Rydex Variable Trust N-CSRS Certified semi-annual shareholder report (management investment company)

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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, 2024 - June 30, 2024

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:

Guggenheim Long Short Equity Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Guggenheim Long Short Equity Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.87%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 10.72%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and outperforming the fund's secondary index, the HFRX Equity Hedge Index, which returned 5.11% for the same period.

The fund's broad-based securities market index was changed from the HFRX Equity Hedge Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The global growth outlook remained modestly bullish and steady for the reporting period, while inflation seemed to be finally tamed, which could foreshadow interest rate cuts in the second half of 2024. This optimism helped the S&P 500 to gain more than 15% during the reporting period. The fund underperformed the S&P 500 due to its lower market beta exposure (about 50% on the average, by design). The fund outperformed its internal risk benchmark blend of 30% S&P 500 and 70% cash. Among the fundamental factors, the fund's exposure in higher profitability, lower volatility, and higher momentum names paid off well. The overall contribution of the industry tilts (overweights/underweights) was moderate whereas security selection was quite strong for the period.

How did the fund perform over the last 10 years?

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

Date	Long Short Equity Fund	S&P 500 Index	HFRX Equity Hedge Index
06/30/2014	10000	10000	10000
09/30/2014	9665	10113	9996
12/31/2014	10322	10612	10015
03/31/2015	10671	10712	10235
06/30/2015	10507	10742	10251
09/30/2015	10322	10051	9701
12/31/2015	10452	10758	9781
03/31/2016	10096	10903	9494
06/30/2016	10342	11171	9398
09/30/2016	10315	11602	9714
12/31/2016	10520	12045	9791
03/31/2017	10479	12776	10055
06/30/2017	10883	13170	10156
09/30/2017	11368	13760	10482
12/31/2017	12083	14675	10768
03/31/2018	11540	14563	10894
06/30/2018	11135	15064	10794
09/30/2018	11573	16225	10670
12/31/2018	10520	14031	9754
03/31/2019	10926	15946	10334
06/30/2019	10679	16633	10336
09/30/2019	10677	16915	10521
12/31/2019	11102	18449	10798
03/31/2020	9554	14834	9359
06/30/2020	10493	17881	10118
09/30/2020	10849	19478	10480
12/31/2020	11649	21844	11295
03/31/2021	12879	23193	11595
06/30/2021	12968	25175	12182
09/30/2021	12695	25322	12339
12/31/2021	14422	28114	12666
03/31/2022	13005	26821	12629
06/30/2022	12386	22503	12069
09/30/2022	11291	21404	12059
12/31/2022	12347	23023	12263
03/31/2023	12969	24749	12361
06/30/2023	13386	26912	12626
09/30/2023	13503	26031	12652
12/31/2023	13922	29075	13109
03/31/2024	15948	32144	13554
06/30/2024	15415	33521	13778

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Long Short Equity Fund	10.72%	15.16%	7.62%	4.42%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
HFRX Equity Hedge Index	5.11%	9.12%	5.92%	3.26%

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

*	The performance data above represents past performance that is not predictive of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes. The S&P 500 Index and the HFRX Equity Hedge 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 1

Guggenheim Long Short Equity Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$28,140,506
Number of Portfolio Holdings	213
Portfolio Turnover Rate	170%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Long Short Equity Portfolio Long Custom Basket Swap	101.9%
Industrial	16.3%
Consumer, Non-cyclical	15.9%
Consumer, Cyclical	13.6%
Financial	13.3%
Communications	10.6%
Technology	9.9%
Utilities	5.9%
Energy	5.2%
Basic Materials	1.0%
Government	0.4%
Long Short Equity Portfolio Short Custom Basket Swap	-112.9%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Microsoft Corp.	1.4%
Apple, Inc.	1.2%
Johnson & Johnson	0.8%
United Therapeutics Corp.	0.8%
Cisco Systems, Inc.	0.8%
AT&T, Inc.	0.8%
Gilead Sciences, Inc.	0.8%
NVIDIA Corp.	0.8%
Merck & Company, Inc.	0.8%
Verizon Communications, Inc.	0.8%
Top 10 Total	9.0%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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-C000010398-063024

Guggenheim Investments 2

Global Managed Futures Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Global Managed Futures Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	$103	2.03%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 4.83%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and outperforming the fund's secondary index, the ICE BofA 3-Month U.S. Treasury Bill Index, which returned 2.65% for the same period.

The fund's broad-based securities market index was changed from the ICE BofA 3-Month U.S. Treasury Bill Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

For the reporting period, the fund saw particularly strong performance from long positions in Equity Indexes, benefiting from consistent trends in the first quarter of 2024 before the market correction in April. Positive returns from Commodities markets in the first quarter were negated by market reversals in the second quarter, particularly in the energy and grains sectors, leading to an overall net negative contribution from Commodities for the reporting period. Fixed Income and Currency markets were volatile and difficult to trend-follow, resulting in minimal contributions, and detractions, respectively, from these sectors.

How did the fund perform over the last 10 years?

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

Date	Global Managed Futures Strategy Fund	S&P 500 Index	ICE BofA 3-Month U.S. Treasury Bill Index
06/30/2014	10000	10000	10000
09/30/2014	10566	10113	10001
12/31/2014	11355	10612	10001
03/31/2015	12247	10712	10002
06/30/2015	11279	10742	10002
09/30/2015	11006	10051	10003
12/31/2015	11179	10758	10007
03/31/2016	10805	10903	10014
06/30/2016	10166	11171	10021
09/30/2016	10025	11602	10031
12/31/2016	9528	12045	10039
03/31/2017	9708	12776	10050
06/30/2017	9480	13170	10070
09/30/2017	9982	13760	10097
12/31/2017	10358	14675	10125
03/31/2018	10358	14563	10161
06/30/2018	9963	15064	10207
09/30/2018	10182	16225	10257
12/31/2018	9423	14031	10315
03/31/2019	9727	15946	10377
06/30/2019	9982	16633	10443
09/30/2019	10515	16915	10502
12/31/2019	10190	18449	10550
03/31/2020	10307	14834	10611
06/30/2020	10270	17881	10613
09/30/2020	10250	19478	10617
12/31/2020	10455	21844	10621
03/31/2021	10756	23193	10623
06/30/2021	10993	25175	10623
09/30/2021	10813	25322	10625
12/31/2021	10553	28114	10626
03/31/2022	11709	26821	10630
06/30/2022	12034	22503	10641
09/30/2022	12266	21404	10691
12/31/2022	11744	23023	10782
03/31/2023	11610	24749	10899
06/30/2023	12118	26912	11027
09/30/2023	12560	26031	11173
12/31/2023	12191	29075	11326
03/31/2024	13298	32144	11473
06/30/2024	12780	33521	11626

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Global Managed Futures Strategy Fund	4.83%	5.46%	5.07%	2.48%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
ICE BofA 3-Month U.S. Treasury Bill Index	2.65%	5.43%	2.17%	1.52%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Global Managed Futures Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$13,913,226
Number of Portfolio Holdings	90
Portfolio Turnover Rate	0%

What did the fund invest in?

Consolidated Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Equity Futures Contracts	105.9%
Commodity Futures Contracts	58.6%
Interest Rate Futures Contracts	50.2%
Currency Futures Contracts	7.8%
Equity Futures Contracts Short Sales	-20.0%
Currency Futures Contracts Short Sales	-60.3%
Commodity Futures Contracts Short Sales	-69.1%
Interest Rate Futures Contracts Short Sales	-179.9%

Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Guggenheim Variable Insurance Strategy Fund III	23.9%
Guggenheim Strategy Fund III	15.8%
Guggenheim Strategy Fund II	0.8%
Guggenheim Ultra Short Duration Fund — Institutional Class	0.5%
Total	41.0%

¹ "Consolidated Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000069235-063024

Guggenheim Investments 2

Multi-Hedge Strategies Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Multi-Hedge Strategies Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.69%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 1.89%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the HFRX Global Hedge Fund Index, which returned 2.89% for the same period.

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

The fund's Long/Short Equity strategy started the year off strong, and despite giving up some of its gains in June, was the largest contributor during the first half of 2024.  The fund's Global Macro strategies were a net positive for the period as positive contributions from Flow (driven primarily by equities and fixed income) and Momentum (driven by equities and commodities) overcame detractors in Carry (hurt by equites) and Value (driven by currencies).  Market Neutral was the most notable detractor to the fund's performance. 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, assuming a $10,000 initial investment.

Date	Multi-Hedge Strategies Fund	S&P 500 Index	HFRX Global Hedge Fund Index
06/30/2014	10000	10000	10000
09/30/2014	10110	10113	9943
12/31/2014	10438	10612	9769
03/31/2015	10728	10712	9971
06/30/2015	10482	10742	9894
09/30/2015	10512	10051	9472
12/31/2015	10631	10758	9414
03/31/2016	10653	10903	9238
06/30/2016	10539	11171	9336
09/30/2016	10553	11602	9539
12/31/2016	10580	12045	9650
03/31/2017	10571	12776	9810
06/30/2017	10598	13170	9896
09/30/2017	10673	13760	10077
12/31/2017	10969	14675	10228
03/31/2018	10589	14563	10124
06/30/2018	10425	15064	10141
09/30/2018	10576	16225	10102
12/31/2018	10412	14031	9541
03/31/2019	10695	15946	9788
06/30/2019	10819	16633	9943
09/30/2019	10997	16915	10103
12/31/2019	10934	18449	10363
03/31/2020	11387	14834	9653
06/30/2020	11391	17881	10250
09/30/2020	11494	19478	10531
12/31/2020	11742	21844	11069
03/31/2021	12420	23193	11212
06/30/2021	12925	25175	11482
09/30/2021	12802	25322	11465
12/31/2021	12694	28114	11473
03/31/2022	12614	26821	11318
06/30/2022	12501	22503	10894
09/30/2022	12416	21404	10950
12/31/2022	12262	23023	10968
03/31/2023	12377	24749	10967
06/30/2023	12488	26912	11037
09/30/2023	12996	26031	11119
12/31/2023	12798	29075	11308
03/31/2024	13431	32144	11592
06/30/2024	13030	33521	11635

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Multi-Hedge Strategies Fund	1.89%	4.34%	3.79%	2.68%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
HFRX Global Hedge Fund Index	2.89%	5.42%	3.19%	1.53%

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

Fund Statistics as of 6.30.24

Net Assets	$38,551,819
Number of Portfolio Holdings	417
Portfolio Turnover Rate	90%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Multi-Hedge Strategies Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Consolidated Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Custom Basket Swap Agreements	82.8%
Interest Rate Futures Contracts	66.3%
Commodity Futures Contracts	56.8%
Equity Futures Contracts	42.7%
Currency Futures Contracts	33.5%
Consumer, Non-cyclical	13.7%
Closed-End Mutual Funds	7.2%
Financial	7.0%
Energy	6.5%
Consumer, Cyclical	5.5%
Technology	4.4%
Communications	3.8%
Industrial	3.4%
Utilities	1.9%
Basic Materials	1.3%
Communications	-0.3%
Technology	-0.4%
Consumer, Non-cyclical	-0.6%
Financial	-3.6%
Energy	-6.3%
Exchange-Traded Funds	-6.7%
Equity Futures Contracts	-13.0%
Currency Futures Contracts	-49.2%
Commodity Futures Contracts	-58.5%
Custom Basket Swap Agreements	-69.0%
Interest Rate Futures Contracts	-82.7%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Guggenheim Strategy Fund III	6.4%
Guggenheim Variable Insurance Strategy Fund III	5.5%
Guggenheim Strategy Fund II	4.3%
Olink Holding AB ADR	2.6%
Capri Holdings Ltd.	2.5%
National Western Life Group, Inc. — Class A	1.9%
Amedisys, Inc.	1.8%
Catalent, Inc.	1.7%
Hibbett, Inc.	1.5%
Hess Corp.	1.5%
Top 10 Total	29.7%

¹ "Consolidated Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010416-063024

Guggenheim Investments 2

Commodities Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Commodities Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.66%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 10.31%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P Goldman Sachs Commodity Index, which returned 11.08% for the same period.

The fund's broad-based securities market index was changed from the S&P Goldman Sachs Commodity Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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 (the "Index"). Most commodity futures that are part of the Index had a strong start to the year, with the Index futures contributing to the return of the fund during the reporting period. Eighteen of the 24 components of the Index had positive returns. The components with some of the largest positive returns were Cocoa, Coffee and Silver. The components with some of the largest negative returns were Corn, Soybean and Wheat.

How did the fund perform over the last 10 years?

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

Date	Commodities Strategy Fund	S&P 500 Index	S&P Goldman Sachs Commodity Index
06/30/2014	10000	10000	10000
09/30/2014	8732	10113	8754
12/31/2014	6303	10612	6332
03/31/2015	5748	10712	5812
06/30/2015	6250	10742	6319
09/30/2015	5026	10051	5100
12/31/2015	4173	10758	4252
03/31/2016	4049	10903	4145
06/30/2016	4569	11171	4671
09/30/2016	4357	11602	4477
12/31/2016	4607	12045	4735
03/31/2017	4375	12776	4496
06/30/2017	4125	13170	4250
09/30/2017	4394	13760	4557
12/31/2017	4811	14675	5008
03/31/2018	4900	14563	5117
06/30/2018	5270	15064	5527
09/30/2018	5335	16225	5601
12/31/2018	4083	14031	4316
03/31/2019	4654	15946	4962
06/30/2019	4547	16633	4892
09/30/2019	4364	16915	4687
12/31/2019	4706	18449	5077
03/31/2020	2659	14834	2927
06/30/2020	3054	17881	3233
09/30/2020	3189	19478	3382
12/31/2020	3637	21844	3872
03/31/2021	4123	23193	4397
06/30/2021	4779	25175	5088
09/30/2021	5000	25322	5354
12/31/2021	5075	28114	5435
03/31/2022	6681	26821	7235
06/30/2022	6785	22503	7380
09/30/2022	6036	21404	6620
12/31/2022	6236	23023	6847
03/31/2023	5890	24749	6509
06/30/2023	5692	26912	6331
09/30/2023	6545	26031	7343
12/31/2023	5847	29075	6555
03/31/2024	6431	32144	7234
06/30/2024	6448	33521	7281

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Commodities Strategy Fund	10.31%	13.28%	7.24%	-4.29%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P Goldman Sachs Commodity Index	11.08%	15.01%	8.28%	-3.12%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Commodities Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$7,268,149
Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%

What did the fund invest in?

Consolidated Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Goldman Sachs Commodity Index Futures Contracts	99.3%

Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	21.0%
Guggenheim Strategy Fund II	20.7%
Total	41.7%

¹ "Consolidated Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010403-063024

Guggenheim Investments 2

Nova Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Nova Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.65%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 20.78%, outperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% 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 Financials. The only sector that detracted was Real Estate. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Microsoft Corp., and Amazon.com, Inc. Those that detracted the most were Tesla, Inc., Intel Corp., and Boeing Co. 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, assuming a $10,000 initial investment.

Date	Nova Fund	S&P 500 Index
06/30/2014	10000	10000
09/30/2014	10108	10113
12/31/2014	10809	10612
03/31/2015	10899	10712
06/30/2015	10881	10742
09/30/2015	9758	10051
12/31/2015	10731	10758
03/31/2016	10852	10903
06/30/2016	11185	11171
09/30/2016	11793	11602
12/31/2016	12419	12045
03/31/2017	13500	12776
06/30/2017	14067	13170
09/30/2017	14947	13760
12/31/2017	16365	14675
03/31/2018	16010	14563
06/30/2018	16708	15064
09/30/2018	18546	16225
12/31/2018	14676	14031
03/31/2019	17596	15946
06/30/2019	18567	16633
09/30/2019	18853	16915
12/31/2019	21286	18449
03/31/2020	14600	14834
06/30/2020	19132	17881
09/30/2020	21663	19478
12/31/2020	25550	21844
03/31/2021	27750	23193
06/30/2021	31205	25175
09/30/2021	31288	25322
12/31/2021	36328	28114
03/31/2022	33447	26821
06/30/2022	25230	22503
09/30/2022	23059	21404
12/31/2022	25334	23023
03/31/2023	27909	24749
06/30/2023	31253	26912
09/30/2023	29354	26031
12/31/2023	34219	29075
03/31/2024	39280	32144
06/30/2024	41330	33521

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Nova Fund	20.78%	32.24%	17.36%	15.25%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%

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

Fund Statistics as of 6.30.24

Net Assets	$41,964,536
Number of Portfolio Holdings	513
Portfolio Turnover Rate	151%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Nova Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	50.6%
S&P 500 Index Equity Mini Futures Contracts	25.0%
Technology	23.4%
Consumer, Non-cyclical	12.8%
Communications	11.3%
Financial	10.0%
Consumer, Cyclical	5.9%
Other	11.1%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Microsoft Corp.	5.4%
NVIDIA Corp.	4.9%
Apple, Inc.	4.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	4.8%
Guggenheim Strategy Fund II	4.6%
Amazon.com, Inc.	2.9%
Meta Platforms, Inc. — Class A	1.8%
Alphabet, Inc. — Class A	1.7%
Alphabet, Inc. — Class C	1.5%
Berkshire Hathaway, Inc. — Class B	1.2%
Top 10 Total	33.7%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010401-063024

Guggenheim Investments 2

Inverse S&P 500^® Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Inverse S&P 500^® Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	$79	1.67%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (9.49%), underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% 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 Financials. The only sector that detracted was Real Estate. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Microsoft Corp., and Amazon.com, Inc. Those that detracted the most were Tesla, Inc., Intel Corp., and Boeing Co. 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, assuming a $10,000 initial investment.

Date	Inverse S&P 500® Strategy Fund	S&P 500 Index
06/30/2014	10000	10000
09/30/2014	9839	10113
12/31/2014	9288	10612
03/31/2015	9137	10712
06/30/2015	9071	10742
09/30/2015	9588	10051
12/31/2015	8876	10758
03/31/2016	8670	10903
06/30/2016	8425	11171
09/30/2016	8114	11602
12/31/2016	7810	12045
03/31/2017	7368	12776
06/30/2017	7153	13170
09/30/2017	6867	13760
12/31/2017	6455	14675
03/31/2018	6473	14563
06/30/2018	6271	15064
09/30/2018	5854	16225
12/31/2018	6711	14031
03/31/2019	5922	15946
06/30/2019	5707	16633
09/30/2019	5628	16915
12/31/2019	5174	18449
03/31/2020	5876	14834
06/30/2020	4801	17881
09/30/2020	4386	19478
12/31/2020	3879	21844
03/31/2021	3617	23193
06/30/2021	3340	25175
09/30/2021	3284	25322
12/31/2021	2931	28114
03/31/2022	3016	26821
06/30/2022	3513	22503
09/30/2022	3675	21404
12/31/2022	3417	23023
03/31/2023	3220	24749
06/30/2023	3013	26912
09/30/2023	3173	26031
12/31/2023	2906	29075
03/31/2024	2687	32144
06/30/2024	2629	33521

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Inverse S&P 500® Strategy Fund	-9.49%	-12.73%	-14.36%	-12.50%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%

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

Fund Statistics as of 6.30.24

Net Assets	$1,526,567
Number of Portfolio Holdings	11
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 1

Inverse S&P 500^® Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements Short Sales	-100.3%

Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	14.0%
Guggenheim Strategy Fund II	14.0%
Total	28.0%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010423-063024

Guggenheim Investments 2

NASDAQ-100^® Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the NASDAQ-100^® Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.65%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 16.58%, outperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 17.47% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100^® Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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 Health Care. Those that detracted the most were Materials, Real Estate, and Financials. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Meta Platforms, Inc. – Class A. Those that detracted the most were Tesla, Inc., Intel Corp., and Adobe, 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, assuming a $10,000 initial investment.

Date	NASDAQ-100® Fund	S&P 500 Index	NASDAQ-100 Index
06/30/2014	10000	10000	10000
09/30/2014	10508	10113	10553
12/31/2014	10978	10612	11070
03/31/2015	11229	10712	11360
06/30/2015	11382	10742	11558
09/30/2015	10832	10051	11024
12/31/2015	11883	10758	12149
03/31/2016	11591	10903	11899
06/30/2016	11431	11171	11763
09/30/2016	12625	11602	13023
12/31/2016	12594	12045	13033
03/31/2017	14063	12776	14609
06/30/2017	14600	13170	15220
09/30/2017	15446	13760	16159
12/31/2017	16513	14675	17332
03/31/2018	16969	14563	17879
06/30/2018	18134	15064	19179
09/30/2018	19624	16225	20831
12/31/2018	16214	14031	17339
03/31/2019	18875	15946	20267
06/30/2019	19584	16633	21128
09/30/2019	19747	16915	21400
12/31/2019	22191	18449	24180
03/31/2020	19420	14834	21691
06/30/2020	25383	17881	28265
09/30/2020	28551	19478	31833
12/31/2020	32167	21844	35999
03/31/2021	32618	23193	36633
06/30/2021	36204	25175	40802
09/30/2021	36460	25322	41248
12/31/2021	40384	28114	45900
03/31/2022	36516	26821	41812
06/30/2022	28099	22503	32487
09/30/2022	26694	21404	31050
12/31/2022	26596	23023	31036
03/31/2023	32067	24749	37484
06/30/2023	36860	26912	43251
09/30/2023	35653	26031	42015
12/31/2023	40750	29075	48147
03/31/2024	44141	32144	52346
06/30/2024	47508	33521	56559

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
NASDAQ-100® Fund	16.58%	28.89%	19.39%	16.86%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
NASDAQ-100 Index	17.47%	30.77%	21.77%	18.92%

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

Fund Statistics as of 6.30.24

Net Assets	$134,594,831
Number of Portfolio Holdings	113
Portfolio Turnover Rate	55%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

NASDAQ-100^® Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Technology	41.8%
Communications	21.0%
NASDAQ-100 Index Swap Agreements	10.6%
Consumer, Non-cyclical	9.3%
Consumer, Cyclical	6.8%
Equity Futures Contracts	6.5%
Industrial	1.3%
Other	2.8%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Microsoft Corp.	7.2%
Apple, Inc.	7.0%
Guggenheim Ultra Short Duration Fund — Institutional Class	6.7%
NVIDIA Corp.	6.6%
Guggenheim Strategy Fund II	6.4%
Amazon.com, Inc.	4.3%
Broadcom, Inc.	4.1%
Meta Platforms, Inc. — Class A	3.8%
Alphabet, Inc. — Class A	2.3%
Alphabet, Inc. — Class C	2.2%
Top 10 Total	50.6%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010425-063024

Guggenheim Investments 2

Inverse NASDAQ-100^® Strategy FundInverse NASDAQ-100® Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100^® Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	$80	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (11.80%), underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 17.47% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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 Health Care. Those that detracted the most were Materials, Real Estate, and Financials. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Meta Platforms, Inc. – Class A. Those that detracted the most were Tesla, Inc., Intel Corp., and Adobe, 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, assuming a $10,000 initial investment.

Date	Inverse NASDAQ-100® Strategy Fund	S&P 500 Index	NASDAQ-100 Index
06/30/2014	10000	10000	10000
09/30/2014	9417	10113	10553
12/31/2014	8914	10612	11070
03/31/2015	8653	10712	11360
06/30/2015	8445	10742	11558
09/30/2015	8667	10051	11024
12/31/2015	7766	10758	12149
03/31/2016	7777	10903	11899
06/30/2016	7813	11171	11763
09/30/2016	7055	11602	13023
12/31/2016	7030	12045	13033
03/31/2017	6286	12776	14609
06/30/2017	6034	13170	15220
09/30/2017	5687	13760	16159
12/31/2017	5297	14675	17332
03/31/2018	5088	14563	17879
06/30/2018	4732	15064	19179
09/30/2018	4376	16225	20831
12/31/2018	5150	14031	17339
03/31/2019	4408	15946	20267
06/30/2019	4235	16633	21128
09/30/2019	4178	16915	21400
12/31/2019	3707	18449	24180
03/31/2020	3797	14834	21691
06/30/2020	2858	17881	28265
09/30/2020	2492	19478	31833
12/31/2020	2299	21844	35999
03/31/2021	2215	23193	36633
06/30/2021	1970	25175	40802
09/30/2021	1935	25322	41248
12/31/2021	1714	28114	45900
03/31/2022	1827	26821	41812
06/30/2022	2262	22503	32487
09/30/2022	2338	21404	31050
12/31/2022	2311	23023	31036
03/31/2023	1923	24749	37484
06/30/2023	1692	26912	43251
09/30/2023	1770	26031	42015
12/31/2023	1575	29075	48147
03/31/2024	1474	32144	52346
06/30/2024	1389	33521	56559

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Inverse NASDAQ-100® Strategy Fund	-11.80%	-17.91%	-19.99%	-17.92%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
NASDAQ-100 Index	17.47%	30.77%	21.77%	18.92%

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

Fund Statistics as of 6.30.24

Net Assets	$914,512
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 1

Inverse NASDAQ-100^® Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Swap Agreements Short Sales	-99.7%

Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	20.4%
Guggenheim Strategy Fund II	19.9%
Total	40.3%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010426-063024

Guggenheim Investments 2

S&P 500^® 2x Strategy FundS&P 500® 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the S&P 500^® 2x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.86%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 27.15%, outperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% 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 Financials. The only sector that detracted was Real Estate. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Microsoft Corp., and Amazon.com, Inc. Those that detracted the most were Tesla, Inc., Intel Corp., and Boeing Co. 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, assuming a $10,000 initial investment.

Date	S&P 500® 2x Strategy Fund	S&P 500 Index
06/30/2014	10000	10000
09/30/2014	10131	10113
12/31/2014	11057	10612
03/31/2015	11155	10712
06/30/2015	11125	10742
09/30/2015	9592	10051
12/31/2015	10874	10758
03/31/2016	10993	10903
06/30/2016	11428	11171
09/30/2016	12243	11602
12/31/2016	13092	12045
03/31/2017	14618	12776
06/30/2017	15400	13170
09/30/2017	16668	13760
12/31/2017	18786	14675
03/31/2018	18120	14563
06/30/2018	19095	15064
09/30/2018	21889	16225
12/31/2018	15892	14031
03/31/2019	20198	15946
06/30/2019	21641	16633
09/30/2019	21990	16915
12/31/2019	25827	18449
03/31/2020	14800	14834
06/30/2020	20979	17881
09/30/2020	24599	19478
12/31/2020	30502	21844
03/31/2021	33941	23193
06/30/2021	39636	25175
09/30/2021	39666	25322
12/31/2021	48280	28114
03/31/2022	43103	26821
06/30/2022	29343	22503
09/30/2022	25879	21404
12/31/2022	29078	23023
03/31/2023	32770	24749
06/30/2023	37904	26912
09/30/2023	34663	26031
12/31/2023	42175	29075
03/31/2024	50400	32144
06/30/2024	53633	33521

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
S&P 500® 2x Strategy Fund	27.15%	41.50%	19.90%	18.29%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%

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

Fund Statistics as of 6.30.24

Net Assets	$27,963,226
Number of Portfolio Holdings	511
Portfolio Turnover Rate	76%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

S&P 500^® 2x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	114.8%
Technology	23.0%
Consumer, Non-cyclical	12.6%
S&P 500 Index Equity Mini Futures Contracts	11.9%
Communications	11.2%
Financial	9.9%
Consumer, Cyclical	5.7%
Other	10.9%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Microsoft Corp.	5.3%
NVIDIA Corp.	4.9%
Apple, Inc.	4.8%
Amazon.com, Inc.	2.8%
Meta Platforms, Inc. — Class A	1.8%
Alphabet, Inc. — Class A	1.7%
Alphabet, Inc. — Class C	1.4%
Berkshire Hathaway, Inc. — Class B	1.2%
Eli Lilly & Co.	1.2%
Broadcom, Inc.	1.1%
Top 10 Total	26.2%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010420-063024

Guggenheim Investments 2

NASDAQ-100^® 2x Strategy FundNASDAQ-100® 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the NASDAQ-100^® 2x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.87%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 31.24%, outperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 17.47% for the same period.

The fund's broad-based securities market index was changed from the NASDAQ-100 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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 Health Care. Those that detracted the most were Materials, Real Estate, and Financials. The holdings that contributed the most to the return of the underlying index were NVIDIA Corp., Broadcom, Inc., and Meta Platforms, Inc. – Class A. Those that detracted the most were Tesla, Inc., Intel Corp., and Adobe, 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, assuming a $10,000 initial investment.

Date	NASDAQ-100® 2x Strategy Fund	S&P 500 Index	NASDAQ-100 Index
06/30/2014	10000	10000	10000
09/30/2014	11034	10113	10553
12/31/2014	11984	10612	11070
03/31/2015	12488	10712	11360
06/30/2015	12796	10742	11558
09/30/2015	11463	10051	11024
12/31/2015	13736	10758	12149
03/31/2016	12923	10903	11899
06/30/2016	12482	11171	11763
09/30/2016	15175	11602	13023
12/31/2016	15054	12045	13033
03/31/2017	18762	12776	14609
06/30/2017	20120	13170	15220
09/30/2017	22423	13760	16159
12/31/2017	25515	14675	17332
03/31/2018	26470	14563	17879
06/30/2018	29938	15064	19179
09/30/2018	34827	16225	20831
12/31/2018	23140	14031	17339
03/31/2019	30986	15946	20267
06/30/2019	33023	16633	21128
09/30/2019	33166	16915	21400
12/31/2019	41769	18449	24180
03/31/2020	30230	14834	21691
06/30/2020	50106	17881	28265
09/30/2020	62216	19478	31833
12/31/2020	78051	21844	35999
03/31/2021	79193	23193	36633
06/30/2021	97069	25175	40802
09/30/2021	98243	25322	41248
12/31/2021	119769	28114	45900
03/31/2022	95966	26821	41812
06/30/2022	54930	22503	32487
09/30/2022	48695	21404	31050
12/31/2022	46661	23023	31036
03/31/2023	66040	24749	37484
06/30/2023	85681	26912	43251
09/30/2023	78788	26031	42015
12/31/2023	100847	29075	48147
03/31/2024	116160	32144	52346
06/30/2024	132358	33521	56559

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
NASDAQ-100® 2x Strategy Fund	31.24%	54.48%	32.00%	29.47%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
NASDAQ-100 Index	17.47%	30.77%	21.77%	18.92%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

NASDAQ-100^® 2x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$146,826,746
Number of Portfolio Holdings	111
Portfolio Turnover Rate	269%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
NASDAQ-100 Index Swap Agreements	114.9%
Technology	38.1%
Communications	19.2%
Equity Futures Contracts	9.5%
Consumer, Non-cyclical	8.5%
Consumer, Cyclical	6.2%
Industrial	1.2%
Other	2.5%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Microsoft Corp.	6.5%
Apple, Inc.	6.4%
NVIDIA Corp.	6.0%
Amazon.com, Inc.	4.0%
Broadcom, Inc.	3.8%
Meta Platforms, Inc. — Class A	3.5%
Alphabet, Inc. — Class A	2.1%
Alphabet, Inc. — Class C	2.0%
Costco Wholesale Corp.	1.9%
Tesla, Inc.	1.9%
Top 10 Total	38.1%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010421-063024

Guggenheim Investments 2

Mid-Cap 1.5x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Mid-Cap 1.5x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.73%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 6.67%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and outperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 6.17% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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, Industrials, and Consumer Discretionary. Those that detracted the most were Materials, Real Estate, and Communication Services. The holdings that contributed the most to the return of the underlying index were Super Micro Computer, Inc., Vistra Corp., and Pure Storage, Inc. – Class A. Those that detracted the most were Five Below, Inc., New York Community Bancorp, Inc., and Arcadium Lithium Plc. The fund maintained a correlation of more than 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, assuming a $10,000 initial investment.

Date	Mid-Cap 1.5x Strategy Fund	S&P 500 Index	S&P MidCap 400 Index
06/30/2014	10000	10000	10000
09/30/2014	9348	10113	9602
12/31/2014	10186	10612	10211
03/31/2015	10956	10712	10754
06/30/2015	10726	10742	10640
09/30/2015	9300	10051	9736
12/31/2015	9625	10758	9989
03/31/2016	10105	10903	10367
06/30/2016	10646	11171	10781
09/30/2016	11268	11602	11228
12/31/2016	12478	12045	12061
03/31/2017	13164	12776	12536
06/30/2017	13468	13170	12783
09/30/2017	14037	13760	13195
12/31/2017	15279	14675	14020
03/31/2018	14952	14563	13912
06/30/2018	15808	15064	14509
09/30/2018	16623	16225	15070
12/31/2018	12315	14031	12466
03/31/2019	14939	15946	14272
06/30/2019	15460	16633	14707
09/30/2019	15268	16915	14694
12/31/2019	16762	18449	15732
03/31/2020	9344	14834	11060
06/30/2020	12651	17881	13722
09/30/2020	13485	19478	14377
12/31/2020	18554	21844	17881
03/31/2021	22231	23193	20290
06/30/2021	23311	25175	21027
09/30/2021	22545	25322	20657
12/31/2021	25094	28114	22308
03/31/2022	23021	26821	21220
06/30/2022	17646	22503	17949
09/30/2022	16774	21404	17507
12/31/2022	19273	23023	19395
03/31/2023	20095	24749	20133
06/30/2023	21282	26912	21110
09/30/2023	19689	26031	20223
12/31/2023	22903	29075	22583
03/31/2024	26099	32144	24830
06/30/2024	24433	33521	23975

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Mid-Cap 1.5x Strategy Fund	6.67%	14.80%	9.59%	9.34%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P MidCap 400 Index	6.17%	13.57%	10.27%	9.14%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Mid-Cap 1.5x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$4,045,269
Number of Portfolio Holdings	412
Portfolio Turnover Rate	25%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
S&P MidCap 400 Index Equity Swap Agreements	52.1%
Industrial	19.1%
Financial	18.5%
S&P MidCap 400 Index Equity Mini Futures Contracts	14.6%
Consumer, Non-cyclical	13.7%
Consumer, Cyclical	13.2%
Technology	7.1%
Other	11.7%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	3.9%
Guggenheim Strategy Fund II	2.0%
Pure Storage, Inc. — Class A	0.6%
Carlisle Companies, Inc.	0.6%
Williams-Sonoma, Inc.	0.6%
Lennox International, Inc.	0.5%
EMCOR Group, Inc.	0.5%
Illumina, Inc.	0.5%
Reliance, Inc.	0.5%
BioMarin Pharmaceutical, Inc.	0.5%
Top 10 Total	10.2%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010396-063024

Guggenheim Investments 2

Inverse Mid-Cap Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Inverse Mid-Cap Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	$83	1.68%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (2.16%), underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Index, which returned 6.17% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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, Industrials, and Consumer Discretionary. Those that detracted the most were Materials, Real Estate, and Communication Services. The holdings that contributed the most to the return of the underlying index were Super Micro Computer, Inc., Vistra Corp., and Pure Storage, Inc. – Class A. Those that detracted the most were Five Below, Inc., New York Community Bancorp, Inc., and Arcadium Lithium Plc. 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, assuming a $10,000 initial investment.

Date	Inverse Mid-Cap Strategy Fund	S&P 500 Index	S&P MidCap 400 Index
06/30/2014	10000	10000	10000
09/30/2014	10355	10113	9602
12/31/2014	9659	10612	10211
03/31/2015	9110	10712	10754
06/30/2015	9157	10742	10640
09/30/2015	9871	10051	9736
12/31/2015	9551	10758	9989
03/31/2016	9078	10903	10367
06/30/2016	8670	11171	10781
09/30/2016	8321	11602	11228
12/31/2016	7724	12045	12061
03/31/2017	7439	12776	12536
06/30/2017	7293	13170	12783
09/30/2017	7081	13760	13195
12/31/2017	6677	14675	14020
03/31/2018	6697	14563	13912
06/30/2018	6440	15064	14509
09/30/2018	6227	16225	15070
12/31/2018	7406	14031	12466
03/31/2019	6478	15946	14272
06/30/2019	6302	16633	14707
09/30/2019	6306	16915	14694
12/31/2019	5902	18449	15732
03/31/2020	7649	14834	11060
06/30/2020	5900	17881	13722
09/30/2020	5585	19478	14377
12/31/2020	4433	21844	17881
03/31/2021	3853	23193	20290
06/30/2021	3685	25175	21027
09/30/2021	3712	25322	20657
12/31/2021	3403	28114	22308
03/31/2022	3507	26821	21220
06/30/2022	4048	22503	17949
09/30/2022	4113	21404	17507
12/31/2022	3711	23023	19395
03/31/2023	3606	24749	20133
06/30/2023	3490	26912	21110
09/30/2023	3711	26031	20223
12/31/2023	3376	29075	22583
03/31/2024	3129	32144	24830
06/30/2024	3303	33521	23975

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Inverse Mid-Cap Strategy Fund	-2.16%	-5.36%	-12.12%	-10.49%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P MidCap 400 Index	6.17%	13.57%	10.27%	9.14%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Inverse Mid-Cap Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$140,349
Number of Portfolio Holdings	9
Portfolio Turnover Rate	0%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
S&P MidCap 400 Index Equity Swap Agreements Short Sales	-101.6%

Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	17.5%
Guggenheim Strategy Fund II	14.4%
Total	31.9%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010414-063024

Guggenheim Investments 2

Russell 2000^® 2x Strategy FundRussell 2000® 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Russell 2000^® 2x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.74%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (2.50%), underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 1.73% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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, Industrials, and Energy. Those that detracted the most were Financials, Real Estate, and Communication Services. The holdings that contributed the most to the Super Micro Computer, Inc., Carvana Co. – Class A, and MicroStrategy, Inc. - Class A. Those that detracted the most were Arcadium Lithium Plc, Cytokinetcs, Inc., and Pacific Biosciences of California, Inc. 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, assuming a $10,000 initial investment.

Date	Russell 2000® 2x Strategy Fund	S&P 500 Index	Russell 2000 Index
06/30/2014	10000	10000	10000
09/30/2014	8507	10113	9931
12/31/2014	10116	10612	10537
03/31/2015	10871	10712	10728
06/30/2015	10850	10742	10611
09/30/2015	8280	10051	9810
12/31/2015	8786	10758	10305
03/31/2016	8354	10903	10584
06/30/2016	8881	11171	10985
09/30/2016	10405	11602	11979
12/31/2016	12134	12045	13037
03/31/2017	12585	12776	13359
06/30/2017	13105	13170	13688
09/30/2017	14494	13760	14464
12/31/2017	15320	14675	14947
03/31/2018	15056	14563	14934
06/30/2018	17246	15064	16092
09/30/2018	18281	16225	16668
12/31/2018	11305	14031	13301
03/31/2019	14589	15946	15240
06/30/2019	14938	16633	15560
09/30/2019	13950	16915	15186
12/31/2019	16635	18449	16696
03/31/2020	7122	14834	11584
06/30/2020	10576	17881	14529
09/30/2020	11472	19478	15245
12/31/2020	19497	21844	20028
03/31/2021	24200	23193	22572
06/30/2021	26071	25175	23540
09/30/2021	23486	25322	22514
12/31/2021	24521	28114	22996
03/31/2022	20697	26821	21265
06/30/2022	13775	22503	17609
09/30/2022	12832	21404	17224
12/31/2022	13975	23023	18297
03/31/2023	14307	24749	18797
06/30/2023	15411	26912	19776
09/30/2023	13540	26031	18762
12/31/2023	17049	29075	21394
03/31/2024	18250	32144	22502
06/30/2024	16624	33521	21765

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Russell 2000® 2x Strategy Fund	-2.50%	7.88%	2.16%	5.21%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
Russell 2000 Index	1.73%	10.06%	6.94%	8.09%

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

Fund Statistics as of 6.30.24

Net Assets	$4,508,094
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 1

Russell 2000^® 2x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Swap Agreements	168.6%
Russell 2000 Index Equity Mini Futures Contracts	22.9%
Exchange Traded Funds	8.4%

Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Vanguard Russell 2000 ETF	4.2%
iShares Russell 2000 Index ETF	4.2%
Total	8.4%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000032290-063024

Guggenheim Investments 2

Russell 2000^® 1.5x Strategy FundRussell 2000® 1.5x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Russell 2000^® 1.5x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (0.13%), underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 1.73% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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, Industrials, and Energy. Those that detracted the most were Financials, Real Estate, and Communication Services. The holdings that contributed the most to the Super Micro Computer, Inc., Carvana Co. – Class A, and MicroStrategy, Inc. - Class A. Those that detracted the most were Arcadium Lithium Plc, Cytokinetcs, Inc., and Pacific Biosciences of California, Inc. 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, assuming a $10,000 initial investment.

Date	Russell 2000® 1.5x Strategy Fund	S&P 500 Index	Russell 2000 Index
06/30/2014	10000	10000	10000
09/30/2014	8864	10113	9931
12/31/2014	10107	10612	10537
03/31/2015	10704	10712	10728
06/30/2015	10702	10742	10611
09/30/2015	8783	10051	9810
12/31/2015	9189	10758	10305
03/31/2016	8901	10903	10584
06/30/2016	9349	11171	10985
09/30/2016	10614	11602	11979
12/31/2016	11984	12045	13037
03/31/2017	12366	12776	13359
06/30/2017	12756	13170	13688
09/30/2017	13777	13760	14464
12/31/2017	14383	14675	14947
03/31/2018	14209	14563	14934
06/30/2018	15769	15064	16092
09/30/2018	16514	16225	16668
12/31/2018	11569	14031	13301
03/31/2019	14046	15946	15240
06/30/2019	14350	16633	15560
09/30/2019	13701	16915	15186
12/31/2019	15660	18449	16696
03/31/2020	8514	14834	11584
06/30/2020	11763	17881	14529
09/30/2020	12591	19478	15245
12/31/2020	18798	21844	20028
03/31/2021	22234	23193	22572
06/30/2021	23541	25175	23540
09/30/2021	21884	25322	22514
12/31/2021	22370	28114	22996
03/31/2022	19579	26821	21265
06/30/2022	14485	22503	17609
09/30/2022	13805	21404	17224
12/31/2022	14886	23023	18297
03/31/2023	15290	24749	18797
06/30/2023	16279	26912	19776
09/30/2023	14853	26031	18762
12/31/2023	17830	29075	21394
03/31/2024	18996	32144	22502
06/30/2024	17807	33521	21765

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Russell 2000® 1.5x Strategy Fund	-0.13%	9.39%	4.41%	5.94%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
Russell 2000 Index	1.73%	10.06%	6.94%	8.09%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Russell 2000^® 1.5x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$3,226,550
Number of Portfolio Holdings	1,999
Portfolio Turnover Rate	6%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Swap Agreements	74.3%
Exchange-Traded Funds	23.8%
Russell 2000 Index Mini Futures Contracts	19.2%
Consumer, Non-cyclical	7.9%
Financial	7.6%
Industrial	5.2%
Consumer, Cyclical	3.7%
Other	8.7%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Vanguard Russell 2000 ETF	11.9%
iShares Russell 2000 Index ETF	11.9%
Guggenheim Ultra Short Duration Fund — Institutional Class	11.7%
Guggenheim Strategy Fund II	7.6%
Insmed, Inc.	0.1%
FTAI Aviation Ltd.	0.1%
Fabrinet	0.1%
Abercrombie & Fitch Co. — Class A	0.1%
Sprouts Farmers Market, Inc.	0.1%
Vaxcyte, Inc.	0.1%
Top 10 Total	43.7%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010397-063024

Guggenheim Investments 2

Inverse Russell 2000^® Strategy FundInverse Russell 2000® Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Inverse Russell 2000^® Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 1.31%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 1.73% for the same period.

The fund's broad-based securities market index was changed from the Russell 2000 Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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, Industrials, and Energy. Those that detracted the most were Financials, Real Estate, and Communication Services. The holdings that contributed the most to the Super Micro Computer, Inc., Carvana Co. – Class A, and MicroStrategy, Inc. - Class A. Those that detracted the most were Arcadium Lithium Plc, Cytokinetcs, Inc., and Pacific Biosciences of California, Inc. 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, assuming a $10,000 initial investment.

Date	Inverse Russell 2000® Strategy Fund	S&P 500 Index	Russell 2000 Index
06/30/2014	10000	10000	10000
09/30/2014	10683	10113	9931
12/31/2014	9608	10612	10537
03/31/2015	9116	10712	10728
06/30/2015	9009	10742	10611
09/30/2015	10081	10051	9810
12/31/2015	9618	10758	10305
03/31/2016	9585	10903	10584
06/30/2016	9216	11171	10985
09/30/2016	8420	11602	11979
12/31/2016	7667	12045	13037
03/31/2017	7449	12776	13359
06/30/2017	7245	13170	13688
09/30/2017	6852	13760	14464
12/31/2017	6633	14675	14947
03/31/2018	6620	14563	14934
06/30/2018	6133	15064	16092
09/30/2018	5940	16225	16668
12/31/2018	7372	14031	13301
03/31/2019	6429	15946	15240
06/30/2019	6294	16633	15560
09/30/2019	6432	16915	15186
12/31/2019	5852	18449	16696
03/31/2020	7619	14834	11584
06/30/2020	5750	17881	14529
09/30/2020	5413	19478	15245
12/31/2020	4049	21844	20028
03/31/2021	3510	23193	22572
06/30/2021	3327	25175	23540
09/30/2021	3427	25322	22514
12/31/2021	3301	28114	22996
03/31/2022	3486	26821	21265
06/30/2022	4092	22503	17609
09/30/2022	4138	21404	17224
12/31/2022	3874	23023	18297
03/31/2023	3782	24749	18797
06/30/2023	3633	26912	19776
09/30/2023	3892	26031	18762
12/31/2023	3439	29075	21394
03/31/2024	3313	32144	22502
06/30/2024	3483	33521	21765

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Inverse Russell 2000® Strategy Fund	1.31%	-4.13%	-11.16%	-10.01%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
Russell 2000 Index	1.73%	10.06%	6.94%	8.09%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. The Russell 2000 Index and the S&P 500 Index are unmanaged indices and, unlike the fund, have no management fees or operation 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 1

Inverse Russell 2000^® Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$818,703
Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Swap Agreements Short Sales	-100.4%

Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	8.2%
Guggenheim Strategy Fund II	7.8%
Total	16.0%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010415-063024

Guggenheim Investments 2

Dow 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Dow 2x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.79%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 5.10%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and outperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 4.79% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were Financials, Information Technology, and Consumer Staples. Those that detracted the most were Consumer Discretionary, Industrials, and Materials. The holdings that contributed the most to return of the underlying index were Microsoft Corp., Goldman Sachs Group, Inc., and American Express Co. Those that detracted the most were Boeing Co., McDonald's Corp., and NIKE, Inc. – Class B. 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, assuming a $10,000 initial investment.

Date	Dow 2x Strategy Fund	S&P 500 Index	Dow Jones Industrial Average
06/30/2014	10000	10000	10000
09/30/2014	10296	10113	10187
12/31/2014	11267	10612	10717
03/31/2015	11215	10712	10752
06/30/2015	11059	10742	10721
09/30/2015	9421	10051	9972
12/31/2015	10792	10758	10740
03/31/2016	11129	10903	10976
06/30/2016	11461	11171	11203
09/30/2016	12028	11602	11515
12/31/2016	14107	12045	12512
03/31/2017	15490	12776	13161
06/30/2017	16599	13170	13681
09/30/2017	18341	13760	14445
12/31/2017	22362	14675	16029
03/31/2018	21068	14563	15714
06/30/2018	21252	15064	15912
09/30/2018	25245	16225	17445
12/31/2018	19181	14031	15471
03/31/2019	23578	15946	17299
06/30/2019	24722	16633	17853
09/30/2019	25192	16915	18179
12/31/2019	28286	18449	19392
03/31/2020	14990	14834	14983
06/30/2020	20433	17881	17757
09/30/2020	23693	19478	19216
12/31/2020	28776	21844	21278
03/31/2021	33403	23193	23041
06/30/2021	36577	25175	24211
09/30/2021	35171	25322	23857
12/31/2021	40458	28114	25734
03/31/2022	36617	26821	24679
06/30/2022	28419	22503	22019
09/30/2022	24537	21404	20661
12/31/2022	32169	23023	23968
03/31/2023	32048	24749	24191
06/30/2023	33895	26912	25151
09/30/2023	31793	26031	24623
12/31/2023	39750	29075	27847
03/31/2024	43822	32144	29556
06/30/2024	41785	33521	29181

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Dow 2x Strategy Fund	5.10%	23.28%	11.07%	15.37%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
Dow Jones Industrial Average	4.79%	16.02%	10.33%	11.30%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Dow 2x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$7,285,239
Number of Portfolio Holdings	37
Portfolio Turnover Rate	258%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Dow Jones Industrial Average Equity Swap Agreements	91.1%
Dow Jones Industrial Average Equity Mini Futures Contracts	24.4%
Financial	19.2%
Consumer, Non-cyclical	18.8%
Technology	15.9%
Industrial	11.8%
Consumer, Cyclical	10.6%
Other	8.4%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
UnitedHealth Group, Inc.	7.2%
Goldman Sachs Group, Inc.	6.4%
Microsoft Corp.	6.4%
Home Depot, Inc.	4.9%
Caterpillar, Inc.	4.7%
Amgen, Inc.	4.4%
Visa, Inc. — Class A	3.7%
Salesforce, Inc.	3.7%
McDonald's Corp.	3.6%
American Express Co.	3.3%
Top 10 Total	48.3%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010422-063024

Guggenheim Investments 2

Inverse Dow 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.76%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (3.58%), underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 4.79% for the same period.

The fund's broad-based securities market index was changed from the Dow Jones Industrial Average to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index were Financials, Information Technology, and Consumer Staples. Those that detracted the most were Consumer Discretionary, Industrials, and Materials. The holdings that contributed the most to return of the underlying index were Microsoft Corp., Goldman Sachs Group, Inc., and American Express Co. Those that detracted the most were Boeing Co., McDonald's Corp., and NIKE, Inc. – Class B. 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, assuming a $10,000 initial investment.

Date	Inverse Dow 2x Strategy Fund	S&P 500 Index	Dow Jones Industrial Average
06/30/2014	10000	10000	10000
09/30/2014	9546	10113	10187
12/31/2014	8468	10612	10717
03/31/2015	8262	10712	10752
06/30/2015	8195	10742	10721
09/30/2015	9243	10051	9972
12/31/2015	7788	10758	10740
03/31/2016	7284	10903	10976
06/30/2016	6902	11171	11203
09/30/2016	6504	11602	11515
12/31/2016	5479	12045	12512
03/31/2017	4949	12776	13161
06/30/2017	4573	13170	13681
09/30/2017	4107	13760	14445
12/31/2017	3345	14675	16029
03/31/2018	3396	14563	15714
06/30/2018	3304	15064	15912
09/30/2018	2770	16225	17445
12/31/2018	3393	14031	15471
03/31/2019	2712	15946	17299
06/30/2019	2557	16633	17853
09/30/2019	2463	16915	18179
12/31/2019	2168	18449	19392
03/31/2020	2700	14834	14983
06/30/2020	1762	17881	17757
09/30/2020	1474	19478	19216
12/31/2020	1176	21844	21278
03/31/2021	986	23193	23041
06/30/2021	884	25175	24211
09/30/2021	899	25322	23857
12/31/2021	761	28114	25734
03/31/2022	802	26821	24679
06/30/2022	966	22503	22019
09/30/2022	1083	21404	20661
12/31/2022	799	23023	23968
03/31/2023	797	24749	24191
06/30/2023	755	26912	25151
09/30/2023	812	26031	24623
12/31/2023	653	29075	27847
03/31/2024	596	32144	29556
06/30/2024	629	33521	29181

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Inverse Dow 2x Strategy Fund	-3.58%	-16.63%	-24.45%	-24.16%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
Dow Jones Industrial Average	4.79%	16.02%	10.33%	11.30%

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

Fund Statistics as of 6.30.24

Net Assets	$920,546
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 1

Inverse Dow 2x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Equity Futures Contracts Short Sales	-21.4%
Dow Jones Industrial Average Equity Swap Agreements Short Sales	-178.1%

¹ "Holdings Diversification (Market Exposure as % 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.

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

SAR-C000010424-063024

Guggenheim Investments 2

Government Long Bond 1.2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Government Long Bond 1.2x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	$64	1.35%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (8.58%), underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned (0.71%) for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Treasury 30 Yr. Bellwether Index, which returned (6.20%) for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury 30 Year Bellwether Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

As long-term Treasury bond prices fell, yields generally rose over the period, from 4.03% to 4.56%, as solid economic data initially dampened rate-cut expectations and inflation remained above the U.S. Federal Reserve's (the "Fed") target level. However, yields began to decline from their April peak as weaker inflation reports spurred hopes for rate cuts to move up on the calendar. The Fed said at its June 2024 meeting that economic activity continued to expand at a solid pace, but that inflation remained elevated. It kept its key Fed funds rate unchanged, and its summary of economic projections indicated just one rate cut is likely in 2024, down from three in March, but compared with two cuts by many forecasters.

How did the fund perform over the last 10 years?

