty Corp. REIT		341		7,168
Everest Group Ltd.		21		7,137
UDR, Inc. REIT		152		6,206
Healthpeak Properties, Inc. REIT		350		6,128
Camden Property Trust REIT		54		6,085
Regency Centers Corp. REIT		82		5,841
Alexandria Real Estate Equities, Inc. REIT		78		5,665
Host Hotels & Resorts, Inc. REIT		350		5,376
Globe Life, Inc.		42		5,220
Assurant, Inc.		26		5,135
BXP, Inc. REIT¹		73		4,925
Erie Indemnity Co. — Class A		13		4,508
Franklin Resources, Inc.		156		3,721
Federal Realty Investment Trust REIT		39		3,705
Invesco Ltd.		226		3,564
Total Financial				3,965,303

Consumer, Non-cyclical - 10.4%
Eli Lilly & Co.		397		309,473
Procter & Gamble Co.		1,183		188,476
Johnson & Johnson		1,214		185,439
AbbVie, Inc.		891		165,388
Philip Morris International, Inc.		785		142,972
UnitedHealth Group, Inc.		458		142,882
Coca-Cola Co.		1,954		138,245
Abbott Laboratories		878		119,417
Merck & Company, Inc.		1,267		100,296
Intuitive Surgical, Inc.*		181		98,357
PepsiCo, Inc.		692		91,372
S&P Global, Inc.		158		83,312
Boston Scientific Corp.*		746		80,128
Thermo Fisher Scientific, Inc.		190		77,037
Amgen, Inc.		271		75,666
Pfizer, Inc.		2,868		69,520
Gilead Sciences, Inc.		627		69,516
Stryker Corp.		174		68,840
Danaher Corp.		321		63,410
Automatic Data Processing, Inc.		205		63,222
Vertex Pharmaceuticals, Inc.*		130		57,876

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 173

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
NOVA FUND

	Shares		Value
Medtronic plc		647	$	56,399
Altria Group, Inc.		850		49,835
Bristol-Myers Squibb Co.		1,027		47,540
McKesson Corp.		63		46,165
Cigna Group		135		44,628
Elevance Health, Inc.		114		44,342
Mondelez International, Inc. — Class A		653		44,038
CVS Health Corp.		638		44,009
Moody’s Corp.		78		39,124
Cintas Corp.		173		38,557
Colgate-Palmolive Co.		409		37,178
PayPal Holdings, Inc.*		491		36,491
Zoetis, Inc.		225		35,089
HCA Healthcare, Inc.		87		33,330
Quanta Services, Inc.		75		28,356
Regeneron Pharmaceuticals, Inc.		52		27,300
Cencora, Inc. — Class A		87		26,087
Corteva, Inc.		344		25,638
Becton Dickinson & Co.		145		24,976
United Rentals, Inc.		33		24,862
Edwards Lifesciences Corp.*		296		23,150
Keurig Dr Pepper, Inc.		685		22,646
Monster Beverage Corp.*		354		22,175
Kroger Co.		309		22,165
Verisk Analytics, Inc. — Class A		71		22,116
IDEXX Laboratories, Inc.*		41		21,990
Kimberly-Clark Corp.		167		21,530
Kenvue, Inc.		968		20,260
Cardinal Health, Inc.		120		20,160
ResMed, Inc.		74		19,092
Sysco Corp.		245		18,556
Dexcom, Inc.*		198		17,283
GE HealthCare Technologies, Inc.		231		17,110
Agilent Technologies, Inc.		144		16,993
Equifax, Inc.		63		16,340
Humana, Inc.		61		14,913
General Mills, Inc.		276		14,300
Centene Corp.*		251		13,624
IQVIA Holdings, Inc.*		83		13,080
Archer-Daniels-Midland Co.		242		12,773
Constellation Brands, Inc. — Class A		77		12,526
Hershey Co.		75		12,446
STERIS plc		50		12,011
Corpay, Inc.*		36		11,946
Church & Dwight Company, Inc.		124		11,918
Kraft Heinz Co.		436		11,258
Labcorp Holdings, Inc.		42		11,026
Insulet Corp.*		35		10,996
Kellanova		136		10,816
Waters Corp.*		30		10,471
Quest Diagnostics, Inc.		56		10,059
Global Payments, Inc.		123		9,845
McCormick & Company, Inc.		127		9,629
Estee Lauder Companies, Inc. — Class A		118		9,534
Biogen, Inc.*		74		9,294
Zimmer Biomet Holdings, Inc.		100		9,121
Tyson Foods, Inc. — Class A		144		8,056
Molina Healthcare, Inc.*		27		8,043
Rollins, Inc.		142		8,012
West Pharmaceutical Services, Inc.		36		7,877
Baxter International, Inc.		259		7,843
Clorox Co.		62		7,444
Hologic, Inc.*		112		7,298
Cooper Companies, Inc.*		101		7,187
Avery Dennison Corp.		39		6,843
Align Technology, Inc.*		34		6,437
Revvity, Inc.		59		5,707
Incyte Corp.*		81		5,516
Bunge Global S.A.		68		5,459
Solventum Corp.*		70		5,309
J M Smucker Co.		54		5,303
Viatris, Inc.		592		5,287
Universal Health Services, Inc. — Class B		29		5,253
Conagra Brands, Inc.		241		4,933
Moderna, Inc.*		172		4,745
Henry Schein, Inc.*		61		4,456
Hormel Foods Corp.		147		4,447
MarketAxess Holdings, Inc.		19		4,243
Molson Coors Beverage Co. — Class B		86		4,136
Bio-Techne Corp.		79		4,065
Charles River Laboratories International, Inc.*		25		3,793
Lamb Weston Holdings, Inc.		71		3,681
The Campbell’s Co.		99		3,034
DaVita, Inc.*		21		2,992
Brown-Forman Corp. — Class B		92		2,476
Total Consumer, Non-cyclical				3,847,815

Consumer, Cyclical - 5.8%
Tesla, Inc.*		1,414		449,171
Costco Wholesale Corp.		224		221,746
Walmart, Inc.		2,179		213,063
Home Depot, Inc.		501		183,687
McDonald’s Corp.		361		105,473
TJX Companies, Inc.		563		69,525
Lowe’s Companies, Inc.		282		62,567
Starbucks Corp.		573		52,504
NIKE, Inc. — Class B		594		42,198
Royal Caribbean Cruises Ltd.		126		39,456
O’Reilly Automotive, Inc.*		431		38,846
Chipotle Mexican Grill, Inc. — Class A*		680		38,182
Hilton Worldwide Holdings, Inc.		120		31,961
Marriott International, Inc. — Class A		115		31,419
AutoZone, Inc.*		8		29,698
PACCAR, Inc.		265		25,191
Fastenal Co.		579		24,318
General Motors Co.		485		23,867
WW Grainger, Inc.		22		22,885
Cummins, Inc.		69		22,598
Target Corp.		229		22,591
Copart, Inc.*		443		21,738
Ford Motor Co.		1,970		21,374
Ross Stores, Inc.		166		21,178

174 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
NOVA FUND

	Shares		Value
Yum! Brands, Inc.		140	$	20,745
DR Horton, Inc.		139		17,920
Delta Air Lines, Inc.		329		16,180
Carnival Corp.*		530		14,903
Tractor Supply Co.		267		14,090
Lululemon Athletica, Inc.*		56		13,304
United Airlines Holdings, Inc.*		165		13,139
Lennar Corp. — Class A		117		12,941
Darden Restaurants, Inc.		59		12,860
Dollar General Corp.		111		12,696
Live Nation Entertainment, Inc.*		80		12,103
Ulta Beauty, Inc.*		23		10,760
PulteGroup, Inc.		101		10,651
Williams-Sonoma, Inc.		62		10,129
Dollar Tree, Inc.*		100		9,904
Southwest Airlines Co.		287		9,311
Tapestry, Inc.		105		9,220
Genuine Parts Co.		70		8,492
Deckers Outdoor Corp.*		77		7,936
Domino’s Pizza, Inc.		17		7,660
Aptiv plc*		110		7,504
Las Vegas Sands Corp.		171		7,440
NVR, Inc.*		1		7,386
Best Buy Company, Inc.		97		6,512
TKO Group Holdings, Inc.		34		6,186
Pool Corp.		19		5,538
Ralph Lauren Corp. — Class A		20		5,486
CarMax, Inc.*		77		5,175
Hasbro, Inc.		66		4,872
LKQ Corp.		130		4,812
Norwegian Cruise Line Holdings Ltd.*		225		4,563
Walgreens Boots Alliance, Inc.*		362		4,156
Wynn Resorts Ltd.		44		4,121
MGM Resorts International*		104		3,577
Caesars Entertainment, Inc.*		105		2,981
Total Consumer, Cyclical				2,140,489

Industrial - 5.4%
General Electric Co.		538		138,476
RTX Corp.		674		98,417
Caterpillar, Inc.		237		92,006
Boeing Co.*		380		79,621
Honeywell International, Inc.		324		75,453
GE Vernova, Inc.		138		73,023
Eaton Corporation plc		197		70,327
Union Pacific Corp.		301		69,254
Deere & Co.		127		64,578
Amphenol Corp. — Class A		610		60,238
Trane Technologies plc		112		48,990
Lockheed Martin Corp.		105		48,630
Parker-Hannifin Corp.		64		44,702
TransDigm Group, Inc.		28		42,578
Waste Management, Inc.		185		42,331
3M Co.		271		41,257
Howmet Aerospace, Inc.		204		37,970
Emerson Electric Co.		284		37,866
United Parcel Service, Inc. — Class B		370		37,348
General Dynamics Corp.		127		37,041
Johnson Controls International plc		332		35,066
Northrop Grumman Corp.		68		33,999
Illinois Tool Works, Inc.		134		33,132
CSX Corp.		948		30,933
Axon Enterprise, Inc.*		37		30,634
Carrier Global Corp.		402		29,422
Norfolk Southern Corp.		114		29,181
TE Connectivity plc		150		25,301
FedEx Corp.		111		25,232
Republic Services, Inc. — Class A		102		25,154
L3Harris Technologies, Inc.		94		23,579
AMETEK, Inc.		116		20,991
Otis Worldwide Corp.		199		19,705
Rockwell Automation, Inc.		57		18,934
Westinghouse Air Brake Technologies Corp.		86		18,004
Vulcan Materials Co.		67		17,475
Ingersoll Rand, Inc.		204		16,969
Martin Marietta Materials, Inc.		30		16,469
Garmin Ltd.		78		16,280
Xylem, Inc.		123		15,911
Old Dominion Freight Line, Inc.		94		15,256
Keysight Technologies, Inc.*		87		14,256
Dover Corp.		69		12,643
Veralto Corp.		125		12,619
Teledyne Technologies, Inc.*		24		12,295
Jabil, Inc.		54		11,777
Mettler-Toledo International, Inc.*		10		11,747
Hubbell, Inc.		27		11,027
Smurfit WestRock plc		250		10,787
Amcor plc		1,156		10,624
Lennox International, Inc.		16		9,172
Trimble, Inc.*		120		9,118
Fortive Corp.		171		8,914
Pentair plc		83		8,521
Packaging Corporation of America		45		8,480
Snap-on, Inc.		26		8,091
Jacobs Solutions, Inc.		61		8,018
Expeditors International of Washington, Inc.		69		7,883
Ball Corp.		140		7,853
Textron, Inc.		91		7,306
Masco Corp.		106		6,822
IDEX Corp.		38		6,672
Builders FirstSource, Inc.*		56		6,534
Allegion plc		43		6,197
Nordson Corp.		27		5,788
CH Robinson Worldwide, Inc.		60		5,757
J.B. Hunt Transport Services, Inc.		40		5,744
Stanley Black & Decker, Inc.		78		5,284
Huntington Ingalls Industries, Inc.		20		4,829
Generac Holdings, Inc.*		30		4,296
A O Smith Corp.		59		3,869
Ralliant Corp.*		57		2,764
Mohawk Industries, Inc.*		26		2,726
Total Industrial				1,996,146

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 175

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
NOVA FUND

	Shares		Value
Energy - 2.1%
Exxon Mobil Corp.		2,174	$	234,357
Chevron Corp.		819		117,273
ConocoPhillips		637		57,164
Williams Companies, Inc.		616		38,691
EOG Resources, Inc.		275		32,893
Kinder Morgan, Inc.		975		28,665
Marathon Petroleum Corp.		155		25,747
ONEOK, Inc.		315		25,713
Phillips 66		206		24,576
Schlumberger N.V.		686		23,187
Valero Energy Corp.		158		21,238
Hess Corp.		140		19,396
Baker Hughes Co.		500		19,170
Targa Resources Corp.		109		18,975
Equities Corp.		302		17,613
Occidental Petroleum Corp.		357		14,997
Diamondback Energy, Inc.		94		12,916
Expand Energy Corp.		109		12,746
Texas Pacific Land Corp.		10		10,564
Devon Energy Corp.		324		10,306
Coterra Energy, Inc. — Class A		385		9,771
First Solar, Inc.*		54		8,939
Halliburton Co.		434		8,845
APA Corp.		182		3,329
Enphase Energy, Inc.*		66		2,617
Total Energy				799,688

Utilities - 1.7%
NextEra Energy, Inc.		1,038		72,058
Constellation Energy Corp.		158		50,996
Southern Co.		554		50,874
Duke Energy Corp.		392		46,256
Vistra Corp.		171		33,142
American Electric Power Company, Inc.		269		27,911
Sempra		329		24,928
Dominion Energy, Inc.		430		24,304
Exelon Corp.		509		22,101
Public Service Enterprise Group, Inc.		252		21,213
Xcel Energy, Inc.		291		19,817
Entergy Corp.		225		18,702
Consolidated Edison, Inc.		182		18,264
WEC Energy Group, Inc.		161		16,776
NRG Energy, Inc.		99		15,897
PG&E Corp.		1,109		15,460
DTE Energy Co.		105		13,908
American Water Works Company, Inc.		98		13,633
Ameren Corp.		136		13,062
PPL Corp.		373		12,641
Atmos Energy Corp.		80		12,329
CenterPoint Energy, Inc.		329		12,088
Eversource Energy		185		11,770
CMS Energy Corp.		151		10,461
FirstEnergy Corp.		259		10,427
Edison International		194		10,010
NiSource, Inc.		237		9,560
Evergy, Inc.		116		7,996
Alliant Energy Corp.		130		7,861
Pinnacle West Capital Corp.		60		5,368
AES Corp.		359		3,777
Total Utilities				633,590

Basic Materials - 1.1%
Linde plc		237		111,196
Sherwin-Williams Co.		116		39,830
Ecolab, Inc.		127		34,219
Newmont Corp.		561		32,684
Air Products and Chemicals, Inc.		112		31,591
Freeport-McMoRan, Inc.		724		31,385
Nucor Corp.		116		15,026
DuPont de Nemours, Inc.		211		14,472
PPG Industries, Inc.		115		13,081
International Paper Co.		266		12,457
International Flavors & Fragrances, Inc.		129		9,488
Dow, Inc.		357		9,453
Steel Dynamics, Inc.		70		8,961
CF Industries Holdings, Inc.		82		7,544
LyondellBasell Industries N.V. — Class A		130		7,522
Mosaic Co.		160		5,837
Eastman Chemical Co.		58		4,330
Albemarle Corp.		59		3,698
Total Basic Materials				392,774

Total Common Stocks
(Cost $16,597,048)				26,472,883

MUTUAL FUNDS^† - 10.8%
Guggenheim Ultra Short Duration Fund — Institutional Class²		202,415		2,034,270
Guggenheim Strategy Fund II²		78,932		1,963,817
Total Mutual Funds
(Cost $3,941,469)				3,998,087

	Face Amount
U.S. TREASURY BILLS^†† - 3.0%
U.S. Treasury Bills
3.94% due 07/08/25^3,4	$	517,000		516,583
4.23% due 09/18/25^4,5		500,000		495,372
4.20% due 09/18/25^4,5		100,000		99,074
Total U.S. Treasury Bills
(Cost $1,111,021)				1,111,029

176 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
NOVA FUND

	Face Amount		Value
REPURCHASE AGREEMENTS^††,6 - 15.2%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25⁵	$	3,055,225	$	3,055,225
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25⁵		1,318,328		1,318,328
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25⁵		1,273,010		1,273,010
Total Repurchase Agreements
(Cost $5,646,563)				5,646,563

	Shares
SECURITIES LENDING COLLATERAL^†,7 - 0.0%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁸		18,504		18,504
Total Securities Lending Collateral
(Cost $18,504)				18,504

Total Investments - 100.5%
(Cost $27,314,605)			$	37,247,066
Other Assets & Liabilities, net - (0.5)%				(186,153	)
Total Net Assets - 100.0%			$	37,060,913

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Equity Futures Contracts Purchased^†

S&P 500 Index Mini Futures Contracts

Sep 2025

7,501,800

263,437

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

S&P 500 Index

Pay

4.93% (Federal
Funds Rate +
0.60%)

At Maturity

09/24/25

1,699

10,543,131

180,831

Barclays Bank plc

S&P 500 Index

Pay

5.29% (SOFR +
0.90%)

At Maturity

09/25/25

1,024

6,352,671

115,472

BNP Paribas

S&P 500 Index

Pay

5.18% (Federal
Funds Rate +
0.85%)

At Maturity

09/25/25

786

4,874,717

87,303

21,770,519

383,606

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
⁶	Repurchase Agreements — See Note 6.
⁷	Securities lending collateral — See Note 7.
⁸	Rate indicated is the 7-day yield as of June 30, 2025.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 177

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
NOVA FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	26,472,883	$	—	$	—	$	26,472,883
Mutual Funds		3,998,087		—		—		3,998,087
U.S. Treasury Bills		—		1,111,029		—		1,111,029
Repurchase Agreements		—		5,646,563		—		5,646,563
Securities Lending Collateral		18,504		—		—		18,504
Equity Futures Contracts**		263,437		—		—		263,437
Equity Index Swap Agreements**		—		383,606		—		383,606
Total Assets	$	30,752,911	$	7,141,198	$	—	$	37,894,109

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

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,961,449	$	—	$	—	$	—	$	2,368	$	1,963,817		78,932	$	52,523
Guggenheim Ultra Short Duration Fund — Institutional Class		2,026,173		—		—		—		8,097		2,034,270		202,415		44,204
	$	3,987,622	$	—	$	—	$	—	$	10,465	$	3,998,087			$	96,727

178 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

NOVA FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value - including $18,361 of securities loaned (cost $17,726,573)	$	27,602,416
Investments in affiliated issuers, at value (cost $3,941,469)		3,998,087
Repurchase agreements, at value (cost $5,646,563)		5,646,563
Cash		127
Segregated cash with broker		30,715
Unrealized appreciation on OTC swap agreements		383,606
Receivables:
Fund shares sold		210,270
Variation margin on futures contracts		33,300
Dividends		28,590
Interest		686
Securities lending income		1
Total assets		37,934,361

Liabilities:
Segregated cash due to broker		670,000
Payable for:
Fund shares redeemed		52,410
Management fees		20,721
Return of securities lending collateral		18,504
Transfer agent fees		15,889
Swap settlement		12,296
Investor service fees		7,042
Portfolio accounting and administration fees		2,957
Trustees’ fees*		379
Miscellaneous		73,250
Total liabilities		873,448
Net assets	$	37,060,913

Net assets consist of:
Paid in capital	$	29,682,501
Total distributable earnings (loss)		7,378,412
Net assets	$	37,060,913
Capital shares outstanding		164,378
Net asset value per share	$	225.46

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $43)	$	178,916
Dividends from securities of affiliated issuers		96,727
Interest		126,388
Income from securities lending, net		4
Total investment income		402,035

Expenses:
Management fees		135,070
Investor service fees		45,024
Transfer agent fees		51,458
Professional fees		34,335
Portfolio accounting and administration fees		27,914
Custodian fees		2,547
Trustees’ fees*		2,535
Interest expense		1,757
Miscellaneous		16,835
Total expenses		317,475
Less:
Expenses reimbursed by Adviser		(9,005	)
Expenses waived by Adviser		(2,516	)
Total waived/reimbursed expenses		(11,521	)
Net expenses		305,954
Net investment income		96,081

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		875,195
Swap agreements		119,253
Futures contracts		(641,853	)
Net realized gain		352,595
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(1,011,910	)
Investments in affiliated issuers		10,465
Swap agreements		605,469
Futures contracts		513,022
Net change in unrealized appreciation (depreciation)		117,046
Net realized and unrealized gain		469,641
Net increase in net assets resulting from operations	$	565,722

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 179

NOVA FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	96,081		$	247,879
Net realized gain on investments		352,595			6,887,808
Net change in unrealized appreciation (depreciation) on investments		117,046			3,624,783
Net increase in net assets resulting from operations		565,722			10,760,470

Capital share transactions:
Proceeds from sale of shares		41,681,773			103,873,391
Cost of shares redeemed		(45,917,887	)		(109,975,453	)
Net decrease from capital share transactions		(4,236,114	)		(6,102,062	)
Net increase (decrease) in net assets		(3,670,392	)		4,658,408

Net assets:
Beginning of period		40,731,305			36,072,897
End of period	$	37,060,913		$	40,731,305

Capital share activity:
Shares sold		212,861			565,979
Shares redeemed		(239,789	)		(599,597	)
Net decrease in shares		(26,928	)		(33,618	)

180 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

NOVA FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	212.91		$	160.38		$	118.75		$	196.72		$	144.74		$	135.68
Income (loss) from investment operations:
Net investment income (loss)^b		.55			1.24			1.17			.15			(.76	)		(.30	)
Net gain (loss) on investments (realized and unrealized)		12.00			51.29			40.46			(58.50	)		60.70			24.12
Total from investment operations		12.55			52.53			41.63			(58.35	)		59.94			23.82
Less distributions from:
Net investment income		—			—			—			(.67	)		(.61	)		(1.16	)
Net realized gains		—			—			—			(18.95	)		(7.35	)		(13.60	)
Total distributions		—			—			—			(19.62	)		(7.96	)		(14.76	)
Net asset value, end of period	$	225.46		$	212.91		$	160.38		$	118.75		$	196.72		$	144.74

Total Return^c		5.89	%		32.75	%		35.06	%		(30.26	%)		42.18	%		20.03	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	37,061		$	40,731		$	36,073		$	16,513		$	63,584		$	45,692
Ratios to average net assets:
Net investment income (loss)		0.53	%		0.65	%		0.85	%		0.10	%		(0.44	%)		(0.24	%)
Total expenses^d		1.76	%		1.72	%		1.76	%		1.67	%		1.60	%		1.73	%
Net expenses^e		1.70	%		1.66	%		1.72	%		1.65	%		1.57	%		1.68	%
Portfolio turnover rate		80	%		177	%		413	%		748	%		408	%		650	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 181

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
S&P 500^® 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS^† - 83.1%

Technology - 26.5%
NVIDIA Corp.		37,724	$	5,960,015
Microsoft Corp.		11,497		5,718,723
Apple, Inc.		23,104		4,740,248
Broadcom, Inc.		7,273		2,004,803
Oracle Corp.		2,515		549,855
Palantir Technologies, Inc. — Class A*		3,290		448,493
International Business Machines Corp.		1,437		423,599
Salesforce, Inc.		1,483		404,399
Advanced Micro Devices, Inc.*		2,508		355,885
Intuit, Inc.		432		340,256
ServiceNow, Inc.*		320		328,986
Texas Instruments, Inc.		1,406		291,914
Accenture plc — Class A		968		289,325
QUALCOMM, Inc.		1,697		270,264
Adobe, Inc.*		659		254,954
Applied Materials, Inc.		1,257		230,119
Micron Technology, Inc.		1,729		213,099
Crowdstrike Holdings, Inc. — Class A*		385		196,084
Lam Research Corp.		1,979		192,636
KLA Corp.		204		182,731
Analog Devices, Inc.		767		182,561
Intel Corp.*		6,746		151,110
Fiserv, Inc.*		857		147,755
Cadence Design Systems, Inc.*		422		130,039
Synopsys, Inc.*		239		122,531
Fortinet, Inc.*		982		103,817
Autodesk, Inc.*		331		102,468
Roper Technologies, Inc.		166		94,095
NXP Semiconductor N.V.		390		85,211
Workday, Inc. — Class A*		335		80,400
Paychex, Inc.		495		72,003
Fair Isaac Corp.*		38		69,463
MSCI, Inc. — Class A		119		68,632
Fidelity National Information Services, Inc.		813		66,186
Take-Two Interactive Software, Inc.*		262		63,627
Cognizant Technology Solutions Corp. — Class A		763		59,537
Microchip Technology, Inc.		832		58,548
Dell Technologies, Inc. — Class C		463		56,764
Electronic Arts, Inc.		353		56,374
Monolithic Power Systems, Inc.		74		54,122
Gartner, Inc.*		119		48,102
ANSYS, Inc.*		136		47,766
Seagate Technology Holdings plc		328		47,340
Broadridge Financial Solutions, Inc.		181		43,988
Hewlett Packard Enterprise Co.		2,031		41,534
Tyler Technologies, Inc.*		66		39,127
Super Micro Computer, Inc.*		794		38,914
HP, Inc.		1,459		35,687
Western Digital Corp.		539		34,491
ON Semiconductor Corp.*		647		33,909
NetApp, Inc.		315		33,563
PTC, Inc.*		185		31,883
Leidos Holdings, Inc.		199		31,394
Zebra Technologies Corp. — Class A*		78		24,052
Teradyne, Inc.		248		22,300
Jack Henry & Associates, Inc.		112		20,179
Akamai Technologies, Inc.*		226		18,026
Paycom Software, Inc.		75		17,355
Skyworks Solutions, Inc.		232		17,289
EPAM Systems, Inc.*		88		15,560
Dayforce, Inc.*		247		13,681
Amentum Holdings, Inc.*		1		12
Total Technology				25,877,783

Communications - 13.4%
Amazon.com, Inc.*		14,616		3,206,604
Meta Platforms, Inc. — Class A		3,358		2,478,506
Alphabet, Inc. — Class A		9,002		1,586,422
Alphabet, Inc. — Class C		7,261		1,288,029
Netflix, Inc.*		658		881,148
Cisco Systems, Inc.		6,154		426,964
Walt Disney Co.		2,780		344,748
AT&T, Inc.		11,131		322,131
Uber Technologies, Inc.*		3,234		301,732
Booking Holdings, Inc.		50		289,462
Verizon Communications, Inc.		6,521		282,164
Palo Alto Networks, Inc.*		1,023		209,347
Comcast Corp. — Class A		5,760		205,574
T-Mobile US, Inc.		738		175,836
Arista Networks, Inc.*		1,593		162,980
DoorDash, Inc. — Class A*		530		130,650
Motorola Solutions, Inc.		257		108,058
Airbnb, Inc. — Class A*		668		88,403
Corning, Inc.		1,191		62,635
Charter Communications, Inc. — Class A*^,1		147		60,095
eBay, Inc.		712		53,016
Warner Bros Discovery, Inc.*		3,482		39,904
GoDaddy, Inc. — Class A*		220		39,613
CDW Corp.		204		36,432
VeriSign, Inc.		125		36,100
Expedia Group, Inc.		188		31,712
FactSet Research Systems, Inc.		59		26,390
F5, Inc.*		89		26,195
Gen Digital, Inc.		844		24,814
Omnicom Group, Inc.		302		21,726
Juniper Networks, Inc.		511		20,404
Fox Corp. — Class A		331		18,549
News Corp. — Class A		584		17,356
Interpublic Group of Companies, Inc.		572		14,003
Paramount Global — Class B		931		12,010
Match Group, Inc.		379		11,707
Fox Corp. — Class B		204		10,533
News Corp. — Class B		172		5,901
Total Communications				13,057,853

Financial - 12.4%
Berkshire Hathaway, Inc. — Class B*		2,837		1,378,129
JPMorgan Chase & Co.		4,298		1,246,033
Visa, Inc. — Class A		2,646		939,462

182 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
S&P 500^® 2x STRATEGY FUND

	Shares		Value
Mastercard, Inc. — Class A		1,254	$	704,673
Bank of America Corp.		10,135		479,588
Wells Fargo & Co.		5,033		403,244
Goldman Sachs Group, Inc.		475		336,181
American Express Co.		856		273,047
Morgan Stanley		1,910		269,043
Citigroup, Inc.		2,889		245,912
Progressive Corp.		906		241,775
Charles Schwab Corp.		2,641		240,965
Blackrock, Inc.		225		236,081
Capital One Financial Corp.		989		210,420
Blackstone, Inc. — Class A		1,129		168,876
Chubb Ltd.		576		166,879
Marsh & McLennan Companies, Inc.		762		166,604
Intercontinental Exchange, Inc.		887		162,738
American Tower Corp. — Class A REIT		724		160,018
CME Group, Inc. — Class A		557		153,520
Prologis, Inc. REIT		1,435		150,847
Welltower, Inc. REIT		961		147,735
KKR & Company, Inc. — Class A		1,046		139,149
Arthur J Gallagher & Co.		395		126,447
Equinix, Inc. REIT		151		120,116
Aon plc — Class A		334		119,158
Coinbase Global, Inc. — Class A*		327		114,610
PNC Financial Services Group, Inc.		612		114,089
U.S. Bancorp		2,410		109,052
Bank of New York Mellon Corp.		1,107		100,859
Apollo Global Management, Inc.		698		99,025
Travelers Companies, Inc.		350		93,639
Truist Financial Corp.		2,025		87,055
Digital Realty Trust, Inc. REIT		490		85,422
Allstate Corp.		410		82,537
Realty Income Corp. REIT		1,396		80,424
Aflac, Inc.		753		79,411
Ameriprise Financial, Inc.		147		78,458
Simon Property Group, Inc. REIT		475		76,361
American International Group, Inc.		891		76,261
Public Storage REIT		244		71,594
MetLife, Inc.		872		70,126
Crown Castle, Inc. REIT		674		69,240
CBRE Group, Inc. — Class A*		454		63,615
Prudential Financial, Inc.		548		58,877
Nasdaq, Inc.		640		57,229
Hartford Insurance Group, Inc.		439		55,696
VICI Properties, Inc. REIT		1,634		53,268
Arch Capital Group Ltd.		577		52,536
CoStar Group, Inc.*		653		52,501
Extra Space Storage, Inc. REIT		328		48,360
Brown & Brown, Inc.		434		48,118
M&T Bank Corp.		247		47,916
State Street Corp.		440		46,790
Iron Mountain, Inc. REIT		456		46,772
Willis Towers Watson plc		152		46,588
AvalonBay Communities, Inc. REIT		220		44,770
Ventas, Inc. REIT		697		44,016
Raymond James Financial, Inc.		280		42,944
Fifth Third Bancorp		1,032		42,446
Synchrony Financial		589		39,310
SBA Communications Corp. REIT		166		38,983
Northern Trust Corp.		301		38,164
Cboe Global Markets, Inc.		162		37,780
Huntington Bancshares, Inc.		2,253		37,760
Cincinnati Financial Corp.		242		36,039
Equity Residential REIT		528		35,635
W R Berkley Corp.		463		34,017
T. Rowe Price Group, Inc.		340		32,810
Regions Financial Corp.		1,391		32,716
Citizens Financial Group, Inc.		671		30,027
Invitation Homes, Inc. REIT		881		28,897
Weyerhaeuser Co. REIT		1,122		28,824
Essex Property Trust, Inc. REIT		99		28,057
Mid-America Apartment Communities, Inc. REIT		181		26,790
KeyCorp		1,526		26,583
Principal Financial Group, Inc.		319		25,338
Loews Corp.		269		24,656
Everest Group Ltd.		66		22,430
Kimco Realty Corp. REIT		1,047		22,008
UDR, Inc. REIT		466		19,027
Healthpeak Properties, Inc. REIT		1,075		18,823
Camden Property Trust REIT		164		18,481
Regency Centers Corp. REIT		253		18,021
Alexandria Real Estate Equities, Inc. REIT		238		17,286
Host Hotels & Resorts, Inc. REIT		1,073		16,481
Globe Life, Inc.		128		15,909
Assurant, Inc.		78		15,404
BXP, Inc. REIT¹		225		15,181
Erie Indemnity Co. — Class A		38		13,178
Franklin Resources, Inc.		479		11,424
Federal Realty Investment Trust REIT		119		11,304
Invesco Ltd.		692		10,913
Total Financial				12,155,501

Consumer, Non-cyclical - 12.1%
Eli Lilly & Co.		1,216		947,908
Procter & Gamble Co.		3,626		577,694
Johnson & Johnson		3,721		568,383
AbbVie, Inc.		2,732		507,114
Philip Morris International, Inc.		2,408		438,569
UnitedHealth Group, Inc.		1,402		437,382
Coca-Cola Co.		5,991		423,863
Abbott Laboratories		2,691		366,003
Merck & Company, Inc.		3,884		307,457
Intuitive Surgical, Inc.*		555		301,593
PepsiCo, Inc.		2,121		280,057
S&P Global, Inc.		485		255,736
Boston Scientific Corp.*		2,287		245,647
Thermo Fisher Scientific, Inc.		584		236,789
Amgen, Inc.		831		232,023
Gilead Sciences, Inc.		1,924		213,314
Pfizer, Inc.		8,794		213,167
Stryker Corp.		532		210,475
Danaher Corp.		985		194,577

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 183

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
S&P 500^® 2x STRATEGY FUND

	Shares		Value
Automatic Data Processing, Inc.		628	$	193,675
Vertex Pharmaceuticals, Inc.*		397		176,744
Medtronic plc		1,983		172,858
Altria Group, Inc.		2,605		152,731
Bristol-Myers Squibb Co.		3,148		145,721
McKesson Corp.		193		141,426
Cigna Group		413		136,529
Elevance Health, Inc.		349		135,747
Mondelez International, Inc. — Class A		2,003		135,082
CVS Health Corp.		1,956		134,925
Moody’s Corp.		239		119,880
Cintas Corp.		530		118,121
Colgate-Palmolive Co.		1,253		113,898
PayPal Holdings, Inc.*		1,504		111,777
Zoetis, Inc.		689		107,450
HCA Healthcare, Inc.		267		102,288
Quanta Services, Inc.		229		86,580
Regeneron Pharmaceuticals, Inc.		161		84,525
Cencora, Inc. — Class A		266		79,760
Corteva, Inc.		1,054		78,555
Becton Dickinson & Co.		443		76,307
United Rentals, Inc.		101		76,094
Edwards Lifesciences Corp.*		908		71,015
Keurig Dr Pepper, Inc.		2,101		69,459
Monster Beverage Corp.*		1,086		68,027
Kroger Co.		948		68,000
Verisk Analytics, Inc. — Class A		216		67,284
IDEXX Laboratories, Inc.*		124		66,506
Kimberly-Clark Corp.		513		66,136
Kenvue, Inc.		2,970		62,162
Cardinal Health, Inc.		369		61,992
ResMed, Inc.		227		58,566
Sysco Corp.		750		56,805
Dexcom, Inc.*		606		52,898
GE HealthCare Technologies, Inc.		708		52,442
Agilent Technologies, Inc.		441		52,042
Equifax, Inc.		192		49,799
Humana, Inc.		187		45,718
General Mills, Inc.		847		43,883
Centene Corp.*		770		41,796
IQVIA Holdings, Inc.*		254		40,028
Archer-Daniels-Midland Co.		743		39,216
Constellation Brands, Inc. — Class A		237		38,555
Hershey Co.		229		38,003
Church & Dwight Company, Inc.		381		36,618
STERIS plc		152		36,513
Corpay, Inc.*		109		36,168
Kraft Heinz Co.		1,336		34,496
Insulet Corp.*		108		33,931
Labcorp Holdings, Inc.		129		33,864
Kellanova		416		33,084
Waters Corp.*		92		32,112
Quest Diagnostics, Inc.		172		30,896
Global Payments, Inc.		377		30,175
McCormick & Company, Inc.		391		29,646
Estee Lauder Companies, Inc. — Class A		362		29,250
Biogen, Inc.*		227		28,509
Zimmer Biomet Holdings, Inc.		305		27,819
Molina Healthcare, Inc.*		84		25,024
Tyson Foods, Inc. — Class A		442		24,725
Rollins, Inc.		435		24,543
West Pharmaceutical Services, Inc.		110		24,068
Baxter International, Inc.		794		24,042
Clorox Co.		191		22,933
Hologic, Inc.*		345		22,480
Cooper Companies, Inc.*		309		21,988
Avery Dennison Corp.		121		21,232
Align Technology, Inc.*		105		19,880
Revvity, Inc.		182		17,603
Incyte Corp.*		249		16,957
Bunge Global S.A.		208		16,698
Solventum Corp.*		214		16,230
Viatris, Inc.		1,815		16,208
J M Smucker Co.		165		16,203
Universal Health Services, Inc. — Class B		88		15,941
Conagra Brands, Inc.		738		15,107
Moderna, Inc.*		526		14,512
Henry Schein, Inc.*		188		13,733
Hormel Foods Corp.		450		13,612
MarketAxess Holdings, Inc.		58		12,954
Molson Coors Beverage Co. — Class B		265		12,744
Bio-Techne Corp.		243		12,502
Charles River Laboratories International, Inc.*		76		11,531
Lamb Weston Holdings, Inc.		218		11,303
The Campbell’s Co.		304		9,318
DaVita, Inc.*		64		9,117
Brown-Forman Corp. — Class B		282		7,589
Total Consumer, Non-cyclical				11,792,614

Consumer, Cyclical - 6.7%
Tesla, Inc.*		4,334		1,376,738
Costco Wholesale Corp.		686		679,099
Walmart, Inc.		6,683		653,464
Home Depot, Inc.		1,537		563,526
McDonald’s Corp.		1,105		322,848
TJX Companies, Inc.		1,726		213,144
Lowe’s Companies, Inc.		865		191,918
Starbucks Corp.		1,758		161,085
NIKE, Inc. — Class B		1,822		129,435
Royal Caribbean Cruises Ltd.		387		121,185
O’Reilly Automotive, Inc.*		1,322		119,152
Chipotle Mexican Grill, Inc. — Class A*		2,084		117,017
Hilton Worldwide Holdings, Inc.		367		97,747
Marriott International, Inc. — Class A		351		95,896
AutoZone, Inc.*		25		92,806
PACCAR, Inc.		811		77,094
Fastenal Co.		1,774		74,508
General Motors Co.		1,486		73,126
Cummins, Inc.		213		69,757
WW Grainger, Inc.		67		69,696
Target Corp.		702		69,252
Copart, Inc.*		1,359		66,686

184 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
S&P 500^® 2x STRATEGY FUND

	Shares		Value
Ford Motor Co.		6,041	$	65,545
Ross Stores, Inc.		508		64,811
Yum! Brands, Inc.		430		63,717
DR Horton, Inc.		427		55,049
Delta Air Lines, Inc.		1,010		49,672
Carnival Corp.*		1,624		45,667
Tractor Supply Co.		820		43,271
Lululemon Athletica, Inc.*		171		40,626
United Airlines Holdings, Inc.*		505		40,213
Lennar Corp. — Class A		359		39,709
Darden Restaurants, Inc.		181		39,453
Dollar General Corp.		340		38,889
NVR, Inc.*		5		36,928
Live Nation Entertainment, Inc.*		244		36,912
Ulta Beauty, Inc.*		70		32,747
PulteGroup, Inc.		310		32,693
Williams-Sonoma, Inc.		190		31,040
Dollar Tree, Inc.*		306		30,306
Southwest Airlines Co.		881		28,580
Tapestry, Inc.		321		28,187
Genuine Parts Co.		214		25,960
Deckers Outdoor Corp.*		234		24,118
Domino’s Pizza, Inc.		52		23,431
Aptiv plc*		336		22,922
Las Vegas Sands Corp.		525		22,843
Best Buy Company, Inc.		298		20,005
TKO Group Holdings, Inc.		103		18,741
Pool Corp.		58		16,906
Ralph Lauren Corp. — Class A		61		16,731
CarMax, Inc.*		236		15,862
Hasbro, Inc.		204		15,059
LKQ Corp.		399		14,767
Norwegian Cruise Line Holdings Ltd.*		691		14,014
Wynn Resorts Ltd.		136		12,739
Walgreens Boots Alliance, Inc.*		1,109		12,731
MGM Resorts International*		320		11,005
Caesars Entertainment, Inc.*		321		9,113
Total Consumer, Cyclical				6,576,141

Industrial - 6.3%
General Electric Co.		1,649		424,436
RTX Corp.		2,066		301,677
Caterpillar, Inc.		728		282,617
Boeing Co.*		1,167		244,522
Honeywell International, Inc.		994		231,483
GE Vernova, Inc.		421		222,772
Eaton Corporation plc		605		215,979
Union Pacific Corp.		924		212,594
Deere & Co.		391		198,820
Amphenol Corp. — Class A		1,871		184,761
Trane Technologies plc		344		150,469
Lockheed Martin Corp.		322		149,131
Parker-Hannifin Corp.		198		138,297
TransDigm Group, Inc.		87		132,296
Waste Management, Inc.		566		129,512
3M Co.		833		126,816
Howmet Aerospace, Inc.		624		116,145
Emerson Electric Co.		870		115,997
United Parcel Service, Inc. — Class B		1,135		114,567
General Dynamics Corp.		390		113,747
Johnson Controls International plc		1,017		107,416
Northrop Grumman Corp.		209		104,496
Illinois Tool Works, Inc.		412		101,867
CSX Corp.		2,906		94,823
Axon Enterprise, Inc.*		114		94,385
Carrier Global Corp.		1,234		90,317
Norfolk Southern Corp.		348		89,077
FedEx Corp.		341		77,513
TE Connectivity plc		458		77,251
Republic Services, Inc. — Class A		313		77,189
L3Harris Technologies, Inc.		289		72,493
AMETEK, Inc.		357		64,603
Otis Worldwide Corp.		610		60,402
Rockwell Automation, Inc.		174		57,797
Westinghouse Air Brake Technologies Corp.		265		55,478
Vulcan Materials Co.		204		53,207
Ingersoll Rand, Inc.		623		51,821
Martin Marietta Materials, Inc.		93		51,053
Garmin Ltd.		238		49,675
Xylem, Inc.		376		48,639
Old Dominion Freight Line, Inc.		288		46,742
Keysight Technologies, Inc.*		266		43,587
Dover Corp.		212		38,845
Veralto Corp.		383		38,664
Mettler-Toledo International, Inc.*		32		37,591
Teledyne Technologies, Inc.*		72		36,886
Jabil, Inc.		166		36,204
Hubbell, Inc.		82		33,490
Smurfit WestRock plc		767		33,096
Amcor plc		3,544		32,569
Lennox International, Inc.		49		28,089
Trimble, Inc.*		369		28,037
Fortive Corp.		526		27,420
Pentair plc		254		26,075
Packaging Corporation of America		137		25,818
Snap-on, Inc.		81		25,206
Jacobs Solutions, Inc.		186		24,450
Expeditors International of Washington, Inc.		212		24,221
Ball Corp.		428		24,006
Textron, Inc.		278		22,321
Masco Corp.		326		20,981
IDEX Corp.		116		20,366
Builders FirstSource, Inc.*		171		19,954
Allegion plc		133		19,168
Nordson Corp.		84		18,007
CH Robinson Worldwide, Inc.		184		17,655
J.B. Hunt Transport Services, Inc.		121		17,376
Stanley Black & Decker, Inc.		239		16,192
Huntington Ingalls Industries, Inc.		60		14,488
Generac Holdings, Inc.*		91		13,032
A O Smith Corp.		180		11,803
Mohawk Industries, Inc.*		80		8,387

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 185

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
S&P 500^® 2x STRATEGY FUND

	Shares		Value
Ralliant Corp.*		158	$	7,661
Total Industrial				6,124,527

Energy - 2.5%
Exxon Mobil Corp.		6,666		718,595
Chevron Corp.		2,512		359,693
ConocoPhillips		1,953		175,262
Williams Companies, Inc.		1,889		118,648
EOG Resources, Inc.		844		100,951
Kinder Morgan, Inc.		2,990		87,906
ONEOK, Inc.		966		78,855
Marathon Petroleum Corp.		474		78,736
Phillips 66		630		75,159
Schlumberger N.V.		2,103		71,081
Valero Energy Corp.		484		65,059
Hess Corp.		428		59,295
Baker Hughes Co.		1,532		58,737
Targa Resources Corp.		335		58,317
Equities Corp.		925		53,946
Occidental Petroleum Corp.		1,095		46,001
Diamondback Energy, Inc.		289		39,709
Expand Energy Corp.		335		39,175
Devon Energy Corp.		993		31,587
Texas Pacific Land Corp.		29		30,635
Coterra Energy, Inc. — Class A		1,181		29,974
First Solar, Inc.*		165		27,314
Halliburton Co.		1,330		27,106
APA Corp.		558		10,206
Enphase Energy, Inc.*		202		8,009
Total Energy				2,449,956

Utilities - 2.0%
NextEra Energy, Inc.		3,184		221,033
Constellation Energy Corp.		485		156,539
Southern Co.		1,700		156,111
Duke Energy Corp.		1,203		141,954
Vistra Corp.		524		101,556
American Electric Power Company, Inc.		825		85,602
Sempra		1,008		76,376
Dominion Energy, Inc.		1,319		74,550
Exelon Corp.		1,561		67,779
Public Service Enterprise Group, Inc.		772		64,987
Xcel Energy, Inc.		892		60,745
Entergy Corp.		691		57,436
Consolidated Edison, Inc.		557		55,895
WEC Energy Group, Inc.		493		51,371
NRG Energy, Inc.		302		48,495
PG&E Corp.		3,399		47,382
DTE Energy Co.		321		42,520
American Water Works Company, Inc.		301		41,872
Ameren Corp.		418		40,145
PPL Corp.		1,143		38,736
Atmos Energy Corp.		245		37,757
CenterPoint Energy, Inc.		1,010		37,107
Eversource Energy		568		36,136
CMS Energy Corp.		463		32,077
FirstEnergy Corp.		794		31,966
Edison International		595		30,702
NiSource, Inc.		727		29,327
Evergy, Inc.		356		24,539
Alliant Energy Corp.		397		24,007
Pinnacle West Capital Corp.		184		16,462
AES Corp.		1,101		11,583
Total Utilities				1,942,747

Basic Materials - 1.2%
Linde plc		727		341,094
Sherwin-Williams Co.		357		122,579
Ecolab, Inc.		390		105,082
Newmont Corp.		1,722		100,324
Air Products and Chemicals, Inc.		344		97,029
Freeport-McMoRan, Inc.		2,221		96,280
Nucor Corp.		357		46,246
DuPont de Nemours, Inc.		647		44,378
PPG Industries, Inc.		351		39,926
International Paper Co.		816		38,213
International Flavors & Fragrances, Inc.		396		29,126
Dow, Inc.		1,093		28,943
Steel Dynamics, Inc.		213		27,266
LyondellBasell Industries N.V. — Class A		398		23,028
CF Industries Holdings, Inc.		250		23,000
Mosaic Co.		490		17,875
Eastman Chemical Co.		179		13,364
Albemarle Corp.		182		11,406
Total Basic Materials				1,205,159

Total Common Stocks
(Cost $65,627,598)				81,182,281

	Face Amount
U.S. TREASURY BILLS^†† - 1.3%
U.S. Treasury Bills
4.23% due 09/18/25^2,3	$	650,000		643,983
3.94% due 07/08/25^3,4		560,000		559,549
4.20% due 09/18/25^2,3		100,000		99,074
Total U.S. Treasury Bills
(Cost $1,302,594)				1,302,606

REPURCHASE AGREEMENTS^††,5 - 18.7%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25²		9,876,692		9,876,692
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25²		4,261,788		4,261,788
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25²		4,115,289		4,115,289
Total Repurchase Agreements
(Cost $18,253,769)				18,253,769

186 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
S&P 500^® 2x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL^†,6 - 0.1%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁷		51,131	$	51,131
Total Securities Lending Collateral
(Cost $51,131)				51,131

Total Investments - 103.2%
(Cost $85,235,092)			$	100,789,787
Other Assets & Liabilities, net - (3.2)%				(3,142,225	)
Total Net Assets - 100.0%			$	97,647,562

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Equity Futures Contracts Purchased^†

S&P 500 Index Mini Futures Contracts

Sep 2025

12,815,575

372,637

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

S&P 500 Index

Pay

4.93% (Federal
Funds Rate +
0.60%)

At Maturity

09/24/25

12,061

74,838,778

1,354,657

BNP Paribas

S&P 500 Index

Pay

5.18% (Federal
Funds Rate +
0.85%)

At Maturity

09/25/25

3,044

18,889,103

334,181

Barclays Bank plc

S&P 500 Index

Pay

5.29% (SOFR +
0.90%)

At Maturity

09/25/25

1,257

7,800,275

141,789

101,528,156

1,830,627

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
³	Rate indicated is the effective yield at the time of purchase.
⁴	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁵	Repurchase Agreements — See Note 6.
⁶	Securities lending collateral — See Note 7.
⁷	Rate indicated is the 7-day yield as of June 30, 2025.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 187

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
S&P 500^® 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	81,182,281	$	—	$	—	$	81,182,281
U.S. Treasury Bills		—		1,302,606		—		1,302,606
Repurchase Agreements		—		18,253,769		—		18,253,769
Securities Lending Collateral		51,131		—		—		51,131
Equity Futures Contracts**		372,637		—		—		372,637
Equity Index Swap Agreements**		—		1,830,627		—		1,830,627
Total Assets	$	81,606,049	$	21,387,002	$	—	$	102,993,051

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

188 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P 500^® 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $50,728 of securities loaned (cost $66,981,323)	$	82,536,018
Repurchase agreements, at value (cost $18,253,769)		18,253,769
Cash		364
Segregated cash with broker		234,107
Unrealized appreciation on OTC swap agreements		1,830,627
Receivables:
Fund shares sold		4,394,338
Variation margin on futures contracts		49,856
Dividends		37,036
Interest		2,218
Total assets		107,338,333

Liabilities:
Segregated cash due to broker		1,360,000
Payable for:
Securities purchased		7,978,627
Management fees		62,455
Swap settlement		59,624
Return of securities lending collateral		51,131
Transfer agent fees		27,553
Investor service fees		17,348
Fund shares redeemed		5,259
Portfolio accounting and administration fees		3,817
Trustees’ fees*		561
Miscellaneous		124,396
Total liabilities		9,690,771
Net assets	$	97,647,562

Net assets consist of:
Paid in capital	$	93,054,052
Total distributable earnings (loss)		4,593,510
Net assets	$	97,647,562
Capital shares outstanding		190,575
Net asset value per share	$	512.38

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $71)	$	297,159
Interest		269,124
Income from securities lending, net		5
Total investment income		566,288

Expenses:
Management fees		246,785
Investor service fees		68,551
Transfer agent fees		69,491
Professional fees		76,339
Portfolio accounting and administration fees		42,501
Interest expense		33,360
Custodian fees		3,689
Trustees’ fees*		2,327
Line of credit fees		81
Miscellaneous		13,517
Total expenses		556,641
Less:
Expenses reimbursed by Adviser		(27,420	)
Net expenses		529,221
Net investment income		37,067

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(22,159	)
Swap agreements		6,070,901
Futures contracts		(1,016,490	)
Net realized gain		5,032,252
Net change in unrealized appreciation (depreciation) on:
Investments		5,915,424
Swap agreements		2,301,605
Futures contracts		582,351
Net change in unrealized appreciation (depreciation)		8,799,380
Net realized and unrealized gain		13,831,632
Net increase in net assets resulting from operations	$	13,868,699

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 189

S&P 500^® 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	37,067		$	97,631
Net realized gain on investments		5,032,252			8,553,278
Net change in unrealized appreciation (depreciation) on investments		8,799,380			2,975,705
Net increase in net assets resulting from operations		13,868,699			11,626,614

Distributions to shareholders		—			(183,943	)

Capital share transactions:
Proceeds from sale of shares		93,576,590			140,348,577
Distributions reinvested		—			183,943
Cost of shares redeemed		(45,922,674	)		(151,826,938	)
Net increase (decrease) from capital share transactions		47,653,916			(11,294,418	)
Net increase in net assets		61,522,615			148,253

Net assets:
Beginning of period		36,124,947			35,976,694
End of period	$	97,647,562		$	36,124,947

Capital share activity:
Shares sold		218,459			328,171
Shares issued from reinvestment of distributions		—			414
Shares redeemed		(102,570	)		(359,049	)
Net increase (decrease) in shares		115,889			(30,464	)

190 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P 500^® 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	483.69		$	342.15		$	236.13		$	499.24		$	315.43		$	313.21
Income (loss) from investment operations:
Net investment income (loss)^b		.31			1.27			2.04			.07			(2.79	)		(1.21	)
Net gain (loss) on investments (realized and unrealized)		28.38			143.05			104.22			(192.13	)		186.60			45.29	^f
Total from investment operations		28.69			144.32			106.26			(192.06	)		183.81			44.08
Less distributions from:
Net investment income		—			(2.78	)		(.24	)		—			—			(1.68	)
Net realized gains		—			—			—			(71.05	)		—			(40.18	)
Total distributions		—			(2.78	)		(.24	)		(71.05	)		—			(41.86	)
Net asset value, end of period	$	512.38		$	483.69		$	342.15		$	236.13		$	499.24		$	315.43

Total Return^c		5.93	%		42.25	%		45.04	%		(39.77	%)		58.27	%		18.10	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	97,648		$	36,125		$	35,977		$	16,482		$	90,849		$	36,688
Ratios to average net assets:
Net investment income (loss)		0.14	%		0.30	%		0.71	%		0.02	%		(0.68	%)		(0.44	%)
Total expenses^d		2.03	%		1.96	%		1.93	%		1.84	%		1.75	%		1.87	%
Net expenses^e		1.93	%		1.86	%		1.86	%		1.77	%		1.71	%		1.83	%
Portfolio turnover rate		67	%		214	%		436	%		1,703	%		2,834	%		2,610	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuation market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 191

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
INVERSE S&P 500^® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS^† - 20.0%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		11,574	$	116,315
Guggenheim Strategy Fund II¹		4,623		115,015
Total Mutual Funds
(Cost $227,677)				231,330

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 17.3%
Freddie Mac
4.23% due 07/02/25²	$	100,000		99,988
Federal Home Loan Bank
4.15% due 07/10/25²		100,000		99,897
Total Federal Agency Discount Notes
(Cost $199,885)				199,885

U.S. TREASURY BILLS^†† - 3.5%
U.S. Treasury Bills
3.94% due 07/08/25^2,3		40,000		39,968
Total U.S. Treasury Bills
(Cost $39,968)				39,968

REPURCHASE AGREEMENTS^††,4 - 59.8%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25⁵	373,322		373,322
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25⁵	161,088		161,088
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25⁵	155,551		155,551
Total Repurchase Agreements
(Cost $689,961)			689,961

Total Investments - 100.6%
(Cost $1,157,491)		$	1,161,144
Other Assets & Liabilities, net - (0.6)%			(6,790	)
Total Net Assets - 100.0%		$	1,154,354

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Sold Short^†
S&P 500 Index Mini Futures Contracts		2		Sep 2025	$	625,150	$	(21,978	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Equity Index Swap Agreements Sold Short^††

Goldman Sachs International

S&P 500 Index

Receive

4.73% (Federal
Funds Rate +
0.40%)

At Maturity

09/24/25

118,237

(3,429

)

BNP Paribas

S&P 500 Index

Receive

4.78% (Federal
Funds Rate +
0.45%)

At Maturity

09/25/25

191,278

(5,543

)

Barclays Bank plc

S&P 500 Index

Receive

4.99% (SOFR +
0.60%)

At Maturity

09/25/25

212,555

(6,159

)

522,070

(15,131

)

192 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
INVERSE S&P 500^® STRATEGY FUND

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁴	Repurchase Agreements — See Note 6.
⁵	All or a portion of this security is pledged as equity index swap collateral at June 30, 2025.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	231,330	$	—	$	—	$	231,330
Federal Agency Discount Notes		—		199,885		—		199,885
U.S. Treasury Bills		—		39,968		—		39,968
Repurchase Agreements		—		689,961		—		689,961
Total Assets	$	231,330	$	929,814	$	—	$	1,161,144

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	21,978	$	—	$	—	$	21,978
Equity Index Swap Agreements**		—		15,131		—		15,131
Total Liabilities	$	21,978	$	15,131	$	—	$	37,109

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 193

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
INVERSE S&P 500^® STRATEGY FUND

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	114,876	$	—	$	—	$	—	$	139	$	115,015		4,623	$	3,076
Guggenheim Ultra Short Duration Fund — Institutional Class		115,853		—		—		—		462		116,315		11,574		2,528
	$	230,729	$	—	$	—	$	—	$	601	$	231,330			$	5,604

194 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE S&P 500^® STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value (cost $239,853)	$	239,853
Investments in affiliated issuers, at value (cost $227,677)		231,330
Repurchase agreements, at value (cost $689,961)		689,961
Segregated cash with broker		12,537
Receivables:
Fund shares sold		8,946
Dividends		888
Interest		84
Total assets		1,183,599

Liabilities:
Unrealized depreciation on OTC swap agreements		15,131
Payable for:
Fund shares redeemed		4,132
Variation margin on futures contracts		2,775
Swap settlement		2,683
Management fees		870
Transfer agent fees		644
Investor service fees		248
Portfolio accounting and administration fees		55
Trustees’ fees*		14
Miscellaneous		2,693
Total liabilities		29,245
Net assets	$	1,154,354

Net assets consist of:
Paid in capital	$	20,833,897
Total distributable earnings (loss)		(19,679,543	)
Net assets	$	1,154,354
Capital shares outstanding		10,619
Net asset value per share	$	108.71

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of affiliated issuers	$	5,604
Interest		27,362
Total investment income		32,966

Expenses:
Management fees		6,561
Investor service fees		1,822
Transfer agent fees		1,942
Professional fees		1,300
Portfolio accounting and administration fees		1,130
Custodian fees		139
Interest expense		120
Trustees’ fees*		77
Miscellaneous		935
Total expenses		14,026
Less:
Expenses reimbursed by Adviser		(729	)
Expenses waived by Adviser		(144	)
Total waived/reimbursed expenses		(873	)
Net expenses		13,153
Net investment income		19,813

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		103,376
Futures contracts		5,356
Net realized gain		108,732
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(18	)
Investments in affiliated issuers		601
Swap agreements		(17,926	)
Futures contracts		(26,524	)
Net change in unrealized appreciation (depreciation)		(43,867	)
Net realized and unrealized gain		64,865
Net increase in net assets resulting from operations	$	84,678

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 195

INVERSE S&P 500^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	19,813		$	54,501
Net realized gain (loss) on investments		108,732			(412,198	)
Net change in unrealized appreciation (depreciation) on investments		(43,867	)		30,313
Net increase (decrease) in net assets resulting from operations		84,678			(327,384	)

Distributions to shareholders		—			(193,469	)

Capital share transactions:
Proceeds from sale of shares		17,791,648			34,918,572
Distributions reinvested		—			193,469
Cost of shares redeemed		(17,733,263	)		(34,752,743	)
Net increase from capital share transactions		58,385			359,298
Net increase (decrease) in net assets		143,063			(161,555	)

Net assets:
Beginning of period		1,011,291			1,172,846
End of period	$	1,154,354		$	1,011,291

*Capital share activity:**
Shares sold		136,846			274,204
Shares issued from reinvestment of distributions		—			1,647
Shares redeemed		(135,077	)		(274,814	)
Net increase in shares		1,769			1,037

*	Reverse share split — Capital share activity has been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

196 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE S&P 500^® STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a,g			Year Ended December 31, 2024^g			Year Ended December 31, 2023^g			Year Ended December 31, 2022^g			Year Ended December 31, 2021^g			Year Ended December 31, 2020^g
Per Share Data
Net asset value, beginning of period	$	114.27		$	150.11		$	181.27		$	155.49		$	205.80		$	276.44
Income (loss) from investment operations:
Net investment income (loss)^b		1.59			4.60			5.55			.25			(2.65	)		(2.40	)
Net gain (loss) on investments (realized and unrealized)		(7.15	)^h		(23.84	)		(32.56	)		25.53	^f		(47.66	)		(66.54	)
Total from investment operations		(5.56	)		(19.24	)		(27.01	)		25.78			(50.31	)		(68.94	)
Less distributions from:
Net investment income		—			(16.60	)		(4.15	)		—			—			(1.70	)
Total distributions		—			(16.60	)		(4.15	)		—			—			(1.70	)
Net asset value, end of period	$	108.71		$	114.27		$	150.11		$	181.27		$	155.49		$	205.80

Total Return^c		(4.87	%)		(13.11	%)		(14.95	%)		16.56	%		(24.44	%)		(25.02	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,154		$	1,011		$	1,173		$	6,156		$	2,488		$	1,407
Ratios to average net assets:
Net investment income (loss)		2.72	%		3.65	%		3.30	%		0.13	%		(1.48	%)		(0.93	%)
Total expenses^d		1.92	%		1.83	%		1.86	%		1.82	%		1.74	%		1.88	%
Net expenses^e		1.80	%		1.69	%		1.76	%		1.75	%		1.69	%		1.83	%
Portfolio turnover rate		—			—			—			—			1,675	%		1,417	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
^g	Reverse share split — Per share amounts have been restated to reflect a 1:5 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.
^h	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and purchases of fund shares in relation to fluctuating maret value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 197

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
S&P 500^® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS^† - 99.3%

Consumer, Cyclical - 25.5%
Royal Caribbean Cruises Ltd.		2,855	$	894,015
Carnival Corp.*		27,613		776,477
TKO Group Holdings, Inc.		3,394		617,538
Norwegian Cruise Line Holdings Ltd.*		29,650		601,302
United Airlines Holdings, Inc.*		7,424		591,173
Live Nation Entertainment, Inc.*		3,907		591,051
Tapestry, Inc.		5,490		482,077
Hilton Worldwide Holdings, Inc.		1,788		476,216
Delta Air Lines, Inc.		9,550		469,669
Marriott International, Inc. — Class A		1,458		398,340
Ralph Lauren Corp. — Class A		1,361		373,295
Wynn Resorts Ltd.		3,936		368,685
PulteGroup, Inc.		2,937		309,736
Tesla, Inc.*		873		277,317
Las Vegas Sands Corp.		6,173		268,588
Cummins, Inc.		795		260,363
Deckers Outdoor Corp.*		2,363		243,554
WW Grainger, Inc.		195		202,847
Chipotle Mexican Grill, Inc. — Class A*		3,328		186,867
Costco Wholesale Corp.		179		177,199
Williams-Sonoma, Inc.		878		143,439
Total Consumer, Cyclical				8,709,748

Technology - 17.1%
Palantir Technologies, Inc. — Class A*		6,088		829,916
NVIDIA Corp.		4,594		725,806
Crowdstrike Holdings, Inc. — Class A*		1,193		607,607
Fortinet, Inc.*		5,640		596,260
Broadcom, Inc.		1,878		517,671
Super Micro Computer, Inc.*		8,296		406,587
Fair Isaac Corp.*		193		352,796
ServiceNow, Inc.*		338		347,491
Paycom Software, Inc.		1,315		304,291
Fiserv, Inc.*		1,452		250,339
Oracle Corp.		1,143		249,894
International Business Machines Corp.		800		235,824
Tyler Technologies, Inc.*		302		179,038
Salesforce, Inc.		456		124,347
Dayforce, Inc.*		2,043		113,162
Total Technology				5,841,029

Industrial - 14.5%
Axon Enterprise, Inc.*		942		779,920
Howmet Aerospace, Inc.		3,867		719,765
GE Vernova, Inc.		819		433,374
Trane Technologies plc		957		418,601
Westinghouse Air Brake Technologies Corp.		1,483		310,466
Amphenol Corp. — Class A		3,003		296,546
Caterpillar, Inc.		761		295,428
TransDigm Group, Inc.		185		281,318
Hubbell, Inc.		642		262,199
Parker-Hannifin Corp.		322		224,907
Garmin Ltd.		925		193,066
Eaton Corporation plc		525		187,420
Republic Services, Inc. — Class A		754		185,944
Ingersoll Rand, Inc.		2,213		184,077
Lennox International, Inc.		312		178,851
Total Industrial				4,951,882

Communications - 13.0%
Booking Holdings, Inc.		99		573,135
Arista Networks, Inc.*		5,579		570,787
Uber Technologies, Inc.*		6,061		565,491
DoorDash, Inc. — Class A*		2,218		546,759
Netflix, Inc.*		332		444,591
Meta Platforms, Inc. — Class A		557		411,116
Expedia Group, Inc.		2,226		375,482
GoDaddy, Inc. — Class A*		2,040		367,323
Palo Alto Networks, Inc.*		1,169		239,224
Airbnb, Inc. — Class A*		1,434		189,776
Motorola Solutions, Inc.		373		156,832
Total Communications				4,440,516

Financial - 11.4%
Apollo Global Management, Inc.		3,436		487,466
American Express Co.		1,366		435,727
Synchrony Financial		5,427		362,198
Progressive Corp.		1,317		351,455
Arch Capital Group Ltd.		3,829		348,630
Ameriprise Financial, Inc.		599		319,704
CBRE Group, Inc. — Class A*		2,217		310,646
Iron Mountain, Inc. REIT		2,967		304,325
Brown & Brown, Inc.		2,561		283,938
Erie Indemnity Co. — Class A		719		249,342
Visa, Inc. — Class A		646		229,362
Mastercard, Inc. — Class A		384		215,785
Total Financial				3,898,578

Consumer, Non-cyclical - 9.4%
Quanta Services, Inc.		1,588		600,391
United Rentals, Inc.		617		464,848
Insulet Corp.*		1,278		401,522
Corpay, Inc.*		1,023		339,452
Intuitive Surgical, Inc.*		553		300,506
Boston Scientific Corp.*		2,350		252,413
Cintas Corp.		1,123		250,283
ResMed, Inc.		919		237,102
DaVita, Inc.*		1,479		210,684
Eli Lilly & Co.		191		148,890
Total Consumer, Non-cyclical				3,206,091

Utilities - 5.4%
Vistra Corp.		4,543		880,479
NRG Energy, Inc.		3,940		632,685
Constellation Energy Corp.		1,055		340,512
Total Utilities				1,853,676

198 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
S&P 500^® PURE GROWTH FUND

	Shares		Value
Energy - 3.0%
Texas Pacific Land Corp.		473	$	499,672
Hess Corp.		1,954		270,707
Targa Resources Corp.		1,522		264,950
Total Energy				1,035,329

Total Common Stocks
(Cost $25,713,188)				33,936,849

	Face Amount
REPURCHASE AGREEMENTS^††,1 - 0.5%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	92,504		92,504
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		39,915		39,915
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		38,543		38,543
Total Repurchase Agreements
(Cost $170,962)				170,962

Total Investments - 99.8%
(Cost $25,884,150)			$	34,107,811
Other Assets & Liabilities, net - 0.2%				55,738
Total Net Assets - 100.0%			$	34,163,549

*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Repurchase Agreements — See Note 6.
	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 June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	33,936,849	$	—	$	—	$	33,936,849
Repurchase Agreements		—		170,962		—		170,962
Total Assets	$	33,936,849	$	170,962	$	—	$	34,107,811

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 199

S&P 500^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value (cost $25,713,188)	$	33,936,849
Repurchase agreements, at value (cost $170,962)		170,962
Cash		873
Receivables:
Securities sold		1,439,301
Fund shares sold		49,364
Dividends		7,290
Interest		21
Securities lending income		5
Total assets		35,604,665

Liabilities:
Payable for:
Fund shares redeemed		1,345,145
Management fees		17,893
Transfer agent fees		12,681
Investor service fees		5,964
Portfolio accounting and administration fees		2,505
Trustees’ fees*		299
Miscellaneous		56,629
Total liabilities		1,441,116
Net assets	$	34,163,549

Net assets consist of:
Paid in capital	$	24,177,586
Total distributable earnings (loss)		9,985,963
Net assets	$	34,163,549
Capital shares outstanding		554,561
Net asset value per share	$	61.60

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends	$	91,261
Interest		5,143
Income from securities lending, net		31
Total investment income		96,435

Expenses:
Management fees		106,060
Investor service fees		35,354
Transfer agent fees		39,934
Professional fees		30,152
Portfolio accounting and administration fees		21,919
Custodian fees		1,988
Trustees’ fees*		1,907
Line of credit fees		9
Miscellaneous		10,741
Total expenses		248,064
Less:
Expenses reimbursed by Adviser		(7,071	)
Net expenses		240,993
Net investment loss		(144,558	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(702,325	)
Net realized loss		(702,325	)
Net change in unrealized appreciation (depreciation) on:
Investments		3,414,195
Net change in unrealized appreciation (depreciation)		3,414,195
Net realized and unrealized gain		2,711,870
Net increase in net assets resulting from operations	$	2,567,312

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

200 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P 500^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(144,558	)	$	(267,424	)
Net realized gain (loss) on investments		(702,325	)		3,901,016
Net change in unrealized appreciation (depreciation) on investments		3,414,195			2,569,712
Net increase in net assets resulting from operations		2,567,312			6,203,304

Distributions to shareholders		—			(122,311	)

Capital share transactions:
Proceeds from sale of shares		34,394,742			69,693,909
Distributions reinvested		—			122,311
Cost of shares redeemed		(31,132,338	)		(70,008,171	)
Net increase (decrease) from capital share transactions		3,262,404			(191,951	)
Net increase in net assets		5,829,716			5,889,042

Net assets:
Beginning of period		28,333,833			22,444,791
End of period	$	34,163,549		$	28,333,833

Capital share activity:
Shares sold		607,449			1,379,845
Shares issued from reinvestment of distributions		—			2,418
Shares redeemed		(560,494	)		(1,381,420	)
Net increase in shares		46,955			843

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 201

S&P 500^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	55.82		$	44.29		$	41.60		$	70.09		$	55.17		$	54.49
Income (loss) from investment operations:
Net investment income (loss)^b		(.28	)		(.50	)		.03			(.27	)		(.84	)		(.48	)
Net gain (loss) on investments (realized and unrealized)		6.06			12.28			2.66			(19.18	)		16.03			13.22
Total from investment operations		5.78			11.78			2.69			(19.45	)		15.19			12.74
Less distributions from:
Net investment income		—			(.03	)		—			—			—			—
Net realized gains		—			(.22	)		—			(9.04	)		(.27	)		(12.06	)
Total distributions		—			(.25	)		—			(9.04	)		(.27	)		(12.06	)
Net asset value, end of period	$	61.60		$	55.82		$	44.29		$	41.60		$	70.09		$	55.17

Total Return^c		10.35	%		26.67	%		6.47	%		(28.35	%)		27.59	%		27.32	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	34,164		$	28,334		$	22,445		$	23,407		$	52,617		$	35,292
Ratios to average net assets:
Net investment income (loss)		(1.02	%)		(0.98	%)		0.06	%		(0.53	%)		(1.34	%)		(0.94	%)
Total expenses		1.75	%		1.69	%		1.71	%		1.67	%		1.60	%		1.73	%
Net expenses^d		1.70	%		1.64	%		1.69	%		1.67	%		1.60	%		1.73	%
Portfolio turnover rate		99	%		284	%		182	%		139	%		155	%		159	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

202 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
S&P 500^® PURE VALUE FUND

	Shares		Value
COMMON STOCKS^† - 99.5%

Consumer, Non-cyclical - 31.2%
CVS Health Corp.		8,141	$	561,566
Archer-Daniels-Midland Co.		7,339		387,352
Centene Corp.*		7,071		383,814
Bunge Global S.A.		4,535		364,070
Kroger Co.		4,378		314,034
Cardinal Health, Inc.		1,767		296,856
Tyson Foods, Inc. — Class A		4,896		273,882
Humana, Inc.		1,105		270,150
Cencora, Inc. — Class A		882		264,468
Cigna Group		790		261,158
McKesson Corp.		355		260,137
Kraft Heinz Co.		7,404		191,171
Elevance Health, Inc.		488		189,812
Molina Healthcare, Inc.*		612		182,315
Viatris, Inc.		19,111		170,661
Molson Coors Beverage Co. — Class B		3,539		170,191
Universal Health Services, Inc. — Class B		645		116,842
Sysco Corp.		1,517		114,897
Henry Schein, Inc.*		1,317		96,207
Conagra Brands, Inc.		4,680		95,800
J M Smucker Co.		879		86,318
Biogen, Inc.*		605		75,982
Baxter International, Inc.		2,475		74,943
Global Payments, Inc.		794		63,552
Total Consumer, Non-cyclical				5,266,178

Financial - 18.3%
Citigroup, Inc.		3,460		294,515
American International Group, Inc.		2,613		223,647
Loews Corp.		2,269		207,977
Franklin Resources, Inc.		8,715		207,853
Invesco Ltd.		12,588		198,513
Everest Group Ltd.		561		190,656
Prudential Financial, Inc.		1,717		184,474
Citizens Financial Group, Inc.		3,478		155,640
State Street Corp.		1,165		123,886
MetLife, Inc.		1,529		122,962
Capital One Financial Corp.		575		122,337
Allstate Corp.		487		98,038
Assurant, Inc.		453		89,463
Bank of America Corp.		1,873		88,630
Travelers Companies, Inc.		321		85,880
VICI Properties, Inc. REIT		2,597		84,662
Truist Financial Corp.		1,927		82,842
Alexandria Real Estate Equities, Inc. REIT		1,098		79,748
Chubb Ltd.		270		78,224
M&T Bank Corp.		400		77,596
Principal Financial Group, Inc.		953		75,697
Huntington Bancshares, Inc.		4,393		73,627
KeyCorp		4,066		70,830
Regions Financial Corp.		2,983		70,160
Total Financial				3,087,857

Consumer, Cyclical - 18.0%
Ford Motor Co.		40,897		443,732
General Motors Co.		8,375		412,134
Dollar General Corp.		2,927		334,790
Walgreens Boots Alliance, Inc.*		23,361		268,185
Dollar Tree, Inc.*		2,480		245,619
Aptiv plc*		3,155		215,234
LKQ Corp.		4,511		166,952
CarMax, Inc.*		2,395		160,968
Southwest Airlines Co.		4,336		140,660
Best Buy Company, Inc.		1,802		120,968
MGM Resorts International*		2,946		101,313
Target Corp.		981		96,776
Caesars Entertainment, Inc.*		3,373		95,760
Genuine Parts Co.		752		91,225
Lennar Corp. — Class A		677		74,883
DR Horton, Inc.		470		60,592
Total Consumer, Cyclical				3,029,791

Energy - 9.1%
Valero Energy Corp.		2,362		317,500
Marathon Petroleum Corp.		1,624		269,763
Phillips 66		2,183		260,432
APA Corp.		6,938		126,896
Equities Corp.		1,635		95,353
Devon Energy Corp.		2,596		82,579
Exxon Mobil Corp.		757		81,604
Chevron Corp.		520		74,459
Diamondback Energy, Inc.		540		74,196
Occidental Petroleum Corp.		1,762		74,022
Coterra Energy, Inc. — Class A		2,848		72,282
Total Energy				1,529,086

Basic Materials - 6.2%
Mosaic Co.		12,383		451,732
LyondellBasell Industries N.V. — Class A		2,178		126,019
Dow, Inc.		3,922		103,855
Nucor Corp.		787		101,948
Steel Dynamics, Inc.		539		68,997
International Paper Co.		1,389		65,047
DuPont de Nemours, Inc.		914		62,691
Eastman Chemical Co.		818		61,072
Total Basic Materials				1,041,361

Communications - 5.9%
Paramount Global — Class B		27,009		348,416
Warner Bros Discovery, Inc.*		21,951		251,559
AT&T, Inc.		4,522		130,867
Verizon Communications, Inc.		1,982		85,761
Comcast Corp. — Class A		2,276		81,230
Fox Corp. — Class A		1,158		64,894
Fox Corp. — Class B		690		35,625
Total Communications				998,352

Industrial - 5.5%
Huntington Ingalls Industries, Inc.		906		218,763
Mohawk Industries, Inc.*		1,665		174,559

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 203

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
S&P 500^® PURE VALUE FUND

	Shares		Value
Jabil, Inc.		792	$	172,735
Stanley Black & Decker, Inc.		1,650		111,787
Smurfit WestRock plc		2,243		96,785
FedEx Corp.		348		79,104
Textron, Inc.		980		78,684
Total Industrial				932,417

Utilities - 3.6%
Exelon Corp.		2,831		122,922
Evergy, Inc.		1,364		94,020
AES Corp.		8,763		92,187
Consolidated Edison, Inc.		848		85,097
Pinnacle West Capital Corp.		924		82,670
Eversource Energy		1,195		76,026
PG&E Corp.		4,057		56,555
Total Utilities				609,477

Technology - 1.7%
Hewlett Packard Enterprise Co.		8,248		168,671
Intel Corp.*		5,577		124,925
Total Technology				293,596

Total Common Stocks
(Cost $12,490,569)				16,788,115

REPURCHASE AGREEMENTS^††,1 - 0.3%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	26,656		26,656
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25	11,502		11,502
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25	11,106		11,106
Total Repurchase Agreements
(Cost $49,264)			49,264

Total Investments - 99.8%
(Cost $12,539,833)		$	16,837,379
Other Assets & Liabilities, net - 0.2%			37,414
Total Net Assets - 100.0%		$	16,874,793

*	Non-income producing security.
^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Repurchase Agreements — See Note 6.
	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 June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	16,788,115	$	—	$	—	$	16,788,115
Repurchase Agreements		—		49,264		—		49,264
Total Assets	$	16,788,115	$	49,264	$	—	$	16,837,379

204 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P 500^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value (cost $12,490,569)	$	16,788,115
Repurchase agreements, at value (cost $49,264)		49,264
Receivables:
Securities sold		85,968
Dividends		17,494
Interest		6
Total assets		16,940,847

Liabilities:
Payable for:
Professional fees		13,594
Management fees		9,934
Printing fees		9,791
Transfer agent fees		8,166
Fund shares redeemed		5,706
Investor service fees		3,311
Portfolio accounting and administration fees		1,391
Licensing fees		1,332
Trustees’ fees*		197
Miscellaneous		12,632
Total liabilities		66,054
Net assets	$	16,874,793

Net assets consist of:
Paid in capital	$	14,758,029
Total distributable earnings (loss)		2,116,764
Net assets	$	16,874,793
Capital shares outstanding		266,613
Net asset value per share	$	63.29

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $10)	$	255,152
Interest		2,986
Income from securities lending, net		212
Total investment income		258,350

Expenses:
Management fees		69,933
Investor service fees		23,311
Transfer agent fees		26,582
Professional fees		17,572
Portfolio accounting and administration fees		14,453
Custodian fees		1,318
Trustees’ fees*		1,289
Line of credit fees		3
Miscellaneous		8,979
Total expenses		163,440
Less:
Expenses reimbursed by Adviser		(4,662	)
Net expenses		158,778
Net investment income		99,572

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(822,305	)
Net realized loss		(822,305	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,235,553
Net change in unrealized appreciation (depreciation)		1,235,553
Net realized and unrealized gain		413,248
Net increase in net assets resulting from operations	$	512,820

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 205

S&P 500^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	99,572		$	208,582
Net realized gain (loss) on investments		(822,305	)		1,744,012
Net change in unrealized appreciation (depreciation) on investments		1,235,553			(175,473	)
Net increase in net assets resulting from operations		512,820			1,777,121

Distributions to shareholders		—			(247,566	)

Capital share transactions:
Proceeds from sale of shares		26,473,941			40,093,751
Distributions reinvested		—			247,566
Cost of shares redeemed		(28,453,473	)		(43,003,724	)
Net decrease from capital share transactions		(1,979,532	)		(2,662,407	)
Net decrease in net assets		(1,466,712	)		(1,132,852	)

Net assets:
Beginning of period		18,341,505			19,474,357
End of period	$	16,874,793		$	18,341,505

Capital share activity:
Shares sold		439,211			687,536
Shares issued from reinvestment of distributions		—			4,233
Shares redeemed		(475,860	)		(740,653	)
Net decrease in shares		(36,649	)		(48,884	)

206 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P 500^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	60.48		$	55.30		$	52.80		$	61.26		$	46.76		$	58.01
Income (loss) from investment operations:
Net investment income (loss)^b		.32			.62			.56			.50			.50			.46
Net gain (loss) on investments (realized and unrealized)		2.49			5.35			2.73			(2.25	)		14.56			(7.59	)
Total from investment operations		2.81			5.97			3.29			(1.75	)		15.06			(7.13	)
Less distributions from:
Net investment income		—			(.79	)		(.79	)		(.57	)		(.36	)		(.85	)
Net realized gains		—			—			—			(6.14	)		(.20	)		(3.27	)
Total distributions		—			(.79	)		(.79	)		(6.71	)		(.56	)		(4.12	)
Net asset value, end of period	$	63.29		$	60.48		$	55.30		$	52.80		$	61.26		$	46.76

Total Return^c		4.65	%		10.84	%		6.29	%		(2.55	%)		32.32	%		(10.56	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	16,875		$	18,342		$	19,474		$	33,199		$	30,303		$	25,999
Ratios to average net assets:
Net investment income (loss)		1.07	%		1.07	%		1.07	%		0.86	%		0.87	%		1.08	%
Total expenses		1.75	%		1.69	%		1.70	%		1.67	%		1.59	%		1.73	%
Net expenses^d		1.70	%		1.64	%		1.69	%		1.67	%		1.59	%		1.73	%
Portfolio turnover rate		127	%		216	%		88	%		280	%		184	%		157	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 207

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
S&P MIDCAP 400^® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS^† - 99.7%

Industrial - 25.6%
Comfort Systems USA, Inc.		417	$	223,599
EMCOR Group, Inc.		340		181,863
MasTec, Inc.*		836		142,479
RBC Bearings, Inc.*		335		128,908
Chart Industries, Inc.*		705		116,078
AAON, Inc.		1,480		109,150
Kirby Corp.*		946		107,286
Curtiss-Wright Corp.		213		104,061
Clean Harbors, Inc.*		447		103,338
Woodward, Inc.		354		86,762
BWX Technologies, Inc.		577		83,123
Fabrinet*		280		82,510
Eagle Materials, Inc.		407		82,259
TopBuild Corp.*		240		77,698
Acuity, Inc.		255		76,077
Esab Corp.		626		75,465
nVent Electric plc		1,024		75,008
Applied Industrial Technologies, Inc.		298		69,270
Belden, Inc.		550		63,690
Tetra Tech, Inc.		1,741		62,606
Mueller Industries, Inc.		751		59,682
Knife River Corp.*		718		58,617
Owens Corning		379		52,120
Coherent Corp.*		583		52,009
Carlisle Companies, Inc.		138		51,529
Louisiana-Pacific Corp.		422		36,288
Saia, Inc.*		114		31,235
Total Industrial				2,392,710

Consumer, Non-cyclical - 24.3%
Roivant Sciences Ltd.*		17,812		200,741
Exelixis, Inc.*		3,860		170,129
Shift4 Payments, Inc. — Class A*^,1		1,655		164,027
Masimo Corp.*		839		141,137
Globus Medical, Inc. — Class A*		2,186		129,018
Sprouts Farmers Market, Inc.*		747		122,986
RB Global, Inc.		1,126		119,570
Halozyme Therapeutics, Inc.*		2,154		112,051
Pilgrim’s Pride Corp.		2,337		105,118
Lantheus Holdings, Inc.*		1,283		105,026
Paylocity Holding Corp.*		567		102,734
Medpace Holdings, Inc.*		307		96,355
Valvoline, Inc.*		2,294		86,874
H&R Block, Inc.		1,528		83,872
United Therapeutics Corp.*		288		82,757
Neurocrine Biosciences, Inc.*		643		80,819
Grand Canyon Education, Inc.*		421		79,569
elf Beauty, Inc.*		592		73,668
Coca-Cola Consolidated, Inc.		612		68,330
HealthEquity, Inc.*		613		64,218
Ensign Group, Inc.		391		60,316
Sarepta Therapeutics, Inc.*		1,316		22,504
Total Consumer, Non-cyclical				2,271,819

Consumer, Cyclical - 14.5%
Planet Fitness, Inc. — Class A*		1,318		143,728
Texas Roadhouse, Inc. — Class A		711		133,248
Wingstop, Inc.		362		121,900
Hyatt Hotels Corp. — Class A		857		119,680
Hilton Grand Vacations, Inc.*		2,525		104,863
Alaska Air Group, Inc.*		2,116		104,700
American Airlines Group, Inc.*		8,978		100,733
Toll Brothers, Inc.		832		94,956
Travel + Leisure Co.		1,792		92,485
Abercrombie & Fitch Co. — Class A*		1,051		87,075
Murphy USA, Inc.		197		80,140
Crocs, Inc.*		652		66,035
Churchill Downs, Inc.		611		61,711
Choice Hotels International, Inc.¹		352		44,662
Total Consumer, Cyclical				1,355,916

Financial - 10.9%
Interactive Brokers Group, Inc. — Class A		2,958		163,903
RenaissanceRe Holdings Ltd.		581		141,125
Kinsale Capital Group, Inc.		262		126,782
Hamilton Lane, Inc. — Class A		834		118,528
East West Bancorp, Inc.		971		98,052
Ryan Specialty Holdings, Inc.		1,442		98,041
Western Alliance Bancorporation		1,187		92,562
SLM Corp.		2,184		71,613
Equitable Holdings, Inc.		1,203		67,488
Houlihan Lokey, Inc.		263		47,327
Total Financial				1,025,421

Technology - 10.0%
Guidewire Software, Inc.*		634		149,275
ExlService Holdings, Inc.*		2,507		109,782
Appfolio, Inc. — Class A*		446		102,705
CommVault Systems, Inc.*		575		100,240
DocuSign, Inc.*		1,108		86,302
Pegasystems, Inc.		1,476		79,896
Doximity, Inc. — Class A*		1,288		79,006
Parsons Corp.*		1,076		77,225
Okta, Inc.*		621		62,081
Dynatrace, Inc.*		961		53,057
Manhattan Associates, Inc.*		201		39,691
Total Technology				939,260

Energy - 5.7%
Valaris Ltd.*		4,196		176,693
Permian Resources Corp.		7,906		107,680
CNX Resources Corp.*		2,601		87,602
Viper Energy, Inc.		2,146		81,827
DT Midstream, Inc.		693		76,168
Total Energy				529,970

Basic Materials - 4.6%
Carpenter Technology Corp.		985		272,234
ATI, Inc.*		1,867		161,197
Total Basic Materials				433,431

208 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
S&P MIDCAP 400^® PURE GROWTH FUND

	Shares		Value
Communications - 4.1%
Hims & Hers Health, Inc.*^,1		5,278	$	263,108
Chewy, Inc. — Class A*		2,766		117,887
Total Communications				380,995

Total Common Stocks
(Cost $7,857,191)				9,329,522

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.8%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	39,445		39,445
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		17,021		17,021
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		16,436		16,436
Total Repurchase Agreements
(Cost $72,902)				72,902

SECURITIES LENDING COLLATERAL^†,3 - 3.8%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		358,741		358,741
Total Securities Lending Collateral
(Cost $358,741)				358,741

Total Investments - 104.3%
(Cost $8,288,834)			$	9,761,165
Other Assets & Liabilities, net - (4.3)%				(399,018	)
Total Net Assets - 100.0%			$	9,362,147

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	9,329,522	$	—	$	—	$	9,329,522
Repurchase Agreements		—		72,902		—		72,902
Securities Lending Collateral		358,741		—		—		358,741
Total Assets	$	9,688,263	$	72,902	$	—	$	9,761,165

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 209

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $353,798 of securities loaned (cost $8,215,932)	$	9,688,263
Repurchase agreements, at value (cost $72,902)		72,902
Cash		284
Receivables:
Dividends		2,501
Foreign tax reclaims		131
Securities lending income		36
Interest		9
Total assets		9,764,126

Liabilities:
Payable for:
Return of securities lending collateral		358,741
Fund shares redeemed		9,327
Management fees		5,952
Transfer agent fees		4,451
Investor service fees		1,984
Portfolio accounting and administration fees		833
Trustees’ fees*		108
Miscellaneous		20,583
Total liabilities		401,979
Net assets	$	9,362,147

Net assets consist of:
Paid in capital	$	7,772,870
Total distributable earnings (loss)		1,589,277
Net assets	$	9,362,147
Capital shares outstanding		244,633
Net asset value per share	$	38.27

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends (net of foreign withholding tax of $113)	$	50,852
Interest		1,813
Income from securities lending, net		154
Total investment income		52,819

Expenses:
Management fees		36,975
Transfer agent fees		14,454
Investor service fees		12,325
Professional fees		9,932
Portfolio accounting and administration fees		7,641
Trustees’ fees*		757
Custodian fees		708
Line of credit fees		17
Miscellaneous		3,654
Total expenses		86,463
Less:
Expenses reimbursed by Adviser		(2,465	)
Net expenses		83,998
Net investment loss		(31,179	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(167,453	)
Net realized loss		(167,453	)
Net change in unrealized appreciation (depreciation) on:
Investments		79,785
Net change in unrealized appreciation (depreciation)		79,785
Net realized and unrealized loss		(87,668	)
Net decrease in net assets resulting from operations	$	(118,847	)

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

210 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(31,179	)	$	(121,144	)
Net realized gain (loss) on investments		(167,453	)		1,360,431
Net change in unrealized appreciation (depreciation) on investments		79,785			335,605
Net increase (decrease) in net assets resulting from operations		(118,847	)		1,574,892

Distributions to shareholders		—			(981	)

Capital share transactions:
Proceeds from sale of shares		6,198,366			37,472,204
Distributions reinvested		—			981
Cost of shares redeemed		(8,818,564	)		(35,924,565	)
Net increase (decrease) from capital share transactions		(2,620,198	)		1,548,620
Net increase (decrease) in net assets		(2,739,045	)		3,122,531

Net assets:
Beginning of period		12,101,192			8,978,661
End of period	$	9,362,147		$	12,101,192

Capital share activity:
Shares sold		164,835			976,987
Shares issued from reinvestment of distributions		—			25
Shares redeemed		(236,953	)		(933,202	)
Net increase (decrease) in shares		(72,118	)		43,810

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 211

S&P MIDCAP 400^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	38.20		$	32.90		$	28.69		$	46.84		$	45.31		$	36.17
Income (loss) from investment operations:
Net investment income (loss)^b		(.12	)		(.35	)		(.16	)		(.19	)		(.59	)		(.41	)
Net gain (loss) on investments (realized and unrealized)		.19	^e		5.65			4.37			(10.46	)		6.04			11.04
Total from investment operations		.07			5.30			4.21			(10.65	)		5.45			10.63
Less distributions from:
Net realized gains		—			—	^f		—			(7.50	)		(3.92	)		(1.49	)
Total distributions		—			—			—			(7.50	)		(3.92	)		(1.49	)
Net asset value, end of period	$	38.27		$	38.20		$	32.90		$	28.69		$	46.84		$	45.31

Total Return^c		0.18	%		16.15	%		14.67	%		(22.62	%)		12.21	%		30.47	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,362		$	12,101		$	8,979		$	11,962		$	18,633		$	20,870
Ratios to average net assets:
Net investment income (loss)		(0.63	%)		(0.92	%)		(0.52	%)		(0.55	%)		(1.23	%)		(1.13	%)
Total expenses		1.75	%		1.69	%		1.71	%		1.67	%		1.60	%		1.72	%
Net expenses^d		1.70	%		1.64	%		1.69	%		1.67	%		1.60	%		1.72	%
Portfolio turnover rate		58	%		322	%		197	%		227	%		159	%		204	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
^f	Less than $0.01.