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

Date	Government Long Bond 1.2x Strategy Fund	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S.Treasury 30 Year Bellwether Index
06/30/2014	10000	10000	10000
09/30/2014	10396	10017	10333
12/31/2014	11623	10196	11372
03/31/2015	12239	10360	11947
06/30/2015	10615	10186	10699
09/30/2015	11347	10311	11245
12/31/2015	11031	10252	11011
03/31/2016	12221	10563	11994
06/30/2016	13321	10797	12863
09/30/2016	13246	10847	12879
12/31/2016	10994	10524	11109
03/31/2017	11122	10610	11253
06/30/2017	11691	10763	11732
09/30/2017	11667	10854	11770
12/31/2017	12053	10897	12123
03/31/2018	11441	10737	11652
06/30/2018	11424	10720	11712
09/30/2018	10924	10722	11329
12/31/2018	11412	10898	11794
03/31/2019	12062	11219	12381
06/30/2019	12920	11564	13219
09/30/2019	14303	11826	14436
12/31/2019	13328	11848	13732
03/31/2020	17510	12221	17275
06/30/2020	17212	12575	17152
09/30/2020	17076	12652	17014
12/31/2020	16255	12737	16303
03/31/2021	13109	12308	13720
06/30/2021	14296	12533	14795
09/30/2021	14312	12539	14852
12/31/2021	15037	12541	15550
03/31/2022	12825	11797	13776
06/30/2022	10628	11243	11885
09/30/2022	9212	10709	10653
12/31/2022	8896	10909	10372
03/31/2023	9521	11232	10994
06/30/2023	9159	11137	10734
09/30/2023	7674	10778	9369
12/31/2023	8805	11512	10573
03/31/2024	8355	11423	10144
06/30/2024	8051	11430	9918

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Government Long Bond 1.2x Strategy Fund	-8.58%	-12.12%	-9.03%	-2.15%
Bloomberg U.S. Aggregate Bond Index	-0.71%	2.63%	-0.23%	1.35%
Bloomberg U.S. Treasury 30 Yr. Bellwether Index	-6.20%	-7.60%	-5.58%	-0.08%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the effect of taxes. 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 1

Government Long Bond 1.2x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$5,063,613
Number of Portfolio Holdings	9
Portfolio Turnover Rate	1,029%1029

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
U.S. Treasury Ultra Long Bond Interest Rate Futures Contracts	76.3%
U.S. Government Securities	44.1%

Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
U.S. Treasury Bonds	44.1%
Guggenheim Strategy Fund II	5.3%
Guggenheim Ultra Short Duration Fund — Institutional Class	4.9%
Total	54.3%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010390-063024

Guggenheim Investments 2

Inverse Government Long Bond Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Inverse Government Long Bond Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	$258	4.94%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 10.39%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned (0.71%) for the same period and outperforming the fund's secondary index, the Bloomberg U.S. Treasury 30 Yr. Bellwether Index, which returned (6.20%) for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Treasury 30 Year Bellwether Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

As long-term Treasury bond prices fell, yields generally rose over the period, from 4.03% to 4.56%, as solid economic data initially dampened rate-cut expectations and inflation remained above the U.S. Federal Reserve's (the "Fed") target level. However, yields began to decline from their April peak as weaker inflation reports spurred hopes for rate cuts to move up on the calendar. The Fed said at its June 2024 meeting that economic activity continued to expand at a solid pace, but that inflation remained elevated. It kept its key Fed funds rate unchanged, and its summary of economic projections indicated just one rate cut is likely in 2024, down from three in March, but compared with two cuts by many forecasters.

How did the fund perform over the last 10 years?

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

Date	Inverse Government Long Bond Strategy Fund	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Treasury 30 Yr. Bellwether Index
06/30/2014	10000	10000	10000
09/30/2014	9586	10017	10333
12/31/2014	8625	10196	11372
03/31/2015	8138	10360	11947
06/30/2015	9018	10186	10699
09/30/2015	8420	10311	11245
12/31/2015	8520	10252	11011
03/31/2016	7737	10563	11994
06/30/2016	7148	10797	12863
09/30/2016	7141	10847	12879
12/31/2016	8269	10524	11109
03/31/2017	8150	10610	11253
06/30/2017	7787	10763	11732
09/30/2017	7770	10854	11770
12/31/2017	7534	10897	12123
03/31/2018	7845	10737	11652
06/30/2018	7828	10720	11712
09/30/2018	8135	10722	11329
12/31/2018	7820	10898	11794
03/31/2019	7480	11219	12381
06/30/2019	7066	11564	13219
09/30/2019	6447	11826	14436
12/31/2019	6781	11848	13732
03/31/2020	5140	12221	17275
06/30/2020	5172	12575	17152
09/30/2020	5183	12652	17014
12/31/2020	5351	12737	16303
03/31/2021	6294	12308	13720
06/30/2021	5804	12533	14795
09/30/2021	5730	12539	14852
12/31/2021	5402	12541	15550
03/31/2022	6038	11797	13776
06/30/2022	6929	11243	11885
09/30/2022	7676	10709	10653
12/31/2022	7899	10909	10372
03/31/2023	7513	11232	10994
06/30/2023	7821	11137	10734
09/30/2023	9139	10778	9369
12/31/2023	8233	11512	10573
03/31/2024	8720	11423	10144
06/30/2024	9087	11430	9918

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Inverse Government Long Bond Strategy Fund	10.39%	16.18%	5.16%	-0.95%
Bloomberg U.S. Aggregate Bond Index	-0.71%	2.63%	-0.23%	1.35%
Bloomberg U.S. Treasury 30 Yr. Bellwether Index	-6.20%	-7.60%	-5.58%	-0.08%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 Yr. 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 1

Inverse Government Long Bond Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$3,544,401
Number of Portfolio Holdings	11
Portfolio Turnover Rate	356%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
U.S. Treasury Ultra Long Bond Interest Rate Futures Contracts Short Sales	-21.1%
U.S. Government Securities Short Sales	-80.1%

Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Guggenheim Strategy Fund II	14.4%
Guggenheim Ultra Short Duration Fund — Institutional Class	13.1%
Total	27.5%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010404-063024

Guggenheim Investments 2

High Yield Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the High Yield Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	$79	1.58%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 1.85%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned (0.71%) for the same period and underperforming the fund's secondary index, the Bloomberg U.S. Corporate High Yield Index, which returned 2.58% for the same period.

The fund's broad-based securities market index was changed from the Bloomberg U.S. Corporate High Yield Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

High yield continued to generate positive returns for the reporting period, with coupon-like returns amid interest rate volatility. Overall, lower financing costs and borrower sentiment spurred heavy new issuance volume while strong market conditions kept spreads tight. The Consumer Cyclical sector and the Energy sector contributed the most to return of the Bloomberg U.S. Corporate High Yield Index (the "Index"). The Communications sector was the largest detractor. From a ratings perspective, BB rated securities contributed the most to the return of the Index, followed by B rated securities.

How did the fund perform over the last 10 years?

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

Date	High Yield Strategy Fund	Bloomberg U.S. Aggregate Bond Index	Bloomberg U.S. Corporate High Yield Index
10/15/2014	10000	10000	10000
10/31/2014	10136	9910	10228
11/30/2014	10256	9980	10153
12/31/2014	10148	9990	10006
01/31/2015	10284	10199	10072
02/28/2015	10332	10103	10315
03/31/2015	10356	10150	10259
04/30/2015	10392	10114	10382
05/31/2015	10424	10089	10414
06/30/2015	10244	9979	10259
07/31/2015	10313	10049	10199
08/31/2015	10152	10034	10022
09/30/2015	10048	10102	9761
10/31/2015	10341	10104	10029
11/30/2015	10201	10077	9806
12/31/2015	10076	10044	9559
01/31/2016	10088	10183	9406
02/29/2016	10096	10255	9459
03/31/2016	10502	10349	9880
04/30/2016	10623	10389	10267
05/31/2016	10619	10391	10330
06/30/2016	10856	10578	10425
07/31/2016	11040	10645	10707
08/31/2016	11044	10633	10931
09/30/2016	11197	10627	11004
10/31/2016	11069	10545	11046
11/30/2016	11064	10296	10994
12/31/2016	11247	10310	11197
01/31/2017	11325	10331	11359
02/28/2017	11465	10400	11525
03/31/2017	11521	10395	11499
04/30/2017	11672	10475	11632
05/31/2017	11750	10555	11733
06/30/2017	11699	10545	11749
07/31/2017	11850	10590	11879
08/31/2017	11915	10685	11874
09/30/2017	11932	10634	11981
10/31/2017	12012	10640	12031
11/30/2017	11947	10627	12001
12/31/2017	12019	10676	12037
01/31/2018	11938	10553	12109
02/28/2018	11764	10453	12006
03/31/2018	11825	10520	11934
04/30/2018	11872	10441	12011
05/31/2018	11902	10516	12008
06/30/2018	11884	10503	12056
07/31/2018	12042	10505	12188
08/31/2018	12141	10573	12278
09/30/2018	12202	10505	12346
10/31/2018	12005	10422	12149
11/30/2018	12025	10484	12044
12/31/2018	11915	10677	11786
01/31/2019	12375	10790	12319
02/28/2019	12415	10784	12524
03/31/2019	12661	10991	12642
04/30/2019	12806	10994	12821
05/31/2019	12642	11189	12669
06/30/2019	13127	11329	12958
07/31/2019	13047	11354	13031
08/31/2019	13211	11649	13083
09/30/2019	13239	11587	13131
10/31/2019	13357	11621	13167
11/30/2019	13410	11616	13210
12/31/2019	13563	11607	13474
01/31/2020	13629	11831	13478
02/29/2020	13473	12044	13287
03/31/2020	11838	11973	11765
04/30/2020	12112	12186	12295
05/31/2020	12409	12242	12836
06/30/2020	12282	12320	12962
07/31/2020	12692	12504	13570
08/31/2020	12901	12403	13699
09/30/2020	12713	12396	13558
10/31/2020	12645	12341	13627
11/30/2020	13332	12462	14166
12/31/2020	13500	12479	14432
01/31/2021	13374	12389	14480
02/28/2021	13326	12210	14533
03/31/2021	13414	12058	14555
04/30/2021	13607	12153	14713
05/31/2021	13673	12193	14757
06/30/2021	13757	12279	14954
07/31/2021	13775	12416	15011
08/31/2021	13862	12392	15088
09/30/2021	13736	12285	15087
10/31/2021	13612	12282	15061
11/30/2021	13488	12318	14915
12/31/2021	13728	12286	15194
01/31/2022	13272	12022	14779
02/28/2022	13066	11888	14627
03/31/2022	12812	11557	14459
04/30/2022	12173	11119	13945
05/31/2022	12303	11190	13979
06/30/2022	11585	11015	13038
07/31/2022	12280	11284	13808
08/31/2022	11772	10965	13490
09/30/2022	11376	10491	12954
10/31/2022	11741	10355	13290
11/30/2022	12298	10736	13579
12/31/2022	12152	10688	13494
01/31/2023	12658	11017	14008
02/28/2023	12282	10732	13828
03/31/2023	12584	11004	13976
04/30/2023	12685	11071	14115
05/31/2023	12576	10951	13986
06/30/2023	12680	10912	14220
07/31/2023	12829	10904	14416
08/31/2023	12791	10834	14456
09/30/2023	12541	10559	14285
10/31/2023	12350	10392	14119
11/30/2023	13121	10863	14758
12/31/2023	13695	11279	15308
01/31/2024	13714	11248	15308
02/29/2024	13674	11089	15352
03/31/2024	13900	11191	15534
04/30/2024	13530	10909	15388
05/31/2024	13842	11094	15557
06/30/2024	13947	11199	15704

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Since Inception (10.15.14)
High Yield Strategy Fund	1.85%	9.99%	1.22%	3.49%
Bloomberg U.S. Aggregate Bond Index	-0.71%	2.63%	-0.23%	1.17%
Bloomberg U.S. Corporate High Yield Index	2.58%	10.44%	3.92%	4.76%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

High Yield Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$7,765,362
Number of Portfolio Holdings	17
Portfolio Turnover Rate	0%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
CDX.NA.HY.42.V1 Index Credit Default Swap Agreements Protection Sold	91.4%
Exchange Traded Funds	3.1%
iShares iBoxx High Yield Corporate Bond ETF Swap Agreements	0.5%
BNP Paribas SPDR Bloomberg High Yield Bond ETF Swap Agreement	0.2%
U.S. Treasury 5 Year Note Interest Rate Futures Contracts	0.2%

Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Guggenheim Ultra Short Duration Fund — Institutional Class	7.3%
Guggenheim Strategy Fund II	7.3%
iShares iBoxx High Yield Corporate Bond ETF	1.6%
SPDR Bloomberg High Yield Bond ETF	1.5%
Total	17.7%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000046626-063024

Guggenheim Investments 2

U.S. Government Money Market Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the U.S. Government Money Market Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	$71	1.41%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 2.00%.

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

As Treasury bond prices fell, yields generally rose over the reporting period, as solid economic data initially dampened rate-cut expectations and inflation remained above the U.S. Federal Reserve's (the "Fed") target level. However, yields began to decline from their April peak as weaker inflation reports spurred hopes for rate cuts to move up on the calendar. The Fed said at its June 2024 meeting that economic activity continued to expand at a solid pace, but that inflation remained elevated. It kept its key Fed funds rate unchanged, and its summary of economic projections indicated just one rate cut is likely in 2024, down from three in March, but compared with two cuts by many forecasters.

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
U.S. Government Money Market Fund	2.00%	4.02%	1.36%	0.79%

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

Fund Statistics as of 6.30.24

Net Assets	$41,644,471
Number of Portfolio Holdings	21

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and 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 1

U.S. Government Money Market Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Federal Home Loan Bank - FADN	7.2%
Farmer Mac - FADN	5.5%
Federal Home Loan Bank - FAN	18.2%
Fannie Mae - FAN	7.2%
Federal Farm Credit Bank - FAN	6.2%
Repurchase Agreements	31.6%
U.S. Government Securities	13.2%
U.S. Treasury Bills	10.8%

¹ "Holdings Diversification (Market Exposure as % 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.

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

SAR-C000010379-063024

Guggenheim Investments 2

S&P 500^® Pure Growth Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the S&P 500^® Pure Growth Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.61%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 14.88%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Growth Index, which returned 15.82% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were Information Technology, Communication Services, and Consumer Discretionary. The only sector that detracted was Materials. The holdings that contributed the most to the return of the underlying index for the reporting period were NVIDIA Corp., Arista Networks, Inc., and KLA Corp. Those that detracted the most were Super Micro Computer, Inc., Lululemon Athletica, Inc., and Tesla, 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, assuming a $10,000 initial investment.

Date	S&P 500® Pure Growth Fund	S&P 500 Index	S&P 500 Pure Growth Index
06/30/2014	10000	10000	10000
09/30/2014	9981	10113	10020
12/31/2014	10255	10612	10333
03/31/2015	10702	10712	10823
06/30/2015	10447	10742	10606
09/30/2015	9948	10051	10135
12/31/2015	10366	10758	10613
03/31/2016	10193	10903	10470
06/30/2016	10356	11171	10681
09/30/2016	10748	11602	11135
12/31/2016	10633	12045	11061
03/31/2017	11399	12776	11910
06/30/2017	11945	13170	12535
09/30/2017	12664	13760	13357
12/31/2017	13227	14675	14021
03/31/2018	13816	14563	14701
06/30/2018	14408	15064	15393
09/30/2018	15076	16225	16168
12/31/2018	12482	14031	13430
03/31/2019	14477	15946	15658
06/30/2019	14909	16633	16196
09/30/2019	14775	16915	16118
12/31/2019	15802	18449	17323
03/31/2020	12481	14834	13732
06/30/2020	16100	17881	17799
09/30/2020	17545	19478	19493
12/31/2020	20119	21844	22461
03/31/2021	20203	23193	22648
06/30/2021	22577	25175	25426
09/30/2021	23538	25322	26616
12/31/2021	25670	28114	29156
03/31/2022	22319	26821	25413
06/30/2022	17924	22503	20496
09/30/2022	17534	21404	20134
12/31/2022	18392	23023	21205
03/31/2023	18365	24749	21263
06/30/2023	18551	26912	21564
09/30/2023	18308	26031	21367
12/31/2023	19581	29075	22966
03/31/2024	22234	32144	26199
06/30/2024	22495	33521	26619

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
S&P 500® Pure Growth Fund	14.88%	21.26%	8.57%	8.44%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Pure Growth Index	15.82%	23.55%	10.45%	10.28%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

S&P 500^® Pure Growth Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$29,047,874
Number of Portfolio Holdings	67
Portfolio Turnover Rate	118%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Technology	35.7%
Consumer, Cyclical	22.9%
Communications	17.6%
Energy	6.1%
Industrial	5.7%
Consumer, Non-cyclical	4.5%
Financial	3.9%
Other	3.1%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
NVIDIA Corp.	4.9%
Arista Networks, Inc.	2.9%
Royal Caribbean Cruises Ltd.	2.7%
Monolithic Power Systems, Inc.	2.6%
Crowdstrike Holdings, Inc. — Class A	2.6%
KLA Corp.	2.4%
Booking Holdings, Inc.	2.3%
Uber Technologies, Inc.	2.3%
Targa Resources Corp.	2.1%
KKR & Company, Inc. — Class A	2.1%
Top 10 Total	26.9%

¹ "Holdings Diversification (Market Exposure as % 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" excludes any temporary cash investments or derivative.

What changes in or disagreements with accountants occurred?

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

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

SAR-C000010408-063024

Guggenheim Investments 2

S&P 500^® Pure Value Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the S&P 500^® Pure Value Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 2.06%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Pure Value Index, which returned 2.84% for the same period.

The fund's broad-based securities market index was changed from the S&P 500 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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, Consumer Discretionary, and Energy. Those that detracted the most were Consumer Staples, Communication Services, and Health Care. The holdings that contributed the most to the return of the underlying index for the reporting period were General Motors Co., Berkshire Hathaway, Inc. – Class B, and Citigroup, Inc. Those that detracted the most were Walgreens Boots Alliance, Inc., Paramount Global – Class B, and Warner Bros. Discovery, Inc. – Series A. 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, assuming a $10,000 initial investment.

Date	S&P 500® Pure Value Fund	S&P 500 Index	S&P 500 Pure Value Index
06/30/2014	10000	10000	10000
09/30/2014	9760	10113	9797
12/31/2014	10136	10612	10211
03/31/2015	9992	10712	10096
06/30/2015	9945	10742	10082
09/30/2015	8903	10051	9049
12/31/2015	9186	10758	9380
03/31/2016	9463	10903	9705
06/30/2016	9558	11171	9846
09/30/2016	9916	11602	10268
12/31/2016	10784	12045	11220
03/31/2017	11057	12776	11550
06/30/2017	11202	13170	11751
09/30/2017	11601	13760	12209
12/31/2017	12494	14675	13209
03/31/2018	12201	14563	12947
06/30/2018	12446	15064	13254
09/30/2018	13032	16225	13939
12/31/2018	10831	14031	11624
03/31/2019	12049	15946	12995
06/30/2019	12457	16633	13491
09/30/2019	12472	16915	13557
12/31/2019	13351	18449	14583
03/31/2020	7742	14834	8488
06/30/2020	9270	17881	10233
09/30/2020	9540	19478	10575
12/31/2020	11941	21844	13312
03/31/2021	14383	23193	16111
06/30/2021	15019	25175	16904
09/30/2021	14794	25322	16712
12/31/2021	15800	28114	17922
03/31/2022	16731	26821	19067
06/30/2022	14729	22503	16849
09/30/2022	13743	21404	15786
12/31/2022	15397	23023	17772
03/31/2023	15029	24749	17434
06/30/2023	15385	26912	17929
09/30/2023	14642	26031	17130
12/31/2023	16365	29075	19234
03/31/2024	17696	32144	20891
06/30/2024	16702	33521	19793

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
S&P 500® Pure Value FundS&P 500® Pure Value Fund	2.06%	8.56%	6.04%	5.26%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Pure Value Index	2.84%	10.48%	7.97%	7.06%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

S&P 500^® Pure Value Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$19,700,389
Number of Portfolio Holdings	97
Portfolio Turnover Rate	93%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Financial	31.3%
Consumer, Non-cyclical	24.2%
Consumer, Cyclical	17.9%
Communications	5.8%
Energy	5.4%
Industrial	5.3%
Basic Materials	5.0%
Other	4.9%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
General Motors Co.	4.4%
Berkshire Hathaway, Inc. — Class B	3.6%
Ford Motor Co.	2.8%
United Airlines Holdings, Inc.	2.4%
Citigroup, Inc.	2.2%
Tyson Foods, Inc. — Class A	2.2%
Valero Energy Corp.	2.2%
Viatris, Inc.	2.1%
Mohawk Industries, Inc.	2.1%
Bunge Global S.A.	2.0%
Top 10 Total	26.0%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010407-063024

Guggenheim Investments 2

S&P MidCap 400^® Pure Growth Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the S&P MidCap 400^® Pure Growth Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.61%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 17.51%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Growth Index, which returned 18.57% for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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, Consumer Discretionary, and Industrials. No sector detracted from the return of the underlying index. The holdings that contributed the most to the return of the underly index for the reporting period were Super Micro Computer, Inc., Vistra Corp., and Wingstop, Inc. Those that detracted the most were Five Below, Inc., Avis Budget Group, Inc., and Qualys, 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, assuming a $10,000 initial investment.

Date	S&P MidCap 400® Pure Growth Fund	S&P 500 Index	S&P MidCap 400 Pure Growth Index
06/30/2014	10000	10000	10000
09/30/2014	9741	10113	9781
12/31/2014	9703	10612	9762
03/31/2015	10552	10712	10662
06/30/2015	10489	10742	10636
09/30/2015	9806	10051	9974
12/31/2015	9831	10758	10042
03/31/2016	9565	10903	9818
06/30/2016	9590	11171	9884
09/30/2016	9806	11602	10155
12/31/2016	10096	12045	10499
03/31/2017	10596	12776	11064
06/30/2017	10950	13170	11474
09/30/2017	11258	13760	11853
12/31/2017	11990	14675	12679
03/31/2018	12207	14563	12958
06/30/2018	12509	15064	13336
09/30/2018	12813	16225	13720
12/31/2018	10212	14031	10977
03/31/2019	11676	15946	12616
06/30/2019	11444	16633	12399
09/30/2019	10907	16915	11854
12/31/2019	11786	18449	12876
03/31/2020	8590	14834	9393
06/30/2020	11490	17881	12637
09/30/2020	12828	19478	14172
12/31/2020	15377	21844	17080
03/31/2021	16595	23193	18509
06/30/2021	17081	25175	19134
09/30/2021	16570	25322	18641
12/31/2021	17255	28114	19498
03/31/2022	15217	26821	17259
06/30/2022	12200	22503	13870
09/30/2022	12467	21404	14238
12/31/2022	13352	23023	15324
03/31/2023	13650	24749	15725
06/30/2023	14525	26912	16814
09/30/2023	14553	26031	16927
12/31/2023	15312	29075	17884
03/31/2024	18743	32144	22014
06/30/2024	17998	33521	21227

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
S&P MidCap 400® Pure Growth FundS&P MidCap 400® Pure Growth Fund	17.51%	23.91%	9.48%	6.05%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P MidCap 400 Pure Growth Index	18.57%	26.36%	11.34%	7.82%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

S&P MidCap 400^® Pure Growth Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$13,192,106
Number of Portfolio Holdings	88
Portfolio Turnover Rate	208%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Industrial	25.5%
Consumer, Cyclical	19.6%
Consumer, Non-cyclical	17.8%
Energy	15.9%
Technology	12.3%
Financial	5.5%
Basic Materials	3.1%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
elf Beauty, Inc.	2.5%
CNX Resources Corp.	2.4%
Duolingo, Inc.	2.2%
Weatherford International plc	2.2%
Southwestern Energy Co.	2.1%
Wingstop, Inc.	2.1%
Comfort Systems USA, Inc.	1.9%
Medpace Holdings, Inc.	1.9%
Ryan Specialty Holdings, Inc.	1.9%
Permian Resources Corp.	1.9%
Top 10 Total	21.1%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010413-063024

Guggenheim Investments 2

S&P MidCap 400^® Pure Value Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the S&P MidCap 400^® Pure Value Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	$79	1.62%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (3.75%), underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P MidCap 400 Pure Value Index, which returned (3.00%) for the same period.

The fund's broad-based securities market index was changed from the S&P MidCap 400 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable

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

The sectors that contributed the most to the return of the underlying index for the reporting period were Consumer Staples, Information Technology, and Energy. Those that detracted the most were Consumer Discretionary, Industrials, and Materials. The holdings that contributed the most to the return of the underlying index for the reporting period were Tenet Healthcare Corp., MasTec, Inc., and Pilgrim's Pride Corp. Those that detracted the most were Hertz Global Holdings, Inc., New York Community Bancorp, Inc., and Adient Plc. 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, assuming a $10,000 initial investment.

Date	S&P MidCap 400® Pure Value Fund	S&P 500 Index	S&P MidCap 400 Pure Value Index
06/30/2014	10000	10000	10000
09/30/2014	9507	10113	9545
12/31/2014	10091	10612	10190
03/31/2015	10176	10712	10316
06/30/2015	10143	10742	10320
09/30/2015	8928	10051	9114
12/31/2015	8894	10758	9117
03/31/2016	9529	10903	9809
06/30/2016	9599	11171	9923
09/30/2016	10332	11602	10739
12/31/2016	11464	12045	11976
03/31/2017	11590	12776	12159
06/30/2017	11736	13170	12359
09/30/2017	12030	13760	12727
12/31/2017	12971	14675	13787
03/31/2018	12246	14563	13060
06/30/2018	13064	15064	13995
09/30/2018	13294	16225	14298
12/31/2018	10509	14031	11345
03/31/2019	12249	15946	13293
06/30/2019	12436	16633	13556
09/30/2019	11852	16915	12974
12/31/2019	12869	18449	14120
03/31/2020	7315	14834	8040
06/30/2020	9529	17881	10541
09/30/2020	10245	19478	11404
12/31/2020	13824	21844	15485
03/31/2021	16877	23193	19005
06/30/2021	17258	25175	19516
09/30/2021	17089	25322	19402
12/31/2021	18144	28114	20696
03/31/2022	18034	26821	20653
06/30/2022	15757	22503	18113
09/30/2022	15089	21404	17430
12/31/2022	17197	23023	19960
03/31/2023	17849	24749	20813
06/30/2023	19572	26912	22939
09/30/2023	18656	26031	21964
12/31/2023	21982	29075	26033
03/31/2024	22556	32144	26812
06/30/2024	21157	33521	25245

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
S&P MidCap 400® Pure Value FundS&P MidCap 400® Pure Value Fund	-3.75%	8.10%	11.21%	7.78%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P MidCap 400 Pure Value Index	-3.00%	10.05%	13.23%	9.71%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

S&P MidCap 400^® Pure Value Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$7,280,789
Number of Portfolio Holdings	89
Portfolio Turnover Rate	33%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Consumer, Cyclical	25.9%
Financial	22.3%
Industrial	17.9%
Consumer, Non-cyclical	13.7%
Energy	7.1%
Basic Materials	6.7%
Utilities	2.4%
Other	3.6%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
PBF Energy, Inc. — Class A	2.9%
Macy's, Inc.	2.8%
Avnet, Inc.	2.8%
TD SYNNEX Corp.	2.6%
United States Steel Corp.	2.3%
MasTec, Inc.	2.2%
Arrow Electronics, Inc.	2.2%
HF Sinclair Corp.	2.1%
Tenet Healthcare Corp.	2.0%
Nordstrom, Inc.	2.0%
Top 10 Total	23.9%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010411-063024

Guggenheim Investments 2

S&P SmallCap 600^® Pure Growth Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the S&P SmallCap 600^® Pure Growth Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.62%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 3.71%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Growth Index, which returned 4.64% for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Growth Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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, Consumer Discretionary, and Information Technology. The only sectors that detracted were Real Estate and Consumer Staples. The holdings that contributed the most to the return of the underlying index for the reporting period were Abercrombie & Fitch Co. – Class A, UFP Technologies, Inc., and Boot Barn Holdings, Inc. Those that detracted the most were OraSure Technologies, Inc., DoubleVerify Holdings, Inc., and Par Pacific Holdings, Inc. The fund maintained a daily correlation of over 99% to the S&P SmallCap 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, assuming a $10,000 initial investment.

Date	S&P SmallCap 600® Pure Growth Fund	S&P 500 Index	S&P SmallCap 600 Pure Growth Index
06/30/2014	10000	10000	10000
09/30/2014	9274	10113	9304
12/31/2014	9864	10612	9939
03/31/2015	10793	10712	10919
06/30/2015	10948	10742	11131
09/30/2015	9822	10051	10014
12/31/2015	9827	10758	10061
03/31/2016	9598	10903	9868
06/30/2016	9986	11171	10306
09/30/2016	10763	11602	11165
12/31/2016	11664	12045	12160
03/31/2017	12059	12776	12631
06/30/2017	12335	13170	12976
09/30/2017	13143	13760	13887
12/31/2017	13540	14675	14372
03/31/2018	13663	14563	14556
06/30/2018	15036	15064	16091
09/30/2018	15849	16225	17038
12/31/2018	12317	14031	13300
03/31/2019	13334	15946	14484
06/30/2019	13088	16633	14276
09/30/2019	12528	16915	13716
12/31/2019	13866	18449	15257
03/31/2020	8959	14834	9894
06/30/2020	11745	17881	13037
09/30/2020	12410	19478	13842
12/31/2020	16051	21844	18014
03/31/2021	18219	23193	20541
06/30/2021	18802	25175	21298
09/30/2021	18371	25322	20898
12/31/2021	19126	28114	21853
03/31/2022	16230	26821	18605
06/30/2022	13207	22503	15191
09/30/2022	12609	21404	14576
12/31/2022	13408	23023	15575
03/31/2023	13630	24749	15890
06/30/2023	14645	26912	17144
09/30/2023	13945	26031	16395
12/31/2023	15750	29075	18612
03/31/2024	16798	32144	19949
06/30/2024	16334	33521	19479

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
S&P SmallCap 600® Pure Growth FundS&P SmallCap 600® Pure Growth Fund	3.71%	11.53%	4.53%	5.03%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P SmallCap 600 Pure Growth Index	4.64%	13.71%	6.41%	6.89%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

S&P SmallCap 600^® Pure Growth Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$6,781,667
Number of Portfolio Holdings	138
Portfolio Turnover Rate	139%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Consumer, Cyclical	20.7%
Financial	18.7%
Industrial	16.4%
Consumer, Non-cyclical	16.3%
Energy	13.1%
Technology	6.3%
Communications	4.9%
Other	3.6%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Abercrombie & Fitch Co. — Class A	1.7%
Encore Wire Corp.	1.6%
Two Harbors Investment Corp.	1.6%
UFP Technologies, Inc.	1.5%
Cinemark Holdings, Inc.	1.4%
PROG Holdings, Inc.	1.4%
Boot Barn Holdings, Inc.	1.3%
SiriusPoint Ltd.	1.3%
Axcelis Technologies, Inc.	1.3%
Warrior Met Coal, Inc.	1.3%
Top 10 Total	14.4%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010410-063024

Guggenheim Investments 2

S&P SmallCap 600^® Pure Value Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the S&P SmallCap 600^® Pure Value Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.62%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (7.39%), underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P SmallCap 600 Pure Value Index, which returned (6.68%) for the same period.

The fund's broad-based securities market index was changed from the S&P SmallCap 600 Pure Value Index to the S&P 500 Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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 Energy, Materials, and Financials. Those that detracted the most were Real Estate, Communication Services, and Consumer Discretionary. The holdings that contributed the most to the return of the underlying index for the reporting period were Benchmark Electronics, Inc., Bread Financial Holdings, Inc., and Jackson Financial, Inc, - Class A. Those that detracted the most were Anywhere Real Estate, Inc., AMC Networks, Inc. – Class A, and Xerox Holdings Corp. 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, assuming a $10,000 initial investment.

Date	S&P SmallCap 600® Pure Value Fund	S&P 500 Index	S&P SmallCap 600 Pure Value Index
06/30/2014	10000	10000	10000
09/30/2014	9164	10113	9201
12/31/2014	9915	10612	10006
03/31/2015	9993	10712	10119
06/30/2015	10017	10742	10180
09/30/2015	8393	10051	8561
12/31/2015	8572	10758	8784
03/31/2016	8983	10903	9237
06/30/2016	8880	11171	9169
09/30/2016	9743	11602	10118
12/31/2016	11293	12045	11777
03/31/2017	10609	12776	11104
06/30/2017	10246	13170	10754
09/30/2017	10820	13760	11403
12/31/2017	11262	14675	11928
03/31/2018	10828	14563	11511
06/30/2018	11929	15064	12739
09/30/2018	11873	16225	12733
12/31/2018	8944	14031	9629
03/31/2019	10125	15946	10954
06/30/2019	9668	16633	10502
09/30/2019	9893	16915	10794
12/31/2019	10794	18449	11851
03/31/2020	5363	14834	5886
06/30/2020	7243	17881	8007
09/30/2020	7753	19478	8609
12/31/2020	10150	21844	11359
03/31/2021	13430	23193	15120
06/30/2021	14413	25175	16300
09/30/2021	14088	25322	16013
12/31/2021	14555	28114	16647
03/31/2022	14584	26821	16793
06/30/2022	12594	22503	14535
09/30/2022	11531	21404	13370
12/31/2022	13357	23023	15578
03/31/2023	13691	24749	16056
06/30/2023	14103	26912	16616
09/30/2023	13733	26031	16244
12/31/2023	16170	29075	19213
03/31/2024	16222	32144	19352
06/30/2024	14975	33521	17928

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
S&P SmallCap 600® Pure Value FundS&P SmallCap 600® Pure Value Fund	-7.39%	6.19%	9.15%	4.12%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P SmallCap 600 Pure Value Index	-6.68%	7.91%	11.30%	6.01%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

S&P SmallCap 600^® Pure Value Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$8,048,335
Number of Portfolio Holdings	142
Portfolio Turnover Rate	127%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Consumer, Cyclical	27.4%
Financial	22.7%
Consumer, Non-cyclical	19.5%
Industrial	12.5%
Technology	5.1%
Energy	4.7%
Basic Materials	4.1%
Communications	3.5%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
JetBlue Airways Corp.	1.9%
Phinia, Inc.	1.9%
World Kinect Corp.	1.8%
EchoStar Corp. — Class A	1.7%
Bread Financial Holdings, Inc.	1.7%
Benchmark Electronics, Inc.	1.7%
Green Dot Corp. — Class A	1.6%
Kelly Services, Inc. — Class A	1.6%
Clearwater Paper Corp.	1.5%
NCR Atleos Corp.	1.5%
Top 10 Total	16.9%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010409-063024

Guggenheim Investments 2

Europe 1.25x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Europe 1.25x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.73%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 9.07%, outperforming the fund's benchmark, the MSCI World ex US Index, which returned 3.19% for the same period and outperforming the fund's secondary index, the STOXX Europe 50 Index, which returned 8.61% for the same period.

The fund's broad-based securities market index was changed from the STOXX Europe 50 Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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, Financials, and Industrials. Those that detracted the most were Consumer Staples, Utilities, and Materials. The holdings that contributed the most to the return of the underlying index for the reporting period were ASML Holding N.V. Class G, SAP SE ADR, and Schneider Electric SE. Those that detracted the most were L'Oreal S.A., Bayer AG, Vinci S.A. The fund maintained a daily correlation of over 99% to its benchmark of 125% of the daily price movement of the fair value 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, assuming a $10,000 initial investment.

Date	Europe 1.25x Strategy Fund	MSCI World ex US Index	STOXX Europe 50 Index
06/30/2014	10000	10000	10000
09/30/2014	9211	9375	9439
12/31/2014	8388	9000	8892
03/31/2015	8691	9285	9104
06/30/2015	8749	9242	9150
09/30/2015	7722	8218	8354
12/31/2015	7785	8510	8503
03/31/2016	7330	8282	8105
06/30/2016	7335	8101	8095
09/30/2016	7503	8560	8324
12/31/2016	7351	8500	8309
03/31/2017	8080	9014	8935
06/30/2017	8781	9428	9534
09/30/2017	9323	9903	10095
12/31/2017	9453	10287	10311
03/31/2018	9055	9994	9934
06/30/2018	8826	9828	9831
09/30/2018	8876	9899	9910
12/31/2018	7660	8600	8814
03/31/2019	8714	9420	9864
06/30/2019	9210	9670	10356
09/30/2019	8995	9519	10203
12/31/2019	9837	10231	11023
03/31/2020	7084	7790	8726
06/30/2020	8424	8929	9864
09/30/2020	8534	9315	10058
12/31/2020	9861	10760	11264
03/31/2021	10166	11126	11662
06/30/2021	11201	11668	12558
09/30/2021	10747	11525	12294
12/31/2021	11706	11850	13196
03/31/2022	10856	11200	12646
06/30/2022	9327	9467	11171
09/30/2022	8053	8535	10163
12/31/2022	10176	9884	12162
03/31/2023	11455	10597	13462
06/30/2023	11843	10809	13897
09/30/2023	10964	10300	13267
12/31/2023	12220	11344	14493
03/31/2024	13127	11886	15442
06/30/2024	13327	11706	15738

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Europe 1.25x Strategy Fund	9.07%	12.53%	7.67%	2.91%
MSCI World ex US Index	3.19%	8.30%	3.89%	1.59%
STOXX Europe 50 Index	8.61%	13.21%	8.73%	4.64%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Europe 1.25x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$5,453,056
Number of Portfolio Holdings	58
Portfolio Turnover Rate	565%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
STOXX Europe 50 Index Equity Futures Contracts	80.1%
Consumer, Non-cyclical	17.4%
Financial	6.6%
Industrial	5.0%
Technology	4.9%
Energy	3.9%
Consumer, Cyclical	3.3%
Other	4.8%

Country Diversification (% of Total Investments) as of 6.30.24

Geographic Region	% of Net Assets
United States	28.7%
France	16.5%
United Kingdom	12.9%
Switzerland	12.8%
Germany	9.3%
Netherlands	8.7%
Denmark	5.7%
Other	5.4%
Total Investments	100.0%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Guggenheim Strategy Fund II	4.2%
Novo Nordisk A/S ADR	3.6%
Guggenheim Ultra Short Duration Fund — Institutional Class	3.3%
ASML Holding N.V. — Class G	3.3%
Nestle S.A. ADR	2.1%
AstraZeneca plc ADR	1.9%
Shell plc ADR	1.8%
Novartis AG ADR	1.7%
SAP SE ADR	1.6%
LVMH Moet Hennessy Louis Vuitton SE ADR	1.6%
Top 10 Total	25.1%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010418-063024

Guggenheim Investments 2

Japan 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Japan 2x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.61%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 4.36%, outperforming the fund's benchmark, the MSCI World ex US Index, which returned 3.19% for the same period and outperforming the fund's secondary index, the Nikkei-225 Stock Average Index, which returned 3.57% for the same period.

The fund's broad-based securities market index was changed from the Nikkei-225 Stock Average Index to the MSCI World ex US Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The sectors that contributed the most to the return of the underlying index for the reporting period were Information Technology, Communication Services, and Financials. Those that detracted the most were Materials, Consumer Staples, and Health Care. The holdings that contributed the most to the return of the underlying index were SoftBank Group Corp., Tokyo Electron, Ltd., and Advantest Corp. Those that detracted the most were KDDI Corp., Daikin Industries Ltd., and Kyocera Corp. The fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the fair value of the Nikkei-225 Stock Average Index.

How did the fund perform over the last 10 years?

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

Date	Japan 2x Strategy Fund	MSCI World ex US Index	Nikkei-225 Stock Average Index
06/30/2014	10000	10000	10000
09/30/2014	9684	9375	9853
12/31/2014	9198	9000	9759
03/31/2015	11224	9285	10697
06/30/2015	11746	9242	11070
09/30/2015	9208	8218	9707
12/31/2015	10301	8510	10542
03/31/2016	9389	8282	9952
06/30/2016	9920	8101	10084
09/30/2016	11365	8560	10834
12/31/2016	11214	8500	10947
03/31/2017	12269	9014	11349
06/30/2017	13337	9428	11912
09/30/2017	13747	9903	12075
12/31/2017	16855	10287	13509
03/31/2018	16768	9994	13283
06/30/2018	16397	9828	13450
09/30/2018	18309	9899	14197
12/31/2018	12987	8600	12110
03/31/2019	14620	9420	12789
06/30/2019	15218	9670	13175
09/30/2019	16019	9519	13438
12/31/2019	18056	10231	14513
03/31/2020	11676	7790	11726
06/30/2020	15465	8929	13809
09/30/2020	17632	9315	14677
12/31/2020	25362	10760	17757
03/31/2021	25035	11126	17623
06/30/2021	23584	11668	17314
09/30/2021	24530	11525	17656
12/31/2021	21788	11850	16699
03/31/2022	17599	11200	15290
06/30/2022	12705	9467	12996
09/30/2022	10594	8535	11973
12/31/2022	12421	9884	13306
03/31/2023	14521	10597	14109
06/30/2023	16750	10809	15362
09/30/2023	13892	10300	14244
12/31/2023	16702	11344	15873
03/31/2024	20849	11886	17725
06/30/2024	17429	11706	16440

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Japan 2x Strategy Fund	4.36%	4.05%	2.75%	5.71%
MSCI World ex US Index	3.19%	8.30%	3.89%	1.59%
Nikkei-225 Stock Average Index	3.57%	7.02%	4.53%	5.10%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Japan 2x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$1,373,125
Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Equity Futures Contracts	203.1%

¹ "Holdings Diversification (Market Exposure as % 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.

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

SAR-C000010419-063024

Guggenheim Investments 2

Strengthening Dollar 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Strengthening Dollar 2x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	2.05%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 12.34%, outperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned (0.71%) for the same period and outperforming the fund's secondary index, the U.S. Dollar Index, which returned 4.48% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The Japanese yen, euro, and Canadian dollar contributed the most to the return of the underlying index for the reporting period. Those that detracted the most were the British pound, Swedish krona, and Swiss franc. The fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

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

Date	Strengthening Dollar 2x Strategy Fund	Bloomberg U.S. Aggregate Bond Index	U.S. Dollar Index
06/30/2014	10000	10000	10000
09/30/2014	11523	10017	10772
12/31/2014	12620	10196	11315
03/31/2015	14759	10360	12329
06/30/2015	13682	10186	11969
09/30/2015	13765	10311	12077
12/31/2015	14305	10252	12363
03/31/2016	13064	10563	11856
06/30/2016	13439	10797	12051
09/30/2016	13305	10847	11965
12/31/2016	15307	10524	12811
03/31/2017	14742	10610	12578
06/30/2017	13393	10763	11987
09/30/2017	12754	10854	11667
12/31/2017	12605	10897	11547
03/31/2018	12077	10737	11300
06/30/2018	13429	10720	11841
09/30/2018	13702	10722	11924
12/31/2018	14096	10898	12054
03/31/2019	14589	11219	12194
06/30/2019	14415	11564	12049
09/30/2019	15572	11826	12457
12/31/2019	14746	11848	12082
03/31/2020	15365	12221	12415
06/30/2020	14942	12575	12207
09/30/2020	13874	12652	11769
12/31/2020	12676	12737	11274
03/31/2021	13563	12308	11686
06/30/2021	13264	12533	11587
09/30/2021	13755	12539	11811
12/31/2021	14083	12541	11992
03/31/2022	14689	11797	12323
06/30/2022	16463	11243	13122
09/30/2022	19013	10709	14054
12/31/2022	16290	10909	12976
03/31/2023	16160	11232	12849
06/30/2023	16513	11137	12899
09/30/2023	17828	10778	13308
12/31/2023	16482	11512	12701
03/31/2024	17802	11423	13105
06/30/2024	18508	11430	13270

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Strengthening Dollar 2x Strategy Fund	12.34%	12.08%	5.13%	6.35%
Bloomberg U.S. Aggregate Bond Index	-0.71%	2.63%	-0.23%	1.35%
U.S. Dollar Index	4.48%	2.88%	1.95%	2.87%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Strengthening Dollar 2x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$3,556,886
Number of Portfolio Holdings	9
Portfolio Turnover Rate	0%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
U.S. Dollar Index Currency Futures Contracts	166.2%
U.S. Dollar Index Currency Index Swap Agreements	33.4%

¹ "Holdings Diversification (Market Exposure as % 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.

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

SAR-C000010402-063024

Guggenheim Investments 2

Weakening Dollar 2x Strategy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Weakening Dollar 2x Strategy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	2.05%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (8.55%), underperforming the fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, which returned (0.71%) for the same period and underperforming the fund's secondary index, the U.S. Dollar Index, which returned 4.48% for the same period.

The fund's broad-based securities market index was changed from the U.S. Dollar Index to the Bloomberg U.S. Aggregate Bond Index to comply with the regulation that requires the fund's broad-based securities market index to represent the overall applicable market.

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

The Japanese yen, euro, and Canadian dollar contributed the most to the return of the underlying index for the reporting period. Those that detracted the most were the British pound, Swedish krona, and Swiss franc. The fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the U.S. Dollar Index.

How did the fund perform over the last 10 years?

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

Date	Weakening Dollar 2x Strategy Fund	Bloomberg U.S. Aggregate Bond Index	U.S. Dollar Index
06/30/2014	10000	10000	10000
09/30/2014	8615	10017	10772
12/31/2014	7760	10196	11315
03/31/2015	6537	10360	12329
06/30/2015	6946	10186	11969
09/30/2015	6796	10311	12077
12/31/2015	6454	10252	12363
03/31/2016	6996	10563	11856
06/30/2016	6771	10797	12051
09/30/2016	6825	10847	11965
12/31/2016	5892	10524	12811
03/31/2017	6076	10610	12578
06/30/2017	6664	10763	11987
09/30/2017	6967	10854	11667
12/31/2017	7030	10897	11547
03/31/2018	7296	10737	11300
06/30/2018	6544	10720	11841
09/30/2018	6417	10722	11924
12/31/2018	6212	10898	12054
03/31/2019	5998	11219	12194
06/30/2019	6077	11564	12049
09/30/2019	5625	11826	12457
12/31/2019	5911	11848	12082
03/31/2020	5415	12221	12415
06/30/2020	5597	12575	12207
09/30/2020	5992	12652	11769
12/31/2020	6484	12737	11274
03/31/2021	5988	12308	11686
06/30/2021	6066	12533	11587
09/30/2021	5793	12539	11811
12/31/2021	5578	12541	11992
03/31/2022	5221	11797	12323
06/30/2022	4563	11243	13122
09/30/2022	3919	10709	14054
12/31/2022	4549	10909	12976
03/31/2023	4612	11232	12849
06/30/2023	4564	11137	12899
09/30/2023	4276	10778	13308
12/31/2023	4678	11512	12701
03/31/2024	4391	11423	13105
06/30/2024	4278	11430	13270

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Weakening Dollar 2x Strategy Fund	-8.55%	-6.27%	-6.78%	-8.14%
Bloomberg U.S. Aggregate Bond Index	-0.71%	2.63%	-0.23%	1.35%
U.S. Dollar Index	4.48%	2.88%	1.95%	2.87%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The U.S. Dollar Index and the Bloomberg U.S. Aggregate Bond 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 1

Weakening Dollar 2x Strategy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$578,859
Number of Portfolio Holdings	9
Portfolio Turnover Rate	0%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
U.S. Dollar Index Swap Agreements Short Sales	-36.5%
U.S. Dollar Index Currency Futures Contracts Short Sales	-164.1%

¹ "Holdings Diversification (Market Exposure as % 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.

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

SAR-C000010400-063024

Guggenheim Investments 2

Banking Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Banking Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.72%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 2.58%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 10.17% 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. Those that detracted the most were regional banks and diversified capital markets. The holdings that contributed the most to performance were NU Holdings Limited/Cayman Islands - Class A, Citigroup, Inc., and Wells Fargo & Co. Those that detracted the most were New York Community Bancorp, Inc., Valley National Bancorp, and Columbia Banking System, Inc.

How did the fund perform over the last 10 years?

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

Date	Banking Fund	S&P 500 Index	S&P 500 Financials Index
06/30/2014	10000	10000	10000
09/30/2014	9831	10113	10233
12/31/2014	10111	10612	10974
03/31/2015	9916	10712	10749
06/30/2015	10553	10742	10934
09/30/2015	9458	10051	10199
12/31/2015	9620	10758	10807
03/31/2016	8914	10903	10260
06/30/2016	9007	11171	10478
09/30/2016	9838	11602	10958
12/31/2016	12242	12045	13271
03/31/2017	12247	12776	13606
06/30/2017	12550	13170	14184
09/30/2017	13107	13760	14927
12/31/2017	13770	14675	16215
03/31/2018	13793	14563	16060
06/30/2018	13489	15064	15552
09/30/2018	13495	16225	16230
12/31/2018	11127	14031	14102
03/31/2019	12187	15946	15309
06/30/2019	12769	16633	16533
09/30/2019	12859	16915	16866
12/31/2019	14287	18449	18632
03/31/2020	8494	14834	12684
06/30/2020	9782	17881	14232
09/30/2020	9396	19478	14864
12/31/2020	13078	21844	18316
03/31/2021	16093	23193	21245
06/30/2021	16505	25175	23022
09/30/2021	16967	25322	23654
12/31/2021	17457	28114	24734
03/31/2022	16786	26821	24367
06/30/2022	14031	22503	20103
09/30/2022	13831	21404	19479
12/31/2022	14487	23023	22129
03/31/2023	12232	24749	20898
06/30/2023	12153	26912	22013
09/30/2023	12051	26031	21764
12/31/2023	14917	29075	24817
03/31/2024	15537	32144	27909
06/30/2024	15302	33521	27341

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Banking Fund	2.58%	25.91%	3.68%	4.35%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Financials Index	10.17%	24.21%	10.58%	10.58%

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

Fund Statistics as of 6.30.24

Net Assets	$2,111,273
Number of Portfolio Holdings	80
Portfolio Turnover Rate	47%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Banking Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Banks	92.9%
Diversified Financial Services	2.9%
Savings & Loans	2.7%
Financial	0.9%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Citigroup, Inc.	4.0%
JPMorgan Chase & Co.	4.0%
Wells Fargo & Co.	4.0%
Bank of America Corp.	3.9%
PNC Financial Services Group, Inc.	3.2%
U.S. Bancorp	3.2%
Truist Financial Corp.	3.0%
Capital One Financial Corp.	2.9%
Bank of New York Mellon Corp.	2.7%
NU Holdings Limited/Cayman Islands — Class A	2.3%
Top 10 Total	33.2%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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-C000010427-063024

Guggenheim Investments 2

Basic Materials

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Basic Materials for the period of January 1, 2024 to June 30, 2024. 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?

(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%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 0.03%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Materials Index, which returned 4.05% 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 paper & plastic packaging products, gold, and construction materials. Those that detracted the most were diversified metals & mining, steel, and specialty chemicals. The holdings that contributed the most to performance were Ecolab, Inc., Linde plc, and Kinross Gold Corp. Those that detracted the most were Vale S.A. ADR, Sigma Lithium Corp., and Albemarle Corp.

How did the fund perform over the last 10 years?

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

Date	Basic Materials Fund	S&P 500 Index	S&P 500 Materials Index
06/30/2014	10000	10000	10000
09/30/2014	9452	10113	10023
12/31/2014	9086	10612	9842
03/31/2015	9164	10712	9939
06/30/2015	8919	10742	9892
09/30/2015	7231	10051	8220
12/31/2015	7515	10758	9017
03/31/2016	8408	10903	9343
06/30/2016	9078	11171	9690
09/30/2016	9531	11602	10050
12/31/2016	9834	12045	10522
03/31/2017	10475	12776	11139
06/30/2017	10580	13170	11492
09/30/2017	11213	13760	12187
12/31/2017	11941	14675	13031
03/31/2018	11351	14563	12312
06/30/2018	11609	15064	12629
09/30/2018	11462	16225	12675
12/31/2018	9858	14031	11115
03/31/2019	11052	15946	12259
06/30/2019	11421	16633	13033
09/30/2019	11160	16915	13017
12/31/2019	11971	18449	13847
03/31/2020	8408	14834	10228
06/30/2020	10862	17881	12889
09/30/2020	11969	19478	14604
12/31/2020	14336	21844	16717
03/31/2021	15785	23193	18236
06/30/2021	16759	25175	19142
09/30/2021	15772	25322	18471
12/31/2021	17624	28114	21279
03/31/2022	18331	26821	20774
06/30/2022	14986	22503	17472
09/30/2022	13923	21404	16227
12/31/2022	15924	23023	18669
03/31/2023	16679	24749	19469
06/30/2023	16552	26912	20113
09/30/2023	15683	26031	19155
12/31/2023	17352	29075	21011
03/31/2024	18162	32144	22890
06/30/2024	17359	33521	21861

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Basic Materials Fund	0.03%	4.87%	8.73%	5.67%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Materials Index	4.05%	8.69%	10.90%	8.14%

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

Fund Statistics as of 6.30.24

Net Assets	$7,026,129
Number of Portfolio Holdings	91
Portfolio Turnover Rate	70%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Basic Materials | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Chemicals	35.6%
Mining	24.0%
Iron & Steel	12.2%
Packaging & Containers	10.6%
Building Materials	8.9%
Coal	2.6%
Biotechnology	1.9%
Other	3.3%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Linde plc	4.6%
Freeport-McMoRan, Inc.	2.7%
Sherwin-Williams Co.	2.6%
Ecolab, Inc.	2.4%
Air Products and Chemicals, Inc.	2.3%
Newmont Corp.	2.2%
CRH plc	2.2%
Nucor Corp.	2.0%
Corteva, Inc.	2.0%
Dow, Inc.	1.9%
Top 10 Total	24.9%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010428-063024

Guggenheim Investments 2

Biotechnology Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Biotechnology Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 2.57%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 7.81% for the same period.

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

The industries that contributed the most to performance were biotechnology, fertilizers & agricultural chemicals, and pharmaceuticals. The only industry that detracted was life sciences tools & services. The holdings that contributed the most to performance were Insmed, Inc., AbbVie, Inc., and Moderna, Inc. Those that detracted the most were Exact Sciences Corp., Pacific Biosciences of California, Inc., and Cytokinetics, Inc.