212 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
S&P MIDCAP 400^® PURE VALUE FUND

	Shares		Value
COMMON STOCKS^† - 99.2%

Consumer, Cyclical - 26.4%
Goodyear Tire & Rubber Co.*		21,518	$	223,142
Lear Corp.		1,806		171,534
AutoNation, Inc.*		708		140,644
Lithia Motors, Inc. — Class A		411		138,844
Macy’s, Inc.		11,237		131,024
Penske Automotive Group, Inc.		742		127,483
Whirlpool Corp.		1,070		108,519
WESCO International, Inc.		453		83,896
Thor Industries, Inc.		853		75,755
PVH Corp.		895		61,397
Visteon Corp.*		655		61,111
Taylor Morrison Home Corp. — Class A*		975		59,885
Harley-Davidson, Inc.		2,496		58,906
Gap, Inc.		2,241		48,876
Capri Holdings Ltd.*		2,733		48,374
Polaris, Inc.		1,079		43,861
Aramark		1,016		42,540
Marriott Vacations Worldwide Corp.		556		40,204
Under Armour, Inc. — Class A*		2,452		16,747
Under Armour, Inc. — Class C*		1,706		11,072
Total Consumer, Cyclical				1,693,814

Industrial - 17.2%
Avnet, Inc.		3,698		196,290
Arrow Electronics, Inc.*		1,536		195,733
TD SYNNEX Corp.		1,413		191,744
Greif, Inc. — Class A		1,196		77,728
AGCO Corp.		728		75,100
Oshkosh Corp.		648		73,574
Flex Ltd.*		1,246		62,200
CNH Industrial N.V.		4,679		60,640
Terex Corp.		1,251		58,409
Sonoco Products Co.		953		41,513
Fluor Corp.*		678		34,761
Knight-Swift Transportation Holdings, Inc.		784		34,676
Total Industrial				1,102,368

Consumer, Non-cyclical - 14.9%
Avis Budget Group, Inc.*		909		153,666
Performance Food Group Co.*		1,302		113,886
Albertsons Companies, Inc. — Class A		5,071		109,077
ManpowerGroup, Inc.		2,578		104,151
Perrigo Company plc		3,825		102,204
Graham Holdings Co. — Class B		101		95,563
US Foods Holding Corp.*		1,013		78,011
Darling Ingredients, Inc.*		1,409		53,457
GXO Logistics, Inc.*		1,025		49,918
Acadia Healthcare Company, Inc.*		1,614		36,622
Insperity, Inc.		564		33,908
Coty, Inc. — Class A*		5,821		27,068
Total Consumer, Non-cyclical				957,531

Financial - 14.8%
Brighthouse Financial, Inc.*		2,174		116,896
Reinsurance Group of America, Inc. — Class A		399		79,146
Ally Financial, Inc.		1,830		71,279
Unum Group		849		68,565
Valley National Bancorp		7,554		67,457
CNO Financial Group, Inc.		1,456		56,172
Associated Banc-Corp.		2,198		53,609
Kilroy Realty Corp. REIT¹		1,463		50,196
FNB Corp.		3,324		48,464
Old Republic International Corp.		1,239		47,627
Essent Group Ltd.		782		47,491
Bank OZK		997		46,919
Kemper Corp.		718		46,340
Hanover Insurance Group, Inc.		242		41,109
First American Financial Corp.		668		41,008
Starwood Property Trust, Inc. REIT		1,892		37,972
Prosperity Bancshares, Inc.		472		33,153
Total Financial				953,403

Energy - 11.7%
HF Sinclair Corp.		5,590		229,637
PBF Energy, Inc. — Class A		7,150		154,941
NOV, Inc.		7,654		95,139
Chord Energy Corp.		769		74,478
Civitas Resources, Inc.		2,620		72,102
Ovintiv, Inc.		1,691		64,343
Murphy Oil Corp.		2,821		63,472
Total Energy				754,112

Technology - 6.4%
Concentrix Corp.		5,358		283,197
BILL Holdings, Inc.*		1,079		49,914
Amkor Technology, Inc.		1,908		40,049
Maximus, Inc.		515		36,153
Total Technology				409,313

Utilities - 4.4%
UGI Corp.		2,063		75,134
Northwestern Energy Group, Inc.		864		44,323
Spire, Inc.		587		42,845
Southwest Gas Holdings, Inc.		568		42,254
Portland General Electric Co.		1,006		40,874
Black Hills Corp.		614		34,445
Total Utilities				279,875

Basic Materials - 3.4%
Cleveland-Cliffs, Inc.*		16,714		127,027
Commercial Metals Co.		898		43,921
Ashland, Inc.		583		29,313
Olin Corp.		1,009		20,271
Total Basic Materials				220,532

Total Common Stocks
(Cost $5,160,443)				6,370,948

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 213

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
S&P MIDCAP 400^® PURE VALUE FUND

	Face Amount		Value
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	25,115	$	25,115
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		10,837		10,837
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		10,465		10,465
Total Repurchase Agreements
(Cost $46,417)				46,417

	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.6%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		38,944		38,944
Total Securities Lending Collateral
(Cost $38,944)				38,944

Total Investments - 100.5%
(Cost $5,245,804)			$	6,456,309
Other Assets & Liabilities, net - (0.5)%				(33,595	)
Total Net Assets - 100.0%			$	6,422,714

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	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 June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	6,370,948	$	—	$	—	$	6,370,948
Repurchase Agreements		—		46,417		—		46,417
Securities Lending Collateral		38,944		—		—		38,944
Total Assets	$	6,409,892	$	46,417	$	—	$	6,456,309

214 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $37,638 of securities loaned (cost $5,199,387)	$	6,409,892
Repurchase agreements, at value (cost $46,417)		46,417
Receivables:
Fund shares sold		22,467
Dividends		7,468
Securities lending income		6
Interest		6
Total assets		6,486,256

Liabilities:
Payable for:
Return of securities lending collateral		38,944
Professional fees		5,311
Management fees		4,034
Transfer agent fees		3,081
Investor service fees		1,345
Fund shares redeemed		1,076
Portfolio accounting and administration fees		565
Trustees’ fees*		75
Miscellaneous		9,111
Total liabilities		63,542
Net assets	$	6,422,714

Net assets consist of:
Paid in capital	$	5,379,471
Total distributable earnings (loss)		1,043,243
Net assets	$	6,422,714
Capital shares outstanding		126,832
Net asset value per share	$	50.64

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends	$	89,402
Interest		1,192
Income from securities lending, net		26
Total investment income		90,620

Expenses:
Management fees		26,556
Investor service fees		8,852
Transfer agent fees		10,228
Professional fees		7,087
Portfolio accounting and administration fees		5,488
Trustees’ fees*		517
Custodian fees		505
Line of credit fees		100
Miscellaneous		2,813
Total expenses		62,146
Less:
Expenses reimbursed by Adviser		(1,771	)
Net expenses		60,375
Net investment income		30,245

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(249,032	)
Net realized loss		(249,032	)
Net change in unrealized appreciation (depreciation) on:
Investments		97,302
Net change in unrealized appreciation (depreciation)		97,302
Net realized and unrealized loss		(151,730	)
Net decrease in net assets resulting from operations	$	(121,485	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 215

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	30,245		$	11,395
Net realized gain (loss) on investments		(249,032	)		995,099
Net change in unrealized appreciation (depreciation) on investments		97,302			(895,240	)
Net increase (decrease) in net assets resulting from operations		(121,485	)		111,254

Distributions to shareholders		—			(361,848	)

Capital share transactions:
Proceeds from sale of shares		8,341,915			9,545,572
Distributions reinvested		—			361,848
Cost of shares redeemed		(9,358,304	)		(13,586,185	)
Net decrease from capital share transactions		(1,016,389	)		(3,678,765	)
Net decrease in net assets		(1,137,874	)		(3,929,359	)

Net assets:
Beginning of period		7,560,588			11,489,947
End of period	$	6,422,714		$	7,560,588

Capital share activity:
Shares sold		164,712			187,884
Shares issued from reinvestment of distributions		—			7,529
Shares redeemed		(187,436	)		(271,582	)
Net decrease in shares		(22,724	)		(76,169	)

216 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P MIDCAP 400^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	50.55		$	50.90		$	39.82		$	54.73		$	43.24		$	42.15
Income (loss) from investment operations:
Net investment income (loss)^b		.21			.07			.01			.29			.26			.09
Net gain (loss) on investments (realized and unrealized)		(.12	)		2.05			11.07			(3.74	)		13.11			2.49
Total from investment operations		.09			2.12			11.08			(3.45	)		13.37			2.58
Less distributions from:
Net investment income		—			(.04	)		—			(.55	)		(.04	)		(.15	)
Net realized gains		—			(2.43	)		—			(10.91	)		(1.84	)		(1.34	)
Total distributions		—			(2.47	)		—			(11.46	)		(1.88	)		(1.49	)
Net asset value, end of period	$	50.64		$	50.55		$	50.90		$	39.82		$	54.73		$	43.24

Total Return^c		0.18	%		4.42	%		27.83	%		(5.22	%)		31.25	%		7.42	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,423		$	7,561		$	11,490		$	12,027		$	13,823		$	16,368
Ratios to average net assets:
Net investment income (loss)		0.85	%		0.14	%		0.02	%		0.63	%		0.49	%		0.27	%
Total expenses		1.76	%		1.69	%		1.71	%		1.67	%		1.59	%		1.72	%
Net expenses^d		1.71	%		1.64	%		1.69	%		1.67	%		1.59	%		1.72	%
Portfolio turnover rate		122	%		152	%		238	%		257	%		216	%		320	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 217

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
S&P SMALLCAP 600^® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS^† - 99.6%

Consumer, Non-cyclical - 27.9%
Protagonist Therapeutics, Inc.*		3,127	$	172,829
Corcept Therapeutics, Inc.*		1,961		143,938
TG Therapeutics, Inc.*		3,914		140,865
Adtalem Global Education, Inc.*		1,076		136,900
Chefs’ Warehouse, Inc.*		2,059		131,385
TransMedics Group, Inc.*		948		127,042
ADMA Biologics, Inc.*		6,183		112,592
Cal-Maine Foods, Inc.		1,111		110,689
UFP Technologies, Inc.*		384		93,757
Catalyst Pharmaceuticals, Inc.*		4,229		91,769
Krystal Biotech, Inc.*		637		87,562
Stride, Inc.*		504		73,176
Harmony Biosciences Holdings, Inc.*		2,035		64,306
ICU Medical, Inc.*		475		62,771
Collegium Pharmaceutical, Inc.*		1,998		59,081
Phibro Animal Health Corp. — Class A		2,290		58,487
CorVel Corp.*		544		55,912
LeMaitre Vascular, Inc.		633		52,571
Verra Mobility Corp.*		1,954		49,612
Inspire Medical Systems, Inc.*		381		49,442
Astrana Health, Inc.*		1,765		43,913
Integer Holdings Corp.*		353		43,408
BioLife Solutions, Inc.*		1,999		43,059
Artivion, Inc.*		1,343		41,767
ANI Pharmaceuticals, Inc.*		590		38,497
PROG Holdings, Inc.		1,297		38,067
Vericel Corp.*		867		36,891
Glaukos Corp.*		327		33,776
GEO Group, Inc.*		1,354		32,428
Inter Parfums, Inc.		223		29,282
RadNet, Inc.*		483		27,488
Arcus Biosciences, Inc.*		3,190		25,967
Payoneer Global, Inc.*		3,031		20,762
Ligand Pharmaceuticals, Inc.*^,†††		169		—
Ligand Pharmaceuticals, Inc.*^,†††		169		—
Total Consumer, Non-cyclical				2,329,991

Financial - 21.4%
Palomar Holdings, Inc.*		1,042		160,728
Acadian Asset Management, Inc.		3,308		116,574
Axos Financial, Inc.*		1,389		105,620
Trupanion, Inc.*		1,899		105,110
Enova International, Inc.*		855		95,350
HCI Group, Inc.		561		85,384
Pathward Financial, Inc.		1,062		84,025
MARA Holdings, Inc.*		5,177		81,175
Bancorp, Inc.*		1,176		66,997
Mercury General Corp.		992		66,801
WisdomTree, Inc.		5,648		65,008
Cleanspark, Inc.*		5,839		64,404
PJT Partners, Inc. — Class A		382		63,034
DiamondRock Hospitality Co. REIT		8,129		62,268
Xenia Hotels & Resorts, Inc. REIT		4,534		56,992
Ryman Hospitality Properties, Inc. REIT		573		56,538
Preferred Bank/Los Angeles CA		640		55,389
Goosehead Insurance, Inc. — Class A		517		54,549
Sunstone Hotel Investors, Inc. REIT		5,556		48,226
NMI Holdings, Inc. — Class A*		1,137		47,970
Virtu Financial, Inc. — Class A		953		42,685
ServisFirst Bancshares, Inc.		451		34,957
Essential Properties Realty Trust, Inc. REIT		1,047		33,410
Outfront Media, Inc. REIT¹		1,771		28,903
BancFirst Corp.		211		26,084
Curbline Properties Corp. REIT		1,140		26,026
City Holding Co.		209		25,586
NexPoint Residential Trust, Inc. REIT		732		24,390
Total Financial				1,784,183

Industrial - 20.3%
DXP Enterprises, Inc.*		1,462		128,144
AZZ, Inc.		1,202		113,565
Dycom Industries, Inc.*		419		102,400
Powell Industries, Inc.		450		94,703
SPX Technologies, Inc.*		526		88,200
Sterling Infrastructure, Inc.*		360		83,063
AeroVironment, Inc.*		291		82,920
Greenbrier Companies, Inc.		1,681		77,410
Armstrong World Industries, Inc.		454		73,748
Trinity Industries, Inc.		2,513		67,876
Zurn Elkay Water Solutions Corp.		1,851		67,691
Cactus, Inc. — Class A		1,488		65,055
CSW Industrials, Inc.		210		60,234
Badger Meter, Inc.		244		59,768
Granite Construction, Inc.		628		58,724
ESCO Technologies, Inc.		270		51,805
Itron, Inc.*		374		49,229
Griffon Corp.		668		48,343
Federal Signal Corp.		453		48,208
OSI Systems, Inc.*		214		48,120
Frontdoor, Inc.*		778		45,855
Mueller Water Products, Inc. — Class A		1,686		40,532
Enerpac Tool Group Corp.		962		39,019
Kadant, Inc.		113		35,872
Moog, Inc. — Class A		171		30,946
Apogee Enterprises, Inc.		750		30,450
Total Industrial				1,691,880

Consumer, Cyclical - 17.0%
Cinemark Holdings, Inc.		4,165		125,700
Shake Shack, Inc. — Class A*		699		98,280
Brinker International, Inc.*		524		94,493
OPENLANE, Inc.*		3,701		90,489
SkyWest, Inc.*		867		89,275
Dorman Products, Inc.*		641		78,631
Green Brick Partners, Inc.*		1,214		76,336
Boot Barn Holdings, Inc.*		475		72,200
Sabre Corp.*		22,588		71,378
Freshpet, Inc.*		1,019		69,251
Cavco Industries, Inc.*		159		69,074
Madison Square Garden Sports Corp. — Class A*		327		68,326

218 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
S&P SMALLCAP 600^® PURE GROWTH FUND

	Shares		Value
Dream Finders Homes, Inc. — Class A*		2,558	$	64,283
Pursuit Attractions and Hospitality, Inc.*		1,949		56,190
Installed Building Products, Inc.		285		51,391
Dave & Buster’s Entertainment, Inc.*		1,699		51,106
Six Flags Entertainment Corp.*		1,446		44,002
Interface, Inc. — Class A		2,068		43,283
Monarch Casino & Resort, Inc.		386		33,366
Champion Homes, Inc.*		375		23,479
XPEL, Inc.*		623		22,366
Kontoor Brands, Inc.		315		20,781
Total Consumer, Cyclical				1,413,680

Technology - 4.1%
Impinj, Inc.*		613		68,086
Clear Secure, Inc. — Class A		2,415		67,040
ACI Worldwide, Inc.*		1,299		59,637
Agilysys, Inc.*		428		49,066
Box, Inc. — Class A*		908		31,026
DigitalOcean Holdings, Inc.*		1,051		30,017
Semtech Corp.*		483		21,803
SPS Commerce, Inc.*		144		19,597
Total Technology				346,272

Energy - 3.8%
Archrock, Inc.		2,167		53,807
Warrior Met Coal, Inc.		1,057		48,442
Tidewater, Inc.*		1,015		46,822
Atlas Energy Solutions, Inc.¹		3,488		46,634
Core Natural Resources, Inc.		668		46,587
Northern Oil & Gas, Inc.		1,595		45,218
Oceaneering International, Inc.*		1,467		30,396
Total Energy				317,906

Communications - 3.0%
InterDigital, Inc.		624		139,919
QuinStreet, Inc.*		2,589		41,683
Cargurus, Inc.*		1,095		36,650
Cogent Communications Holdings, Inc.		587		28,299
Total Communications				246,551

Basic Materials - 2.1%
Hawkins, Inc.		535		76,024
Century Aluminum Co.*		3,218		57,988
Sylvamo Corp.		759		38,026
Total Basic Materials				172,038

Total Common Stocks
(Cost $6,948,519)				8,302,501

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	32,328		32,328
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		13,950		13,950
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		13,470		13,470
Total Repurchase Agreements
(Cost $59,748)				59,748

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 0.6%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		51,932		51,932
Total Securities Lending Collateral
(Cost $51,932)				51,932

Total Investments - 100.9%
(Cost $7,060,199)			$	8,414,181
Other Assets & Liabilities, net - (0.9)%				(76,634	)
Total Net Assets - 100.0%			$	8,337,547

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
^†††	Value determined based on Level 3 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	REIT — Real Estate Investment Trust

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 219

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
S&P SMALLCAP 600^® PURE GROWTH FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	8,302,501	$	—	$	—	*	$	8,302,501
Repurchase Agreements		—		59,748		—			59,748
Securities Lending Collateral		51,932		—		—			51,932
Total Assets	$	8,354,433	$	59,748	$	—		$	8,414,181

*	Security has a market value of $0.

220 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $51,165 of securities loaned (cost $7,000,451)	$	8,354,433
Repurchase agreements, at value (cost $59,748)		59,748
Receivables:
Dividends		3,828
Securities lending income		11
Interest		7
Total assets		8,418,027

Liabilities:
Payable for:
Return of securities lending collateral		51,932
Fund shares redeemed		6,269
Management fees		3,745
Transfer agent fees		2,937
Investor service fees		1,248
Portfolio accounting and administration fees		524
Trustees’ fees*		72
Miscellaneous		13,753
Total liabilities		80,480
Net assets	$	8,337,547

Net assets consist of:
Paid in capital	$	8,353,769
Total distributable earnings (loss)		(16,222	)
Net assets	$	8,337,547
Capital shares outstanding		155,276
Net asset value per share	$	53.70

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends	$	28,217
Interest		1,151
Income from securities lending, net		86
Total investment income		29,454

Expenses:
Management fees		24,721
Investor service fees		8,240
Transfer agent fees		9,670
Professional fees		6,556
Portfolio accounting and administration fees		5,109
Trustees’ fees*		507
Custodian fees		473
Line of credit fees		18
Miscellaneous		2,512
Total expenses		57,806
Less:
Expenses reimbursed by Adviser		(1,648	)
Net expenses		56,158
Net investment loss		(26,704	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(416,089	)
Net realized loss		(416,089	)
Net change in unrealized appreciation (depreciation) on:
Investments		379,315
Net change in unrealized appreciation (depreciation)		379,315
Net realized and unrealized loss		(36,774	)
Net decrease in net assets resulting from operations	$	(63,478	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 221

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(26,704	)	$	(23,591	)
Net realized gain (loss) on investments		(416,089	)		351,616
Net change in unrealized appreciation (depreciation) on investments		379,315			7,311
Net increase (decrease) in net assets resulting from operations		(63,478	)		335,336

Capital share transactions:
Proceeds from sale of shares		12,755,971			22,551,096
Cost of shares redeemed		(11,963,900	)		(21,999,098	)
Net increase from capital share transactions		792,071			551,998
Net increase in net assets		728,593			887,334

Net assets:
Beginning of period		7,608,954			6,721,620
End of period	$	8,337,547		$	7,608,954

Capital share activity:
Shares sold		239,629			433,645
Shares redeemed		(228,323	)		(427,271	)
Net increase in shares		11,306			6,374

222 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P SMALLCAP 600^® PURE GROWTH FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	52.85		$	48.85		$	41.63		$	72.13		$	60.80		$	55.24
Income (loss) from investment operations:
Net investment income (loss)^b		(.21	)		(.16	)		(.03	)		.03			(.76	)		(.45	)
Net gain (loss) on investments (realized and unrealized)		1.06			4.16			7.29			(20.84	)		12.40			8.42
Total from investment operations		.85			4.00			7.26			(20.81	)		11.64			7.97
Less distributions from:
Net investment income		—			—			(.04	)		—			—			—
Net realized gains		—			—			—			(9.69	)		(.31	)		(2.41	)
Total distributions		—			—			(.04	)		(9.69	)		(.31	)		(2.41	)
Net asset value, end of period	$	53.70		$	52.85		$	48.85		$	41.63		$	72.13		$	60.80

Total Return^c		1.61	%		8.19	%		17.47	%		(29.90	%)		19.16	%		15.76	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,338		$	7,609		$	6,722		$	5,897		$	12,957		$	16,014
Ratios to average net assets:
Net investment income (loss)		(0.81	%)		(0.30	%)		(0.07	%)		0.06	%		(1.08	%)		(0.93	%)
Total expenses		1.75	%		1.69	%		1.71	%		1.67	%		1.60	%		1.72	%
Net expenses^d		1.70	%		1.64	%		1.69	%		1.67	%		1.60	%		1.72	%
Portfolio turnover rate		164	%		317	%		223	%		174	%		219	%		258	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 223

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
S&P SMALLCAP 600^® PURE VALUE FUND

	Shares		Value
COMMON STOCKS^† - 99.3%

Consumer, Cyclical - 30.2%
Titan International, Inc.*		15,162	$	155,714
Dana, Inc.		8,676		148,793
National Vision Holdings, Inc.*		6,001		138,083
Adient plc*		6,982		135,870
Foot Locker, Inc.*		5,298		129,801
Topgolf Callaway Brands Corp.*		15,704		126,417
Advance Auto Parts, Inc.		2,589		120,363
MarineMax, Inc.*		4,353		109,435
Sonic Automotive, Inc. — Class A		1,137		90,881
BorgWarner, Inc.		2,677		89,626
Asbury Automotive Group, Inc.*		362		86,352
Kohl’s Corp.¹		9,955		84,418
Cracker Barrel Old Country Store, Inc.		1,154		70,486
G-III Apparel Group Ltd.*		2,982		66,797
Standard Motor Products, Inc.		2,160		66,355
Guess?, Inc.¹		5,392		65,189
ScanSource, Inc.*		1,556		65,056
American Axle & Manufacturing Holdings, Inc.*		14,491		59,123
JetBlue Airways Corp.*		13,291		56,221
Penn Entertainment, Inc.*		2,957		52,842
MillerKnoll, Inc.		2,451		47,598
Sally Beauty Holdings, Inc.*		4,836		44,781
Century Communities, Inc.		690		38,861
Resideo Technologies, Inc.*		1,723		38,010
Allegiant Travel Co. — Class A*		660		36,267
Bloomin’ Brands, Inc.		4,197		36,136
PriceSmart, Inc.		328		34,453
Caleres, Inc.		2,800		34,216
Academy Sports & Outdoors, Inc.		723		32,398
Sun Country Airlines Holdings, Inc.*		2,525		29,669
Fox Factory Holding Corp.*		1,051		27,263
Winnebago Industries, Inc.		880		25,520
Signet Jewelers Ltd.		297		23,626
Newell Brands, Inc.		4,269		23,053
Shoe Carnival, Inc.		1,040		19,458
Meritage Homes Corp.		284		19,019
LGI Homes, Inc.*		260		13,395
Total Consumer, Cyclical				2,441,545

Financial - 21.3%
ProAssurance Corp.*		5,200		118,716
Genworth Financial, Inc. — Class A*		15,216		118,381
Lincoln National Corp.		3,407		117,882
Millrose Properties, Inc. — Class A REIT		3,683		105,002
EZCORP, Inc. — Class A*		6,656		92,385
Air Lease Corp. — Class A		1,123		65,684
United Fire Group, Inc.		2,187		62,767
SiriusPoint Ltd.*		3,073		62,658
PRA Group, Inc.*		3,893		57,422
Navient Corp.		3,993		56,301
New York Mortgage Trust, Inc. REIT		7,332		49,124
PennyMac Mortgage Investment Trust REIT		3,752		48,251
Cushman & Wakefield plc*		4,212		46,627
SITE Centers Corp. REIT		3,995		45,183
Jackson Financial, Inc. — Class A		466		41,376
Bread Financial Holdings, Inc.		716		40,898
Global Net Lease, Inc. REIT		5,366		40,513
Safehold, Inc. REIT		2,503		38,947
JBG SMITH Properties REIT		2,237		38,700
Hope Bancorp, Inc.		3,395		36,428
Apollo Commercial Real Estate Finance, Inc. REIT		3,526		34,132
ARMOUR Residential, Inc. REIT¹		2,028		34,091
Ellington Financial, Inc. REIT¹		2,593		33,683
Redwood Trust, Inc. REIT		5,670		33,510
Hilltop Holdings, Inc.		1,098		33,324
Renasant Corp.		880		31,619
Capitol Federal Financial, Inc.		4,748		28,963
Eagle Bancorp, Inc.		1,403		27,331
Horace Mann Educators Corp.		620		26,641
Brookline Bancorp, Inc.		2,345		24,740
Franklin BSP Realty Trust, Inc. REIT¹		2,239		23,935
Stewart Information Services Corp.		355		23,111
Simmons First National Corp. — Class A		1,216		23,055
KKR Real Estate Finance Trust, Inc. REIT		2,565		22,495
Encore Capital Group, Inc.*		547		21,175
Ready Capital Corp. REIT		4,636		20,259
Total Financial				1,725,309

Consumer, Non-cyclical - 18.2%
SpartanNash Co.		6,869		181,960
Fresh Del Monte Produce, Inc.		3,437		111,427
United Natural Foods, Inc.*		4,072		94,918
AdaptHealth Corp.*		9,280		87,510
Universal Corp.		1,469		85,555
AMN Healthcare Services, Inc.*		4,043		83,569
Andersons, Inc.		2,260		83,055
B&G Foods, Inc.¹		17,887		75,662
Select Medical Holdings Corp.		4,250		64,515
Owens & Minor, Inc.*		6,705		61,016
Healthcare Services Group, Inc.*		3,343		50,245
ABM Industries, Inc.		941		44,425
Avanos Medical, Inc.*		3,463		42,387
Enovis Corp.*		1,274		39,953
Deluxe Corp.		2,287		36,386
TreeHouse Foods, Inc.*		1,783		34,626
Grocery Outlet Holding Corp.*		2,660		33,037
Pacira BioSciences, Inc.*		1,287		30,759
Edgewell Personal Care Co.		1,307		30,597
Upbound Group, Inc.		1,183		29,693
Central Garden & Pet Co. — Class A*		904		28,286
USANA Health Sciences, Inc.*		886		27,050
Matthews International Corp. — Class A		1,002		23,958
Monro, Inc.		1,563		23,304
MGP Ingredients, Inc.		688		20,619
Helen of Troy Ltd.*		678		19,242
Neogen Corp.*		2,857		13,656
Fortrea Holdings, Inc.*		1,986		9,811

224 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
S&P SMALLCAP 600^® PURE VALUE FUND

	Shares		Value
Central Garden & Pet Co.*		166	$	5,840
Total Consumer, Non-cyclical				1,473,061

Energy - 10.0%
Par Pacific Holdings, Inc.*		8,336		221,154
CVR Energy, Inc.*		3,367		90,404
Innovex International, Inc.*		4,565		71,305
Talos Energy, Inc.*		7,305		61,946
Vital Energy, Inc.*^,1		3,163		50,893
Peabody Energy Corp.		3,693		49,560
Crescent Energy Co. — Class A		5,454		46,905
Sunrun, Inc.*		4,961		40,581
Patterson-UTI Energy, Inc.		6,839		40,555
Bristow Group, Inc.*		1,143		37,685
SunCoke Energy, Inc.		4,151		35,657
ProPetro Holding Corp.*		5,077		30,310
REX American Resources Corp.*		601		29,274
Total Energy				806,229

Industrial - 7.2%
World Kinect Corp.		4,661		132,139
Enviri Corp.*		11,937		103,613
O-I Glass, Inc.*		6,597		97,240
Metallus, Inc.*		4,008		61,763
Astec Industries, Inc.		966		40,273
Dorian LPG Ltd.		1,379		33,620
Vishay Intertechnology, Inc.		2,077		32,983
Heartland Express, Inc.		2,477		21,401
ArcBest Corp.		262		20,177
American Woodmark Corp.*		372		19,853
Masterbrand, Inc.*		1,504		16,439
Total Industrial				579,501

Communications - 6.2%
Viasat, Inc.*		12,106		176,748
Scholastic Corp.		3,976		83,417
Angi, Inc.*		4,365		66,610
IAC, Inc.*		1,509		56,346
Telephone & Data Systems, Inc.		1,252		44,546
Shenandoah Telecommunications Co.		3,073		41,977
TEGNA, Inc.		2,161		36,218
Total Communications				505,862

Basic Materials - 4.0%
Koppers Holdings, Inc.		2,380		76,517
Celanese Corp. — Class A		1,268		70,159
Kaiser Aluminum Corp.		677		54,092
AdvanSix, Inc.		2,056		48,830
FMC Corp.		707		29,517
Stepan Co.		408		22,269
Chemours Co.		1,698		19,442
Total Basic Materials				320,826

Technology - 1.9%
DXC Technology Co.*		4,309		65,884
Corsair Gaming, Inc.*		5,409		51,007
Insight Enterprises, Inc.*		154		21,265
Xerox Holdings Corp.¹		3,321		17,502
Total Technology				155,658

Utilities - 0.3%
MDU Resources Group, Inc.		1,717		28,622

Total Common Stocks
(Cost $7,436,690)				8,036,613

	Face Amount
REPURCHASE AGREEMENTS^††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	$	31,211		31,211
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		13,467		13,467
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		13,005		13,005
Total Repurchase Agreements
(Cost $57,683)				57,683

	Shares
SECURITIES LENDING COLLATERAL^†,3 - 3.7%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁴		298,690		298,690
Total Securities Lending Collateral
(Cost $298,690)				298,690

Total Investments - 103.7%
(Cost $7,793,063)			$	8,392,986
Other Assets & Liabilities, net - (3.7)%				(302,585	)
Total Net Assets - 100.0%			$	8,090,401

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 225

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
S&P SMALLCAP 600^® PURE VALUE FUND

*	Non-income producing security.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Repurchase Agreements — See Note 6.
³	Securities lending collateral — See Note 7.
⁴	Rate indicated is the 7-day yield as of June 30, 2025.
	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 June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	8,036,613	$	—	$	—	$	8,036,613
Repurchase Agreements		—		57,683		—		57,683
Securities Lending Collateral		298,690		—		—		298,690
Total Assets	$	8,335,303	$	57,683	$	—	$	8,392,986

226 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value - including $286,609 of securities loaned (cost $7,735,380)	$	8,335,303
Repurchase agreements, at value (cost $57,683)		57,683
Receivables:
Fund shares sold		70,369
Dividends		20,162
Securities lending income		234
Interest		7
Total assets		8,483,758

Liabilities:
Payable for:
Return of securities lending collateral		298,690
Securities purchased		66,965
Management fees		4,690
Transfer agent fees		3,591
Investor service fees		1,564
Fund shares redeemed		756
Portfolio accounting and administration fees		657
Trustees’ fees*		86
Miscellaneous		16,358
Total liabilities		393,357
Net assets	$	8,090,401

Net assets consist of:
Paid in capital	$	8,512,931
Total distributable earnings (loss)		(422,530	)
Net assets	$	8,090,401
Capital shares outstanding		101,356
Net asset value per share	$	79.82

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends	$	72,433
Interest		1,437
Income from securities lending, net		492
Total investment income		74,362

Expenses:
Management fees		30,664
Investor service fees		10,221
Transfer agent fees		11,698
Professional fees		7,255
Portfolio accounting and administration fees		6,337
Custodian fees		579
Trustees’ fees*		577
Miscellaneous		4,339
Total expenses		71,670
Less:
Expenses reimbursed by Adviser		(2,044	)
Net expenses		69,626
Net investment income		4,736

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(477,298	)
Net realized loss		(477,298	)
Net change in unrealized appreciation (depreciation) on:
Investments		(181,540	)
Net change in unrealized appreciation (depreciation)		(181,540	)
Net realized and unrealized loss		(658,838	)
Net decrease in net assets resulting from operations	$	(654,102	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 227

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	4,736		$	(160	)
Net realized gain (loss) on investments		(477,298	)		443,358
Net change in unrealized appreciation (depreciation) on investments		(181,540	)		(348,699	)
Net increase (decrease) in net assets resulting from operations		(654,102	)		94,499

Capital share transactions:
Proceeds from sale of shares		1,260,122			22,482,900
Cost of shares redeemed		(2,173,094	)		(22,775,409	)
Net decrease from capital share transactions		(912,972	)		(292,509	)
Net decrease in net assets		(1,567,074	)		(198,010	)

Net assets:
Beginning of period		9,657,475			9,855,485
End of period	$	8,090,401		$	9,657,475

Capital share activity:
Shares sold		16,629			277,442
Shares redeemed		(29,169	)		(284,126	)
Net decrease in shares		(12,540	)		(6,684	)

228 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P SMALLCAP 600^® PURE VALUE FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	84.79		$	81.73		$	67.51		$	85.63		$	59.72		$	63.51
Income (loss) from investment operations:
Net investment income (loss)^b		.04			—			(.14	)		—			(.28	)		(.31	)
Net gain (loss) on investments (realized and unrealized)		(5.01	)		3.06			14.36			(7.22	)		26.19			(3.48	)
Total from investment operations		(4.97	)		3.06			14.22			(7.22	)		25.91			(3.79	)
Less distributions from:
Net realized gains		—			—			—			(10.90	)		—			—
Total distributions		—			—			—			(10.90	)		—			—
Net asset value, end of period	$	79.82		$	84.79		$	81.73		$	67.51		$	85.63		$	59.72

Total Return^c		(5.86	%)		3.74	%		21.06	%		(8.24	%)		43.39	%		(5.97	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,090		$	9,657		$	9,855		$	7,679		$	16,161		$	8,130
Ratios to average net assets:
Net investment income (loss)		0.12	%		0.00	%		(0.19	%)		0.00	%		(0.34	%)		(0.64	%)
Total expenses		1.75	%		1.69	%		1.71	%		1.67	%		1.59	%		1.72	%
Net expenses^d		1.70	%		1.64	%		1.69	%		1.67	%		1.59	%		1.72	%
Portfolio turnover rate		18	%		295	%		287	%		252	%		383	%		305	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 229

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

	Shares		Value
MUTUAL FUNDS^† - 9.0%
Guggenheim Strategy Fund II¹		10,941	$	272,219
Guggenheim Ultra Short Duration Fund — Institutional Class¹		19,735		198,335
Total Mutual Funds
(Cost $456,853)				470,554

	Face Amount
U.S. GOVERNMENT SECURITIES^†† - 42.0%
U.S. Treasury Bonds
4.75% due 05/15/55	$	2,200,000		2,187,281
Total U.S. Government Securities
(Cost $2,087,862)				2,187,281

FEDERAL AGENCY DISCOUNT NOTES^†† - 21.1%
Federal Home Loan Bank
4.15% due 07/07/25²		300,000		299,793
4.15% due 07/10/25²		300,000		299,689
Farmer Mac
4.17% due 07/16/25²		500,000		499,131
Total Federal Agency Discount Notes
(Cost $1,098,613)				1,098,613

U.S. TREASURY BILLS^†† - 1.7%
U.S. Treasury Bills
3.94% due 07/08/25^2,3	87,000		86,930
Total U.S. Treasury Bills
(Cost $86,930)			86,930

REPURCHASE AGREEMENTS^††,4 - 29.0%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	817,103		817,103
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25	352,579		352,579
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25	340,459		340,459
Total Repurchase Agreements
(Cost $1,510,141)			1,510,141

Total Investments - 102.8%
(Cost $5,240,399)		$	5,353,519
Other Assets & Liabilities, net - (2.8)%			(146,612	)
Total Net Assets - 100.0%		$	5,206,907

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Interest Rate Futures Contracts Purchased^†

U.S. Treasury Ultra Long Bond Futures Contracts

Sep 2025

4,163,906

74,696

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁴	Repurchase Agreements — See Note 6.

	See Sector Classification in Other Information section.

230 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	470,554	$	—	$	—	$	470,554
U.S. Government Securities		—		2,187,281		—		2,187,281
Federal Agency Discount Notes		—		1,098,613		—		1,098,613
U.S. Treasury Bills		—		86,930		—		86,930
Repurchase Agreements		—		1,510,141		—		1,510,141
Interest Rate Futures Contracts**		74,696		—		—		74,696
Total Assets	$	545,250	$	4,882,965	$	—	$	5,428,215

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

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions			Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	272,001	$	—	$	—		$	—	$	218	$	272,219		10,941	$	7,281
Guggenheim Ultra Short Duration Fund — Institutional Class		247,496		—		(50,000	)		499		340		198,335		19,735		4,618
	$	519,497	$	—	$	(50,000	)	$	499	$	558	$	470,554			$	11,899

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 231

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value (cost $3,273,405)	$	3,372,824
Investments in affiliated issuers, at value (cost $456,853)		470,554
Repurchase agreements, at value (cost $1,510,141)		1,510,141
Segregated cash with broker		109,214
Receivables:
Securities sold		298,266
Variation margin on futures contracts		45,120
Interest		17,146
Dividends		1,837
Total assets		5,825,102

Liabilities:
Payable for:
Fund shares redeemed		593,712
Transfer agent fees		3,539
Management fees		2,705
Investor service fees		1,372
Portfolio accounting and administration fees		577
Trustees’ fees*		78
Miscellaneous		16,212
Total liabilities		618,195
Net assets	$	5,206,907

Net assets consist of:
Paid in capital	$	27,612,190
Total distributable earnings (loss)		(22,405,283	)
Net assets	$	5,206,907
Capital shares outstanding		28,796
Net asset value per share	$	180.82

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of affiliated issuers	$	11,899
Interest		180,463
Total investment income		192,362

Expenses:
Management fees		20,365
Investor service fees		10,182
Transfer agent fees		10,880
Professional fees		7,111
Portfolio accounting and administration fees		6,313
Custodian fees		562
Trustees’ fees*		426
Miscellaneous		5,138
Total expenses		60,977
Less:
Expenses reimbursed by Adviser		(2,037	)
Expenses waived by Adviser		(263	)
Total waived/reimbursed expenses		(2,300	)
Net expenses		58,677
Net investment income		133,685

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		337,021
Investments in affiliated issuers		499
Futures contracts		120,813
Net realized gain		458,333
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		150,876
Investments in affiliated issuers		558
Futures contracts		74,632
Net change in unrealized appreciation (depreciation)		226,066
Net realized and unrealized gain		684,399
Net increase in net assets resulting from operations	$	818,084

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

232 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	133,685		$	229,413
Net realized gain (loss) on investments		458,333			(791,417	)
Net change in unrealized appreciation (depreciation) on investments		226,066			(660,194	)
Net increase (decrease) in net assets resulting from operations		818,084			(1,222,198	)

Distributions to shareholders		(133,706	)		(229,414	)

Capital share transactions:
Proceeds from sale of shares		244,477,322			186,079,312
Distributions reinvested		133,706			229,414
Cost of shares redeemed		(244,165,512	)		(188,112,934	)
Net increase (decrease) from capital share transactions		445,516			(1,804,208	)
Net increase (decrease) in net assets		1,129,894			(3,255,820	)

Net assets:
Beginning of period		4,077,013			7,332,833
End of period	$	5,206,907		$	4,077,013

*Capital share activity:**
Shares sold		1,344,093			919,208
Shares issued from reinvestment of distributions		735			1,153
Shares redeemed		(1,338,479	)		(932,135	)
Net increase (decrease) in shares		6,349			(11,774	)

*	Reverse share split — Capital share activity has been restated to reflect a 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 233

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a,f			Year Ended December 31, 2024^f			Year Ended December 31, 2023^f			Year Ended December 31, 2022^f			Year Ended December 31, 2021^f			Year Ended December 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	181.63		$	214.28		$	223.06		$	383.26		$	415.91		$	341.54
Income (loss) from investment operations:
Net investment income (loss)^b		2.96			6.40			6.30			3.80			1.70			.20
Net gain (loss) on investments (realized and unrealized)		(.81	)^g		(32.65	)		(8.78	)		(159.60	)		(32.95	)		74.77	^g
Total from investment operations		2.15			(26.25	)		(2.48	)		(155.80	)		(31.25	)		74.97
Less distributions from:
Net investment income		(2.96	)		(6.40	)		(6.30	)		(4.40	)		(1.40	)		(.30	)
Return of capital		—			—			—			—			—			(.30	)
Total distributions		(2.96	)		(6.40	)		(6.30	)		(4.40	)		(1.40	)		(.60	)
Net asset value, end of period	$	180.82		$	181.63		$	214.28		$	223.06		$	383.26		$	415.91

Total Return^c		1.20	%		(12.46	%)		(1.03	%)		(40.83	%)		(7.49	%)		21.96	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,207		$	4,077		$	7,333		$	7,957		$	12,373		$	15,472
Ratios to average net assets:
Net investment income (loss)		3.28	%		3.18	%		2.90	%		1.33	%		0.47	%		0.06	%
Total expenses^d		1.50	%		1.44	%		1.45	%		1.39	%		1.30	%		1.43	%
Net expenses^e		1.44	%		1.38	%		1.42	%		1.37	%		1.28	%		1.40	%
Portfolio turnover rate		5,528	%		3,622	%		1,170	%		1,890	%		1,382	%		1,887	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	Reverse share split — Per share amounts have been restated to reflect a 1:10 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.
^g	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain or loss on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

234 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

	Shares		Value
MUTUAL FUNDS^† - 62.9%
Guggenheim Strategy Fund II¹		20,730	$	515,760
Guggenheim Ultra Short Duration Fund — Institutional Class¹		46,499		467,314
Total Mutual Funds
(Cost $971,295)				983,074

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 12.8%
Freddie Mac
4.23% due 07/02/25²	$	200,000		199,977
Total Federal Agency Discount Notes
(Cost $199,977)				199,977

FEDERAL AGENCY NOTES^†† - 12.8%
Federal Farm Credit Bank
4.32% due 02/27/26		200,000		199,869
Total Federal Agency Notes
(Cost $199,993)				199,869

U.S. TREASURY BILLS^†† - 0.9%
U.S. Treasury Bills
3.94% due 07/08/25^2,3		15,000		14,988
Total U.S. Treasury Bills
(Cost $14,988)				14,988

REPURCHASE AGREEMENTS^††,4 - 94.2%
Individual Repurchase Agreements
Barclays Capital, Inc. issued 06/30/25 at 4.00% due 07/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.75% and maturing 05/15/2055 as collateral, with a value of $693,473) to be repurchased at $680,102	679,875		679,875
Mizuho Securities USA LLC issued 06/30/25 at 4.20% due 07/01/25 (secured by a U.S. Treasury Bond, at a rate of 4.75% and maturing 05/15/2055 as collateral, with a value of $495,469) to be repurchased at $485,924	485,754		485,754
Joint Repurchase Agreements⁵
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	166,506		166,506
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25	71,847		71,847
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25	69,378		69,378
Total Repurchase Agreements
(Cost $1,473,360)			1,473,360

Total Investments - 183.6%
(Cost $2,859,613)		$	2,871,268

U.S. Government Securities Sold Short^†† - (69.9)%
U.S. Treasury Bonds
4.75% due 05/15/55	1,100,000		(1,093,641	)
Total U.S. Government Securities Sold Short - (69.9)%
(Proceeds $1,048,513)		$	(1,093,641	)
Other Assets & Liabilities, net - (13.7)%			(213,743	)
Total Net Assets - 100.0%		$	1,563,884

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Sold Short^†
U.S. Treasury Ultra Long Bond Futures Contracts		4		Sep 2025	$	475,875	$	(12,682	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 235

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁴	Repurchase Agreements — See Note 6.
⁵	All or a portion of this security is pledged as short security collateral at June 30, 2025..

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	983,074	$	—	$	—	$	983,074
Federal Agency Discount Notes		—		199,977		—		199,977
Federal Agency Notes		—		199,869		—		199,869
U.S. Treasury Bills		—		14,988		—		14,988
Repurchase Agreements		—		1,473,360		—		1,473,360
Total Assets	$	983,074	$	1,888,194	$	—	$	2,871,268

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Government Securities Sold Short	$	—	$	1,093,641	$	—	$	1,093,641
Interest Rate Futures Contracts**		12,682		—		—		12,682
Total Liabilities	$	12,682	$	1,093,641	$	—	$	1,106,323

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

236 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	515,345	$	—	$	—	$	—	$	415	$	515,760		20,730	$	13,794
Guggenheim Ultra Short Duration Fund — Institutional Class		465,455		—		—		—		1,859		467,314		46,499		10,155
	$	980,800	$	—	$	—	$	—	$	2,274	$	983,074			$	23,949

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 237

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value (cost $414,958)	$	414,834
Investments in affiliated issuers, at value (cost $971,295)		983,074
Repurchase agreements, at value (cost $1,473,360)		1,473,360
Segregated cash with broker		5,688
Receivables:
Fund shares sold		25,125
Dividends		3,796
Interest		3,745
Total assets		2,909,622

Liabilities:
Securities sold short, at value (proceeds $1,048,513)		1,093,641
Payable for:
Fund shares redeemed		130,285
Securities purchased		99,422
Variation margin on futures contracts		4,750
Management fees		1,410
Transfer agent fees		1,206
Investor service fees		417
Portfolio accounting and administration fees		92
Trustees’ fees*		36
Miscellaneous		14,479
Total liabilities		1,345,738
Net assets	$	1,563,884

Net assets consist of:
Paid in capital	$	7,661,471
Total distributable earnings (loss)		(6,097,587	)
Net assets	$	1,563,884
Capital shares outstanding		13,518
Net asset value per share	$	115.69

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of affiliated issuers	$	23,949
Interest		90,645
Total investment income		114,594

Expenses:
Management fees		13,057
Investor service fees		3,627
Transfer agent fees		4,723
Interest expense		56,224
Professional fees		3,046
Portfolio accounting and administration fees		2,249
Trustees’ fees*		301
Custodian fees		216
Miscellaneous		310
Total expenses		83,753
Less:
Expenses reimbursed by Adviser		(1,451	)
Expenses waived by Adviser		(578	)
Total waived/reimbursed expenses		(2,029	)
Net expenses		81,724
Net investment income		32,870

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers sold short		109,288
Futures contracts		4,416
Net realized gain		113,704
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(131	)
Investments in affiliated issuers		2,274
Investments in unaffiliated issuers sold short		(187,499	)
Futures contracts		(41,843	)
Net change in unrealized appreciation (depreciation)		(227,199	)
Net realized and unrealized loss		(113,495	)
Net decrease in net assets resulting from operations	$	(80,625	)

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

238 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	32,870		$	126,347
Net realized gain (loss) on investments		113,704			(188,656	)
Net change in unrealized appreciation (depreciation) on investments		(227,199	)		315,099
Net increase (decrease) in net assets resulting from operations		(80,625	)		252,790

Distributions to shareholders		—			(143,890	)

Capital share transactions:
Proceeds from sale of shares		12,919,067			33,646,558
Distributions reinvested		—			143,890
Cost of shares redeemed		(15,931,330	)		(31,441,428	)
Net increase (decrease) from capital share transactions		(3,012,263	)		2,349,020
Net increase (decrease) in net assets		(3,092,888	)		2,457,920

Net assets:
Beginning of period		4,656,772			2,198,852
End of period	$	1,563,884		$	4,656,772

Capital share activity:
Shares sold		111,716			308,031
Shares issued from reinvestment of distributions		—			1,347
Shares redeemed		(138,610	)		(290,276	)
Net increase (decrease) in shares		(26,894	)		19,102

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 239

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	115.23		$	103.18		$	99.00		$	67.73		$	67.08		$	85.27
Income (loss) from investment operations:
Net investment income (loss)^b		1.30			4.31			4.04			(1.24	)		(2.10	)		(1.48	)
Net gain (loss) on investments (realized and unrealized)		(.84	)		12.75			.14			32.51			2.75			(16.51	)
Total from investment operations		.46			17.06			4.18			31.27			.65			(17.99	)
Less distributions from:
Net investment income		—			(5.01	)		—			—			—			(.20	)
Total distributions		—			(5.01	)		—			—			—			(.20	)
Net asset value, end of period	$	115.69		$	115.23		$	103.18		$	99.00		$	67.73		$	67.08

Total Return^c		0.40	%		16.91	%		4.22	%		46.17	%		0.97	%		(21.09	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,564		$	4,657		$	2,199		$	3,924		$	3,348		$	2,648
Ratios to average net assets:
Net investment income (loss)		2.27	%		3.93	%		3.96	%		(1.46	%)		(2.89	%)		(2.23	%)
Total expenses^d		5.77	%		5.13	%		5.13	%		4.47	%		3.46	%		3.01	%
Net expenses^e,f		5.63	%		5.00	%		5.02	%		4.38	%		3.38	%		2.97	%
Portfolio turnover rate		512	%		936	%		861	%		1,849	%		1,451	%		2,529	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	Net expense may include expenses related to short sales. Excluding these expenses, the net expense ratios for the periods presented would be:

	06/30/25^a	12/31/24	12/31/23	12/31/22	12/31/21	12/31/20
	1.76%	1.70%	1.75%	1.73%	1.65%	1.83%

240 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
HIGH YIELD STRATEGY FUND

	Shares		Value
EXCHANGE-TRADED FUNDS*^,† - 3.2%**
iShares iBoxx $ High Yield Corporate Bond ETF¹		1,556	$	125,492
SPDR Bloomberg High Yield Bond ETF		1,245		121,101
Total Exchange-Traded Funds
(Cost $263,173)				246,593

MUTUAL FUNDS^† - 15.2%
Guggenheim Ultra Short Duration Fund — Institutional Class²		57,301		575,872
Guggenheim Strategy Fund II²		23,000		572,231
Total Mutual Funds
(Cost $1,124,043)				1,148,103

	Face Amount
FEDERAL AGENCY NOTES^†† - 10.5%
Federal Farm Credit Bank
4.32% due 02/27/26	$	800,000		799,476
Total Federal Agency Notes
(Cost $799,973)				799,476

FEDERAL AGENCY DISCOUNT NOTES^†† - 6.6%
Freddie Mac
4.23% due 07/02/25³		500,000		499,941
Total Federal Agency Discount Notes
(Cost $499,941)				499,941

U.S. TREASURY BILLS^†† - 1.1%
U.S. Treasury Bills
3.94% due 07/08/25^3,4		83,000		82,933
Total U.S. Treasury Bills
(Cost $82,933)				82,933

REPURCHASE AGREEMENTS^††,5 - 55.9%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25		2,288,627		2,288,627
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		987,542		987,542
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		953,595		953,595
Total Repurchase Agreements
(Cost $4,229,764)				4,229,764

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 1.3%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁷		95,694		95,694
Total Securities Lending Collateral
(Cost $95,694)				95,694

Total Investments - 93.8%
(Cost $7,095,521)			$	7,102,504
Other Assets & Liabilities, net - 6.2%				469,917
Total Net Assets - 100.0%			$	7,572,421

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Interest Rate Futures Contracts Purchased^†

U.S. Treasury 5 Year Note Futures Contracts

Sep 2025

7,195,547

55,771

Centrally Cleared Credit Default Swap Agreements Protection Sold^††

Counterparty

Exchange

Index

Protection
Premium Rate

Payment
Frequency

Maturity
Date

Notional
Amount

Value

Upfront
Premiums
Paid

Unrealized
Appreciation**

Barclays Bank plc

ICE

CDX.NA.HY.44.V1

5.00

Quarterly

06/20/30

6,650,000

499,857

316,157

183,700

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 241

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
HIGH YIELD STRATEGY FUND

Total Return Swap Agreements

Counterparty

Reference Obligation

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Credit Index Swap Agreements^††

BNP Paribas

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

4.88% (Federal
Funds Rate +
0.55%)

At Maturity

09/25/25

364

29,341

182

BNP Paribas

SPDR Bloomberg High Yield Bond ETF

Pay

4.88% (Federal
Funds Rate +
0.55%)

At Maturity

09/25/25

192

18,688

108

Goldman Sachs International

iShares iBoxx $ High Yield Corporate Bond ETF

Pay

4.33% (Federal
Funds Rate)

At Maturity

07/30/25

6,936

54,965

333

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Affiliated issuer.
³	Rate indicated is the effective yield at the time of purchase.
⁴	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁵	Repurchase Agreements — See Note 6.
⁶	Securities lending collateral — See Note 7.
⁷	Rate indicated is the 7-day yield as of June 30, 2025.
	CDX.NA.HY.44.V1 — Credit Default Swap North American High Yield Series 44 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Exchange-Traded Funds	$	246,593	$	—	$	—	$	246,593
Mutual Funds		1,148,103		—		—		1,148,103
Federal Agency Notes		—		799,476		—		799,476
Federal Agency Discount Notes		—		499,941		—		499,941
U.S. Treasury Bills		—		82,933		—		82,933
Repurchase Agreements		—		4,229,764		—		4,229,764
Securities Lending Collateral		95,694		—		—		95,694
Interest Rate Futures Contracts**		55,771		—		—		55,771
Credit Default Swap Agreements**		—		183,700		—		183,700
Credit Index Swap Agreements**		—		333		—		333
Total Assets	$	1,546,161	$	5,796,147	$	—	$	7,342,308

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

242 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
HIGH YIELD STRATEGY FUND

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	571,771	$	—	$	—	$	—	$	460	$	572,231		23,000	$	15,305
Guggenheim Ultra Short Duration Fund — Institutional Class		573,580		—		—		—		2,292		575,872		57,301		12,513
	$	1,145,351	$	—	$	—	$	—	$	2,752	$	1,148,103			$	27,818

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 243

HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value - including $94,119 of securities loaned (cost $1,741,714)	$	1,724,637
Investments in affiliated issuers, at value (cost $1,124,043)		1,148,103
Repurchase agreements, at value (cost $4,229,764)		4,229,764
Segregated cash with broker		216,158
Unamortized upfront premiums paid on credit default swap agreements		316,157
Unrealized appreciation on OTC swap agreements		333
Receivables:
Variation margin on credit default swap agreements		21,364
Interest		12,418
Protection fees on credit default swap agreements		10,160
Variation margin on futures contracts		10,154
Dividends		4,409
Fund shares sold		409
Securities lending income		42
Total assets		7,694,108

Liabilities:
Payable for:
Return of securities lending collateral		95,694
Management fees		4,089
Transfer agent fees		3,238
Investor service fees		1,401
Fund shares redeemed		1,199
Portfolio accounting and administration fees		588
Trustees’ fees*		84
Swap settlement		37
Miscellaneous		15,357
Total liabilities		121,687
Net assets	$	7,572,421

Net assets consist of:
Paid in capital	$	7,538,404
Total distributable earnings (loss)		34,017
Net assets	$	7,572,421
Capital shares outstanding		89,432
Net asset value per share	$	84.67

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of unaffiliated issuers	$	6,260
Dividends from securities of affiliated issuers		27,818
Interest		116,693
Income from securities lending, net		614
Total investment income		151,385

Expenses:
Management fees		27,175
Investor service fees		9,058
Transfer agent fees		11,028
Professional fees		7,199
Portfolio accounting and administration fees		5,616
Trustees’ fees*		629
Custodian fees		525
Miscellaneous		2,112
Total expenses		63,342
Less:
Expenses reimbursed by Adviser		(1,812	)
Expenses waived by Adviser		(712	)
Total waived/reimbursed expenses		(2,524	)
Net expenses		60,818
Net investment income		90,567

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		20
Swap agreements		(15,372	)
Futures contracts		76,387
Net realized gain		61,035
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		4,825
Investments in affiliated issuers		2,752
Swap agreements		138,607
Futures contracts		97,172
Net change in unrealized appreciation (depreciation)		243,356
Net realized and unrealized gain		304,391
Net increase in net assets resulting from operations	$	394,958

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

244 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

HIGH YIELD STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	90,567		$	236,269
Net realized gain on investments		61,035			431,336
Net change in unrealized appreciation (depreciation) on investments		243,356			(434,187	)
Net increase in net assets resulting from operations		394,958			233,418

Distributions to shareholders		—			(386,203	)

Capital share transactions:
Proceeds from sale of shares		12,917,735			56,196,121
Distributions reinvested		—			386,203
Cost of shares redeemed		(15,633,448	)		(55,925,480	)
Net increase (decrease) from capital share transactions		(2,715,713	)		656,844
Net increase (decrease) in net assets		(2,320,755	)		504,059

Net assets:
Beginning of period		9,893,176			9,389,117
End of period	$	7,572,421		$	9,893,176

Capital share activity:
Shares sold		158,942			704,039
Shares issued from reinvestment of distributions		—			4,961
Shares redeemed		(193,201	)		(704,478	)
Net increase (decrease) in shares		(34,259	)		4,522

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 245

HIGH YIELD STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	79.98		$	78.79		$	71.14		$	81.84		$	80.49		$	86.60
Income (loss) from investment operations:
Net investment income (loss)^b		1.01			2.57			2.29			.51			(.35	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		3.68			2.57	^f		6.68			(9.94	)		1.70			(.60	)
Total from investment operations		4.69			5.14			8.97			(9.43	)		1.35			(.80	)
Less distributions from:
Net investment income		—			(3.95	)		(1.32	)		(1.27	)		—			(4.92	)
Net realized gains		—			—			—			—			—			(.39	)
Total distributions		—			(3.95	)		(1.32	)		(1.27	)		—			(5.31	)
Net asset value, end of period	$	84.67		$	79.98		$	78.79		$	71.14		$	81.84		$	80.49

Total Return^c		5.86	%		6.68	%		12.69	%		(11.48	%)		1.68	%		(0.47	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,572		$	9,893		$	9,389		$	4,422		$	5,286		$	10,775
Ratios to average net assets:
Net investment income (loss)		2.50	%		3.23	%		3.10	%		0.70	%		(0.44	%)		(0.25	%)
Total expenses^d		1.75	%		1.69	%		1.70	%		1.66	%		1.60	%		1.72	%
Net expenses^e		1.68	%		1.62	%		1.66	%		1.61	%		1.54	%		1.67	%
Portfolio turnover rate		—			—			—			111	%		117	%		460	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

246 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
EUROPE 1.25x STRATEGY FUND

	Shares		Value
COMMON STOCKS^† - 40.5%

Consumer, Non-cyclical - 12.9%
Nestle S.A. ADR		439	$	43,601
Novartis AG ADR		332		40,175
Roche Holding AG ADR¹		959		39,089
Novo Nordisk A/S ADR¹		548		37,823
AstraZeneca plc ADR		527		36,827
Unilever plc ADR		437		26,731
Sanofi S.A. ADR		389		18,792
British American Tobacco plc ADR		373		17,654
L’Oreal S.A. ADR¹		205		17,530
RELX plc ADR		320		17,389
EssilorLuxottica S.A. ADR		105		14,410
GSK plc ADR¹		364		13,978
Anheuser-Busch InBev S.A. ADR¹		175		12,026
Diageo plc ADR		95		9,580
Total Consumer, Non-cyclical				345,605

Financial - 8.4%
HSBC Holdings plc ADR¹		594		36,109
Allianz SE ADR		658		26,667
Banco Santander S.A. ADR		2,582		21,431
UBS Group AG		569		19,243
UniCredit SpA ADR¹		533		17,813
Zurich Insurance Group AG ADR		497		17,410
BNP Paribas S.A. ADR		363		16,386
AXA S.A. ADR		319		15,669
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR		1,111		14,465
Intesa Sanpaolo SpA ADR		414		14,345
London Stock Exchange Group plc ADR		345		12,717
ING Groep N.V. ADR		537		11,744
Total Financial				223,999

Industrial — 5.6%
Siemens AG ADR		256		32,991
Schneider Electric SE ADR		492		26,263
Airbus SE ADR		400		20,944
Safran S.A. ADR		256		20,908
Rolls-Royce Holdings plc ADR¹		1,428		19 107
ABB Ltd. ADR		269		16,051
Vinci S.A. ADR		397		14,645
Total Industrial				150,909

Technology - 4.0%
ASML Holding N.V. — Class G		67		53,693
SAP SE ADR		174		52,913
Total Technology				106,606

Energy - 2.8%
Shell plc ADR		507		35,698
TotalEnergies SE ADR		387		23,758
BP plc ADR		469		14,037
Total Energy				73,493

Consumer, Cyclical - 2.4%
LVMH Moet Hennessy Louis Vuitton SE ADR		218		22,903
Cie Financiere Richemont S.A. ADR		916		17,248
Hermes International SCA ADR		60		16,267
Mercedes-Benz Group AG ADR		491		7,105
Total Consumer, Cyclical				63,523

Utilities - 1.7%
Iberdrola S.A. ADR		251		19,322
National Grid plc ADR¹		174		12,947
Enel SpA ADR		1,328		12,590
Total Utilities				44,859

Basic Materials - 1.4%
Air Liquide S.A. ADR¹		494		20,402
Rio Tinto plc ADR		183		10,674
BASF SE ADR		609		7,479
Total Basic Materials				38,555

Communications - 1.3%
Deutsche Telekom AG ADR		612		22,393
Prosus N.V. ADR		1,092		12,154
Total Communications				34,547

Total Common Stocks
(Cost $822,979)				1,082,096

MUTUAL FUNDS^† - 15.4%
Guggenheim Strategy Fund II²		9,255		230,268
Guggenheim Ultra Short Duration Fund — Institutional Class²		18,098		181,885
Total Mutual Funds
(Cost $407,812)				412,153

	Face Amount
U.S. TREASURY BILLS^†† - 4.5%
U.S. Treasury Bills
3.94% due 07/08/25^3,4	$	121,000		120,903
Total U.S. Treasury Bills
(Cost $120,903)				120,903

REPURCHASE AGREEMENTS^††,5 - 41.0%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25		592,623		592,623
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		255,716		255,716
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		246,926		246,926
Total Repurchase Agreements
(Cost $1,095,265)				1,095,265

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 247

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
EUROPE 1.25x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL^†,6 - 6.5%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁷		173,161	$	173,161
Total Securities Lending Collateral
(Cost $173,161)				173,161

Total Investments - 107.9%
(Cost $2,620,120)			$	2,883,578
Other Assets & Liabilities, net - (7.9)%				(210,332	)
Total Net Assets - 100.0%			$	2,673,246

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Currency Futures Contracts Purchased^†
Euro FX Futures Contracts		15		Sep 2025	$	2,220,000	$	36,793
Equity Futures Contracts Purchased^†
STOXX 50 Index Futures Contracts		43		Sep 2025		2,260,438		3,493

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
²	Affiliated issuer.
³	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	Repurchase Agreements — See Note 6.
⁶	Securities lending collateral — See Note 7.
⁷	Rate indicated is the 7-day yield as of June 30, 2025.
	ADR — American Depositary Receipt
	plc — Public Limited Company

	See Sector Classification in Other Information section.

248 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
EUROPE 1.25x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks	$	1,082,096	$	—	$	—	$	1,082,096
Mutual Funds		412,153		—		—		412,153
U.S. Treasury Bills		—		120,903		—		120,903
Repurchase Agreements		—		1,095,265		—		1,095,265
Securities Lending Collateral		173,161		—		—		173,161
Currency Futures Contracts**		36,793		—		—		36,793
Equity Futures Contracts**		3,493		—		—		3,493
Total Assets	$	1,707,696	$	1,216,168	$	—	$	2,923,864

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

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	229,991	$	—	$	—	$	—	$	277	$	230,268		9,255	$	6,159
Guggenheim Ultra Short Duration Fund — Institutional Class		181,161		—		—		—		724		181,885		18,098		3,952
	$	411,152	$	—	$	—	$	—	$	1,001	$	412,153			$	10,111

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 249

EUROPE 1.25x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value - including $169,913 of securities loaned (cost $1,117,043)	$	1,376,160
Investments in affiliated issuers, at value (cost $407,812)		412,153
Repurchase agreements, at value (cost $1,095,265)		1,095,265
Cash		286
Segregated cash with broker		95,628
Receivables:
Foreign tax reclaims		8,862
Variation margin on futures contracts		8,306
Dividends		2,928
Securities lending income		365
Interest		133
Due from adviser		98
Total assets		3,000,184

Liabilities:
Payable for:
Return of securities lending collateral		173,161
Fund shares redeemed		145,365
Management fees		1,919
Transfer agent fees		1,104
Investor service fees		543
Trustees’ fees*		23
Miscellaneous		4,823
Total liabilities		326,938
Net assets	$	2,673,246

Net assets consist of:
Paid in capital	$	2,808,201
Total distributable earnings (loss)		(134,955	)
Net assets	$	2,673,246
Capital shares outstanding		18,298
Net asset value per share	$	146.09

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $2,697)	$	21,341
Dividends from securities of affiliated issuers		10,111
Interest		21,575
Income from securities lending, net		1,885
Total investment income		54,912

Expenses:
Management fees		10,652
Investor service fees		2,959
Transfer agent fees		3,087
Professional fees		2,592
Portfolio accounting and administration fees		1,834
Custodian fees		162
Trustees’ fees*		116
Miscellaneous		1,652
Total expenses		23,054
Less:
Expenses reimbursed by Adviser		(2,367	)
Expenses waived by Adviser		(225	)
Total waived/reimbursed expenses		(2,592	)
Net expenses		20,462
Net investment income		34,450

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(14,412	)
Futures contracts		61,438
Foreign currency transactions		(5,857	)
Net realized gain		41,169
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		89,574
Investments in affiliated issuers		1,001
Futures contracts		98,945
Foreign currency translations		(60	)
Net change in unrealized appreciation (depreciation)		189,460
Net realized and unrealized gain		230,629
Net increase in net assets resulting from operations	$	265,079

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

250 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

EUROPE 1.25x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	34,450		$	58,526
Net realized gain on investments		41,169			250,479
Net change in unrealized appreciation (depreciation) on investments		189,460			(158,988	)
Net increase in net assets resulting from operations		265,079			150,017

Distributions to shareholders		—			(119,505	)

Capital share transactions:
Proceeds from sale of shares		11,774,094			49,909,404
Distributions reinvested		—			119,505
Cost of shares redeemed		(10,961,984	)		(50,613,899	)
Net increase (decrease) from capital share transactions		812,110			(584,990	)
Net increase (decrease) in net assets		1,077,189			(554,478	)

Net assets:
Beginning of period		1,596,057			2,150,535
End of period	$	2,673,246		$	1,596,057

Capital share activity:
Shares sold		85,537			374,532
Shares issued from reinvestment of distributions		—			894
Shares redeemed		(80,696	)		(378,462	)
Net increase (decrease) in shares		4,841			(3,036	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 251

EUROPE 1.25x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	118.60		$	130.39		$	108.91		$	125.31		$	105.80		$	107.35
Income (loss) from investment operations:
Net investment income (loss)^b		1.96			3.47			3.29			.57			(.92	)		(.63	)
Net gain (loss) on investments (realized and unrealized)		25.53			(6.41	)^f		18.59			(16.97	)		20.70			.73	^f
Total from investment operations		27.49			(2.94	)		21.88			(16.40	)		19.78			.10
Less distributions from:
Net investment income		—			(8.85	)		(.40	)		—			(.27	)		(1.65	)
Total distributions		—			(8.85	)		(.40	)		—			(.27	)		(1.65	)
Net asset value, end of period	$	146.09		$	118.60		$	130.39		$	108.91		$	125.31		$	105.80

Total Return^c		23.18	%		(3.00	%)		20.09	%		(13.07	%)		18.71	%		0.24	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,673		$	1,596		$	2,151		$	2,735		$	1,974		$	2,523
Ratios to average net assets:
Net investment income (loss)		2.91	%		2.59	%		2.68	%		0.53	%		(0.78	%)		(0.67	%)
Total expenses^d		1.95	%		1.87	%		1.90	%		1.88	%		1.80	%		1.91	%
Net expenses^e		1.73	%		1.71	%		1.83	%		1.78	%		1.71	%		1.86	%
Portfolio turnover rate		167	%		1,237	%		725	%		70	%		374	%		212	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain or loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

252 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
JAPAN 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS^†† - 34.9%
U.S. Treasury Bills
3.94% due 07/08/25^1,2	$	546,000	$	545,560
Total U.S. Treasury Bills
(Cost $545,561)				545,560

FEDERAL AGENCY DISCOUNT NOTES^†† - 19.2%
Federal Home Loan Bank
4.15% due 07/10/25²		200,000		199,793
Freddie Mac
4.23% due 07/02/25²		100,000		99,988
Total Federal Agency Discount Notes
(Cost $299,781)				299,781

FEDERAL AGENCY NOTES^†† - 6.4%
Federal Farm Credit Bank
4.32% due 02/27/26		100,000		99,934
Total Federal Agency Notes
(Cost $99,997)				99,934

REPURCHASE AGREEMENTS^††,3 - 28.6%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25		241,869		241,869
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		104,366		104,366
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		100,779		100,779
Total Repurchase Agreements
(Cost $447,014)				447,014

Total Investments - 89.1%
(Cost $1,392,353)			$	1,392,289
Other Assets & Liabilities, net - 10.9%				170,742
Total Net Assets - 100.0%			$	1,563,031

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased^†
Nikkei 225 (CME) Index Futures Contracts		13		Sep 2025	$	2,624,700	$	128,431
Micro Nikkei Stock Average Futures Contracts		24		Sep 2025		484,620		12,645
					$	3,109,320	$	141,076
Currency Futures Contracts Purchased^†
Japanese Yen Futures Contracts		35		Sep 2025		3,063,594		11,306

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	All or a portion of this security is pledged as futures collateral at June 30, 2025.
²	Rate indicated is the effective yield at the time of purchase.
³	Repurchase Agreements — See Note 6.
	CME — Chicago Mercantile Exchange

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 253

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
JAPAN 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	545,560	$	—	$	545,560
Federal Agency Discount Notes		—		299,781		—		299,781
Federal Agency Notes		—		99,934		—		99,934
Repurchase Agreements		—		447,014		—		447,014
Equity Futures Contracts**		141,076		—		—		141,076
Currency Futures Contracts**		11,306		—		—		11,306
Total Assets	$	152,382	$	1,392,289	$	—	$	1,544,671

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

254 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

JAPAN 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value (cost $945,339)	$	945,275
Repurchase agreements, at value (cost $447,014)		447,014
Segregated cash with broker		182,658
Receivables:
Interest		1,542
Total assets		1,576,489

Liabilities:
Payable for:
Fund shares redeemed		4,678
Variation margin on futures contracts		4,655
Management fees		786
Transfer agent fees		571
Investor service fees		262
Portfolio accounting and administration fees		110
Trustees’ fees*		13
Miscellaneous		2,383
Total liabilities		13,458
Net assets	$	1,563,031

Net assets consist of:
Paid in capital	$	3,275,610
Total distributable earnings (loss)		(1,712,579	)
Net assets	$	1,563,031
Capital shares outstanding		17,032
Net asset value per share	$	91.77

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Interest	$	26,871
Total investment income		26,871

Expenses:
Management fees		4,683
Investor service fees		1,561
Transfer agent fees		1,740
Professional fees		1,284
Portfolio accounting and administration fees		968
Custodian fees		88
Trustees’ fees*		81
Miscellaneous		510
Total expenses		10,915
Less:
Expenses reimbursed by Adviser		(312	)
Net expenses		10,603
Net investment income		16,268

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		6
Futures contracts		5,152
Net realized gain		5,158
Net change in unrealized appreciation (depreciation) on:
Investments		(177	)
Futures contracts		231,028
Net change in unrealized appreciation (depreciation)		230,851
Net realized and unrealized gain		236,009
Net increase in net assets resulting from operations	$	252,277

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 255

JAPAN 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	16,268		$	57,308
Net realized gain on investments		5,158			123,654
Net change in unrealized appreciation (depreciation) on investments		230,851			(164,758	)
Net increase in net assets resulting from operations		252,277			16,204

Distributions to shareholders		—			(55,630	)

Capital share transactions:
Proceeds from sale of shares		2,456,446			6,355,304
Distributions reinvested		—			55,630
Cost of shares redeemed		(2,375,983	)		(6,628,901	)
Net increase (decrease) from capital share transactions		80,463			(217,967	)
Net increase (decrease) in net assets		332,740			(257,393	)

Net assets:
Beginning of period		1,230,291			1,487,684
End of period	$	1,563,031		$	1,230,291

Capital share activity:
Shares sold		31,918			73,835
Shares issued from reinvestment of distributions		—			669
Shares redeemed		(31,050	)		(77,401	)
Net increase (decrease) in shares		868			(2,897	)

256 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

JAPAN 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	76.11		$	78.05		$	58.06		$	101.86		$	118.59		$	85.35
Income (loss) from investment operations:
Net investment income (loss)^b		.99			3.05			2.39			.07			(1.11	)		(.65	)
Net gain (loss) on investments (realized and unrealized)		14.67			(2.01	)		17.63			(43.87	)		(15.62	)		34.73
Total from investment operations		15.66			1.04			20.02			(43.80	)		(16.73	)		34.08
Less distributions from:
Net investment income		—			(2.98	)		(.03	)		—			—			(.84	)
Total distributions		—			(2.98	)		(.03	)		—			—			(.84	)
Net asset value, end of period	$	91.77		$	76.11		$	78.05		$	58.06		$	101.86		$	118.59

Total Return^c		20.58	%		1.01	%		34.46	%		(43.00	%)		(14.11	%)		40.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,563		$	1,230		$	1,488		$	929		$	1,783		$	2,993
Ratios to average net assets:
Net investment income (loss)		2.61	%		3.60	%		3.38	%		0.10	%		(0.97	%)		(0.82	%)
Total expenses^d		1.75	%		1.68	%		1.70	%		1.67	%		1.59	%		1.72	%
Net expenses^e		1.70	%		1.63	%		1.69	%		1.63	%		1.53	%		1.67	%
Portfolio turnover rate		—			—			—			—			41	%		199	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 257

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
STRENGTHENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES^†† - 25.6%
Federal Home Loan Bank
4.15% due 07/10/25¹	$	200,000	$	199,793
Freddie Mac
4.23% due 07/02/25¹		100,000		99,988
Total Federal Agency Discount Notes
(Cost $299,781)				299,781

U.S. TREASURY BILLS^†† - 15.9%
U.S. Treasury Bills
4.03% due 07/01/25¹		150,000		150,000
3.94% due 07/08/25^1,2		37,000		36,970
Total U.S. Treasury Bills
(Cost $186,970)				186,970

FEDERAL AGENCY NOTES^†† - 11.5%
Federal Farm Credit Bank
4.32% due 02/27/26		136,000		135,911
Total Federal Agency Notes
(Cost $135,996)				135,911

REPURCHASE AGREEMENTS^††,3 - 52.3%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25⁴		331,759		331,759
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25⁴		143,154		143,154
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25⁴		138,233		138,233
Total Repurchase Agreements
(Cost $613,146)				613,146

Total Investments - 105.3%
(Cost $1,235,893)			$	1,235,808
Other Assets & Liabilities, net - (5.3)%				(62,671	)
Total Net Assets - 100.0%			$	1,173,137

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Purchased^†
U.S. Dollar Index Futures Contracts		17		Sep 2025	$	1,639,820	$	(17,662	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Depreciation

OTC Currency Index Swap Agreements^††

Goldman Sachs International

U.S. Dollar Index

Receive

N/A

At Maturity

09/19/25

7,076

682,606

(7,328

)

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Rate indicated is the effective yield at the time of purchase.
²	All or a portion of this security is pledged as futures collateral at June 30, 2025.
³	Repurchase Agreements — See Note 6.
⁴	All or a portion of this security is pledged as currency index swap collateral at June 30, 2025.

	See Sector Classification in Other Information section.

258 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
STRENGTHENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Federal Agency Discount Notes	$	—	$	299,781	$	—	$	299,781
U.S. Treasury Bills		—		186,970		—		186,970
Federal Agency Notes		—		135,911		—		135,911
Repurchase Agreements		—		613,146		—		613,146
Total Assets	$	—	$	1,235,808	$	—	$	1,235,808

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	17,662	$	—	$	—	$	17,662
Currency Index Swap Agreements**		—		7,328		—		7,328
Total Liabilities	$	17,662	$	7,328	$	—	$	24,990

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 259

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value (cost $622,747)	$	622,662
Repurchase agreements, at value (cost $613,146)		613,146
Receivables:
Interest		2,100
Total assets		1,237,908

Liabilities:
Unrealized depreciation on OTC swap agreements		7,328
Payable for:
Fund shares redeemed		17,405
Swap settlement		14,452
Variation margin on futures contracts		9,707
Licensing fees		6,691
Management fees		1,672
Transfer agent and maintenance fees		1,050
Investor service fees		464
Portfolio accounting and administration fees		102
Trustees’ fees*		32
Miscellaneous		5,868
Total liabilities		64,771
Net assets	$	1,173,137

Net assets consist of:
Paid in capital	$	2,173,077
Total distributable earnings (loss)		(999,940	)
Net assets	$	1,173,137
Capital shares outstanding		26,985
Net asset value per share	$	43.47

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Interest	$	48,645
Total investment income		48,645

Expenses:
Management fees		10,024
Investor service fees		2,784
Transfer agent fees		4,003
Licensing fees		1,812
Professional fees		2,511
Portfolio accounting and administration fees		1,726
Trustees’ fees*		301
Custodian fees		174
Miscellaneous		50
Total expenses		23,385
Less:
Expenses reimbursed by Adviser		(1,114	)
Net expenses		22,271
Net investment income		26,374

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(6	)
Swap agreements		(50,250	)
Futures contracts		(248,753	)
Net realized loss		(299,009	)
Net change in unrealized appreciation (depreciation) on:
Investments		(161	)
Swap agreements		(27,659	)
Futures contracts		(142,409	)
Net change in unrealized appreciation (depreciation)		(170,229	)
Net realized and unrealized loss		(469,238	)
Net decrease in net assets resulting from operations	$	(442,864	)

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

260 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	26,374		$	91,331
Net realized gain (loss) on investments		(299,009	)		190,430
Net change in unrealized appreciation (depreciation) on investments		(170,229	)		141,268
Net increase (decrease) in net assets resulting from operations		(442,864	)		423,029

Distributions to shareholders		—			(94,410	)

Capital share transactions:
Proceeds from sale of shares		9,725,716			181,861,514
Distributions reinvested		—			94,410
Cost of shares redeemed		(12,397,411	)		(179,407,309	)
Net increase (decrease) from capital share transactions		(2,671,695	)		2,548,615
Net increase (decrease) in net assets		(3,114,559	)		2,877,234

Net assets:
Beginning of period		4,287,696			1,410,462
End of period	$	1,173,137		$	4,287,696

Capital share activity:
Shares sold		211,885			3,818,487
Shares issued from reinvestment of distributions		—			1,959
Shares redeemed		(265,065	)		(3,771,236	)
Net increase (decrease) in shares		(53,180	)		49,210

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 261

STRENGTHENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	53.49		$	45.56		$	45.16		$	39.05		$	35.15		$	41.21
Income (loss) from investment operations:
Net investment income (loss)^b		.58			1.50			1.44			.06			(.49	)		(.43	)
Net gain (loss) on investments (realized and unrealized)		(10.60	)		7.93			(.92	)		6.05			4.39			(5.32	)
Total from investment operations		(10.02	)		9.43			.52			6.11			3.90			(5.75	)
Less distributions from:
Net investment income		—			(1.50	)		(.12	)		—			—			(.31	)
Total distributions		—			(1.50	)		(.12	)		—			—			(.31	)
Net asset value, end of period	$	43.47		$	53.49		$	45.56		$	45.16		$	39.05		$	35.15

Total Return^c		(18.73	%)		21.01	%		1.18	%		15.65	%		11.10	%		(14.03	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,173		$	4,288		$	1,410		$	3,573		$	4,004		$	1,556
Ratios to average net assets:
Net investment income (loss)		2.37	%		3.09	%		3.13	%		0.13	%		(1.32	%)		(1.05	%)
Total expenses^d		2.10	%		2.13	%		1.99	%		1.96	%		1.99	%		2.02	%
Net expenses^e		2.00	%		2.03	%		1.92	%		1.89	%		1.90	%		1.96	%
Portfolio turnover rate		—			—			—			—			131	%		103	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

262 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
WEAKENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES^†† - 24.8%
Federal Home Loan Bank
4.15% due 07/10/25¹	$	200,000	$	199,793
Freddie Mac
4.23% due 07/02/25¹		100,000		99,988
Total Federal Agency Discount Notes
(Cost $299,781)				299,781

U.S. TREASURY BILLS^†† - 15.8%
U.S. Treasury Bills
4.03% due 07/01/25¹		150,000		150,000
3.94% due 07/08/25^1,2		41,000		40,967
Total U.S. Treasury Bills
(Cost $190,967)				190,967

REPURCHASE AGREEMENTS^††,3 - 82.8%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25⁴		540,363		540,363
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25⁴		233,167		233,167
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25⁴		225,151		225,151
Total Repurchase Agreements
(Cost $998,681)				998,681

Total Investments - 123.4%
(Cost $1,489,429)			$	1,489,429
Other Assets & Liabilities, net - (23.4)%				(282,833	)
Total Net Assets - 100.0%			$	1,206,596

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Currency Futures Contracts Sold Short^†

U.S. Dollar Index Futures Contracts

Sep 2025

1,832,740

40,899

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Currency Index Swap Agreements Sold Short^††

Goldman Sachs International

U.S. Dollar Index

Pay

N/A

At Maturity

09/19/25

5,823

561,691

8,233

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Statement of Assets and Liabilities.
^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Rate indicated is the effective yield at the time of purchase.
²	All or a portion of this security is pledged as futures collateral at June 30, 2025.
³	Repurchase Agreements — See Note 6.
⁴	All or a portion of this security is pledged as currency index swap collateral at June 30, 2025.