How did the fund perform over the last 10 years?

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

Date	Biotechnology Fund	S&P 500 Index	S&P 500 Health Care Index
06/30/2014	10000	10000	10000
09/30/2014	10507	10113	10545
12/31/2014	11720	10612	11334
03/31/2015	13331	10712	12074
06/30/2015	14338	10742	12417
09/30/2015	11552	10051	11093
12/31/2015	12714	10758	12115
03/31/2016	9858	10903	11449
06/30/2016	9940	11171	12166
09/30/2016	11253	11602	12281
12/31/2016	10214	12045	11789
03/31/2017	11467	12776	12776
06/30/2017	12351	13170	13683
09/30/2017	13386	13760	14183
12/31/2017	13221	14675	14391
03/31/2018	13202	14563	14215
06/30/2018	13704	15064	14655
09/30/2018	14762	16225	16785
12/31/2018	11972	14031	15322
03/31/2019	14173	15946	16333
06/30/2019	13654	16633	16559
09/30/2019	12486	16915	16186
12/31/2019	14926	18449	18513
03/31/2020	12726	14834	16167
06/30/2020	16290	17881	18364
09/30/2020	16345	19478	19441
12/31/2020	18107	21844	21002
03/31/2021	17814	23193	21670
06/30/2021	19591	25175	23491
09/30/2021	18944	25322	23828
12/31/2021	18364	28114	26490
03/31/2022	16557	26821	25808
06/30/2022	14843	22503	24282
09/30/2022	14510	21404	23025
12/31/2022	15920	23023	25972
03/31/2023	15557	24749	24854
06/30/2023	15555	26912	25588
09/30/2023	14937	26031	24909
12/31/2023	16801	29075	26507
03/31/2024	16922	32144	28853
06/30/2024	17232	33521	28576

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Biotechnology Fund	2.57%	10.79%	4.76%	5.59%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Health Care Index	7.81%	11.68%	11.53%	11.07%

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

Fund Statistics as of 6.30.24

Net Assets	$10,967,383
Number of Portfolio Holdings	72
Portfolio Turnover Rate	413%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Biotechnology Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Biotechnology	75.6%
Pharmaceuticals	18.9%
Healthcare-Products	3.8%
Healthcare-Services	1.3%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
AbbVie, Inc.	8.3%
Amgen, Inc.	6.3%
Gilead Sciences, Inc.	4.5%
Regeneron Pharmaceuticals, Inc.	4.2%
Vertex Pharmaceuticals, Inc.	4.1%
Alnylam Pharmaceuticals, Inc.	3.2%
Corteva, Inc.	2.9%
Biogen, Inc.	2.7%
Moderna, Inc.	2.7%
AstraZeneca plc ADR	2.6%
Top 10 Total	41.5%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010380-063024

Guggenheim Investments 2

Consumer Products Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Consumer Products Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 2.52%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Staples Index, which returned 8.98% 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 household products, tobacco, and food retail. Those that detracted the most were agricultural products & services, brewers, and distillers & vintners. The holdings that contributed the most to performance were Procter & Gamble Co., Colgate-Palmolive Co., and Sprouts Farmers Market, Inc. Those that detracted the most were Estee Lauder Companies, Inc. - Class A, Brown-Forman Corp. – Class B, and Class Archer-Daniels-Midland Co.

How did the fund perform over the last 10 years?

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

Date	Consumer Products Fund	S&P 500 Index	S&P 500 Consumer Staples Index
06/30/2014	10000	10000	10000
09/30/2014	9980	10113	10195
12/31/2014	10567	10612	11026
03/31/2015	10784	10712	11135
06/30/2015	10740	10742	10941
09/30/2015	10546	10051	10919
12/31/2015	11224	10758	11754
03/31/2016	11791	10903	12409
06/30/2016	12526	11171	12983
09/30/2016	12148	11602	12641
12/31/2016	11832	12045	12386
03/31/2017	12521	12776	13173
06/30/2017	12554	13170	13380
09/30/2017	12414	13760	13200
12/31/2017	13196	14675	14057
03/31/2018	12476	14563	13056
06/30/2018	12380	15064	12855
09/30/2018	12538	16225	13587
12/31/2018	11596	14031	12879
03/31/2019	12938	15946	14425
06/30/2019	13110	16633	14962
09/30/2019	13696	16915	15877
12/31/2019	14186	18449	16434
03/31/2020	11733	14834	14340
06/30/2020	13138	17881	15504
09/30/2020	14119	19478	17113
12/31/2020	15260	21844	18200
03/31/2021	15962	23193	18409
06/30/2021	16339	25175	19114
09/30/2021	15509	25322	19054
12/31/2021	16881	28114	21591
03/31/2022	16659	26821	21373
06/30/2022	16120	22503	20387
09/30/2022	14846	21404	19037
12/31/2022	16727	23023	21458
03/31/2023	16813	24749	21635
06/30/2023	16797	26912	21732
09/30/2023	15635	26031	20436
12/31/2023	16175	29075	21568
03/31/2024	17195	32144	23191
06/30/2024	16582	33521	23505

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Consumer Products Fund	2.52%	-1.28%	4.81%	5.19%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Consumer Staples Index	8.98%	8.15%	9.45%	8.92%

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

Fund Statistics as of 6.30.24

Net Assets	$6,615,054
Number of Portfolio Holdings	61
Portfolio Turnover Rate	467%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Consumer Products Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Food	33.3%
Beverages	26.0%
Cosmetics & Personal Care	16.7%
Agriculture	13.1%
Household Products & Housewares	6.4%
Retail	2.2%
Pharmaceuticals	1.0%
Internet	0.7%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Procter & Gamble Co.	6.9%
Coca-Cola Co.	5.6%
PepsiCo, Inc.	5.3%
Philip Morris International, Inc.	4.4%
Mondelez International, Inc. — Class A	3.3%
Colgate-Palmolive Co.	3.2%
Altria Group, Inc.	3.1%
Kimberly-Clark Corp.	2.4%
Constellation Brands, Inc. — Class A	2.3%
Monster Beverage Corp.	2.2%
Top 10 Total	38.7%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010381-063024

Guggenheim Investments 2

Electronics Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Electronics Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	$97	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 28.49%, outperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and outperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 28.24% 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 industry detracted from performance. The holdings that contributed the most to performance were NVIDIA Corp., Broadcom, Inc. and Applied Materials, Inc. Those that detracted the most were Intel Corp., SolarEdge Technologies, Inc., and Canadian Solar, Inc.

How did the fund perform over the last 10 years?

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

Date	Electronics Fund	S&P 500 Index	S&P 500 Information Technology Index
06/30/2014	10000	10000	10000
09/30/2014	10013	10113	10477
12/31/2014	10464	10612	11026
03/31/2015	11142	10712	11090
06/30/2015	10983	10742	11110
09/30/2015	9505	10051	10698
12/31/2015	10684	10758	11680
03/31/2016	10800	10903	11983
06/30/2016	10743	11171	11643
09/30/2016	12718	11602	13140
12/31/2016	13285	12045	13297
03/31/2017	14610	12776	14969
06/30/2017	14769	13170	15588
09/30/2017	16415	13760	16935
12/31/2017	17411	14675	18461
03/31/2018	18112	14563	19111
06/30/2018	17929	15064	20467
09/30/2018	17963	16225	22268
12/31/2018	15198	14031	18407
03/31/2019	18329	15946	22063
06/30/2019	19278	16633	23401
09/30/2019	20553	16915	24182
12/31/2019	24208	18449	27664
03/31/2020	19856	14834	24363
06/30/2020	26276	17881	31801
09/30/2020	29566	19478	35602
12/31/2020	37756	21844	39807
03/31/2021	41342	23193	40592
06/30/2021	44428	25175	45284
09/30/2021	43259	25322	45892
12/31/2021	52198	28114	53551
03/31/2022	46036	26821	49076
06/30/2022	34662	22503	39142
09/30/2022	32141	21404	36712
12/31/2022	35130	23023	38453
03/31/2023	44136	24749	46842
06/30/2023	49410	26912	54901
09/30/2023	45616	26031	51803
12/31/2023	54362	29075	60695
03/31/2024	63256	32144	68395
06/30/2024	69852	33521	77837

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Electronics Fund	28.49%	41.37%	29.37%	21.46%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Information Technology Index	28.24%	41.78%	27.17%	22.78%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Electronics Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$36,477,062
Number of Portfolio Holdings	54
Portfolio Turnover Rate	29%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Semiconductors	93.9%
Energy-Alternate Sources	3.8%
Electrical Components & Equipment	0.9%
Telecommunications	0.7%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
NVIDIA Corp.	16.1%
Broadcom, Inc.	7.6%
Advanced Micro Devices, Inc.	5.0%
QUALCOMM, Inc.	4.4%
Applied Materials, Inc.	4.3%
Texas Instruments, Inc.	4.1%
Lam Research Corp.	3.7%
Intel Corp.	3.6%
Micron Technology, Inc.	3.5%
Analog Devices, Inc.	3.2%
Top 10 Total	55.5%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010382-063024

Guggenheim Investments 2

Energy Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Energy Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 6.51%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 10.93% 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 storage & transportation, oil & gas exploration & production, and integrated oil & gas. Those that detracted the most were semiconductor materials & equipment, electrical components & equipment, and oil & gas drilling. The holdings that contributed the most to performance were Exxon Mobil Corp., Targa Resources Corp., and Diamondback Energy, Inc. Those that detracted the most were SolarEdge Technologies, Inc., Enphase Energy, Inc., and Sunrun, Inc.

How did the fund perform over the last 10 years?

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

Date	Energy Fund	S&P 500 Index	S&P 500 Energy Index
06/30/2014	10000	10000	10000
09/30/2014	8878	10113	9138
12/31/2014	7076	10612	8162
03/31/2015	6966	10712	7929
06/30/2015	6872	10742	7780
09/30/2015	5220	10051	6426
12/31/2015	4937	10758	6439
03/31/2016	5076	10903	6697
06/30/2016	5690	11171	7475
09/30/2016	6058	11602	7644
12/31/2016	6486	12045	8200
03/31/2017	6036	12776	7652
06/30/2017	5305	13170	7166
09/30/2017	5690	13760	7656
12/31/2017	6080	14675	8117
03/31/2018	5740	14563	7640
06/30/2018	6565	15064	8670
09/30/2018	6560	16225	8723
12/31/2018	4530	14031	6649
03/31/2019	5276	15946	7741
06/30/2019	5002	16633	7521
09/30/2019	4491	16915	7047
12/31/2019	4839	18449	7434
03/31/2020	2138	14834	3683
06/30/2020	2922	17881	4807
09/30/2020	2390	19478	3859
12/31/2020	3185	21844	4930
03/31/2021	4098	23193	6452
06/30/2021	4706	25175	7181
09/30/2021	4608	25322	7061
12/31/2021	4793	28114	7624
03/31/2022	6437	26821	10600
06/30/2022	5892	22503	10052
09/30/2022	6211	21404	10288
12/31/2022	7107	23023	12635
03/31/2023	6728	24749	12045
06/30/2023	6791	26912	11938
09/30/2023	7533	26031	13397
12/31/2023	7221	29075	12467
03/31/2024	7939	32144	14174
06/30/2024	7692	33521	13830

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Energy Fund	6.51%	13.27%	8.99%	-2.59%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Energy Index	10.93%	15.85%	12.96%	3.30%

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

Fund Statistics as of 6.30.24

Net Assets	$15,658,309
Number of Portfolio Holdings	85
Portfolio Turnover Rate	588%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Energy Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Oil & Gas	65.1%
Pipelines	15.6%
Oil & Gas Services	9.9%
Energy-Alternate Sources	3.9%
Mining	1.6%
Transportation	1.5%
Coal	0.7%
Other	1.3%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Exxon Mobil Corp.	7.0%
Chevron Corp.	5.0%
ConocoPhillips	3.5%
EOG Resources, Inc.	2.6%
Schlumberger N.V.	2.6%
Marathon Petroleum Corp.	2.4%
Phillips 66	2.3%
Valero Energy Corp.	2.2%
Williams Companies, Inc.	2.2%
ONEOK, Inc.	2.1%
Top 10 Total	31.9%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010383-063024

Guggenheim Investments 2

Energy Services Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Energy Services Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 4.60%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Energy Index, which returned 10.93% for the same period.

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

The only industry that contributed to performance was oil & gas equipment and services. The only industry that detracted was oil & gas drilling. The holdings that contributed the most to performance were TechnipFMC plc, Weatherford International plc, and Tidewater, Inc. Those that detracted the most were Schlumberger N.V., Transocean 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, assuming a $10,000 initial investment.

Date	Energy Services Fund	S&P 500 Index	S&P 500 Energy Index
06/30/2014	10000	10000	10000
09/30/2014	8400	10113	9138
12/31/2014	6107	10612	8162
03/31/2015	5660	10712	7929
06/30/2015	5798	10742	7780
09/30/2015	4236	10051	6426
12/31/2015	4171	10758	6439
03/31/2016	4128	10903	6697
06/30/2016	4460	11171	7475
09/30/2016	4441	11602	7644
12/31/2016	5137	12045	8200
03/31/2017	4706	12776	7652
06/30/2017	3772	13170	7166
09/30/2017	4022	13760	7656
12/31/2017	4179	14675	8117
03/31/2018	3735	14563	7640
06/30/2018	4066	15064	8670
09/30/2018	3946	16225	8723
12/31/2018	2272	14031	6649
03/31/2019	2810	15946	7741
06/30/2019	2484	16633	7521
09/30/2019	2023	16915	7047
12/31/2019	2270	18449	7434
03/31/2020	762	14834	3683
06/30/2020	1084	17881	4807
09/30/2020	934	19478	3859
12/31/2020	1423	21844	4930
03/31/2021	1704	23193	6452
06/30/2021	1913	25175	7181
09/30/2021	1760	25322	7061
12/31/2021	1672	28114	7624
03/31/2022	2350	26821	10600
06/30/2022	1882	22503	10052
09/30/2022	1718	21404	10288
12/31/2022	2383	23023	12635
03/31/2023	2159	24749	12045
06/30/2023	2254	26912	11938
09/30/2023	2718	26031	13397
12/31/2023	2489	29075	12467
03/31/2024	2707	32144	14174
06/30/2024	2603	33521	13830

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Energy Services Fund	4.60%	15.52%	0.95%	-12.59%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Energy Index	10.93%	15.85%	12.96%	3.30%

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

Fund Statistics as of 6.30.24

Net Assets	$5,775,121
Number of Portfolio Holdings	33
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 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 1

Energy Services Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Oil & Gas Services	66.8%
Oil & Gas	26.6%
Machinery-Diversified	3.0%
Metal Fabricate & Hardware	2.9%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Schlumberger N.V.	12.9%
Baker Hughes Co.	9.5%
Halliburton Co.	8.0%
NOV, Inc.	4.3%
Weatherford International plc	4.0%
ChampionX Corp.	3.9%
TechnipFMC plc	3.9%
Noble Corporation plc	3.4%
Valaris Ltd.	3.2%
Tidewater, Inc.	3.1%
Top 10 Total	56.2%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010384-063024

Guggenheim Investments 2

Financial Services Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Financial Services Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 5.07%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Financials Index, which returned 10.17% 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, property & casualty insurance, and investment banking & brokerage. Those that detracted the most were telecom tower REITs, industrial REITs, transaction & payment processing services. The holdings that contributed the most to performance were JPMorgan Chase & Co., Berkshire Hathaway, Inc. – Class B, and Nu Holdings Ltd. – Class A. Those that detracted the most were XP, Inc – Class A, StoneCo Ltd. – Class A, and New York Community Bancorp, Inc.

How did the fund perform over the last 10 years?

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

Date	Financial Services Fund	S&P 500 Index	S&P 500 Financials Index
06/30/2014	10000	10000	10000
09/30/2014	9939	10113	10233
12/31/2014	10642	10612	10974
03/31/2015	10633	10712	10749
06/30/2015	10552	10742	10934
09/30/2015	9847	10051	10199
12/31/2015	10218	10758	10807
03/31/2016	9985	10903	10260
06/30/2016	10242	11171	10478
09/30/2016	10698	11602	10958
12/31/2016	11835	12045	13271
03/31/2017	12135	12776	13606
06/30/2017	12536	13170	14184
09/30/2017	13019	13760	14927
12/31/2017	13678	14675	16215
03/31/2018	13490	14563	16060
06/30/2018	13416	15064	15552
09/30/2018	13622	16225	16230
12/31/2018	11999	14031	14102
03/31/2019	13433	15946	15309
06/30/2019	14183	16633	16533
09/30/2019	14532	16915	16866
12/31/2019	15367	18449	18632
03/31/2020	10743	14834	12684
06/30/2020	12475	17881	14232
09/30/2020	12676	19478	14864
12/31/2020	15351	21844	18316
03/31/2021	17342	23193	21245
06/30/2021	18981	25175	23022
09/30/2021	19233	25322	23654
12/31/2021	20764	28114	24734
03/31/2022	20003	26821	24367
06/30/2022	16603	22503	20103
09/30/2022	15755	21404	19479
12/31/2022	17003	23023	22129
03/31/2023	16300	24749	20898
06/30/2023	17082	26912	22013
09/30/2023	16591	26031	21764
12/31/2023	19367	29075	24817
03/31/2024	20876	32144	27909
06/30/2024	20349	33521	27341

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Financial Services Fund	5.07%	19.13%	7.49%	7.36%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Financials Index	10.17%	24.21%	10.58%	10.58%

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

Fund Statistics as of 6.30.24

Net Assets	$9,683,146
Number of Portfolio Holdings	156
Portfolio Turnover Rate	62%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Financial Services Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Banks	24.5%
Diversified Financial Services	21.3%
REITS	20.5%
Insurance	18.6%
Commercial Services	7.3%
Private Equity	3.2%
Software	2.8%
Other	1.6%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Berkshire Hathaway, Inc. — Class B	3.2%
JPMorgan Chase & Co.	2.7%
Visa, Inc. — Class A	2.5%
Mastercard, Inc. — Class A	2.1%
Bank of America Corp.	1.8%
Wells Fargo & Co.	1.6%
Goldman Sachs Group, Inc.	1.4%
Blackstone, Inc. — Class A	1.3%
S&P Global, Inc.	1.3%
American Express Co.	1.2%
Top 10 Total	19.1%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010385-063024

Guggenheim Investments 2

Health Care Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Health Care Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 4.10%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Health Care Index, which returned 7.81% 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, biotechnology, and health care equipment. Those that detracted the most were health care technology, life sciences tools & services, and health care supplies. The holdings that contributed the most to performance were Eli Lilly and Co., Intuitive Surgical, Inc., and Boston Scientific Corp. Those that detracted the most were CVS Health Corp., Bristol-Myers Squibb Co., and Exact Sciences Corp.

How did the fund perform over the last 10 years?

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

Date	Health Care Fund	S&P 500 Index	S&P 500 Health Care Index
06/30/2014	10000	10000	10000
09/30/2014	10461	10113	10545
12/31/2014	11380	10612	11334
03/31/2015	12548	10712	12074
06/30/2015	13034	10742	12417
09/30/2015	11175	10051	11093
12/31/2015	11895	10758	12115
03/31/2016	10719	10903	11449
06/30/2016	11106	11171	12166
09/30/2016	11512	11602	12281
12/31/2016	10742	12045	11789
03/31/2017	11783	12776	12776
06/30/2017	12782	13170	13683
09/30/2017	12973	13760	14183
12/31/2017	13197	14675	14391
03/31/2018	13292	14563	14215
06/30/2018	14037	15064	14655
09/30/2018	15628	16225	16785
12/31/2018	13362	14031	15322
03/31/2019	14949	15946	16333
06/30/2019	15043	16633	16559
09/30/2019	14365	16915	16186
12/31/2019	16377	18449	18513
03/31/2020	14085	14834	16167
06/30/2020	16708	17881	18364
09/30/2020	17687	19478	19441
12/31/2020	19437	21844	21002
03/31/2021	19853	23193	21670
06/30/2021	21798	25175	23491
09/30/2021	21917	25322	23828
12/31/2021	23098	28114	26490
03/31/2022	21649	26821	25808
06/30/2022	19307	22503	24282
09/30/2022	18158	21404	23025
12/31/2022	20326	23023	25972
03/31/2023	20159	24749	24854
06/30/2023	20662	26912	25588
09/30/2023	19700	26031	24909
12/31/2023	21347	29075	26507
03/31/2024	22860	32144	28853
06/30/2024	22226	33521	28576

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Health Care Fund	4.10%	7.57%	8.12%	8.31%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Health Care Index	7.81%	11.68%	11.53%	11.07%

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

Fund Statistics as of 6.30.24

Net Assets	$14,635,239
Number of Portfolio Holdings	119
Portfolio Turnover Rate	49%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Health Care Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Pharmaceuticals	33.9%
Healthcare-Products	27.8%
Biotechnology	20.5%
Healthcare-Services	15.5%
Electronics	0.8%
Software	0.8%
Commercial Services	0.2%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Eli Lilly & Co.	4.3%
UnitedHealth Group, Inc.	3.4%
Johnson & Johnson	2.9%
AbbVie, Inc.	2.7%
Merck & Company, Inc.	2.7%
Thermo Fisher Scientific, Inc.	2.2%
Abbott Laboratories	2.1%
Amgen, Inc.	2.1%
Danaher Corp.	2.0%
Intuitive Surgical, Inc.	2.0%
Top 10 Total	26.4%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010386-063024

Guggenheim Investments 2

Internet Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Internet Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 6.54%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 28.24% for the same period.

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

The industries that contributed the most to performance were interactive media & services, broadline retail, and movies & entertainment. Those that detracted the most were internet services & infrastructure, application software, and real estate services. The holdings that contributed the most to performance were Meta Platforms, Inc. - Class A, Alphabet, Inc. - Class A, and Amazon.com, Inc. Those that detracted the most were Snowflake, Inc. – Class A, MongoDB, Inc. – Class A, and Workday, Inc. – Class A.

How did the fund perform over the last 10 years?

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

Date	Internet Fund	S&P 500 Index	S&P 500 Information Technology Index
06/30/2014	10000	10000	10000
09/30/2014	10041	10113	10477
12/31/2014	10041	10612	11026
03/31/2015	10280	10712	11090
06/30/2015	10559	10742	11110
09/30/2015	9759	10051	10698
12/31/2015	10881	10758	11680
03/31/2016	10301	10903	11983
06/30/2016	10332	11171	11643
09/30/2016	11809	11602	13140
12/31/2016	11364	12045	13297
03/31/2017	12557	12776	14969
06/30/2017	13548	13170	15588
09/30/2017	14460	13760	16935
12/31/2017	15223	14675	18461
03/31/2018	16410	14563	19111
06/30/2018	17784	15064	20467
09/30/2018	18124	16225	22268
12/31/2018	14736	14031	18407
03/31/2019	17870	15946	22063
06/30/2019	18207	16633	23401
09/30/2019	17219	16915	24182
12/31/2019	18488	18449	27664
03/31/2020	16314	14834	24363
06/30/2020	22793	17881	31801
09/30/2020	25122	19478	35602
12/31/2020	29620	21844	39807
03/31/2021	30183	23193	40592
06/30/2021	32713	25175	45284
09/30/2021	30072	25322	45892
12/31/2021	28240	28114	53551
03/31/2022	22976	26821	49076
06/30/2022	16289	22503	39142
09/30/2022	15715	21404	36712
12/31/2022	15577	23023	38453
03/31/2023	18750	24749	46842
06/30/2023	20364	26912	54901
09/30/2023	19812	26031	51803
12/31/2023	22958	29075	60695
03/31/2024	24393	32144	68395
06/30/2024	24463	33521	77837

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Internet Fund	6.54%	20.13%	6.09%	9.36%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Information Technology Index	28.24%	41.78%	27.17%	22.78%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Internet Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$4,987,377
Number of Portfolio Holdings	81
Portfolio Turnover Rate	29%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Internet	56.7%
Software	27.1%
Telecommunications	10.7%
Commercial Services	2.2%
Real Estate	1.2%
Entertainment	0.9%
Computers	0.4%
Healthcare-Services	0.3%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Alphabet, Inc. — Class A	7.7%
Amazon.com, Inc.	6.9%
Meta Platforms, Inc. — Class A	5.7%
Adobe, Inc.	3.9%
Netflix, Inc.	3.9%
Salesforce, Inc.	3.8%
Cisco Systems, Inc.	3.1%
Uber Technologies, Inc.	2.8%
Airbnb, Inc. — Class A	2.2%
Arista Networks, Inc.	2.1%
Top 10 Total	42.1%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010387-063024

Guggenheim Investments 2

Leisure Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Leisure Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 2.48%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 5.66% for the same period.

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

The industries that contributed the most to performance were movies & entertainment, hotels/resorts & cruise lines, and tobacco. Those that detracted the most were cable & satellite, leisure products, and brewers. The holdings that contributed the most to performance were Netflix, Inc, Sea Ltd. ADR – Class A, and Spotify Technology S.A. Those that detracted the most were Starbucks Corp., McDonald's Corp., and Warner Bros. Discovery, Inc. – Series A.

How did the fund perform over the last 10 years?

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

Date	Leisure Fund	S&P 500 Index	S&P 500 Consumer Discretionary Index
06/30/2014	10000	10000	10000
09/30/2014	9814	10113	10026
12/31/2014	10390	10612	10903
03/31/2015	10664	10712	11426
06/30/2015	10838	10742	11645
09/30/2015	10076	10051	11348
12/31/2015	10422	10758	12005
03/31/2016	10813	10903	12197
06/30/2016	10757	11171	12086
09/30/2016	10976	11602	12441
12/31/2016	11419	12045	12729
03/31/2017	12526	12776	13804
06/30/2017	12934	13170	14128
09/30/2017	12939	13760	14248
12/31/2017	13715	14675	15653
03/31/2018	13323	14563	16138
06/30/2018	13700	15064	17456
09/30/2018	14086	16225	18883
12/31/2018	11872	14031	15783
03/31/2019	13845	15946	18266
06/30/2019	14427	16633	19230
09/30/2019	14021	16915	19329
12/31/2019	15349	18449	20193
03/31/2020	10627	14834	16298
06/30/2020	13364	17881	21652
09/30/2020	15229	19478	24914
12/31/2020	18574	21844	26917
03/31/2021	20167	23193	27754
06/30/2021	20860	25175	29682
09/30/2021	19382	25322	29683
12/31/2021	18745	28114	33494
03/31/2022	17010	26821	30470
06/30/2022	13174	22503	22500
09/30/2022	12500	21404	23481
12/31/2022	13578	23023	21091
03/31/2023	15340	24749	24493
06/30/2023	16050	26912	28063
09/30/2023	15149	26031	26715
12/31/2023	16632	29075	30034
03/31/2024	17512	32144	31530
06/30/2024	17044	33521	31735

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Leisure Fund	2.48%	6.19%	3.39%	5.48%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Consumer Discretionary Index	5.66%	13.08%	10.54%	12.24%

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

Fund Statistics as of 6.30.24

Net Assets	$3,514,765
Number of Portfolio Holdings	95
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 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 1

Leisure Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Retail	19.7%
Internet	18.0%
Media	15.4%
Entertainment	10.8%
Lodging	9.4%
Leisure Time	7.6%
Agriculture	6.6%
Other	12.0%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Netflix, Inc.	4.6%
McDonald's Corp.	3.6%
Walt Disney Co.	3.6%
Comcast Corp. — Class A	3.4%
Philip Morris International, Inc.	3.3%
Booking Holdings, Inc.	3.0%
Airbnb, Inc. — Class A	2.6%
Starbucks Corp.	2.4%
Chipotle Mexican Grill, Inc. — Class A	2.4%
Altria Group, Inc.	2.3%
Top 10 Total	31.2%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010388-063024

Guggenheim Investments 2

Precious Metals Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Precious Metals Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.61%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 9.35%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and outperforming the fund's secondary index, the S&P 500 Materials Index, which returned 4.05% 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 gold, silver, and copper. The only industry that detracted was precious metals & minerals. The holdings that contributed the most to performance were Freeport-McMoRan, Inc., Agnico Eagle Mines Ltd., and Anglogold Ashanti plc. Those that detracted the most were SSR Mining, Inc., Barrick Gold Corp., and Sibanye Stillwater Ltd. ADR.

How did the fund perform over the last 10 years?

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

Date	Precious Metals Fund	S&P 500 Index	S&P 500 Materials Index
06/30/2014	10000	10000	10000
09/30/2014	8096	10113	10023
12/31/2014	6837	10612	9842
03/31/2015	6510	10712	9939
06/30/2015	6299	10742	9892
09/30/2015	4766	10051	8220
12/31/2015	4761	10758	9017
03/31/2016	7139	10903	9343
06/30/2016	10083	11171	9690
09/30/2016	9638	11602	10050
12/31/2016	7879	12045	10522
03/31/2017	8465	12776	11139
06/30/2017	8145	13170	11492
09/30/2017	8334	13760	12187
12/31/2017	8437	14675	13031
03/31/2018	7803	14563	12312
06/30/2018	7931	15064	12629
09/30/2018	6436	16225	12675
12/31/2018	7036	14031	11115
03/31/2019	7637	15946	12259
06/30/2019	8453	16633	13033
09/30/2019	8873	16915	13017
12/31/2019	10709	18449	13847
03/31/2020	7908	14834	10228
06/30/2020	12927	17881	12889
09/30/2020	14473	19478	14604
12/31/2020	14382	21844	16717
03/31/2021	13299	23193	18236
06/30/2021	13849	25175	19142
09/30/2021	11701	25322	18471
12/31/2021	13060	28114	21279
03/31/2022	15365	26821	20774
06/30/2022	10603	22503	17472
09/30/2022	9600	21404	16227
12/31/2022	11612	23023	18669
03/31/2023	12794	24749	19469
06/30/2023	11600	26912	20113
09/30/2023	10354	26031	19155
12/31/2023	12057	29075	21011
03/31/2024	12229	32144	22890
06/30/2024	13184	33521	21861

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Precious Metals Fund	9.35%	13.66%	9.30%	2.80%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Materials Index	4.05%	8.69%	10.90%	8.14%

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

Fund Statistics as of 6.30.24

Net Assets	$24,977,120
Number of Portfolio Holdings	37
Portfolio Turnover Rate	1,016%1016%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Precious Metals Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Mining	99.6%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Freeport-McMoRan, Inc.	10.6%
Newmont Corp.	8.8%
Agnico Eagle Mines Ltd.	7.1%
Barrick Gold Corp.	6.9%
Wheaton Precious Metals Corp.	6.1%
Kinross Gold Corp.	4.2%
Gold Fields Ltd. ADR	4.2%
Anglogold Ashanti plc	4.1%
Franco-Nevada Corp.	4.0%
Royal Gold, Inc.	3.7%
Top 10 Total	59.7%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010412-063024

Guggenheim Investments 2

Real Estate Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Real Estate Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (3.16%), underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the MSCI U.S. REIT Index, which returned (0.24%) 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 multi-family residential REITs, health care REITs, and other specialized REITs. Those that detracted the most were industrial REITs, real estate services, and telecom tower REITs. The holdings that contributed the most to performance were Iron Mountain, Inc., Welltower, Inc., and Digital Realty Trust, Inc. Those that detracted the most were Prologis, Inc., SBA Communications Corp. – Class A, and CoStar Group, Inc.

How did the fund perform over the last 10 years?

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

Date	Real Estate Fund	S&P 500 Index	MSCI U.S. REIT Index
06/30/2014	10000	10000	10000
09/30/2014	9611	10113	9689
12/31/2014	10611	10612	11079
03/31/2015	10955	10712	11605
06/30/2015	10014	10742	10393
09/30/2015	9798	10051	10607
12/31/2015	10343	10758	11358
03/31/2016	10865	10903	12075
06/30/2016	11603	11171	12898
09/30/2016	11577	11602	12711
12/31/2016	11393	12045	12335
03/31/2017	11683	12776	12457
06/30/2017	11852	13170	12663
09/30/2017	11938	13760	12780
12/31/2017	12151	14675	12960
03/31/2018	11262	14563	11912
06/30/2018	12247	15064	13115
09/30/2018	12253	16225	13258
12/31/2018	11261	14031	12368
03/31/2019	13041	15946	14380
06/30/2019	13050	16633	14566
09/30/2019	13851	16915	15686
12/31/2019	14012	18449	15563
03/31/2020	9882	14834	11362
06/30/2020	11407	17881	12692
09/30/2020	11498	19478	12899
12/31/2020	13197	21844	14385
03/31/2021	14331	23193	15645
06/30/2021	15733	25175	17521
09/30/2021	15711	25322	17693
12/31/2021	17694	28114	20579
03/31/2022	16713	26821	19743
06/30/2022	13871	22503	16398
09/30/2022	12306	21404	14764
12/31/2022	12846	23023	15535
03/31/2023	12872	24749	15959
06/30/2023	13172	26912	16383
09/30/2023	12110	26031	15233
12/31/2023	14172	29075	17670
03/31/2024	13981	32144	17614
06/30/2024	13724	33521	17628

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Real Estate Fund	-3.16%	4.19%	1.01%	3.22%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
MSCI U.S. REIT Index	-0.24%	7.60%	3.89%	5.83%

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

Fund Statistics as of 6.30.24

Net Assets	$4,001,890
Number of Portfolio Holdings	90
Portfolio Turnover Rate	131%

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Real Estate Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
REITs-Diversified	19.7%
REITs-Apartments	12.7%
REITs-Warehouse/Industries	9.8%
REITs-Health Care	9.5%
REITs-Storage	8.0%
REITs-Office Property	7.2%
REITs-Shopping Centers	6.9%
Other	25.5%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Prologis, Inc.	3.6%
American Tower Corp. — Class A	3.3%
Equinix, Inc.	2.9%
Welltower, Inc.	2.8%
Digital Realty Trust, Inc.	2.5%
Simon Property Group, Inc.	2.4%
Public Storage	2.4%
Realty Income Corp.	2.4%
Crown Castle, Inc.	2.2%
Extra Space Storage, Inc.	2.0%
Top 10 Total	26.5%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010395-063024

Guggenheim Investments 2

Retailing Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Retailing Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 7.48%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and outperforming the fund's secondary index, the S&P 500 Consumer Discretionary Index, which returned 5.66% for the same period.

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

The industries that contributed the most to performance were broadline retail, consumer staples merchandise retail, and apparel retail. Those that detracted the most were drug retail, distributors, and other specialty retail. The holdings that contributed the most to performance were Amazon.com, Inc., Costco Wholesale Corp., and Walmart, Inc. Those that detracted the most were Walgreens Boots Alliance, Inc., Five Below, Inc., and Dollar Tree, Inc.

How did the fund perform over the last 10 years?

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

Date	Retailing Fund	S&P 500 Index	S&P 500 Consumer Discretionary Index
06/30/2014	10000	10000	10000
09/30/2014	9930	10113	10026
12/31/2014	11039	10612	10903
03/31/2015	11733	10712	11426
06/30/2015	11568	10742	11645
09/30/2015	10830	10051	11348
12/31/2015	10893	10758	12005
03/31/2016	11235	10903	12197
06/30/2016	10631	11171	12086
09/30/2016	10967	11602	12441
12/31/2016	10925	12045	12729
03/31/2017	11117	12776	13804
06/30/2017	11033	13170	14128
09/30/2017	11321	13760	14248
12/31/2017	12326	14675	15653
03/31/2018	12521	14563	16138
06/30/2018	13664	15064	17456
09/30/2018	14418	16225	18883
12/31/2018	11928	14031	15783
03/31/2019	13879	15946	18266
06/30/2019	13877	16633	19230
09/30/2019	14076	16915	19329
12/31/2019	14847	18449	20193
03/31/2020	11724	14834	16298
06/30/2020	16213	17881	21652
09/30/2020	18599	19478	24914
12/31/2020	21331	21844	26917
03/31/2021	23343	23193	27754
06/30/2021	24495	25175	29682
09/30/2021	23191	25322	29683
12/31/2021	23837	28114	33494
03/31/2022	20659	26821	30470
06/30/2022	16323	22503	22500
09/30/2022	16344	21404	23481
12/31/2022	17515	23023	21091
03/31/2023	18614	24749	24493
06/30/2023	19047	26912	28063
09/30/2023	17633	26031	26715
12/31/2023	20415	29075	30034
03/31/2024	22501	32144	31530
06/30/2024	21943	33521	31735

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Retailing Fund	7.48%	15.21%	9.60%	8.18%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Consumer Discretionary Index	5.66%	13.08%	10.54%	12.24%

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

Fund Statistics as of 6.30.24

Net Assets	$2,290,738
Number of Portfolio Holdings	65
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 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 1

Retailing Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Retail	69.2%
Internet	25.8%
Distribution & Wholesale	2.4%
Software	1.6%
Commercial Services	0.8%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Amazon.com, Inc.	10.8%
Costco Wholesale Corp.	4.9%
Walmart, Inc.	4.4%
Home Depot, Inc.	4.3%
TJX Companies, Inc.	4.0%
Lowe's Companies, Inc.	3.9%
Target Corp.	3.0%
O'Reilly Automotive, Inc.	2.9%
Ross Stores, Inc.	2.4%
PDD Holdings, Inc. ADR	2.3%
Top 10 Total	42.9%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010389-063024

Guggenheim Investments 2

Technology Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Technology Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 17.07%, outperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Information Technology Index, which returned 28.24% 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, technology hardware storage & peripherals, and interactive media & services. Those that detracted the most were internet services & infrastructure, application software, and IT consulting & other services. The holdings that contributed the most to performance were NVIDIA Corp., Meta Platforms, Inc. - Class A, and Alphabet, Inc. – Class A. Those that detracted the most were Intel Corp., SolarEdge Technologies, Inc., and Unity Software, Inc.

How did the fund perform over the last 10 years?

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

Date	Technology Fund	S&P 500 Index	S&P 500 Information Technology Index
06/30/2014	10000	10000	10000
09/30/2014	10069	10113	10477
12/31/2014	10441	10612	11026
03/31/2015	10611	10712	11090
06/30/2015	10665	10742	11110
09/30/2015	9775	10051	10698
12/31/2015	10557	10758	11680
03/31/2016	10473	10903	11983
06/30/2016	10448	11171	11643
09/30/2016	11775	11602	13140
12/31/2016	11726	12045	13297
03/31/2017	13004	12776	14969
06/30/2017	13629	13170	15588
09/30/2017	14711	13760	16935
12/31/2017	15552	14675	18461
03/31/2018	16475	14563	19111
06/30/2018	17170	15064	20467
09/30/2018	18388	16225	22268
12/31/2018	15320	14031	18407
03/31/2019	18549	15946	22063
06/30/2019	19274	16633	23401
09/30/2019	19334	16915	24182
12/31/2019	21409	18449	27664
03/31/2020	18276	14834	24363
06/30/2020	24244	17881	31801
09/30/2020	26872	19478	35602
12/31/2020	31952	21844	39807
03/31/2021	32845	23193	40592
06/30/2021	36324	25175	45284
09/30/2021	35851	25322	45892
12/31/2021	38503	28114	53551
03/31/2022	33375	26821	49076
06/30/2022	25510	22503	39142
09/30/2022	23968	21404	36712
12/31/2022	24545	23023	38453
03/31/2023	29320	24749	46842
06/30/2023	32805	26912	54901
09/30/2023	31441	26031	51803
12/31/2023	36575	29075	60695
03/31/2024	40655	32144	68395
06/30/2024	42819	33521	77837

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Technology Fund	17.07%	30.53%	17.31%	15.65%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Information Technology Index	28.24%	41.78%	27.17%	22.78%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Technology Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$24,076,579
Number of Portfolio Holdings	125
Portfolio Turnover Rate	60%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Software	30.9%
Semiconductors	28.2%
Computers	16.9%
Internet	14.6%
Telecommunications	3.7%
Electronics	3.1%
Energy-Alternate Sources	1.1%
Other	1.0%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Microsoft Corp.	5.8%
Apple, Inc.	5.5%
NVIDIA Corp.	5.3%
Alphabet, Inc. — Class A	4.9%
Meta Platforms, Inc. — Class A	3.6%
Broadcom, Inc.	2.5%
Adobe, Inc.	1.7%
Salesforce, Inc.	1.7%
Advanced Micro Devices, Inc.	1.6%
Oracle Corp.	1.5%
Top 10 Total	34.1%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010391-063024

Guggenheim Investments 2

Telecommunications Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Telecommunications Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (2.14%), underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Telecommunication Services Index, which returned 14.08% 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 integrated telecommunication services, wireless telecommunication services, and communications equipment. Those that detracted the most were cable & satellite, movies & entertainment, and alternative carriers. The holdings that contributed the most to performance were Arista Networks, Inc., AT&T, Inc., and Motorola Solutions, Inc. Those that detracted the most were Roku, Inc., Comcast Corp. – Class A, and Charter Communications, Inc. – Class A.

How did the fund perform over the last 10 years?

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

Date	Telecommunications Fund	S&P 500 Index	S&P 500 Telecommunication Services Index
06/30/2014	10000	10000	10000
09/30/2014	9936	10113	10307
12/31/2014	9899	10612	9878
03/31/2015	9959	10712	10030
06/30/2015	9869	10742	10189
09/30/2015	8996	10051	9491
12/31/2015	9233	10758	10213
03/31/2016	9720	10903	11910
06/30/2016	9913	11171	12751
09/30/2016	10650	11602	12037
12/31/2016	10840	12045	12612
03/31/2017	11087	12776	12111
06/30/2017	10864	13170	11258
09/30/2017	11070	13760	12020
12/31/2017	11474	14675	12454
03/31/2018	11445	14563	11522
06/30/2018	11570	15064	11414
09/30/2018	12500	16225	12231
12/31/2018	10866	14031	11612
03/31/2019	12072	15946	12537
06/30/2019	12074	16633	12893
09/30/2019	12094	16915	14212
12/31/2019	12302	18449	14737
03/31/2020	10731	14834	12165
06/30/2020	12031	17881	12858
09/30/2020	11758	19478	13322
12/31/2020	13470	21844	13753
03/31/2021	14156	23193	14083
06/30/2021	15056	25175	14050
09/30/2021	14433	25322	13369
12/31/2021	14680	28114	12673
03/31/2022	13510	26821	12706
06/30/2022	11678	22503	13554
09/30/2022	10133	21404	10752
12/31/2022	10886	23023	11793
03/31/2023	11456	24749	12063
06/30/2023	11152	26912	11124
09/30/2023	10751	26031	10435
12/31/2023	11571	29075	12129
03/31/2024	11331	32144	13157
06/30/2024	11323	33521	13837

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Telecommunications Fund	-2.14%	1.53%	-1.28%	1.25%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Telecommunication Services Index	14.08%	24.39%	1.42%	3.30%

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

*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital 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 1

Telecommunications Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

Fund Statistics as of 6.30.24

Net Assets	$1,393,083
Number of Portfolio Holdings	45
Portfolio Turnover Rate	65%

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Telecommunications	72.5%
Media	17.2%
Internet	6.5%
Computers	2.4%
Software	0.6%
Electronics	0.4%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Cisco Systems, Inc.	8.3%
Verizon Communications, Inc.	7.9%
Comcast Corp. — Class A	7.7%
AT&T, Inc.	7.5%
T-Mobile US, Inc.	5.8%
Arista Networks, Inc.	4.9%
Charter Communications, Inc. — Class A	4.3%
Motorola Solutions, Inc.	4.2%
Juniper Networks, Inc.	2.8%
F5, Inc.	2.6%
Top 10 Total	56.0%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010392-063024

Guggenheim Investments 2

Transportation Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Transportation Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned (8.06%), underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Industrials Index, which returned 7.75% 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 airlines and passenger ground transportation. Those that detracted the most were automobile manufacturers, automotive parts & equipment, and rail transportation. The holdings that contributed the most to performance were Uber Technologies, Inc., General Motors Co., and FedEx Corp. Those that detracted the most were Tesla, Inc., NIO, Inc. ADR, and Li Auto, Inc. ADR.

How did the fund perform over the last 10 years?

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

Date	Transportation Fund	S&P 500 Index	S&P 500 Industrials Index
06/30/2014	10000	10000	10000
09/30/2014	9728	10113	9891
12/31/2014	10907	10612	10560
03/31/2015	10806	10712	10470
06/30/2015	10079	10742	10237
09/30/2015	9318	10051	9531
12/31/2015	9370	10758	10293
03/31/2016	9623	10903	10806
06/30/2016	8913	11171	10958
09/30/2016	9838	11602	11411
12/31/2016	10816	12045	12234
03/31/2017	11175	12776	12792
06/30/2017	11751	13170	13397
09/30/2017	12493	13760	13962
12/31/2017	13197	14675	14807
03/31/2018	12555	14563	14577
06/30/2018	12540	15064	14113
09/30/2018	12795	16225	15523
12/31/2018	10551	14031	12839
03/31/2019	11760	15946	15048
06/30/2019	11996	16633	15585
09/30/2019	11900	16915	15739
12/31/2019	12898	18449	16610
03/31/2020	9067	14834	12117
06/30/2020	11843	17881	14179
09/30/2020	14276	19478	15947
12/31/2020	18138	21844	18448
03/31/2021	20351	23193	20553
06/30/2021	20626	25175	21473
09/30/2021	19452	25322	20566
12/31/2021	22160	28114	22343
03/31/2022	20161	26821	21815
06/30/2022	15536	22503	18592
09/30/2022	14875	21404	17714
12/31/2022	14398	23023	21119
03/31/2023	16416	24749	21852
06/30/2023	18047	26912	23270
09/30/2023	16947	26031	22069
12/31/2023	17924	29075	24949
03/31/2024	17857	32144	27687
06/30/2024	16481	33521	26884

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Transportation Fund	-8.06%	-8.68%	6.56%	5.12%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Industrials Index	7.75%	15.53%	11.52%	10.39%

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

Fund Statistics as of 6.30.24

Net Assets	$3,147,409
Number of Portfolio Holdings	67
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 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 1

Transportation Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Transportation	38.2%
Auto Manufacturers	25.7%
Auto Parts & Equipment	11.9%
Airlines	11.8%
Internet	7.2%
Commercial Services	1.8%
Building Materials	0.9%
Other	1.7%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
Tesla, Inc.	9.5%
Uber Technologies, Inc.	5.0%
Union Pacific Corp.	4.7%
United Parcel Service, Inc. — Class B	4.1%
FedEx Corp.	3.6%
CSX Corp.	3.3%
Ford Motor Co.	2.9%
General Motors Co.	2.9%
Norfolk Southern Corp.	2.7%
Old Dominion Freight Line, Inc.	2.4%
Top 10 Total	41.1%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010393-063024

Guggenheim Investments 2

Utilities Fund

Variable Annuity

Semi-Annual Shareholder Report | June 30, 2024

This semi-annual shareholder report contains important information about the Utilities Fund for the period of January 1, 2024 to June 30, 2024. 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?

(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	1.71%

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

For the period of January 1, 2024 to June 30, 2024, the fund returned 7.17%, underperforming the fund's benchmark, the S&P 500 Index, which returned 15.29% for the same period and underperforming the fund's secondary index, the S&P 500 Utilities Index, which returned 9.44% for the same period.

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

The industries that contributed the most to performance were electric utilities, independent power producers & energy traders, and multi utilities. Those that detracted the most were renewable electricity and water utilities. The holdings that contributed the most to performance were Constellation Energy Corp., Vistra Corp., and NextEra Energy, Inc. Those that detracted the most were Sunnova Energy International, Inc., Xcel Energy, Inc., and Hawaiian Electric Industries, Inc.

How did the fund perform over the last 10 years?

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

Date	Utilities Fund	S&P 500 Index	S&P 500 Utilities Index
06/30/2014	10000	10000	10000
09/30/2014	9371	10113	9604
12/31/2014	10491	10612	10870
03/31/2015	10069	10712	10308
06/30/2015	9390	10742	9710
09/30/2015	9519	10051	10234
12/31/2015	9719	10758	10344
03/31/2016	11118	10903	11953
06/30/2016	11995	11171	12766
09/30/2016	11298	11602	12012
12/31/2016	11307	12045	12028
03/31/2017	11962	12776	12797
06/30/2017	12160	13170	13081
09/30/2017	12521	13760	13457
12/31/2017	12552	14675	13484
03/31/2018	12135	14563	13039
06/30/2018	12741	15064	13527
09/30/2018	13023	16225	13850
12/31/2018	13027	14031	14039
03/31/2019	14328	15946	15561
06/30/2019	14668	16633	16102
09/30/2019	15596	16915	17604
12/31/2019	15504	18449	17737
03/31/2020	13006	14834	15342
06/30/2020	13277	17881	15762
09/30/2020	13653	19478	16729
12/31/2020	14709	21844	17823
03/31/2021	15194	23193	18322
06/30/2021	15118	25175	18247
09/30/2021	15037	25322	18571
12/31/2021	16844	28114	20972
03/31/2022	17618	26821	21974
06/30/2022	16719	22503	20856
09/30/2022	15649	21404	19607
12/31/2022	17020	23023	21301
03/31/2023	16533	24749	20610
06/30/2023	16076	26912	20089
09/30/2023	14549	26031	18231
12/31/2023	15807	29075	19792
03/31/2024	16461	32144	20696
06/30/2024	16940	33521	21660

Average Annual Total Returns*^,† as of 6.30.24

	6 Month‡	One Year	Five Years	Ten Years
Utilities Fund	7.17%	5.37%	2.92%	5.41%
S&P 500 Index	15.29%	24.56%	15.05%	12.86%
S&P 500 Utilities Index	9.44%	7.82%	6.11%	8.04%

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

Fund Statistics as of 6.30.24

Net Assets	$12,190,699
Number of Portfolio Holdings	53
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 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 1

Utilities Fund | Variable Annuity Semi-Annual Shareholder Report | June 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as % of Net Assets) as of 6.30.24

Sector	% of Net Assets
Electric	86.1%
Gas	8.9%
Water	3.5%
Energy-Alternate Sources	1.2%

10 Largest Holdings² (% of Net Assets) as of 6.30.24

Top 10	% of Net Assets
NextEra Energy, Inc.	5.7%
Southern Co.	4.5%
Duke Energy Corp.	4.3%
Constellation Energy Corp.	3.8%
Sempra	3.4%
American Electric Power Company, Inc.	3.3%
Dominion Energy, Inc.	3.1%
Public Service Enterprise Group, Inc.	3.0%
Exelon Corp.	2.9%
PG&E Corp.	2.9%
Top 10 Total	36.9%

¹ "Holdings Diversification (Market Exposure as % 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" 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.

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

SAR-C000010394-063024

Guggenheim Investments 2

(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.