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 263

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
WEAKENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Federal Agency Discount Notes	$	—	$	299,781	$	—	$	299,781
U.S. Treasury Bills		—		190,967		—		190,967
Repurchase Agreements		—		998,681		—		998,681
Currency Futures Contracts**		40,899		—		—		40,899
Currency Index Swap Agreements**		—		8,233		—		8,233
Total Assets	$	40,899	$	1,497,662	$	—	$	1,538,561

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

264 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value (cost $490,748)	$	490,748
Repurchase agreements, at value (cost $998,681)		998,681
Segregated cash with broker		4,644
Unrealized appreciation on OTC swap agreements		8,233
Receivables:
Variation margin on futures contracts		13,123
Fund shares sold		1,635
Swap settlement		925
Interest		121
Total assets		1,518,110

Liabilities:
Payable for:
Fund shares redeemed		305,684
Management fees		905
Transfer agent fees		440
Investor service fees		251
Portfolio accounting and administration fees		55
Trustees’ fees*		9
Miscellaneous		4,170
Total liabilities		311,514
Net assets	$	1,206,596

Net assets consist of:
Paid in capital	$	3,123,182
Total distributable earnings (loss)		(1,916,586	)
Net assets	$	1,206,596
Capital shares outstanding		8,992
Net asset value per share	$	134.19

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Interest	$	15,520
Total investment income		15,520

Expenses:
Management fees		3,208
Investor service fees		891
Transfer agent fees		1,043
Professional fees		1,396
Licensing fees		426
Portfolio accounting and administration fees		553
Trustees’ fees*		58
Custodian fees		52
Miscellaneous		36
Total expenses		7,663
Less:
Expenses reimbursed by Adviser		(356	)
Net expenses		7,307
Net investment income		8,213

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		23,941
Futures contracts		70,485
Net realized gain		94,426
Net change in unrealized appreciation (depreciation) on:
Investments		(9	)
Swap agreements		9,397
Futures contracts		52,113
Net change in unrealized appreciation (depreciation)		61,501
Net realized and unrealized gain		155,927
Net increase in net assets resulting from operations	$	164,140

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 265

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	8,213		$	41,737
Net realized gain (loss) on investments		94,426			(384,959	)
Net change in unrealized appreciation (depreciation) on investments		61,501			(36,621	)
Net increase (decrease) in net assets resulting from operations		164,140			(379,843	)

Distributions to shareholders		—			(35,982	)

Capital share transactions:
Proceeds from sale of shares		2,894,121			116,864,374
Distributions reinvested		—			35,982
Cost of shares redeemed		(2,273,574	)		(116,683,594	)
Net increase from capital share transactions		620,547			216,762
Net increase (decrease) in net assets		784,687			(199,063	)

Net assets:
Beginning of period		421,909			620,972
End of period	$	1,206,596		$	421,909

*Capital share activity:**
Shares sold		23,581			964,297
Shares issued from reinvestment of distributions		—			305
Shares redeemed		(18,482	)		(965,389	)
Net increase (decrease) in shares		5,099			(787	)

*	Reverse share split — Capital share activity has been restated to reflect a 1:3 reverse share split effective February 18, 2025. See Note 11 in the Notes to Financial Statements.

266 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

WEAKENING DOLLAR 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a, f			Year Ended December 31, 2024^f			Year Ended December 31, 2023^f			Year Ended December 31, 2022^f			Year Ended December 31, 2021^f			Year Ended December 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	108.38		$	132.68		$	129.09		$	158.35		$	184.09		$	168.50
Income (loss) from investment operations:
Net investment income (loss)^b		1.40			3.96			3.81			.15			(2.49	)		(2.28	)
Net gain (loss) on investments (realized and unrealized)		24.41			(20.88	)		(.10	)		(29.41	)		(23.25	)		18.59
Total from investment operations		25.81			(16.92	)		3.71			(29.26	)		(25.74	)		16.31
Less distributions from:
Net investment income		—			(7.38	)		(.12	)		—			—			(.72	)
Total distributions		—			(7.38	)		(.12	)		—			—			(.72	)
Net asset value, end of period	$	134.19		$	108.38		$	132.68		$	129.09		$	158.35		$	184.09

Total Return^c		23.81	%		(13.21	%)		2.85	%		(18.47	%)		(13.98	%)		9.69	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,207		$	422		$	621		$	1,406		$	693		$	2,332
Ratios to average net assets:
Net investment income (loss)		2.30	%		3.23	%		2.96	%		0.12	%		(1.43	%)		(1.35	%)
Total expenses^d		2.15	%		2.10	%		1.97	%		1.93	%		2.00	%		2.00	%
Net expenses^e		2.05	%		2.00	%		1.91	%		1.85	%		1.93	%		1.96	%
Portfolio turnover rate		—			—			—			—			93	%		129	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expense of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	Reverse share split — Per share amounts have been restated to reflect a 1:3 reverse share split effective February 18, 2025 — See Note 11 in the Notes to Financial Statements.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 267

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
COMMODITIES STRATEGY FUND

	Shares		Value
MUTUAL FUNDS^† - 43.8%
Guggenheim Ultra Short Duration Fund — Institutional Class¹		113,501	$	1,140,682
Guggenheim Strategy Fund II¹		45,022		1,120,140
Total Mutual Funds
(Cost $2,249,924)				2,260,822

	Face Amount
FEDERAL AGENCY DISCOUNT NOTES^†† - 9.7%
Freddie Mac
4.23% due 07/02/25²	$	500,000		499,941
Total Federal Agency Discount Notes
(Cost $499,941)				499,941

FEDERAL AGENCY NOTES^†† - 7.7%
Federal Farm Credit Bank
4.32% due 02/27/26		400,000		399,738
Total Federal Agency Notes
(Cost $399,986)				399,738

U.S. TREASURY BILLS^†† - 3.9%
U.S. Treasury Bills
3.94% due 07/08/25^2,3	200,000		199,839
Total U.S. Treasury Bills
(Cost $199,840)			199,839

REPURCHASE AGREEMENTS^††,4 - 31.2%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	871,938		871,938
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25	376,241		376,241
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25	363,307		363,307
Total Repurchase Agreements
(Cost $1,611,486)			1,611,486

Total Investments - 96.3%
(Cost $4,961,177)		$	4,971,826
Other Assets & Liabilities, net - 3.7%			191,106
Total Net Assets - 100.0%		$	5,162,932

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Commodity Futures Contracts Purchased^†
S&P Goldman Sachs Commodity Index Futures Contracts		38		Jul 2025	$	5,156,125	$	(534	)

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated Statement of Assets and Liabilities.
^†	Value determined based on Level 1 inputs — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Affiliated issuer.
²	Rate indicated is the effective yield at the time of purchase.
³	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁴	Repurchase Agreements — See Note 6.

	See Sector Classification in Other Information section.

268 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
COMMODITIES STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	2,260,822	$	—	$	—	$	2,260,822
Federal Agency Discount Notes		—		499,941		—		499,941
Federal Agency Notes		—		399,738		—		399,738
U.S. Treasury Bills		—		199,839		—		199,839
Repurchase Agreements		—		1,611,486		—		1,611,486
Total Assets	$	2,260,822	$	2,711,004	$	—	$	4,971,826

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Commodity Futures Contracts**		$	534			$	—			$	—			$	534

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

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,418,428	$	—	$	(300,000	)	$	(1,206	)	$	2,918	$	1,120,140		45,022	$	37,823
Guggenheim Ultra Short Duration Fund — Institutional Class		1,434,948		—		(300,000	)		2,687			3,047		1,140,682		113,501		31,143
	$	2,853,376	$	—	$	(600,000	)	$	1,481		$	5,965	$	2,260,822			$	68,966

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 269

COMMODITIES STRATEGY FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value (cost $1,099,767)	$	1,099,518
Investments in affiliated issuers, at value (cost $2,249,924)		2,260,822
Repurchase agreements, at value (cost $1,611,486)		1,611,486
Segregated cash with broker		200,181
Receivables:
Fund shares sold		19,721
Dividends		10,661
Interest		6,148
Other assets		547
Total assets		5,209,084

Liabilities:
Payable for:
Variation margin on futures contracts		23,750
Professional fees		5,271
Management fees		2,968
Transfer agent fees		2,609
Fund shares redeemed		1,238
Investor service fees		1,083
Portfolio accounting and administration fees		455
Trustees’ fees*		60
Miscellaneous		8,718
Total liabilities		46,152
Net assets	$	5,162,932

Net assets consist of:
Paid in capital	$	12,027,525
Total distributable earnings (loss)		(6,864,593	)
Net assets	$	5,162,932
Capital shares outstanding		57,804
Net asset value per share	$	89.32

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of affiliated issuers	$	68,966
Interest		71,831
Total investment income		140,797

Expenses:
Management fees		28,009
Investor service fees		8,002
Transfer agent fees		8,726
Professional fees		7,376
Portfolio accounting and administration fees		4,961
Custodian fees		472
Trustees’ fees*		373
Miscellaneous		1,219
Total expenses		59,138
Less:
Expenses reimbursed by Adviser		(1,600	)
Expenses waived by Adviser		(5,780	)
Total waived/reimbursed expenses		(7,380	)
Net expenses		51,758
Net investment income		89,039

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		29
Investments in affiliated issuers		1,481
Futures contracts		150,989
Net realized gain		152,499
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(372	)
Investments in affiliated issuers		5,965
Futures contracts		(150,718	)
Net change in unrealized appreciation (depreciation)		(145,125	)
Net realized and unrealized gain		7,374
Net increase in net assets resulting from operations	$	96,413

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

270 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

COMMODITIES STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	89,039		$	260,226
Net realized gain on investments		152,499			1,207
Net change in unrealized appreciation (depreciation) on investments		(145,125	)		100,923
Net increase in net assets resulting from operations		96,413			362,356

Distributions to shareholders		—			(280,887	)

Capital share transactions:
Proceeds from sale of shares		14,397,591			36,976,544
Distributions reinvested		—			280,887
Cost of shares redeemed		(19,642,027	)		(33,513,980	)
Net increase (decrease) from capital share transactions		(5,244,436	)		3,743,451
Net increase (decrease) in net assets		(5,148,023	)		3,824,920

Net assets:
Beginning of period		10,310,955			6,486,035
End of period	$	5,162,932		$	10,310,955

Capital share activity:
Shares sold		158,567			398,849
Shares issued from reinvestment of distributions		—			3,144
Shares redeemed		(216,685	)		(361,963	)
Net increase (decrease) in shares		(58,118	)		40,030

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 271

COMMODITIES STRATEGY FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	88.95		$	85.46		$	101.51		$	87.09		$	62.42		$	81.37
Income (loss) from investment operations:
Net investment income (loss)^b		1.24			3.28			3.23			(.17	)		(.96	)		(.47	)
Net gain (loss) on investments (realized and unrealized)		(.87	)^f		3.84			(9.32	)		20.44			25.63			(18.06	)
Total from investment operations		.37			7.12			(6.09	)		20.27			24.67			(18.53	)
Less distributions from:
Net investment income		—			(3.63	)		(9.96	)		(5.85	)		—			(.42	)
Total distributions		—			(3.63	)		(9.96	)		(5.85	)		—			(.42	)
Net asset value, end of period	$	89.32		$	88.95		$	85.46		$	101.51		$	87.09		$	62.42

Total Return^c		0.42	%		8.29	%		(6.24	%)		22.88	%		39.52	%		(22.72	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,163		$	10,311		$	6,486		$	12,451		$	8,767		$	3,505
Ratios to average net assets:
Net investment income (loss)		2.78	%		3.65	%		3.46	%		(0.15	%)		(1.20	%)		(0.82	%)
Total expenses^d		1.85	%		1.91	%		1.89	%		1.88	%		1.86	%		1.88	%
Net expenses^e		1.62	%		1.68	%		1.68	%		1.71	%		1.67	%		1.69	%
Portfolio turnover rate		—			—			—			—			92	%		123	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	The amount shown for a share outstanding throughout the period does not agree with the aggregate net gain on investments for the period because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

272 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
GLOBAL MANAGED FUTURES STRATEGY FUND

	Shares		Value
MUTUAL FUNDS^† - 43.5%
Guggenheim Variable Insurance Strategy Fund III¹		100,294	$	2,501,336
Guggenheim Strategy Fund III¹		89,107		2,224,999
Guggenheim Strategy Fund II¹		4,552		113,258
Guggenheim Ultra Short Duration Fund — Institutional Class¹		7,274		73,100
Total Mutual Funds
(Cost $4,886,643)				4,912,693

	Face Amount
U.S. TREASURY BILLS^†† - 7.3%
U.S. Treasury Bills
3.94% due 07/08/25^2,3	$	823,000		822,337
Total U.S. Treasury Bills
(Cost $822,339)				822,337

REPURCHASE AGREEMENTS^††,4 - 45.8%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25	2,795,278		2,795,278
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25	1,206,161		1,206,161
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25	1,164,700		1,164,700
Total Repurchase Agreements
(Cost $5,166,139)			5,166,139

Total Investments - 96.6%
(Cost $10,875,121)		$	10,901,169
Other Assets & Liabilities, net - 3.4%			380,850
Total Net Assets - 100.0%		$	11,282,019

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Currency Futures Contracts Purchased^†
Euro FX Futures Contracts		6		Sep 2025	$	888,000	$	19,784
British Pound Futures Contracts		14		Sep 2025		1,201,550		10,312
Mexican Peso Futures Contracts		24		Sep 2025		634,320		7,728
Canadian Dollar Futures Contracts		17		Sep 2025		1,252,815		4,764
New Zealand Dollar Futures Contracts		7		Sep 2025		427,805		4,528
Australian Dollar Futures Contracts		7		Sep 2025		461,405		4,016
Swedish Krona Futures Contracts		1		Sep 2025		212,400		1,197
Japanese Yen Futures Contracts		6		Sep 2025		525,188		1,121
Norwegian Krone Futures Contracts		1		Sep 2025		198,550		997
					$	5,802,033	$	54,447
Equity Futures Contracts Purchased^†
NASDAQ-100 Index Mini Futures Contracts		2		Sep 2025	$	915,440	$	24,808
S&P 500 Index Mini Futures Contracts		1		Sep 2025		312,575		8,473
IBEX 35 Index Futures Contracts^††		5		Jul 2025		820,217		7,558
DAX Index Futures Contracts		1		Sep 2025		708,647		6,638
S&P/TSX 60 IX Index Futures Contracts		2		Sep 2025		469,703		6,463
FTSE/JSE TOP 40 Index Futures Contracts^††		14		Sep 2025		712,833		4,404
Tokyo Stock Price Index Futures Contracts		1		Sep 2025		197,323		2,771
FTSE Taiwan Index Futures Contracts		4		Jul 2025		291,280		2,666
Russell 2000 Index Mini Futures Contracts		1		Sep 2025		109,560		668
FTSE 100 Index Futures Contracts		8		Sep 2025		964,779		(10,386	)
					$	5,502,357	$	54,063

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 273

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
GLOBAL MANAGED FUTURES STRATEGY FUND

Futures Contracts (concluded)
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Interest Rate Futures Contracts Purchased^†
U.S. Treasury 5 Year Note Futures Contracts		22		Sep 2025	$	2,398,516	$	18,744
U.S. Treasury 10 Year Note Futures Contracts		10		Sep 2025		1,121,406		12,761
Australian Government 10 Year Bond Futures Contracts		6		Sep 2025		453,041		2,647
Canadian Government 10 Year Bond Futures Contracts		3		Sep 2025		269,176		1,639
U.S. Treasury 2 Year Note Futures Contracts		5		Sep 2025		1,040,234		1,113
Euro - BTP Italian Government Bond Futures Contracts		6		Sep 2025		856,244		881
Long Gilt Futures Contracts		3		Sep 2025		383,699		577
Euro - Bobl Futures Contracts		11		Sep 2025		1,525,330		(594	)
Euro - Bund Futures Contracts		3		Sep 2025		460,285		(845	)
Euro - Schatz Futures Contracts		63		Sep 2025		7,959,985		(7,964	)
					$	16,467,916	$	28,959
Commodity Futures Contracts Purchased^†
Soybean Oil Futures Contracts		10		Dec 2025	$	316,500	$	26,498
Live Cattle Futures Contracts		7		Aug 2025		599,130		11,126
Cocoa Futures Contracts		3		Sep 2025		269,310		2,751
Cotton #2 Futures Contracts		11		Dec 2025		374,220		1,566
Palladium Futures Contracts		1		Sep 2025		111,550		760
Hard Red Winter Wheat Futures Contracts		4		Sep 2025		105,400		37
WTI Crude Futures Contracts		1		Aug 2025		64,990		(123	)
Corn Futures Contracts		6		Sep 2025		122,700		(417	)
Silver Futures Contracts		1		Sep 2025		181,600		(1,003	)
Red Spring Wheat Futures Contracts		3		Sep 2025		93,113		(2,377	)
Low Sulphur Gas Oil Futures Contracts		2		Aug 2025		132,700		(2,553	)
Natural Gas Futures Contracts		1		Jul 2025		34,450		(2,943	)
Lean Hogs Futures Contracts		2		Aug 2025		85,840		(2,945	)
Soybean Meal Futures Contracts		6		Dec 2025		173,700		(3,764	)
Sugar #11 Futures Contracts		22		Sep 2025		398,922		(11,479	)
Brent Crude Futures Contracts		5		Jul 2025		333,200		(11,714	)
					$	3,397,325	$	3,420
Interest Rate Futures Contracts Sold Short^†
U.S. Treasury Ultra Long Bond Futures Contracts		1		Sep 2025	$	118,969	$	130
U.S. Treasury Long Bond Futures Contracts		1		Sep 2025		115,375		67
Australian Government 3 Year Bond Futures Contracts		5		Sep 2025		354,693		(528	)
					$	589,037	$	(331	)
Currency Futures Contracts Sold Short^†
Swiss Franc Futures Contracts		1		Sep 2025	$	159,069	$	(2,047	)
Equity Futures Contracts Sold Short^†
Euro STOXX 50 Index Futures Contracts		5		Sep 2025	$	313,796	$	1,811
CAC 40 10 Euro Index Futures Contracts		2		Jul 2025		181,067		(134	)
MSCI Emerging Markets Index Futures Contracts		2		Sep 2025		123,320		(3,826	)
Dow Jones Industrial Average Index Mini Futures Contracts		1		Sep 2025		221,880		(5,397	)
					$	840,063	$	(7,546	)
Commodity Futures Contracts Sold Short^†
Coffee ‘C’ Futures Contracts		1		Sep 2025	$	111,713	$	10,909
Wheat Futures Contracts		10		Sep 2025		268,750		4,363
LME Nickel Futures Contracts		2		Aug 2025		181,628		2,294
Soybean Futures Contracts		21		Nov 2025		1,078,875		940
LME Lead Futures Contracts		5		Aug 2025		254,610		(2,099	)
LME Primary Aluminum Futures Contracts		6		Aug 2025		389,823		(6,395	)
Cattle Feeder Futures Contracts		1		Aug 2025		155,250		(6,578	)
Platinum Futures Contracts		8		Oct 2025		543,000		(36,145	)
					$	2,983,649	$	(32,711	)

274 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
GLOBAL MANAGED FUTURES STRATEGY FUND

**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated Statement of Assets and Liabilities.
^†	Value determined based on Level 1 inputs, unless otherwise noted — See Note 4.
^††	Value determined based on Level 2 inputs — See Note 4.
¹	Affiliated issuer.
²	All or a portion of this security is pledged as futures collateral at June 30, 2025.
³	Rate indicated is the effective yield at the time of purchase.
⁴	Repurchase Agreements — See Note 6.

	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	4,912,693	$	—	$	—	$	4,912,693
U.S. Treasury Bills		—		822,337		—		822,337
Repurchase Agreements		—		5,166,139		—		5,166,139
Equity Futures Contracts**		54,298		11,962		—		66,260
Commodity Futures Contracts**		61,244		—		—		61,244
Currency Futures Contracts**		54,447		—		—		54,447
Interest Rate Futures Contracts**		38,559		—		—		38,559
Total Assets	$	5,121,241	$	6,000,438	$	—	$	11,121,679

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Commodity Futures Contracts**	$	90,535	$	—	$	—	$	90,535
Equity Futures Contracts**		19,743		—		—		19,743
Interest Rate Futures Contracts**		9,931		—		—		9,931
Currency Futures Contracts**		2,047		—		—		2,047
Total Liabilities	$	122,256	$	—	$	—	$	122,256

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 275

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
GLOBAL MANAGED FUTURES STRATEGY FUND

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	113,122	$	—	$	—	$	—	$	136	$	113,258		4,552	$	3,029
Guggenheim Strategy Fund III		2,222,326		—		—		—		2,673		2,224,999		89,107		60,508
Guggenheim Ultra Short Duration Fund — Institutional Class		72,809		—		—		—		291		73,100		7,274		1,588
Guggenheim Variable Insurance Strategy Fund III		2,501,336		—		—		—		—		2,501,336		100,294		68,003
	$	4,909,593	$	—	$	—	$	—	$	3,100	$	4,912,693			$	133,128

276 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

GLOBAL MANAGED FUTURES STRATEGY FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value (cost $822,339)	$	822,337
Investments in affiliated issuers, at value (cost $4,886,643)		4,912,693
Repurchase agreements, at value (cost $5,166,139)		5,166,139
Segregated cash with broker		396,781
Receivables:
Dividends		21,411
Fund shares sold		13,998
Interest		628
Other assets		509
Total assets		11,334,496

Liabilities:
Overdraft due to custodian bank		659
Payable for:
Professional fees		8,771
Management fees		7,974
Printing fees		7,089
Transfer agent fees		6,565
Fund shares redeemed		4,596
Variation margin on futures contracts		2,791
Investor service fees		2,219
Portfolio accounting and administration fees		1,376
Trustees’ fees*		115
Miscellaneous		10,322
Total liabilities		52,477
Net assets	$	11,282,019

Net assets consist of:
Paid in capital	$	13,140,606
Total distributable earnings (loss)		(1,858,587	)
Net assets	$	11,282,019
Capital shares outstanding		709,873
Net asset value per share	$	15.89

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of affiliated issuers	$	133,128
Interest		131,522
Total investment income		264,650

Expenses:
Management fees		56,854
Investor service fees		13,675
Transfer agent fees		25,519
Professional fees		13,288
Portfolio accounting and administration fees		8,479
Custodian fees		817
Trustees’ fees*		742
Miscellaneous		9,561
Total expenses		128,935
Less:
Expenses waived by Adviser		(7,713	)
Net expenses		121,222
Net investment income		143,428

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		1
Futures contracts		(493,222	)
Foreign currency transactions		(1,071	)
Net realized loss		(494,292	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(174	)
Investments in affiliated issuers		3,100
Futures contracts		(102,129	)
Foreign currency translations		(77	)
Net change in unrealized appreciation (depreciation)		(99,280	)
Net realized and unrealized loss		(593,572	)
Net decrease in net assets resulting from operations	$	(450,144	)

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 277

GLOBAL MANAGED FUTURES STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	143,428		$	449,641
Net realized loss on investments		(494,292	)		(503,736	)
Net change in unrealized appreciation (depreciation) on investments		(99,280	)		24,843
Net decrease in net assets resulting from operations		(450,144	)		(29,252	)

Distributions to shareholders		—			(584,520	)

Capital share transactions:
Proceeds from sale of shares		1,646,550			4,775,241
Distributions reinvested		—			584,520
Cost of shares redeemed		(2,345,336	)		(6,813,958	)
Net decrease from capital share transactions		(698,786	)		(1,454,197	)
Net decrease in net assets		(1,148,930	)		(2,067,969	)

Net assets:
Beginning of period		12,430,949			14,498,918
End of period	$	11,282,019		$	12,430,949

Capital share activity:
Shares sold		104,638			269,130
Shares issued from reinvestment of distributions		—			33,787
Shares redeemed		(146,031	)		(396,186	)
Net decrease in shares		(41,393	)		(93,269	)

278 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

GLOBAL MANAGED FUTURES STRATEGY FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	16.55		$	17.17		$	17.58		$	16.24		$	16.32		$	16.64
Income (loss) from investment operations:
Net investment income (loss)^b		.21			.57			.54			.06			(.15	)		(.09	)
Net gain (loss) on investments (realized and unrealized)		(.87	)		(.47	)		.11			1.80			.29			.51
Total from investment operations		(.66	)		.10			.65			1.86			.14			.42
Less distributions from:
Net investment income		—			(.47	)		(.65	)		(.43	)		—			(.65	)
Net realized gains		—			(.25	)		(.41	)		(.09	)		(.22	)		(.09	)
Total distributions		—			(.72	)		(1.06	)		(.52	)		(.22	)		(.74	)
Net asset value, end of period	$	15.89		$	16.55		$	17.17		$	17.58		$	16.24		$	16.32

Total Return^c		(3.99	%)		0.37	%		3.80	%		11.28	%		0.82	%		2.60	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,282		$	12,431		$	14,499		$	21,041		$	10,671		$	13,593
Ratios to average net assets:
Net investment income (loss)		2.62	%		3.28	%		3.08	%		0.36	%		(0.87	%)		(0.55	%)
Total expenses^d		2.36	%		2.18	%		2.14	%		1.96	%		1.81	%		1.80	%
Net expenses^e		2.22	%		2.06	%		2.00	%		1.85	%		1.69	%		1.72	%
Portfolio turnover rate		—			—			—			—			2	%		2	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 279

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

	Shares		Value
COMMON STOCKS^† - 33.5%

Consumer, Non-cyclical - 6.1%
Kellanova¹		5,777	$	459,445
Dun & Bradstreet Holdings, Inc.		43,520		395,597
Blueprint Medicines Corp.*		2,004		256,873
Surmodics, Inc.*		6,469		192,194
Amedisys, Inc.*^,1		1,918		188,712
Cross Country Healthcare, Inc.*		10,771		140,561
Total Consumer, Non-cyclical				1,633,382

Financial - 5.6%
Redfin Corp.*^,2		35,678		399,237
Enstar Group Ltd.*		1,128		379,414
Mr Cooper Group, Inc.*^,1		1,582		236,050
ProAssurance Corp.*^,1		9,215		210,378
Pacific Premier Bancorp, Inc.¹		6,317		133,226
HarborOne Bancorp, Inc.		6,281		73,362
Guild Holdings Co. — Class A		3,653		72,220
Total Financial				1,503,887

Technology - 4.5%
Informatica, Inc. — Class A*^,1		9,560		232,786
E2open Parent Holdings, Inc.*		66,908		216,113
Cantaloupe, Inc.*		19,656		216,019
PlayAGS, Inc.*^,1		16,147		201,676
ANSYS, Inc.*^,1		561		197,035
AvidXchange Holdings, Inc.*		14,732		144,226
Total Technology				1,207,855

Consumer, Cyclical - 4.0%
Everi Holdings, Inc.*		31,628		450,383
Walgreens Boots Alliance, Inc.*^,1		31,118		357,235
Skechers USA, Inc. — Class A*		4,122		260,098
Total Consumer, Cyclical				1,067,716

Industrial - 3.6%
AZEK Company, Inc.*		6,341		344,634
FARO Technologies, Inc.*^,1		6,771		297,382
Triumph Group, Inc.*		10,008		257,706
Spirit AeroSystems Holdings, Inc. — Class A*^,1		1,599		61,002
Total Industrial				960,724

Energy - 3.2%
Hess Corp.¹		3,243		449,285
ChampionX Corp.		9,273		230,341
Sitio Royalties Corp. — Class A		9,174		168,618
Total Energy				848,244

Communications - 2.7%
Frontier Communications Parent, Inc.*^,1		9,688		352,643
Juniper Networks, Inc.		6,039		241,138
Interpublic Group of Companies, Inc.¹		5,763		141,078
Total Communications				734,859

Utilities - 2.0%
ALLETE, Inc.		5,779		370,260
TXNM Energy, Inc.¹		3,153		177,577
Total Utilities				547,837

Basic Materials - 1.8%
Radius Recycling, Inc. — Class A		10,849		322,107
MAG Silver Corp.		7,950		167,983
Total Basic Materials				490,090

Total Common Stocks
(Cost $8,937,650)				8,994,594

RIGHTS^† - 0.0%
Consumer, Non-cyclical - 0.0%
Bristol-Myers Squibb Co.		5,897		—
Johnson & Johnson^†††		1,553		—
Novartis AG*^{, †††}		4,974		—
Total Consumer, Non-cyclical				—

Total Rights
(Cost $1,940)				—

MUTUAL FUNDS^† - 25.7%
Guggenheim Strategy Fund III³		99,249		2,478,244
Guggenheim Variable Insurance Strategy Fund III³		86,555		2,158,683
Guggenheim Strategy Fund II³		67,185		1,671,559
Guggenheim Ultra Short Duration Fund — Institutional Class³		54,685		549,583
Total Mutual Funds
(Cost $6,865,317)				6,858,069

CLOSED-END MUTUAL FUNDS*^,† - 4.9%**
abrdn Emerging Markets ex China Fund, Inc.		6,522		38,741
Templeton Emerging Markets Fund/United States		2,613		38,124
Clough Global Equity Fund		5,237		37,308
Sprott Focus Trust, Inc.		4,936		36,872
Royce Micro-Capital Trust, Inc.		3,944		36,482
Bancroft Fund Ltd.		1,930		36,477
Mexico Fund, Inc.		2,073		36,423
Gabelli Dividend & Income Trust		1,389		36,128
Western Asset Inflation-Linked Opportunities & Income Fund		4,120		36,091
General American Investors Company, Inc.		640		35,866
Nuveen Dow 30sm Dynamic Overwrite Fund		2,494		35,764
European Equity Fund, Inc.		3,493		35,733
John Hancock Diversified Income Fund		3,350		35,443
PIMCO California Municipal Income Fund II		6,602		35,387
PIMCO New York Municipal Income Fund II		5,248		35,267
Tri-Continental Corp.		1,107		35,048
Virtus Total Return Fund, Inc.		5,594		34,851
SRH Total Return Fund, Inc.		1,959		34,635

280 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

	Shares		Value
Total Return Securities Fund		5,461	$	34,623
Ellsworth Growth and Income Fund Ltd.		2,521		25,840
abrdn Australia Equity Fund, Inc.		5,710		25,524
Royce Global Trust, Inc.		2,034		24,469
Gabelli Global Small and Mid Capital Value Trust		1,545		20,579
BlackRock Municipal 2030 Target Term Trust		874		19,132
Voya Asia Pacific High Dividend Equity Income Fund		2,626		18,490
Gabelli Healthcare & WellnessRx Trust		1,857		17,549
New Germany Fund, Inc.		1,360		16,238
MFS High Income Municipal Trust²		4,267		15,276
PIMCO New York Municipal Income Fund III		2,170		11,371
Allspring Global Dividend Opportunity Fund		1,955		10,538
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		980		10,016
BNY Mellon Strategic Municipals, Inc.		1,661		9,833
BNY Mellon Strategic Municipal Bond Fund, Inc.		1,714		9,598
PIMCO California Municipal Income Fund		835		7,173
Mexico Equity and Income Fund, Inc.		643		6,732
Voya Emerging Markets High Dividend Equity Fund		1,128		6,700
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		421		4,610
BlackRock MuniHoldings California Quality Fund, Inc.		429		4,440
abrdn Global Infrastructure Income Fund²		212		4,321
Templeton Emerging Markets Income Fund		546		3,276
BlackRock Enhanced Large Capital Core Fund, Inc.		152		3,245
Nuveen NASDAQ 100 Dynamic Overwrite Fund		122		3,229
BlackRock Enhanced Equity Dividend Trust		362		3,218
abrdn Total Dynamic Dividend Fund		363		3,216
abrdn Life Sciences Investors²		251		3,215
John Hancock Investors Trust		232		3,212
Flaherty & Crumrine Preferred and Income Securities Fund, Inc.		197		3,209
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund		118		3,208
Western Asset Emerging Markets Debt Fund, Inc.		319		3,206
Eaton Vance Tax-Advantaged Dividend Income Fund		133		3,205
Nuveen California Municipal Value Fund		368		3,194
Nuveen S&P 500 Buy-Write Income Fund		230		3,192
Eaton Vance Tax Managed Global Buy Write Opportunities Fund		369		3,192
Eaton Vance Tax-Managed Buy-Write Income Fund		221		3,191
Allspring Income Opportunities Fund		452		3,191
Nuveen Credit Strategies Income Fund		591		3,185
BrandywineGLOBAL Global Income Opportunities Fund, Inc.		383		3,183
Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc.		344		3,182
Nuveen Global High Income Fund		246		3,181
BlackRock MuniVest Fund II, Inc.		308		3,179
Flaherty & Crumrine Preferred & Income Fund, Inc.		281		3,178
Nuveen Floating Rate Income Fund		375		3,176
BlackRock Resources & Commodities Strategy Trust		336		3,175
Western Asset Inflation-Linked Income Fund		378		3,175
Eaton Vance Risk-Managed Diversified Equity Income Fund		351		3,173
Eaton Vance Tax-Managed Global Diversified Equity Income Fund		362		3,167
Herzfeld Caribbean Basin Fund, Inc.		1,244		3,166
Source Capital		73		3,166
Allspring Utilities and High Income Fund		274		3,165
MFS Multimarket Income Trust		673		3,163
Flaherty & Crumrine Total Return Fund, Inc.		186		3,162
John Hancock Tax-Advantaged Dividend Income Fund		135		3,158
BlackRock Taxable Municipal Bond Trust		196		3,158
BlackRock Enhanced Global Dividend Trust		278		3,155
Eaton Vance Senior Floating-Rate Trust		260		3,151
BlackRock MuniAssets Fund, Inc.		303		3,151
Blackstone Strategic Credit Fund		260		3,151
NYLI MacKay DefinedTerm Muni Opportunities Fund		213		3,150
Franklin Universal Trust		413		3,147
BlackRock Municipal Income Quality Trust		298		3,147
Allspring Multi-Sector Income Fund		333		3,147
abrdn Healthcare Investors		203		3,144
BlackRock MuniYield Quality Fund II, Inc.		326		3,143
MFS Charter Income Trust		494		3,142
Nuveen Pennsylvania Quality Municipal Income Fund		280		3,142
Nuveen New York AMT-Free Quality Municipal Income Fund		317		3,141
Invesco Pennsylvania Value Municipal Income Trust		312		3,139
BlackRock MuniYield Quality Fund III, Inc.		299		3,137
BlackRock Health Sciences Trust		86		3,136
Putnam Municipal Opportunities Trust		317		3,135
PIMCO Municipal Income Fund III		457		3,135
Principal Real Estate Income Fund		298		3,135
Blackrock Investment Quality Municipal Trust, Inc.		287		3,134
PIMCO California Municipal Income Fund III		503		3,134
Eaton Vance Municipal Bond Fund		324		3,133
BlackRock MuniYield Quality Fund, Inc.		282		3,133
Nuveen AMT-Free Municipal Value Fund		229		3,133

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 281

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

	Shares		Value
BlackRock MuniHoldings New York Quality Fund, Inc.		319	$	3,133
BlackRock MuniYield Fund, Inc.		312		3,132
BlackRock Municipal Income Trust II		312		3,132
Nuveen Quality Municipal Income Fund		277		3,127
Franklin Limited Duration Income Trust		487		3,127
BlackRock MuniHoldings Fund, Inc.		279		3,125
BlackRock MuniHoldings Quality Fund II, Inc.		326		3,123
Eaton Vance National Municipal Opportunities Trust		192		3,118
BlackRock Municipal Income Trust		325		3,117
BlackRock New York Municipal Income Trust		322		3,114
John Hancock Income Securities Trust		276		3,113
BlackRock California Municipal Income Trust		288		3,113
PIMCO Municipal Income Fund		390		3,112
Invesco Municipal Opportunity Trust		339		3,112
Nuveen New Jersey Quality Municipal Income Fund		274		3,110
Western Asset Managed Municipals Fund, Inc.		314		3,109
PIMCO Municipal Income Fund II		417		3,107
Neuberger Berman Municipal Fund, Inc.		316		3,106
Invesco Quality Municipal Income Trust		331		3,105
BlackRock Enhanced International Dividend Trust		536		3,103
BlackRock MuniYield Pennsylvania Quality Fund		287		3,097
MFS High Yield Municipal Trust		929		3,094
Nuveen New York Municipal Value Fund		381		3,090
Invesco Municipal Trust		337		3,083
abrdn National Municipal Income Fund		319		3,082
Invesco Trust for Investment Grade Municipals		323		3,065
Nuveen Real Estate Income Fund		393		3,058
BlackRock MuniYield Michigan Quality Fund, Inc.		275		3,036
MFS Investment Grade Municipal Trust		391		2,987
DTF Tax-Free Income 2028 Term Fund, Inc.		264		2,954
MFS Intermediate High Income Fund		1,611		2,803
BlackRock Virginia Municipal Bond Trust		242		2,514
Adams Diversified Equity Fund, Inc.		113		2,453
Virtus Convertible & Income Fund		171		2,428
Liberty All Star Growth Fund, Inc.		442		2,418
Virtus Convertible & Income Fund II²		188		2,414
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		466		2,386
Lazard Global Total Return and Income Fund, Inc.		142		2,386
BNY Mellon High Yield Strategies Fund		917		2,384
Western Asset Global Corporate Opportunity Fund, Inc.		202		2,384
Eaton Vance California Municipal Bond Fund		262		2,337
GAMCO Natural Resources Gold & Income Trust		371		2,334
Duff & Phelps Utility and Infrastructure Fund, Inc.		188		2,333
Royce Small-Capital Trust, Inc.		155		2,333
Nuveen New York Select Tax-Free Income Portfolio		200		2,326
Eaton Vance New York Municipal Bond Fund		250		2,323
Eaton Vance Senior Income Trust		408		2,322
Nuveen AMT-Free Quality Municipal Income Fund		212		2,315
Eaton Vance California Municipal Income Trust		239		2,315
AllianceBernstein National Municipal Income Fund, Inc.		222		2,289
ClearBridge Energy Midstream Opportunity Fund, Inc.		18		863
BlackRock Science and Technology Term Trust		41		851
First Trust Senior Floating Rate Income Fund II		83		843
Blackrock Science & Technology Trust		22		840
Tortoise Energy Infrastructure Corp.		19		834
Tortoise Sustainable and Social Impact Term Fund		68		833
Neuberger Berman Next Generation Connectivity Fund, Inc.		57		832
Neuberger Berman Energy Infrastructure and Income Fund, Inc.		92		828
Kayne Anderson Energy Infrastructure Fund		65		827
Clough Global Opportunities Fund		152		825
PGIM Short Duration High Yield Opportunities Fund		49		825
Destra Multi-Alternative Fund		94		822
Saba Capital Income & Opportunities Fund		102		822
BlackRock Energy and Resources Trust		62		822
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.		40		821
Special Opportunities Fund, Inc.		53		821
Nuveen Multi-Asset Income Fund		65		821
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.		96		821
XAI Octagon Floating Rate Alternative Income Trust		145		819
Eaton Vance Tax-Managed Buy-Write Opportunities Fund		59		818
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.		39		818
Saba Capital Income & Opportunities Fund II		89		818
Angel Oak Financial Strategies Income Term Trust		63		818
Clough Global Dividend and Income Fund		144		817
Invesco Municipal Income Opportunities Trust		142		816

282 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

	Shares		Value
Invesco Value Municipal Income Trust		70	$	815
PIMCO Dynamic Income Strategy Fund		33		813
Western Asset Investment Grade Opportunity Trust, Inc.		49		812
Aberdeen Asia-Pacific Income Fund, Inc.		51		812
LMP Capital and Income Fund, Inc.		52		811
NYLI CBRE Global Infrastructure Megatrends Term Fund		57		810
RiverNorth Flexible Municipal Income Fund, Inc.		58		809
RiverNorth Flexible Municipal Income Fund II, Inc.		64		809
High Income Securities Fund		127		806
RiverNorth Managed Duration Municipal Income Fund, Inc.		60		805
RiverNorth Managed Duration Municipal Income Fund II, Inc.		57		801
Highland Opportunities and Income Fund		154		801
RiverNorth Capital and Income Fund		55		800
BlackRock Health Sciences Term Trust		56		799
Highland Global Allocation Fund		91		792
Cohen & Steers Real Estate Opportunities and Income Fund		52		789
Nuveen Multi-Market Income Fund		47		295
Total Closed-End Mutual Funds
(Cost $1,177,414)				1,312,113

	Face Amount
U.S. TREASURY BILLS^†† - 6.4%
U.S. Treasury Bills
4.11% due 08/05/25^1,4	$	1,250,000		1,244,829
3.94% due 07/08/25^4,5		466,000		465,624
Total U.S. Treasury Bills
(Cost $1,710,418)				1,710,453

REPURCHASE AGREEMENTS^††,6 - 24.4%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25		3,539,562		3,539,562
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		1,527,319		1,527,319
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		1,474,818		1,474,818
Total Repurchase Agreements
(Cost $6,541,699)				6,541,699

SECURITIES LENDING COLLATERAL^†,7 - 0.3%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.25%⁸		74,339		74,339
Total Securities Lending Collateral
(Cost $74,339)				74,339

Total Investments - 95.2%
(Cost $25,308,777)				25,491,267

COMMON STOCKS SOLD SHORT^† - (8.4)%
Technology - (0.4)%
Synopsys, Inc.*		194		(99,460	)

Basic Materials - (0.4)%
Pan American Silver Corp.		4,433		(125,897	)

Communications - (0.5)%
Omnicom Group, Inc.		1,982		(142,585	)

INDUSTRIAL - (0.7)%
James Hardie Industries plc ADR*		6,557		(176,318	)

Financial - (3.1)%
Eastern Bankshares, Inc.		3,844		(58,698	)
Columbia Banking System, Inc.		5,780		(135,136	)
Rocket Companies, Inc. — Class A		45,781		(649,175	)
Total Financial				(843,009	)

Energy - (3.3)%
Viper Energy, Inc.		4,454		(169,831	)
Schlumberger N.V.		6,816		(230,381	)
Chevron Corp.		3,324		(475,963	)
Total Energy				(876,175	)

Total Common Stocks Sold Short
(Proceeds $2,360,575)				(2,263,444	)

EXCHANGE-TRADED FUNDS SOLD SHORT*^,† - (5.0)%**
iShares Mortgage Real Estate ETF		8		(171	)
Materials Select Sector SPDR Fund		11		(966	)
SPDR S&P Biotech ETF		27		(2,239	)
Schwab U.S. Aggregate Bond ETF		115		(2,673	)
VanEck High Yield Muni ETF		62		(3,113	)
iShares U.S. Real Estate ETF		33		(3,127	)
Utilities Select Sector SPDR Fund		48		(3,920	)
iShares JP Morgan USD Emerging Markets Bond ETF		67		(6,205	)
iShares 7-10 Year Treasury Bond ETF		70		(6,704	)
Invesco Senior Loan ETF		323		(6,757	)
iShares Floating Rate Bond ETF		142		(7,245	)
iShares Preferred & Income Securities ETF		245		(7,517	)
VanEck Gold Miners ETF		165		(8,590	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		118		(12,934	)
iShares MSCI Emerging Markets ETF		278		(13,411	)
iShares Russell 1000 Growth ETF		33		(14,011	)
Health Care Select Sector SPDR Fund		131		(17,657	)
iShares Core High Dividend ETF		178		(20,856	)
iShares TIPS Bond ETF		248		(27,290	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 283

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

	Shares		Value
iShares iBoxx $ High Yield Corporate Bond ETF		344	$	(27,744	)
iShares Latin America 40 ETF		1,157		(30,325	)
iShares MSCI All Country Asia ex Japan ETF		681		(56,264	)
SPDR Bloomberg Convertible Securities ETF		958		(79,188	)
iShares Russell 2000 Index ETF		430		(92,789	)
iShares National Muni Bond ETF		965		(100,823	)
SPDR S&P 500 ETF Trust		174		(107,506	)
iShares Russell 1000 Value ETF		667		(129,552	)
SPDR Nuveen ICE High Yield Municipal Bond ETF		5,526		(136,934	)
SPDR Nuveen ICE Municipal Bond ETF		4,519		(201,864	)
iShares MSCI EAFE ETF		2,400		(214,536	)
Total Exchange-Traded Funds Sold Short
(Proceeds $1,354,648)				(1,342,911	)

Total Securities Sold Short - (13.4)%
(Proceeds $3,715,223)			$	(3,606,355	)
Other Assets & Liabilities, net - 18.3%				4,886,061
Total Net Assets - 100.0%			$	26,770,973

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Interest Rate Futures Contracts Purchased^†
Australian Government 10 Year Bond Futures Contracts		20		Sep 2025	$	1,510,137	$	19,580
Euro - BTP Italian Government Bond Futures Contracts^††		4		Sep 2025		570,830		2,625
Euro - OATS Futures Contracts		15		Sep 2025		2,188,855		1,172
U.S. Treasury 2 Year Note Futures Contracts		5		Sep 2025		1,040,234		70
U.S. Treasury 5 Year Note Futures Contracts		1		Sep 2025		109,024		22
Euro - Bund Futures Contracts		25		Sep 2025		3,835,709		(6,692	)
					$	9,254,789	$	16,777
Currency Futures Contracts Purchased^†
British Pound Futures Contracts		6		Sep 2025	$	514,950	$	6,735
Australian Dollar Futures Contracts		8		Sep 2025		527,320		1,995
Japanese Yen Futures Contracts		9		Sep 2025		787,781		858
Canadian Dollar Futures Contracts		5		Sep 2025		368,475		61
New Zealand Dollar Futures Contracts		4		Sep 2025		244,460		35
					$	2,442,986	$	9,684
Equity Futures Contracts Purchased^†
CBOE Volatility Index Futures Contracts		4		Oct 2025	$	84,500	$	(10	)
S&P 500 Index Mini Futures Contracts		1		Sep 2025		312,575		(23	)
Russell 2000 Index Mini Futures Contracts		2		Sep 2025		219,120		(24	)
CBOE Volatility Index Futures Contracts		12		Nov 2025		255,600		(412	)
CBOE Volatility Index Futures Contracts		20		Dec 2025		425,000		(2,280	)
					$	1,296,795	$	(2,749	)
Commodity Futures Contracts Purchased^†
Low Sulphur Gas Oil Futures Contracts		1		Aug 2025	$	66,350	$	3,173
Soybean Meal Futures Contracts		32		Dec 2025		926,400		2,938
Sugar #11 Futures Contracts		45		Apr 2026		838,152		2,214
WTI Crude Futures Contracts		1		Jul 2025		64,990		97
Cotton #2 Futures Contracts		3		Dec 2025		102,060		(144	)
Corn Futures Contracts		13		Sep 2025		265,850		(466	)
Natural Gas Futures Contracts		10		Aug 2025		344,500		(1,263	)
Gasoline RBOB Futures Contracts		7		Sep 2025		555,101		(21,891	)
					$	3,163,403	$	(15,342	)

284 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

Futures Contracts (concluded)
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Commodity Futures Contracts Sold Short^†
Corn Futures Contracts		27		Mar 2026	$	596,025	$	17,377
Natural Gas Futures Contracts		10		Sep 2025		358,200		6,335
Soybean Oil Futures Contracts		2		Dec 2025		63,300		2,820
Hard Red Winter Wheat Futures Contracts		3		Sep 2025		79,050		1,978
Gasoline RBOB Futures Contracts		7		Aug 2025		608,433		747
Lean Hogs Futures Contracts		2		Aug 2025		85,840		154
Cattle Feeder Futures Contracts		1		Aug 2025		155,250		84
Live Cattle Futures Contracts		1		Aug 2025		85,590		(43	)
Soybean Meal Futures Contracts		37		Jan 2026		1,084,100		(2,620	)
Sugar #11 Futures Contracts		40		Mar 2026		778,176		(19,390	)
					$	3,893,964	$	7,442
Equity Futures Contracts Sold Short^†
CBOE Volatility Index Futures Contracts		15		Jul 2025	$	280,650	$	4,636
Interest Rate Futures Contracts Sold Short^†
U.S. Treasury 10 Year Note Futures Contracts		32		Sep 2025	$	3,588,500	$	(1,249	)
Canadian Government 10 Year Bond Futures Contracts		11		Sep 2025		986,980		(1,533	)
Long Gilt Futures Contracts^††		16		Sep 2025		2,046,394		(3,820	)
					$	6,621,874	$	(6,602	)
Currency Futures Contracts Sold Short^†
Euro FX Futures Contracts		3		Sep 2025	$	444,000	$	(8,945	)
Swiss Franc Futures Contracts		12		Sep 2025		1,908,825		(58,968	)
					$	2,352,825	$	(67,913	)

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^††

Morgan Stanley Capital Services LLC

MS Long/Short Equity Custom Basket

Pay

4.73% (Federal
Funds Rate +
0.40%)

At Maturity

08/31/28

3,600,674

382,542

OTC Custom Basket Swap Agreements Sold Short^††

Morgan Stanley Capital Services LLC

MS Long/Short Equity Custom Basket

Receive

4.03% (Federal
Funds Rate -
0.30%)

At Maturity

08/31/28

2,294,743

52,600

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 285

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS LONG/SHORT EQUITY LONG CUSTOM BASKET
Consumer, Cyclical
Allison Transmission Holdings, Inc.		351		0.93	%	$	13,785
Boyd Gaming Corp.		486		1.06	%		5,753
Buckle, Inc.		518		0.65	%		3,896
Visteon Corp.		436		1.13	%		3,707
Blue Bird Corp.		474		0.57	%		1,858
BorgWarner, Inc.		1,093		1.02	%		1,372
Abercrombie & Fitch Co. — Class A		180		0.41	%		1,038
PulteGroup, Inc.		263		0.77	%		892
Sonos, Inc.		706		0.21	%		452
Crocs, Inc.		110		0.31	%		161
PACCAR, Inc.		148		0.39	%		127
Dolby Laboratories, Inc. — Class A		159		0.33	%		(159	)
Harley-Davidson, Inc.		448		0.29	%		(464	)
Tri Pointe Homes, Inc.		1,101		0.98	%		(3,692	)
Gentex Corp.		1,693		1.03	%		(5,940	)
Total Consumer, Cyclical							22,786

Technology
Cirrus Logic, Inc.		348		1.00	%		6,952
Zoom Communications, Inc. — Class A		449		0.97	%		6,156
Axcelis Technologies, Inc.		298		0.58	%		6,138
Micron Technology, Inc.		118		0.40	%		5,014
OneSpan, Inc.		1,377		0.64	%		4,016
Adeia, Inc.		1,225		0.48	%		3,770
QUALCOMM, Inc.		242		1.07	%		3,656
Dropbox, Inc. — Class A		1,236		0.98	%		2,806
NetApp, Inc.		184		0.54	%		2,260
Kulicke & Soffa Industries, Inc.		751		0.72	%		849
Teradata Corp.		629		0.39	%		505
RingCentral, Inc. — Class A		270		0.21	%		389
Consensus Cloud Solutions, Inc.		427		0.27	%		350
Integral Ad Science Holding Corp.		1,335		0.31	%		227
PagerDuty, Inc.		478		0.20	%		43
Daily Journal Corp.		54		0.63	%		(388	)
Skyworks Solutions, Inc.		246		0.51	%		(1,063	)
Photronics, Inc.		1,812		0.95	%		(3,529	)
Total Technology							38,151

Industrial
Mueller Industries, Inc.		462		1.01	%		19,263
Fluor Corp.		812		1.16	%		13,670
Acuity, Inc.		105		0.87	%		6,971
Allegion plc		254		1.02	%		4,478
Snap-on, Inc.		113		0.98	%		4,138
Caterpillar, Inc.		58		0.63	%		3,668
Alamo Group, Inc.		52		0.32	%	$	2,633
Lindsay Corp.		117		0.47	%		1,122
Owens Corning		240		0.92	%		586
A O Smith Corp.		278		0.51	%		294
Advanced Drainage Systems, Inc.		132		0.42	%		173
Valmont Industries, Inc.		33		0.30	%		145
Mueller Water Products, Inc. — Class A		581		0.39	%		(215	)
Hayward Holdings, Inc.		743		0.28	%		(273	)
Scorpio Tankers, Inc.		497		0.54	%		(499	)
Boise Cascade Co.		88		0.21	%		(738	)
Teekay Tankers Ltd. — Class A		293		0.34	%		(1,040	)
Total Industrial							54,376

Utilities
National Fuel Gas Co.		439		1.03	%		14,812
Clearway Energy, Inc. — Class C		1,190		1.06	%		5,676
Duke Energy Corp.		310		1.02	%		5,296
Evergy, Inc.		550		1.05	%		5,119
Spire, Inc.		437		0.89	%		3,649
Southern Co.		406		1.04	%		3,571
Black Hills Corp.		624		0.97	%		2,207
WEC Energy Group, Inc.		340		0.98	%		2,171
Brookfield Infrastructure Corp. — Class A		598		0.69	%		2,031
Otter Tail Corp.		470		1.01	%		1,034
Atmos Energy Corp.		236		1.01	%		357
New Jersey Resources Corp.		800		1.00	%		(40	)
Total Utilities							45,883

Consumer, Non-cyclical
Royalty Pharma plc — Class A		1,082		1.08	%		12,714
Innoviva, Inc.		1,745		0.97	%		11,817
Cal-Maine Foods, Inc.		302		0.84	%		10,597
Perdoceo Education Corp.		468		0.42	%		7,559
Gilead Sciences, Inc.		141		0.43	%		6,567
Catalyst Pharmaceuticals, Inc.		768		0.46	%		4,944
United Rentals, Inc.		52		1.09	%		4,378
ADT, Inc.		3,444		0.81	%		4,297
United Therapeutics Corp.		111		0.89	%		3,660
Incyte Corp.		264		0.50	%		2,577
Premier, Inc. — Class A		865		0.53	%		2,412
Exelixis, Inc.		205		0.25	%		2,137
Herc Holdings, Inc.		129		0.47	%		2,091
Alkermes plc		824		0.65	%		1,844
Castle Biosciences, Inc.		431		0.24	%		1,452
Bristol-Myers Squibb Co.		351		0.45	%		466
Pfizer, Inc.		362		0.24	%		293

286 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
DaVita, Inc.		53		0.21	%	$	256
Utah Medical Products, Inc.		563		0.89	%		188
Collegium Pharmaceutical, Inc.		250		0.21	%		45
Alarm.com Holdings, Inc.		621		0.98	%		(93	)
Graham Holdings Co. — Class B		15		0.39	%		(216	)
Supernus Pharmaceuticals, Inc.		260		0.23	%		(274	)
Universal Health Services, Inc. — Class B		38		0.19	%		(303	)
Arrowhead Pharmaceuticals, Inc.		429		0.19	%		(386	)
Harmony Biosciences Holdings, Inc.		499		0.44	%		(563	)
Pilgrim’s Pride Corp.		343		0.43	%		(602	)
PTC Therapeutics, Inc.		262		0.36	%		(630	)
Jazz Pharmaceuticals plc		202		0.60	%		(686	)
H&R Block, Inc.		245		0.37	%		(882	)
Molson Coors Beverage Co. — Class B		182		0.24	%		(1,715	)
Amphastar Pharmaceuticals, Inc.		423		0.27	%		(1,832	)
Inmode Ltd.		912		0.37	%		(2,234	)
Regeneron Pharmaceuticals, Inc.		34		0.50	%		(4,331	)
Biogen, Inc.		273		0.95	%		(5,333	)
Merck & Company, Inc.		460		1.01	%		(5,383	)
Total Consumer, Non-cyclical							54,831

Communications
AT&T, Inc.		1,308		1.05	%		19,070
Verizon Communications, Inc.		831		1.00	%		7,570
Fox Corp. — Class A		664		1.03	%		6,127
A10 Networks, Inc.		1,175		0.63	%		5,324
Spok Holdings, Inc.		1,435		0.70	%		3,510
InterDigital, Inc.		69		0.43	%		2,794
Nexstar Media Group, Inc. — Class A		201		0.97	%		2,232
Alphabet, Inc. — Class C		72		0.35	%		1,998
F5, Inc.		59		0.48	%		1,627
Cars.com, Inc.		1,081		0.36	%		1,524
Charter Communications, Inc. — Class A		50		0.57	%		759
Comcast Corp. — Class A		955		0.95	%		596
Harmonic, Inc.		766		0.20	%		34
Expedia Group, Inc.		75		0.35	%		(116	)
HealthStream, Inc.		254		0.20	%		(188	)
Yelp, Inc. — Class A		957		0.91	%		(1,968	)
TEGNA, Inc.		2,203		1.03	%		(2,327	)
Ziff Davis, Inc.		637		0.54	%	$	(5,241	)
Total Communications							43,325

Financial
Synchrony Financial		557		1.02	%		15,058
MGIC Investment Corp.		1,378		1.07	%		14,891
Enova International, Inc.		311		0.96	%		14,442
NMI Holdings, Inc. — Class A		918		1.08	%		11,566
Axis Capital Holdings Ltd.		345		0.99	%		10,125
Essent Group Ltd.		628		1.06	%		8,108
Preferred Bank/Los Angeles CA		418		1.00	%		7,941
Enact Holdings, Inc.		836		0.86	%		7,880
Old Second Bancorp, Inc.		2,101		1.04	%		6,099
Fidelity National Financial, Inc.		666		1.04	%		4,628
Coastal Financial Corp.		230		0.62	%		4,392
Janus Henderson Group plc		550		0.59	%		4,322
BancFirst Corp.		296		1.02	%		3,732
Westamerica BanCorp		761		1.02	%		2,386
Jackson Financial, Inc. — Class A		433		1.07	%		2,192
OneMain Holdings, Inc.		402		0.64	%		2,064
Bancorp, Inc.		291		0.46	%		1,906
BOK Financial Corp.		319		0.86	%		1,663
Live Oak Bancshares, Inc.		538		0.45	%		1,431
McGrath RentCorp		316		1.02	%		1,427
RenaissanceRe Holdings Ltd.		117		0.79	%		1,193
Pathward Financial, Inc.		434		0.95	%		1,020
First Bancorp		326		0.40	%		958
Bank OZK		269		0.35	%		693
Northeast Community Bancorp, Inc.		1,306		0.84	%		594
Arch Capital Group Ltd.		378		0.96	%		393
Everest Group Ltd.		96		0.91	%		(12	)
GCM Grosvenor, Inc. — Class A		2,530		0.81	%		(1,468	)
Principal Financial Group, Inc.		315		0.69	%		(2,407	)
QCR Holdings, Inc.		549		1.04	%		(5,267	)
Total Financial							121,950

Basic Materials
Newmont Corp.		274		0.44	%		1,240
Total MS Long/Short Equity Long Custom Basket						$	382,542

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 287

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS LONG/SHORT EQUITY SHORT CUSTOM BASKET
Energy
Core Laboratories, Inc.		1,824		(0.91	)%	$	13,763
Oceaneering International, Inc.		1,367		(1.23	)%		2,642
Bristow Group, Inc.		1,216		(1.75	)%		(1,982	)
BKV Corp.		893		(0.94	)%		(1,982	)
PBF Energy, Inc. — Class A		1,277		(1.21	)%		(2,069	)
Delek US Holdings, Inc.		1,041		(0.96	)%		(2,655	)
Expand Energy Corp.		159		(0.81	)%		(2,705	)
Antero Resources Corp.		773		(1.36	)%		(3,789	)
Total Energy							1,223

Financial
Kennedy-Wilson Holdings, Inc.		5,703		(1.69	)%		20,170
Marcus & Millichap, Inc.		1,224		(1.64	)%		9,243
Weyerhaeuser Co.		1,387		(1.55	)%		8,091
PotlatchDeltic Corp.		830		(1.39	)%		6,976
Newmark Group, Inc. — Class A		3,263		(1.73	)%		6,744
Columbia Financial, Inc.		2,250		(1.42	)%		4,425
FTAI Infrastructure, Inc.		2,917		(0.78	)%		4,118
Veris Residential, Inc.		2,403		(1.56	)%		3,312
Western Alliance Bancorporation		427		(1.45	)%		2,764
Redwood Trust, Inc.		3,082		(0.79	)%		2,250
Iron Mountain, Inc.		332		(1.48	)%		2,078
PennyMac Mortgage Investment Trust		2,854		(1.60	)%		1,696
Heritage Commerce Corp.		3,321		(1.44	)%		1,431
Crown Castle, Inc.		297		(1.33	)%		1,299
PennyMac Financial Services, Inc.		150		(0.65	)%		929
Sun Communities, Inc.		292		(1.61	)%		745
StepStone Group, Inc. — Class A		251		(0.61	)%		322
Cannae Holdings, Inc.		1,884		(1.71	)%		177
Carlyle Group, Inc.		602		(1.35	)%		132
Welltower, Inc.		91		(0.61	)%		(236	)
Apartment Investment and Management Co. — Class A		4,446		(1.68	)%		(364	)
Ellington Financial, Inc.		1,133		(0.64	)%		(553	)
SLM Corp.		757		(1.08	)%		(931	)
Flushing Financial Corp.		1,669		(0.86	)%		(1,184	)
Walker & Dunlop, Inc.		440		(1.35	)%		(1,254	)
Jefferies Financial Group, Inc.		392		(0.93	)%		(2,159	)
CBRE Group, Inc. — Class A		262		(1.60	)%		(2,233	)
NewtekOne, Inc.		2,169		(1.07	)%		(2,809	)
CoStar Group, Inc.		412		(1.44	)%		(3,011	)
JPMorgan Chase & Co.		124		(1.57	)%		(3,078	)
KeyCorp		2,237		(1.70	)%		(3,344	)
State Street Corp.		356		(1.65	)%	$	(3,782	)
Goldman Sachs Group, Inc.		41		(1.26	)%		(4,433	)
Radian Group, Inc.		1,083		(1.70	)%		(4,624	)
American Healthcare REIT, Inc.		962		(1.54	)%		(6,374	)
Total Financial							36,533

Consumer, Non-cyclical
Insperity, Inc.		548		(1.43	)%		2,175
ABM Industries, Inc.		338		(0.70	)%		1,734
OrthoPediatrics Corp.		458		(0.43	)%		486
CBIZ, Inc.		174		(0.54	)%		122
CRA International, Inc.		61		(0.50	)%		66
Alico, Inc.		396		(0.56	)%		(1,124	)
Tejon Ranch Co.		1,387		(1.03	)%		(1,429	)
Driven Brands Holdings, Inc.		2,073		(1.59	)%		(2,018	)
Barrett Business Services, Inc.		864		(1.57	)%		(2,134	)
First Advantage Corp.		2,014		(1.46	)%		(3,577	)
Blade Air Mobility, Inc.		4,271		(0.75	)%		(6,150	)
Total Consumer, Non-cyclical							(11,849	)

Consumer, Cyclical
LGI Homes, Inc.		315		(0.71	)%		10,695
Southwest Airlines Co.		297		(0.42	)%		713
Camping World Holdings, Inc. — Class A		693		(0.52	)%		378
JetBlue Airways Corp.		1,539		(0.28	)%		(439	)
Pursuit Attractions and Hospitality, Inc.		984		(1.24	)%		(570	)
Under Armour, Inc. — Class C		1,815		(0.51	)%		(599	)
Frontier Group Holdings, Inc.		3,027		(0.48	)%		(646	)
America’s Car-Mart, Inc.		243		(0.59	)%		(881	)
Beazer Homes USA, Inc.		508		(0.50	)%		(1,117	)
VSE Corp.		182		(1.04	)%		(5,256	)
Total Consumer, Cyclical							2,278

Technology
ACV Auctions, Inc. — Class A		1,720		(1.21	)%		7,059
Duolingo, Inc.		19		(0.34	)%		2,067
AppLovin Corp. — Class A		18		(0.27	)%		(420	)
Conduent, Inc.		6,046		(0.70	)%		(1,016	)
Total Technology							7,690

Industrial
Smurfit WestRock plc		844		(1.59	)%		5,430
Knife River Corp.		255		(0.91	)%		3,685
Graphic Packaging Holding Co.		1,438		(1.32	)%		1,570

288 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Clearwater Paper Corp.		313		(0.37	)%	$	752
Martin Marietta Materials, Inc.		21		(0.50	)%		23
Tetra Tech, Inc.		534		(0.84	)%		(286	)
CECO Environmental Corp.		444		(0.55	)%		(664	)
Enviri Corp.		1,635		(0.62	)%		(913	)
Jacobs Solutions, Inc.		206		(1.18	)%		(1,173	)
Ball Corp.		674		(1.65	)%		(1,265	)
Forward Air Corp.		465		(0.50	)%		(3,331	)
TriMas Corp.		1,142		(1.42	)%		(6,146	)
Total Industrial							(2,318	)

Basic Materials
Huntsman Corp.		1,088		(0.49	)%		7,134
Ashland, Inc.		725		(1.59	)%		4,744
International Flavors & Fragrances, Inc.		467		(1.50	)%		3,915
Dow, Inc.		1,208		(1.39	)%		3,376
Orion S.A.		701		(0.32	)%		3,294
Balchem Corp.		96		(0.67	)%	$	677
Sherwin-Williams Co.		21		(0.31	)%		415
RPM International, Inc.		199		(0.95	)%		223
PPG Industries, Inc.		323		(1.60	)%		107
Air Products and Chemicals, Inc.		29		(0.36	)%		(45	)
DuPont de Nemours, Inc.		236		(0.71	)%		(160	)
Chemours Co.		1,241		(0.62	)%		(1,054	)
Sensient Technologies Corp.		265		(1.14	)%		(1,125	)
HB Fuller Co.		577		(1.51	)%		(3,511	)
Total Basic Materials							17,990

Communications
Hims & Hers Health, Inc.		181		(0.39	)%		1,053
Total MS Long/Short Equity Short Custom Basket						$	52,600

*	Non-income producing security.
**	Includes cumulative appreciation (depreciation). Variation margin is reported within the Consolidated Statement of Assets and Liabilities.
***	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 4.
^††	Value determined based on Level 2 inputs — See Note 4.
^†††	Value determined based on Level 3 inputs — See Note 4.
¹	All or a portion of this security is pledged as short security collateral at June 30, 2025.
²	All or a portion of this security is on loan at June 30, 2025 — See Note 7.
³	Affiliated issuer.
⁴	Rate indicated is the effective yield at the time of purchase.
⁵	All or a portion of this security is pledged as futures collateral at June 30, 2025.
⁶	Repurchase Agreements — See Note 6.
⁷	Securities lending collateral — See Note 7.
⁸	Rate indicated is the 7-day yield as of June 30, 2025.
	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.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 289

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	8,994,594		$	—	$	—		$	8,994,594
Rights		—	*		—		—	*		—
Mutual Funds		6,858,069			—		—			6,858,069
Closed-End Mutual Funds		1,312,113			—		—			1,312,113
U.S. Treasury Bills		—			1,710,453		—			1,710,453
Repurchase Agreements		—			6,541,699		—			6,541,699
Securities Lending Collateral		74,339			—		—			74,339
Commodity Futures Contracts**		37,917			—		—			37,917
Interest Rate Futures Contracts**		20,844			2,625		—			23,469
Currency Futures Contracts**		9,684			—		—			9,684
Equity Futures Contracts**		4,636			—		—			4,636
Equity Custom Basket Swap Agreements**		—			435,142		—			435,142
Total Assets	$	17,312,196		$	8,689,919	$	—		$	26,002,115

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks Sold Short	$	2,263,444	$	—	$	—	$	2,263,444
Exchange-Traded Funds Sold Short		1,342,911		—		—		1,342,911
Currency Futures Contracts**		67,913		—		—		67,913
Commodity Futures Contracts**		45,817		—		—		45,817
Interest Rate Futures Contracts**		9,474		3,820		—		13,294
Equity Futures Contracts**		2,749		—		—		2,749
Total Liabilities	$	3,732,308	$	3,820	$	—	$	3,736,128

*	Includes securities with a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

290 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
MULTI-HEDGE STRATEGIES FUND

Affiliated Transactions

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

Security Name	Value 12/31/24		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/25		Shares 06/30/25		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,669,543	$	—	$	—	$	—	$	2,016	$	1,671,559		67,185	$	44,707
Guggenheim Strategy Fund III		2,475,267		—		—		—		2,977		2,478,244		99,249		67,394
Guggenheim Ultra Short Duration Fund — Institutional Class		547,395		—		—		—		2,188		549,583		54,685		11,942
Guggenheim Variable Insurance Strategy Fund III		2,158,683		—		—		—		—		2,158,683		86,555		58,687
	$	6,850,888	$	—	$	—	$	—	$	7,181	$	6,858,069			$	182,730

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 291

MULTI-HEDGE STRATEGIES FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments in unaffiliated issuers, at value - including $72,209 of securities loaned (cost $11,901,761)	$	12,091,499
Investments in affiliated issuers, at value (cost $6,865,317)		6,858,069
Repurchase agreements, at value (cost $6,541,699)		6,541,699
Cash		3,656,387
Segregated cash with broker		1,016,297
Unrealized appreciation on OTC swap agreements		435,142
Receivables:
Dividends		31,522
Fund shares sold		27,161
Securities sold		4,963
Interest		795
Securities lending income		47
Other assets		2,583
Total assets		30,666,164

Liabilities:
Securities sold short, at value (proceeds $3,715,223)		3,606,355
Payable for:
Fund shares redeemed		108,255
Return of securities lending collateral		74,339
Variation margin on futures contracts		43,981
Swap settlement		29,229
Management fees		24,698
Trustees’ fees*		327
Miscellaneous		8,007
Total liabilities		3,895,191
Net assets	$	26,770,973

Net assets consist of:
Paid in capital	$	31,995,444
Total distributable earnings (loss)		(5,224,471	)
Net assets	$	26,770,973
Capital shares outstanding		1,149,389
Net asset value per share	$	23.29

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $228)	$	101,460
Dividends from securities of affiliated issuers		182,730
Interest		227,035
Income from securities lending, net		1,316
Interest related to securities sold short		69,499
Total investment income		582,040

Expenses:
Management fees		172,187
Short sales dividend expense		60,513
Miscellaneous		3,475
Total expenses		236,175
Less:
Expenses waived by Adviser		(7,013	)
Net expenses		229,162
Net investment income		352,878

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		392,379
Investments in unaffiliated issuers sold short		(206,442	)
Swap agreements		(293,263	)
Futures contracts		(887,991	)
Foreign currency transactions		(9,887	)
Net realized loss		(1,005,204	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(63,997	)
Investments in affiliated issuers		7,181
Investments in unaffiliated issuers sold short		233,549
Swap agreements		67,919
Futures contracts		(310,282	)
Foreign currency translations		(273	)
Net change in unrealized appreciation (depreciation)		(65,903	)
Net realized and unrealized loss		(1,071,107	)
Net decrease in net assets resulting from operations	$	(718,229	)

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

292 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

MULTI-HEDGE STRATEGIES FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	352,878		$	775,951
Net realized loss on investments		(1,005,204	)		(363,488	)
Net change in unrealized appreciation (depreciation) on investments		(65,903	)		(1,632,099	)
Net decrease in net assets resulting from operations		(718,229	)		(1,219,636	)

Distributions to shareholders		—			(1,863,918	)

Capital share transactions:
Proceeds from sale of shares		2,091,170			8,041,664
Distributions reinvested		—			1,863,918
Cost of shares redeemed		(8,046,512	)		(16,016,403	)
Net decrease from capital share transactions		(5,955,342	)		(6,110,821	)
Net decrease in net assets		(6,673,571	)		(9,194,375	)

Net assets:
Beginning of period		33,444,544			42,638,919
End of period	$	26,770,973		$	33,444,544

Capital share activity:
Shares sold		90,003			309,408
Shares issued from reinvestment of distributions		—			73,731
Shares redeemed		(346,458	)		(622,765	)
Net decrease in shares		(256,455	)		(239,626	)

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 293

MULTI-HEDGE STRATEGIES FUND

CONSOLIDATED FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	23.79		$	25.91		$	25.56		$	27.01		$	25.62		$	24.17
Income (loss) from investment operations:
Net investment income (loss)^b		.28			.52			.57			.09			(.12	)		(.07	)
Net gain (loss) on investments (realized and unrealized)		(.78	)		(1.36	)		.52			(.96	)		2.18			1.85
Total from investment operations		(.50	)		(.84	)		1.09			(.87	)		2.06			1.78
Less distributions from:
Net investment income		—			(1.28	)		(.74	)		(.31	)		—			(.33	)
Net realized gains		—			—			—			(.27	)		(.67	)		—
Total distributions		—			(1.28	)		(.74	)		(.58	)		(.67	)		(.33	)
Net asset value, end of period	$	23.29		$	23.79		$	25.91		$	25.56		$	27.01		$	25.62

Total Return^c		(2.10	%)		(3.66	%)		4.37	%		(3.40	%)		8.10	%		7.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	26,771		$	33,445		$	42,639		$	50,009		$	43,849		$	40,313
Ratios to average net assets:
Net investment income (loss)		2.45	%		2.04	%		2.23	%		0.33	%		(0.45	%)		(0.27	%)
Total expenses^d		1.64	%		1.71	%		1.62	%		1.58	%		1.92	%		1.68	%
Net expenses^e,f		1.59	%		1.66	%		1.55	%		1.53	%		1.87	%		1.63	%
Portfolio turnover rate		75	%		144	%		194	%		187	%		180	%		207	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^c	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^d	Does not include expenses of the underlying funds in which the Fund invests.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	Excluding interest and/or dividend expense related to short sales, the net expense ratios for the periods presented would be:

	06/30/25^a	12/31/24	12/31/23	12/31/22	12/31/21	12/31/20
	1.18%	1.16%	1.15%	1.15%	1.16%	1.13%

294 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2025
U.S. GOVERNMENT MONEY MARKET FUND

	Face Amount		Value
U.S. TREASURY BILLS^†† - 20.4%
U.S. Treasury Bills
4.01% due 08/12/25¹	$	2,500,000	$	2,487,247
4.23% due 08/14/25¹		2,500,000		2,486,930
4.24% due 09/04/25¹		2,000,000		1,984,682
4.04% due 08/19/25¹		1,500,000		1,491,398
4.22% due 09/09/25¹		1,500,000		1,487,597
Total U.S. Treasury Bills
(Cost $9,937,854)				9,937,854

FEDERAL AGENCY NOTES^†† - 19.4%
Federal Home Loan Bank
4.39% (SOFR, Rate Floor: 0.00%) due 07/03/25^◊		2,000,000		2,000,000
4.39% (SOFR, Rate Floor: 0.00%) due 08/21/25^◊		2,000,000		1,999,950
Federal Farm Credit Bank
4.47% (SOFR + 0.02%, Rate Floor: 0.00%) due 11/06/25^◊		2,000,000		2,000,000
4.32% due 02/27/26		1,500,000		1,499,949
Freddie Mac
0.38% due 09/23/25		2,000,000		1,982,018
Total Federal Agency Notes
(Cost $9,481,917)				9,481,917

U.S. GOVERNMENT SECURITIES^†† - 10.2%
U.S. Treasury Floating Rate Note
4.37% (3 Month U.S. Treasury Bill Rate + 0.13%, Rate Floor: 0.00%) due 07/31/25^◊		2,500,000		2,500,142
4.41% (3 Month U.S. Treasury Bill Rate + 0.17%, Rate Floor: 0.00%) due 10/31/25^◊		1,500,000		1,500,343
4.49% (3 Month U.S. Treasury Bill Rate + 0.25%, Rate Floor: 0.00%) due 01/31/26^◊		1,000,000		1,001,055
Total U.S. Government Securities
(Cost $5,001,540)				5,001,540

FEDERAL AGENCY DISCOUNT NOTES^†† - 8.2%
Freddie Mac
4.23% due 07/02/25¹		2,000,000		1,999,765
Federal Farm Credit Bank
4.20% due 07/22/25¹		1,100,000		1,097,308
Farmer Mac
4.17% due 07/16/25¹		900,000		898,437
Total Federal Agency Discount Notes
(Cost $3,995,510)				3,995,510

REPURCHASE AGREEMENTS^††,2 - 38.9%
J.P. Morgan Securities LLC issued 06/30/25 at 4.37% due 07/01/25		10,251,847		10,251,847
Barclays Capital, Inc. issued 06/30/25 at 4.39% due 07/01/25		4,423,667		4,423,667
BofA Securities, Inc. issued 06/30/25 at 4.37% due 07/01/25		4,271,603		4,271,603
Total Repurchase Agreements
(Cost $18,947,117)				18,947,117

Total Investments - 97.1%
(Cost $47,363,938)			$	47,363,938
Other Assets & Liabilities, net - 2.9%				1,396,757
Total Net Assets - 100.0%			$	48,760,695

^††	Value determined based on Level 2 inputs — See Note 4.
^◊	Variable rate security. Rate indicated is the rate effective at June 30, 2025. In some instances, the effective rate is limited by a minimum rate floor or a maximum rate cap established by the issuer. The settlement status of a position may also impact the effective rate indicated. In some cases, a position may be unsettled at period end and may not have a stated effective rate. In instances where multiple underlying reference rates and spread amounts are shown, the effective rate is based on a weighted average.
¹	Rate indicated is the effective yield at the time of purchase.
²	Repurchase Agreements — See Note 6.
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 295

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2025
U.S. GOVERNMENT MONEY MARKET FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2025 (See Note 4 in the Notes to Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
U.S. Treasury Bills	$	—	$	9,937,854	$	—	$	9,937,854
Federal Agency Notes		—		9,481,917		—		9,481,917
U.S. Government Securities		—		5,001,540		—		5,001,540
Federal Agency Discount Notes		—		3,995,510		—		3,995,510
Repurchase Agreements		—		18,947,117		—		18,947,117
Total Assets	$	—	$	47,363,938	$	—	$	47,363,938

296 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2025

Assets:
Investments, at value (cost $28,416,821)	$	28,416,821
Repurchase agreements, at value (cost $18,947,117)		18,947,117
Receivables:
Fund shares sold		1,447,241
Interest		109,623
Total assets		48,920,802

Liabilities:
Payable for:
Fund shares redeemed		23,460
Transfer agent fees		19,986
Management fees		18,349
Investor service fees		9,175
Portfolio accounting and administration fees		5,688
Trustees’ fees*		452
Miscellaneous		82,997
Total liabilities		160,107
Net assets	$	48,760,695

Net assets consist of:
Paid in capital	$	48,760,468
Total distributable earnings (loss)		227
Net assets	$	48,760,695
Capital shares outstanding		48,747,831
Net asset value per share	$	1.00

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2025

Investment Income:
Interest	$	986,901
Total investment income		986,901

Expenses:
Management fees		112,479
Investor service fees		56,240
Transfer agent fees		61,383
Professional fees		43,594
Portfolio accounting and administration fees		34,868
Custodian fees		3,123
Trustees’ fees*		2,638
Miscellaneous		22,806
Total expenses		337,131
Net investment income		649,770

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		88
Net realized gain		88
Net increase in net assets resulting from operations	$	649,858

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 297

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2025 (Unaudited)			Year Ended December 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	649,770		$	1,565,009
Net realized gain on investments		88			139
Net change in unrealized appreciation (depreciation) on investments		—			—
Net increase in net assets resulting from operations		649,858			1,565,148

Distributions to shareholders		(649,770	)		(1,575,385	)

Capital share transactions:
Proceeds from sale of shares		24,925,310			53,331,921
Distributions reinvested		649,770			1,575,385
Cost of shares redeemed		(19,191,883	)		(53,145,160	)
Net increase from capital share transactions		6,383,197			1,762,146
Net increase in net assets		6,383,285			1,751,909

Net assets:
Beginning of period		42,377,410			40,625,501
End of period	$	48,760,695		$	42,377,410

Capital share activity:
Shares sold		24,928,746			53,332,992
Shares issued from reinvestment of distributions		646,334			1,574,314
Shares redeemed		(19,191,883	)		(53,145,160	)
Net increase in shares		6,383,197			1,762,146

298 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

U.S. GOVERNMENT MONEY MARKET FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2025^a			Year Ended December 31, 2024			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020
Per Share Data
Net asset value, beginning of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Income (loss) from investment operations:
Net investment income (loss)^c		.01			.04			.04			.01			—	^b		—	^b
Net gain (loss) on investments (realized and unrealized)		—			—			—			—			—	^b		—	^b
Total from investment operations		.01			.04			.04			.01			—			—
Less distributions from:
Net investment income		(.01	)		(.04	)		(.04	)		(.01	)		(—	)^b		(—	)^b
Net realized gains		—			—			(—	)^b		(—	)^b		(—	)^b		(—	)^b
Total distributions		(.01	)		(.04	)		(.04	)		(.01	)		(—	)^b		(—	)^b
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00

Total Return^d		1.43	%		3.89	%		3.71	%		0.73	%		0.00	%^f		0.07	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	48,761		$	42,377		$	40,626		$	87,402		$	53,732		$	54,657
Ratios to average net assets:
Net investment income (loss)		2.89	%		3.79	%		3.59	%		0.70	%		—	^f		0.05	%
Total expenses		1.50	%		1.43	%		1.45	%		1.39	%		1.29	%		1.42	%
Net expenses^e		1.50	%		1.43	%		1.45	%		0.91	%		0.08	%		0.41	%

^a	Unaudited figures for the period ended June 30, 2025. Percentage amounts for the period, except total return and portfolio turnover rate, have been annualized.
^b	Less than $0.01 per share.
^c	Net investment income (loss) per share was computed using average shares outstanding throughout the period.
^d	Total return does not take into account any of the expenses associated with an investment in variable insurance products. If total return had taken into account these expenses, performance would have been lower. Shares of a series of Rydex Variable Trust are available only through the purchase of such products.
^e	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^f	Less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 299

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

Rydex Variable Trust (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the “1940 Act”), as an open-ended investment company. The Trust consists of multiple series. Each series represents a separate fund (each, a “Fund” and collectively, the “Funds”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately. At June 30, 2025, the Trust consisted of forty-eight Funds. The Trust offers shares of the Funds to insurance companies for their variable annuity and variable life insurance contracts.

This report covers the following Funds:

Fund Name	Diversification Status
Banking Fund	Diversified
Basic Materials Fund	Diversified
Biotechnology Fund	Diversified
Consumer Products Fund	Diversified
Electronics Fund	Non-diversified
Energy Fund	Diversified
Energy Services Fund	Non-diversified
Financial Services Fund	Diversified
Health Care Fund	Diversified
Internet Fund	Diversified
Leisure Fund	Diversified
Precious Metals Fund	Non-diversified
Real Estate Fund	Diversified
Retailing Fund	Diversified
Technology Fund	Diversified
Telecommunications Fund	Non-diversified
Transportation Fund	Diversified
Utilities Fund	Diversified
Dow 2x Strategy Fund	Non-diversified
Inverse Dow 2x Strategy Fund	Non-diversified
Mid-Cap 1.5x Strategy Fund	Non-diversified
Inverse Mid-Cap Strategy Fund	Non-diversified
NASDAQ-100^® Fund	Non-diversified
NASDAQ-100^® 2x Strategy Fund	Non-diversified
Inverse NASDAQ-100^® Strategy Fund	Non-diversified
Russell 2000^® 1.5x Strategy Fund	Non-diversified
Russell 2000^® 2x Strategy Fund	Non-diversified
Inverse Russell 2000^® Strategy Fund	Non-diversified
Nova Fund	Non-diversified
S&P 500^® 2x Strategy Fund	Non-diversified
Inverse S&P 500^® Strategy Fund	Non-diversified
S&P 500^® Pure Growth Fund	Non-diversified
S&P 500^® Pure Value Fund	Non-diversified
S&P MidCap 400^® Pure Growth Fund	Non-diversified
S&P MidCap 400^® Pure Value Fund	Non-diversified
S&P SmallCap 600^® Pure Growth Fund	Non-diversified
S&P SmallCap 600^® Pure Value Fund	Non-diversified
Government Long Bond 1.2x Strategy Fund	Diversified
Inverse Government Long Bond Strategy Fund	Diversified
High Yield Strategy Fund	Non-diversified
Europe 1.25x Strategy Fund	Non-diversified
Japan 2x Strategy Fund	Non-diversified
Strengthening Dollar 2x Strategy Fund	Non-diversified
Weakening Dollar 2x Strategy Fund	Non-diversified
Commodities Strategy Fund	Non-diversified
Global Managed Futures Strategy Fund	Diversified
Multi-Hedge Strategies Fund	Diversified
U.S. Government Money Market Fund	Diversified

The Funds are designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offer unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Funds to experience high portfolio turnover.

Each of the Sector Funds invests in a specific industry sector. To the extent that the investments of a Sector Fund are concentrated in a single sector, the Fund is subject to legislative or regulatory changes, adverse market conditions and/or increased competition affecting such sector.

The Sector Funds seek capital appreciation and invest substantially all of their assets in equity securities of companies involved in the sector referenced in each Fund’s name.

Security Investors, LLC (the “Adviser”), which operates under the name Guggenheim Investments (“GI”), provides advisory services to the Funds. Guggenheim Funds Distributors, LLC (“GFD”) serves as distributor of the Funds’ shares. GI and GFD are affiliated entities.

Consolidation of Subsidiaries

The consolidated financial statements of the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund include the accounts of a wholly-owned and controlled Cayman Islands subsidiary (each, a “Subsidiary” and together, the “Subsidiaries”). Significant inter-company accounts and transactions have been eliminated in consolidation for the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund. The Notes to Financial Statements presented herein are consolidated with respect to the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund and include the accounts of the Subsidiaries.

Each of the Commodities Strategy Fund, Global Managed Futures Strategy Fund and Multi-Hedge Strategies Fund may invest up to 25% of its total assets in its respective Subsidiary, which is intended to provide the Fund with exposure to certain investments consistent with the Fund’s investment objective and policies while enabling the Fund to satisfy source-of-income requirements that

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apply to regulated investment companies (“RICs”) under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).

A summary of each Fund’s investment in its respective Subsidiary is as follows:

Fund	Inception Date of Subsidiary		Subsidiary Net Assets at June 30, 2025		% of Net Assets of the Fund at June 30, 2025
Commodities Strategy Fund		07/21/09	$	996,053		19.3	%
Global Managed Futures Strategy Fund		11/07/08		1,667,848		14.8	%
Multi-Hedge Strategies Fund		04/15/09		885,131		3.3	%

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The net asset value per share (“NAV”) of each Fund is calculated by dividing the current value of the Fund’s securities and other assets, less all liabilities, by the number of outstanding shares of that Fund on the specified date.

(a) Valuation of Investments

The Board of Trustees of the Trust (the “Board”) has adopted policies and procedures for the valuation of the Funds’ investments (the “Fund Valuation Procedures”).

Pursuant to Rule 2a-5 under the 1940 Act, the Board designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.

Valuations of the Funds’ securities and other assets are supplied primarily by independent third-party pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services.

If the independent third-party pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (“NASDAQ”) will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

Open-end investment companies are valued at their NAV as of the close of business, on the valuation date. Exchange-traded funds and listed closed-end investment companies are generally valued at the last quoted sale price.

The U.S. Government Money Market Fund values debt securities at amortized cost pursuant to Rule 2a-7 of the 1940 Act, which approximates market value.

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

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

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

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

The value of currency index swap agreements entered into by a Fund is accounted for using the unrealized appreciation or depreciation on the agreements that is determined by marking the agreements to the broker quote.

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

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

(b) U.S. Government and Agency Obligations

Certain U.S. Government and Agency Obligations are traded on a discount basis; the interest rates shown on the Funds’ Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

(c) Short Sales

When a Fund engages in a short sale of a security, an amount equal to the proceeds is reflected as an asset and an equivalent liability. The amount of the liability is subsequently marked-to-market to reflect the market value of the short sale. The Fund maintains a segregated account of cash and/or securities as collateral for short sales.