6.30.2024

Rydex Variable Trust Funds Semi-Annual Financial Report

Alternatives Funds

Guggenheim Long Short Equity Fund

Guggenheim Global Managed Futures Strategy Fund

Guggenheim Multi-Hedge Strategies Fund

Rydex Commodities Fund

Rydex Commodities Strategy Fund

GuggenheimInvestments.com RVALTS-SEMI-0624x1224

TABLE OF CONTENTS

ITEM 7: FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (SEMI-ANNUAL FINANCIAL REPORT)
LONG SHORT EQUITY FUND	2
GLOBAL MANAGED FUTURES STRATEGY FUND	17
MULTI-HEDGE STRATEGIES FUND	24
COMMODITIES STRATEGY FUND	45
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	50
OTHER INFORMATION	63
ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES	64
ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES	65
ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES	66
ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT	67

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 1

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Value
COMMON STOCKS† - 92.1%
Industrial - 16.3%
Apogee Enterprises, Inc.		3,331	$	209,303
Vontier Corp.		5,246		200,397
Avnet, Inc.		3,849		198,185
Vishay Intertechnology, Inc.		8,738		194,858
International Seaways, Inc.		3,286		194,301
Acuity Brands, Inc.		795		191,945
TD SYNNEX Corp.		1,607		185,448
Caterpillar, Inc.1		524		174,544
Sonoco Products Co.		3,391		171,991
Mueller Industries, Inc.1		3,005		171,105
Teekay Corp.*		18,766		168,331
Applied Industrial Technologies, Inc.		840		162,960
Teekay Tankers Ltd. — Class A		2,187		150,488
Scorpio Tankers, Inc.		1,804		146,647
Snap-on, Inc.		561		146,640
UFP Industries, Inc.1		1,235		138,320
Boise Cascade Co.		1,111		132,453
A O Smith Corp.		1,578		129,049
Owens Corning		677		117,609
Berry Global Group, Inc.		1,882		110,756
Mettler-Toledo International, Inc.*		75		104,819
Kennametal, Inc.		3,653		85,991
Atkore, Inc.		632		85,276
Garmin Ltd.		520		84,718
Timken Co.		1,051		84,216
Terex Corp.		1,533		84,070
Deere & Co.1		223		83,320
Lindsay Corp.		666		81,838
AZZ, Inc.		1,040		80,340
Oshkosh Corp.		737		79,743
Griffon Corp.		1,223		78,101
Masco Corp.		1,140		76,004
Ardmore Shipping Corp.		3,126		70,429
Dorian LPG Ltd.		1,644		68,982
Worthington Enterprises, Inc.		999		47,283
AGCO Corp.1		481		47,080
Watts Water Technologies, Inc. — Class A		240		44,009
Total Industrial				4,581,549
Consumer, Non-cyclical - 15.9%
Johnson & Johnson		1,630		238,241
United Therapeutics Corp.*,1		741		236,046
Gilead Sciences, Inc.1		3,343		229,363
Merck & Company, Inc.1		1,830		226,554
Philip Morris International, Inc.		2,138		216,644
Bristol-Myers Squibb Co.1		5,216		216,620
Kimberly-Clark Corp.		1,552		214,487
Becton Dickinson & Co.		901		210,573
Neurocrine Biosciences, Inc.*		1,527		210,222
Colgate-Palmolive Co.1		1,933		187,578
Innoviva, Inc.*,1		10,987		180,187
Jazz Pharmaceuticals plc*		1,470		156,893
United Rentals, Inc.		214		138,400
Molina Healthcare, Inc.*		425		126,352
Royalty Pharma plc — Class A		4,716		124,361
Collegium Pharmaceutical, Inc.*		3,789		122,006
Zimmer Biomet Holdings, Inc.		1,111		120,577
Catalyst Pharmaceuticals, Inc.*		6,288		97,401
Amgen, Inc.		283		88,423
Stride, Inc.*		1,048		73,884
USANA Health Sciences, Inc.*		1,626		73,560
Pacira BioSciences, Inc.*		2,566		73,413
Alkermes plc*		2,868		69,119
Biogen, Inc.*,1		267		61,896
ZipRecruiter, Inc. — Class A*		6,500		59,085
Perdoceo Education Corp.1		2,714		58,134
Exelixis, Inc.*,1		2,499		56,152
Centene Corp.*,1		822		54,499
Heidrick & Struggles International, Inc.1		1,645		51,949
Organon & Co.		2,370		49,059
Eli Lilly & Co.		50		45,269
Vertex Pharmaceuticals, Inc.*		93		43,591
Inmode Ltd.*		2,376		43,338
Medtronic plc		548		43,133
Alarm.com Holdings, Inc.*		665		42,254
LiveRamp Holdings, Inc.*		1,322		40,903
Quest Diagnostics, Inc.		292		39,969
Pfizer, Inc.		1,409		39,424
Bio-Rad Laboratories, Inc. — Class A*		144		39,328
OraSure Technologies, Inc.*		8,766		37,343
Xencor, Inc.*		1,768		33,468
Total Consumer, Non-cyclical				4,469,698
Consumer, Cyclical - 13.6%
General Motors Co.1		4,690		217,897
Cummins, Inc.1		755		209,082
PACCAR, Inc.		1,946		200,321
Lear Corp.		1,702		194,386
Lennar Corp. — Class A1		1,295		194,082
MSC Industrial Direct Company, Inc. — Class A		2,445		193,913
Monarch Casino & Resort, Inc.1		2,789		190,014
GMS, Inc.*,1		2,291		184,678
Allison Transmission Holdings, Inc.1		1,991		151,117
BorgWarner, Inc.		4,388		141,469
Polaris, Inc.		1,756		137,513
Gentex Corp.1		3,882		130,862
KB Home1		1,749		122,745
Buckle, Inc.		3,133		115,733
Meritage Homes Corp.		699		113,133
Movado Group, Inc.		4,366		108,539
Steven Madden Ltd.		2,458		103,973
Las Vegas Sands Corp.		2,334		103,280
DR Horton, Inc.1		611		86,108
Skechers USA, Inc. — Class A*		1,235		85,363
PulteGroup, Inc.		773		85,107
Visteon Corp.*		789		84,186
M/I Homes, Inc.*		654		79,879
Carter’s, Inc.		1,250		77,463
Dillard’s, Inc. — Class A2		160		70,462
MasterCraft Boat Holdings, Inc.*,1		3,674		69,365

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Value
Toll Brothers, Inc.		543	$	62,543
Wabash National Corp.		2,672		58,357
Dana, Inc.		4,524		54,831
Ethan Allen Interiors, Inc.1		1,961		54,692
Sonos, Inc.*		3,404		50,243
Golden Entertainment, Inc.1		1,599		49,745
Build-A-Bear Workshop, Inc. — Class A1		1,934		48,872
Total Consumer, Cyclical				3,829,953
Financial - 13.3%
MetLife, Inc.		3,012		211,412
Janus Henderson Group plc		6,241		210,384
MGIC Investment Corp.1		9,715		209,358
Enact Holdings, Inc.1		6,794		208,304
Equity Commonwealth REIT*		10,730		208,162
Loews Corp.		2,771		207,105
Essent Group Ltd.		3,623		203,576
National Storage Affiliates Trust REIT		3,848		158,614
Preferred Bank/Los Angeles CA		1,873		141,393
Synchrony Financial		2,900		136,851
Sunstone Hotel Investors, Inc. REIT		12,091		126,472
Hilltop Holdings, Inc.		3,955		123,712
Citigroup, Inc.1		1,870		118,670
Travelers Companies, Inc.		583		118,547
Everest Group Ltd.		286		108,972
Ally Financial, Inc.		2,698		107,030
OneMain Holdings, Inc.		2,156		104,544
Central Pacific Financial Corp.		4,797		101,696
NMI Holdings, Inc. — Class A*,1		2,900		98,716
Western Union Co.		7,717		94,302
International Bancshares Corp.1		1,548		88,561
Innovative Industrial Properties, Inc. REIT		781		85,301
Markel Group, Inc.*		54		85,086
Cullen/Frost Bankers, Inc.		819		83,235
Assured Guaranty Ltd.		1,069		82,473
Jackson Financial, Inc. — Class A		1,108		82,280
Enova International, Inc.*,1		1,187		73,891
Westamerica BanCorp		1,448		70,272
Affiliated Managers Group, Inc.1		404		63,117
SiriusPoint Ltd.*		4,264		52,021
Total Financial				3,764,057
Communications - 10.6%
Cisco Systems, Inc.1		4,909		233,227
AT&T, Inc.1		12,005		229,416
Verizon Communications, Inc.1		5,379		221,830
Yelp, Inc. — Class A*		5,780		213,571
T-Mobile US, Inc.		1,196		210,711
InterDigital, Inc.		1,783		207,826
Fox Corp. — Class B1		6,427		205,793
Alphabet, Inc. — Class C1		1,081		198,277
IDT Corp. — Class B1		5,237		188,113
Amazon.com, Inc.*,1		840		162,330
eBay, Inc.1		2,864		153,854
TEGNA, Inc.		10,818		150,803
Meta Platforms, Inc. — Class A1		235		118,492
Gogo, Inc.*,1		12,153		116,912
Spok Holdings, Inc.		7,788		115,340
Ooma, Inc.*,1		9,539		94,722
Anterix, Inc.*		2,069		81,912
Ciena Corp.*		1,530		73,715
Total Communications				2,976,844
Technology - 9.9%
Microsoft Corp.1		883		394,657
Apple, Inc.		1,605		338,045
NVIDIA Corp.1		1,844		227,808
Dropbox, Inc. — Class A*,1		9,565		214,926
Amdocs Ltd.		2,689		212,216
Zoom Video Communications, Inc. — Class A*		3,331		197,162
NetApp, Inc.		946		121,845
International Business Machines Corp.1		690		119,335
Qualys, Inc.*		786		112,084
Amkor Technology, Inc.		2,446		97,889
Immersion Corp.1		9,405		88,501
Clear Secure, Inc. — Class A		4,145		77,553
Cognizant Technology Solutions Corp. — Class A1		1,042		70,856
QUALCOMM, Inc.		355		70,709
IPG Photonics Corp.*		783		66,078
Cirrus Logic, Inc.*		488		62,298
Teradata Corp.*		1,458		50,388
Playtika Holding Corp.1		6,009		47,291
Adeia, Inc.1		4,033		45,109
Applied Materials, Inc.1		188		44,366
Pure Storage, Inc. — Class A*		678		43,534
DocuSign, Inc.*		789		42,211
Photronics, Inc.*		1,693		41,766
Total Technology				2,786,627
Utilities - 5.9%
ONE Gas, Inc.1		3,316		211,726
OGE Energy Corp.1		5,734		204,704
Black Hills Corp.		3,738		203,272
WEC Energy Group, Inc.		2,567		201,407
CMS Energy Corp.1		3,350		199,426
National Fuel Gas Co.1		3,663		198,498
New Jersey Resources Corp.		3,912		167,199
Avista Corp.		4,548		157,406
Otter Tail Corp.		1,286		112,641
Total Utilities				1,656,279
Energy - 5.2%
CVR Energy, Inc.1		7,641		204,550
PBF Energy, Inc. — Class A		4,228		194,573
Cheniere Energy, Inc.		946		165,389
HF Sinclair Corp.		2,879		153,566
Valero Energy Corp.		912		142,965
EOG Resources, Inc.1		1,105		139,086
Marathon Petroleum Corp.1		698		121,089
SandRidge Energy, Inc.		9,023		116,667
Magnolia Oil & Gas Corp. — Class A		3,674		93,099
Liberty Energy, Inc. — Class A		4,373		91,352

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Value
Par Pacific Holdings, Inc.*		1,726	$	43,582
Total Energy				1,465,918
Basic Materials - 1.0%
Olin Corp.		2,000		94,300
CF Industries Holdings, Inc.1		1,099		81,458
Sylvamo Corp.		919		63,043
Cabot Corp.		674		61,934
Total Basic Materials				300,735
Government - 0.4%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		3,689		109,453
Total Common Stocks
(Cost $24,342,977)				25,941,113
MONEY MARKET FUND**,† - 2.2%
Invesco Treasury Obligations Portfolio, 5.15%3		605,101		605,101
Total Money Market Fund
(Cost $605,101)				605,101
SECURITIES LENDING COLLATERAL†,4 - 0.2%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%3		52,860		52,860
Total Securities Lending Collateral
(Cost $52,860)				52,860
Total Investments - 94.5%
(Cost $25,000,938)			$	26,599,074
Other Assets & Liabilities, net - 5.5%				1,541,432
Total Net Assets - 100.0%			$	28,140,506

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 Equity Custom Basket	Pay	5.73% (Federal Funds Rate + 0.40%)		At Maturity		11/27/24	$	14,335,439	$	818,216
Goldman Sachs International	GS Equity Custom Basket	Pay	5.78% (Federal Funds Rate + 0.45%)		At Maturity		05/16/28		14,335,435		488,810
								$	28,670,874	$	1,307,026
OTC Custom Basket Swap Agreements Sold Short††
Morgan Stanley Capital Services LLC	MS Equity Custom Basket	Receive	5.03% (Federal Funds Rate - 0.30%)		At Maturity		11/27/24	$	15,971,771	$	303,194
Goldman Sachs International	GS Equity Custom Basket	Receive	5.13% (Federal Funds Rate - 0.20%)		At Maturity		05/16/28		15,789,067		227,206
								$	31,760,838	$	530,400

4 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS EQUITY LONG CUSTOM BASKET
Industrial
Mueller Industries, Inc.		1,661		0.69	%	$	40,392
International Seaways, Inc.		1,816		0.75	%		27,500
Apogee Enterprises, Inc.		1,841		0.81	%		24,050
Scorpio Tankers, Inc.		997		0.57	%		23,886
Teekay Tankers Ltd. — Class A		1,209		0.58	%		22,207
Teekay Corp.		10,371		0.65	%		21,897
Boise Cascade Co.		614		0.51	%		18,768
Owens Corning		374		0.45	%		18,533
Ardmore Shipping Corp.		1,728		0.27	%		18,114
Snap-on, Inc.		310		0.57	%		7,092
UFP Industries, Inc.		683		0.53	%		4,314
TD SYNNEX Corp.		888		0.71	%		3,827
Applied Industrial Technologies, Inc.		464		0.63	%		3,058
Lindsay Corp.		368		0.32	%		2,218
Masco Corp.		630		0.29	%		1,530
AZZ, Inc.		575		0.31	%		1,096
Caterpillar, Inc.		290		0.67	%		347
Garmin Ltd.		288		0.33	%		(260	)
A O Smith Corp.		872		0.50	%		(292	)
Watts Water Technologies, Inc. — Class A		133		0.17	%		(1,132	)
Mettler-Toledo International, Inc.		41		0.40	%		(1,608	)
Berry Global Group, Inc.		1,040		0.43	%		(2,264	)
Atkore, Inc.		349		0.33	%		(2,378	)
Oshkosh Corp.		408		0.31	%		(2,592	)
Vishay Intertechnology, Inc.		4,829		0.75	%		(2,840	)
Deere & Co.		123		0.32	%		(3,349	)
Griffon Corp.		676		0.30	%		(3,368	)
Kennametal, Inc.		2,019		0.33	%		(3,461	)
Worthington Enterprises, Inc.		552		0.18	%		(3,802	)
Vontier Corp.		2,899		0.77	%		(4,209	)
AGCO Corp.		266		0.18	%		(4,247	)
Terex Corp.		847		0.32	%		(4,504	)
Timken Co.		581		0.32	%		(5,564	)
Acuity Brands, Inc.		439		0.74	%		(5,675	)
Avnet, Inc.		2,127		0.76	%		(5,776	)
Dorian LPG Ltd.		909		0.27	%		(7,375	)
Sonoco Products Co.		1,874		0.66	%		(10,939	)
Total Industrial							163,194
Communications
Alphabet, Inc. — Class C		598		0.77	%		57,250
InterDigital, Inc.		985		0.80	%		32,187
Meta Platforms, Inc. — Class A		130		0.46	%		25,726
Amazon.com, Inc.		464		0.63	%		24,060
AT&T, Inc.		6,634		0.88	%		22,214
IDT Corp. — Class B		2,894		0.73	%		21,457
Verizon Communications, Inc.		2,973		0.86	%		14,998
T-Mobile US, Inc.		661		0.81	%		13,212
eBay, Inc.		1,583		0.59	%		5,528
Anterix, Inc.		1,144		0.32	%		4,892
Yelp, Inc. — Class A		3,194		0.82	%		2,397
Cisco Systems, Inc.		2,713		0.90	%		2,297
Gogo, Inc.		6,716		0.45	%		2,142
Ciena Corp.		846		0.28	%		(355	)
Fox Corp. — Class B		3,552		0.79	%		(813	)
Ooma, Inc.		5,272		0.37	%		(1,838	)
Spok Holdings, Inc.		4,304		0.44	%		(1,933	)
TEGNA, Inc.		5,979		0.58	%		(2,601	)
Total Communications							220,820
Technology
Microsoft Corp.		488		1.52	%		88,481
Apple, Inc.		887		1.30	%		79,549
NVIDIA Corp.		1,019		0.88	%		70,562
Immersion Corp.		5,197		0.34	%		13,458
NetApp, Inc.		523		0.47	%		12,763
International Business Machines Corp.		382		0.46	%		11,552
Applied Materials, Inc.		104		0.17	%		10,683
Amkor Technology, Inc.		1,352		0.38	%		10,200
Playtika Holding Corp.		3,321		0.18	%		3,310
Clear Secure, Inc. — Class A		2,290		0.30	%		3,056
Qualys, Inc.		434		0.43	%		2,884
Cirrus Logic, Inc.		269		0.24	%		2,823
Adeia, Inc.		2,229		0.17	%		1,635
Pure Storage, Inc. — Class A		374		0.17	%		383
DocuSign, Inc.		436		0.16	%		(110	)
IPG Photonics Corp.		433		0.25	%		(1,044	)
Cognizant Technology Solutions Corp. — Class A		576		0.27	%		(1,241	)
QUALCOMM, Inc.		196		0.27	%		(2,477	)
Dropbox, Inc. — Class A		5,286		0.83	%		(3,053	)
Photronics, Inc.		935		0.16	%		(3,063	)
Teradata Corp.		806		0.19	%		(3,367	)
Zoom Video Communications, Inc. — Class A		1,841		0.76	%		(7,524	)
Amdocs Ltd.		1,486		0.82	%		(9,244	)
Total Technology							280,216
Financial
MGIC Investment Corp.		5,369		0.81	%		34,819
Essent Group Ltd.		2,002		0.78	%		23,956
Synchrony Financial		1,602		0.53	%		13,545

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
International Bancshares Corp.		855		0.34	%	$	11,407
Preferred Bank/Los Angeles CA		1,035		0.55	%		9,112
Enact Holdings, Inc.		3,755		0.80	%		7,779
Innovative Industrial Properties, Inc.		431		0.33	%		7,462
NMI Holdings, Inc. — Class A		1,603		0.38	%		6,829
National Storage Affiliates Trust		2,127		0.61	%		6,048
Janus Henderson Group plc		3,449		0.81	%		5,021
Loews Corp.		1,531		0.80	%		3,484
Affiliated Managers Group, Inc.		223		0.24	%		2,981
Citigroup, Inc.		1,033		0.46	%		2,180
Markel Group, Inc.		30		0.33	%		1,779
Sunstone Hotel Investors, Inc.		6,682		0.49	%		1,731
Central Pacific Financial Corp.		2,651		0.39	%		1,607
Cullen/Frost Bankers, Inc.		453		0.32	%		1,100
Ally Financial, Inc.		1,491		0.41	%		1,016
Hilltop Holdings, Inc.		2,185		0.48	%		547
Westamerica BanCorp		800		0.27	%		490
OneMain Holdings, Inc.		1,192		0.40	%		447
Enova International, Inc.		656		0.28	%		434
Everest Group Ltd.		158		0.42	%		406
Equity Commonwealth		5,930		0.80	%		206
MetLife, Inc.		1,665		0.82	%		102
Jackson Financial, Inc. — Class A		612		0.32	%		20
SiriusPoint Ltd.		2,357		0.20	%		(134	)
Western Union Co.		4,265		0.36	%		(3,272	)
Travelers Companies, Inc.		322		0.46	%		(3,445	)
Assured Guaranty Ltd.		591		0.32	%		(4,300	)
Total Financial							133,357
Consumer, Non-cyclical
United Therapeutics Corp.		409		0.91	%		37,193
Innoviva, Inc.		6,072		0.69	%		16,690
Perdoceo Education Corp.		1,500		0.22	%		16,498
Merck & Company, Inc.		1,011		0.87	%		16,330
Eli Lilly & Co.		28		0.18	%		8,815
Amgen, Inc.		157		0.34	%		5,547
Heidrick & Struggles International, Inc.		909		0.20	%		4,183
Organon & Co.		1,310		0.19	%		3,845
Colgate-Palmolive Co.		1,068		0.72	%		3,722
Gilead Sciences, Inc.		1,848		0.88	%		3,450
Vertex Pharmaceuticals, Inc.		51		0.17	%		2,754
Neurocrine Biosciences, Inc.		844		0.81	%		2,173
Alarm.com Holdings, Inc.		367		0.16	%		2,039
Kimberly-Clark Corp.		857		0.83	%		1,603
Exelixis, Inc.		1,381		0.22	%		851
Pacira BioSciences, Inc.		1,418		0.28	%		618
Stride, Inc.		579		0.28	%		527
Catalyst Pharmaceuticals, Inc.		3,475		0.38	%		58
LiveRamp Holdings, Inc.		731		0.16	%		(438	)
Biogen, Inc.		148		0.24	%		(628	)
Medtronic plc		303		0.17	%		(919	)
Quest Diagnostics, Inc.		161		0.15	%		(921	)
Pfizer, Inc.		779		0.15	%		(1,137	)
Becton Dickinson & Co.		498		0.81	%		(1,163	)
Bio-Rad Laboratories, Inc. — Class A		80		0.15	%		(1,193	)
United Rentals, Inc.		118		0.53	%		(2,368	)
Inmode Ltd.		1,313		0.17	%		(2,376	)
Zimmer Biomet Holdings, Inc.		614		0.46	%		(2,576	)
Xencor, Inc.		977		0.13	%		(2,714	)
OraSure Technologies, Inc.		4,845		0.14	%		(2,848	)
Philip Morris International, Inc.		1,182		0.84	%		(2,992	)
USANA Health Sciences, Inc.		898		0.28	%		(3,114	)
Alkermes plc		1,585		0.27	%		(3,817	)
Centene Corp.		454		0.21	%		(3,960	)
Collegium Pharmaceutical, Inc.		2,094		0.47	%		(4,875	)
ZipRecruiter, Inc. — Class A		3,592		0.23	%		(5,276	)
Johnson & Johnson		901		0.92	%		(5,296	)
Royalty Pharma plc — Class A		2,606		0.48	%		(5,851	)
Jazz Pharmaceuticals plc		812		0.60	%		(7,908	)
Molina Healthcare, Inc.		235		0.49	%		(9,737	)
Bristol-Myers Squibb Co.		2,883		0.84	%		(31,575	)
Total Consumer, Non-cyclical							23,214
Consumer, Cyclical
Allison Transmission Holdings, Inc.		1,100		0.58	%		33,967
KB Home		967		0.47	%		12,445
M/I Homes, Inc.		361		0.31	%		11,950
Lennar Corp. — Class A		716		0.75	%		8,468
Monarch Casino & Resort, Inc.		1,541		0.73	%		3,919
General Motors Co.		2,592		0.84	%		3,557
Gentex Corp.		2,145		0.50	%		2,937
Build-A-Bear Workshop, Inc. — Class A		1,069		0.19	%		1,211

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Skechers USA, Inc. — Class A		683		0.33	%	$	890
Las Vegas Sands Corp.		1,290		0.40	%		860
Dillard’s, Inc. — Class A		88		0.27	%		454
Cummins, Inc.		417		0.81	%		(831	)
Toll Brothers, Inc.		300		0.24	%		(1,113	)
Ethan Allen Interiors, Inc.		1,084		0.21	%		(1,363	)
Buckle, Inc.		1,731		0.45	%		(1,979	)
Sonos, Inc.		1,881		0.19	%		(2,329	)
DR Horton, Inc.		337		0.33	%		(2,451	)
Visteon Corp.		436		0.32	%		(2,519	)
Steven Madden Ltd.		1,358		0.40	%		(2,955	)
Golden Entertainment, Inc.		883		0.19	%		(3,024	)
Movado Group, Inc.		2,413		0.42	%		(3,240	)
Dana, Inc.		2,500		0.21	%		(3,268	)
PulteGroup, Inc.		427		0.33	%		(3,305	)
Carter’s, Inc.		691		0.30	%		(4,049	)
PACCAR, Inc.		1,075		0.77	%		(4,155	)
BorgWarner, Inc.		2,425		0.55	%		(5,625	)
Meritage Homes Corp.		386		0.44	%		(5,678	)
Wabash National Corp.		1,477		0.23	%		(7,139	)
Polaris, Inc.		970		0.53	%		(7,571	)
MasterCraft Boat Holdings, Inc.		2,031		0.27	%		(7,874	)
GMS, Inc.		1,266		0.71	%		(10,220	)
Lear Corp.		940		0.75	%		(11,514	)
MSC Industrial Direct Company, Inc. — Class A		1,351		0.75	%		(13,706	)
Total Consumer, Cyclical							(25,250	)
Utilities
National Fuel Gas Co.		2,024		0.77	%		6,654
OGE Energy Corp.		3,169		0.79	%		6,257
Black Hills Corp.		2,065		0.78	%		3,635
ONE Gas, Inc.		1,833		0.82	%		2,770
Otter Tail Corp.		711		0.43	%		(1,426	)
New Jersey Resources Corp.		2,162		0.64	%		(2,537	)
Avista Corp.		2,514		0.61	%		(3,741	)
WEC Energy Group, Inc.		1,418		0.78	%		(3,769	)
CMS Energy Corp.		1,851		0.77	%		(4,067	)
Total Utilities							3,776
Basic Materials
Cabot Corp.		373		0.24	%		(98	)
Sylvamo Corp.		508		0.24	%		(1,334	)
CF Industries Holdings, Inc.		607		0.31	%		(4,128	)
Olin Corp.		1,105		0.36	%		(4,927	)
Total Basic Materials							(10,487	)
Energy
Marathon Petroleum Corp.		386		0.47	%		23,346
Cheniere Energy, Inc.		523		0.64	%		11,231
EOG Resources, Inc.		610		0.54	%		3,568
PBF Energy, Inc. — Class A		2,336		0.75	%		2,217
Magnolia Oil & Gas Corp. — Class A		2,031		0.36	%		2,122
Valero Energy Corp.		504		0.55	%		1,497
HF Sinclair Corp.		1,591		0.59	%		(570	)
Liberty Energy, Inc. — Class A		2,417		0.35	%		(2,284	)
Par Pacific Holdings, Inc.		954		0.17	%		(5,389	)
SandRidge Energy, Inc.		4,986		0.45	%		(6,095	)
CVR Energy, Inc.		4,223		0.79	%		(13,002	)
Total Energy							16,641
Government
Banco Latinoamericano de Comercio Exterior S.A. — Class E		2,039		0.42	%		12,735
Total MS Equity Long Custom Basket						$	818,216
MS EQUITY SHORT CUSTOM BASKET
Technology
Paycor HCM, Inc.		10,550		(0.80	)%		84,055
Dayforce, Inc.		3,263		(1.01	)%		41,195
Privia Health Group, Inc.		10,512		(1.14	)%		32,239
Braze, Inc. — Class A		3,061		(0.74	)%		26,999
Take-Two Interactive Software, Inc.		1,279		(1.25	)%		(4,903	)
ACV Auctions, Inc. — Class A		8,307		(0.95	)%		(6,196	)
KBR, Inc.		3,476		(1.40	)%		(9,215	)
Parsons Corp.		2,917		(1.49	)%		(32,499	)
Total Technology							131,675
Utilities
AES Corp.		10,159		(1.12	)%		31,305
Middlesex Water Co.		3,997		(1.31	)%		13,204
PNM Resources, Inc.		5,662		(1.31	)%		(1,905	)
Total Utilities							42,604
Financial
Kennedy-Wilson Holdings, Inc.		21,000		(1.28	)%		90,387
Sun Communities, Inc.		1,838		(1.38	)%		52,770
New York Mortgage Trust, Inc.		27,625		(1.01	)%		48,460
Americold Realty Trust, Inc.		7,934		(1.27	)%		45,505
PotlatchDeltic Corp.		5,068		(1.25	)%		29,400
Marcus & Millichap, Inc.		7,003		(1.38	)%		27,534
Cannae Holdings, Inc.		8,107		(0.92	)%		19,146
Howard Hughes Holdings, Inc.		3,276		(1.33	)%		15,403
Equinix, Inc.		183		(0.87	)%		13,970
Terreno Realty Corp.		1,890		(0.70	)%		7,615
Capitol Federal Financial, Inc.		27,857		(0.96	)%		7,403

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 7

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
TFS Financial Corp.		16,785		(1.33	)%	$	6,475
Northern Trust Corp.		2,164		(1.14	)%		337
American Tower Corp. — Class A		301		(0.37	)%		(204	)
Global Net Lease, Inc.		5,767		(0.27	)%		(213	)
Rexford Industrial Realty, Inc.		4,703		(1.31	)%		(1,569	)
State Street Corp.		2,890		(1.34	)%		(1,577	)
COPT Defense Properties		5,950		(0.93	)%		(1,721	)
Veris Residential, Inc.		8,937		(0.84	)%		(1,729	)
Air Lease Corp. — Class A		3,957		(1.18	)%		(2,833	)
Digital Realty Trust, Inc.		546		(0.52	)%		(3,301	)
Ventas, Inc.		2,347		(0.75	)%		(3,318	)
CBRE Group, Inc. — Class A		1,667		(0.93	)%		(4,481	)
Prologis, Inc.		1,215		(0.85	)%		(6,618	)
Redwood Trust, Inc.		27,314		(1.11	)%		(8,388	)
Bank of New York Mellon Corp.		3,634		(1.36	)%		(9,689	)
Apartment Investment and Management Co. — Class A		25,731		(1.34	)%		(13,882	)
Triumph Financial, Inc.		1,749		(0.90	)%		(16,066	)
Merchants Bancorp		2,855		(0.72	)%		(16,808	)
Iron Mountain, Inc.		1,756		(0.99	)%		(18,494	)
Elme Communities		14,141		(1.41	)%		(21,134	)
Welltower, Inc.		2,021		(1.32	)%		(40,732	)
FTAI Infrastructure, Inc.		17,451		(0.94	)%		(48,796	)
Total Financial							142,852
Consumer, Cyclical
Walgreens Boots Alliance, Inc.		10,644		(0.81	)%		104,948
Floor & Decor Holdings, Inc. — Class A		1,121		(0.70	)%		21,521
Camping World Holdings, Inc. — Class A		5,509		(0.62	)%		11,783
American Airlines Group, Inc.		4,831		(0.34	)%		10,159
Allegiant Travel Co. — Class A		2,468		(0.78	)%		8,229
Copart, Inc.		3,969		(1.35	)%		(941	)
Southwest Airlines Co.		2,532		(0.45	)%		(1,613	)
CarMax, Inc.		2,109		(0.97	)%		(4,971	)
VSE Corp.		1,232		(0.68	)%		(5,752	)
JetBlue Airways Corp.		19,035		(0.73	)%		(9,490	)
Freshpet, Inc.		882		(0.71	)%		(17,048	)
Total Consumer, Cyclical							116,825
Consumer, Non-cyclical
Flowers Foods, Inc.		9,401		(1.31	)%		13,402
Avis Budget Group, Inc.		652		(0.43	)%		8,405
CBIZ, Inc.		2,848		(1.32	)%		5,381
U-Haul Holding Co.		2,243		(0.87	)%		5,335
Utz Brands, Inc.		4,508		(0.47	)%		3,726
Dun & Bradstreet Holdings, Inc.		6,455		(0.37	)%		1,997
Limoneira Co.		4,293		(0.56	)%		1,247
NeoGenomics, Inc.		6,052		(0.53	)%		(2,925	)
RB Global, Inc.		1,674		(0.80	)%		(4,253	)
GXO Logistics, Inc.		3,389		(1.07	)%		(5,208	)
TransUnion		1,601		(0.74	)%		(8,287	)
Equifax, Inc.		904		(1.37	)%		(8,914	)
Spectrum Brands Holdings, Inc.		2,228		(1.20	)%		(17,890	)
Total Consumer, Non-cyclical							(7,984	)
Energy
Dril-Quip, Inc.		7,250		(0.84	)%		26,488
Range Resources Corp.		3,152		(0.66	)%		9,438
Oceaneering International, Inc.		6,116		(0.91	)%		(5,307	)
Sitio Royalties Corp. — Class A		4,990		(0.74	)%		(6,173	)
Valaris Ltd.		3,019		(1.41	)%		(17,375	)
NOV, Inc.		12,452		(1.48	)%		(17,756	)
Antero Resources Corp.		6,378		(1.30	)%		(19,931	)
Bristow Group, Inc.		3,660		(0.77	)%		(22,187	)
Helix Energy Solutions Group, Inc.		11,261		(0.84	)%		(22,380	)
TechnipFMC plc		6,768		(1.11	)%		(35,015	)
Archrock, Inc.		6,030		(0.76	)%		(38,468	)
Total Energy							(148,666	)
Industrial
Norfolk Southern Corp.		959		(1.29	)%		25,134
Old Dominion Freight Line, Inc.		684		(0.76	)%		21,151
Knight-Swift Transportation Holdings, Inc.		4,600		(1.44	)%		9,984
XPO, Inc.		553		(0.37	)%		9,649
Boeing Co.		689		(0.79	)%		8,993
Xylem, Inc.		1,544		(1.31	)%		5,580
Union Pacific Corp.		855		(1.21	)%		5,245
Genco Shipping & Trading Ltd.		2,793		(0.37	)%		3,497
Werner Enterprises, Inc.		3,530		(0.79	)%		2,968
CSX Corp.		3,008		(0.63	)%		993
NV5 Global, Inc.		756		(0.44	)%		(588	)
Ryder System, Inc.		417		(0.32	)%		(1,415	)
GATX Corp.		1,637		(1.36	)%		(7,316	)
Covenant Logistics Group, Inc. — Class A		2,258		(0.70	)%		(7,628	)
Waste Management, Inc.		1,003		(1.34	)%		(10,020	)
Saia, Inc.		146		(0.43	)%		(10,178	)
Expeditors International of Washington, Inc.		1,252		(0.98	)%		(11,810	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Casella Waste Systems, Inc. — Class A		2,216		(1.38	)%	$	(34,877	)
RXO, Inc.		10,538		(1.73	)%		(48,267	)
Total Industrial							(38,905	)
Communications
Boston Omaha Corp. — Class A		7,442		(0.63	)%		12,019
Uber Technologies, Inc.		2,050		(0.93	)%		(13,862	)
Total Communications							(1,843	)
Basic Materials
Compass Minerals International, Inc.		5,039		(0.33	)%		57,641
Hecla Mining Co.		12,035		(0.37	)%		14,175
Novagold Resources, Inc.		23,663		(0.51	)%		13,371
Huntsman Corp.		6,761		(0.96	)%		6,394
Ivanhoe Electric Incorporated / US		10,246		(0.60	)%		4,995
Newmont Corp.		2,352		(0.62	)%		(2,465	)
Kronos Worldwide, Inc.		8,804		(0.69	)%		(27,475	)
Total Basic Materials							66,636
Total MS Equity Short Custom Basket						$	303,194

GS EQUITY LONG CUSTOM BASKET
Industrial
Mueller Industries, Inc.	1,661	0.69	%	26,564
Apogee Enterprises, Inc.	1,841	0.81	%	23,998
International Seaways, Inc.	1,816	0.75	%	22,454
Teekay Tankers Ltd. — Class A	1,209	0.58	%	22,146
Teekay Corp.	10,371	0.65	%	21,783
Owens Corning	374	0.45	%	18,596
Ardmore Shipping Corp.	1,728	0.27	%	17,228
Scorpio Tankers, Inc.	997	0.57	%	13,775
TD SYNNEX Corp.	888	0.71	%	4,113
UFP Industries, Inc.	683	0.53	%	3,939
Applied Industrial Technologies, Inc.	464	0.63	%	3,023
Lindsay Corp.	368	0.32	%	2,288
Masco Corp.	630	0.29	%	1,470
AZZ, Inc.	575	0.31	%	834
Caterpillar, Inc.	290	0.67	%	310
A O Smith Corp.	872	0.50	%	14
Garmin Ltd.	288	0.33	%	(301	)
Watts Water Technologies, Inc. — Class A	133	0.17	%	(1,155	)
Snap-on, Inc.	310	0.57	%	(1,374	)
Mettler-Toledo International, Inc.	41	0.40	%	(1,560	)
Berry Global Group, Inc.	1,040	0.43	%	(2,252	)

Atkore, Inc.	349	0.33	%	(2,369	)
Oshkosh Corp.	408	0.31	%	(2,564	)
Vishay Intertechnology, Inc.	4,829	0.75	%	(2,773	)
Griffon Corp.	676	0.30	%	(3,118	)
Deere & Co.	123	0.32	%	(3,357	)
Kennametal, Inc.	2,019	0.33	%	(3,373	)
Worthington Enterprises, Inc.	552	0.18	%	(3,786	)
AGCO Corp.	266	0.18	%	(4,255	)
Vontier Corp.	2,899	0.77	%	(4,264	)
Terex Corp.	847	0.32	%	(4,442	)
Timken Co.	581	0.32	%	(5,472	)
Avnet, Inc.	2,127	0.76	%	(5,484	)
Acuity Brands, Inc.	439	0.74	%	(5,656	)
Dorian LPG Ltd.	909	0.27	%	(7,174	)
Boise Cascade Co.	614	0.51	%	(9,464	)
Sonoco Products Co.	1,874	0.66	%	(10,880	)
Total Industrial				97,462
Communications
InterDigital, Inc.	985	0.80	%	31,587
AT&T, Inc.	6,634	0.88	%	22,201
IDT Corp. — Class B	2,894	0.73	%	21,418
Amazon.com, Inc.	464	0.63	%	18,527
Verizon Communications, Inc.	2,973	0.86	%	14,868
T-Mobile US, Inc.	661	0.81	%	13,145
Alphabet, Inc. — Class C	598	0.77	%	12,781
Meta Platforms, Inc. — Class A	130	0.46	%	5,931
eBay, Inc.	1,583	0.59	%	5,578
Cisco Systems, Inc.	2,713	0.90	%	4,961
Anterix, Inc.	1,144	0.32	%	4,775
Yelp, Inc. — Class A	3,194	0.82	%	2,409
Gogo, Inc.	6,716	0.45	%	1,741
Ciena Corp.	846	0.28	%	(369	)
Fox Corp. — Class B	3,552	0.79	%	(749	)
Ooma, Inc.	5,272	0.37	%	(1,799	)
Spok Holdings, Inc.	4,304	0.44	%	(2,026	)
TEGNA, Inc.	5,979	0.58	%	(2,794	)
Total Communications				152,185
Technology
NVIDIA Corp.	1,019	0.88	%	52,868
Apple, Inc.	887	1.30	%	46,924
Microsoft Corp.	488	1.52	%	20,461
Immersion Corp.	5,197	0.34	%	13,427
NetApp, Inc.	523	0.47	%	12,866
International Business Machines Corp.	382	0.46	%	11,552
Applied Materials, Inc.	104	0.17	%	10,669
Amkor Technology, Inc.	1,352	0.38	%	10,179
Playtika Holding Corp.	3,321	0.18	%	3,378
Qualys, Inc.	434	0.43	%	2,941

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Clear Secure, Inc. — Class A		2,290		0.30	%	$	2,842
Cirrus Logic, Inc.		269		0.24	%		2,830
Adeia, Inc.		2,229		0.17	%		1,642
Pure Storage, Inc. — Class A		374		0.17	%		386
DocuSign, Inc.		436		0.16	%		(126	)
IPG Photonics Corp.		433		0.25	%		(1,038	)
Cognizant Technology Solutions Corp. — Class A		576		0.27	%		(1,244	)
QUALCOMM, Inc.		196		0.27	%		(2,459	)
Photronics, Inc.		935		0.16	%		(2,988	)
Dropbox, Inc. — Class A		5,286		0.83	%		(3,078	)
Teradata Corp.		806		0.19	%		(3,375	)
Zoom Video Communications, Inc. — Class A		1,841		0.76	%		(7,658	)
Amdocs Ltd.		1,486		0.82	%		(9,298	)
Total Technology							161,701
Financial
Synchrony Financial		1,602		0.53	%		13,635
Essent Group Ltd.		2,002		0.78	%		12,216
Enact Holdings, Inc.		3,755		0.80	%		7,833
Preferred Bank/Los Angeles CA		1,035		0.55	%		7,769
MGIC Investment Corp.		5,369		0.81	%		7,660
Innovative Industrial Properties, Inc.		431		0.33	%		7,506
NMI Holdings, Inc. — Class A		1,603		0.38	%		6,653
International Bancshares Corp.		855		0.34	%		6,511
National Storage Affiliates Trust		2,127		0.61	%		6,343
Janus Henderson Group plc		3,449		0.81	%		4,866
Loews Corp.		1,531		0.80	%		3,418
Affiliated Managers Group, Inc.		223		0.24	%		2,984
Citigroup, Inc.		1,033		0.46	%		2,192
Sunstone Hotel Investors, Inc.		6,682		0.49	%		1,959
Markel Group, Inc.		30		0.33	%		1,799
Central Pacific Financial Corp.		2,651		0.39	%		1,572
Cullen/Frost Bankers, Inc.		453		0.32	%		1,145
Ally Financial, Inc.		1,491		0.41	%		987
Hilltop Holdings, Inc.		2,185		0.48	%		537
Westamerica BanCorp		800		0.27	%		482
MetLife, Inc.		1,665		0.82	%		428
Enova International, Inc.		656		0.28	%		406
OneMain Holdings, Inc.		1,192		0.40	%		405
Everest Group Ltd.		158		0.42	%		397
Equity Commonwealth		5,930		0.80	%		231
Jackson Financial, Inc. — Class A		612		0.32	%		172
SiriusPoint Ltd.		2,357		0.20	%		82
Western Union Co.		4,265		0.36	%		(3,119	)
Travelers Companies, Inc.		322		0.46	%		(3,433	)
Assured Guaranty Ltd.		591		0.32	%		(4,382	)
Total Financial							89,254
Consumer, Non-cyclical
United Therapeutics Corp.		409		0.91	%		37,284
Innoviva, Inc.		6,072		0.69	%		15,827
Merck & Company, Inc.		1,011		0.87	%		13,674
Eli Lilly & Co.		28		0.18	%		8,799
Perdoceo Education Corp.		1,500		0.22	%		6,389
Amgen, Inc.		157		0.34	%		5,525
Heidrick & Struggles International, Inc.		909		0.20	%		4,205
Colgate-Palmolive Co.		1,068		0.72	%		3,753
Organon & Co.		1,310		0.19	%		3,749
Gilead Sciences, Inc.		1,848		0.88	%		3,485
Vertex Pharmaceuticals, Inc.		51		0.17	%		2,756
Alarm.com Holdings, Inc.		367		0.16	%		2,093
Neurocrine Biosciences, Inc.		844		0.81	%		1,712
Kimberly-Clark Corp.		857		0.83	%		1,606
Exelixis, Inc.		1,381		0.22	%		814
Stride, Inc.		579		0.28	%		568
Pacira BioSciences, Inc.		1,418		0.28	%		566
Catalyst Pharmaceuticals, Inc.		3,475		0.38	%		(36	)
LiveRamp Holdings, Inc.		731		0.16	%		(523	)
Biogen, Inc.		148		0.24	%		(634	)
Medtronic plc		303		0.17	%		(915	)
Quest Diagnostics, Inc.		161		0.15	%		(934	)
Pfizer, Inc.		779		0.15	%		(1,150	)
Bio-Rad Laboratories, Inc. — Class A		80		0.15	%		(1,231	)
Becton Dickinson & Co.		498		0.81	%		(1,336	)
Inmode Ltd.		1,313		0.17	%		(2,378	)
United Rentals, Inc.		118		0.53	%		(2,404	)
Zimmer Biomet Holdings, Inc.		614		0.46	%		(2,572	)
OraSure Technologies, Inc.		4,845		0.14	%		(2,697	)
Xencor, Inc.		977		0.13	%		(2,832	)
Philip Morris International, Inc.		1,182		0.84	%		(2,983	)
USANA Health Sciences, Inc.		898		0.28	%		(3,213	)
Alkermes plc		1,585		0.27	%		(3,833	)
Centene Corp.		454		0.21	%		(3,975	)

10 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Collegium Pharmaceutical, Inc.		2,094		0.47	%	$	(4,867	)
Johnson & Johnson		901		0.92	%		(5,308	)
ZipRecruiter, Inc. — Class A		3,592		0.23	%		(5,386	)
Royalty Pharma plc — Class A		2,606		0.48	%		(5,854	)
Jazz Pharmaceuticals plc		812		0.60	%		(7,889	)
Molina Healthcare, Inc.		235		0.49	%		(9,663	)
Bristol-Myers Squibb Co.		2,883		0.84	%		(15,712	)
Total Consumer, Non-cyclical							24,480
Consumer, Cyclical
Allison Transmission Holdings, Inc.		1,100		0.58	%		15,437
KB Home		967		0.47	%		12,433
M/I Homes, Inc.		361		0.31	%		11,981
Lennar Corp. — Class A		716		0.75	%		8,440
Monarch Casino & Resort, Inc.		1,541		0.73	%		3,787
General Motors Co.		2,592		0.84	%		3,509
Gentex Corp.		2,145		0.50	%		2,864
Build-A-Bear Workshop, Inc. — Class A		1,069		0.19	%		1,260
Las Vegas Sands Corp.		1,290		0.40	%		1,021
Skechers USA, Inc. — Class A		683		0.33	%		913
Dillard’s, Inc. — Class A		88		0.27	%		631
Cummins, Inc.		417		0.81	%		(760	)
Toll Brothers, Inc.		300		0.24	%		(1,070	)
Ethan Allen Interiors, Inc.		1,084		0.21	%		(1,372	)
Buckle, Inc.		1,731		0.45	%		(1,852	)
Sonos, Inc.		1,881		0.19	%		(2,242	)
Visteon Corp.		436		0.32	%		(2,527	)
DR Horton, Inc.		337		0.33	%		(2,555	)
Movado Group, Inc.		2,413		0.42	%		(2,873	)
Steven Madden Ltd.		1,358		0.40	%		(2,916	)
Golden Entertainment, Inc.		883		0.19	%		(2,967	)
Dana, Inc.		2,500		0.21	%		(3,325	)
PulteGroup, Inc.		427		0.33	%		(3,343	)
Carter’s, Inc.		691		0.30	%		(4,115	)
PACCAR, Inc.		1,075		0.77	%		(4,121	)
BorgWarner, Inc.		2,425		0.55	%		(5,442	)
Meritage Homes Corp.		386		0.44	%		(5,601	)
Wabash National Corp.		1,477		0.23	%		(7,046	)
Polaris, Inc.		970		0.53	%		(7,678	)
MasterCraft Boat Holdings, Inc.		2,031		0.27	%		(7,907	)
GMS, Inc.		1,266		0.71	%		(10,312	)
Lear Corp.		940		0.75	%		(11,446	)
MSC Industrial Direct Company, Inc. — Class A		1,351		0.75	%		(13,359	)
Total Consumer, Cyclical							(42,553	)
Utilities
OGE Energy Corp.		3,169		0.79	%		6,002
National Fuel Gas Co.		2,024		0.77	%		5,007
Black Hills Corp.		2,065		0.78	%		3,295
ONE Gas, Inc.		1,833		0.82	%		2,610
Otter Tail Corp.		711		0.43	%		(1,468	)
New Jersey Resources Corp.		2,162		0.64	%		(2,673	)
WEC Energy Group, Inc.		1,418		0.78	%		(3,628	)
Avista Corp.		2,514		0.61	%		(3,853	)
CMS Energy Corp.		1,851		0.77	%		(4,081	)
Total Utilities							1,211
Basic Materials
Cabot Corp.		373		0.24	%		(33	)
Sylvamo Corp.		508		0.24	%		(1,329	)
CF Industries Holdings, Inc.		607		0.31	%		(4,180	)
Olin Corp.		1,105		0.36	%		(4,938	)
Total Basic Materials							(10,480	)
Energy
Marathon Petroleum Corp.		386		0.47	%		14,083
Cheniere Energy, Inc.		523		0.64	%		11,566
EOG Resources, Inc.		610		0.54	%		3,641
Magnolia Oil & Gas Corp. — Class A		2,031		0.36	%		2,055
Valero Energy Corp.		504		0.55	%		1,616
HF Sinclair Corp.		1,591		0.59	%		(415	)
PBF Energy, Inc. — Class A		2,336		0.75	%		(1,895	)
Liberty Energy, Inc. — Class A		2,417		0.35	%		(2,469	)
Par Pacific Holdings, Inc.		954		0.17	%		(5,443	)
SandRidge Energy, Inc.		4,986		0.45	%		(6,106	)
CVR Energy, Inc.		4,223		0.79	%		(13,214	)
Total Energy							3,419
Government
Banco Latinoamericano de Comercio Exterior S.A. — Class E		2,039		0.42	%		12,131
Total GS Equity Long Custom Basket						$	488,810
GS EQUITY SHORT CUSTOM BASKET
Technology
Paycor HCM, Inc.		10,550		(0.85	)%		77,967
Dayforce, Inc.		3,263		(1.03	)%		40,913
Braze, Inc. — Class A		3,061		(0.75	)%		27,188
Take-Two Interactive Software, Inc.		1,279		(1.26	)%		(4,948	)
ACV Auctions, Inc. — Class A		8,307		(0.96	)%		(6,016	)
KBR, Inc.		3,476		(1.41	)%		(9,285	)
Parsons Corp.		2,917		(1.51	)%		(32,671	)
Total Technology							93,148

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Utilities
AES Corp.		10,159		(1.13	)%	$	32,421
Middlesex Water Co.		3,997		(1.32	)%		13,236
PNM Resources, Inc.		5,662		(1.33	)%		(1,651	)
Total Utilities							44,006
Financial
Kennedy-Wilson Holdings, Inc.		21,000		(1.29	)%		89,755
New York Mortgage Trust, Inc.		27,625		(1.02	)%		48,205
Americold Realty Trust, Inc.		7,934		(1.28	)%		35,396
PotlatchDeltic Corp.		5,068		(1.26	)%		29,595
Marcus & Millichap, Inc.		7,003		(1.40	)%		27,392
Sun Communities, Inc.		1,838		(1.40	)%		19,091
Cannae Holdings, Inc.		8,107		(0.93	)%		18,995
Howard Hughes Holdings, Inc.		3,276		(1.34	)%		15,223
TFS Financial Corp.		16,785		(1.34	)%		8,829
Terreno Realty Corp.		1,890		(0.71	)%		8,448
Capitol Federal Financial, Inc.		27,857		(0.97	)%		7,379
Northern Trust Corp.		2,164		(1.15	)%		303
Global Net Lease, Inc.		5,767		(0.27	)%		(138	)
American Tower Corp. — Class A		301		(0.37	)%		(149	)
State Street Corp.		2,890		(1.35	)%		(1,638	)
COPT Defense Properties		5,950		(0.94	)%		(1,642	)
Veris Residential, Inc.		8,937		(0.85	)%		(1,707	)
Rexford Industrial Realty, Inc.		4,703		(1.33	)%		(2,081	)
Ventas, Inc.		2,347		(0.76	)%		(3,025	)
Digital Realty Trust, Inc.		546		(0.53	)%		(3,267	)
Air Lease Corp. — Class A		3,957		(1.19	)%		(3,526	)
Equinix, Inc.		183		(0.88	)%		(4,407	)
CBRE Group, Inc. — Class A		1,667		(0.94	)%		(4,906	)
Prologis, Inc.		1,215		(0.86	)%		(6,530	)
Redwood Trust, Inc.		27,314		(1.12	)%		(8,499	)
Bank of New York Mellon Corp.		3,634		(1.38	)%		(9,788	)
Apartment Investment and Management Co. — Class A		25,731		(1.35	)%		(13,935	)
Triumph Financial, Inc.		1,749		(0.91	)%		(15,779	)
Merchants Bancorp		2,855		(0.73	)%		(16,627	)
Iron Mountain, Inc.		1,756		(1.00	)%		(18,362	)
Elme Communities		14,141		(1.43	)%		(21,235	)
Welltower, Inc.		2,021		(1.33	)%		(28,531	)
FTAI Infrastructure, Inc.		17,451		(0.95	)%		(48,986	)
Total Financial							93,853
Consumer, Cyclical
Walgreens Boots Alliance, Inc.		10,644		(0.82	)%		105,175
Floor & Decor Holdings, Inc. — Class A		1,121		(0.71	)%		20,762
Camping World Holdings, Inc. — Class A		5,509		(0.62	)%		11,497
American Airlines Group, Inc.		4,831		(0.35	)%		10,167
Allegiant Travel Co. — Class A		2,468		(0.79	)%		8,038
Copart, Inc.		3,969		(1.36	)%		(1,160	)
Southwest Airlines Co.		2,532		(0.46	)%		(1,777	)
CarMax, Inc.		2,109		(0.98	)%		(4,951	)
VSE Corp.		1,232		(0.69	)%		(5,673	)
JetBlue Airways Corp.		19,035		(0.73	)%		(9,612	)
Freshpet, Inc.		882		(0.72	)%		(16,694	)
Total Consumer, Cyclical							115,772
Consumer, Non-cyclical
Flowers Foods, Inc.		9,401		(1.32	)%		13,526
Utz Brands, Inc.		4,508		(0.48	)%		12,576
Avis Budget Group, Inc.		652		(0.43	)%		8,206
CBIZ, Inc.		2,848		(1.34	)%		5,932
U-Haul Holding Co.		2,243		(0.88	)%		5,558
Limoneira Co.		4,293		(0.57	)%		3,516
Dun & Bradstreet Holdings, Inc.		6,455		(0.38	)%		1,713
NeoGenomics, Inc.		6,052		(0.53	)%		(2,861	)
GXO Logistics, Inc.		3,389		(1.08	)%		(4,346	)
RB Global, Inc.		1,674		(0.81	)%		(4,474	)
TransUnion		1,601		(0.75	)%		(8,417	)
Equifax, Inc.		904		(1.39	)%		(8,981	)
Spectrum Brands Holdings, Inc.		2,228		(1.21	)%		(18,131	)
Total Consumer, Non-cyclical							3,817
Energy
Dril-Quip, Inc.		7,250		(0.85	)%		26,353
Range Resources Corp.		3,152		(0.67	)%		9,550
Oceaneering International, Inc.		6,116		(0.92	)%		(5,095	)
Sitio Royalties Corp. — Class A		4,990		(0.75	)%		(6,208	)
Valaris Ltd.		3,019		(1.42	)%		(16,933	)
NOV, Inc.		12,452		(1.50	)%		(17,817	)
Antero Resources Corp.		6,378		(1.32	)%		(19,970	)
Bristow Group, Inc.		3,660		(0.78	)%		(22,208	)
Helix Energy Solutions Group, Inc.		11,261		(0.85	)%		(22,274	)
TechnipFMC plc		6,768		(1.12	)%		(35,022	)
Archrock, Inc.		6,030		(0.77	)%		(38,370	)
Total Energy							(147,994	)
Industrial
Norfolk Southern Corp.		959		(1.30	)%		24,976

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
LONG SHORT EQUITY FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Old Dominion Freight Line, Inc.		684		(0.77	)%	$	21,360
XPO, Inc.		553		(0.37	)%		10,081
Knight-Swift Transportation Holdings, Inc.		4,600		(1.45	)%		10,014
Boeing Co.		689		(0.79	)%		9,037
Xylem, Inc.		1,544		(1.33	)%		5,194
Union Pacific Corp.		855		(1.23	)%		5,170
Genco Shipping & Trading Ltd.		2,793		(0.38	)%		3,407
Werner Enterprises, Inc.		3,530		(0.80	)%		2,856
CSX Corp.		3,008		(0.64	)%		864
NV5 Global, Inc.		756		(0.45	)%		(578	)
Ryder System, Inc.		417		(0.33	)%		(1,442	)
GATX Corp.		1,637		(1.37	)%		(7,391	)
Covenant Logistics Group, Inc. — Class A		2,258		(0.70	)%		(7,585	)
Waste Management, Inc.		1,003		(1.36	)%		(10,056	)
Saia, Inc.		146		(0.44	)%		(10,114	)
Expeditors International of Washington, Inc.		1,252		(0.99	)%		(12,220	)
Casella Waste Systems, Inc. — Class A		2,216		(1.39	)%		(24,556	)
RXO, Inc.		10,538		(1.75	)%		(48,762	)
Total Industrial							(29,745	)
Communications
Boston Omaha Corp. — Class A		7,442		(0.63	)%		11,740
Uber Technologies, Inc.		2,050		(0.94	)%		(13,770	)
Total Communications							(2,030	)
Basic Materials
Compass Minerals International, Inc.		5,039		(0.33	)%		57,299
Novagold Resources, Inc.		23,663		(0.52	)%		13,357
Hecla Mining Co.		12,035		(0.37	)%		5,338
Ivanhoe Electric Incorporated / US		10,246		(0.61	)%		5,284
Huntsman Corp.		6,761		(0.98	)%		5,182
Newmont Corp.		2,352		(0.62	)%		(2,375	)
Kronos Worldwide, Inc.		8,804		(0.70	)%		(27,706	)
Total Basic Materials							56,379
Total GS Equity Short Custom Basket						$	227,206

*	Non-income producing security.
**	A copy of each underlying unaffiliated fund’s financial statements is available at the SEC’s website at 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 pledged as custom basket swap collateral at June 30, 2024.
2	All or a portion of this security is on loan at June 30, 2024 — See Note 7.
3	Rate indicated is the 7-day yield as of June 30, 2024.
4	Securities lending collateral — See Note 7.
	GS — Goldman Sachs International
	MS — Morgan Stanley Capital Services LLC
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	25,941,113	$	—	$	—	$	25,941,113
Money Market Fund		605,101		—		—		605,101
Securities Lending Collateral		52,860		—		—		52,860
Equity Custom Basket Swap Agreements**		—		1,837,426		—		1,837,426
Total Assets	$	26,599,074	$	1,837,426	$	—	$	28,436,500

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

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

LONG SHORT EQUITY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $52,847 of securities loaned (cost $25,000,938)	$	26,599,074
Cash		1,268
Unrealized appreciation on OTC swap agreements		1,837,426
Receivables:
Fund shares sold		92,753
Dividends		21,669
Total assets		28,552,190
Liabilities:
Payable for:
Swap settlement		265,304
Return of securities lending collateral		52,860
Management fees		19,778
Transfer agent fees		11,150
Fund shares redeemed		6,232
Investor service fees		5,494
Portfolio accounting and administration fees		3,406
Trustees’ fees*		235
Miscellaneous		47,225
Total liabilities		411,684
Net assets	$	28,140,506
Net assets consist of:
Paid in capital	$	23,281,597
Total distributable earnings (loss)		4,858,909
Net assets	$	28,140,506
Capital shares outstanding		1,496,948
Net asset value per share	$	18.80

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $54)	$	289,963
Income from securities lending, net		7
Total investment income		289,970
Expenses:
Management fees		122,496
Investor service fees		34,027
Transfer agent fees		42,735
Professional fees		23,293
Portfolio accounting and administration fees		21,096
Custodian fees		1,764
Trustees’ fees*		1,749
Line of credit fees		227
Miscellaneous		6,450
Total expenses		253,837
Net investment income		36,133
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		2,302,589
Swap agreements		(14,019	)
Net realized gain		2,288,570
Net change in unrealized appreciation (depreciation) on:
Investments		(1,031,967	)
Swap agreements		1,311,418
Net change in unrealized appreciation (depreciation)		279,451
Net realized and unrealized gain		2,568,021
Net increase in net assets resulting from operations	$	2,604,154

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

LONG SHORT EQUITY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	36,133		$	31,357
Net realized gain on investments		2,288,570			1,510,348
Net change in unrealized appreciation (depreciation) on investments		279,451			1,254,678
Net increase in net assets resulting from operations		2,604,154			2,796,383
Distributions to shareholders		—			(60,036	)
Capital share transactions:
Proceeds from sale of shares		6,537,878			9,301,718
Distributions reinvested		—			60,036
Cost of shares redeemed		(6,563,929	)		(8,913,039	)
Net increase (decrease) from capital share transactions		(26,051	)		448,715
Net increase in net assets		2,578,103			3,185,062
Net assets:
Beginning of period		25,562,403			22,377,341
End of period	$	28,140,506		$	25,562,403
Capital share activity:
Shares sold		350,011			573,241
Shares issued from reinvestment of distributions		—			3,699
Shares redeemed		(359,284	)		(553,184	)
Net increase (decrease) in shares		(9,273	)		23,756

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

LONG SHORT EQUITY FUND

FINANCIAL HIGHLIGHTS

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

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	16.97		$	15.09		$	17.71		$	14.40		$	13.84		$	13.19
Income (loss) from investment operations:
Net investment income (loss)b		.02			.02			.04			.07			.08			.09
Net gain (loss) on investments (realized and unrealized)		1.81			1.90			(2.59	)		3.35			.59			.64
Total from investment operations		1.83			1.92			(2.55	)		3.42			.67			.73
Less distributions from:
Net investment income		—			(.04	)		(.07	)		(.11	)		(.11	)		(.08	)
Total distributions		—			(.04	)		(.07	)		(.11	)		(.11	)		(.08	)
Net asset value, end of period	$	18.80		$	16.97		$	15.09		$	17.71		$	14.40		$	13.84
Total Returnc		10.72	%		12.75	%		(14.39	%)		23.80	%		4.93	%		5.54	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	28,141		$	25,562		$	22,377		$	27,383		$	22,969		$	30,683
Ratios to average net assets:
Net investment income (loss)		0.27	%		0.13	%		0.23	%		0.45	%		0.59	%		0.65	%
Total expensesd		1.87	%		1.92	%		1.78	%		1.60	%		1.73	%		1.72	%
Portfolio turnover rate		170	%		338	%		302	%		211	%		160	%		170	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
GLOBAL MANAGED FUTURES STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 41.0%
Guggenheim Variable Insurance Strategy Fund III1		134,486	$	3,323,139
Guggenheim Strategy Fund III1		89,107		2,203,614
Guggenheim Strategy Fund II1		4,552		112,211
Guggenheim Ultra Short Duration Fund — Institutional Class1		7,274		72,300
Total Mutual Funds
(Cost $5,738,109)				5,711,264
	Face Amount
U.S. TREASURY BILLS†† - 17.4%
U.S. Treasury Bills
5.18% due 07/09/242,3	$	2,419,000		2,416,193
Total U.S. Treasury Bills
(Cost $2,416,167)				2,416,193

REPURCHASE AGREEMENTS††,4 - 41.9%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	3,262,336		3,262,336
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24	2,571,968		2,571,968
Total Repurchase Agreements
(Cost $5,834,304)			5,834,304
Total Investments - 100.3%
(Cost $13,988,580)		$	13,961,761
Other Assets & Liabilities, net - (0.3)%			(48,535	)
Total Net Assets - 100.0%		$	13,913,226

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Equity Futures Contracts Purchased†
Tokyo Stock Price Index Futures Contracts		5		Sep 2024	$	880,557	$	25,124
Nikkei 225 (OSE) Index Futures Contracts		2		Sep 2024		494,704		12,569
Russell 2000 Index Mini Futures Contracts		6		Sep 2024		619,920		5,783
DAX Index Futures Contracts		3		Sep 2024		1,480,312		5,657
NASDAQ-100 Index Mini Futures Contracts		4		Sep 2024		1,594,600		5,434
S&P 500 Index Mini Futures Contracts		14		Sep 2024		3,866,450		3,479
FTSE/JSE TOP 40 Index Futures Contracts††		3		Sep 2024		120,758		3,004
S&P MidCap 400 Index Mini Futures Contracts		6		Sep 2024		1,775,460		2,644
SPI 200 Index Futures Contracts		5		Sep 2024		645,097		1,136
Euro STOXX 50 Index Futures Contracts		5		Sep 2024		264,599		715
Dow Jones Industrial Average Index Mini Futures Contracts		10		Sep 2024		1,974,250		519
CBOE Volatility Index Futures Contracts		3		Sep 2024		47,460		352
OMX Stockholm 30 Index Futures Contracts††		1		Jul 2024		24,175		(716	)
FTSE 100 Index Futures Contracts		5		Sep 2024		519,088		(1,398	)
CBOE Volatility Index Futures Contracts		29		Aug 2024		432,970		(6,292	)
					$	14,740,400	$	58,010
Currency Futures Contracts Purchased†
Canadian Dollar Futures Contracts		5		Sep 2024	$	366,125	$	548
British Pound Futures Contracts		6		Sep 2024		474,300		(749	)
New Zealand Dollar Futures Contracts		4		Sep 2024		243,660		(846	)
					$	1,084,085	$	(1,047	)
Commodity Futures Contracts Purchased†
Sugar #11 Futures Contracts		45		Apr 2025	$	989,352	$	24,178
Live Cattle Futures Contracts		19		Aug 2024		1,408,090		22,731
Gasoline RBOB Futures Contracts		10		Sep 2024		960,246		21,324
LME Zinc Futures Contracts		8		Aug 2024		583,102		12,613
LME Lead Futures Contracts		11		Aug 2024		608,506		1,719
WTI Crude Futures Contracts		4		Jul 2024		326,040		300
Low Sulphur Gas Oil Futures Contracts		5		Aug 2024		391,625		(464	)

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 17

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
GLOBAL MANAGED FUTURES STRATEGY FUND

Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Live Cattle Futures Contracts		4		Oct 2024	$	295,400	$	(1,414	)
Coffee ‘C’ Futures Contracts		8		Sep 2024		682,950		(2,713	)
Natural Gas Futures Contracts		1		Jul 2024		26,060		(4,305	)
LME Primary Aluminum Futures Contracts		3		Aug 2024		188,177		(4,381	)
Silver Futures Contracts		3		Sep 2024		441,225		(7,602	)
Natural Gas Futures Contracts		13		Aug 2024		338,260		(19,487	)
Copper Futures Contracts		7		Sep 2024		765,888		(19,760	)
Cocoa Futures Contracts		2		Sep 2024		150,400		(25,996	)
					$	8,155,321	$	(3,257	)
Interest Rate Futures Contracts Purchased†
U.S. Treasury 5 Year Note Futures Contracts		1		Sep 2024	$	106,523	$	(71	)
Euro - OATS Futures Contracts		7		Sep 2024		923,133		(4,629	)
Euro - Bund Futures Contracts		8		Sep 2024		1,127,440		(5,368	)
Euro - BTP Italian Government Bond Futures Contracts††		11		Sep 2024		1,358,588		(5,739	)
Euro - Bobl Futures Contracts		20		Sep 2024		2,494,803		(5,948	)
U.S. Treasury Long Bond Futures Contracts		4		Sep 2024		471,375		(6,960	)
U.S. Treasury Ultra Long Bond Futures Contracts		4		Sep 2024		498,250		(12,481	)
					$	6,980,112	$	(41,196	)
Currency Futures Contracts Sold Short†
Japanese Yen Futures Contracts		40		Sep 2024	$	3,145,250	$	78,039
Swiss Franc Futures Contracts		13		Sep 2024		1,825,931		13,875
Euro FX Futures Contracts		23		Sep 2024		3,090,769		9,443
Australian Dollar Futures Contracts		2		Sep 2024		133,710		(231	)
Mexican Peso Futures Contracts		7		Sep 2024		189,070		(1,000	)
					$	8,384,730	$	100,126
Interest Rate Futures Contracts Sold Short†
Canadian Government 10 Year Bond Futures Contracts††		42		Sep 2024	$	3,684,415	$	34,839
U.S. Treasury 10 Year Note Futures Contracts		11		Sep 2024		1,208,453		9,364
U.S. Treasury 2 Year Note Futures Contracts		26		Sep 2024		5,309,688		6,240
Australian Government 10 Year Bond Futures Contracts		12		Sep 2024		903,242		5,443
Australian Government 3 Year Bond Futures Contracts		11		Sep 2024		772,568		4,060
Long Gilt Futures Contracts††		1		Sep 2024		123,330		508
Euro - Schatz Futures Contracts		115		Sep 2024		13,026,063		(34,442	)
					$	25,027,759	$	26,012
Equity Futures Contracts Sold Short†
CAC 40 10 Euro Index Futures Contracts		4		Jul 2024	$	321,997	$	4,916
FTSE Taiwan Index Futures Contracts		9		Jul 2024		693,270		3,655
IBEX 35 Index Futures Contracts††		2		Jul 2024		233,649		1,401
CBOE Volatility Index Futures Contracts		24		Oct 2024		436,080		(1,545	)
CBOE Volatility Index Futures Contracts		10		Jul 2024		140,500		(2,357	)
S&P/TSX 60 IX Index Futures Contracts		5		Sep 2024		957,589		(7,398	)
					$	2,783,085	$	(1,328	)
Commodity Futures Contracts Sold Short†
Natural Gas Futures Contracts		14		Sep 2024	$	377,300	$	26,860
Corn Futures Contracts		19		Sep 2024		388,075		14,775
Canadian Canola (WCE) Futures Contracts		37		Nov 2024		339,268		9,175
Live Cattle Futures Contracts		20		Dec 2024		1,485,600		6,774
LME Nickel Futures Contracts		1		Aug 2024		103,141		3,432
Soybean Oil Futures Contracts		25		Dec 2024		657,300		3,190
Red Spring Wheat Futures Contracts		16		Sep 2024		490,400		1,904
Cotton #2 Futures Contracts		4		Dec 2024		145,420		1,610
Soybean Meal Futures Contracts		1		Dec 2024		33,600		917
Gold 100 oz. Futures Contracts		2		Aug 2024		467,080		851
Hard Red Winter Wheat Futures Contracts		1		Sep 2024		29,363		469
Soybean Futures Contracts		9		Nov 2024		497,475		453

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
GLOBAL MANAGED FUTURES STRATEGY FUND

Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Lean Hogs Futures Contracts		3		Aug 2024	$	107,460	$	415
Palladium Futures Contracts		1		Sep 2024		97,000		347
Platinum Futures Contracts		1		Oct 2024		50,485		217
SGX Iron Ore 62% Futures Contracts		18		Aug 2024		191,610		127
Euro - Mill Wheat Futures Contracts		10		Sep 2024		120,004		35
Cotton #2 Futures Contracts		12		May 2025		453,960		(39	)
Cattle Feeder Futures Contracts		1		Aug 2024		129,512		(198	)
Wheat Futures Contracts		31		Sep 2024		891,638		(3,066	)
Brent Crude Futures Contracts		2		Jul 2024		169,880		(5,647	)
Sugar #11 Futures Contracts		19		Sep 2024		432,197		(14,548	)
Gasoline RBOB Futures Contracts		10		Jul 2024		1,053,822		(22,295	)
Sugar #11 Futures Contracts		39		Feb 2025		900,245		(28,090	)
					$	9,611,835	$	(2,332	)

**	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, 2024.
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, 2024 (See Note 4 in the Notes to Consolidated Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	5,711,264	$	—	$	—	$	5,711,264
U.S. Treasury Bills		—		2,416,193		—		2,416,193
Repurchase Agreements		—		5,834,304		—		5,834,304
Commodity Futures Contracts**		154,416		—		—		154,416
Currency Futures Contracts**		101,905		—		—		101,905
Equity Futures Contracts**		71,983		4,405		—		76,388
Interest Rate Futures Contracts**		25,107		35,347		—		60,454
Total Assets	$	6,064,675	$	8,290,249	$	—	$	14,354,924

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Commodity Futures Contracts**	$	160,005	$	—	$	—	$	160,005
Interest Rate Futures Contracts**		69,899		5,739		—		75,638
Equity Futures Contracts**		18,990		716		—		19,706
Currency Futures Contracts**		2,826		—		—		2,826
Total Liabilities	$	251,720	$	6,455	$	—	$	258,175

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

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
GLOBAL MANAGED FUTURES STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	111,528	$	—	$	—	$	—	$	683	$	112,211		4,552	$	3,144
Guggenheim Strategy Fund III		2,187,574		—		—		—		16,040		2,203,614		89,107		58,800
Guggenheim Ultra Short Duration Fund — Institutional Class		71,646		—		—		—		654		72,300		7,274		1,870
Guggenheim Variable Insurance Strategy Fund III		3,298,932		—		—		—		24,207		3,323,139		134,486		89,485
	$	5,669,680	$	—	$	—	$	—	$	41,584	$	5,711,264			$	153,299

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

GLOBAL MANAGED FUTURES STRATEGY FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $2,416,167)	$	2,416,193
Investments in affiliated issuers, at value (cost $5,738,109)		5,711,264
Repurchase agreements, at value (cost $5,834,304)		5,834,304
Cash		555
Segregated cash with broker		2,038
Receivables:
Dividends		24,119
Fund shares sold		13,847
Interest		2,582
Other assets		91
Total assets		14,004,993
Liabilities:
Payable for:
Variation margin on futures contracts		32,623
Professional fees		14,255
Management fees		9,787
Fund shares redeemed		8,067
Transfer agent fees		6,785
Printing fees		6,351
Investor service fees		2,722
Portfolio accounting and administration fees		1,688
Trustees’ fees*		128
Miscellaneous		9,361
Total liabilities		91,767
Net assets	$	13,913,226
Net assets consist of:
Paid in capital	$	14,197,843
Total distributable earnings (loss)		(284,617	)
Net assets	$	13,913,226
Capital shares outstanding		772,966
Net asset value per share	$	18.00

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	153,299
Interest		240,546
Total investment income		393,845
Expenses:
Management fees		74,946
Investor service fees		18,157
Transfer agent fees		29,046
Professional fees		14,696
Portfolio accounting and administration fees		11,257
Trustees’ fees*		1,010
Custodian fees		1,001
Miscellaneous		6,607
Total expenses		156,720
Less:
Expenses waived by Adviser		(9,562	)
Net expenses		147,158
Net investment income		246,687
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		1
Futures contracts		490,215
Foreign currency transactions		3,130
Net realized gain		493,346
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(290	)
Investments in affiliated issuers		41,584
Futures contracts		(131,915	)
Foreign currency translations		(47	)
Net change in unrealized appreciation (depreciation)		(90,668	)
Net realized and unrealized gain		402,678
Net increase in net assets resulting from operations	$	649,365

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 21

GLOBAL MANAGED FUTURES STRATEGY FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	246,687		$	531,216
Net realized gain on investments		493,346			376,097
Net change in unrealized appreciation (depreciation) on investments		(90,668	)		(352,385	)
Net increase in net assets resulting from operations		649,365			554,928
Distributions to shareholders		—			(996,811	)
Capital share transactions:
Proceeds from sale of shares		2,765,623			7,635,530
Distributions reinvested		—			996,811
Cost of shares redeemed		(4,000,680	)		(14,732,753	)
Net decrease from capital share transactions		(1,235,057	)		(6,100,412	)
Net decrease in net assets		(585,692	)		(6,542,295	)
Net assets:
Beginning of period		14,498,918			21,041,213
End of period	$	13,913,226		$	14,498,918
Capital share activity:
Shares sold		151,563			433,575
Shares issued from reinvestment of distributions		—			58,498
Shares redeemed		(223,132	)		(844,203	)
Net decrease in shares		(71,569	)		(352,130	)

22 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT SEE NOTES TO CONSOLIDATED 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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	17.17		$	17.58		$	16.24		$	16.32		$	16.64		$	15.50
Income (loss) from investment operations:
Net investment income (loss)b		.31			.54			.06			(.15	)		(.09	)		.14
Net gain (loss) on investments (realized and unrealized)		.52			.11			1.80			.29			.51			1.15
Total from investment operations		.83			.65			1.86			.14			.42			1.29
Less distributions from:
Net investment income		—			(.65	)		(.43	)		—			(.65	)		(.15	)
Net realized gains		—			(.41	)		(.09	)		(.22	)		(.09	)		—
Total distributions		—			(1.06	)		(.52	)		(.22	)		(.74	)		(.15	)
Net asset value, end of period	$	18.00		$	17.17		$	17.58		$	16.24		$	16.32		$	16.64
Total Returnc		4.83	%		3.80	%		11.28	%		0.82	%		2.60	%		8.35	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,913		$	14,499		$	21,041		$	10,671		$	13,593		$	14,282
Ratios to average net assets:
Net investment income (loss)		3.40	%		3.08	%		0.36	%		(0.87	%)		(0.55	%)		0.82	%
Total expensesd		2.16	%		2.14	%		1.96	%		1.81	%		1.80	%		1.81	%
Net expensese		2.03	%		2.00	%		1.85	%		1.69	%		1.72	%		1.74	%
Portfolio turnover rate		—			—			—			2	%		2	%		13	%

a	Unaudited figures for the period ended June 30, 2024. 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 CONSOLIDATED FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 23

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Value
COMMON STOCKS† - 47.5%
Consumer, Non-cyclical - 13.7%
Olink Holding AB ADR*,1		39,817	$	1,014,537
Amedisys, Inc.*,1		7,418		680,972
Catalent, Inc.*,1		11,735		659,859
Cerevel Therapeutics Holdings, Inc.*		13,202		539,830
Surmodics, Inc.*		10,987		461,893
Aaron’s Company, Inc.		46,260		461,675
Axonics, Inc.*		6,811		457,904
Silk Road Medical, Inc.*		12,919		349,330
Sterling Check Corp.*,1		20,795		307,766
Atrion Corp.		509		230,287
Whole Earth Brands, Inc.*		24,786		120,460
Total Consumer, Non-cyclical				5,284,513
Financial - 7.0%
National Western Life Group, Inc. — Class A1		1,459		725,036
Cambridge Bancorp		7,632		526,608
Heartland Financial USA, Inc.1		10,762		478,371
McGrath RentCorp2		3,530		376,122
AssetMark Financial Holdings, Inc.*		7,041		243,266
Discover Financial Services		1,849		241,868
Independent Bank Group, Inc.		2,604		118,534
Total Financial				2,709,805
Energy - 6.5%
Hess Corp.		4,023		593,473
ChampionX Corp.		14,837		492,737
Southwestern Energy Co.*		64,535		434,321
Marathon Oil Corp.		12,873		369,069
Equitrans Midstream Corp.1		19,860		257,783
Diamond Offshore Drilling, Inc.*		15,350		237,771
US Silica Holdings, Inc.*		7,671		118,517
Total Energy				2,503,671
Consumer, Cyclical - 5.5%
Capri Holdings Ltd.*,1		28,600		946,088
Hibbett, Inc.		6,843		596,778
Vizio Holding Corp. — Class A*,2		39,715		428,922
Hawaiian Holdings, Inc.*		10,628		132,106
Total Consumer, Cyclical				2,103,894
Technology - 4.4%
HashiCorp, Inc. — Class A*,1		16,300		549,147
Everbridge, Inc.*		12,275		429,502
PowerSchool Holdings, Inc. — Class A*		13,172		294,921
ANSYS, Inc.*,1		709		227,944
PlayAGS, Inc.*		16,147		185,691
Total Technology				1,687,205
Communications - 3.8%
Juniper Networks, Inc.1		13,046		475,657
Infinera Corp.*		55,778		339,688
Endeavor Group Holdings, Inc. — Class A1		12,499		337,848
Perficient, Inc.*		3,321		248,378
Squarespace, Inc. — Class A*		1,413		61,649
Total Communications				1,463,220
Industrial - 3.4%
Encore Wire Corp.		1,963		568,936
Overseas Shipholding Group, Inc. — Class A		44,557		377,843
Stericycle, Inc.*		6,181		359,302
Total Industrial				1,306,081
Utilities - 1.9%
Atlantica Sustainable Infrastructure plc		16,454		361,165
ALLETE, Inc.1		5,779		360,321
Total Utilities				721,486
Basic Materials - 1.3%
Haynes International, Inc.1		8,864		520,317
Total Common Stocks
(Cost $18,738,752)				18,300,192
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† - 17.6%
Guggenheim Strategy Fund III3		99,249		2,454,425
Guggenheim Variable Insurance Strategy Fund III3		86,555		2,138,776
Guggenheim Strategy Fund II3		67,185		1,656,106
Guggenheim Ultra Short Duration Fund — Institutional Class3		54,685		543,567
Total Mutual Funds
(Cost $6,865,317)				6,792,874
CLOSED-END MUTUAL FUNDS***,† - 7.2%
abrdn Life Sciences Investors		5,333		75,601
BNY Mellon Municipal Bond Infrastructure Fund, Inc.		7,002		74,081
abrdn Total Dynamic Dividend Fund		8,769		73,747
BlackRock Enhanced Global Dividend Trust		6,946		73,697
Western Asset Inflation-Linked Opportunities & Income Fund		8,402		71,501
General American Investors Company, Inc.		1,418		70,503
Allspring Global Dividend Opportunity Fund		14,370		69,838
Gabelli Dividend & Income Trust		3,027		68,743
SRH Total Return Fund, Inc.		4,691		68,254
Virtus Total Return Fund, Inc.		12,487		68,117
BlackRock Enhanced International Dividend Trust		11,811		65,905

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Value
abrdn Emerging Markets Equity Income Fund, Inc.		11,574	$	61,122
BNY Mellon Strategic Municipals, Inc.		9,391		57,473
Clough Global Equity Fund		7,721		53,854
abrdn Healthcare Investors		2,933		51,210
Nuveen Quality Municipal Income Fund		4,323		50,752
Ellsworth Growth and Income Fund Ltd.		4,781		39,395
BNY Mellon Strategic Municipal Bond Fund, Inc.		6,443		38,271
abrdn Global Dynamic Dividend Fund		3,880		37,869
Bancroft Fund Ltd.		2,408		37,733
Neuberger Berman Municipal Fund, Inc.		3,361		35,895
Gabelli Healthcare & WellnessRx Trust		3,717		35,609
Invesco Dynamic Credit Opportunities Fund		2,822		31,073
abrdn National Municipal Income Fund		2,891		30,529
Adams Diversified Equity Fund, Inc.		1,320		28,367
GAMCO Natural Resources Gold & Income Trust		5,060		27,779
Mexico Fund, Inc.		1,615		25,840
abrdn Japan Equity Fund, Inc.		3,786		22,224
Nuveen Virginia Quality Municipal Income Fund2		1,931		22,207
Nuveen AMT-Free Municipal Credit Income Fund		1,444		17,992
Nuveen AMT-Free Quality Municipal Income Fund		1,567		17,958
New Germany Fund, Inc.		2,169		17,645
Templeton Emerging Markets Fund/United States		1,273		15,734
Nuveen California Quality Municipal Income Fund		1,348		15,542
Nuveen Pennsylvania Quality Municipal Income Fund		1,229		14,994
Swiss Helvetia Fund, Inc.		1,820		14,687
John Hancock Hedged Equity & Income Fund		1,379		14,328
Voya Emerging Markets High Dividend Equity Fund		2,481		13,348
Nuveen Arizona Quality Municipal Income Fund		1,085		12,109
Allspring Utilities and High Income Fund		1,194		11,725
Voya Asia Pacific High Dividend Equity Income Fund		1,736		11,006
abrdn Healthcare Opportunities Fund		536		10,924
Herzfeld Caribbean Basin Fund, Inc.		4,523		10,629
European Equity Fund, Inc.		1,045		9,386
Nuveen NASDAQ 100 Dynamic Overwrite Fund		350		8,778
Eaton Vance Tax-Managed Buy-Write Opportunities Fund		642		8,776
Nuveen Real Asset Income and Growth Fund		717		8,726
Nuveen California AMT-Free Quality Municipal Income Fund		697		8,719
Nuveen Municipal High Income Opportunity Fund		806		8,697
Invesco Value Municipal Income Trust		703		8,675
Western Asset Managed Municipals Fund, Inc.		838		8,673
BlackRock Taxable Municipal Bond Trust		529		8,649
Nuveen S&P 500 Buy-Write Income Fund		640		8,640
Invesco Municipal Opportunity Trust		857		8,639
BlackRock Enhanced Capital and Income Fund, Inc.		432		8,636
John Hancock Premium Dividend Fund		733		8,635
Invesco Advantage Municipal Income Trust II		973		8,631
Nuveen New York AMT-Free Quality Municipal Income Fund		778		8,628
BlackRock Health Sciences Trust		211		8,619
BlackRock MuniYield Quality Fund, Inc.		701		8,608
Cohen & Steers Quality Income Realty Fund, Inc.		737		8,608
Nuveen Municipal Credit Income Fund		697		8,608
BlackRock MuniYield Fund, Inc.		793		8,604
PGIM High Yield Bond Fund, Inc.		668		8,604
BlackRock MuniHoldings California Quality Fund, Inc.		775		8,603
Eaton Vance Municipal Bond Fund		812		8,591
Eaton Vance Tax-Advantaged Global Dividend Income Fund		461		8,579
Flaherty & Crumrine Preferred and Income Securities Fund, Inc.		580		8,578
BlackRock Municipal Income Fund, Inc.2		695		8,576
Eaton Vance Tax Managed Global Buy Write Opportunities Fund		1,037		8,576
Nuveen Municipal Value Fund, Inc.		993		8,570
Eaton Vance Tax-Managed Global Diversified Equity Income Fund		1,014		8,568
BlackRock MuniYield Quality Fund III, Inc.		766		8,564
Western Asset High Income Opportunity Fund, Inc.		2,241		8,538
CBRE Global Real Estate Income Fund		1,694		8,538
Eaton Vance Risk-Managed Diversified Equity Income Fund		970		8,517
BlackRock Municipal 2030 Target Term Trust		410		8,516
Franklin Limited Duration Income Trust		1,342		8,508
Blackstone Strategic Credit Fund2		711		8,454
Invesco Trust for Investment Grade Municipals		823		8,452
BlackRock MuniHoldings Fund, Inc.		699		8,451
PGIM Global High Yield Fund, Inc.		711		8,447
BlackRock Enhanced Equity Dividend Trust		1,032		8,431
Eaton Vance Tax-Advantaged Dividend Income Fund		362		8,431
Western Asset Emerging Markets Debt Fund, Inc.		904		8,416
Invesco Quality Municipal Income Trust		848		8,412

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Value
John Hancock Tax-Advantaged Dividend Income Fund		416	$	8,407
Invesco Municipal Trust		844		8,406
BlackRock MuniHoldings New Jersey Quality Fund, Inc.		737		8,394
Nuveen Floating Rate Income Fund		970		8,390
Duff & Phelps Utility and Infrastructure Fund, Inc.		850		8,356
Nuveen Taxable Municipal Income Fund		519		8,050
Nuveen Dow 30sm Dynamic Overwrite Fund2		568		7,958
Gabelli Global Small and Mid Capital Value Trust		701		7,914
Allspring Income Opportunities		1,151		7,620
Invesco California Value Municipal Income Trust		714		7,440
BlackRock MuniYield New York Quality Fund, Inc.		708		7,413
Nuveen New Jersey Quality Municipal Income Fund		601		7,338
DWS Municipal Income Trust		773		7,320
Nuveen New York Quality Municipal Income Fund		637		7,166
PIMCO Municipal Income Fund III		904		7,124
BlackRock California Municipal Income Trust		590		7,062
BlackRock MuniVest Fund, Inc.		979		7,019
Eaton Vance Tax-Managed Buy-Write Income Fund		497		7,018
Putnam Municipal Opportunities Trust		682		6,997
LMP Capital and Income Fund, Inc.		452		6,997
BlackRock Municipal Income Trust		683		6,973
BlackRock MuniHoldings Quality Fund II, Inc.		676		6,895
Pioneer High Income Fund, Inc.		914		6,873
Allspring Multi-Sector Income Fund		753		6,762
Eaton Vance Tax-Advantaged Global Dividend Opportunities Fund		262		6,681
BlackRock Municipal Income Quality Trust		575		6,590
MFS Intermediate Income Trust		2,469		6,568
Putnam Managed Municipal Income Trust		1,052		6,522
Nuveen Real Estate Income Fund		850		6,494
Eaton Vance National Municipal Opportunities Trust		383		6,450
Nuveen S&P 500 Dynamic Overwrite Fund		394		6,434
BlackRock MuniYield Quality Fund II, Inc.		624		6,421
Federated Hermes Premier Municipal Income Fund		560		6,401
Pioneer Municipal High Income Fund Trust		697		6,371
BlackRock MuniYield Michigan Quality Fund, Inc.		548		6,269
PIMCO California Municipal Income Fund		659		6,208
BNY Mellon Municipal Income, Inc.		860		6,183
Invesco Trust for Investment Grade New York Municipals		550		6,182
Nuveen California Municipal Value Fund, Inc.		713		6,182
Invesco Pennsylvania Value Municipal Income Trust		568		6,169
Templeton Emerging Markets Income Fund		1,148		6,119
Pioneer Municipal High Income Advantage Fund, Inc.		742		6,092
MFS Municipal Income Trust		1,114		6,082
BlackRock MuniVest Fund II, Inc.		546		6,033
BlackRock MuniHoldings New York Quality Fund, Inc.		558		6,004
PIMCO California Municipal Income Fund III		836		6,002
BlackRock New York Municipal Income Trust		560		5,998
MFS Charter Income Trust		941		5,900
Flaherty & Crumrine Total Return Fund, Inc.		377		5,859
PIMCO California Municipal Income Fund II		1,000		5,850
Western Asset Intermediate Muni Fund, Inc.		737		5,793
MFS Multimarket Income Trust		1,211		5,667
Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc.		666		5,641
BrandywineGLOBAL Global Income Opportunities Fund, Inc.		681		5,625
John Hancock Income Securities Trust		507		5,526
Flaherty & Crumrine Preferred & Income Fund, Inc.		527		5,502
MFS Government Markets Income Trust		1,763		5,412
Nuveen New York Municipal Value Fund		650		5,389
Pioneer Diversified High Income Fund, Inc.		460		5,372
Nuveen California Select Tax-Free Income Portfolio		412		5,340
Tortoise Power and Energy Infrastructure Fund, Inc.		337		5,321
Franklin Universal Trust		781		5,319
abrdn Australia Equity Fund, Inc.		1,221		5,287
Nuveen Minnesota Quality Municipal Income Fund		465		5,278
MFS Investment Grade Municipal Trust		667		5,269
MFS High Yield Municipal Trust		1,531		5,251
MFS High Income Municipal Trust		1,409		5,227
Eaton Vance New York Municipal Bond Fund		530		5,226
PIMCO New York Municipal Income Fund II		704		5,216
Nuveen Massachusetts Quality Municipal Income Fund		468		5,199
DTF Tax-Free Income 2028 Term Fund, Inc.		474		5,195
Principal Real Estate Income Fund		508		5,187
Nuveen Select Maturities Municipal Fund		571		5,162
Western Asset Inflation-Linked Income Fund		644		5,158
Western Asset Investment Grade Income Fund, Inc.		427		5,158
Invesco High Income Trust II		482		5,095

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Value
PIMCO New York Municipal Income Fund		646	$	5,055
Sprott Focus Trust, Inc.		661		4,951
MFS Intermediate High Income Fund		2,884		4,888
BlackRock MuniYield Pennsylvania Quality Fund		383		4,883
Nuveen New York Select Tax-Free Income Portfolio		416		4,867
Nuveen Municipal Income Fund, Inc.		492		4,824
Neuberger Berman Real Estate Securities Income Fund, Inc.		1,427		4,802
First Trust Enhanced Equity Income Fund		240		4,781
First Trust Intermediate Duration Preferred & Income Fund2		257		4,721
Eaton Vance Municipal Income Trust		456		4,720
AllianceBernstein National Municipal Income Fund, Inc.		424		4,711
Eaton Vance California Municipal Income Trust2		432		4,700
Source Capital, Inc.		106		4,692
Morgan Stanley Emerging Markets Debt Fund, Inc.		636		4,668
Insight Select Income Fund		286		4,667
BlackRock Enhanced Government Fund, Inc.		499		4,661
TCW Strategic Income Fund, Inc.		983		4,659
Liberty All Star Growth Fund, Inc.		870		4,646
Lazard Global Total Return and Income Fund, Inc.		278		4,632
Nuveen Global High Income Fund		362		4,630
Western Asset High Yield Defined Opportunity Fund, Inc.		397		4,605
Macquarie/First Trust Global Infrastructure/Utilities Dividend & Income Fund		616		4,602
First Trust Specialty Finance and Financial Opportunities Fund		1,182		4,598
Voya Global Advantage and Premium Opportunity Fund		518		4,584
Tri-Continental Corp.		148		4,584
Nuveen Credit Strategies Income Fund		817		4,534
BNY Mellon High Yield Strategies Fund2		1,880		4,531
Eaton Vance Limited Duration Income Fund		464		4,519
Credit Suisse High Yield Bond Fund		2,220		4,484
Virtus Convertible & Income Fund		1,355		4,431
Voya Infrastructure Industrials and Materials Fund		432		4,419
Royce Small-Capital Trust, Inc.		305		4,413
Royce Global Trust, Inc.		396		4,404
Virtus Convertible & Income Fund II		1,508		4,403
First Trust Senior Floating Rate Income Fund II		435		4,385
Gabelli Global Utility & Income Trust		316		4,380
Royce Micro-Capital Trust, Inc.		470		4,319
Neuberger Berman Energy Infrastructure and Income Fund, Inc.		502		4,016
Aberdeen Asia-Pacific Income Fund, Inc.		1,482		3,972
First Trust Mortgage Income Fund		332		3,961
Nuveen Missouri Quality Municipal Income Fund		379		3,923
Nuveen Preferred & Income Opportunities Fund		524		3,914
BlackRock Resources & Commodities Strategy Trust		425		3,906
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.		196		3,900
Highland Opportunities and Income Fund		612		3,825
BlackRock Municipal Income Trust II		288		3,113
Nuveen Multi-Asset Income Fund		235		2,902
BlackRock Energy and Resources Trust		217		2,869
Flaherty & Crumrine Dynamic Preferred and Income Fund, Inc.		144		2,765
Barings Global Short Duration High Yield Fund		188		2,717
Saba Capital Income & Opportunities Fund		367		2,584
Clough Global Opportunities Fund		466		2,507
BlackRock Virginia Municipal Bond Trust		182		2,018
Nuveen Multi-Market Income Fund		330		1,970
Putnam Premier Income Trust		532		1,905
Western Asset Municipal High Income Fund, Inc.		236		1,600
Cohen & Steers Select Preferred and Income Fund, Inc.		73		1,444
Western Asset Premier Bond Fund		136		1,427
Highland Global Allocation Fund		175		1,318
PIMCO New York Municipal Income Fund III		155		915
RiverNorth Capital and Income Fund		56		860
New America High Income Fund, Inc.		117		858
Special Opportunities Fund, Inc.		62		811
Clough Global Dividend and Income Fund		141		804
Nuveen Mortgage and Income Fund		40		721
High Income Securities Fund		96		671
Putnam Master Intermediate Income Trust		174		561
Nuveen Intermediate Duration Municipal Term Fund Liquidating Trust*		403		—
Total Closed-End Mutual Funds
(Cost $2,547,187)				2,756,546
	Face Amount
U.S. TREASURY BILLS†† - 19.1%
U.S. Treasury Bills
5.18% due 07/09/244,5	$	3,189,000		3,185,299
5.17% due 07/25/241,5		2,400,000		2,391,624
5.26% due 07/25/241,5		1,800,000		1,793,718
Total U.S. Treasury Bills
(Cost $7,370,528)				7,370,641

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,6 - 2.4%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	509,796	$	509,796
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		401,914		401,914
Total Repurchase Agreements
(Cost $911,710)				911,710
	Shares
SECURITIES LENDING COLLATERAL†,7 - 1.6%
Money Market Fund***
First American Government Obligations Fund - Class X, 5.23%8		632,157		632,157
Total Securities Lending Collateral
(Cost $632,157)				632,157
Total Investments - 95.4%
(Cost $37,067,591)				36,764,120
COMMON STOCKS SOLD SHORT† - (11.2)%
Communications - (0.3)%
Nokia Oyj ADR		29,869		(112,905	)
Technology - (0.4)%
Synopsys, Inc.*		245		(145,790	)
Consumer, Non-cyclical - (0.6)%
First Advantage Corp.		5,694		(91,503	)
WillScot Mobile Mini Holdings Corp.*		3,983		(149,920	)
Total Consumer, Non-cyclical				(241,423	)
Financial - (3.6)%
SouthState Corp.		1,562		(119,368	)
Capital One Financial Corp.		1,885		(260,978	)
UMB Financial Corp.		5,919		(493,763	)
Eastern Bankshares, Inc.		37,824		(528,780	)
Total Financial				(1,402,889	)
Energy - (6.3)%
Noble Corporation plc		3,555		(158,731	)
Equities Corp.		6,959		(257,344	)
ConocoPhillips		3,283		(375,510	)
Chesapeake Energy Corp.		5,595		(459,853	)
Schlumberger N.V.		10,905		(514,498	)
Chevron Corp.		4,124		(645,076	)
Total Energy				(2,411,012	)
Total Common Stocks Sold Short
(Proceeds $4,240,911)				(4,314,019	)
EXCHANGE-TRADED FUNDS SOLD SHORT***,† - (6.7)%
Financial Select Sector SPDR Fund		31		(1,274	)
iShares Mortgage Real Estate ETF		58		(1,285	)
Energy Select Sector SPDR Fund		17		(1,550	)
iShares MBS ETF		18		(1,653	)
VanEck Gold Miners ETF		101		(3,427	)
iShares Agency Bond ETF		48		(5,166	)
SPDR Gold Shares — Class D*		26		(5,590	)
iShares Latin America 40 ETF		553		(13,692	)
Materials Select Sector SPDR Fund		156		(13,776	)
iShares JP Morgan USD Emerging Markets Bond ETF		164		(14,511	)
Utilities Select Sector SPDR Fund		246		(16,762	)
iShares MSCI All Country Asia ex Japan ETF		264		(19,003	)
iShares Preferred & Income Securities ETF		624		(19,687	)
iShares U.S. Real Estate ETF		225		(19,742	)
iShares Floating Rate Bond ETF		419		(21,407	)
iShares 7-10 Year Treasury Bond ETF		263		(24,630	)
iShares iBoxx $ Investment Grade Corporate Bond ETF		289		(30,958	)
iShares Core High Dividend ETF		295		(32,066	)
Invesco Senior Loan ETF		1,831		(38,524	)
SPDR S&P Biotech ETF		445		(41,256	)
Schwab U.S. Aggregate Bond ETF		910		(41,478	)
iShares Russell 1000 Growth ETF		123		(44,835	)
iShares MSCI Emerging Markets ETF		1,524		(64,907	)
iShares Russell 2000 Index ETF		322		(65,331	)
VanEck High Yield Muni ETF		1,437		(74,221	)
iShares TIPS Bond ETF		722		(77,095	)
SPDR Bloomberg Convertible Securities ETF		1,279		(92,165	)
Health Care Select Sector SPDR Fund		649		(94,592	)
iShares iBoxx High Yield Corporate Bond ETF		1,791		(138,158	)
iShares Russell 1000 Value ETF		1,211		(211,283	)
SPDR Nuveen Bloomberg High Yield Municipal Bond ETF		8,323		(211,737	)
SPDR S&P 500 ETF Trust		397		(216,055	)
iShares National Muni Bond ETF		2,155		(229,615	)
iShares MSCI EAFE ETF		4,272		(334,626	)
SPDR Nuveen Bloomberg Municipal Bond ETF		7,551		(345,458	)
Total Exchange-Traded Funds Sold Short
(Proceeds $2,612,747)				(2,567,515	)
Total Securities Sold Short - (17.9)%
(Proceeds $6,853,658)			$	(6,881,534	)
Other Assets & Liabilities, net - 22.5%				8,669,233
Total Net Assets - 100.0%			$	38,551,819

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Commodity Futures Contracts Purchased†
Sugar #11 Futures Contracts		201		Apr 2025	$	4,419,106	$	231,823
Gasoline RBOB Futures Contracts		46		Sep 2024		4,417,132		191,151
Live Cattle Futures Contracts		61		Aug 2024		4,520,710		46,832
WTI Crude Futures Contracts		8		Jul 2024		652,080		26,860
Low Sulphur Gas Oil Futures Contracts		7		Aug 2024		548,275		23,963
Brent Crude Futures Contracts		8		Jul 2024		679,520		22,307
NY Harbor ULSD Futures Contracts		3		Jul 2024		319,939		10,564
Sugar #11 Futures Contracts		7		Sep 2024		159,230		6,401
Coffee ‘C’ Futures Contracts		6		Sep 2024		512,213		6,281
LME Zinc Futures Contracts		3		Aug 2024		218,663		4,469
Cotton #2 Futures Contracts		26		Dec 2024		945,230		549
LME Lead Futures Contracts		4		Aug 2024		221,275		(780	)
Soybean Meal Futures Contracts		7		Dec 2024		235,200		(1,702	)
Silver Futures Contracts		1		Sep 2024		147,075		(5,883	)
Copper Futures Contracts		2		Sep 2024		218,825		(9,146	)
Live Cattle Futures Contracts		17		Oct 2024		1,255,450		(10,254	)
LME Primary Aluminum Futures Contracts		4		Aug 2024		250,903		(10,617	)
Gold 100 oz. Futures Contracts		2		Aug 2024		467,080		(16,446	)
Cocoa Futures Contracts		2		Sep 2024		150,400		(46,666	)
Natural Gas Futures Contracts		60		Aug 2024		1,561,200		(270,453	)
					$	21,899,506	$	199,253
Interest Rate Futures Contracts Purchased†
Euro - Bund Futures Contracts		47		Sep 2024	$	6,623,711	$	67,672
Euro - BTP Italian Government Bond Futures Contracts††		39		Sep 2024		4,816,811		(24,207	)
Euro - OATS Futures Contracts		107		Sep 2024		14,110,747		(80,871	)
					$	25,551,269	$	(37,406	)
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		16		Sep 2024	$	1,653,120	$	9,777
Tokyo Stock Price Index Futures Contracts		2		Sep 2024		352,223		8,654
Nikkei 225 (OSE) Index Futures Contracts		1		Sep 2024		247,352		6,285
CBOE Volatility Index Futures Contracts		29		Sep 2024		458,780		2,922
FTSE MIB Index Futures Contracts		1		Sep 2024		179,069		2,839
DAX Index Futures Contracts		1		Sep 2024		493,437		1,547
Dow Jones Industrial Average Index Mini Futures Contracts		13		Sep 2024		2,566,525		1,043
S&P 500 Index Mini Futures Contracts		10		Sep 2024		2,761,750		862
NASDAQ-100 Index Mini Futures Contracts		5		Sep 2024		1,993,250		565
IBEX 35 Index Futures Contracts††		2		Jul 2024		233,649		24
Euro STOXX 50 Index Futures Contracts		3		Sep 2024		158,759		(479	)
S&P/TSX 60 IX Index Futures Contracts		1		Sep 2024		191,518		(525	)
CAC 40 10 Euro Index Futures Contracts		2		Jul 2024		160,999		(911	)
SPI 200 Index Futures Contracts		3		Sep 2024		387,058		(1,997	)
FTSE 100 Index Futures Contracts		5		Sep 2024		519,088		(4,258	)
OMX Stockholm 30 Index Futures Contracts††		13		Jul 2024		314,277		(8,665	)
CBOE Volatility Index Futures Contracts		253		Aug 2024		3,777,290		(56,251	)
					$	16,448,144	$	(38,568	)
Currency Futures Contracts Purchased†
New Zealand Dollar Futures Contracts		84		Sep 2024	$	5,116,860	$	(17,938	)
British Pound Futures Contracts		65		Sep 2024		5,138,250		(29,505	)
Japanese Yen Futures Contracts		34		Sep 2024		2,673,463		(65,924	)
					$	12,928,573	$	(113,367	)
Interest Rate Futures Contracts Sold Short†
Australian Government 10 Year Bond Futures Contracts		130		Sep 2024	$	9,785,124	$	52,980
Long Gilt Futures Contracts††		35		Sep 2024		4,316,541		17,988

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

Futures Contracts (Concluded)
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Interest Rate Futures Contracts Sold Short† (continued)
U.S. Treasury Ultra Long Bond Futures Contracts		4		Sep 2024	$	498,250	$	3,003
U.S. Treasury Long Bond Futures Contracts		5		Sep 2024		589,219		2,179
Canadian Government 10 Year Bond Futures Contracts††		31		Sep 2024		2,719,449		1,588
Euro - 30 year Bond Futures Contracts		1		Sep 2024		139,205		360
U.S. Treasury 10 Year Note Futures Contracts		126		Sep 2024		13,842,281		(18,181	)
					$	31,890,069	$	59,917
Currency Futures Contracts Sold Short†
Swiss Franc Futures Contracts		94		Sep 2024	$	13,202,888	$	59,068
Euro FX Futures Contracts		21		Sep 2024		2,822,006		12,799
Canadian Dollar Futures Contracts		18		Sep 2024		1,318,050		(6,479	)
Australian Dollar Futures Contracts		24		Sep 2024		1,604,520		(16,939	)
					$	18,947,464	$	48,449
Commodity Futures Contracts Sold Short†
Natural Gas Futures Contracts		63		Sep 2024	$	1,697,850	$	277,675
Corn Futures Contracts		37		Sep 2024		755,725		66,294
Live Cattle Futures Contracts		90		Dec 2024		6,685,200		48,905
Soybean Futures Contracts		16		Nov 2024		884,400		30,625
Hard Red Winter Wheat Futures Contracts		10		Sep 2024		293,625		25,581
Natural Gas Futures Contracts		8		Jul 2024		208,480		20,003
Wheat Futures Contracts		11		Sep 2024		316,388		19,553
Soybean Oil Futures Contracts		27		Dec 2024		709,884		(2,839	)
Cotton #2 Futures Contracts		55		May 2025		2,080,650		(12,580	)
Cattle Feeder Futures Contracts		7		Aug 2024		906,587		(14,727	)
Lean Hogs Futures Contracts		14		Aug 2024		501,480		(15,724	)
Gasoline RBOB Futures Contracts		33		Jul 2024		3,477,613		(173,673	)
Sugar #11 Futures Contracts		174		Feb 2025		4,016,477		(258,238	)
					$	22,534,359	$	10,855
Equity Futures Contracts Sold Short†
CBOE Volatility Index Futures Contracts		207		Oct 2024	$	3,761,190	$	(10,156	)
CBOE Volatility Index Futures Contracts		89		Jul 2024		1,250,450		(20,998	)
					$	5,011,640	$	(31,154	)

Custom Basket Swap Agreements
Counterparty	Reference Obligation	Type	Financing Rate	Payment Frequency		Maturity Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)
OTC Custom Basket Swap Agreements††
Morgan Stanley Capital Services LLC	MS Equity Market Neutral Custom Basket	Pay	5.73% (Federal Funds Rate + 0.40%)		At Maturity		08/31/28	$	7,729,594	$	617,117
Goldman Sachs International	GS Equity Market Neutral Custom Basket	Pay	5.78% (Federal Funds Rate + 0.45%)		At Maturity		05/17/28		7,486,080		415,955
Morgan Stanley Capital Services LLC	MS Long/Short Equity Custom Basket	Pay	5.73% (Federal Funds Rate + 0.40%)		At Maturity		08/31/28		8,347,882		261,661
Goldman Sachs International	GS Long/Short Equity Custom Basket	Pay	5.78% (Federal Funds Rate + 0.45%)		At Maturity		05/16/28		8,347,875		230,635
								$	31,911,431	$	1,525,368

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

Custom Basket Swap Agreements (Concluded)

Counterparty

Reference Obligation

Type

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Custom Basket Swap Agreements Sold Short††

Goldman Sachs International

GS Long/Short Equity Custom Basket

Receive

5.12% (Federal Funds Rate - 0.21%)

At Maturity

05/16/28

$

5,544,833

$

177,977

Morgan Stanley Capital Services LLC

MS Long/Short Equity Custom Basket

Receive

5.02% (Federal Funds Rate - 0.31%)

At Maturity

08/31/28

5,624,023

169,210

Goldman Sachs International

GS Equity Market Neutral Custom Basket

Receive

5.12% (Federal Funds Rate - 0.21%)

At Maturity

05/16/28

7,664,336

135,790

Morgan Stanley Capital Services LLC

MS Equity Market Neutral Custom Basket

Receive

5.02% (Federal Funds Rate - 0.31%)

At Maturity

08/31/28

7,757,174

(311,970

)