Fees, if any, paid to brokers to borrow securities in connection with short sales are recorded as interest expense. In addition, the Fund must pay out the dividend rate of the equity or coupon rate of the obligation to the lender and record this as an expense. Short dividend or interest expense is a cost associated with the investment objective of short sales transactions, rather than an operational cost associated with the day-to-day management of any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

(d) Futures Contracts

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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(e) Swap Agreements

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

Upon entering into certain centrally-cleared swap transactions, a Fund is required to deposit with its clearing broker an amount of cash or securities as an initial margin. Subsequent variation margin receipts or payments are received or made by the Fund depending on fluctuations in the fair value of the reference entity and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

Upfront payments received or made by a Fund on credit default swap agreements and interest rate swap agreements are amortized over the expected life of the agreement. Periodic payments received or paid by a Fund are recorded as realized gains or losses. Payments received or made as a result of a credit event or termination of the contract are recognized, net of a proportional amount of the upfront payment, as realized gains or losses.

(f) Currency Translations

The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities initially expressed in foreign currencies are converted into U.S. dollars at prevailing exchange rates. Purchases and sales of investment securities, dividend and interest income, and certain expenses are translated at the rates of exchange prevailing on the respective dates of such transactions. Changes in the relationship of these foreign currencies to the U.S. dollar can significantly affect the value of the investments and earnings of the Funds. Foreign investments may also subject the Funds to foreign government exchange restrictions, expropriation, taxation, or other political, social, geopolitical or economic developments, all of which could affect the market and/or credit risk of the investments.

The Funds do not isolate that portion of the results of operations resulting from changes in the foreign exchange rates on investments from the fluctuations arising from changes in the market prices of securities held. Such fluctuations are included with the net realized gain or loss and unrealized appreciation or depreciation on investments.

Reported net realized foreign exchange gains and losses arise from sales of foreign currencies and currency gains or losses realized between the trade and settlement dates on investment transactions. Net unrealized appreciation and depreciation arise from changes in the fair values of assets and liabilities other than investments in securities at the fiscal period end, resulting from changes in exchange rates.

(g) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of June 30, 2025, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(h) Security Transactions

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

(i) Distributions

Dividends from net investment income are declared daily and paid monthly for the Government Long Bond 1.2x Strategy Fund and the U.S. Government Money Market Fund. Distributions of net investment income in the remaining Funds and distributions of net realized gains, if any, in all Funds are declared and paid at least annually. Dividends are reinvested in additional shares unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(j) Cash

The Funds may leave cash overnight in their cash account with their custodian. Periodically, a Fund may have cash due to their custodian bank as an overdraft balance. A fee is incurred on this overdraft, calculated by multiplying the overdraft by a rate based on the federal funds rate, which was 4.33% at June 30, 2025.

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(k) Indemnifications

Under the Trust’s organizational documents, the Trustees and Officers of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, throughout the normal course of business, the Trust, on behalf of the Funds, enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Note 2 – Financial Instruments and Derivatives

As part of their investment strategies, the Funds may utilize short sales and a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds’ Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

Derivatives

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

The Funds may utilize derivatives for the following purposes:

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

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

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

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

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

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

If a Fund’s investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. A Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause an investment in the Fund to be more volatile and riskier than if the Fund had not been leveraged.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds’ Statements of Assets and Liabilities; securities held as collateral are noted on the Funds’ Schedules of Investments.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following table represents the Funds’ use and volume of futures on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Dow 2x Strategy Fund	Index exposure, Leverage, Liquidity	$	2,719,798	$	—
Inverse Dow 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		71,201
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		105,825		—
NASDAQ-100^® Fund	Index exposure, Liquidity		14,092,135		—
NASDAQ-100^® 2x Strategy Fund	Index exposure, Leverage, Liquidity		53,986,830		—
Inverse NASDAQ-100^® Strategy Fund	Index exposure, Liquidity		—		196,425
Russell 2000^® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		635,770		—
Russell 2000^® 2x Strategy Fund	Index exposure, Leverage, Liquidity		1,021,866		—
Nova Fund	Index exposure, Liquidity		9,181,358		—
S&P 500^® 2x Strategy Fund	Index exposure, Leverage, Liquidity		7,053,913		—
Inverse S&P 500^® Strategy Fund	Index exposure, Liquidity		—		590,592
Government Long Bond 1.2x Strategy Fund	Duration, Index exposure, Leverage, Liquidity		3,237,724		—
Inverse Government Long Bond Strategy Fund	Duration, Index exposure, Liquidity		—		662,177
High Yield Strategy Fund	Duration, Index exposure, Liquidity		6,680,861		—
Europe 1.25x Strategy Fund	Index exposure, Leverage, Liquidity		4,449,111		—
Japan 2x Strategy Fund	Index exposure, Leverage, Liquidity		5,472,797		—
Strengthening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		2,886,523		—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		1,238,927
Commodities Strategy Fund	Index exposure, Liquidity		6,046,606		—
Global Managed Futures Strategy Fund	Hedge, Leverage, Liquidity, Speculation		21,852,165		15,047,625
Multi-Hedge Strategies Fund	Duration, Hedge, Index exposure, Leverage, Liquidity, Speculation		34,273,531		25,464,653

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter (“OTC”) swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return and custom basket swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index or custom basket of securities) for a fixed or variable interest rate. Total return and custom basket swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return or custom basket swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

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The following table represents the Funds’ use and volume of total return swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Dow 2x Strategy Fund	Index exposure, Leverage, Liquidity	$	7,145,828	$	—
Inverse Dow 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		1,697,287
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		2,433,349		—
Inverse Mid-Cap Strategy Fund	Index exposure, Leverage, Liquidity		—		129,963
NASDAQ-100^® Fund	Index exposure, Liquidity		13,598,310		—
NASDAQ-100^® 2x Strategy Fund	Index exposure, Leverage, Liquidity		91,501,757		—
Inverse NASDAQ-100^® Strategy Fund	Index exposure, Leverage, Liquidity		—		1,569,764
Russell 2000^® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		1,839,000		—
Russell 2000^® 2x Strategy Fund	Index exposure, Leverage, Liquidity		8,758,904		—
Inverse Russell 2000^® Strategy Fund	Index exposure, Leverage, Liquidity		—		802,625
Nova Fund	Index exposure, Liquidity		18,894,394		—
S&P 500^® 2x Strategy Fund	Index exposure, Leverage, Liquidity		65,368,587		—
Inverse S&P 500^® Strategy Fund	Index exposure, Liquidity		—		714,258
High Yield Strategy Fund	Duration, Index exposure, Liquidity		54,280		—

The following table represents the Funds’ use and volume of custom basket swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Multi-Hedge Strategies Fund	Hedge, Index exposure, Leverage, Liquidity, Speculation	$	14,545,959	$	12,084,924

Currency swaps enable the Funds to gain exposure to currencies in a market without actually possessing a given currency, or to hedge a position. Currency swaps involve the exchange of the principal and interest in one currency for the principal and interest in another currency. As in other types of OTC swaps, the Funds may be at risk due to the counterparty’s inability to perform.

The following table represents the Funds’ use and volume of currency swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Strengthening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity	$	780,982	$	—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		324,169

Credit default swaps are instruments which allow for the full or partial transfer of third-party credit risk, with respect to a particular entity or entities, from one counterparty to the other. A fund enters into credit default swaps as a “seller” or “buyer” of protection primarily to gain or reduce exposure to the investment grade and/or high yield bond market. A seller of credit default swaps is selling credit protection or assuming credit risk with respect to the underlying entity or entities. The buyer in a credit default swap is obligated to pay the seller a periodic stream of payments over the term of the contract provided that no event of default on an underlying reference obligation has occurred. If a credit event occurs, as defined under the terms of the swap agreement, the seller will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. The notional amount reflects the maximum potential amount the seller of credit protection could be required to pay to the buyer if a credit event occurs. The seller of protection receives periodic premium payments from the buyer and may also receive or pay an upfront premium adjustment to the stated periodic payments. In the event a credit default occurs on a credit default swap referencing an index, a factor adjustment will take place and the buyer of protection will receive a payment reflecting the par less the default recovery rate of the defaulted index component based on its weighting in the index. If no default occurs, the counterparty will pay the stream of payments and have no further obligations to the fund selling the credit protection. For a fund utilizing centrally cleared credit

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

default swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. For OTC credit default swaps, a fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty, or in the case of a credit default swap in which a fund is selling credit protection, the default of a third party issuer.

The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative had the notional amount of the swap agreement been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The following table represents the Funds’ use and volume of credit default swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Protection Sold		Protection Purchased
High Yield Strategy Fund	Duration, Index exposure, Liquidity	$	6,216,667	$	—

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of June 30, 2025:

Derivative Investment Type

Asset Derivatives

Liability Derivatives

Commodity/Currency/Equity/Interest rate futures contracts

Variation margin on futures contracts

Credit/Currency/Equity swap agreements

Unrealized appreciation on OTC swap agreements

Unamortized upfront premiums paid on credit default swap agreements

Variation margin on credit default swap agreements

Unrealized depreciation on OTC swap agreements

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at June 30, 2025:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Futures Interest Rate Risk*		Futures Commodity Risk*		Swaps Credit Risk*		Total Value at June 30, 2025
Dow 2x Strategy Fund	$	74,067	$	167,855	$	—	$	—	$	—	$	—	$	—	$	241,922
Mid-Cap 1.5x Strategy Fund		—		32,855		—		—		—		—		—		32,855
NASDAQ-100^® Fund		734,612		242,931		—		—		—		—		—		977,543
NASDAQ-100^® 2x Strategy Fund		2,428,302		2,205,494		—		—		—		—		—		4,633,796
Russell 2000^® 1.5x Strategy Fund		21,910		23,091		—		—		—		—		—		45,001
Russell 2000^® 2x Strategy Fund		192		44,296		—		—		—		—		—		44,488
Nova Fund		263,437		383,606		—		—		—		—		—		647,043
S&P 500^® 2x Strategy Fund		372,637		1,830,627		—		—		—		—		—		2,203,264
Government Long Bond 1.2x Strategy Fund		—		—		—		—		74,696		—		—		74,696
High Yield Strategy Fund		—		—		—		—		55,771		—		184,033		239,804
Europe 1.25x Strategy Fund		3,493		—		36,793		—		—		—		—		40,286
Japan 2x Strategy Fund		141,076		—		11,306		—		—		—		—		152,382
Weakening Dollar 2x Strategy Fund		—		—		40,899		8,233		—		—		—		49,132
Global Managed Futures Strategy Fund		66,260		—		54,447		—		38,559		61,244		—		220,510
Multi-Hedge Strategies Fund		4,636		435,142		9,684		—		23,469		37,917		—		510,848

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Futures Interest Rate Risk*		Futures Commodity Risk*		Swaps Credit Risk*		Total Value at June 30, 2025
Inverse Dow 2x Strategy Fund	$	—	$	39,224	$	—	$	—	$	—	$	—	$	—	$	39,224
Inverse Mid-Cap Strategy Fund		—		1,768		—		—		—		—		—		1,768
Inverse NASDAQ-100^® Strategy Fund		—		20,691		—		—		—		—		—		20,691
Inverse Russell 2000^® Strategy Fund		—		11,225		—		—		—		—		—		11,225
Inverse S&P 500^® Strategy Fund		21,978		15,131		—		—		—		—		—		37,109
Inverse Government Long Bond Strategy Fund		—		—		—		—		12,682		—		—		12,682
Strengthening Dollar 2x Strategy Fund		—		—		17,662		7,328		—		—		—		24,990
Commodities Strategy Fund		—		—		—		—		—		534		—		534
Global Managed Futures Strategy Fund		19,743		—		2,047		—		9,931		90,535		—		122,256
Multi-Hedge Strategies Fund		2,749		—		67,913		—		13,294		45,817		—		129,773

Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Funds’ Schedules of Investments. For exchange-traded and centrally-cleared derivatives, variation margin is reported within the Funds’ Statements of Assets and Liabilities.

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended June 30, 2025:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Commodity/Currency/Equity/Interest rate futures contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
Credit/Currency/Equity swap agreements	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the period ended June 30, 2025:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Foreign Currency Exchange Risk			Swaps Currency Risk			Futures Interest Rate Risk			Futures Commodity Risk			Swaps Credit Risk			Total
Dow 2x Strategy Fund	$	(301,648	)	$	(213	)	$	—		$	—		$	—		$	—		$	—		$	(301,861	)
Inverse Dow 2x Strategy Fund		(44,483	)		(566,551	)		—			—			—			—			—			(611,034	)
Mid-Cap 1.5x Strategy Fund		(25,279	)		(99,179	)		—			—			—			—			—			(124,458	)
Inverse Mid-Cap Strategy Fund		—			(12,422	)		—			—			—			—			—			(12,422	)
NASDAQ-100^® Fund		3,524,209			144,669			—			—			—			—			—			3,668,878
NASDAQ-100^® 2x Strategy Fund		(2,479,201	)		2,007,032			—			—			—			—			—			(472,169	)
Inverse NASDAQ-100^® Strategy Fund		(109,152	)		(464,997	)		—			—			—			—			—			(574,149	)
Russell 2000^® 1.5x Strategy Fund		(87,685	)		(216,246	)		—			—			—			—			—			(303,931	)
Russell 2000^® 2x Strategy Fund		(455,808	)		(3,364,783	)		—			—			—			—			—			(3,820,591	)
Inverse Russell 2000^® Strategy Fund		—			(83,142	)		—			—			—			—			—			(83,142	)
Nova Fund		(641,853	)		119,253			—			—			—			—			—			(522,600	)
S&P 500^® 2x Strategy Fund		(1,016,490	)		6,070,901			—			—			—			—			—			5,054,411
Inverse S&P 500^® Strategy Fund		5,356			103,376			—			—			—			—			—			108,732
Government Long Bond 1.2x Strategy Fund		—			—			—			—			120,813			—			—			120,813
Inverse Government Long Bond Strategy Fund		—			—			—			—			4,416			—			—			4,416
High Yield Strategy Fund		—			—			—			—			76,387			—			(15,372	)		61,015
Europe 1.25x Strategy Fund		(137,811	)		—			199,249			—			—			—			—			61,438
Japan 2x Strategy Fund		(94,113	)		—			99,265			—			—			—			—			5,152
Strenthening Dollar 2x Strategy Fund		—			—			(248,753	)		(50,250	)		—			—			—			(299,003	)
Weakening Dollar 2x Strategy Fund		—			—			70,485			23,941			—			—			—			94,426
Commodities Strategy Fund		—			—			—			—			—			150,989			—			150,989
Global Managed Futures Strategy Fund		64,994			—			(104,155	)		—			(464,789	)		10,728			—			(493,222	)
Multi-Hedge Strategies Fund		(206,786	)		(293,263	)		(166,949	)		—			(167,128	)		(347,128	)		—			(1,181,254	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Foreign Currency Exchange Risk			Swaps Currency Risk			Futures Interest Rate Risk			Futures Commodity Risk			Swaps Credit Risk		Total
Dow 2x Strategy Fund	$	81,837		$	133,353		$	—		$	—		$	—		$	—		$	—	$	215,190
Inverse Dow 2x Strategy Fund		(7,388	)		(34,800	)		—			—			—			—			—		(42,188	)
Mid-Cap 1.5x Strategy Fund		16,977			71,575			—			—			—			—			—		88,552
Inverse Mid-Cap Strategy Fund		—			(2,579	)		—			—			—			—			—		(2,579	)
NASDAQ-100^® Fund		942,246			759,352			—			—			—			—			—		1,701,598
NASDAQ-100^® 2x Strategy Fund		2,741,673			6,457,296			—			—			—			—			—		9,198,969
Inverse NASDAQ-100^® Strategy Fund		—			(38,717	)		—			—			—			—			—		(38,717	)
Russell 2000^® 1.5x Strategy Fund		60,140			42,669			—			—			—			—			—		102,809
Russell 2000^® 2x Strategy Fund		127,182			681,968			—			—			—			—			—		809,150
Inverse Russell 2000^® Strategy Fund		—			(14,838	)		—			—			—			—			1		(14,838	)
Nova Fund		513,022			605,469			—			—			—			—			—		1,118,491
S&P 500^® 2x Strategy Fund		582,351			2,301,604			—			—			—			—			—		2,883,955
Inverse S&P 500^® Strategy Fund		(26,524	)		(17,926	)		—			—			—			—			1		(44,450	)
Government Long Bond 1.2x Strategy Fund		—			—			—			—			74,632			—			—		74,632
Inverse Government Long Bond Strategy Fund		—			—			—			—			(41,843	)		—			—		(41,843	)
High Yield Strategy Fund		—			—			—			—			97,172			—			138,607		235,779
Europe 1.25x Strategy Fund		39,939			—			59,006			—			—			—			—		98,945
Japan 2x Strategy Fund		138,091			—			92,937			—			—			—			—		231,028
Strengthening Dollar 2x Strategy Fund		—			—			(142,409	)		(27,659	)		—			—			—		(170,068	)
Weakening Dollar 2x Strategy Fund		—			—			52,113			9,397			—			—			—		61,510
Commodities Strategy Fund		—			—			—			—			—			(150,718	)		—		(150,718	)
Global Managed Futures Strategy Fund		112,151			—			(103,177	)		—			(17,813	)		(93,290	)		—		(102,129	)
Multi-Hedge Strategies Fund		21,872			67,919			(127,631	)		—			(83,549	)		(120,974	)		—		(242,363	)

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

Foreign Investments

There are several risks associated with exposure to foreign currencies, foreign issuers and emerging markets. A Fund’s indirect and direct exposure to foreign currencies subjects the Fund to the risk that those currencies will decline in value relative to the U.S. dollar, or in the case of short positions, that the U.S. dollar will decline in value relative to the currency being hedged. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates and the imposition of currency controls or other political developments in the U.S. or abroad. In addition, the Funds may incur transaction costs in connection with conversions between various currencies. The Funds may, but are not obligated to, engage in currency hedging transactions, which generally involve buying currency forward, options or futures contracts. However, not all currency risks may be effectively hedged, and in some cases the costs of hedging techniques may outweigh expected benefits. In such instances, the value of securities denominated in foreign currencies can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar.

The Funds may invest in securities of foreign companies directly, or in financial instruments, such as ADRs and exchange-traded funds, which are indirectly linked to the performance of foreign issuers. Foreign markets can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Investing in securities

310 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

of foreign companies directly, or in financial instruments that are indirectly linked to the performance of foreign issuers, may involve risks not typically associated with investing in U.S. issuers. The value of securities denominated in foreign currencies, and of dividends from such securities, can change significantly when foreign currencies strengthen or weaken relative to the U.S. dollar. Foreign securities markets generally have less trading volume and less liquidity than U.S. markets, and prices in some foreign markets may fluctuate more than those of securities traded on U.S. markets. Many foreign countries lack accounting and disclosure standards comparable to those that apply to U.S. companies, and it may be more difficult to obtain reliable information regarding a foreign issuer’s financial condition and operations. Transaction costs and costs associated with custody services are generally higher for foreign securities than they are for U.S. securities. Some foreign governments levy withholding taxes against dividend and interest income. Although in some countries portions of these taxes are recoverable, the non-recovered portion will reduce the income received by the Funds.

Emerging markets, which consist of countries that have an emerging stock market as defined by Standard & Poor’s^®, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics as determined by GI, can be more volatile than the U.S. market due to increased risks of adverse issuer, political, regulatory, market, or economic developments and can perform differently from the U.S. market. Emerging markets can be subject to greater social, economic, regulatory, and political uncertainties and can be extremely volatile. As a result, the securities of emerging market issuers may present market, credit, currency, liquidity, legal, political and other risks different from, or greater than, the risks of investing in securities of developed foreign countries. In addition, the risks associated with investing in a narrowly defined geographic area are generally more pronounced with respect to investments in emerging market countries. The Funds may also be subject to this risk with respect to its investments in derivatives or other securities or financial instruments whose returns are related to the returns of emerging market securities.

Note 3 – Offsetting

In the normal course of business, the Funds enter into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Funds to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Funds’ Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Funds’ Statements of Assets and Liabilities.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets¹		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Assets Presented on the Statements of Assets and Liabilities		Financial Instruments		Cash Collateral Received			Net Amount
Dow 2x Strategy Fund	Swap equity agreements	$	167,855	$	—	$	167,855	$	—	$	—		$	167,855
Mid-Cap 1.5x Strategy Fund	Swap equity agreements		32,855		—		32,855		—		—			32,855
NASDAQ-100^® Fund	Swap equity agreements		242,931		—		242,931		—		(242,931	)		—
NASDAQ-100^® 2x Strategy Fund	Swap equity agreements		2,205,494		—		2,205,494		—		(1,420,000	)		785,494
Russell 2000^® 1.5x Strategy Fund	Swap equity agreements		23,091		—		23,091		—		—			23,091
Russell 2000^® 2x Strategy Fund	Swap equity agreements		44,296		—		44,296		—		—			44,296
Nova Fund	Swap equity agreements		383,606		—		383,606		—		(332,775	)		50,831
S&P 500^® 2x Strategy Fund	Swap equity agreements		1,830,627		—		1,830,627		—		(1,338,696	)		491,931
High Yield Strategy Fund	Swap index agreements		333		—		333		—		—			333
Weakening Dollar 2x Strategy Fund	Currency swap agreements		8,233		—		8,233		—		—			8,233
Multi-Hedge Strategies Fund	Custom basket swap agreements		435,142		—		435,142		—		—			435,142

								Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities¹		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged			Net Amount
Inverse Dow 2x Strategy Fund	Swap equity agreements	$	39,224	$	—	$	39,224	$	(39,224	)	$	—		$	—
Inverse Mid-Cap Strategy Fund	Swap equity agreements		1,768		—		1,768		(857	)		(911	)		—
Inverse NASDAQ-100^® Strategy Fund	Swap equity agreements		20,691		—		20,691		(11,298	)		(9,393	)		—
Inverse Russell 2000^® Strategy Fund	Swap equity agreements		11,225		—		11,225		(6,027	)		(5,198	)		—
Inverse S&P 500^® Strategy Fund	Swap equity agreements		15,131		—		15,131		(8,972	)		(6,159	)		—

¹	Exchange-traded or centrally-cleared derivatives are excluded from these reported amounts.

The Funds have the right to offset deposits against any related derivative liabilities outstanding with each counterparty with the exception of exchange-traded or centrally-cleared derivatives. The following table presents deposits held by others in connection with derivative investments as of June 30, 2025.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Dow 2x Strategy Fund	Barclays Bank plc	Total return swap agreements	$	40,000	$	—
	Goldman Sachs International	Futures contracts		764		—
				40,764		—
Inverse Mid-Cap Strategy Fund	Barclays Bank plc	Total return swap agreements		10,000		—

312 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
NASDAQ-100^® Fund	Barclays Bank plc	Total return swap agreements	$	25,000	$	260,000
	BNP Paribas	Total return swap agreements		—		260,000
	Goldman Sachs International	Total return swap agreements		—		130,000
				25,000		650,000
NASDAQ-100^® 2x Strategy Fund	Barclays Bank plc	Total return swap agreements		—		60,000
	BNP Paribas	Total return swap agreements		—		280,000
	Goldman Sachs International	Total return swap agreements		—		1,080,000
				—		1,420,000
Inverse NASDAQ-100^® Strategy Fund	Barclays Bank plc	Total return swap agreements		54,000		—
Russell 2000^® 1.5x Strategy Fund	Barclays Bank plc	Total return swap agreements		6,000		—
	Goldman Sachs International	Futures contracts		852		—
				6,852		—
Russell 2000^® 2x Strategy Fund	Goldman Sachs International	Futures contracts		9,255		—
Inverse Russell 2000^® Strategy Fund	Barclays Bank plc	Total return swap agreements		33,000		—
Nova Fund	Barclays Bank plc	Total return swap agreements		27,785		280,000
	BNP Paribas	Total return swap agreements		—		260,000
	Goldman Sachs International	Futures contracts		2,930		—
	Goldman Sachs International	Total return swap agreements		—		130,000
				30,715		670,000
S&P 500^® 2x Strategy Fund	Barclays Bank plc	Total return swap agreements		15,485		70,000
	BNP Paribas	Total return swap agreements		—		340,000
	Goldman Sachs International	Futures contracts		218,622		—
	Goldman Sachs International	Total return swap agreements		—		950,000
				234,107		1,360,000
Inverse S&P 500^® Strategy Fund	Barclays Bank plc	Total return swap agreements		12,000		—
	Goldman Sachs International	Futures contracts		537		—
				12,537		—
Government Long Bond 1.2x Strategy Fund	Goldman Sachs International	Futures contracts		109,214		—
Inverse Government Long Bond Strategy Fund	Goldman Sachs International	Futures contracts		5,688		—
High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		213,766		—
	BNP Paribas	Total return swap agreements		2,392		—
				216,158		—
Europe 1.25x Strategy Fund	Goldman Sachs International	Futures contracts		95,628		—
Japan 2x Strategy Fund	Goldman Sachs International	Futures contracts		182,658		—
Weakening Dollar 2x Strategy Fund	Goldman Sachs International	Futures contracts		4,644		—
Commodities Strategy Fund	Goldman Sachs International	Futures contracts		200,181		—
Global Managed Futures Strategy Fund	Goldman Sachs International	Futures contracts		396,781		—
Multi-Hedge Strategies Fund	Goldman Sachs International	Futures contracts		937,615		—
	Morgan Stanley Capital Services LLC	Custom basket swap agreements		78,682		—
				1,016,297		—

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 —

unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 —

significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Level 3 —

significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract between the Trust, on behalf of the Funds, and the Adviser, the Funds pay GI investment advisory fees on a monthly basis calculated daily at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
Banking Fund		0.85	%
Basic Materials Fund		0.85	%
Biotechnology Fund		0.85	%
Consumer Products Fund		0.85	%
Electronics Fund		0.85	%
Energy Fund		0.85	%
Energy Services Fund		0.85	%
Financial Services Fund		0.85	%
Health Care Fund		0.85	%
Internet Fund		0.85	%
Leisure Fund		0.85	%
Precious Metals Fund		0.75	%
Real Estate Fund		0.85	%
Retailing Fund		0.85	%
Technology Fund		0.85	%
Telecommunications Fund		0.85	%
Transportation Fund		0.85	%
Utilities Fund		0.85	%
Dow 2x Strategy Fund		0.90	%
Inverse Dow 2x Strategy Fund		0.90	%
Mid-Cap 1.5x Strategy Fund		0.90	%
Inverse Mid-Cap Strategy Fund		0.90	%
NASDAQ-100^® Fund		0.75	%
NASDAQ-100^® 2x Strategy Fund		0.90	%
Inverse NASDAQ-100^® Strategy Fund		0.90	%
Russell 2000^® 1.5x Strategy Fund		0.90	%
Russell 2000^® 2x Strategy Fund		0.90	%
Inverse Russell 2000^® Strategy Fund		0.90	%
Nova Fund		0.75	%
S&P 500^® 2x Strategy Fund		0.90	%
Inverse S&P 500^® Strategy Fund		0.90	%
S&P 500^® Pure Growth Fund		0.75	%
S&P 500^® Pure Value Fund		0.75	%

314 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Fund	Management Fees (as a % of Net Assets)
S&P MidCap 400^® Pure Growth Fund		0.75	%
S&P MidCap 400^® Pure Value Fund		0.75	%
S&P SmallCap 600^® Pure Growth Fund		0.75	%
S&P SmallCap 600^® Pure Value Fund		0.75	%
Government Long Bond 1.2x Strategy Fund		0.50	%
Inverse Government Long Bond Strategy Fund		0.90	%
High Yield Strategy Fund		0.75	%
Europe 1.25x Strategy Fund		0.90	%
Japan 2x Strategy Fund		0.75	%
Strengthening Dollar 2x Strategy Fund		0.90	%
Weakening Dollar 2x Strategy Fund		0.90	%
Commodities Strategy Fund		0.75	%
Global Managed Futures Strategy Fund		0.90	%
Multi-Hedge Strategies Fund		1.15	%
U.S. Government Money Market Fund		0.50	%

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted an Investor Services Plan for which GFD and other firms that provide investor services (“Service Providers”) may receive compensation. The Funds will pay investor service fees to GFD at an annual rate not to exceed 0.25% of average daily net assets. GFD, in turn, will compensate Service Providers for providing such services, while retaining a portion of such payments to compensate itself for investor services it performs.

The Commodities Strategy Fund, Global Managed Futures Strategy Fund, and Multi-Hedge Strategies Fund invest in their respective Subsidiaries. Each Subsidiary has entered into a separate advisory agreement with the Advisor for the management of that Subsidiary’s portfolio pursuant to which the Subsidiary pays the Advisor a management fee at the same rate that the Subsidiary’s corresponding Fund pays the Advisor for services provided to that Fund. The Advisor has contractually agreed to waive the management fee it receives from each Fund in an amount equal to the management fee paid to the Advisor by the Fund’s Subsidiary. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended June 30, 2025, the Commodities Strategy Fund, Global Managed Futures Strategy Fund, and Multi-Hedge Strategies Fund waived $4,004, $7,623 and $6,333, respectively, related to advisory fees in its respective Subsidiary.

For the Multi-Hedge Strategies Fund, the Advisor has contractually agreed to pay all operating expenses of the Fund, excluding interest expense and taxes (expected to be de minimis), brokerage commissions and other expenses connected with the execution of portfolio transactions, short sales dividend and interest expense, and extraordinary expenses.

For the U.S. Government Money Market Fund, the Advisor and/or one or more of its affiliates may reimburse expenses or waive fees of the Fund to the extent necessary to maintain the Fund’s net yield at a certain level as determined by the Advisor. Any such waiver or expense reimbursement would be voluntary and could be discontinued at any time. There is no guarantee that the Fund will be able to avoid a negative yield or to continue paying periodic dividends when the yield is not positive.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

If a Fund invests in a fund that is advised by the same adviser or an affiliated adviser, the investing Fund’s adviser has agreed to waive fees at the investing fund level to the extent necessary to offset the proportionate share of any management fee paid by each Fund with respect to its investment in such affiliated fund. Fee waivers will be calculated at the investing fund level without regard to any expense cap in effect for the investing fund. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended June 30, 2025, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Mid-Cap 1.5x Strategy Fund	$	199
Inverse Mid-Cap Strategy Fund		31
NASDAQ-100^® Fund		11,306
Inverse NASDAQ-100^® Strategy Fund		233
Russell 2000^® 1.5x Strategy Fund		407
Inverse Russell 2000^® Strategy Fund		84
Nova Fund		2,516
Inverse S&P 500^® Strategy Fund		144
Government Long Bond 1.2x Strategy Fund		263
Inverse Government Long Bond Strategy Fund		578
High Yield Strategy Fund		712
Europe 1.25x Strategy Fund		225
Commodities Strategy Fund		1,776
Global Managed Futures Strategy Fund		90
Multi-Hedge Strategies Fund		680

Effective June 1, 2021, GI has contractually agreed to waive and/or reimburse expenses for the Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Mid Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, NASDAQ-100^® 2x Strategy Fund, Inverse NASDAQ-100^® Strategy Fund, Russell 2000^® 1.5x Strategy Fund, Russell 2000^® 2x Strategy Fund, Inverse Russell 2000^® Strategy Fund, S&P 500^® 2x Strategy Fund, Inverse S&P 500^® Strategy Fund, Inverse Government Long Bond Strategy Fund, Europe 1.25x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This fee waiver will be honored by the Adviser through May 1, 2026 and shall automatically renew for additional one-year terms, unless GI provides written notice to the Funds of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Funds’ Board upon sixty days’ written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Effective August 1, 2023, GI has agreed to waive and/or reimburse expenses for the Banking Fund, Basic Materials Fund, Biotechnology Fund, Consumer Products Fund, Electronics Fund, Energy Fund, Energy Services Fund, Financial Services Fund, Health Care Fund, Internet Fund, Leisure Fund, Precious Metals Fund, Real Estate Fund, Retailing Fund, Technology Fund, Telecommunications Fund, Transportation Fund, Utilities Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, NASDAQ-100^® Fund, NASDAQ-100^® 2x Strategy Fund, Inverse NASDAQ-100^® Strategy Fund, Russell 2000^® 1.5x Fund, Russell 2000^® 2x Strategy Fund, Inverse Russell 2000^® Strategy Fund, Nova Fund, S&P 500^® 2x Strategy Fund, Inverse S&P 500^® Strategy Fund, S&P 500^® Pure Growth Fund, S&P 500^® Pure Value Fund, S&P MidCap 400^® Pure Growth Fund, S&P MidCap 400^® Pure Value Fund, S&P SmallCap 600^® Pure Growth Fund, S&P 600^® Pure Value Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund, High Yield Strategy Fund, Europe 1.25x Strategy Fund, Japan 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund, Weakening Dollar 2x Strategy Fund and Commodities Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This fee waiver will be honored by the Adviser through May 1, 2026 and shall automatically renew for additional one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Funds’ Board upon sixty days’ written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Effective August 1, 2024, GI has agreed to waive and/or reimburse, in addition to other contractual wavier and/or reimbursement arrangements, expenses for Europe 1.25x Strategy Fund in an amount equal to an annual percentage rate of 0.10% of the Fund’s average daily net assets. This fee waiver will be honored by the Adviser through May 1, 2026 and shall automatically renew for additional one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Board upon sixty days written notice to GI. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to the Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

316 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

At June 30, 2025, GI and its affiliates owned over twenty percent of the outstanding shares of the Funds, as follows:

Fund	Percent of Outstanding Shares Owned
High Yield Strategy Fund	35%

MUFG Investor Services (US), LLC (“MUIS”) serves as the Funds’ administrator, transfer agent and accounting agent. As administrator, transfer agent and accounting agent, MUIS maintains the books and records of the Funds’ securities and cash. U.S. Bank, N.A. (“U.S. Bank”) serves as the Funds’ custodian. As custodian, U.S. Bank is responsible for the custody of the Funds’ assets. For providing the aforementioned administrative and accounting services, MUIS is entitled to receive a monthly fee equal to a percentage of the Funds’ average daily net assets and out of pocket expenses. For providing the aforementioned transfer agent and custodian services, MUIS and U.S. Bank are entitled to receive a monthly fee equal to an annual percentage of each Fund’s average daily net assets and out of pocket expenses.

Note 6 – Repurchase Agreements

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

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

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Note
4.37%					1.25%
Due 07/01/25	$	48,316,879	$	48,322,745	Due 09/30/28	$	53,136,200	$	49,283,237

Barclays Capital, Inc.					U.S. Treasury Bonds
4.39%					3.88% - 4.38%
Due 07/01/25		20,848,711		20,851,254	Due 05/15/43 - 08/15/43		23,402,000		21,265,756

BofA Securities, Inc.					U.S. Treasury Note
4.37%					2.63%
Due 07/01/25		20,132,033		20,134,477	Due 07/31/29		21,228,100		20,534,749

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers with which the Funds enter into repurchase agreements to evaluate potential risks.

Note 7 – Portfolio Securities Loaned

The Funds may lend their securities to approved brokers to earn additional income. Securities lending income shown on the Funds’ Statements of Operations is shown net of rebates paid to the borrowers and earnings on cash collateral investments shared with the lending agent. Within this arrangement, the Funds act as the lender, U.S. Bank acts as the lending agent, and other approved registered broker dealers act as the borrowers. The Funds receive cash collateral, valued at 102% of the value of the securities on loan. Under the terms of the Funds’ securities lending agreement with U.S. Bank, cash collateral and proceeds are invested in the First American Government Obligations Fund — Class X. The Funds bear the risk of loss on cash collateral investments. Collateral is maintained over the life of the loan in an amount not less than the

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

value of loaned securities, as determined at the close of fund business each day; any additional collateral required due to changes in security values is delivered to the Funds the next business day. Although the collateral mitigates the risk, the Funds could experience a delay in recovering their securities and a possible loss of income or value if the borrower fails to return the securities. The Funds have the right under the securities lending agreement to recover the securities from the borrower on demand, including if a Fund determines it would like to vote a security on loan. The Adviser will vote such securities where the benefit of voting outweighs the costs to the Fund or administrative inconvenience of retrieving securities then on loan. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

At June 30, 2025, the following Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

	Gross Amounts Not Offset in the Statements of Assets and Liabilities							Securities Lending Collateral
Fund	Value of Securities Loaned		Collateral Received^(a)			Net Amount		Cash Collateral Invested			Cash Collateral Uninvested		Total Collateral
Banking Fund	$	34,650	$	(34,650	)	$	—	$	35,483		$	—	$	35,483
Basic Materials Fund		55,217		(55,217	)		—		56,879			—		56,879
Biotechnology Fund		293,918		(293,918	)		—		298,290			—		298,290
Consumer Products Fund		48,585		(48,585	)		—		49,490			—		49,490
Electronics Fund		515,346		(515,346	)		—		529,680			—		529,680
Energy Fund		229,387		(227,949	)		1,438		227,949	*		—		227,949
Energy Services Fund		48,508		(48,508	)		—		49,980			—		49,980
Financial Services Fund		87,971		(87,971	)		—		90,492			—		90,492
Health Care Fund		276,644		(276,644	)		—		282,360			—		282,360
Internet Fund		23,649		(23,649	)		—		24,084			—		24,084
Leisure Fund		66,167		(66,167	)		—		67,270			—		67,270
Real Estate Fund		147,445		(147,445	)		—		157,132			—		157,132
Retailing Fund		5,732		(5,732	)		—		5,915			—		5,915
Technology Fund		213,342		(211,415	)		1,927		211,415	*		—		211,415
Telecommunications Fund		59,487		(59,487	)		—		64,287			—		64,287
Transportation Fund		150,735		(150,735	)		—		156,235			—		156,235
Utilities Fund		206,338		(206,338	)		—		208,068			—		208,068
Mid-Cap 1.5x Strategy Fund		22,840		(22,840	)		—		23,302			—		23,302
NASDAQ-100^® Fund		246,921		(246,921	)		—		247,036			—		247,036
NASDAQ-100^® 2x Strategy Fund		328,274		(328,274	)		—		328,427			—		328,427
Russell 2000^® 1.5x Strategy Fund		315,513		(315,513	)		—		321,567			—		321,567
Russell 2000^® 2x Strategy Fund		138,969		(138,969	)		—		141,680			—		141,680
Nova Fund		18,361		(18,361	)		—		18,504			—		18,504
S&P 500^® 2x Strategy Fund		50,728		(50,728	)		—		51,131			—		51,131
S&P MidCap 400^® Pure Growth Fund		353,798		(353,798	)		—		358,741			—		358,741
S&P MidCap 400^® Pure Value Fund		37,638		(37,638	)		—		38,944			—		38,944
S&P SmallCap 600^® Pure Growth Fund		51,165		(51,165	)		—		51,932			—		51,932
S&P SmallCap 600^® Pure Value Fund		286,609		(286,609	)		—		298,690			—		298,690
High Yield Strategy Fund		94,119		(94,119	)		—		95,694			—		95,694
Europe 1.25x Strategy Fund		169,913		(169,913	)		—		173,161			—		173,161
Multi-Hedge Strategies Fund		72,209		(72,209	)		—		74,339			—		74,339

^(a)	Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.
*	Subsequent to June 30, 2025, additional collateral was received.

318 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 8 – Federal Income Tax Information

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

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

If a Fund makes a distribution to its shareholders in excess of its current and accumulated “earnings and profits” in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder’s basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder’s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

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

Net investment income and net realized gains (losses) may differ for financial statement and tax purposes because of temporary or permanent book/tax differences. These differences are primarily due to investments in real estate investment trusts, foreign currency gains and losses, losses deferred due to wash sales, distributions in connection with redemption of fund shares, return of capital distributions received, the “mark- to-market,” recharacterization, or disposition of certain Passive Foreign Investment Companies (PFICs), the tax treatment of net operating losses, and certain corporate actions. Additional differences may result from the deferral of qualified late-year losses and the “mark-to-market” of certain derivatives. Further differences may be due to investments in swap agreements and the reclassification of distributions paid.

To the extent these differences are permanent and would require a reclassification between Paid in Capital and Total Distributable Earnings (Loss), such reclassifications are made in the period that the differences arise. These reclassifications have no effect on net assets or NAV per share.