$

26,590,366

$

171,007

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
MS LONG/SHORT EQUITY LONG CUSTOM BASKET
Industrial
Mueller Industries, Inc.		1,474		1.01	%	$	24,878
Teekay Corp.		8,634		0.93	%		21,144
Teekay Tankers Ltd. — Class A		1,050		0.87	%		19,639
International Seaways, Inc.		1,340		0.95	%		19,368
Apogee Enterprises, Inc.		1,360		1.02	%		16,569
Owens Corning		327		0.68	%		15,761
Scorpio Tankers, Inc.		770		0.75	%		15,462
Ardmore Shipping Corp.		985		0.27	%		9,939
Argan, Inc.		327		0.29	%		9,482
TD SYNNEX Corp.		657		0.91	%		6,401
Boise Cascade Co.		571		0.82	%		2,830
Lindsay Corp.		199		0.29	%		1,750
Caterpillar, Inc.		221		0.88	%		990
AZZ, Inc.		348		0.32	%		662
UFP Industries, Inc.		558		0.75	%		566
Mettler-Toledo International, Inc.		15		0.25	%		(588	)
Terex Corp.		779		0.51	%		(718	)
Snap-on, Inc.		235		0.74	%		(1,058	)
Kennametal, Inc.		728		0.21	%		(1,248	)
Vishay Intertechnology, Inc.		3,660		0.98	%		(1,670	)
Masterbrand, Inc.		1,177		0.21	%		(2,837	)
Atkore, Inc.		321		0.52	%		(3,079	)
Vontier Corp.		2,145		0.98	%		(3,114	)
Griffon Corp.		631		0.48	%		(3,144	)
Acuity Brands, Inc.		299		0.86	%		(3,888	)
Avnet, Inc.		1,570		0.97	%		(4,263	)
AGCO Corp.		313		0.37	%		(5,221	)
Dorian LPG Ltd.		645		0.32	%		(5,233	)
Sonoco Products Co.		1,383		0.84	%	$	(8,074	)
Total Industrial							121,306
Communications
InterDigital, Inc.		728		1.02	%		24,976
AT&T, Inc.		4,626		1.06	%		16,528
eBay, Inc.		1,441		0.93	%		15,281
IDT Corp. — Class B		1,784		0.77	%		14,959
Verizon Communications, Inc.		2,035		1.01	%		11,411
T-Mobile US, Inc.		468		0.99	%		9,018
Gogo, Inc.		3,247		0.37	%		1,945
Yelp, Inc. — Class A		2,359		1.04	%		1,770
Ciena Corp.		818		0.47	%		(346	)
Fox Corp. — Class B		2,617		1.00	%		(599	)
Spok Holdings, Inc.		2,729		0.48	%		(1,588	)
TEGNA, Inc.		4,860		0.81	%		(2,107	)
Ooma, Inc.		4,349		0.52	%		(4,371	)
Cisco Systems, Inc.		1,845		1.05	%		(6,474	)
Total Communications							80,403
Technology
Immersion Corp.		5,403		0.61	%		14,200
Cirrus Logic, Inc.		277		0.42	%		10,195
NetApp, Inc.		372		0.57	%		9,078
Amkor Technology, Inc.		1,030		0.49	%		7,560
Clear Secure, Inc. — Class A		2,146		0.48	%		2,864
Playtika Holding Corp.		2,748		0.26	%		2,265
Qualys, Inc.		296		0.51	%		1,967
Adeia, Inc.		2,118		0.28	%		1,305
IPG Photonics Corp.		309		0.31	%		(739	)
Teradata Corp.		645		0.27	%		(1,087	)
Photronics, Inc.		1,003		0.30	%		(3,184	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Dropbox, Inc. — Class A		3,903		1.05	%	$	(3,656	)
Amdocs Ltd.		1,097		1.04	%		(5,375	)
Zoom Video Communications, Inc. — Class A		1,359		0.96	%		(6,052	)
Total Technology							29,341
Consumer, Non-cyclical
United Therapeutics Corp.		302		1.15	%		27,512
Innoviva, Inc.		5,269		1.04	%		12,744
Merck & Company, Inc.		653		0.97	%		9,454
Perdoceo Education Corp.		1,594		0.41	%		7,746
Organon & Co.		1,155		0.29	%		3,390
Cal-Maine Foods, Inc.		587		0.43	%		2,174
Amgen, Inc.		59		0.22	%		2,084
Alarm.com Holdings, Inc.		299		0.23	%		1,805
Neurocrine Biosciences, Inc.		623		1.03	%		1,604
Exelixis, Inc.		777		0.21	%		459
Stride, Inc.		409		0.35	%		432
Gilead Sciences, Inc.		1,318		1.08	%		159
Pacira BioSciences, Inc.		1,023		0.35	%		(86	)
Becton Dickinson & Co.		72		0.20	%		(168	)
LiveRamp Holdings, Inc.		534		0.20	%		(320	)
Biogen, Inc.		78		0.22	%		(331	)
Catalyst Pharmaceuticals, Inc.		3,072		0.57	%		(689	)
Zimmer Biomet Holdings, Inc.		221		0.29	%		(927	)
Amphastar Pharmaceuticals, Inc.		402		0.19	%		(989	)
Centene Corp.		331		0.26	%		(1,118	)
Harmony Biosciences Holdings, Inc.		568		0.21	%		(1,241	)
ZipRecruiter, Inc. — Class A		2,225		0.24	%		(1,576	)
United Rentals, Inc.		82		0.64	%		(1,654	)
Xencor, Inc.		720		0.16	%		(2,051	)
OraSure Technologies, Inc.		3,572		0.18	%		(2,101	)
USANA Health Sciences, Inc.		654		0.35	%		(2,268	)
Alkermes plc		1,325		0.38	%		(2,412	)
Inmode Ltd.		1,153		0.25	%		(2,456	)
Upbound Group, Inc.		973		0.36	%		(2,649	)
Johnson & Johnson		574		1.00	%		(3,710	)
Collegium Pharmaceutical, Inc.		1,949		0.75	%		(5,057	)
Royalty Pharma plc — Class A		2,348		0.74	%		(5,182	)
Molina Healthcare, Inc.		228		0.81	%		(7,373	)
Jazz Pharmaceuticals plc		784		1.00	%		(8,626	)
Bristol-Myers Squibb Co.		2,051		1.02	%		(25,925	)
Total Consumer, Non-cyclical							(9,346	)
Consumer, Cyclical
Allison Transmission Holdings, Inc.		1,127		1.02	%		15,419
KB Home		1,012		0.85	%		11,796
M/I Homes, Inc.		413		0.60	%		11,741
Lennar Corp. — Class A		536		0.96	%		9,325
Monarch Casino & Resort, Inc.		1,039		0.85	%		3,047
General Motors Co.		1,870		1.04	%		2,499
Build-A-Bear Workshop, Inc. — Class A		1,050		0.32	%		558
Dillard’s, Inc. — Class A		71		0.37	%		342
Cummins, Inc.		303		1.01	%		(604	)
Toll Brothers, Inc.		266		0.37	%		(987	)
Ethan Allen Interiors, Inc.		934		0.31	%		(1,082	)
Golden Entertainment, Inc.		774		0.29	%		(1,531	)
PACCAR, Inc.		774		0.95	%		(1,813	)
Buckle, Inc.		1,650		0.73	%		(1,912	)
Sonos, Inc.		1,614		0.29	%		(1,998	)
Visteon Corp.		406		0.52	%		(2,139	)
Movado Group, Inc.		1,678		0.50	%		(2,255	)
Mattel, Inc.		2,050		0.40	%		(2,585	)
BorgWarner, Inc.		2,147		0.83	%		(3,265	)
Meritage Homes Corp.		296		0.57	%		(4,294	)
Carter’s, Inc.		769		0.57	%		(4,506	)
MasterCraft Boat Holdings, Inc.		1,942		0.44	%		(5,902	)
Wabash National Corp.		1,635		0.43	%		(7,699	)
GMS, Inc.		935		0.90	%		(7,854	)
Lear Corp.		694		0.95	%		(8,510	)
Polaris, Inc.		878		0.82	%		(10,725	)
MSC Industrial Direct Company, Inc. — Class A		997		0.95	%		(15,311	)
Total Consumer, Cyclical							(30,245	)
Financial
MGIC Investment Corp.		3,965		1.02	%		15,685
Synchrony Financial		1,670		0.94	%		14,035
Essent Group Ltd.		1,479		1.00	%		11,558
International Bancshares Corp.		465		0.32	%		5,878
Enact Holdings, Inc.		2,772		1.02	%		5,865
NMI Holdings, Inc. — Class A		1,284		0.52	%		5,448
Preferred Bank/Los Angeles CA		907		0.82	%		3,993
Janus Henderson Group plc		2,328		0.94	%		3,524
Everest Group Ltd.		135		0.62	%		1,353
Central Pacific Financial Corp.		1,482		0.38	%		852
Ally Financial, Inc.		874		0.42	%		517
Enova International, Inc.		584		0.44	%		388
Hilltop Holdings, Inc.		1,538		0.58	%		320

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
OneMain Holdings, Inc.		918		0.53	%	$	272
Equity Commonwealth		4,378		1.02	%		152
MetLife, Inc.		1,205		1.01	%		74
Jackson Financial, Inc. — Class A		626		0.56	%		21
SiriusPoint Ltd.		2,205		0.32	%		(126	)
Western Union Co.		3,198		0.47	%		(2,454	)
Total Financial							67,355
Utilities
OGE Energy Corp.		2,340		1.00	%		4,562
Black Hills Corp.		1,525		0.99	%		2,484
National Fuel Gas Co.		1,494		0.97	%		1,936
ONE Gas, Inc.		1,353		1.03	%		(1,269	)
Otter Tail Corp.		678		0.71	%		(1,360	)
WEC Energy Group, Inc.		1,035		0.97	%		(2,751	)
CMS Energy Corp.		1,355		0.97	%		(3,320	)
Total Utilities							282
Basic Materials
Arcadium Lithium plc		2		0.00	%		7
Sylvamo Corp.		405		0.33	%		(1,063	)
CF Industries Holdings, Inc.		587		0.52	%		(2,661	)
Total Basic Materials							(3,717	)
Energy
Marathon Petroleum Corp.		215		0.45	%		6,603
Cheniere Energy, Inc.		323		0.68	%		4,188
Valero Energy Corp.		338		0.63	%		1,004
HF Sinclair Corp.		1,039		0.66	%		(372	)
Liberty Energy, Inc. — Class A		828		0.21	%		(726	)
PBF Energy, Inc. — Class A		1,861		1.03	%		(971	)
SandRidge Energy, Inc.		2,220		0.34	%		(2,479	)
Par Pacific Holdings, Inc.		676		0.20	%		(3,818	)
CVR Energy, Inc.		3,131		1.00	%		(11,521	)
Total Energy							(8,092	)
Government
Banco Latinoamericano de Comercio Exterior S.A. — Class E		1,987		0.71	%		14,374
Total MS Long/Short Equity Long Custom Basket						$	261,661
MS LONG/SHORT EQUITY SHORT CUSTOM BASKET
Technology
Paycor HCM, Inc.		5,035		(1.14	)%		41,845
Dayforce, Inc.		1,705		(1.50	)%		19,917
Privia Health Group, Inc.		4,556		(1.41	)%		13,434
Braze, Inc. — Class A		1,505		(1.04	)%		10,305
Take-Two Interactive Software, Inc.		507		(1.40	)%		(730	)
KBR, Inc.		1,347		(1.54	)%		(2,355	)
ACV Auctions, Inc. — Class A		4,414		(1.43	)%		(3,292	)
Parsons Corp.		1,131		(1.65	)%		(8,141	)
SiTime Corp.		264		(0.58	)%		(8,474	)
Total Technology							62,509
Utilities
Middlesex Water Co.		1,557		(1.45	)%		5,492
AES Corp.		4,028		(1.26	)%		1,605
PNM Resources, Inc.		2,194		(1.44	)%		343
Total Utilities							7,440
Consumer, Cyclical
Walgreens Boots Alliance, Inc.		4,681		(1.01	)%		37,776
Floor & Decor Holdings, Inc. — Class A		448		(0.79	)%		8,601
Camping World Holdings, Inc. — Class A		2,207		(0.70	)%		4,721
Allegiant Travel Co. — Class A		1,092		(0.98	)%		3,641
DraftKings, Inc. — Class A		789		(0.54	)%		1,146
Copart, Inc.		1,325		(1.28	)%		(314	)
VSE Corp.		355		(0.56	)%		(1,244	)
CarMax, Inc.		839		(1.09	)%		(3,060	)
JetBlue Airways Corp.		10,437		(1.13	)%		(5,128	)
Freshpet, Inc.		441		(1.01	)%		(8,548	)
Total Consumer, Cyclical							37,591
Consumer, Non-cyclical
Hertz Global Holdings, Inc.		8,762		(0.55	)%		5,501
Avis Budget Group, Inc.		388		(0.72	)%		5,474
U-Haul Holding Co.		916		(1.01	)%		2,625
CBIZ, Inc.		1,104		(1.45	)%		2,035
NeoGenomics, Inc.		2,962		(0.73	)%		1,962
RB Global, Inc.		714		(0.97	)%		(2,149	)
GXO Logistics, Inc.		1,657		(1.49	)%		(2,583	)
Equifax, Inc.		355		(1.53	)%		(3,429	)
TransUnion		782		(1.03	)%		(3,509	)
Spectrum Brands Holdings, Inc.		962		(1.47	)%		(6,799	)
RxSight, Inc.		546		(0.58	)%		(10,433	)
Total Consumer, Non-cyclical							(11,305	)
Financial
Kennedy-Wilson Holdings, Inc.		8,143		(1.41	)%		36,493
New York Mortgage Trust, Inc.		12,193		(1.27	)%		21,308
Americold Realty Trust, Inc.		3,077		(1.40	)%		17,690
PotlatchDeltic Corp.		1,964		(1.38	)%		11,942
Marcus & Millichap, Inc.		2,714		(1.52	)%		11,071
Cannae Holdings, Inc.		4,159		(1.34	)%		10,348

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
TFS Financial Corp.		6,517		(1.46	)%	$	4,798
Howard Hughes Holdings, Inc.		1,270		(1.46	)%		4,798
Terreno Realty Corp.		577		(0.61	)%		2,525
Equinix, Inc.		82		(1.10	)%		2,033
Sun Communities, Inc.		713		(1.53	)%		1,472
Northern Trust Corp.		928		(1.39	)%		(34	)
American Tower Corp. — Class A		86		(0.30	)%		(101	)
State Street Corp.		1,132		(1.49	)%		(502	)
Rexford Industrial Realty, Inc.		1,892		(1.50	)%		(631	)
Veris Residential, Inc.		4,109		(1.10	)%		(646	)
Ventas, Inc.		692		(0.63	)%		(978	)
Capitol Federal Financial, Inc.		10,616		(1.04	)%		(1,054	)
CBRE Group, Inc. — Class A		475		(0.75	)%		(1,277	)
Digital Realty Trust, Inc.		208		(0.56	)%		(1,568	)
Prologis, Inc.		410		(0.82	)%		(2,312	)
Redwood Trust, Inc.		13,004		(1.50	)%		(3,413	)
Bank of New York Mellon Corp.		1,438		(1.53	)%		(3,799	)
Iron Mountain, Inc.		490		(0.78	)%		(5,334	)
Apartment Investment and Management Co. — Class A		10,528		(1.55	)%		(5,852	)
Elme Communities		5,483		(1.55	)%		(9,311	)
Welltower, Inc.		804		(1.49	)%		(13,877	)
FTAI Infrastructure, Inc.		9,046		(1.39	)%		(26,941	)
Total Financial							46,848
Energy
Dril-Quip, Inc.		3,507		(1.16	)%		9,472
NOV, Inc.		4,827		(1.63	)%		236
Valaris Ltd.		1,170		(1.55	)%		(3,221	)
Oceaneering International, Inc.		3,046		(1.28	)%		(3,965	)
Antero Resources Corp.		2,473		(1.43	)%		(12,121	)
Archrock, Inc.		2,947		(1.06	)%		(17,782	)
TechnipFMC plc		3,471		(1.61	)%		(18,268	)
Total Energy							(45,649	)
Industrial
Norfolk Southern Corp.		381		(1.45	)%		9,495
Old Dominion Freight Line, Inc.		350		(1.10	)%		8,424
XPO, Inc.		331		(0.62	)%		5,664
Boeing Co.		338		(1.09	)%		3,384
Knight-Swift Transportation Holdings, Inc.		1,784		(1.58	)%		3,172
Xylem, Inc.		608		(1.47	)%		2,197
Saia, Inc.		77		(0.65	)%		1,301
Montrose Environmental Group, Inc.		461		(0.37	)%		999
GATX Corp.		634		(1.49	)%		(2,840	)
Casella Waste Systems, Inc. — Class A		859		(1.52	)%		(12,763	)
RXO, Inc.		4,085		(1.90	)%		(18,049	)
Total Industrial							984
Communications
Boston Omaha Corp. — Class A		3,382		(0.81	)%		5,306
Uber Technologies, Inc.		1,052		(1.36	)%		(7,114	)
Total Communications							(1,808	)
Basic Materials
Piedmont Lithium, Inc.		2,206		(0.39	)%		53,534
Compass Minerals International, Inc.		1,978		(0.36	)%		21,621
Novagold Resources, Inc.		11,666		(0.72	)%		6,050
MP Materials Corp.		1,566		(0.35	)%		4,483
Ivanhoe Electric Incorporated / US		5,393		(0.90	)%		2,500
Arcadium Lithium plc		2		0.00	%		3
Newmont Corp.		560		(0.42	)%		(588	)
Hecla Mining Co.		5,115		(0.44	)%		(2,081	)
Kronos Worldwide, Inc.		4,410		(0.98	)%		(12,922	)
Total Basic Materials							72,600
Total MS Long/Short Equity Short Custom Basket						$	169,210

GS LONG/SHORT EQUITY LONG CUSTOM BASKET
Industrial
Teekay Corp.	8,634	0.93	%	20,897
Teekay Tankers Ltd. — Class A	1,050	0.87	%	19,591
Apogee Enterprises, Inc.	1,360	1.02	%	18,920
International Seaways, Inc.	1,340	0.95	%	18,397
Owens Corning	327	0.68	%	15,835
Argan, Inc.	327	0.29	%	8,671
Scorpio Tankers, Inc.	770	0.75	%	8,305
Ardmore Shipping Corp.	985	0.27	%	7,950
Mueller Industries, Inc.	1,474	1.01	%	7,250
TD SYNNEX Corp.	657	0.91	%	6,603
UFP Industries, Inc.	558	0.75	%	3,111
Lindsay Corp.	199	0.29	%	1,751
Caterpillar, Inc.	221	0.88	%	996
AZZ, Inc.	348	0.32	%	504
Mettler-Toledo International, Inc.	15	0.25	%	(571	)
Terex Corp.	779	0.51	%	(626	)
Kennametal, Inc.	728	0.21	%	(1,216	)

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Vishay Intertechnology, Inc.		3,660		0.98	%	$	(1,598	)
Snap-on, Inc.		235		0.74	%		(1,622	)
Masterbrand, Inc.		1,177		0.21	%		(2,827	)
Griffon Corp.		631		0.48	%		(2,910	)
Atkore, Inc.		321		0.52	%		(3,012	)
Vontier Corp.		2,145		0.98	%		(3,155	)
Acuity Brands, Inc.		299		0.86	%		(3,883	)
Avnet, Inc.		1,570		0.97	%		(4,048	)
Dorian LPG Ltd.		645		0.32	%		(5,091	)
AGCO Corp.		313		0.37	%		(5,216	)
Sonoco Products Co.		1,383		0.84	%		(8,030	)
Boise Cascade Co.		571		0.82	%		(8,966	)
Total Industrial							86,010
Communications
InterDigital, Inc.		728		1.02	%		25,008
AT&T, Inc.		4,626		1.06	%		16,343
eBay, Inc.		1,441		0.93	%		15,223
IDT Corp. — Class B		1,784		0.77	%		14,928
Verizon Communications, Inc.		2,035		1.01	%		10,592
T-Mobile US, Inc.		468		0.99	%		8,970
Yelp, Inc. — Class A		2,359		1.04	%		1,779
Cisco Systems, Inc.		1,845		1.05	%		1,615
Gogo, Inc.		3,247		0.37	%		1,565
Ciena Corp.		818		0.47	%		(341	)
Fox Corp. — Class B		2,617		1.00	%		(552	)
Spok Holdings, Inc.		2,729		0.48	%		(1,770	)
TEGNA, Inc.		4,860		0.81	%		(2,254	)
Ooma, Inc.		4,349		0.52	%		(4,329	)
Total Communications							86,777
Technology
Immersion Corp.		5,403		0.61	%		14,160
Cirrus Logic, Inc.		277		0.42	%		10,229
NetApp, Inc.		372		0.57	%		9,151
Amkor Technology, Inc.		1,030		0.49	%		7,562
Clear Secure, Inc. — Class A		2,146		0.48	%		2,664
Playtika Holding Corp.		2,748		0.26	%		2,321
Qualys, Inc.		296		0.51	%		2,006
Adeia, Inc.		2,118		0.28	%		1,319
IPG Photonics Corp.		309		0.31	%		(733	)
Teradata Corp.		645		0.27	%		(1,078	)
Photronics, Inc.		1,003		0.30	%		(3,061	)
Dropbox, Inc. — Class A		3,903		1.05	%		(3,692	)
Amdocs Ltd.		1,097		1.04	%		(5,460	)
Zoom Video Communications, Inc. — Class A		1,359		0.96	%		(6,151	)
Total Technology							29,237
Consumer, Non-cyclical
United Therapeutics Corp.		302		1.15	%		27,586
Innoviva, Inc.		5,269		1.04	%		14,454
Merck & Company, Inc.		653		0.97	%		9,484
Perdoceo Education Corp.		1,594		0.41	%		8,544
Organon & Co.		1,155		0.29	%		3,306
Amgen, Inc.		59		0.22	%		2,076
Alarm.com Holdings, Inc.		299		0.23	%		1,857
Cal-Maine Foods, Inc.		587		0.43	%		1,730
Neurocrine Biosciences, Inc.		623		1.03	%		1,264
Stride, Inc.		409		0.35	%		465
Exelixis, Inc.		777		0.21	%		416
Gilead Sciences, Inc.		1,318		1.08	%		108
Pacira BioSciences, Inc.		1,023		0.35	%		(167	)
Becton Dickinson & Co.		72		0.20	%		(193	)
Biogen, Inc.		78		0.22	%		(334	)
LiveRamp Holdings, Inc.		534		0.20	%		(382	)
Catalyst Pharmaceuticals, Inc.		3,072		0.57	%		(802	)
Zimmer Biomet Holdings, Inc.		221		0.29	%		(926	)
Amphastar Pharmaceuticals, Inc.		402		0.19	%		(1,018	)
Centene Corp.		331		0.26	%		(1,146	)
Harmony Biosciences Holdings, Inc.		568		0.21	%		(1,278	)
United Rentals, Inc.		82		0.64	%		(1,680	)
ZipRecruiter, Inc. — Class A		2,225		0.24	%		(1,718	)
OraSure Technologies, Inc.		3,572		0.18	%		(1,989	)
Xencor, Inc.		720		0.16	%		(2,133	)
Alkermes plc		1,325		0.38	%		(2,140	)
USANA Health Sciences, Inc.		654		0.35	%		(2,340	)
Inmode Ltd.		1,153		0.25	%		(2,467	)
Upbound Group, Inc.		973		0.36	%		(2,642	)
Johnson & Johnson		574		1.00	%		(3,792	)
Collegium Pharmaceutical, Inc.		1,949		0.75	%		(5,097	)
Royalty Pharma plc — Class A		2,348		0.74	%		(5,595	)
Molina Healthcare, Inc.		228		0.81	%		(7,313	)
Jazz Pharmaceuticals plc		784		1.00	%		(8,627	)
Bristol-Myers Squibb Co.		2,051		1.02	%		(16,706	)
Total Consumer, Non-cyclical							805
Consumer, Cyclical
KB Home		1,012		0.85	%		11,884
M/I Homes, Inc.		413		0.60	%		11,811
Allison Transmission Holdings, Inc.		1,127		1.02	%		9,524
Lennar Corp. — Class A		536		0.96	%		9,371

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Monarch Casino & Resort, Inc.		1,039		0.85	%	$	3,077
General Motors Co.		1,870		1.04	%		2,459
Build-A-Bear Workshop, Inc. — Class A		1,050		0.32	%		629
Dillard’s, Inc. — Class A		71		0.37	%		458
Cummins, Inc.		303		1.01	%		(552	)
Toll Brothers, Inc.		266		0.37	%		(949	)
Ethan Allen Interiors, Inc.		934		0.31	%		(1,083	)
Golden Entertainment, Inc.		774		0.29	%		(1,487	)
Buckle, Inc.		1,650		0.73	%		(1,788	)
PACCAR, Inc.		774		0.95	%		(1,790	)
Sonos, Inc.		1,614		0.29	%		(1,924	)
Movado Group, Inc.		1,678		0.50	%		(2,001	)
Visteon Corp.		406		0.52	%		(2,137	)
Mattel, Inc.		2,050		0.40	%		(2,528	)
BorgWarner, Inc.		2,147		0.83	%		(3,145	)
Meritage Homes Corp.		296		0.57	%		(4,254	)
Carter’s, Inc.		769		0.57	%		(4,580	)
MasterCraft Boat Holdings, Inc.		1,942		0.44	%		(7,358	)
Wabash National Corp.		1,635		0.43	%		(7,680	)
GMS, Inc.		935		0.90	%		(7,919	)
Lear Corp.		694		0.95	%		(8,459	)
MSC Industrial Direct Company, Inc. — Class A		997		0.95	%		(9,091	)
Polaris, Inc.		878		0.82	%		(10,659	)
Total Consumer, Cyclical							(30,171	)
Financial
Synchrony Financial		1,670		0.94	%		14,151
Essent Group Ltd.		1,479		1.00	%		11,153
Preferred Bank/Los Angeles CA		907		0.82	%		6,830
Enact Holdings, Inc.		2,772		1.02	%		5,931
NMI Holdings, Inc. — Class A		1,284		0.52	%	��	5,295
MGIC Investment Corp.		3,965		1.02	%		4,538
Janus Henderson Group plc		2,328		0.94	%		3,400
International Bancshares Corp.		465		0.32	%		2,521
Everest Group Ltd.		135		0.62	%		1,324
Central Pacific Financial Corp.		1,482		0.38	%		834
Ally Financial, Inc.		874		0.42	%		498
Enova International, Inc.		584		0.44	%		363
Hilltop Holdings, Inc.		1,538		0.58	%		316
MetLife, Inc.		1,205		1.01	%		310
OneMain Holdings, Inc.		918		0.53	%		212
Jackson Financial, Inc. — Class A		626		0.56	%		175
Equity Commonwealth		4,378		1.02	%		170
SiriusPoint Ltd.		2,205		0.32	%		77
Western Union Co.		3,198		0.47	%		(2,338	)
Total Financial							55,760
Utilities
OGE Energy Corp.		2,340		1.00	%		4,377
National Fuel Gas Co.		1,494		0.97	%		3,517
Black Hills Corp.		1,525		0.99	%		2,254
ONE Gas, Inc.		1,353		1.03	%		(1,332	)
Otter Tail Corp.		678		0.71	%		(1,400	)
WEC Energy Group, Inc.		1,035		0.97	%		(2,648	)
CMS Energy Corp.		1,355		0.97	%		(3,373	)
Total Utilities							1,395
Basic Materials
Sylvamo Corp.		405		0.33	%		(1,060	)
CF Industries Holdings, Inc.		587		0.52	%		(2,688	)
Total Basic Materials							(3,748	)
Energy
Cheniere Energy, Inc.		323		0.68	%		8,727
Marathon Petroleum Corp.		215		0.45	%		2,313
Valero Energy Corp.		338		0.63	%		1,084
HF Sinclair Corp.		1,039		0.66	%		(271	)
Liberty Energy, Inc. — Class A		828		0.21	%		(795	)
SandRidge Energy, Inc.		2,220		0.34	%		(2,506	)
PBF Energy, Inc. — Class A		1,861		1.03	%		(2,738	)
Par Pacific Holdings, Inc.		676		0.20	%		(3,858	)
CVR Energy, Inc.		3,131		1.00	%		(11,720	)
Total Energy							(9,764	)
Government
Banco Latinoamericano de Comercio Exterior S.A. — Class E		1,987		0.71	%		14,334
Total GS Long/Short Equity Long Custom Basket						$	230,635
GS LONG/SHORT EQUITY SHORT CUSTOM BASKET
Technology
Paycor HCM, Inc.		5,035		(1.15	)%		36,797
Dayforce, Inc.		1,705		(1.53	)%		19,792
Braze, Inc. — Class A		1,505		(1.05	)%		10,400
Take-Two Interactive Software, Inc.		507		(1.42	)%		(720	)
KBR, Inc.		1,347		(1.56	)%		(2,577	)
ACV Auctions, Inc. — Class A		4,414		(1.45	)%		(3,197	)
Parsons Corp.		1,131		(1.67	)%		(8,230	)
SiTime Corp.		264		(0.59	)%		(8,459	)
Total Technology							43,806
Utilities
AES Corp.		4,028		(1.28	)%		14,448

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Middlesex Water Co.		1,557		(1.47	)%	$	5,486
PNM Resources, Inc.		2,194		(1.46	)%		442
Total Utilities							20,376
Consumer, Cyclical
Walgreens Boots Alliance, Inc.		4,681		(1.02	)%		44,143
Floor & Decor Holdings, Inc. — Class A		448		(0.80	)%		8,297
Camping World Holdings, Inc. — Class A		2,207		(0.71	)%		4,606
Allegiant Travel Co. — Class A		1,092		(0.99	)%		3,557
DraftKings, Inc. — Class A		789		(0.54	)%		1,164
Copart, Inc.		1,325		(1.29	)%		(387	)
VSE Corp.		355		(0.57	)%		(1,231	)
CarMax, Inc.		839		(1.11	)%		(3,086	)
JetBlue Airways Corp.		10,437		(1.15	)%		(5,195	)
Freshpet, Inc.		441		(1.03	)%		(8,371	)
Total Consumer, Cyclical							43,497
Consumer, Non-cyclical
Hertz Global Holdings, Inc.		8,762		(0.56	)%		5,502
Avis Budget Group, Inc.		388		(0.73	)%		5,366
U-Haul Holding Co.		916		(1.02	)%		2,690
CBIZ, Inc.		1,104		(1.48	)%		2,140
NeoGenomics, Inc.		2,962		(0.74	)%		1,862
GXO Logistics, Inc.		1,657		(1.51	)%		(2,043	)
RB Global, Inc.		714		(0.98	)%		(2,264	)
Equifax, Inc.		355		(1.55	)%		(3,460	)
TransUnion		782		(1.05	)%		(3,577	)
Spectrum Brands Holdings, Inc.		962		(1.49	)%		(6,919	)
RxSight, Inc.		546		(0.59	)%		(10,292	)
Total Consumer, Non-cyclical							(10,995	)
Financial
Kennedy-Wilson Holdings, Inc.		8,143		(1.43	)%		33,899
New York Mortgage Trust, Inc.		12,193		(1.28	)%		21,252
PotlatchDeltic Corp.		1,964		(1.40	)%		11,991
Marcus & Millichap, Inc.		2,714		(1.54	)%		11,001
Americold Realty Trust, Inc.		3,077		(1.42	)%		10,591
Cannae Holdings, Inc.		4,159		(1.36	)%		10,312
Sun Communities, Inc.		713		(1.55	)%		5,674
Howard Hughes Holdings, Inc.		1,270		(1.48	)%		4,767
TFS Financial Corp.		6,517		(1.48	)%		3,670
Terreno Realty Corp.		577		(0.62	)%		2,726
Northern Trust Corp.		928		(1.41	)%		(66	)
American Tower Corp. — Class A		86		(0.30	)%		(99	)
State Street Corp.		1,132		(1.51	)%		(513	)
Veris Residential, Inc.		4,109		(1.11	)%		(637	)
Rexford Industrial Realty, Inc.		1,892		(1.52	)%		(833	)
Ventas, Inc.		692		(0.64	)%		(892	)
Equinix, Inc.		82		(1.12	)%		(900	)
Capitol Federal Financial, Inc.		10,616		(1.05	)%		(948	)
CBRE Group, Inc. — Class A		475		(0.76	)%		(1,398	)
Digital Realty Trust, Inc.		208		(0.57	)%		(1,571	)
Prologis, Inc.		410		(0.83	)%		(2,276	)
Redwood Trust, Inc.		13,004		(1.52	)%		(3,447	)
Bank of New York Mellon Corp.		1,438		(1.55	)%		(3,838	)
Iron Mountain, Inc.		490		(0.79	)%		(5,301	)
Apartment Investment and Management Co. — Class A		10,528		(1.57	)%		(5,925	)
Elme Communities		5,483		(1.58	)%		(9,331	)
Welltower, Inc.		804		(1.51	)%		(13,801	)
FTAI Infrastructure, Inc.		9,046		(1.41	)%		(27,048	)
Total Financial							37,059
Energy
Dril-Quip, Inc.		3,507		(1.18	)%		9,438
NOV, Inc.		4,827		(1.65	)%		4,363
Oceaneering International, Inc.		3,046		(1.30	)%		(3,928	)
Valaris Ltd.		1,170		(1.57	)%		(5,374	)
Antero Resources Corp.		2,473		(1.46	)%		(12,201	)
Archrock, Inc.		2,947		(1.07	)%		(17,850	)
TechnipFMC plc		3,471		(1.64	)%		(18,294	)
Total Energy							(43,846	)
Industrial
Norfolk Southern Corp.		381		(1.48	)%		9,409
Old Dominion Freight Line, Inc.		350		(1.11	)%		8,518
XPO, Inc.		331		(0.63	)%		5,929
Boeing Co.		338		(1.11	)%		3,394
Knight-Swift Transportation Holdings, Inc.		1,784		(1.61	)%		3,185
Xylem, Inc.		608		(1.49	)%		2,045
Saia, Inc.		77		(0.66	)%		1,288
Montrose Environmental Group, Inc.		461		(0.37	)%		862
GATX Corp.		634		(1.51	)%		(2,870	)
Casella Waste Systems, Inc. — Class A		859		(1.54	)%		(8,340	)
RXO, Inc.		4,085		(1.93	)%		(18,249	)
Total Industrial							5,171

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Communications
Boston Omaha Corp. — Class A		3,382		(0.82	)%	$	5,187
Uber Technologies, Inc.		1,052		(1.38	)%		(7,067	)
Total Communications							(1,880	)
Basic Materials
Piedmont Lithium, Inc.		2,206		(0.40	)%		60,881
Compass Minerals International, Inc.		1,978		(0.37	)%		21,466
Novagold Resources, Inc.		11,666		(0.73	)%		7,022
MP Materials Corp.		1,566		(0.36	)%		4,832
Ivanhoe Electric Incorporated / US		5,393		(0.91	)%		2,662
Hecla Mining Co.		5,115		(0.45	)%		1,529
Newmont Corp.		560		(0.42	)%		(569	)
Kronos Worldwide, Inc.		4,410		(1.00	)%		(13,034	)
Total Basic Materials							84,789
Total GS Long/Short Equity Short Custom Basket						$	177,977

MS EQUITY MARKET NEUTRAL LONG CUSTOM BASKET
Financial
Simon Property Group, Inc.	2,321	4.56	%	$	91,020
Ryman Hospitality Properties, Inc.	5,191	6.71	%		77,096
Ventas, Inc.	8,916	5.91	%		76,264
Digital Realty Trust, Inc.	2,604	5.12	%		70,283
CareTrust REIT, Inc.	12,777	4.15	%		62,369
Invitation Homes, Inc.	13,853	6.43	%		58,173
Sabra Health Care REIT, Inc.	26,334	5.25	%		40,836
Host Hotels & Resorts, Inc.	18,869	4.39	%		34,145
Kimco Realty Corp.	11,908	3.00	%		27,403
Equity Residential	3,163	2.84	%		22,246
Alexandria Real Estate Equities, Inc.	2,718	4.11	%		21,245
Vornado Realty Trust	12,711	4.32	%		20,409
American Homes 4 Rent — Class A	5,390	2.59	%		18,780
Brixmor Property Group, Inc.	10,679	3.19	%		18,776
Prologis, Inc.	3,569	5.19	%		16,533
Highwoods Properties, Inc.	2,072	0.70	%		9,696
Sun Communities, Inc.	594	0.92	%		9,382
InvenTrust Properties Corp.	9,600	3.08	%		9,172
VICI Properties, Inc.	12,766	4.73	%		3,582
Kite Realty Group Trust	11,224	3.25	%		3,055
First Industrial Realty Trust, Inc.	3,562	2.19	%		(1,488	)
Healthpeak Properties, Inc.	12,229	3.10	%		(3,181	)
Equinix, Inc.	224	2.19	%		(10,193	)
Gaming and Leisure Properties, Inc.	7,993	4.68	%		(14,209	)
Retail Opportunity Investments Corp.	17,418	2.80	%		(19,366	)
Kilroy Realty Corp.	11,409	4.60	%		(24,911	)
Total Financial					617,117
Total MS Equity Market Neutral Long Custom Basket				$	617,117
MS EQUITY MARKET NEUTRAL SHORT CUSTOM BASKET
Financial
Service Properties Trust	16,907	(1.09	)%	$	52,206
Realty Income Corp.	9,692	(6.60	)%		30,624
Phillips Edison & Company, Inc.	18,163	(7.66	)%		22,316
Pebblebrook Hotel Trust	18,547	(3.29	)%		14,204
JBG SMITH Properties	26,371	(5.18	)%		12,617
Douglas Emmett, Inc.	35,184	(6.04	)%		12,504
Broadstone Net Lease, Inc.	16,720	(3.42	)%		(979	)
Mid-America Apartment Communities, Inc.	2,784	(5.12	)%		(6,053	)
Terreno Realty Corp.	5,189	(3.96	)%		(10,107	)
SL Green Realty Corp.	4,376	(3.20	)%		(18,519	)
LTC Properties, Inc.	9,261	(4.12	)%		(20,454	)
EastGroup Properties, Inc.	2,046	(4.49	)%		(21,957	)
Federal Realty Investment Trust	5,489	(7.14	)%		(22,228	)
Camden Property Trust	3,773	(5.31	)%		(25,341	)
Sunstone Hotel Investors, Inc.	38,533	(5.20	)%		(49,745	)
Omega Healthcare Investors, Inc.	16,438	(7.26	)%		(69,597	)
Macerich Co.	23,138	(4.61	)%		(82,835	)
National Health Investors, Inc.	5,776	(5.04	)%		(90,731	)
Total Financial					(274,075	)
Exchange-Traded Fund
Vanguard Real Estate ETF	10,434	(11.27	)%		(37,895	)
Total MS Equity Market Neutral Short Custom Basket				$	(311,970	)

GS EQUITY MARKET NEUTRAL LONG CUSTOM BASKET
Financial
Digital Realty Trust, Inc.	2,604	5.30	%	$	70,595
Ventas, Inc.	8,916	6.11	%		69,812
Invitation Homes, Inc.	13,853	6.64	%		57,854
Simon Property Group, Inc.	2,321	4.71	%		41,981
Sabra Health Care REIT, Inc.	26,334	5.42	%		39,772
Host Hotels & Resorts, Inc.	18,869	4.53	%		34,253
Kimco Realty Corp.	11,908	3.10	%		27,938

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

	Shares		Percentage Notional Amount			Value and Unrealized Appreciation (Depreciation)
Gaming and Leisure Properties, Inc.		7,993		4.83	%	$	22,777
Equity Residential		3,163		2.93	%		22,464
Alexandria Real Estate Equities, Inc.		1,589		2.48	%		19,887
Brixmor Property Group, Inc.		10,679		3.29	%		19,751
American Homes 4 Rent — Class A		5,390		2.68	%		18,796
Prologis, Inc.		3,569		5.35	%		18,097
Vornado Realty Trust		10,542		3.70	%		15,802
Kite Realty Group Trust		11,224		3.36	%		14,191
Sun Communities, Inc.		594		0.95	%		9,282
VICI Properties, Inc.		12,766		4.88	%		3,254
CareTrust REIT, Inc.		12,777		4.28	%		1,250
First Industrial Realty Trust, Inc.		3,562		2.26	%		(1,490	)
InvenTrust Properties Corp.		9,600		3.18	%		(2,761	)
Healthpeak Properties, Inc.		12,229		3.20	%		(9,597	)
Equinix, Inc.		224		2.26	%		(10,367	)
Ryman Hospitality Properties, Inc.		5,191		6.92	%		(19,164	)
Retail Opportunity Investments Corp.		17,418		2.89	%		(22,707	)
Kilroy Realty Corp.		11,409		4.75	%		(25,715	)
Total Financial							415,955
Total GS Equity Market Neutral Long Custom Basket						$	415,955
GS EQUITY MARKET NEUTRAL SHORT CUSTOM BASKET
Financial
Douglas Emmett, Inc.		28,209		(4.91	)%		131,859
Broadstone Net Lease, Inc.		16,720		(3.46	)%		58,079
Camden Property Trust		3,773		(5.37	)%		39,304
Mid-America Apartment Communities, Inc.		2,784		(5.18	)%		30,378
Realty Income Corp.		9,692		(6.68	)%		26,320
Service Properties Trust		16,907		(1.13	)%		25,586
Federal Realty Investment Trust		5,489		(7.23	)%		20,942
JBG SMITH Properties		26,371		(5.24	)%		17,682
Phillips Edison & Company, Inc.		18,163		(7.75	)%		11,642
Pebblebrook Hotel Trust		18,547		(3.33	)%		10,306
Terreno Realty Corp.		5,189		(4.01	)%		(10,537	)
Sunstone Hotel Investors, Inc.		38,533		(5.26	)%		(16,473	)
LTC Properties, Inc.		9,261		(4.17	)%		(16,503	)
EastGroup Properties, Inc.		2,046		(4.54	)%		(22,172	)
SL Green Realty Corp.		4,376		(3.23	)%		(28,834	)
Macerich Co.		23,138		(4.66	)%		(36,440	)
Omega Healthcare Investors, Inc.		16,438		(7.35	)%		(70,205	)
National Health Investors, Inc.		5,776		(5.10	)%		(86,539	)
Total Financial							84,395
Exchange-Traded Fund
Vanguard Real Estate ETF		10,434		(11.40	)%		51,395
Total GS Equity Market Neutral Short Custom Basket						$	135,790

*	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 and equity custom basket swap collateral at June 30, 2024.
2	All or a portion of this security is on loan at June 30, 2024 — See Note 7.
3	Affiliated issuer.
4	All or a portion of this security is pledged as futures collateral at June 30, 2024.
5	Rate indicated is the effective yield at the time of purchase.
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, 2024.
	ADR — American Depositary Receipt
	GS — Goldman Sachs International
	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 CONSOLIDATED FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 39

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (See Note 4 in the Notes to Consolidated Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs			Total
Common Stocks	$	18,300,192	$	—	$	—		$	18,300,192
Rights		—		—		—	*		—
Mutual Funds		6,792,874		—		—			6,792,874
Closed-End Mutual Funds		2,756,546		—		—			2,756,546
U.S. Treasury Bills		—		7,370,641		—			7,370,641
Repurchase Agreements		—		911,710		—			911,710
Securities Lending Collateral		632,157		—		—			632,157
Commodity Futures Contracts**		1,059,836		—		—			1,059,836
Interest Rate Futures Contracts**		126,194		19,576		—			145,770
Currency Futures Contracts**		71,867		—		—			71,867
Equity Futures Contracts**		34,494		24		—			34,518
Equity Custom Basket Swap Agreements**		—		2,008,345		—			2,008,345
Total Assets	$	29,774,160	$	10,310,296	$	—		$	40,084,456

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Common Stocks Sold Short	$	4,314,019	$	—	$	—	$	4,314,019
Exchange-Traded Funds Sold Short		2,567,515		—		—		2,567,515
Commodity Futures Contracts**		849,728		—		—		849,728
Interest Rate Futures Contracts**		99,052		24,207		—		123,259
Currency Futures Contracts**		136,785		—		—		136,785
Equity Futures Contracts**		95,575		8,665		—		104,240
Equity Custom Basket Swap Agreements**		—		311,970		—		311,970
Total Liabilities	$	8,062,674	$	344,842	$	—	$	8,407,516

*	Includes securities with a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
MULTI-HEDGE STRATEGIES FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,646,028	$	—	$	—	$	—	$	10,078	$	1,656,106		67,185	$	46,393
Guggenheim Strategy Fund III		2,436,560		—		—		—		17,865		2,454,425		99,249		65,492
Guggenheim Ultra Short Duration Fund — Institutional Class		538,646		—		—		—		4,921		543,567		54,685		14,061
Guggenheim Variable Insurance Strategy Fund III		2,123,195		—		—		—		15,581		2,138,776		86,555		57,593
	$	6,744,429	$	—	$	—	$	—	$	48,445	$	6,792,874			$	183,539

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

MULTI-HEDGE STRATEGIES FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value - including $625,086 of securities loaned (cost $29,290,564)	$	29,059,536
Investments in affiliated issuers, at value (cost $6,865,317)		6,792,874
Repurchase agreements, at value (cost $911,710)		911,710
Cash		7,809,918
Segregated cash with broker		385,471
Unrealized appreciation on OTC swap agreements		2,008,345
Receivables:
Securities sold		1,076,165
Fund shares sold		59,798
Dividends		34,524
Variation margin on futures contracts		3,045
Securities lending income		1,133
Interest		403
Other assets		36,352
Total assets		48,179,274
Liabilities:
Securities sold short, at value (proceeds $6,853,658)		6,881,534
Unrealized depreciation on OTC swap agreements		311,970
Payable for:
Securities purchased		883,167
Swap settlement		728,404
Return of securities lending collateral		632,157
Fund shares redeemed		146,574
Management fees		34,282
Trustees’ fees*		381
Miscellaneous		8,986
Total liabilities		9,627,455
Net assets	$	38,551,819
Net assets consist of:
Paid in capital	$	39,665,800
Total distributable earnings (loss)		(1,113,981	)
Net assets	$	38,551,819
Capital shares outstanding		1,460,513
Net asset value per share	$	26.40

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $870)	$	142,438
Dividends from securities of affiliated issuers		183,539
Interest		286,856
Income from securities lending, net		6,850
Interest related to securities sold short		106,409
Total investment income		726,092
Expenses:
Management fees		238,882
Short sales dividend expense		102,500
Miscellaneous		5,166
Total expenses		346,548
Less:
Expenses waived by Adviser		(9,962	)
Net expenses		336,586
Net investment income		389,506
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		632,035
Investments in unaffiliated issuers sold short		(342,868	)
Swap agreements		836,675
Futures contracts		145,448
Foreign currency transactions		6,251
Net realized gain		1,277,541
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(1,072,893	)
Investments in affiliated issuers		48,445
Investments in unaffiliated issuers sold short		487,592
Swap agreements		(495,126	)
Futures contracts		124,616
Foreign currency translations		83
Net change in unrealized appreciation (depreciation)		(907,283	)
Net realized and unrealized gain		370,258
Net increase in net assets resulting from operations	$	759,764

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

MULTI-HEDGE STRATEGIES FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	389,506		$	1,032,979
Net realized gain on investments		1,277,541			1,093,989
Net change in unrealized appreciation (depreciation) on investments		(907,283	)		(233,406	)
Net increase in net assets resulting from operations		759,764			1,893,562
Distributions to shareholders		—			(1,289,467	)
Capital share transactions:
Proceeds from sale of shares		5,546,234			14,836,441
Distributions reinvested		—			1,289,467
Cost of shares redeemed		(10,393,098	)		(24,100,295	)
Net decrease from capital share transactions		(4,846,864	)		(7,974,387	)
Net decrease in net assets		(4,087,100	)		(7,370,292	)
Net assets:
Beginning of period		42,638,919			50,009,211
End of period	$	38,551,819		$	42,638,919
Capital share activity:
Shares sold		208,645			568,733
Shares issued from reinvestment of distributions		—			50,786
Shares redeemed		(393,602	)		(930,825	)
Net decrease in shares		(184,957	)		(311,306	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	25.91		$	25.56		$	27.01		$	25.62		$	24.17		$	23.55
Income (loss) from investment operations:
Net investment income (loss)b		.26			.57			.09			(.12	)		(.07	)		.23
Net gain (loss) on investments (realized and unrealized)		.23			.52			(.96	)		2.18			1.85			.97
Total from investment operations		.49			1.09			(.87	)		2.06			1.78			1.20
Less distributions from:
Net investment income		—			(.74	)		(.31	)		—			(.33	)		(.58	)
Net realized gains		—			—			(.27	)		(.67	)		—			—
Total distributions		—			(.74	)		(.58	)		(.67	)		(.33	)		(.58	)
Net asset value, end of period	$	26.40		$	25.91		$	25.56		$	27.01		$	25.62		$	24.17
Total Returnc		1.89	%		4.37	%		(3.40	%)		8.10	%		7.39	%		5.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	38,552		$	42,639		$	50,009		$	43,849		$	40,313		$	34,610
Ratios to average net assets:
Net investment income (loss)		1.95	%		2.23	%		0.33	%		(0.45	%)		(0.27	%)		0.94	%
Total expensesd		1.74	%		1.62	%		1.58	%		1.92	%		1.68	%		1.72	%
Net expensese,f		1.69	%		1.55	%		1.53	%		1.87	%		1.63	%		1.69	%
Portfolio turnover rate		90	%		194	%		187	%		180	%		207	%		163	%

a	Unaudited figures for the period ended June 30, 2024. 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 years presented would be:

06/30/24a	12/31/23	12/31/22	12/31/21	12/31/20	12/31/19
1.17%	1.15%	1.15%	1.16%	1.13%	1.16%

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
COMMODITIES STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 41.7%
Guggenheim Ultra Short Duration Fund — Institutional Class1		153,331	$	1,524,114
Guggenheim Strategy Fund II1		61,113		1,506,448
Total Mutual Funds
(Cost $3,048,635)				3,030,562
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 11.0%
Farmer Mac
5.09% due 07/17/242	$	800,000		798,126
Total Federal Agency Discount Notes
(Cost $798,126)				798,126
FEDERAL AGENCY NOTES†† - 5.4%
Fannie Mae
1.63% due 10/15/24		400,000		395,688
Total Federal Agency Notes
(Cost $395,730)				395,688

U.S. TREASURY BILLS†† - 2.8%
U.S. Treasury Bills
5.18% due 07/09/242,3	200,000		199,768
Total U.S. Treasury Bills
(Cost $199,766)			199,768
REPURCHASE AGREEMENTS††,4 - 34.8%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	1,416,276		1,416,276
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24	1,116,567		1,116,567
Total Repurchase Agreements
(Cost $2,532,843)			2,532,843
Total Investments - 95.7%
(Cost $6,975,100)		$	6,956,987
Other Assets & Liabilities, net - 4.3%			311,162
Total Net Assets - 100.0%		$	7,268,149

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Commodity Futures Contracts Purchased†
Goldman Sachs Commodity Index Futures Contracts		50		Jul 2024	$	7,219,375	$	88,753

**	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, 2024.
4	Repurchase Agreements — See Note 6.
	See Sector Classification in Other Information section.

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

CONSOLIDATED SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
COMMODITIES STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (See Note 4 in the Notes to Consolidated Financial Statements):

Investments in Securities (Assets)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Mutual Funds	$	3,030,562	$	—	$	—	$	3,030,562
Federal Agency Discount Notes		—		798,126		—		798,126
Federal Agency Notes		—		395,688		—		395,688
U.S. Treasury Bills		—		199,768		—		199,768
Repurchase Agreements		—		2,532,843		—		2,532,843
Commodity Futures Contracts**		88,753		—		—		88,753
Total Assets	$	3,119,315	$	3,926,425	$	—	$	7,045,740

** 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 issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,497,280	$	—	$	—	$	—	$	9,168	$	1,506,448		61,113	$	42,201
Guggenheim Ultra Short Duration Fund — Institutional Class		1,510,315		—		—		—		13,799		1,524,114		153,331		39,427
	$	3,007,595	$	—	$	—	$	—	$	22,967	$	3,030,562			$	81,628

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

COMMODITIES STRATEGY FUND

CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $1,393,622)	$	1,393,582
Investments in affiliated issuers, at value (cost $3,048,635)		3,030,562
Repurchase agreements, at value (cost $2,532,843)		2,532,843
Cash		101
Segregated cash with broker		336,818
Receivables:
Fund shares sold		25,771
Dividends		12,887
Interest		2,493
Other assets		1,207
Total assets		7,336,264
Liabilities:
Payable for:
Variation margin on futures contracts		42,078
Professional fees		6,744
Printing fees		3,602
Management fees		4,351
Transfer agent fees		3,041
Investor service fees		1,547
Portfolio accounting and administration fees		650
Fund shares redeemed		182
Trustees’ fees*		66
Miscellaneous		5,854
Total liabilities		68,115
Net assets	$	7,268,149
Net assets consist of:
Paid in capital	$	13,617,996
Total distributable earnings (loss)		(6,349,847	)
Net assets	$	7,268,149
Capital shares outstanding		77,101
Net asset value per share	$	94.27

CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	81,628
Interest		131,001
Total investment income		212,629
Expenses:
Management fees		34,930
Investor service fees		9,871
Transfer agent fees		10,455
Professional fees		8,278
Portfolio accounting and administration fees		6,120
Custodian fees		545
Trustees’ fees*		483
Miscellaneous		4,358
Total expenses		75,040
Less:
Expenses reimbursed by Adviser		(1,974	)
Expenses waived by Adviser		(7,472	)
Total waived/reimbursed expenses		(9,446	)
Net expenses		65,594
Net investment income		147,035
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Futures contracts		482,543
Net realized gain		482,543
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(213	)
Investments in affiliated issuers		22,967
Futures contracts		(6,431	)
Net change in unrealized appreciation (depreciation)		16,323
Net realized and unrealized gain		498,866
Net increase in net assets resulting from operations	$	645,901

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 47

COMMODITIES STRATEGY FUND

CONSOLIDATED STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	147,035		$	347,354
Net realized gain (loss) on investments		482,543			(910,766	)
Net change in unrealized appreciation (depreciation) on investments		16,323			(456,342	)
Net increase (decrease) in net assets resulting from operations		645,901			(1,019,754	)
Distributions to shareholders		—			(969,331	)
Capital share transactions:
Proceeds from sale of shares		20,744,640			14,164,116
Distributions reinvested		—			969,331
Cost of shares redeemed		(20,608,427	)		(19,109,028	)
Net increase (decrease) from capital share transactions		136,213			(3,975,581	)
Net increase (decrease) in net assets		782,114			(5,964,666	)
Net assets:
Beginning of period		6,486,035			12,450,701
End of period	$	7,268,149		$	6,486,035
Capital share activity:
Shares sold		222,327			149,059
Shares issued from reinvestment of distributions		—			11,051
Shares redeemed		(221,118	)		(206,874	)
Net increase (decrease) in shares		1,209			(46,764	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	85.46		$	101.51		$	87.09		$	62.42		$	81.37		$	71.69
Income (loss) from investment operations:
Net investment income (loss)b		1.71			3.23			(.17	)		(.96	)		(.47	)		.61
Net gain (loss) on investments (realized and unrealized)		7.10			(9.32	)		20.44			25.63			(18.06	)		10.26
Total from investment operations		8.81			(6.09	)		20.27			24.67			(18.53	)		10.87
Less distributions from:
Net investment income		—			(9.96	)		(5.85	)		—			(.42	)		(1.19	)
Total distributions		—			(9.96	)		(5.85	)		—			(.42	)		(1.19	)
Net asset value, end of period	$	94.27		$	85.46		$	101.51		$	87.09		$	62.42		$	81.37
Total Returnc		10.31	%		(6.24	%)		22.88	%		39.52	%		(22.72	%)		15.25	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,268		$	6,486		$	12,451		$	8,767		$	3,505		$	3,193
Ratios to average net assets:
Net investment income (loss)		3.72	%		3.46	%		(0.15	%)		(1.20	%)		(0.82	%)		0.77	%
Total expensesd		1.90	%		1.89	%		1.88	%		1.86	%		1.88	%		1.98	%
Net expensese		1.66	%		1.68	%		1.71	%		1.67	%		1.69	%		1.78	%
Portfolio turnover rate		—			—			—			92	%		123	%		128	%

a	Unaudited figures for the period ended June 30, 2024. 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 CONSOLIDATED FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 49

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization, Consolidation of Subsidairies and Significant Accounting Policies

Organization

The 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 of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately. At June 30, 2024, the Trust consisted of forty-nine 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	Investment Company Type
Long Short Equity Fund	Non-diversified
Global Managed Futures Strategy Fund	Diversified
Multi-Hedge Strategies Fund	Diversified
Commodities Strategy Fund	Non-diversified

The Commodities Strategy Fund is designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offers unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Fund to experience high portfolio turnover.