The final determination of permanent book/tax differences will be made within the Funds’ annual report for the year ended December 31, 2025. The following adjustments were made on the Statements of Assets and Liabilities as of June 30, 2025 of Electronics Fund for estimated permanent book/tax differences:

Fund		Paid In Capital				Total Distributable Earnings/(Loss)
Electronics Fund		$	3,971,388			$	(3,971,388	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At June 30, 2025, the cost of investments for U.S. federal income tax purposes, the aggregate gross unrealized appreciation for all investments for which there was an excess of value over tax cost, and the aggregate gross unrealized depreciation for all investments for which there was an excess of tax cost over value, were as follows:

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Banking Fund	$	4,915,272	$	1,592,407	$	(14,233	)	$	1,578,174
Basic Materials Fund		3,464,101		2,216,103		(81,045	)		2,135,058
Biotechnology Fund		6,238,827		3,492,581		(403,751	)		3,088,830
Consumer Products Fund		3,088,074		2,700,711		(52,629	)		2,648,082
Electronics Fund		5,535,976		7,870,685		(160,093	)		7,710,592
Energy Fund		7,590,315		2,982,305		(121,150	)		2,861,155
Energy Services Fund		2,825,146		275,449		(48,428	)		227,021
Financial Services Fund		6,240,323		5,249,904		(32,314	)		5,217,590
Health Care Fund		4,610,868		4,941,851		(230,398	)		4,711,453
Internet Fund		2,713,369		2,969,899		(4,081	)		2,965,818
Leisure Fund		4,839,061		1,758,646		(17,637	)		1,741,009
Precious Metals Fund		13,352,754		12,872,076		—			12,872,076
Real Estate Fund		2,491,256		1,339,786		(21,934	)		1,317,852
Retailing Fund		1,143,289		1,111,164		—			1,111,164
Technology Fund		15,866,765		14,447,786		(39,988	)		14,407,798
Telecommunications Fund		4,972,174		540,340		—			540,340
Transportation Fund		2,195,237		1,406,979		(77,215	)		1,329,764
Utilities Fund		6,194,408		5,261,550		(12,640	)		5,248,910
Dow 2x Strategy Fund		5,581,004		2,083,974		—			2,083,974
Inverse Dow 2x Strategy Fund		827,606		—		(39,256	)		(39,256	)
Mid-Cap 1.5x Strategy Fund		2,837,108		721,241		(123,603	)		597,638
Inverse Mid-Cap Strategy Fund		127,122		716		(1,768	)		(1,052	)
NASDAQ-100^® Fund		84,228,592		49,401,217		(4,758	)		49,396,459
NASDAQ-100^® 2x Strategy Fund		125,863,210		16,730,711		(66,016	)		16,664,695
Inverse NASDAQ-100^® Strategy Fund		1,035,269		2,012		(20,691	)		(18,679	)
Russell 2000^® 1.5x Strategy Fund		2,814,099		193,052		(162,734	)		30,318
Russell 2000^® 2x Strategy Fund		2,107,076		44,488		(5,938	)		38,550
Inverse Russell 2000^® Strategy Fund		865,213		2,327		(11,225	)		(8,898	)
Nova Fund		30,195,156		7,746,506		(47,553	)		7,698,953
S&P 500^® 2x Strategy Fund		88,596,771		14,855,643		(459,363	)		14,396,280
Inverse S&P 500^® Strategy Fund		1,159,250		1,894		(37,109	)		(35,215	)
S&P 500^® Pure Growth Fund		28,396,695		5,914,739		(203,623	)		5,711,116
S&P 500^® Pure Value Fund		15,426,015		1,601,467		(190,103	)		1,411,364
S&P MidCap 400^® Pure Growth Fund		8,804,304		1,352,448		(395,587	)		956,861
S&P MidCap 400^® Pure Value Fund		6,083,238		608,704		(235,633	)		373,071
S&P SmallCap 600^® Pure Growth Fund		7,844,333		754,826		(184,978	)		569,848
S&P SmallCap 600^® Pure Value Fund		8,679,269		735,957		(1,022,240	)		(286,283	)
Government Long Bond 1.2x Strategy Fund		5,243,903		184,312		—			184,312
Inverse Government Long Bond Strategy Fund		1,841,508		5,499		(82,062	)		(76,563	)
High Yield Strategy Fund		7,105,007		258,317		(21,016	)		237,301
Europe 1.25x Strategy Fund		2,683,947		239,917		—			239,917
Japan 2x Strategy Fund		1,392,353		152,382		(64	)		152,318
Strengthening Dollar 2x Strategy Fund		1,235,893		—		(25,075	)		(25,075	)
Weakening Dollar 2x Strategy Fund		1,489,429		49,132		—			49,132
Commodities Strategy Fund		5,735,107		—		(763,815	)		(763,815	)
Global Managed Futures Strategy Fund		10,877,281		244,401		(122,259	)		122,142
Multi-Hedge Strategies Fund		21,662,838		1,214,527		(611,378	)		603,149
U.S. Government Money Market Fund		47,363,938		—		—			—

320 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 9 – Securities Transactions

For the period ended June 30, 2025, the cost of purchases and proceeds from sales of investment securities, excluding government securities, short-term investments and derivatives, were as follows:

Fund	Purchases		Sales
Banking Fund	$	4,187,245	$	1,675,409
Basic Materials Fund		2,308,715		3,342,817
Biotechnology Fund		50,437,010		51,446,232
Consumer Products Fund		1,386,143		1,788,354
Electronics Fund		3,417,855		16,387,960
Energy Fund		42,774,835		41,183,366
Energy Services Fund		63,592,440		63,668,729
Financial Services Fund		5,719,588		6,675,532
Health Care Fund		4,911,565		7,030,409
Internet Fund		2,899,142		3,121,193
Leisure Fund		10,298,508		8,904,270
Precious Metals Fund		26,589,174		24,882,287
Real Estate Fund		5,600,058		5,745,382
Retailing Fund		3,777,902		3,920,203
Technology Fund		34,794,139		30,943,857
Telecommunications Fund		16,341,852		15,306,803
Transportation Fund		783,902		1,209,257
Utilities Fund		21,462,870		22,138,547

Fund	Purchases		Sales
Dow 2x Strategy Fund	$	38,863,159	$	41,012,968
Inverse Dow 2x Strategy Fund		—		—
Mid-Cap 1.5x Strategy Fund		374,017		1,309,335
Inverse Mid-Cap Strategy Fund		—		—
NASDAQ-100^® Fund		79,987,628		85,592,192
NASDAQ-100^® 2x Strategy Fund		391,448,188		388,095,653
Inverse NASDAQ-100^® Strategy Fund		—		—
Russell 2000^® 1.5x Strategy Fund		77,329		612,431
Russell 2000^® 2x Strategy Fund		—		—
Inverse Russell 2000^® Strategy Fund		—		—
Nova Fund		25,672,063		28,157,009
S&P 500^® 2x Strategy Fund		75,138,883		30,592,269
Inverse S&P 500^® Strategy Fund		—		—
S&P 500^® Pure Growth Fund		32,044,310		29,014,723
S&P 500^® Pure Value Fund		24,215,628		26,066,293
S&P MidCap 400^® Pure Growth Fund		5,849,343		8,466,170
S&P MidCap 400^® Pure Value Fund		8,538,904		9,537,179
S&P SmallCap 600^® Pure Growth Fund		11,852,063		11,046,390
S&P SmallCap 600^® Pure Value Fund		1,528,420		2,401,505

Fund	Purchases		Sales
Government Long Bond 1.2x Strategy Fund	$	—	$	50,000
Inverse Government Long Bond Strategy Fund		—		—
High Yield Strategy Fund		—		—
Europe 1.25x Strategy Fund		2,653,646		2,402,244
Japan 2x Strategy Fund		—		—
Strengthening Dollar 2x Strategy Fund		—		—
Weakening Dollar 2x Strategy Fund		—		—
Commodities Strategy Fund		—		600,000
Global Managed Futures Strategy Fund		—		—
Multi-Hedge Strategies Fund		17,004,381		17,042,691
U.S. Government Money Market Fund		—		—

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

For the period ended June 30, 2025, the cost of purchases and proceeds from sales of government securities were as follows:

Fund	Purchases		Sales
Government Long Bond 1.2x Strategy Fund	$	236,576,875	$	236,789,156
Inverse Government Long Bond Strategy Fund		19,273,688		16,181,719

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the period ended June 30, 2025, the Funds engaged in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act, as follows:

Fund	Purchases		Sales		Realized Gain (Loss)
Banking Fund	$	304,089	$	463,066	$	(32,260	)
Basic Materials Fund		185,710		407,746		2,682
Biotechnology Fund		586,736		630,655		55,323
Consumer Products Fund		190,604		156,238		18,114
Electronics Fund		372,750		780,772		175,702
Energy Fund		8,316,164		6,178,065		(164,884	)
Energy Services Fund		2,629,517		2,434,257		(30,358	)
Financial Services Fund		667,581		846,666		27,174
Health Care Fund		1,344,931		2,821,594		(2,924	)
Internet Fund		944,389		566,410		55,350
Leisure Fund		630,718		1,506,605		77,927
Precious Metals Fund		7,821,968		2,004,187		31,633
Real Estate Fund		1,019,997		874,907		27,874
Retailing Fund		190,898		580,319		8,587
Technology Fund		3,105,946		3,326,711		11,467
Telecommunications Fund		2,159,049		648,383		11,286
Transportation Fund		140,291		85,285		1,229
Utilities Fund		2,202,512		2,351,402		41,058
Dow 2x Strategy Fund		4,780,365		5,243,320		79,922
Mid-Cap 1.5x Strategy Fund		193,338		644,090		95,719
NASDAQ-100^® Fund		51,499,952		24,143,323		6,690,790
NASDAQ-100^® 2x Strategy Fund		85,948,033		103,382,431		5,134,143
Russell 2000^® 1.5x Strategy Fund		—		410,629		(19,468	)
Nova Fund		16,477,143		12,126,237		1,234,218
S&P 500^® 2x Strategy Fund		33,841,587		12,353,538		(198,466	)
S&P 500^® Pure Growth Fund		4,981,609		2,594,712		(19,161	)
S&P 500^® Pure Value Fund		1,500,702		1,940,596		23,227
S&P MidCap 400^® Pure Growth Fund		870,804		1,117,569		(950	)
S&P MidCap 400^® Pure Value Fund		357,048		517,629		(37,914	)
S&P SmallCap 600^® Pure Growth Fund		378,776		518,871		1,925
S&P SmallCap 600^® Pure Value Fund		412,619		49,908		(8,804	)
Europe 1.25x Strategy Fund		825,662		779,560		69,385

Note 10 – Line of Credit

The Trust, along with other affiliated trusts, secured an uncommitted $200,000,000 line of credit from U.S. Bank, N.A. On November 18, 2024, a new line of credit agreement was entered into which expires on November 17, 2025. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 5.50% for the period ended June 30, 2025. On June 30, 2025, the NASDAQ-100^® 2x Strategy Fund had $71,000 outstanding under this agreement. The remaining Funds did not have any borrowings outstanding under this agreement at June 30, 2025.

322 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The average daily balances borrowed for the period ended June 30, 2025, were as follows:

Fund	Average Daily Balance
Banking Fund	$	129
Basic Materials Fund		986
Biotechnology Fund		167
Consumer Products Fund		90
Electronics Fund		655
Energy Fund		134
Energy Services Fund		841
Financial Services Fund		—
Health Care Fund		99
Internet Fund		145
Leisure Fund		636
Precious Metals Fund		88
Real Estate Fund		115
Retailing Fund		—
Technology Fund		668
Telecommunications Fund		216
Transportation Fund		—
Utilities Fund		1,107
Inverse Mid-Cap Strategy Fund		5
Russell 2000^® 2x Strategy Fund		641
S&P 500^® 2x Strategy Fund		1,449
S&P 500^® Pure Growth Fund		170
S&P 500^® Pure Value Fund		52
S&P MidCap 400^® Pure Growth Fund		301
S&P MidCap 400^® Pure Value Fund		1,800
S&P SmallCap 600^® Pure Growth Fund		329

Note 11 – Reverse Share Splits

Effective February 18, 2025, a reverse share split occurred for the following Funds:

Fund	Split Type
Inverse Dow 2x Strategy Fund	One-for-five reverse split
Inverse Mid-Cap Strategy Fund	One-for-five reverse split
Inverse NASDAQ-100^® Strategy Fund	One-for-ten reverse split
Inverse Russell 2000^® Strategy Fund	One-for-five reverse split
Inverse S&P 500^® Strategy Fund	One-for-five reverse split
Government Long Bond 1.2x Strategy Fund	One-for-ten reverse split
Weakening Dollar 2x Strategy Fund	One-for-three reverse split

The effect of the transactions was to divide the number of outstanding shares of each Fund by the noted split ratio, resulting in a corresponding increase in the NAV per share. The share transactions presented in the Statements of Changes in Net Assets and the per share data in the financial highlights reflect the reverse share split effective February 18, 2025. There were no changes in net assets, results of operations or total return as a result of the transactions.

Note 12 – Segment Reporting

An operating segment is defined in FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity’s chief operating decision maker (“CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Officers of the Trust, subject to the oversight and supervision of the Board, serve as the CODM for the Funds.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Each of the Funds represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and each Fund’s long-term strategic asset allocation is pre-determined in accordance with the Fund’s investment objective which is executed by each Fund’s portfolio managers as a team. Each of the Funds uses a variety of investments to execute its investment strategy. Please refer to Note 1 – Organization and Significant Accounting Policies of these Notes to Financial Statements for additional details on the significant accounting policies and investment types used by the Funds. Please refer to each Fund’s Schedule of Investments for a breakdown of the types of investments from which each of the Funds generates its returns. Financial information in the form of total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment’s performance versus each Fund’s comparative benchmarks, among other metrics, and to make resource allocation decisions for each Fund’s single segment, is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on each Fund’s Statement of Assets and Liabilities as “total assets” and significant segment income, expenses, and gain(loss) are listed on each Fund’s Statement of Operations.

Note 13 – Market Risks

The value of, or income generated by, the investments held by the Funds are subject to the possibility of rapid and unpredictable fluctuation, and loss that may result from various factors. These factors include, among others, developments affecting (or perceived to affect) individual companies, or issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, deflation, adverse investor confidence or sentiment, general outlook for corporate earnings, changing economic, political (including geopolitical), social or financial market conditions, bank failures, increased instability or general uncertainty, extreme weather, environmental or man-made disasters, or geological events, governmental actions, actual or threatened imposition of tariffs (which may be imposed by U.S. and foreign governments) and trade disruptions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, terrorism, actual or threatened wars or other armed conflicts (such as the conflict in the Middle East and the ongoing Russia-Ukraine conflict and its collateral economic and other effects, including, but not limited to, sanctions and other international trade barriers) or ratings downgrades, and other similar events, each of which may be temporary or last for extended periods. Different sectors, industries and security types may react differently to such developments. Moreover, changing economic, political, geopolitical, social, financial market or other conditions in one country, geographic region or industry could adversely affect the value, yield and return of the investments held by the Funds in a different country, geographic region, economy, industry or market because of the increasingly interconnected global economies and financial markets. The duration and extent of the foregoing types of factors or conditions are highly uncertain and difficult to predict and have in the past, and may in the future, cause volatility and distress in economies and financial markets or other adverse circumstances, which may negatively affect the value of the Funds’ investments and performance of the Funds.

Note 14 – Subsequent Events

The Funds evaluated subsequent events through the date the financial statements are issued and determined there were no material events that would require adjustment to or disclosure in the Funds’ financial statements.

324 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

OTHER INFORMATION (Unaudited)

A Brief Note on The Compounding of Returns

Many of the Funds described in this report are benchmarked daily to leveraged and/or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in-line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period on a cumulative basis. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

An Example of Compounding

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund’s net asset value per share (“NAV”) increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

	Index Level		Index Performance			Fund Expectation			Fund NAV		Fund Performance			Assessment
Start		100							$	10.00
Day 1		106		6.0	%		9.0	%	$	10.90		9.0	%		In line
Day 2		99		-6.6	%		-9.9	%	$	9.82		-9.9	%		In line
Cumulative				-1.0	%		-1.5	%				-1.8	%		-0.3	%

As illustrated by this simple example, the effect of leverage can make it difficult to form expectations or judgments about fund performance given only the returns of the unleveraged index.

Because certain funds seek to track the performance of their benchmark on a daily basis, mathematical compounding, especially with respect to those funds that use leverage as part of their investment strategy, may prevent a fund from correlating with the monthly, quarterly, annual or other period performance of its benchmark. Due to the compounding of daily returns, leveraged and inverse funds’ returns over periods other than one day will likely differ in amount and possibly direction from the benchmark return for the same period. Investors should monitor their leveraged and inverse funds’ holdings to ensure that they are consistent with their strategies, as frequently as daily. For those funds that consistently apply leverage, the value of the fund’s shares will tend to increase or decrease more than the value of any increase or decrease in its benchmark index. For more on correlation, leverage and other risks, please read the prospectus.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor’s favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

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OTHER INFORMATION (Unaudited)(concluded)

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT, and for reporting periods ended prior to March 31, 2019, filed such information on Form N-Q. The Funds’ Forms N-PORT and N-Q are available on the SEC’s website at https://www.sec.gov. Copies of the portfolio holdings are also available to shareholders, without charge and upon request, by calling 800.820.0888.

326 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

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Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

328 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies

The remuneration paid to directors, officers, and others, if applicable, are included as part of the financial statements included under Item 7 of this Form.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 329

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Report of the Rydex Variable Trust Board of Trustees

The Board of Trustees (the “Board”) of Rydex Variable Trust (the “Trust”), including the Independent Trustees, unanimously approved the renewal of the investment management agreement (the “Advisory Agreement”) with Security Investors, LLC (“Security Investors” or the “Adviser”) on behalf of the series of the Trust listed below (each a “Fund” and collectively, the “Funds”):

*Tradable Funds (Including Sector Funds)**
●	Banking Fund*	●	Basic Materials Fund*
●	Biotechnology Fund*	●	Commodities Strategy Fund
●	Consumer Products Fund*	●	Dow 2x Strategy Fund
●	Electronics Fund*	●	Energy Fund*
●	Energy Services Fund*	●	Europe 1.25x Strategy Fund
●	Financial Services Fund*	●	Government Long Bond 1.2x Strategy Fund
●	Health Care Fund*	●	High Yield Strategy Fund
●	Internet Fund*	●	Inverse Dow 2x Strategy Fund
●	Inverse Government Long Bond Strategy Fund	●	Inverse Mid-Cap Strategy Fund
●	Inverse NASDAQ-100 Strategy Fund	●	Inverse Russell 2000 Strategy Fund
●	Inverse S&P 500 Strategy Fund	●	Japan 2x Strategy Fund
●	Leisure Fund*	●	Mid-Cap 1.5x Strategy Fund
●	NASDAQ-100 2x Strategy Fund	●	NASDAQ-100 Fund
●	Nova Fund	●	Precious Metals Fund*
●	Real Estate Fund*	●	Retailing Fund*
●	Russell 2000 1.5x Strategy Fund	●	Russell 2000 2x Strategy Fund
●	S&P 500 2x Strategy Fund	●	S&P 500 Pure Growth Fund
●	S&P 500 Pure Value Fund	●	S&P MidCap 400 Pure Growth Fund
●	S&P MidCap 400 Pure Value Fund	●	S&P SmallCap 600 Pure Growth Fund
●	S&P SmallCap 600 Pure Value Fund	●	Strengthening Dollar 2x Strategy Fund
●	Technology Fund*	●	Telecommunications Fund*
●	Transportation Fund*	●	Utilities Fund*
●	U.S. Government Money Market Fund	●	Weakening Dollar 2x Strategy Fund
Alternative Funds (i.e., Non-Tradable Funds)**
●	Global Managed Futures Strategy Fund**	●	Multi-Hedge Strategies Fund**

*	Each a “Sector Fund” and collectively, the “Sector Funds.”
**	Each an “Alternative Fund” and collectively, the “Alternative Funds.” Each Fund other than the Alternative Funds is referred to herein as a “Tradable Fund” and collectively, the “Tradable Funds.”

Security Investors¹ is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”). Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

Security Investors also serves as investment adviser to each of Rydex Variable Commodities Strategy CFC, Rydex Variable Global Managed Futures Strategy CFC and Rydex Variable Multi-Hedge Strategies CFC (each a “Subsidiary” and collectively, the “Subsidiaries”), wholly-owned subsidiaries of the Trust that are organized as limited companies under the laws of the Cayman Islands and used by Commodities Strategy Fund, Managed Futures Strategy Fund and Multi-Hedge Strategies Fund, respectively, to obtain commodities exposure. Pursuant to a separate investment management agreement for each Subsidiary (each a “Subsidiary Advisory Agreement” and collectively, the “Subsidiary Advisory Agreements”), the Subsidiary pays Security Investors an advisory fee at the same rate that the respective Fund pays Security Investors under the Advisory Agreement. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Agreements. In addition, Security Investors has entered into a separate waiver agreement with respect to each applicable Fund pursuant to which Security Investors has contractually agreed to waive the advisory fee it receives from the Fund in an amount equal to the advisory fee paid to Security Investors by the respective Subsidiary. This undertaking will continue with respect to each applicable Fund for so long as the Fund invests in the respective Subsidiary, and may be terminated only with the approval of the Board.

330 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

At meetings held in person on April 15, 2025 (the “April Meeting”) and on May 22, 2025 (the “May Meeting”), the Contracts Review Committee of the Board (the “Committee”), consisting solely of the Independent Trustees, met separately from Guggenheim to consider the proposed renewal of the Advisory Agreement. As part of its review process, the Committee was represented by independent legal counsel to the Independent Trustees (“Independent Legal Counsel”), from whom the Independent Trustees received separate legal advice and with whom they met separately. Independent Legal Counsel reviewed and discussed with the Committee various key aspects of the Trustees’ legal responsibilities relating to the proposed renewal of the Advisory Agreement and other principal contracts. The Committee took into account various materials received from Guggenheim and Independent Legal Counsel. The Committee also considered the variety of written materials, reports and oral presentations the Board received throughout the year regarding performance and operating results of the Funds, and other information relevant to its evaluation of the Advisory Agreement.

In connection with the contract review process, FUSE Research Network LLC (“FUSE”), an independent, third-party research provider, was engaged to prepare advisory contract renewal reports designed specifically to help the Board fulfill its advisory contract renewal responsibilities. The objective of the FUSE reports is to present the subject fund’s relative position regarding fees, expenses and total return performance, with peer group and universe comparisons. FUSE also made a presentation at the April Meeting. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim and FUSE, including, among other things, a discussion of Funds for which no peer funds were identified, a summary of notable distinctions between certain Funds and the applicable peer group identified in the FUSE reports and explanations for custom peer groups created for certain Funds that do not fit well into any particular category.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that the beneficial owners of the Funds are clients of tactical advisors who are engaged to provide tactical asset allocation investment advisory services. Each Tradable Fund is designed to provide such tactical advisors with specific exposures (with the exception of the U.S. Government Money Market Fund which is designed to support tactical advisors seeking to avoid market exposure or preserve capital) while also providing for unlimited trading privileges, and that the Tradable Funds offer a unique set of product features. The Committee noted that each Tradable Fund (other than the U.S. Government Money Market Fund) seeks to track, or correlate to, the performance (before fees and expenses) of a specific benchmark index over certain time periods or a specific market, noting that, because appropriate published indices are not available for many of the Sector Funds, the Adviser has developed its own methodology to construct internal performance benchmarks for the Sector Funds. In this regard, the Committee received information regarding the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, including the personnel with primary responsibility for the maintenance and execution of the methodology. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Tradable Fund (other than the U.S. Government Money Market Fund) relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark. The Committee took into account the limitations of the peer group and universe comparisons provided by FUSE with respect to the Tradable Funds in light of their unique features and the limited size of the marketplace for tradable funds designed to support tactical advisors, noting that there are only two direct competitor product suites.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports and materials, the “Contract Review Materials”). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other funds in the Guggenheim fund complex and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that the Advisory Agreement represented a reasonable business arrangement negotiated at arm’s length and that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term. Following its review of the Committee’s recommendation, the Board unanimously approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2026 at a meeting held on May 21-22, 2025 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable

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Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered the acceptability of the terms of the Advisory Agreement, including the scope of services required to be performed by the Adviser.

The Committee’s review of the services provided by Guggenheim to the Funds included consideration of Guggenheim’s investment processes and index methodologies and resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended.

With respect to the Tradable Funds, the Committee considered their unique product features, including their tradability, the real time cash process employed for such Funds, and the leveraged and inverse strategies offered, the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features, as well as the personnel responsible for such services. The Committee noted that the Tradable Funds allow frequent trading and noted the magnitude of changes in each Fund’s assets during 2024, 2023 and 2022. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2024 and 2023, including purchases and redemptions in dollar value and in number of transactions as well as transaction volume relative to the assets in the Tradable Funds. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. In addition, the Committee considered information provided by the Adviser analyzing the potential costs to shareholders of investing in tradable mutual funds, such as the Tradable Funds, compared to those of investing in exchange-traded funds, including expense ratios, brokerage commissions and spread costs, as well as the relative advantages and disadvantages of each investment product. The Committee considered management’s view that the Tradable Funds continue to be utilized by tactical advisors as intended. With respect to the Sector Funds, the Committee also considered the Adviser’s proprietary methodology for constructing internal performance benchmarks for such Funds, noting the Adviser’s statement that it uses a quantitative portfolio investment process that also requires investment discretion in implementing adjustments for factors that affect tradability and liquidity, changing dynamics within a sector, and corporate actions such as spin-offs, among other adjustments.

In connection with the Committee’s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the “OCFO”), which oversees the fund administration, accounting and transfer agency services provided to the Funds and other funds in the Guggenheim fund complex, including the OCFO’s resources, personnel and services provided.

With respect to Guggenheim’s resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, GIH Borrower, LLC (“GIHB”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GIHB and its indirect subsidiary Guggenheim Investments Holdings, LLC.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, including the Committee’s knowledge of how the Adviser performs its duties obtained through Board meetings, discussions and reports throughout the year, the Committee concluded that the Adviser and its personnel were qualified to serve the Funds in such capacity and may reasonably be expected to continue to provide a high quality of services under the Advisory Agreement with respect to the Funds.

Investment Performance: Except as otherwise noted, the Committee received, for each Fund, investment returns for the since-inception, ten-year, five-year, three-year, one-year and three-month periods ended December 31, 2024, as applicable. For certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, only investment returns for the five-year, three-year and one-year periods ended December 31, 2024, as applicable, were received. In addition, the Committee received a comparison of each Fund’s

332 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2024, as applicable. For certain Tradable Funds with only one or two identified peer funds from the two direct competitor product suites, the Committee received a comparison of the tracking error of each Fund to the tracking error of a peer fund, in each case for the same periods, as applicable. The Committee also received certain performance information for the Alternative Funds (i.e., the non-Tradable Funds) as of March 31, 2025. In assessing each Fund’s performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

With respect to the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee considered the Adviser’s statement that such Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances where there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures. In this connection, the Committee considered the tracking error of each Fund’s shares relative to its applicable benchmark index or Guggenheim-constructed internal performance benchmark and, for certain Tradable Funds, compared to the tracking error of a peer fund. The Committee considered the Adviser’s commentary explaining the higher levels of tracking error for certain Funds.

With respect to certain Tradable Funds with only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds in the two direct competitor product suites and noted the Adviser’s statement that certain Tradable Funds do not have any peer funds that provide the same index, leverage or inverse exposure. The Committee also considered management’s commentary explaining circumstances in which the performance of the Tradable Funds may deviate from the performance of their respective peer funds due to, among other factors, differences in portfolio construction methodologies and exposures. The Committee noted that the two direct competitor product suites do not offer a fund comparable to the Commodities Strategy Fund and considered a comparison to a peer group identified in the FUSE report that includes actively-managed funds, noting the limitations in the comparability of such peer group.

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report has product features that make it comparable in this regard. The Committee considered that the Fund underperformed the comparable peer fund and that the Fund’s performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year periods ended December 31, 2024.

With respect to the Sector Funds, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, including unlimited trading privileges, noting the Adviser’s statement that certain peer funds also cover a narrower or wider market segment than the applicable Fund. The Committee considered management’s commentary explaining circumstances in which the Sector Funds may underperform their respective peer groups due to, among other factors, high turnover associated with daily shareholder flows, differences in exposures and the Funds’ modified cap weighting approach to portfolio construction.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), in seeking to evaluate Fund performance over a full market cycle, the Committee focused its attention on five-year and three-year performance rankings as compared to the relevant universe of funds. The Committee made the following observations:

Global Managed Futures Strategy Fund: The Fund’s returns ranked in the 79th and 47th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2024, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year time period was primarily due to certain futures allocations that were impacted by the Fund’s small size.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 333

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

The Committee also took into account management’s statement that relevant peer comparisons for the Fund are somewhat limited and that the Fund experienced performance rankings that compared more favorably relative to its performance universe for the three-year and one-year periods ended December 31, 2024.

Multi-Hedge Strategies Fund: The Fund’s returns ranked in the 80th and 95th percentiles of its performance universe for the five-year and three-year periods ended December 31, 2024, respectively. The Committee noted management’s explanation that the Fund’s relative underperformance over the five-year and three-year time periods was largely driven by a wide range of uncorrelated strategies following the first quarter of 2024, including underperformance in the Equity Market Neutral strategy due to net short exposures to multi-family residential REITs and industrial REITs and net long exposures to health care REITs and underperformance in the Long/Short Equity strategy due to tilts toward quality and value. The Committee considered management’s statement that, in light of this underperformance, the investment management team was temporarily reducing its risk target for the Fund and prioritizing research and the potential implementation of new strategies for the Fund. The Committee took into account management’s discussions at the April Meeting and the May Board Meeting regarding the Fund’s performance and the Adviser’s planned enhancements to the Fund’s investment strategies and processes.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that: (i) each Fund’s performance was acceptable; or (ii) it was satisfied with Guggenheim’s responses and/or efforts to improve investment performance.

Comparative Fees, Costs of Services Provided and the Benefits Realized by the Adviser from Its Relationship with the Funds: The Committee compared each Fund’s contractual advisory fee, net effective management fee² and total net expense ratio to the applicable peer group, if any. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds, other than the retail fund counterparts to the Funds, each of which is charged the same advisory fee as the corresponding Fund.

With respect to the Tradable Funds that are designed to track a widely available index, which have only one or two identified peer funds, if any, from the two direct competitor product suites, the Committee considered the Adviser’s summary of notable distinctions between the Tradable Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites is directly comparable for purposes of assessing such Funds’ advisory fees. For those Tradable Funds with a peer fund from the directly comparable product suite, the Committee noted that each Fund’s contractual advisory fee was lower than the contractual advisory fee charged to the peer fund, with the exception of 15 Funds for which the contractual advisory fee of 0.90% of its average daily net assets was five basis points higher than the contractual advisory fee charged to the peer fund. With respect to each of those 15 Funds, the Committee noted the continuation through August 1, 2026 of management’s agreement, implemented as part of the 2021 annual contract review process, to reduce the total net expense ratio of each such Fund by 0.05% of its average daily net assets.³ For those Tradable Funds with a peer fund from the directly comparable product suite, the Committee also considered the net effective management fee and total net expense ratio for each such Fund as compared to those of the peer fund.

The “net effective management fee” for each Fund represents the combined effective advisory fee and administration fee as a percentage of average net assets for the latest fiscal year, after any waivers and/or reimbursements.

Inverse Government Long Bond Strategy Fund, Inverse Dow 2x Strategy Fund, Strengthening Dollar 2x Strategy Fund, Weakening Dollar 2x Strategy Fund, Inverse NASDAQ-100 Strategy Fund, Inverse Russell 2000 Strategy Fund, NASDAQ-100 2x Strategy Fund, Europe 1.25x Strategy Fund, Russell 2000 2x Strategy Fund, Dow 2x Strategy Fund, Russell 2000 1.5x Strategy Fund, Inverse S&P 500 Strategy Fund, Inverse Mid-Cap Strategy Fund, S&P 500 2x Strategy Fund and Mid Cap 1.5x Strategy Fund.

334 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund’s and the peer fund’s respective fiscal year ends, the Fund’s contractual advisory fee was lower than that of the comparable peer fund and the Fund’s net effective management fee and total net expense ratio were higher than those of the comparable peer fund.

The Committee considered the continuation through August 1, 2026 of management’s agreement, implemented as part of the 2024 annual contract renewal process, to reduce the total net expense ratio of Europe 1.25x Strategy Fund by 0.10% of its average daily net assets through an expense reimbursement and/or waiver agreement, with such reduction applicable in addition to any other contractual waiver and/or reimbursement arrangements in place. The Committee also considered the continuation through August 1, 2026 of management’s agreement, implemented as part of the 2023 annual contract review process, to reduce the total net expense ratio of each Tradable Fund (other than the U.S. Government Money Market Fund) by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement, with such reduction applicable in addition to any other contractual waiver and/or reimbursement arrangements in place. As stated above, the Committee further noted the continuation through August 1, 2026 of management’s agreement, implemented as part of the 2021 annual contract review process, to reduce the total net expense ratio of each Tradable Fund with a contractual advisory fee of 0.90% of its average daily net assets by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement.

With respect to the Alternative Funds (i.e., the non-Tradable Funds), the Committee observed that the contractual advisory fee, net effective management fee and total net expense ratio for Multi-Hedge Strategies Fund each rank in the first quartile of the Fund’s peer group. In addition, the Committee made the following observations:

Global Managed Futures Strategy Fund: The Fund’s contractual advisory fee ranks in the second quartile (38th percentile) of its peer group. The Fund’s net effective management fee ranks in the third quartile (63rd percentile) of its peer group. The Fund’s total net expense ratio ranks in the fourth quartile (100th percentile) of its peer group. The Committee noted the Fund’s higher other operating expenses compared to its peers.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 2024, gross revenues received, and expenses incurred directly or through allocations, by Guggenheim Investments, expense waivers (as applicable), earnings and the operating margin/profitability rate, including variance information relative to the foregoing amounts as of December 31, 2023 and December 31, 2022. In addition, the Chief Financial Officer of Guggenheim Investments reviewed with, and addressed questions from, the Committee concerning the expense allocation methodology employed in producing the profitability analysis. In the course of its review of Guggenheim Investments’ profitability, the Committee took into account the methods used by Guggenheim Investments to determine expenses and profit and the representation by the Chief Financial Officer of Guggenheim Investments that such methods provided a reasonable basis for determining the profitability of the Adviser with respect to each Fund. The Committee considered all of the foregoing, among other things, in evaluating the costs of services provided, the profitability to Guggenheim Investments and the profitability rates presented.

The Committee also considered other benefits available to the Adviser because of its relationship with the Funds and noted Guggenheim’s statement that it does not believe the Adviser derives any such “fall-out” benefits. In this regard, the Committee noted Guggenheim’s statement that, although it does not consider such benefits to be fall-out benefits, the Adviser may benefit from certain synergies, such as enhanced visibility of the Adviser and its products and services with the correlative opportunity to increase sales and distribution of these products and services, and other synergies arising from offering a broad spectrum of products and services, including the Funds.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm’s length and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 335

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Concluded)

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s increase in overall expenses in 2024 was attributable to increases in operating and administration expenses, income tax and depreciation, and non-recurring items.

The Committee also noted the process employed by the Adviser to evaluate whether it would be appropriate to institute a new breakpoint for an Alternative Fund (i.e., a non-Tradable Fund), with consideration given to, among other things: (i) the Fund’s size and trends in asset levels over recent years; (ii) the competitiveness of the expense levels; (iii) whether expense waivers are in place; (iv) changes and trends in revenue and expenses; (v) whether there are any anticipated expenditures that may benefit the Fund in the future; (vi) Fund profitability; (vii) relative Fund performance; (viii) the nature, extent and quality of services management provides to the Fund; and (ix) the complexity of the Fund’s investment strategy and the resources required to support the Fund.

As part of its assessment of economies of scale, the Committee took into account Guggenheim’s representation that it seeks to share economies of scale through a number of means, including advisory fees set at competitive rates pre-assuming future asset growth, expense waivers and limitations, and investments in personnel, operations and infrastructure to support the fund business. The Committee also received information regarding amounts that had been shared with shareholders through such expense waivers and limitations. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund reflected a reasonable business arrangement negotiated at arm’s length.

Overall Conclusions

The Committee concluded that the investment advisory fees reflect reasonable business arrangements negotiated at arm’s length in light of the extent and quality of the services provided and other benefits received and that the renewal of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of their informed business judgment, may afford different weights to different factors.

Following its review of the Committee’s analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement.

336 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

The information is included as part of the material filed under Item 7 of this Form.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is included as part of the material filed under Item 7 of this Form.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchases.

Not applicable to this registrant.

Item 15.

Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 16.

Controls and Procedures.

(a)

The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) as of a date within 90 days of this filing and have concluded that based on such evaluation as required by Rule 30a-3(b) under the Investment Company Act, that the registrant’s disclosure controls and procedures were effective as of that date in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that the officers listed above believe to have materially affected, or to be reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 18.

Recovery of Erroneously Awarded Compensation

(a)

Not applicable.

(b)

Not applicable.

Item 19.

Exhibits.

(a)(1)

Not applicable.

(a)(2)

Not applicable.

(a)(3)

Separate certifications by the President (principal executive officer) and Treasurer (principal financial officer) of the registrant as required by Rule 30a-2(a) under the Investment Company Act (17 CFR 270.30a-2(a)) are attached.

(a)(4)

Not applicable.

(a)(5)

Not applicable.

(b)

A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Investment Company Act (17 CFR 270.30a-2(b)) is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Rydex Variable Trust

By (Signature and Title)*	/s/ Brian E. Binder
	Brian E. Binder, President and Chief Executive Officer

Date

September 3, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Brian E. Binder
	Brian E. Binder, President and Chief Executive Officer

Date

September 3, 2025

By (Signature and Title)*	/s/ James Howley
	James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer

Date	September 3, 2025

Print the name and title of each signing officer under his or her signature.

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

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Date	Banking Fund	S&P 500 Index	S&P 500 Financials Index
06/30/2015	10000	10000	10000
09/30/2015	8963	9356	9328
12/31/2015	9116	10015	9884
03/31/2016	8447	10150	9384
06/30/2016	8536	10399	9583
09/30/2016	9322	10800	10022
12/31/2016	11600	11213	12137
03/31/2017	11606	11893	12444
06/30/2017	11893	12260	12973
09/30/2017	12421	12810	13652
12/31/2017	13049	13661	14830
03/31/2018	13071	13557	14688
06/30/2018	12783	14023	14224
09/30/2018	12789	15104	14843
12/31/2018	10545	13062	12897
03/31/2019	11549	14845	14001
06/30/2019	12100	15483	15121
09/30/2019	12186	15746	15425
12/31/2019	13538	17175	17040
03/31/2020	8049	13809	11601
06/30/2020	9269	16645	13016
09/30/2020	8904	18132	13595
12/31/2020	12393	20334	16752
03/31/2021	15250	21590	19431
06/30/2021	15640	23436	21056
09/30/2021	16078	23572	21633
12/31/2021	16543	26172	22621
03/31/2022	15906	24968	22286
06/30/2022	13296	20948	18385
09/30/2022	13106	19925	17815
12/31/2022	13728	21432	20239
03/31/2023	11591	23038	19113
06/30/2023	11516	25053	20132
09/30/2023	11419	24232	19905
12/31/2023	14136	27066	22697
03/31/2024	14723	29923	25525
06/30/2024	14500	31204	25006
09/30/2024	16328	33041	27671
12/31/2024	17403	33837	29633
03/31/2025	16902	32392	30677
06/30/2025	18675	35936	32369

Date	Basic Materials Fund	S&P 500 Index	S&P 500 Materials Index
06/30/2015	10000	10000	10000
09/30/2015	8108	9356	8310
12/31/2015	8426	10015	9116
03/31/2016	9427	10150	9446
06/30/2016	10178	10399	9796
09/30/2016	10686	10800	10159
12/31/2016	11026	11213	10637
03/31/2017	11745	11893	11261
06/30/2017	11862	12260	11617
09/30/2017	12572	12810	12320
12/31/2017	13389	13661	13174
03/31/2018	12727	13557	12447
06/30/2018	13017	14023	12768
09/30/2018	12851	15104	12814
12/31/2018	11053	13062	11237
03/31/2019	12391	14845	12394
06/30/2019	12805	15483	13176
09/30/2019	12513	15746	13160
12/31/2019	13422	17175	13999
03/31/2020	9427	13809	10340
06/30/2020	12179	16645	13030
09/30/2020	13420	18132	14764
12/31/2020	16073	20334	16900
03/31/2021	17698	21590	18435
06/30/2021	18790	23436	19351
09/30/2021	17684	23572	18673
12/31/2021	19760	26172	21511
03/31/2022	20553	24968	21001
06/30/2022	16802	20948	17663
09/30/2022	15610	19925	16404
12/31/2022	17854	21432	18873
03/31/2023	18701	23038	19682
06/30/2023	18559	25053	20333
09/30/2023	17584	24232	19365
12/31/2023	19456	27066	21240
03/31/2024	20364	29923	23140
06/30/2024	19463	31204	22100
09/30/2024	21348	33041	24244
12/31/2024	18974	33837	21232
03/31/2025	19796	32392	21829
06/30/2025	20874	35936	22511

Date	Biotechnology Fund	S&P 500 Index	S&P 500 Health Care Index
06/30/2015	10000	10000	10000
09/30/2015	8057	9356	8933
12/31/2015	8867	10015	9757
03/31/2016	6876	10150	9220
06/30/2016	6933	10399	9798
09/30/2016	7848	10800	9890
12/31/2016	7124	11213	9494
03/31/2017	7998	11893	10289
06/30/2017	8615	12260	11019
09/30/2017	9336	12810	11422
12/31/2017	9221	13661	11590
03/31/2018	9208	13557	11448
06/30/2018	9558	14023	11802
09/30/2018	10296	15104	13518
12/31/2018	8350	13062	12340
03/31/2019	9885	14845	13153
06/30/2019	9523	15483	13335
09/30/2019	8709	15746	13035
12/31/2019	10410	17175	14909
03/31/2020	8876	13809	13020
06/30/2020	11362	16645	14789
09/30/2020	11400	18132	15657
12/31/2020	12629	20334	16914
03/31/2021	12425	21590	17452
06/30/2021	13664	23436	18918
09/30/2021	13213	23572	19189
12/31/2021	12808	26172	21333
03/31/2022	11548	24968	20784
06/30/2022	10352	20948	19555
09/30/2022	10120	19925	18543
12/31/2022	11103	21432	20917
03/31/2023	10850	23038	20016
06/30/2023	10849	25053	20607
09/30/2023	10418	24232	20060
12/31/2023	11718	27066	21347
03/31/2024	11803	29923	23236
06/30/2024	12019	31204	23013
09/30/2024	12588	33041	24411
12/31/2024	11554	33837	21897
03/31/2025	11379	32392	23330
06/30/2025	11356	35936	21655

Date	Consumer Products Fund	S&P 500 Index	S&P 500 Consumer Staples Index
06/30/2015	10000	10000	10000
09/30/2015	9819	9356	9980
12/31/2015	10450	10015	10743
03/31/2016	10978	10150	11341
06/30/2016	11663	10399	11866
09/30/2016	11311	10800	11554
12/31/2016	11016	11213	11321
03/31/2017	11658	11893	12040
06/30/2017	11689	12260	12229
09/30/2017	11558	12810	12064
12/31/2017	12286	13661	12847
03/31/2018	11615	13557	11933
06/30/2018	11527	14023	11749
09/30/2018	11674	15104	12418
12/31/2018	10797	13062	11771
03/31/2019	12046	14845	13184
06/30/2019	12206	15483	13675
09/30/2019	12751	15746	14511
12/31/2019	13208	17175	15021
03/31/2020	10924	13809	13107
06/30/2020	12232	16645	14171
09/30/2020	13146	18132	15641
12/31/2020	14208	20334	16635
03/31/2021	14862	21590	16826
06/30/2021	15213	23436	17470
09/30/2021	14440	23572	17416
12/31/2021	15717	26172	19734
03/31/2022	15511	24968	19535
06/30/2022	15009	20948	18633
09/30/2022	13823	19925	17399
12/31/2022	15574	21432	19612
03/31/2023	15654	23038	19774
06/30/2023	15639	25053	19863
09/30/2023	14557	24232	18678
12/31/2023	15060	27066	19713
03/31/2024	16009	29923	21196
06/30/2024	15439	31204	21483
09/30/2024	16685	33041	23408
12/31/2024	15725	33837	22645
03/31/2025	16331	32392	23830
06/30/2025	16152	35936	24095

Date	Electronics Fund	S&P 500 Index	S&P 500 Information Technology Index
06/30/2015	10000	10000	10000
09/30/2015	8654	9356	9630
12/31/2015	9728	10015	10513
03/31/2016	9833	10150	10786
06/30/2016	9782	10399	10479
09/30/2016	11580	10800	11827
12/31/2016	12096	11213	11968
03/31/2017	13302	11893	13473
06/30/2017	13447	12260	14030
09/30/2017	14945	12810	15243
12/31/2017	15852	13661	16616
03/31/2018	16491	13557	17202
06/30/2018	16325	14023	18422
09/30/2018	16355	15104	20043
12/31/2018	13838	13062	16568
03/31/2019	16688	14845	19859
06/30/2019	17552	15483	21063
09/30/2019	18714	15746	21766
12/31/2019	22042	17175	24900
03/31/2020	18079	13809	21929
06/30/2020	23924	16645	28623
09/30/2020	26919	18132	32045
12/31/2020	34377	20334	35829
03/31/2021	37642	21590	36537
06/30/2021	40451	23436	40759
09/30/2021	39388	23572	41306
12/31/2021	47527	26172	48201
03/31/2022	41916	24968	44172
06/30/2022	31560	20948	35231
09/30/2022	29265	19925	33044
12/31/2022	31985	21432	34611
03/31/2023	40185	23038	42162
06/30/2023	44987	25053	49416
09/30/2023	41533	24232	46627
12/31/2023	49496	27066	54631
03/31/2024	57595	29923	61562
06/30/2024	63601	31204	70060
09/30/2024	60042	33041	71188
12/31/2024	57482	33837	74631
03/31/2025	48522	32392	65187
06/30/2025	63081	35936	80640

Sector	% of Net Assets
Biotechnology	75.9%
Pharmaceuticals	18.1%
Healthcare-Products	4.5%
Healthcare-Services	1.1%

Sector	% of Net Assets
Oil & Gas Services	72.5%
Oil & Gas	20.5%
Machinery-Diversified	3.4%
Metal Fabricate & Hardware	3.3%

Sector	% of Net Assets
Russell 2000 Index Swap Agreements	172.7%
Exchange-Traded Funds	20.0%
Russell 2000 Index Mini Futures Contracts	5.4%

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements Short Sales	-45.2%
S&P 500 Index Equity Mini Futures Contracts Short Sales	-54.2%

Sector	% of Net Assets
Interest Rate Futures Contracts	80.0%
U.S. Government Securities	42.0%

Sector	% of Net Assets
U.S. Treasury Ultra Long Bond Interest Rate Futures Contracts Sold Short	-30.4%
U.S. Government Securities Sold Short	-69.9%

Sector	% of Net Assets
Equity Futures Contracts	198.9%
Currency Futures Contracts	196.0%

Sector	% of Net Assets
U.S. Dollar Index Currency Futures Contracts	139.8%
U.S. Dollar Index Currency Index Swap Agreements	58.2%

Sector	% of Net Assets
U.S. Dollar Index Currency Swap Agreements Short Sales	-46.6%
U.S. Dollar Index Currency Futures Contracts Short Sales	-151.9%