Security Investors, LLC (“Security Investors” or the “Adviser”), which operates under the name Guggenheim Investments (“GI”), provides advisory services. 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 each of the Global Managed Futures Strategy Fund, Multi-Hedge Strategies Fund and Commodities Strategy 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 Funds.

Each of the Global Managed Futures Strategy Fund, Multi-Hedge Strategies Fund and Commodities Strategy Fund may invest up to 25% of its total assets in its respective Subsidiary, which acts as an investment vehicle in order to effect certain investments consistent with the Fund’s investment objective and policies.

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, 2024		% of Net Assets of the Fund at June 30, 2024
Global Managed Futures Strategy Fund		11/07/08	$	1,721,360		12.4	%
Multi-Hedge Strategies Fund		04/15/09		1,522,604		3.9	%
Commodities Strategy Fund		07/21/09		1,333,923		18.4	%

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The net asset value per share (“NAV”) of each Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, by the number of outstanding shares of the 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”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and 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,

50 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing service providers 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 pricing service providers.

If a pricing service provider 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 closed-end investment companies are generally valued at the last quoted sale price.

U.S. Government securities are valued by pricing service providers, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

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 pricing service providers, 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 a pricing service provider.

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

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

Swap agreements entered into by a Fund are generally valued using an evaluated price provided by a pricing service provider.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. 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 anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(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’ Consolidated 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.

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

any mutual fund. The Fund may also receive rebate income from the broker resulting from the investment of the proceeds from securities sold short.

(d) Futures Contracts

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

(e) Swap Agreements

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

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.

(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 Consolidated Statements of Operations (or Statement of Operations for the Guggenheim Long Short Equity Fund) 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, 2024, if any, are disclosed in the Funds’ Consolidated Statements of Assets and Liabilities (or Statement of Assets and Liabilities for the Guggenheim Long Short Equity Fund).

(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

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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

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Normally, all distributions of a Fund will automatically be reinvested without charge in additional shares of the same Fund. 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 the custodian. Periodically, a Fund may have cash due to the 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 5.33% at June 30, 2024.

(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 Funds. 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, as applicable. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds’ Consolidated Statements of Assets and Liabilities (and Statement of Assets and Liabilities for the Guggenheim Long Short Equity Fund). Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Consolidated Financial Statements (and Notes to Financial Statements for the Guggenheim Long Short Equity Fund).

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

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. A Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if the Fund had not been leveraged.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds’ Consolidated Statements of Assets and Liabilities (and Statement of Assets and Liabilities for the Guggenheim Long Short Equity Fund); securities held as collateral are noted on the Funds’ Consolidated Schedules of Investments (and Schedule of Investments for the Guggenheim Long Short Equity Fund).

The following table represents the Funds’ use and volume of futures on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Global Managed Futures Strategy Fund	Hedge, Speculation, Leverage, Liquidity	$	30,144,273	$	36,031,344
Multi-Hedge Strategies Fund	Duration, Hedge, Index exposure, Leverage, Liquidity, Speculation		72,850,848		55,288,707
Commodities Strategy Fund	Index exposure, Liquidity		7,884,164		—

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.

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

The following table represents the Funds’ use and volume of custom basket swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Long Short Equity Fund	Index exposure, Liquidity	$	25,971,832	$	30,298,474
Multi-Hedge Strategies Fund	Hedge, Index exposure, Leverage, Liquidity, Speculation		32,025,619		27,230,587

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Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Funds’ Consolidated Statements of Assets and Liabilities (and Statement of Assets and Liabilities for the Guggenheim Long Short Equity Fund) as of June 30, 2024:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Commodity/currency/equity/interest rate futures contracts	Variation margin on futures contracts	Variation margin on futures contracts
Equity swap agreements	Unrealized appreciation on OTC swap agreements	Unrealized depreciation on OTC swap agreements

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at June 30, 2024:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Foreign Currency Exchange Risk*		Futures Interest Rate Risk*		Futures Commodity Risk*		Total Value at June 30, 2024
Long Short Equity Fund	$	—	$	1,837,426	$	—	$	—	$	—	$	1,837,426
Global Managed Futures Strategy Fund		76,388		—		101,905		60,454		154,416		393,163
Multi-Hedge Strategies Fund		34,518		2,008,345		71,867		145,770		1,059,836		3,320,336
Commodities Strategy Fund		—		—		—		—		88,753		88,753

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Foreign Currency Exchange Risk*		Futures Interest Rate Risk*		Futures Commodity Risk*		Total Value at June 30, 2024
Global Managed Futures Strategy Fund	$	19,706	$	—	$	2,826	$	75,638	$	160,005	$	258,175
Multi-Hedge Strategies Fund		104,240		311,970		136,785		123,259		849,728		1,525,982

* Includes cumulative appreciation (depreciation) of exchange-traded, OTC and centrally-cleared derivatives contracts as reported on the Funds’ Consolidated Schedules of Investments (and Schedule of Investments for the Guggenheim Long Short Equity Fund). For exchange-traded and centrally-cleared derivatives, variation margin is reported within the Funds’ Consolidated Statements of Assets and Liabilities (and Statement of Assets and Liabilities for the Guggenheim Long Short Equity Fund).

The following is a summary of the location of derivative investments on the Funds’ Consolidated Statements of Operations (and Statement of Operations for the Guggenheim Long Short Equity Fund) for the period ended June 30, 2024:

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
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 CONSOLIDATED 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’ Consolidated Statements of Operations (and Statement of Operations for the Guggenheim Long Short Equity Fund) categorized by primary risk exposure for the period ended June 30, 2024:

Realized Gain (Loss) on Derivative Investments Recognized on the Consolidated Statements of Operations
Fund	Futures Equity Risk		Swaps Equity Risk			Futures Foreign Currency Exchange Risk			Futures Interest Rate Risk			Futures Commodity Risk			Total
Long Short Equity Fund	$	—	$	(14,019	)	$	—		$	—		$	—		$	(14,019	)
Global Managed Futures Strategy Fund		754,931		—			(41,902	)		(107,662	)		(115,152	)		490,215
Multi-Hedge Strategies Fund		28,745		836,675			108,560			124,179			(116,036	)		982,123
Commodities Strategy Fund		—		—			—			—			482,543			482,543

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Consolidated Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Foreign Currency Exchange Risk			Futures Interest Rate Risk			Futures Commodity Risk			Total
Long Short Equity Fund	$	—		$	1,311,418		$	—		$	—		$	—		$	1,311,418
Global Managed Futures Strategy Fund		(53,620	)		—			(25,481	)		26,066			(78,880	)		(131,915	)
Multi-Hedge Strategies Fund		(159,229	)		(495,126	)		92,720			(35,179	)		226,304			(370,510	)
Commodities Strategy Fund		—			—			—			—			(6,431	)		(6,431	)

In conjunction with short sales and the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

Note 3 – 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’ Consolidated Statements of Assets and Liabilities (and the Statement of Assets and Liabilities for the Guggenheim Long Short Equity Fund) 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,

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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’ Consolidated Statements of Assets and Liabilities (and Statement of Assets and Liabilities for the Guggenheim Long Short Equity Fund).

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

								Gross Amounts Not Offset in the Consolidated Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Assets1		Gross Amounts Offset in the Consolidated Statements of Assets and Liabilities		Net Amount of Assets Presented on the Consolidated Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Received		Net Amount
Long Short Equity Fund	Custom basket swap agreements	$	1,837,426	$	—	$	1,837,426	$	—		$	—	$	1,837,426
Multi-Hedge Strategies Fund	Custom basket swap agreements		2,008,345		—		2,008,345		(311,970	)		—		1,696,375

								Gross Amounts Not Offset in the Consolidated Statements of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities1		Gross Amounts Offset in the Consolidated Statements of Assets and Liabilities		Net Amount of Liabilities Presented on the Consolidated Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Multi-Hedge Strategies Fund	Custom basket swap agreements	$	311,970	$	—	$	311,970	$	(311,970	)	$	—	$	—

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, 2024.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Global Managed Futures Strategy Fund	Goldman Sachs International	Futures contracts	$	2,038	$	—
Multi-Hedge Strategies Fund	Goldman Sachs International	Futures contracts		385,471		—
Commodities Strategy Fund	Goldman Sachs International	Futures contracts		336,818		—

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Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract between the Trust, on behalf of the Funds, and the Adviser, the Funds pay GI investment advisory fees on a monthly basis calculated daily at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
Long Short Equity Fund		0.90	%
Global Managed Futures Strategy Fund		0.90	%
Multi-Hedge Strategies Fund		1.15	%
Commodities Strategy Fund		0.75	%

For the Global Managed Futures Strategy Fund, Multi-Hedge Strategies Fund and Commodities Strategy Fund, GI has contractually agreed to waive the management fee it receives from each Subsidiary in an amount equal to the management fee paid to GI by that Fund’s Subsidiary. This undertaking will continue in effect for so long as the Funds invest in the Subsidiaries, and may not be terminated by GI unless GI obtains the prior approval of the Funds’ Board for such termination. Fees waived under this arrangement are not subject to reimbursement to GI. For the period ended June 30, 2024, the Global Managed Futures Strategy Fund, Multi-Hedge Strategies Fund and Commodities Strategy Fund waived $9,473, $9,289 and $5,585, respectively, related to advisory fees in its respective Subsidiary.

As part of its agreement with the Trust, GI will pay all expenses of the Multi-Hedge Strategies Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest expense, taxes (expected to be de minimis), brokerage commissions and other expenses connected with execution of portfolio transactions, short dividend expenses, subsidiary expenses and extraordinary expenses.

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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 under 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.

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, 2024, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Global Managed Futures Strategy Fund	$	89
Multi-Hedge Strategies Fund		673
Commodities Strategy Fund		1,887

On May 24, 2023, the Board approved a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for the Commodities Strategy Fund in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets. This arrangement took effect on August 1, 2023 and the end of the initial term was August 1, 2024. This agreement automatically renews for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Board upon sixty days’ written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to the Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

MUFG Investor Services (US), LLC (“MUIS”) acts 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”) acts as the Funds’ custodian. As custodian, U.S. Bank is responsible for the custody of the Funds’ assets. For providing the aforementioned 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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 59

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

At June 30, 2024, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Notes
5.32%					0.25% - 1.25%
Due 07/01/24	$	43,706,715	$	43,726,092	Due 05/31/25 - 12/31/26	$	48,026,100	$	44,579,381
					U.S. Treasury Strip
					0.00%
					Due 11/15/26 - 02/15 27		1,630		1,468
							48,027,730		44,580,849
BofA Securities, Inc.					U.S. Treasury Inflation Indexed Bond
5.30%					0.13%
Due 07/01/24		34,457,607		34,472,826	Due 02/15/51		33,963,856		20,155,050
					U.S. Treasury Strips
					0.00%
					Due 02/15/44 - 08/15/48		44,528,500		14,991,724
							78,492,356		35,146,774

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’ Consolidated Statements of Operations (and Statement of Operations for the Guggenheim Long Short Equity Fund) 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 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. 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, 2024, the following Funds participated in securities lending transactions, which are subject to enforceable netting arrangements, as follows:

	Gross Amounts Not Offset in the Consolidated 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
Long Short Equity Fund	$	52,847	$	(52,847	)	$	—	$	52,860	$	—	$	52,860
Multi-Hedge Strategies Fund		625,086		(625,086	)		—		632,157		—		632,157

^(a) Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

60 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(continued)

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

Note 8 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

The Global Managed Futures Strategy Fund, Multi-Hedge Strategies Fund, and Commodities Strategy 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. The Funds have 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 each Subsidiary, will generally not be subject to U.S. federal income taxation unless they are deemed to be engaged in a U.S. trade or business. If, during a taxable year, a Subsidiary’s taxable losses (and other deductible items) exceed its income and gains, the net loss will not pass through to the respective Fund as a deductible amount for U.S. federal income tax purposes and cannot be carried forward to reduce future income from the Subsidiary in subsequent years.

At June 30, 2024, 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)
Long Short Equity Fund	$	25,149,115	$	4,038,933	$	(751,548	)	$	3,287,385
Global Managed Futures Strategy Fund		13,990,750		393,339		(287,340	)		105,999
Multi-Hedge Strategies Fund		30,334,436		4,068,904		(2,726,400	)		1,342,504
Commodities Strategy Fund		7,642,207		88,717		(685,184	)		(596,467	)

Note 9 – Securities Transactions

For the period ended June 30, 2024, 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
Long Short Equity Fund	$	41,835,837	$	42,375,860
Global Managed Futures Strategy Fund		—		—
Multi-Hedge Strategies Fund		30,372,363		29,969,905
Commodities Strategy Fund		—		—

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 61

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)(concluded)

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, 2024, the Funds did not engage in purchases and sales of securities pursuant to Rule 17a-7 of the 1940 Act.

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 June 3, 2024, the line of credit agreement was renewed and expires on November 18, 2024. 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 6.50% for the period ended June 30, 2024. The Funds did not have any borrowings outstanding under this agreement at June 30, 2024.

The average daily balances borrowed for the period ended June 30, 2024, were as follows:

Fund	Average Daily Balance
Long Short Equity Fund	$	3,432
Multi-Hedge Strategies Fund		762

Note 11 – 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 individual companies, 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 condition), changes in inflation rates or expectations about inflation rates, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as the escalated 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 12 – Subsequent Events

On May 24, 2024, the Board approved a proposal to close and liquidate Long Short Equity Fund pursuant to the terms of a Plan of Liquidation (the “Liquidation”), subject to shareholder approval. On July 22, 2024, shareholders approved the Liquidation, which was completed on August 16, 2024.

The Funds evaluated subsequent events through the date the consolidated financial statements are issued and determined there were no additional material events that would require adjustment to or disclosure in the Funds’ consolidated financial statements.

62 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

OTHER INFORMATION (Unaudited)

Sector Classification

Information in the Consolidated Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 63

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.

64 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Note: This is not applicable for any fund included in this document.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 65

ITEM 10: RENUMERATION 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.

66 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

Report of the Rydex Variable Trust Board of Trustees

As discussed further below, the Board, including the Independent Trustees, approved the renewal of the investment management agreement between the Trust, on behalf of each Fund listed below, and Security Investors (the “Advisory Agreement”) at a meeting held on May 20-21, 2024.

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**	●	Long Short Equity 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,

¹ Security Investors also serves as investment adviser to each of the 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 Commodities Strategy Fund, Global Managed Futures Strategy Fund, and Multi-Hedge Strategies Fund, respectively, that are organized as exempted companies under the laws of the Cayman Islands and used by the Funds to obtain exposure to commodities. Pursuant to separate investment management agreements between Security Investors and each Subsidiary (each a “Subsidiary Advisory Agreement” and collectively, the “Subsidiary Advisory Agreements”), each Subsidiary pays Security Investors an advisory fee at the same rate that its respective Fund pays Security Investors under the Advisory Agreement between the Trust, on behalf of the Funds, and Security Investors. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Subsidiary Advisory 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 Fund for so long as the Fund invests in its respective Subsidiary, and may be terminated only with the approval of the Board.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 67

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 16, 2024 (the “April Meeting”) and May 20-21, 2024 (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. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list 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.

As a part of its analysis, the Committee considered that Guggenheim had engaged in a strategic review of the Guggenheim fund line-up beginning in 2023, which resulted in a recommendation to the Board in 2024 for the Long Short Equity Fund to be liquidated and terminated (the “Proposed Liquidation”). The Committee noted that the Board was engaged in an extensive due diligence process to evaluate the Proposed Liquidation, which was ongoing at the time of the May Board Meeting (defined below), at which meeting the Advisory Agreement was being considered for renewal. The Committee considered the potential timing of the Proposed Liquidation and that the continuation of the Advisory Agreement for the Fund would allow the Fund to operate until the completion of the Proposed Liquidation, if approved by the Board and by shareholders, and would provide for the operation of the Fund to continue in the event the Board or shareholders do not approve the Proposed Liquidation.

68 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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 approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2025 at a meeting held on May 20-21, 2024 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered Guggenheim’s discussions with the Committee and the Board regarding the Proposed Liquidation, including at the April Meeting and the May Meetings. In this regard, the Committee considered Guggenheim’s representation that it continues to manage the Long Short Equity Fund in the best interest of the Fund and its shareholders and will continue to do so for so long as it serves as investment adviser to the Fund, including until the Proposed Liquidation, if approved by the Board and by shareholders, is completed. In addition, the Committee 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 2023, 2022 and 2021. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2023 and 2022, 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 also considered management’s representations at the April Meeting that there continued to be a high level of trading activity in the Tradable Funds and that the Tradable Funds continued 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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 69

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

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, 2023, 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, 2023, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2023, 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, 2024. 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 slightly underperformed the comparable peer fund over the five-year and three-year periods ended December 31, 2023, and that its performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year time periods.

70 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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. With respect to Multi-Hedge Strategies Fund, the Committee considered that the performance universe is limited in size and is comprised of only one other fund. The Committee observed that the returns of each Alternative Fund ranked in the first quartile of its performance universe for each of the five-year and three-year periods considered.

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 and certain other clients with respect to the Long Short Equity Fund, 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, 2025 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 that each Fund’s net effective management fee was generally competitive. The Committee noted that for Funds with a higher total net expense ratio as compared to the peer fund, the higher total net expense ratio was driven primarily by the higher other operating expenses of each such Fund.

2

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.

3

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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 71

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund’s and the peer fund’s respective fiscal year ends, the Fund’s contractual advisory fee was lower than that of the comparable peer fund and the Fund’s net effective management fee and total net expense ratio were higher than those of the comparable peer fund.

With respect to the Sector Funds, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds’ structure and the portfolio management needed to meet client requirements.

The Committee considered management’s agreement, as part of the 2024 annual contract renewal process, to reduce the total net expense ratio of the Europe 1.25x Strategy Fund by 0.10% of its average daily net assets through an expense reimbursement and/or waiver agreement effective August 1, 2024, with an initial term ending August 1, 2025, with such reduction to apply in addition to any other contractual waiver and/or reimbursement arrangements already in place. The Committee also considered the continuation, through August 1, 2025, 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 also noted the continuation, through August 1, 2025, of management’s separate 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, net effective management fee and total net expense ratio each rank in the fourth quartile (each in the 100th percentile) of its peer group. The Committee noted the Fund’s higher other operating expenses compared to its peer. The Committee considered that the peer group is limited in size and is comprised of only one other fund.

Long Short Equity Fund: The Fund’s contractual advisory fee, net effective management fee and total net expense ratio each rank in the fourth quartile (each in the 100th percentile) of its peer group. The Committee noted the Fund’s higher other operating expenses compared to its peers. The Committee considered that the peer group is limited in size and is comprised of only two other funds. The Committee also considered the small size of the Fund and that it was proposed for liquidation.

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, 2023, 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, 2022 and December 31, 2021. 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 economies of scale and synergies, such as enhanced visibility of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Funds.

72 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Concluded)

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm’s length and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in overall expenses in 2023 was attributable to decreased product and distribution related costs driven by lower average assets under management (which also resulted in decreased revenue from the funds in the Guggenheim fund complex), decreased expense waivers and reimbursements, and decreased expenses associated with 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 profit level margins; (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 and considered that the newly agreed expense reimbursement and/or waiver arrangement would produce additional savings to shareholders. 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. As a part of its considerations, the Board noted its ongoing evaluation of the Proposed Liquidation for the Long Short Equity Fund and determined that the renewal of the Advisory Agreement for the Fund would allow the Fund to operate until the completion of the Proposed Liquidation, if approved by the Board and by shareholders, and would provide for the operation of the Fund to continue in the event the Board or shareholders do not approve the Proposed Liquidation. (Following the May Board Meeting, the Board approved the Proposed Liquidation, subject to shareholder approval, at a reconvening of the May Board Meeting held by videoconference on May 24, 2024.)

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 73

6.30.2024

Rydex Variable Trust Funds Semi-Annual Financial Report

Domestic Equity Funds

Nova Fund

Inverse S&P 500^® Strategy Fund

NASDAQ-100^® Fund

Inverse NASDAQ-100^® Strategy Fund

S&P 500^® 2x Strategy Fund

NASDAQ-100^® 2x Strategy Fund

Mid-Cap 1.5x Strategy Fund

Inverse Mid-Cap Strategy Fund

Russell 2000^® 2x Strategy Fund

Russell 2000^® 1.5x Strategy Fund

Inverse Russell 2000^® Strategy Fund

Dow 2x Strategy Fund

Inverse Dow 2x Strategy Fund

Fixed Income Funds

Government Long Bond 1.2x Strategy Fund

Inverse Government Long Bond Strategy Fund

High Yield Strategy Fund

Money Market Fund

U.S. Government Money Market Fund

GuggenheimInvestments.com RVATB1-SEMI-2-0624x1224

TABLE OF CONTENTS

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Financial Report)
NOVA FUND	2
INVERSE S&P 500® STRATEGY FUND	12
NASDAQ-100® FUND	18
INVERSE NASDAQ-100® STRATEGY FUND	25
S&P 500® 2x STRATEGY FUND	30
NASDAQ-100® 2x STRATEGY FUND	39
MID-CAP 1.5x STRATEGY FUND	45
INVERSE MID-CAP STRATEGY FUND	54
RUSSELL 2000® 2x STRATEGY FUND	59
RUSSELL 2000® 1.5x STRATEGY FUND	64
INVERSE RUSSELL 2000® STRATEGY FUND	88
DOW 2x STRATEGY FUND	93
INVERSE DOW 2x STRATEGY FUND	98
GOVERNMENT LONG BOND 1.2x STRATEGY FUND	103
INVERSE GOVERNMENT LONG BOND STRATEGY FUND	108
HIGH YIELD STRATEGY FUND	114
U.S. GOVERNMENT MONEY MARKET FUND	120
NOTES TO FINANCIAL STATEMENTS	125
OTHER INFORMATION	142
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies	144
Item 9: Proxy Disclosures for Open-End Management Investment Companies	145
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies	146
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract	147

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 1

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
NOVA FUND

	Shares		Value
COMMON STOCKS† - 74.5%
Technology - 23.4%
Microsoft Corp.		5,065	$	2,263,802
NVIDIA Corp.		16,765		2,071,148
Apple, Inc.		9,824		2,069,131
Broadcom, Inc.		297		476,842
Advanced Micro Devices, Inc.*		1,102		178,755
Salesforce, Inc.		662		170,200
Adobe, Inc.*		305		169,440
Oracle Corp.		1,086		153,343
QUALCOMM, Inc.		762		151,775
Applied Materials, Inc.		566		133,570
Accenture plc — Class A		429		130,163
Intuit, Inc.		191		125,527
Texas Instruments, Inc.		621		120,803
ServiceNow, Inc.*		140		110,134
International Business Machines Corp.		626		108,267
Micron Technology, Inc.		755		99,305
Lam Research Corp.		89		94,772
Intel Corp.		2,901		89,844
Analog Devices, Inc.		338		77,152
KLA Corp.		92		75,855
Synopsys, Inc.*		104		61,886
Crowdstrike Holdings, Inc. — Class A*		156		59,777
Fiserv, Inc.*		399		59,467
Cadence Design Systems, Inc.*		185		56,934
NXP Semiconductor N.V.		174		46,822
Roper Technologies, Inc.		73		41,147
Autodesk, Inc.*		146		36,128
Microchip Technology, Inc.		368		33,672
Fidelity National Information Services, Inc.		379		28,561
Super Micro Computer, Inc.*		34		27,858
Monolithic Power Systems, Inc.		33		27,116
Fortinet, Inc.*		432		26,037
MSCI, Inc. — Class A		54		26,015
Paychex, Inc.		218		25,846
Fair Isaac Corp.*		17		25,307
Gartner, Inc.*		53		23,800
Electronic Arts, Inc.		166		23,129
Cognizant Technology Solutions Corp. — Class A		339		23,052
HP, Inc.		588		20,592
ON Semiconductor Corp.*		293		20,085
ANSYS, Inc.*		59		18,968
Hewlett Packard Enterprise Co.		886		18,756
NetApp, Inc.		141		18,161
Western Digital Corp.*		223		16,897
Take-Two Interactive Software, Inc.*		108		16,793
Broadridge Financial Solutions, Inc.		81		15,957
Teradyne, Inc.		106		15,719
PTC, Inc.*		82		14,897
Tyler Technologies, Inc.*		29		14,581
Seagate Technology Holdings plc		133		13,735
Leidos Holdings, Inc.		92		13,421
Skyworks Solutions, Inc.		109		11,617
Zebra Technologies Corp. — Class A*		35		10,812
Akamai Technologies, Inc.*		104		9,368
Jack Henry & Associates, Inc.		50		8,301
Qorvo, Inc.*		66		7,659
EPAM Systems, Inc.*		40		7,524
Dayforce, Inc.*		108		5,357
Paycom Software, Inc.		33		4,720
Total Technology				9,806,302
Consumer, Non-cyclical - 12.8%
Eli Lilly & Co.		544		492,527
UnitedHealth Group, Inc.		627		319,306
Procter & Gamble Co.		1,609		265,356
Johnson & Johnson		1,640		239,702
Merck & Company, Inc.		1,726		213,679
AbbVie, Inc.		1,204		206,510
Coca-Cola Co.		2,642		168,163
PepsiCo, Inc.		937		154,540
Thermo Fisher Scientific, Inc.		260		143,780
Abbott Laboratories		1,186		123,237
Amgen, Inc.		366		114,357
Danaher Corp.		449		112,183
Pfizer, Inc.		3,862		108,059
Intuitive Surgical, Inc.*		242		107,654
Philip Morris International, Inc.		1,060		107,410
S&P Global, Inc.		218		97,228
Elevance Health, Inc.		158		85,614
Vertex Pharmaceuticals, Inc.*		176		82,495
Stryker Corp.		231		78,598
Boston Scientific Corp.*		1,002		77,164
Regeneron Pharmaceuticals, Inc.*		72		75,674
Medtronic plc		905		71,233
Automatic Data Processing, Inc.		279		66,594
Cigna Group		194		64,131
Mondelez International, Inc. — Class A		914		59,812
Gilead Sciences, Inc.		849		58,250
Bristol-Myers Squibb Co.		1,382		57,394
Colgate-Palmolive Co.		559		54,245
Zoetis, Inc.		311		53,915
Altria Group, Inc.		1,171		53,339
McKesson Corp.		89		51,979
CVS Health Corp.		856		50,555
Becton Dickinson & Co.		197		46,041
Moody’s Corp.		107		45,040
HCA Healthcare, Inc.		132		42,409
PayPal Holdings, Inc.*		713		41,375
Cintas Corp.		59		41,315
Edwards Lifesciences Corp.*		411		37,964
Kimberly-Clark Corp.		229		31,648
Dexcom, Inc.*		271		30,726
Humana, Inc.		82		30,639
United Rentals, Inc.		45		29,103
Constellation Brands, Inc. — Class A		110		28,301
IDEXX Laboratories, Inc.*		56		27,283
Moderna, Inc.*		227		26,956
IQVIA Holdings, Inc.*		124		26,219
Verisk Analytics, Inc. — Class A		97		26,146
Agilent Technologies, Inc.		200		25,926

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
NOVA FUND

	Shares		Value
Corteva, Inc.		475	$	25,621
Cencora, Inc. — Class A		113		25,459
Quanta Services, Inc.		100		25,409
General Mills, Inc.		385		24,355
Sysco Corp.		339		24,201
Centene Corp.*		364		24,133
Monster Beverage Corp.*		483		24,126
Keurig Dr Pepper, Inc.		711		23,747
Kenvue, Inc.		1,305		23,725
Biogen, Inc.*		99		22,950
Kroger Co.		456		22,768
GE HealthCare Technologies, Inc.		289		22,519
Archer-Daniels-Midland Co.		337		20,371
Equifax, Inc.		84		20,367
ResMed, Inc.		100		19,142
Hershey Co.		101		18,567
Kraft Heinz Co.		538		17,334
Church & Dwight Company, Inc.		167		17,314
Estee Lauder Companies, Inc. — Class A		159		16,918
Global Payments, Inc.		174		16,826
West Pharmaceutical Services, Inc.		50		16,469
Cardinal Health, Inc.		166		16,321
Zimmer Biomet Holdings, Inc.		140		15,194
STERIS plc		67		14,709
Corpay, Inc.*		48		12,788
McCormick & Company, Inc.		172		12,202
Avery Dennison Corp.		55		12,026
Molina Healthcare, Inc.*		40		11,892
Hologic, Inc.*		159		11,806
Cooper Companies, Inc.*		135		11,785
Baxter International, Inc.		347		11,607
Waters Corp.*		40		11,605
Labcorp Holdings, Inc.		57		11,600
Clorox Co.		85		11,600
Align Technology, Inc.*		48		11,589
Tyson Foods, Inc. — Class A		195		11,142
Quest Diagnostics, Inc.		76		10,403
Bunge Global S.A.		97		10,357
Kellanova		179		10,325
Insulet Corp.*		48		9,686
Rollins, Inc.		191		9,319
Conagra Brands, Inc.		326		9,265
Revvity, Inc.		84		8,808
Viatris, Inc.		812		8,632
Lamb Weston Holdings, Inc.		98		8,240
J M Smucker Co.		72		7,851
Bio-Techne Corp.		107		7,666
Universal Health Services, Inc. — Class B		41		7,582
Charles River Laboratories International, Inc.*		35		7,230
Catalent, Inc.*		123		6,916
Teleflex, Inc.		32		6,731
Incyte Corp.*		108		6,547
Molson Coors Beverage Co. — Class B		124		6,303
Campbell Soup Co.		134		6,056
Hormel Foods Corp.		198		6,037
Henry Schein, Inc.*		87		5,577
Brown-Forman Corp. — Class B		122		5,269
MarketAxess Holdings, Inc.		26		5,214
Solventum Corp.*		94		4,971
DaVita, Inc.*		35		4,850
Bio-Rad Laboratories, Inc. — Class A*		14		3,824
Total Consumer, Non-cyclical				5,375,620
Communications - 11.3%
Amazon.com, Inc.*		6,242		1,206,267
Meta Platforms, Inc. — Class A		1,494		753,305
Alphabet, Inc. — Class A		4,003		729,146
Alphabet, Inc. — Class C		3,331		610,972
Netflix, Inc.*		294		198,415
Cisco Systems, Inc.		2,760		131,128
Walt Disney Co.		1,242		123,318
Verizon Communications, Inc.		2,869		118,317
Comcast Corp. — Class A		2,668		104,479
Uber Technologies, Inc.*		1,424		103,496
AT&T, Inc.		4,887		93,391
Booking Holdings, Inc.		23		91,115
Palo Alto Networks, Inc.*		220		74,582
T-Mobile US, Inc.		351		61,839
Arista Networks, Inc.*		173		60,633
Airbnb, Inc. — Class A*		301		45,641
Motorola Solutions, Inc.		114		44,010
CDW Corp.		92		20,593
Corning, Inc.		525		20,396
Charter Communications, Inc. — Class A*		67		20,030
eBay, Inc.		345		18,533
GoDaddy, Inc. — Class A*		96		13,412
Omnicom Group, Inc.		133		11,930
Warner Bros Discovery, Inc.*		1,520		11,309
Expedia Group, Inc.*		87		10,961
FactSet Research Systems, Inc.		26		10,615
VeriSign, Inc.*		59		10,490
Gen Digital, Inc.		376		9,393
Juniper Networks, Inc.		221		8,058
Interpublic Group of Companies, Inc.		257		7,476
News Corp. — Class A		258		7,113
F5, Inc.*		40		6,889
Match Group, Inc.*		181		5,499
Fox Corp. — Class A		158		5,431
Etsy, Inc.*		80		4,718
Paramount Global — Class B		337		3,501
Fox Corp. — Class B		90		2,882
News Corp. — Class B		78		2,214
Total Communications				4,761,497
Financial - 10.0%
Berkshire Hathaway, Inc. — Class B*		1,234		501,991
JPMorgan Chase & Co.		1,957		395,823
Visa, Inc. — Class A		1,073		281,630
Mastercard, Inc. — Class A		560		247,050
Bank of America Corp.		4,637		184,414
Wells Fargo & Co.		2,376		141,111
Goldman Sachs Group, Inc.		220		99,510
American Express Co.		387		89,610

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
NOVA FUND

	Shares		Value
Morgan Stanley		853	$	82,903
Progressive Corp.		399		82,876
Citigroup, Inc.		1,300		82,498
Charles Schwab Corp.		1,017		74,943
BlackRock, Inc. — Class A		95		74,795
Prologis, Inc. REIT		631		70,868
Marsh & McLennan Companies, Inc.		336		70,802
Chubb Ltd.		277		70,657
American Tower Corp. — Class A REIT		318		61,813
Blackstone, Inc. — Class A		487		60,291
Intercontinental Exchange, Inc.		391		53,524
Equinix, Inc. REIT		65		49,179
CME Group, Inc. — Class A		245		48,167
KKR & Company, Inc. — Class A		452		47,568
Aon plc — Class A		148		43,450
Welltower, Inc. REIT		408		42,534
U.S. Bancorp		1,064		42,241
PNC Financial Services Group, Inc.		271		42,135
Arthur J Gallagher & Co.		149		38,637
Capital One Financial Corp.		260		35,997
Truist Financial Corp.		912		35,431
Simon Property Group, Inc. REIT		222		33,700
Digital Realty Trust, Inc. REIT		221		33,603
American International Group, Inc.		452		33,556
Travelers Companies, Inc.		156		31,721
Aflac, Inc.		352		31,437
Realty Income Corp. REIT		593		31,322
Public Storage REIT		108		31,066
Bank of New York Mellon Corp.		510		30,544
Ameriprise Financial, Inc.		68		29,049
Crown Castle, Inc. REIT		296		28,919
Allstate Corp.		180		28,739
Prudential Financial, Inc.		245		28,712
MetLife, Inc.		407		28,567
Arch Capital Group Ltd.*		255		25,727
Extra Space Storage, Inc. REIT		144		22,379
Discover Financial Services		171		22,369
CoStar Group, Inc.*		278		20,611
VICI Properties, Inc. REIT		711		20,363
Hartford Financial Services Group, Inc.		202		20,309
AvalonBay Communities, Inc. REIT		97		20,068
CBRE Group, Inc. — Class A*		206		18,356
Willis Towers Watson plc		70		18,350
Iron Mountain, Inc. REIT		200		17,924
T. Rowe Price Group, Inc.		152		17,527
M&T Bank Corp.		114		17,255
Fifth Third Bancorp		466		17,004
Equity Residential REIT		235		16,295
Raymond James Financial, Inc.		127		15,699
Nasdaq, Inc.		259		15,607
State Street Corp.		205		15,170
Brown & Brown, Inc.		161		14,395
SBA Communications Corp. REIT		73		14,330
Ventas, Inc. REIT		276		14,148
Weyerhaeuser Co. REIT		497		14,110
Invitation Homes, Inc. REIT		392		14,069
Huntington Bancshares, Inc.		988		13,022
Synchrony Financial		274		12,930
Cincinnati Financial Corp.		107		12,637
Alexandria Real Estate Equities, Inc. REIT		107		12,516
Regions Financial Corp.		624		12,505
Cboe Global Markets, Inc.		72		12,244
Essex Property Trust, Inc. REIT		44		11,977
Northern Trust Corp.		139		11,673
Principal Financial Group, Inc.		147		11,532
Everest Group Ltd.		30		11,431
Mid-America Apartment Communities, Inc. REIT		80		11,409
Citizens Financial Group, Inc.		310		11,169
W R Berkley Corp.		138		10,844
Healthpeak Properties, Inc. REIT		480		9,408
Loews Corp.		124		9,268
KeyCorp		643		9,137
Kimco Realty Corp. REIT		455		8,854
Host Hotels & Resorts, Inc. REIT		481		8,648
UDR, Inc. REIT		206		8,477
Camden Property Trust REIT		73		7,965
Regency Centers Corp. REIT		112		6,966
BXP, Inc. REIT		98		6,033
Assurant, Inc.		35		5,819
Federal Realty Investment Trust REIT		51		5,149
Globe Life, Inc.		57		4,690
Invesco Ltd.		307		4,593
Franklin Resources, Inc.		204		4,559
Total Financial				4,200,903
Consumer, Cyclical - 5.9%
Tesla, Inc.*		1,891		374,191
Costco Wholesale Corp.		302		256,697
Home Depot, Inc.		675		232,362
Walmart, Inc.		2,911		197,104
McDonald’s Corp.		491		125,126
Lowe’s Companies, Inc.		390		85,979
TJX Companies, Inc.		772		84,997
NIKE, Inc. — Class B		826		62,255
Starbucks Corp.		772		60,100
Chipotle Mexican Grill, Inc. — Class A*		950		59,518
Target Corp.		315		46,633
O’Reilly Automotive, Inc.*		40		42,242
Marriott International, Inc. — Class A		164		39,651
Hilton Worldwide Holdings, Inc.		170		37,094
PACCAR, Inc.		357		36,750
General Motors Co.		778		36,146
AutoZone, Inc.*		12		35,569
Ford Motor Co.		2,673		33,519
Ross Stores, Inc.		229		33,278
Copart, Inc.*		596		32,279
DR Horton, Inc.		202		28,468
WW Grainger, Inc.		30		27,067
Cummins, Inc.		93		25,754
Royal Caribbean Cruises Ltd.*		161		25,668
Yum! Brands, Inc.		192		25,432
Lennar Corp. — Class A		167		25,028

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
NOVA FUND

	Shares		Value
Fastenal Co.		390	$	24,508
Lululemon Athletica, Inc.*		78		23,299
Delta Air Lines, Inc.		440		20,874
Dollar General Corp.		150		19,835
Tractor Supply Co.		73		19,710
Deckers Outdoor Corp.*		17		16,455
PulteGroup, Inc.		143		15,745
NVR, Inc.*		2		15,177
Dollar Tree, Inc.*		141		15,055
Genuine Parts Co.		95		13,140
Aptiv plc*		185		13,028
Carnival Corp.*		688		12,879
Ulta Beauty, Inc.*		33		12,734
Domino’s Pizza, Inc.		24		12,392
Darden Restaurants, Inc.		81		12,257
Southwest Airlines Co.		408		11,673
Best Buy Company, Inc.		131		11,042
Las Vegas Sands Corp.		249		11,018
United Airlines Holdings, Inc.*		224		10,900
Live Nation Entertainment, Inc.*		97		9,093
Pool Corp.		26		7,991
CarMax, Inc.*		107		7,847
MGM Resorts International*		171		7,599
LKQ Corp.		182		7,569
Tapestry, Inc.		157		6,718
Bath & Body Works, Inc.		152		5,936
Walgreens Boots Alliance, Inc.		488		5,902
Caesars Entertainment, Inc.*		147		5,842
Wynn Resorts Ltd.		64		5,728
Norwegian Cruise Line Holdings Ltd.*		292		5,487
Hasbro, Inc.		89		5,207
American Airlines Group, Inc.*		447		5,064
BorgWarner, Inc.		155		4,997
Ralph Lauren Corp. — Class A		27		4,727
Total Consumer, Cyclical				2,456,335
Industrial - 5.3%
General Electric Co.		746		118,592
Caterpillar, Inc.		333		110,922
Honeywell International, Inc.		444		94,812
Union Pacific Corp.		416		94,124
RTX Corp.		906		90,953
Eaton Corporation plc		272		85,286
Boeing Co.*		393		71,530
Lockheed Martin Corp.		146		68,197
United Parcel Service, Inc. — Class B		497		68,015
Deere & Co.		176		65,759
Amphenol Corp. — Class A		819		55,176
Waste Management, Inc.		249		53,122
Trane Technologies plc		154		50,655
TransDigm Group, Inc.		38		48,549
FedEx Corp.		154		46,175
General Dynamics Corp.		155		44,972
CSX Corp.		1,332		44,555
Parker-Hannifin Corp.		88		44,511
Illinois Tool Works, Inc.		185		43,838
Emerson Electric Co.		390		42,962
Northrop Grumman Corp.		95		41,415
3M Co.		377		38,526
Carrier Global Corp.		571		36,019
Norfolk Southern Corp.		154		33,062
GE Vernova, Inc.*		187		32,073
TE Connectivity Ltd.		209		31,440
Johnson Controls International plc		459		30,510
L3Harris Technologies, Inc.		129		28,971
Republic Services, Inc. — Class A		140		27,207
Otis Worldwide Corp.		276		26,568
AMETEK, Inc.		158		26,340
Ingersoll Rand, Inc.		275		24,981
Martin Marietta Materials, Inc.		42		22,756
Vulcan Materials Co.		90		22,381
Xylem, Inc.		165		22,379
Rockwell Automation, Inc.		78		21,472
Old Dominion Freight Line, Inc.		121		21,369
Mettler-Toledo International, Inc.*		15		20,964
Howmet Aerospace, Inc.		264		20,494
Westinghouse Air Brake Technologies Corp.		120		18,966
Fortive Corp.		240		17,784
Garmin Ltd.		105		17,106
Dover Corp.		94		16,962
Keysight Technologies, Inc.*		119		16,273
Veralto Corp.		150		14,320
Axon Enterprise, Inc.*		48		14,123
Hubbell, Inc.		37		13,523
Ball Corp.		212		12,724
Teledyne Technologies, Inc.*		32		12,415
Expeditors International of Washington, Inc.		96		11,980
Jacobs Solutions, Inc.		85		11,875
Builders FirstSource, Inc.*		83		11,488
Textron, Inc.		130		11,162
Packaging Corporation of America		61		11,136
IDEX Corp.		52		10,462
Masco Corp.		150		10,000
Amcor plc		985		9,633
Snap-on, Inc.		36		9,410
Trimble, Inc.*		166		9,283
J.B. Hunt Transport Services, Inc.		56		8,960
Jabil, Inc.		82		8,921
Westrock Co.		176		8,846
Pentair plc		113		8,664
Nordson Corp.		37		8,582
Stanley Black & Decker, Inc.		105		8,389
Allegion plc		60		7,089
CH Robinson Worldwide, Inc.		80		7,050
A O Smith Corp.		82		6,706
Huntington Ingalls Industries, Inc.		27		6,651
Generac Holdings, Inc.*		41		5,421
Mohawk Industries, Inc.*		36		4,089
Total Industrial				2,221,625

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
NOVA FUND

	Shares		Value
Energy - 2.8%
Exxon Mobil Corp.		3,057	$	351,922
Chevron Corp.		1,168		182,699
ConocoPhillips		797		91,161
EOG Resources, Inc.		392		49,341
Schlumberger N.V.		974		45,953
Marathon Petroleum Corp.		240		41,635
Phillips 66		289		40,798
Williams Companies, Inc.		831		35,317
Valero Energy Corp.		223		34,957
ONEOK, Inc.		398		32,457
Occidental Petroleum Corp.		453		28,553
Hess Corp.		188		27,734
Kinder Morgan, Inc.		1,316		26,149
Diamondback Energy, Inc.		122		24,423
Baker Hughes Co.		680		23,916
Devon Energy Corp.		431		20,429
Halliburton Co.		603		20,369
Targa Resources Corp.		151		19,446
First Solar, Inc.*		73		16,459
Coterra Energy, Inc. — Class A		507		13,522
Equities Corp.		301		11,131
Marathon Oil Corp.		384		11,009
Enphase Energy, Inc.*		93		9,273
APA Corp.		245		7,213
Total Energy				1,165,866
Utilities - 1.7%
NextEra Energy, Inc.		1,400		99,134
Southern Co.		745		57,790
Duke Energy Corp.		526		52,721
Constellation Energy Corp.		215		43,058
Sempra		431		32,782
American Electric Power Company, Inc.		359		31,499
Dominion Energy, Inc.		571		27,979
PG&E Corp.		1,456		25,422
Public Service Enterprise Group, Inc.		339		24,984
Exelon Corp.		682		23,604
Consolidated Edison, Inc.		236		21,103
Xcel Energy, Inc.		379		20,242
Vistra Corp.		223		19,174
Edison International		262		18,814
American Water Works Company, Inc.		133		17,178
WEC Energy Group, Inc.		215		16,869
DTE Energy Co.		141		15,653
Entergy Corp.		146		15,622
PPL Corp.		503		13,908
Eversource Energy		240		13,610
FirstEnergy Corp.		353		13,509
CenterPoint Energy, Inc.		436		13,507
Ameren Corp.		182		12,942
CMS Energy Corp.		204		12,144
Atmos Energy Corp.		103		12,015
NRG Energy, Inc.		142		11,056
Alliant Energy Corp.		175		8,908
NiSource, Inc.		306		8,816
AES Corp.		484		8,504
Evergy, Inc.		157		8,316
Pinnacle West Capital Corp.		77		5,881
Total Utilities				706,744
Basic Materials - 1.3%
Linde plc		328		143,930
Freeport-McMoRan, Inc.		979		47,579
Sherwin-Williams Co.		159		47,450
Ecolab, Inc.		173		41,174
Air Products and Chemicals, Inc.		152		39,224
Newmont Corp.		786		32,910
Nucor Corp.		163		25,767
Dow, Inc.		479		25,411
DuPont de Nemours, Inc.		285		22,940
PPG Industries, Inc.		160		20,142
LyondellBasell Industries N.V. — Class A		175		16,740
International Flavors & Fragrances, Inc.		174		16,566
Steel Dynamics, Inc.		101		13,080
International Paper Co.		237		10,227
CF Industries Holdings, Inc.		125		9,265
Celanese Corp. — Class A		68		9,172
Eastman Chemical Co.		80		7,838
Albemarle Corp.		80		7,642
Mosaic Co.		219		6,329
FMC Corp.		85		4,892
Total Basic Materials				548,278
Total Common Stocks
(Cost $21,843,665)				31,243,170
MUTUAL FUNDS† - 9.4%
Guggenheim Ultra Short Duration Fund — Institutional Class1		202,415		2,012,004
Guggenheim Strategy Fund II1		78,932		1,945,663
Total Mutual Funds
(Cost $3,941,469)				3,957,667
	Face Amount
U.S. TREASURY BILLS†† - 2.2%
U.S. Treasury Bills
5.18% due 07/09/242,3	$	487,000		486,435
5.23% due 09/12/243,4		450,000		445,221
Total U.S. Treasury Bills
(Cost $931,657)				931,656

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
NOVA FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,5 - 14.3%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/244	$	3,347,874	$	3,347,874
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/244		2,639,405		2,639,405
Total Repurchase Agreements
(Cost $5,987,279)				5,987,279
Total Investments - 100.4%
(Cost $32,704,070)			$	42,119,772
Other Assets & Liabilities, net - (0.4)%				(155,236	)
Total Net Assets - 100.0%			$	41,964,536

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		38		Sep 2024	$	10,494,650	$	39,401

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements††

Goldman Sachs International

S&P 500 Index

Pay

5.83% (Federal Funds Rate + 0.50%)

At Maturity

09/26/24

2,695

$

14,717,194

$

13,461

Barclays Bank plc

S&P 500 Index

Pay

5.94% (SOFR + 0.60%)

At Maturity

09/25/24

766

4,183,402

9,657

BNP Paribas

S&P 500 Index

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

09/26/24

429

2,341,284

(3,778

)

$

21,241,880

$

19,340

*	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	Affiliated issuer.
2	All or a portion of this security is pledged as futures collateral at June 30, 2024.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as equity index swap collateral at June 30, 2024.
5	Repurchase Agreements — See Note 6.
	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 | 7

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
NOVA FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	31,243,170	$	—	$	—	$	31,243,170
Mutual Funds		3,957,667		—		—		3,957,667
U.S. Treasury Bills		—		931,656		—		931,656
Repurchase Agreements		—		5,987,279		—		5,987,279
Equity Futures Contracts**		39,401		—		—		39,401
Equity Index Swap Agreements**		—		23,118		—		23,118
Total Assets	$	35,240,238	$	6,942,053	$	—	$	42,182,291

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	3,778	$	—	$	3,778

** 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 issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	1,933,823	$	—	$	—	$	—	$	11,840	$	1,945,663		78,932	$	54,505
Guggenheim Ultra Short Duration Fund — Institutional Class		1,993,787		—		—		—		18,217		2,012,004		202,415		52,048
	$	3,927,610	$	—	$	—	$	—	$	30,057	$	3,957,667			$	106,553

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

NOVA FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $22,775,322)	$	32,174,826
Investments in affiliated issuers, at value (cost $3,941,469)		3,957,667
Repurchase agreements, at value (cost $5,987,279)		5,987,279
Cash		209
Unrealized appreciation on OTC swap agreements		23,118
Receivables:
Dividends		32,764
Fund shares sold		14,850
Interest		2,650
Securities sold		1,152
Securities lending income		3
Total assets		42,194,518
Liabilities:
Segregated cash due to broker		40,000
Unrealized depreciation on OTC swap agreements		3,778
Payable for:
Variation margin on futures contracts		42,750
Management fees		23,360
Professional fees		22,852
Fund shares redeemed		20,031
Printing fees		18,316
Transfer agent fees		13,696
Swap settlement		12,129
Investor service fees		7,915
Portfolio accounting and administration fees		3,324
Trustees’ fees*		308
Miscellaneous		21,523
Total liabilities		229,982
Net assets	$	41,964,536
Net assets consist of:
Paid in capital	$	39,706,839
Total distributable earnings (loss)		2,257,697
Net assets	$	41,964,536
Capital shares outstanding		216,644
Net asset value per share	$	193.70

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $55)	$	189,245
Dividends from securities of affiliated issuers		106,553
Interest		130,001
Income from securities lending, net		85
Total investment income		425,884
Expenses:
Management fees		133,045
Investor service fees		44,348
Transfer agent fees		46,776
Professional fees		31,315
Portfolio accounting and administration fees		27,496
Interest expense		8,852
Custodian fees		2,297
Trustees’ fees*		2,255
Miscellaneous		7,659
Total expenses		304,043
Less:
Expenses reimbursed by Adviser		(8,869	)
Expenses waived by Adviser		(2,491	)
Total waived/reimbursed expenses		(11,360	)
Net expenses		292,683
Net investment income		133,201
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		749,747
Swap agreements		2,149,309
Futures contracts		1,049,018
Net realized gain		3,948,074
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		2,815,248
Investments in affiliated issuers		30,057
Swap agreements		(233,831	)
Futures contracts		25,294
Net change in unrealized appreciation (depreciation)		2,636,768
Net realized and unrealized gain		6,584,842
Net increase in net assets resulting from operations	$	6,718,043

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

NOVA FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	133,201		$	244,735
Net realized gain on investments		3,948,074			1,922,938
Net change in unrealized appreciation (depreciation) on investments		2,636,768			4,950,491
Net increase in net assets resulting from operations		6,718,043			7,118,164
Capital share transactions:
Proceeds from sale of shares		65,199,663			171,778,579
Cost of shares redeemed		(66,026,067	)		(159,337,276	)
Net increase (decrease) from capital share transactions		(826,404	)		12,441,303
Net increase in net assets		5,891,639			19,559,467
Net assets:
Beginning of period		36,072,897			16,513,430
End of period	$	41,964,536		$	36,072,897
Capital share activity:
Shares sold		378,192			1,240,816
Shares redeemed		(386,472	)		(1,154,954	)
Net increase (decrease) in shares		(8,280	)		85,862

10 | 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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	160.38		$	118.75		$	196.72		$	144.74		$	135.68		$	94.55
Income (loss) from investment operations:
Net investment income (loss)b		.66			1.17			.15			(.76	)		(.30	)		.90
Net gain (loss) on investments (realized and unrealized)		32.66			40.46			(58.50	)		60.70			24.12			41.55
Total from investment operations		33.32			41.63			(58.35	)		59.94			23.82			42.45
Less distributions from:
Net investment income		—			—			(.67	)		(.61	)		(1.16	)		(1.32	)
Net realized gains		—			—			(18.95	)		(7.35	)		(13.60	)		—
Total distributions		—			—			(19.62	)		(7.96	)		(14.76	)		(1.32	)
Net asset value, end of period	$	193.70		$	160.38		$	118.75		$	196.72		$	144.74		$	135.68
Total Returnc		20.78	%		35.06	%		(30.26	%)		42.18	%		20.03	%		45.04	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	41,965		$	36,073		$	16,513		$	63,584		$	45,692		$	36,545
Ratios to average net assets:
Net investment income (loss)		0.75	%		0.85	%		0.10	%		(0.44	%)		(0.24	%)		0.77	%
Total expensesd		1.71	%		1.76	%		1.67	%		1.60	%		1.73	%		1.72	%
Net expensese		1.65	%		1.72	%		1.65	%		1.57	%		1.68	%		1.66	%
Portfolio turnover rate		151	%		413	%		748	%		408	%		650	%		336	%

a	Unaudited figures for the period ended June 30, 2024. 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 | 11

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
INVERSE S&P 500® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 28.0%
Guggenheim Ultra Short Duration Fund — Institutional Class1		21,574	$	214,442
Guggenheim Strategy Fund II1		8,649		213,187
Total Mutual Funds
(Cost $425,277)				427,629
	Face Amount
U.S. TREASURY BILLS†† - 21.3%
U.S. Treasury Bills
5.20% due 07/05/242	$	300,000		299,824
5.23% due 09/12/242,3		25,000		24,735
Total U.S. Treasury Bills
(Cost $324,561)				324,559
FEDERAL AGENCY NOTES†† - 6.6%
Fannie Mae
1.75% due 07/02/24		100,000		99,990
Total Federal Agency Notes
(Cost $99,990)				99,990

FEDERAL AGENCY DISCOUNT NOTES†† - 6.5%
Farmer Mac
5.09% due 07/17/242	100,000		99,766
Total Federal Agency Discount Notes
(Cost $99,766)			99,766
REPURCHASE AGREEMENTS††,4 - 41.3%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/243	352,621		352,621
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/243	278,000		278,000
Total Repurchase Agreements
(Cost $630,621)			630,621
Total Investments - 103.7%
(Cost $1,580,215)		$	1,582,565
Other Assets & Liabilities, net - (3.7)%			(55,998	)
Total Net Assets - 100.0%		$	1,526,567

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements Sold Short††

BNP Paribas

S&P 500 Index

Receive

5.53% (Federal Funds Rate + 0.20%)

At Maturity

09/26/24

36

$

197,423

$

318

Goldman Sachs International

S&P 500 Index

Receive

5.63% (Federal Funds Rate + 0.30%)

At Maturity

09/26/24

141

770,589

(839

)

Barclays Bank plc

S&P 500 Index

Receive

5.64% (SOFR + 0.30%)

At Maturity

09/25/24

103

562,666

(1,300

)

$

1,530,678

$

(1,821

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
INVERSE S&P 500® STRATEGY FUND

†	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 equity index swap collateral at June 30, 2024.
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, 2024 (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	$	427,629	$	—	$	—	$	427,629
U.S. Treasury Bills		—		324,559		—		324,559
Federal Agency Notes		—		99,990		—		99,990
Federal Agency Discount Notes		—		99,766		—		99,766
Repurchase Agreements		—		630,621		—		630,621
Equity Index Swap Agreements**		—		318		—		318
Total Assets	$	427,629	$	1,155,254	$	—	$	1,582,883

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	2,139	$	—	$	2,139

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
INVERSE S&P 500® STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	211,890	$	—	$	—	$	—	$	1,297	$	213,187		8,649	$	5,972
Guggenheim Ultra Short Duration Fund — Institutional Class		212,500		—		—		—		1,942		214,442		21,574		5,547
	$	424,390	$	—	$	—	$	—	$	3,239	$	427,629			$	11,519

14 | 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, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $524,317)	$	524,315
Investments in affiliated issuers, at value (cost $425,277)		427,629
Repurchase agreements, at value (cost $630,621)		630,621
Segregated cash with broker		28,404
Unrealized appreciation on OTC swap agreements		318
Receivables:
Fund shares sold		1,855
Dividends		1,819
Interest		1,149
Total assets		1,616,110
Liabilities:
Unrealized depreciation on OTC swap agreements		2,139
Payable for:
Fund shares redeemed		83,609
Management fees		782
Transfer agent fees		462
Investor service fees		229
Swap settlement		101
Portfolio accounting and administration fees		50
Trustees’ fees*		10
Miscellaneous		2,161
Total liabilities		89,543
Net assets	$	1,526,567
Net assets consist of:
Paid in capital	$	20,893,216
Total distributable earnings (loss)		(19,366,649	)
Net assets	$	1,526,567
Capital shares outstanding		56,185
Net asset value per share	$	27.17

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	11,519
Interest		19,814
Total investment income		31,333
Expenses:
Management fees		5,243
Investor service fees		1,457
Transfer agent fees		1,638
Professional fees		1,127
Portfolio accounting and administration fees		903
Trustees’ fees*		83
Custodian fees		76
Miscellaneous		51
Total expenses		10,578
Less:
Expenses reimbursed by Adviser		(583	)
Expenses waived by Adviser		(265	)
Total waived/reimbursed expenses		(848	)
Net expenses		9,730
Net investment income		21,603
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(132,292	)
Futures contracts		(33,023	)
Net realized loss		(165,315	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(34	)
Investments in affiliated issuers		3,239
Swap agreements		3,118
Futures contracts		14,108
Net change in unrealized appreciation (depreciation)		20,431
Net realized and unrealized loss		(144,884	)
Net decrease in net assets resulting from operations	$	(123,281	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

INVERSE S&P 500^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	21,603		$	105,366
Net realized loss on investments		(165,315	)		(444,705	)
Net change in unrealized appreciation (depreciation) on investments		20,431			(177,366	)
Net decrease in net assets resulting from operations		(123,281	)		(516,705	)
Distributions to shareholders		—			(45,498	)
Capital share transactions:
Proceeds from sale of shares		4,767,860			93,249,805
Distributions reinvested		—			45,498
Cost of shares redeemed		(4,290,858	)		(97,716,195	)
Net increase (decrease) from capital share transactions		477,002			(4,420,892	)
Net increase (decrease) in net assets		353,721			(4,983,095	)
Net assets:
Beginning of period		1,172,846			6,155,941
End of period	$	1,526,567		$	1,172,846
Capital share activity:
Shares sold		167,653			2,800,795
Shares issued from reinvestment of distributions		—			1,477
Shares redeemed		(150,534	)		(2,933,004	)
Net increase (decrease) in shares		17,119			(130,732	)

16 | 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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	30.02		$	36.25		$	31.10		$	41.16		$	55.29		$	72.35
Income (loss) from investment operations:
Net investment income (loss)b		.53			1.11			.05			(.53	)		(.48	)		.44
Net gain (loss) on investments (realized and unrealized)		(3.38	)		(6.51	)		5.10	f		(9.53	)		(13.31	)		(16.97	)
Total from investment operations		(2.85	)		(5.40	)		5.15			(10.06	)		(13.79	)		(16.53	)
Less distributions from:
Net investment income		—			(.83	)		—			—			(.34	)		(.53	)
Total distributions		—			(.83	)		—			—			(.34	)		(.53	)
Net asset value, end of period	$	27.17		$	30.02		$	36.25		$	31.10		$	41.16		$	55.29
Total Returnc		(9.49	%)		(14.95	%)		16.56	%		(24.44	%)		(25.02	%)		(22.91	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,527		$	1,173		$	6,156		$	2,488		$	1,407		$	1,759
Ratios to average net assets:
Net investment income (loss)		3.71	%		3.30	%		0.13	%		(1.48	%)		(0.93	%)		0.71	%
Total expensesd		1.82	%		1.86	%		1.82	%		1.74	%		1.88	%		1.88	%
Net expensese		1.67	%		1.76	%		1.75	%		1.69	%		1.83	%		1.82	%
Portfolio turnover rate		—			—			—			1,675	%		1,417	%		442	%

a	Unaudited figures for the period ended June 30, 2024. 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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
NASDAQ-100® FUND

	Shares		Value
COMMON STOCKS† - 83.0%
Technology - 41.8%
Microsoft Corp.		21,598	$	9,653,226
Apple, Inc.		44,560		9,385,227
NVIDIA Corp.		71,481		8,830,763
Broadcom, Inc.		3,478		5,584,033
Advanced Micro Devices, Inc.*		12,131		1,967,769
Adobe, Inc.*		3,363		1,868,281
QUALCOMM, Inc.		8,376		1,668,332
Applied Materials, Inc.		6,214		1,466,442
Intuit, Inc.		2,098		1,378,827
Texas Instruments, Inc.		6,834		1,329,418
Micron Technology, Inc.		8,311		1,093,146
Lam Research Corp.		981		1,044,618
Intel Corp.		31,949		989,460
Analog Devices, Inc.		3,724		850,040
KLA Corp.		1,011		833,580
ASML Holding N.V. — Class G		683		698,525
Synopsys, Inc.*		1,150		684,319
Crowdstrike Holdings, Inc. — Class A*		1,731		663,302
Cadence Design Systems, Inc.*		2,043		628,733
NXP Semiconductor N.V.		1,919		516,384
Marvell Technology, Inc.		6,497		454,140
Roper Technologies, Inc.		803		452,619
Autodesk, Inc.*		1,617		400,127
Microchip Technology, Inc.		4,030		368,745
Workday, Inc. — Class A*		1,591		355,684
Fortinet, Inc.*		5,734		345,588
Paychex, Inc.		2,702		320,349
Datadog, Inc. — Class A*		2,315		300,232
Electronic Arts, Inc.		1,999		278,521
Cognizant Technology Solutions Corp. — Class A		3,732		253,776
ON Semiconductor Corp.*		3,229		221,348
Zscaler, Inc.*		1,125		216,214
Atlassian Corp. — Class A*		1,196		211,548
ANSYS, Inc.*		655		210,583
GLOBALFOUNDRIES, Inc.*,1		4,140		209,318
Take-Two Interactive Software, Inc.*		1,286		199,960
ARM Holdings plc ADR*,1		882		144,313
MongoDB, Inc.*		551		137,728
Total Technology				56,215,218
Communications - 21.0%
Amazon.com, Inc.*		30,240		5,843,880
Meta Platforms, Inc. — Class A		10,131		5,108,253
Alphabet, Inc. — Class A		17,069		3,109,118
Alphabet, Inc. — Class C		16,323		2,993,965
Netflix, Inc.*		3,234		2,182,562
T-Mobile US, Inc.		8,795		1,549,503
Cisco Systems, Inc.		30,239		1,436,655
Comcast Corp. — Class A		29,378		1,150,442
Booking Holdings, Inc.		255		1,010,182
Palo Alto Networks, Inc.*		2,430		823,794
PDD Holdings, Inc. ADR*		5,013		666,478
MercadoLibre, Inc.*		381		626,135
Airbnb, Inc. — Class A*		3,314		502,502
Trade Desk, Inc. — Class A*		3,342		326,413
Charter Communications, Inc. — Class A*		1,081		323,176
DoorDash, Inc. — Class A*		2,865		311,655
CDW Corp.		1,009		225,855
Warner Bros Discovery, Inc.*		18,390		136,822
Total Communications				28,327,390
Consumer, Non-cyclical - 9.3%
PepsiCo, Inc.		10,319		1,701,913
Amgen, Inc.		4,026		1,257,924
Intuitive Surgical, Inc.*		2,662		1,184,191
Vertex Pharmaceuticals, Inc.*		1,937		907,911
Regeneron Pharmaceuticals, Inc.*		813		854,487
Automatic Data Processing, Inc.		3,072		733,256
Mondelez International, Inc. — Class A		10,068		658,850
Gilead Sciences, Inc.		9,351		641,572
Cintas Corp.		762		533,598
PayPal Holdings, Inc.*		7,851		455,594
Monster Beverage Corp.*		7,819		390,559
Moderna, Inc.*		2,876		341,525
AstraZeneca plc ADR		4,371		340,894
Keurig Dr Pepper, Inc.		10,174		339,811
Dexcom, Inc.*		2,984		338,326
IDEXX Laboratories, Inc.*		620		302,064
Kraft Heinz Co.		9,114		293,653
Verisk Analytics, Inc. — Class A		1,071		288,688
GE HealthCare Technologies, Inc.		3,426		266,954
Biogen, Inc.*		1,093		253,379
Coca-Cola Europacific Partners plc		3,447		251,183
Illumina, Inc.*		1,196		124,838
GRAIL, Inc.*,1		199		3,064
Total Consumer, Non-cyclical				12,464,234
Consumer, Cyclical - 6.8%
Costco Wholesale Corp.		3,329		2,829,617
Tesla, Inc.*		14,028		2,775,861
Starbucks Corp.		8,502		661,881
Marriott International, Inc. — Class A		2,144		518,355
O’Reilly Automotive, Inc.*		442		466,779
PACCAR, Inc.		3,934		404,966
Copart, Inc.*		7,223		391,198
Ross Stores, Inc.		2,517		365,770
Lululemon Athletica, Inc.*		907		270,921
Fastenal Co.		4,297		270,023
Dollar Tree, Inc.*		1,637		174,782
Walgreens Boots Alliance, Inc.		6,475		78,315
Total Consumer, Cyclical				9,208,468
Industrial - 1.3%
Honeywell International, Inc.		4,888		1,043,784
CSX Corp.		14,673		490,812
Old Dominion Freight Line, Inc.		1,631		288,034
Total Industrial				1,822,630

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
NASDAQ-100® FUND

	Shares		Value
Basic Materials - 1.2%
Linde plc		3,608	$	1,583,226
Utilities - 1.0%
Constellation Energy Corp.		2,366		473,839
American Electric Power Company, Inc.		3,956		347,099
Exelon Corp.		7,506		259,783
Xcel Energy, Inc.		4,170		222,720
Total Utilities				1,303,441
Energy - 0.4%
Diamondback Energy, Inc.		1,339		268,054
Baker Hughes Co.		7,491		263,459
Total Energy				531,513
Financial - 0.2%
CoStar Group, Inc.*		3,066		227,313
Total Common Stocks
(Cost $52,275,065)				111,683,433
MUTUAL FUNDS† - 13.1%
Guggenheim Ultra Short Duration Fund — Institutional Class2		909,569		9,041,111
Guggenheim Strategy Fund II2		347,696		8,570,712
Total Mutual Funds
(Cost $17,605,877)				17,611,823

	Face Amount
U.S. TREASURY BILLS†† - 0.5%
U.S. Treasury Bills
5.18% due 07/09/243,4	$	356,000		355,587
5.23% due 09/12/244,5		300,000		296,814
Total U.S. Treasury Bills
(Cost $652,401)				652,401
REPURCHASE AGREEMENTS††,6 - 3.9%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/245		2,971,999		2,971,999
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/245		2,343,071		2,343,071
Total Repurchase Agreements
(Cost $5,315,070)				5,315,070
	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.2%
Money Market Fund***
First American Government Obligations Fund - Class X, 5.23%8		275,694		275,694
Total Securities Lending Collateral
(Cost $275,694)				275,694
Total Investments - 100.7%
(Cost $76,124,107)			$	135,538,421
Other Assets & Liabilities, net - (0.7)%				(943,590	)
Total Net Assets - 100.0%			$	134,594,831

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		22		Sep 2024	$	8,770,300	$	(7,452	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements††

Goldman Sachs International

NASDAQ-100 Index

Pay

5.83% (Federal Funds Rate + 0.50%)

At Maturity

09/26/24

502

$

9,882,157

$

91,958

Barclays Bank plc

NASDAQ-100 Index

Pay

6.04% (SOFR + 0.70%)

At Maturity

09/25/24

141

2,783,238

29,450

BNP Paribas

NASDAQ-100 Index

Pay

5.98% (Federal Funds Rate + 0.65%)

At Maturity

09/26/24

78

1,541,917

(1,418

)

$

14,207,312

$

119,990

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
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, 2024 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as futures collateral at June 30, 2024.
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, 2024.
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, 2024.
	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, 2024 (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	$	111,683,433	$	—	$	—	$	111,683,433
Mutual Funds		17,611,823		—		—		17,611,823
U.S. Treasury Bills		—		652,401		—		652,401
Repurchase Agreements		—		5,315,070		—		5,315,070
Securities Lending Collateral		275,694		—		—		275,694
Equity Index Swap Agreements**		—		121,408		—		121,408
Total Assets	$	129,570,950	$	6,088,879	$	—	$	135,659,829

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	7,452	$	—	$	—	$	7,452
Equity Index Swap Agreements**		—		1,418		—		1,418
Total Liabilities	$	7,452	$	1,418	$	—	$	8,870

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

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
NASDAQ-100® FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	8,518,558	$	—	$	—	$	—	$	52,154	$	8,570,712		347,696	$	240,096
Guggenheim Ultra Short Duration Fund — Institutional Class	$	8,959,250	$	—	$	—	$	—	$	81,861	$	9,041,111		909,569		233,881
	$	17,477,808	$	—	$	—	$	—	$	134,015	$	17,611,823			$	473,977

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 21

NASDAQ-100^® FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value - including $267,432 of securities loaned (cost $53,203,160)	$	112,611,528
Investments in affiliated issuers, at value (cost $17,605,877)		17,611,823
Repurchase agreements, at value (cost $5,315,070)		5,315,070
Segregated cash with broker		35,747
Unrealized appreciation on OTC swap agreements		121,408
Receivables:
Dividends		91,503
Swap settlement		34,397
Fund shares sold		8,356
Interest		2,352
Securities lending income		325
Total assets		135,832,509
Liabilities:
Segregated cash due to broker		410,000
Unrealized depreciation on OTC swap agreements		1,418
Payable for:
Return of securities lending collateral		275,694
Fund shares redeemed		113,937
Management fees		75,611
Transfer agent fees		47,979
Variation margin on futures contracts		47,080
Investor service fees		25,780
Portfolio accounting and administration fees		10,828
Trustees’ fees*		1,096
Miscellaneous		228,255
Total liabilities		1,237,678
Net assets	$	134,594,831
Net assets consist of:
Paid in capital	$	73,621,503
Total distributable earnings (loss)		60,973,328
Net assets	$	134,594,831
Capital shares outstanding		1,628,187
Net asset value per share	$	82.67

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $697)	$	444,340
Dividends from securities of affiliated issuers		473,977
Interest		241,016
Income from securities lending, net		11,110
Total investment income		1,170,443
Expenses:
Management fees		492,856
Investor service fees		164,285
Transfer agent fees		172,366
Professional fees		103,668
Portfolio accounting and administration fees		101,855
Interest expense		12,058
Custodian fees		8,486
Trustees’ fees*		8,006
Miscellaneous		65,464
Total expenses		1,129,044
Less:
Expenses reimbursed by Adviser		(32,856	)
Expenses waived by Adviser		(11,192	)
Total waived/reimbursed expenses		(44,048	)
Net expenses		1,084,996
Net investment income		85,447
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		151,542
Swap agreements		2,419,669
Futures contracts		1,537,361
Net realized gain		4,108,572
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		16,506,228
Investments in affiliated issuers		134,015
Swap agreements		28,140
Futures contracts		(269,686	)
Net change in unrealized appreciation (depreciation)		16,398,697
Net realized and unrealized gain		20,507,269
Net increase in net assets resulting from operations	$	20,592,716

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

22 | 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, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	85,447		$	279,297
Net realized gain on investments		4,108,572			10,357,538
Net change in unrealized appreciation (depreciation) on investments		16,398,697			30,019,063
Net increase in net assets resulting from operations		20,592,716			40,655,898
Capital share transactions:
Proceeds from sale of shares		162,229,447			257,963,732
Cost of shares redeemed		(165,890,800	)		(245,915,865	)
Net increase (decrease) from capital share transactions		(3,661,353	)		12,047,867
Net increase in net assets		16,931,363			52,703,765
Net assets:
Beginning of period		117,663,468			64,959,703
End of period	$	134,594,831		$	117,663,468
Capital share activity:
Shares sold		2,205,711			4,399,571
Shares redeemed		(2,236,855	)		(4,143,834	)
Net increase (decrease) in shares		(31,144	)		255,737

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 23

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	70.91		$	46.28		$	72.89		$	62.81		$	48.86		$	36.56
Income (loss) from investment operations:
Net investment income (loss)b		.05			.16			(.17	)		(.56	)		(.31	)		.18
Net gain (loss) on investments (realized and unrealized)		11.71			24.47			(24.48	)		16.09			21.04			13.20
Total from investment operations		11.76			24.63			(24.65	)		15.53			20.73			13.38
Less distributions from:
Net investment income		—			—			—			—			(.17	)		(.05	)
Net realized gains		—			—			(1.96	)		(5.45	)		(6.61	)		(1.03	)
Total distributions		—			—			(1.96	)		(5.45	)		(6.78	)		(1.08	)
Net asset value, end of period	$	82.67		$	70.91		$	46.28		$	72.89		$	62.81		$	48.86
Total Returnc		16.58	%		53.22	%		(34.14	%)		25.54	%		44.96	%		36.86	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	134,595		$	117,663		$	64,960		$	139,405		$	112,787		$	86,623
Ratios to average net assets:
Net investment income (loss)		0.13	%		0.27	%		(0.30	%)		(0.83	%)		(0.58	%)		0.41	%
Total expensesd		1.72	%		1.78	%		1.71	%		1.63	%		1.76	%		1.76	%
Net expensese		1.65	%		1.73	%		1.68	%		1.61	%		1.72	%		1.70	%
Portfolio turnover rate		55	%		151	%		168	%		57	%		142	%		61	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
INVERSE NASDAQ-100® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 40.3%
Guggenheim Ultra Short Duration Fund — Institutional Class1		18,765	$	186,521
Guggenheim Strategy Fund II1		7,386		182,066
Total Mutual Funds
(Cost $368,699)				368,587
	Face Amount
FEDERAL AGENCY NOTES†† - 11.0%
Fannie Mae
1.75% due 07/02/24	$	100,000		99,990
Total Federal Agency Notes
(Cost $99,990)				99,990
FEDERAL AGENCY DISCOUNT NOTES†† - 10.9%
Farmer Mac
5.09% due 07/17/242		100,000		99,766
Total Federal Agency Discount Notes
(Cost $99,766)				99,766

U.S. TREASURY BILLS†† - 2.7%
U.S. Treasury Bills
5.23% due 09/12/242,3	25,000		24,735
Total U.S. Treasury Bills
(Cost $24,735)			24,735
REPURCHASE AGREEMENTS††,4 - 40.8%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/243	208,628		208,628
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/243	164,479		164,479
Total Repurchase Agreements
(Cost $373,107)			373,107
Total Investments - 105.7%
(Cost $966,297)		$	966,185
Other Assets & Liabilities, net - (5.7)%			(51,673	)
Total Net Assets - 100.0%		$	914,512

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements Sold Short††

BNP Paribas

NASDAQ-100 Index

Receive

5.58% (Federal Funds Rate + 0.25%)

At Maturity

09/26/24

11

$

218,582

$

207

Goldman Sachs International

NASDAQ-100 Index

Receive

5.63% (Federal Funds Rate + 0.30%)

At Maturity

09/26/24

10

205,653

(2,176

)

Barclays Bank plc

NASDAQ-100 Index

Receive

5.69% (SOFR + 0.35%)

At Maturity

09/25/24

25

487,474

(3,564

)

$

911,709

$

(5,533

)

†	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 equity index swap collateral at June 30, 2024.
4	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 | 25

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
INVERSE NASDAQ-100® STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	368,587	$	—	$	—	$	368,587
Federal Agency Notes		—		99,990		—		99,990
Federal Agency Discount Notes		—		99,766		—		99,766
U.S. Treasury Bills		—		24,735		—		24,735
Repurchase Agreements		—		373,107		—		373,107
Equity Index Swap Agreements**		—		207		—		207
Total Assets	$	368,587	$	597,805	$	—	$	966,392

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	5,740	$	—	$	5,740

** 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 issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	180,958	$	—	$	—	$	—	$	1,108	$	182,066		7,386	$	5,100
Guggenheim Ultra Short Duration Fund — Institutional Class		184,832		—		—		—		1,689		186,521		18,765		4,825
	$	365,790	$	—	$	—	$	—	$	2,797	$	368,587			$	9,925

26 | 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, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $224,491)	$	224,491
Investments in affiliated issuers, at value (cost $368,699)		368,587
Repurchase agreements, at value (cost $373,107)		373,107
Segregated cash with broker		37,000
Unrealized appreciation on OTC swap agreements		207
Receivables:
Fund shares sold		3,727
Dividends		1,567
Interest		1,035
Total assets		1,009,721
Liabilities:
Unrealized depreciation on OTC swap agreements		5,740
Payable for:
Fund shares redeemed		83,498
Swap settlement		2,885
Management fees		601
Transfer agent fees		390
Investor service fees		177
Portfolio accounting and administration fees		39
Trustees’ fees*		9
Miscellaneous		1,870
Total liabilities		95,209
Net assets	$	914,512
Net assets consist of:
Paid in capital	$	10,538,165
Total distributable earnings (loss)		(9,623,653	)
Net assets	$	914,512
Capital shares outstanding		60,293
Net asset value per share	$	15.17

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	9,925
Interest		17,975
Total investment income		27,900
Expenses:
Management fees		4,678
Investor service fees		1,299
Transfer agent fees		1,465
Professional fees		1,091
Portfolio accounting and administration fees		806
Trustees’ fees*		75
Custodian fees		68
Miscellaneous		136
Total expenses		9,618
Less:
Expenses reimbursed by Adviser		(520	)
Expenses waived by Adviser		(231	)
Total waived/reimbursed expenses		(751	)
Net expenses		8,867
Net investment income		19,033
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(138,077	)
Futures contracts		(3,902	)
Net realized loss		(141,979	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(28	)
Investments in affiliated issuers		2,797
Swap agreements		(344	)
Net change in unrealized appreciation (depreciation)		2,425
Net realized and unrealized loss		(139,554	)
Net decrease in net assets resulting from operations	$	(120,521	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

INVERSE NASDAQ-100^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	19,033		$	91,254
Net realized loss on investments		(141,979	)		(1,400,353	)
Net change in unrealized appreciation (depreciation) on investments		2,425			(261,076	)
Net decrease in net assets resulting from operations		(120,521	)		(1,570,175	)
Distributions to shareholders		—			(9,114	)
Capital share transactions:
Proceeds from sale of shares		5,861,249			27,111,826
Distributions reinvested		—			9,114
Cost of shares redeemed		(5,845,232	)		(33,221,448	)
Net increase (decrease) from capital share transactions		16,017			(6,100,508	)
Net decrease in net assets		(104,504	)		(7,679,797	)
Net assets:
Beginning of period		1,019,016			8,698,813
End of period	$	914,512		$	1,019,016
Capital share activity:
Shares sold		359,900			1,340,586
Shares issued from reinvestment of distributions		—			505
Shares redeemed		(358,867	)		(1,624,065	)
Net increase (decrease) in shares		1,033			(282,974	)

28 | 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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	17.20		$	25.42		$	18.86		$	25.30		$	41.21		$	57.64
Income (loss) from investment operations:
Net investment income (loss)b		.30			.69			.03			(.27	)		(.33	)		.34
Net gain (loss) on investments (realized and unrealized)		(2.33	)		(8.77	)		6.53			(6.17	)		(15.28	)		(16.47	)
Total from investment operations		(2.03	)		(8.08	)		6.56			(6.44	)		(15.61	)		(16.13	)
Less distributions from:
Net investment income		—			(.14	)		—			—			(.30	)		(.30	)
Total distributions		—			(.14	)		—			—			(.30	)		(.30	)
Net asset value, end of period	$	15.17		$	17.20		$	25.42		$	18.86		$	25.30		$	41.21
Total Returnc		(11.80	%)		(31.85	%)		34.78	%		(25.45	%)		(38.00	%)		(28.01	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	915		$	1,019		$	8,699		$	1,653		$	464		$	592
Ratios to average net assets:
Net investment income (loss)		3.66	%		3.25	%		0.12	%		(1.23	%)		(0.93	%)		0.70	%
Total expensesd		1.85	%		1.90	%		1.94	%		1.78	%		1.92	%		1.92	%
Net expensese		1.71	%		1.81	%		1.88	%		1.71	%		1.87	%		1.84	%
Portfolio turnover rate		—			—			63	%		430	%		681	%		418	%

a	Unaudited figures for the period ended June 30, 2024. 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 | 29

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
S&P 500® 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 73.3%
Technology - 23.0%
Microsoft Corp.		3,322	$	1,484,768
NVIDIA Corp.		10,995		1,358,322
Apple, Inc.		6,443		1,357,025
Broadcom, Inc.		195		313,078
Advanced Micro Devices, Inc.*		722		117,116
Salesforce, Inc.		434		111,581
Adobe, Inc.*		200		111,108
Oracle Corp.		713		100,676
QUALCOMM, Inc.		500		99,590
Applied Materials, Inc.		371		87,552
Accenture plc — Class A		281		85,258
Intuit, Inc.		125		82,151
Texas Instruments, Inc.		407		79,174
ServiceNow, Inc.*		92		72,374
International Business Machines Corp.		411		71,082
Micron Technology, Inc.		495		65,107
Lam Research Corp.		58		61,761
Intel Corp.		1,903		58,936
Analog Devices, Inc.		222		50,674
KLA Corp.		60		49,471
Synopsys, Inc.*		68		40,464
Crowdstrike Holdings, Inc. — Class A*		103		39,469
Fiserv, Inc.*		262		39,048
Cadence Design Systems, Inc.*		122		37,546
NXP Semiconductor N.V.		114		30,676
Roper Technologies, Inc.		48		27,056
Autodesk, Inc.*		96		23,755
Microchip Technology, Inc.		242		22,143
Super Micro Computer, Inc.*		23		18,845
Fidelity National Information Services, Inc.		249		18,765
Monolithic Power Systems, Inc.		22		18,077
Fortinet, Inc.*		283		17,056
Paychex, Inc.		143		16,954
MSCI, Inc. — Class A		35		16,861
Fair Isaac Corp.*		11		16,375
Gartner, Inc.*		35		15,717
Electronic Arts, Inc.		109		15,187
Cognizant Technology Solutions Corp. — Class A		222		15,096
HP, Inc.		386		13,518
ON Semiconductor Corp.*		192		13,162
ANSYS, Inc.*		39		12,538
Hewlett Packard Enterprise Co.		581		12,300
NetApp, Inc.		92		11,850
Western Digital Corp.*		146		11,062
Take-Two Interactive Software, Inc.*		71		11,040
Broadridge Financial Solutions, Inc.		53		10,441
Teradyne, Inc.		70		10,380
PTC, Inc.*		54		9,810
Tyler Technologies, Inc.*		19		9,553
Seagate Technology Holdings plc		87		8,984
Leidos Holdings, Inc.		60		8,753
Skyworks Solutions, Inc.		72		7,674
Zebra Technologies Corp. — Class A*		23		7,105
Akamai Technologies, Inc.*		68		6,125
Jack Henry & Associates, Inc.		33		5,479
Qorvo, Inc.*		43		4,990
EPAM Systems, Inc.*		26		4,891
Dayforce, Inc.*		71		3,522
Paycom Software, Inc.		21		3,004
Total Technology				6,432,075
Consumer, Non-cyclical - 12.6%
Eli Lilly & Co.		357		323,221
UnitedHealth Group, Inc.		411		209,306
Procter & Gamble Co.		1,055		173,991
Johnson & Johnson		1,076		157,268
Merck & Company, Inc.		1,132		140,142
AbbVie, Inc.		789		135,329
Coca-Cola Co.		1,733		110,306
PepsiCo, Inc.		615		101,432
Thermo Fisher Scientific, Inc.		171		94,563
Abbott Laboratories		778		80,842
Amgen, Inc.		240		74,988
Danaher Corp.		295		73,706
Pfizer, Inc.		2,533		70,873
Intuitive Surgical, Inc.*		159		70,731
Philip Morris International, Inc.		695		70,424
S&P Global, Inc.		143		63,778
Elevance Health, Inc.		104		56,353
Vertex Pharmaceuticals, Inc.*		115		53,903
Stryker Corp.		152		51,718
Boston Scientific Corp.*		657		50,596
Regeneron Pharmaceuticals, Inc.*		47		49,398
Medtronic plc		594		46,754
Automatic Data Processing, Inc.		183		43,680
Cigna Group		127		41,982
Mondelez International, Inc. — Class A		600		39,264
Gilead Sciences, Inc.		557		38,216
Bristol-Myers Squibb Co.		906		37,626
Colgate-Palmolive Co.		367		35,614
Zoetis, Inc.		204		35,365
Altria Group, Inc.		768		34,982
McKesson Corp.		58		33,874
CVS Health Corp.		561		33,133
Becton Dickinson & Co.		129		30,149
Moody’s Corp.		70		29,465
HCA Healthcare, Inc.		87		27,951
Cintas Corp.		39		27,310
PayPal Holdings, Inc.*		468		27,158
Edwards Lifesciences Corp.*		269		24,847
Kimberly-Clark Corp.		151		20,868
Dexcom, Inc.*		178		20,182
Humana, Inc.		54		20,177
United Rentals, Inc.		30		19,402
Constellation Brands, Inc. — Class A		72		18,524
IDEXX Laboratories, Inc.*		37		18,026
Moderna, Inc.*		149		17,694
Verisk Analytics, Inc. — Class A		64		17,251
IQVIA Holdings, Inc.*		81		17,127
Agilent Technologies, Inc.		131		16,981

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
S&P 500® 2x STRATEGY FUND

	Shares		Value
Corteva, Inc.		312	$	16,829
Cencora, Inc. — Class A		74		16,672
Quanta Services, Inc.		65		16,516
General Mills, Inc.		252		15,941
Sysco Corp.		223		15,920
Centene Corp.*		239		15,846
Monster Beverage Corp.*		317		15,834
Keurig Dr Pepper, Inc.		467		15,598
Kenvue, Inc.		856		15,562
Biogen, Inc.*		65		15,068
Kroger Co.		299		14,929
GE HealthCare Technologies, Inc.		190		14,805
Archer-Daniels-Midland Co.		221		13,360
Equifax, Inc.		55		13,335
ResMed, Inc.		66		12,634
Hershey Co.		66		12,133
Kraft Heinz Co.		353		11,374
Church & Dwight Company, Inc.		109		11,301
Estee Lauder Companies, Inc. — Class A		104		11,065
Global Payments, Inc.		114		11,024
West Pharmaceutical Services, Inc.		33		10,870
Cardinal Health, Inc.		109		10,717
Zimmer Biomet Holdings, Inc.		92		9,985
STERIS plc		44		9,660
Corpay, Inc.*		31		8,259
McCormick & Company, Inc.		113		8,016
Avery Dennison Corp.		36		7,872
Waters Corp.*		27		7,833
Cooper Companies, Inc.*		89		7,770
Labcorp Holdings, Inc.		38		7,733
Molina Healthcare, Inc.*		26		7,730
Hologic, Inc.*		104		7,722
Clorox Co.		56		7,642
Baxter International, Inc.		228		7,627
Align Technology, Inc.*		31		7,484
Tyson Foods, Inc. — Class A		128		7,314
Quest Diagnostics, Inc.		50		6,844
Kellanova		118		6,806
Bunge Global S.A.		63		6,727
Insulet Corp.*		31		6,256
Rollins, Inc.		126		6,148
Conagra Brands, Inc.		214		6,082
Revvity, Inc.		55		5,767
Viatris, Inc.		532		5,655
Lamb Weston Holdings, Inc.		65		5,465
J M Smucker Co.		47		5,125
Bio-Techne Corp.		70		5,015
Universal Health Services, Inc. — Class B		27		4,993
Charles River Laboratories International, Inc.*		23		4,751
Catalent, Inc.*		81		4,555
Teleflex, Inc.		21		4,417
Incyte Corp.*		71		4,304
Molson Coors Beverage Co. — Class B		81		4,117
Campbell Soup Co.		88		3,977
Hormel Foods Corp.		130		3,964
Henry Schein, Inc.*		57		3,654
Brown-Forman Corp. — Class B		80		3,455
MarketAxess Holdings, Inc.		17		3,409
Solventum Corp.*		62		3,279
DaVita, Inc.*		23		3,187
Bio-Rad Laboratories, Inc. — Class A*		9		2,458
Total Consumer, Non-cyclical				3,526,860
Communications - 11.2%
Amazon.com, Inc.*		4,093		790,972
Meta Platforms, Inc. — Class A		980		494,136
Alphabet, Inc. — Class A		2,626		478,326
Alphabet, Inc. — Class C		2,184		400,589
Netflix, Inc.*		193		130,252
Cisco Systems, Inc.		1,810		85,993
Walt Disney Co.		815		80,921
Verizon Communications, Inc.		1,882		77,614
Comcast Corp. — Class A		1,750		68,530
Uber Technologies, Inc.*		934		67,883
AT&T, Inc.		3,205		61,247
Booking Holdings, Inc.		15		59,423
Palo Alto Networks, Inc.*		144		48,818
T-Mobile US, Inc.		230		40,521
Arista Networks, Inc.*		113		39,604
Airbnb, Inc. — Class A*		197		29,871
Motorola Solutions, Inc.		75		28,954
CDW Corp.		60		13,430
Corning, Inc.		345		13,403
Charter Communications, Inc. — Class A*		44		13,154
eBay, Inc.		226		12,141
GoDaddy, Inc. — Class A*		63		8,802
Omnicom Group, Inc.		88		7,894
Warner Bros Discovery, Inc.*		997		7,418
Expedia Group, Inc.*		57		7,181
FactSet Research Systems, Inc.		17		6,941
VeriSign, Inc.*		39		6,934
Gen Digital, Inc.		246		6,145
Juniper Networks, Inc.		145		5,287
Interpublic Group of Companies, Inc.		169		4,916
News Corp. — Class A		170		4,687
F5, Inc.*		26		4,478
Match Group, Inc.*		119		3,615
Fox Corp. — Class A		103		3,540
Etsy, Inc.*		52		3,067
Paramount Global — Class B		221		2,296
Fox Corp. — Class B		59		1,889
News Corp. — Class B		51		1,448
Total Communications				3,122,320
Financial - 9.9%
Berkshire Hathaway, Inc. — Class B*		809		329,101
JPMorgan Chase & Co.		1,284		259,702
Visa, Inc. — Class A		704		184,779
Mastercard, Inc. — Class A		367		161,906
Bank of America Corp.		3,041		120,941
Wells Fargo & Co.		1,558		92,530
Goldman Sachs Group, Inc.		144		65,134

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
S&P 500® 2x STRATEGY FUND

	Shares		Value
American Express Co.		254	$	58,814
Progressive Corp.		262		54,420
Morgan Stanley		559		54,329
Citigroup, Inc.		853		54,131
Charles Schwab Corp.		667		49,151
BlackRock, Inc. — Class A		62		48,814
Prologis, Inc. REIT		414		46,496
Chubb Ltd.		182		46,425
Marsh & McLennan Companies, Inc.		220		46,358
American Tower Corp. — Class A REIT		209		40,626
Blackstone, Inc. — Class A		319		39,492
Intercontinental Exchange, Inc.		256		35,044
Equinix, Inc. REIT		42		31,777
CME Group, Inc. — Class A		161		31,652
KKR & Company, Inc. — Class A		297		31,257
Aon plc — Class A		97		28,477
Welltower, Inc. REIT		267		27,835
U.S. Bancorp		698		27,711
PNC Financial Services Group, Inc.		178		27,676
Arthur J Gallagher & Co.		98		25,412
Capital One Financial Corp.		171		23,675
Truist Financial Corp.		598		23,232
Simon Property Group, Inc. REIT		146		22,163
American International Group, Inc.		297		22,049
Digital Realty Trust, Inc. REIT		145		22,047
Travelers Companies, Inc.		102		20,741
Aflac, Inc.		231		20,631
Realty Income Corp. REIT		389		20,547
Public Storage REIT		71		20,423
Bank of New York Mellon Corp.		334		20,003
Crown Castle, Inc. REIT		194		18,954
Allstate Corp.		118		18,840
Ameriprise Financial, Inc.		44		18,796
Prudential Financial, Inc.		160		18,750
MetLife, Inc.		267		18,741
Arch Capital Group Ltd.*		167		16,849
Extra Space Storage, Inc. REIT		95		14,764
Discover Financial Services		112		14,651
CoStar Group, Inc.*		183		13,567
VICI Properties, Inc. REIT		466		13,346
Hartford Financial Services Group, Inc.		132		13,271
AvalonBay Communities, Inc. REIT		63		13,034
Willis Towers Watson plc		46		12,058
CBRE Group, Inc. — Class A*		135		12,030
Iron Mountain, Inc. REIT		131		11,740
T. Rowe Price Group, Inc.		100		11,531
M&T Bank Corp.		75		11,352
Fifth Third Bancorp		306		11,166
Equity Residential REIT		154		10,678
Raymond James Financial, Inc.		83		10,259
Nasdaq, Inc.		170		10,244
State Street Corp.		135		9,990
Brown & Brown, Inc.		106		9,478
SBA Communications Corp. REIT		48		9,422
Ventas, Inc. REIT		181		9,278
Weyerhaeuser Co. REIT		326		9,255
Invitation Homes, Inc. REIT		257		9,224
Huntington Bancshares, Inc.		648		8,541
Synchrony Financial		179		8,447
Cincinnati Financial Corp.		70		8,267
Regions Financial Corp.		409		8,196
Alexandria Real Estate Equities, Inc. REIT		70		8,188
Cboe Global Markets, Inc.		47		7,993
Essex Property Trust, Inc. REIT		29		7,894
Northern Trust Corp.		91		7,642
Principal Financial Group, Inc.		96		7,531
Mid-America Apartment Communities, Inc. REIT		52		7,416
Citizens Financial Group, Inc.		203		7,314
Everest Group Ltd.		19		7,239
W R Berkley Corp.		90		7,072
Healthpeak Properties, Inc. REIT		315		6,174
Loews Corp.		81		6,054
KeyCorp		421		5,982
Kimco Realty Corp. REIT		298		5,799
Host Hotels & Resorts, Inc. REIT		315		5,664
UDR, Inc. REIT		135		5,555
Camden Property Trust REIT		48		5,237
Regency Centers Corp. REIT		74		4,603
BXP, Inc. REIT		65		4,002
Assurant, Inc.		23		3,824
Federal Realty Investment Trust REIT		33		3,332
Globe Life, Inc.		38		3,127
Invesco Ltd.		201		3,007
Franklin Resources, Inc.		134		2,995
Total Financial				2,753,864
Consumer, Cyclical - 5.7%
Tesla, Inc.*		1,240		245,371
Costco Wholesale Corp.		198		168,298
Home Depot, Inc.		443		152,498
Walmart, Inc.		1,909		129,258
McDonald’s Corp.		322		82,058
Lowe’s Companies, Inc.		256		56,438
TJX Companies, Inc.		506		55,711
NIKE, Inc. — Class B		542		40,851
Starbucks Corp.		506		39,392
Chipotle Mexican Grill, Inc. — Class A*		600		37,590
Target Corp.		207		30,644
O’Reilly Automotive, Inc.*		26		27,458
Marriott International, Inc. — Class A		107		25,869
Hilton Worldwide Holdings, Inc.		112		24,439
PACCAR, Inc.		234		24,088
AutoZone, Inc.*		8		23,713
General Motors Co.		510		23,694
Ford Motor Co.		1,753		21,983
Ross Stores, Inc.		150		21,798
Copart, Inc.*		391		21,176
DR Horton, Inc.		132		18,603
WW Grainger, Inc.		20		18,045
Royal Caribbean Cruises Ltd.*		106		16,900
Cummins, Inc.		61		16,893
Yum! Brands, Inc.		126		16,690

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
S&P 500® 2x STRATEGY FUND

	Shares		Value
Lennar Corp. — Class A		109	$	16,336
Fastenal Co.		256		16,087
Lululemon Athletica, Inc.*		51		15,234
Delta Air Lines, Inc.		288		13,663
Tractor Supply Co.		48		12,960
Dollar General Corp.		98		12,959
Deckers Outdoor Corp.*		11		10,647
PulteGroup, Inc.		94		10,349
Dollar Tree, Inc.*		93		9,930
Aptiv plc*		122		8,591
Genuine Parts Co.		62		8,576
Carnival Corp.*		452		8,461
Domino’s Pizza, Inc.		16		8,261
Ulta Beauty, Inc.*		21		8,103
Darden Restaurants, Inc.		53		8,020
Southwest Airlines Co.		268		7,667
NVR, Inc.*		1		7,588
Best Buy Company, Inc.		86		7,249
Las Vegas Sands Corp.		163		7,213
United Airlines Holdings, Inc.*		147		7,153
Live Nation Entertainment, Inc.*		64		5,999
Pool Corp.		17		5,225
CarMax, Inc.*		70		5,134
MGM Resorts International*		112		4,977
LKQ Corp.		119		4,949
Tapestry, Inc.		103		4,407
Bath & Body Works, Inc.		100		3,905
Walgreens Boots Alliance, Inc.		320		3,870
Caesars Entertainment, Inc.*		97		3,855
Wynn Resorts Ltd.		42		3,759
Norwegian Cruise Line Holdings Ltd.*		192		3,608
Hasbro, Inc.		58		3,393
American Airlines Group, Inc.*		293		3,320
BorgWarner, Inc.		102		3,289
Ralph Lauren Corp. — Class A		17		2,976
Total Consumer, Cyclical				1,607,171
Industrial - 5.2%
General Electric Co.		489		77,736
Caterpillar, Inc.		219		72,949
Honeywell International, Inc.		291		62,140
Union Pacific Corp.		273		61,769
RTX Corp.		594		59,632
Eaton Corporation plc		179		56,125
Boeing Co.*		258		46,959
United Parcel Service, Inc. — Class B		326		44,613
Lockheed Martin Corp.		95		44,375
Deere & Co.		116		43,341
Amphenol Corp. — Class A		537		36,178
Waste Management, Inc.		163		34,774
Trane Technologies plc		101		33,222
TransDigm Group, Inc.		25		31,940
FedEx Corp.		101		30,284
General Dynamics Corp.		102		29,594
CSX Corp.		874		29,235
Parker-Hannifin Corp.		57		28,831
Illinois Tool Works, Inc.		121		28,672
Emerson Electric Co.		256		28,201
Northrop Grumman Corp.		62		27,029
3M Co.		247		25,241
Carrier Global Corp.		375		23,655
Norfolk Southern Corp.		101		21,684
GE Vernova, Inc.*		123		21,096
TE Connectivity Ltd.		137		20,609
Johnson Controls International plc		301		20,007
L3Harris Technologies, Inc.		85		19,089
Republic Services, Inc. — Class A		92		17,879
Otis Worldwide Corp.		181		17,423
AMETEK, Inc.		103		17,171
Ingersoll Rand, Inc.		180		16,351
Martin Marietta Materials, Inc.		28		15,170
Vulcan Materials Co.		59		14,672
Xylem, Inc.		108		14,648
Old Dominion Freight Line, Inc.		80		14,128
Rockwell Automation, Inc.		51		14,039
Mettler-Toledo International, Inc.*		10		13,976
Howmet Aerospace, Inc.		173		13,430
Westinghouse Air Brake Technologies Corp.		79		12,486
Fortive Corp.		157		11,634
Garmin Ltd.		69		11,241
Dover Corp.		61		11,007
Keysight Technologies, Inc.*		78		10,666
Veralto Corp.		99		9,452
Axon Enterprise, Inc.*		32		9,416
Hubbell, Inc.		24		8,771
Ball Corp.		139		8,343
Teledyne Technologies, Inc.*		21		8,148
Expeditors International of Washington, Inc.		63		7,862
Jacobs Solutions, Inc.		56		7,824
Builders FirstSource, Inc.*		55		7,613
Packaging Corporation of America		40		7,302
Textron, Inc.		85		7,298
IDEX Corp.		34		6,841
Masco Corp.		98		6,534
Amcor plc		646		6,318
Snap-on, Inc.		24		6,273
Trimble, Inc.*		109		6,095
Jabil, Inc.		54		5,875
Westrock Co.		115		5,780
J.B. Hunt Transport Services, Inc.		36		5,760
Pentair plc		74		5,674
Nordson Corp.		24		5,567
Stanley Black & Decker, Inc.		69		5,513
Allegion plc		39		4,608
CH Robinson Worldwide, Inc.		52		4,582
Huntington Ingalls Industries, Inc.		18		4,434
A O Smith Corp.		54		4,416
Generac Holdings, Inc.*		27		3,570
Mohawk Industries, Inc.*		24		2,726
Total Industrial				1,457,496

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
S&P 500® 2x STRATEGY FUND

	Shares		Value
Energy - 2.7%
Exxon Mobil Corp.		2,005	$	230,816
Chevron Corp.		766		119,818
ConocoPhillips		523		59,821
EOG Resources, Inc.		257		32,349
Schlumberger N.V.		639		30,148
Marathon Petroleum Corp.		157		27,236
Phillips 66		190		26,822
Williams Companies, Inc.		545		23,162
Valero Energy Corp.		146		22,887
ONEOK, Inc.		261		21,285
Occidental Petroleum Corp.		297		18,720
Hess Corp.		124		18,292
Kinder Morgan, Inc.		863		17,148
Diamondback Energy, Inc.		80		16,015
Baker Hughes Co.		446		15,686
Halliburton Co.		396		13,377
Devon Energy Corp.		282		13,367
Targa Resources Corp.		99		12,749
First Solar, Inc.*		48		10,822
Coterra Energy, Inc. — Class A		333		8,881
Equities Corp.		197		7,285
Marathon Oil Corp.		252		7,225
Enphase Energy, Inc.*		61		6,082
APA Corp.		161		4,740
Total Energy				764,733
Utilities - 1.7%
NextEra Energy, Inc.		918		65,004
Southern Co.		489		37,932
Duke Energy Corp.		345		34,579
Constellation Energy Corp.		141		28,238
Sempra		283		21,525
American Electric Power Company, Inc.		236		20,707
Dominion Energy, Inc.		375		18,375
PG&E Corp.		955		16,674
Public Service Enterprise Group, Inc.		223		16,435
Exelon Corp.		447		15,471
Consolidated Edison, Inc.		155		13,860
Xcel Energy, Inc.		248		13,246
Vistra Corp.		146		12,553
Edison International		172		12,351
American Water Works Company, Inc.		87		11,237
WEC Energy Group, Inc.		141		11,063
DTE Energy Co.		92		10,213
Entergy Corp.		95		10,165
PPL Corp.		330		9,125
Eversource Energy		157		8,903
FirstEnergy Corp.		232		8,879
CenterPoint Energy, Inc.		286		8,860
Ameren Corp.		119		8,462
CMS Energy Corp.		133		7,917
Atmos Energy Corp.		67		7,815
NRG Energy, Inc.		93		7,241
Alliant Energy Corp.		115		5,854
NiSource, Inc.		200		5,762
AES Corp.		318		5,587
Evergy, Inc.		103		5,456
Pinnacle West Capital Corp.		51		3,895
Total Utilities				463,384
Basic Materials - 1.3%
Linde plc		215		94,344
Freeport-McMoRan, Inc.		642		31,201
Sherwin-Williams Co.		104		31,037
Ecolab, Inc.		114		27,132
Air Products and Chemicals, Inc.		99		25,547
Newmont Corp.		515		21,563
Nucor Corp.		107		16,915
Dow, Inc.		314		16,658
DuPont de Nemours, Inc.		187		15,052
PPG Industries, Inc.		105		13,218
LyondellBasell Industries N.V. — Class A		115		11,001
International Flavors & Fragrances, Inc.		114		10,854
Steel Dynamics, Inc.		66		8,547
International Paper Co.		155		6,688
CF Industries Holdings, Inc.		82		6,078
Celanese Corp. — Class A		45		6,070
Eastman Chemical Co.		53		5,192
Albemarle Corp.		53		5,062
Mosaic Co.		144		4,162
FMC Corp.		56		3,223
Total Basic Materials				359,544
Total Common Stocks
(Cost $12,890,210)				20,487,447
	Face Amount
U.S. TREASURY BILLS†† - 4.6%
U.S. Treasury Bills
5.23% due 09/12/241,2	$	1,050,000		1,038,848
5.18% due 07/09/242,3		261,000		260,697
Total U.S. Treasury Bills
(Cost $1,299,559)				1,299,545
REPURCHASE AGREEMENTS††,4 - 21.7%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/241		3,392,236		3,392,236
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/241		2,674,379		2,674,379
Total Repurchase Agreements
(Cost $6,066,615)				6,066,615
Total Investments - 99.6%
(Cost $20,256,384)			$	27,853,607
Other Assets & Liabilities, net - 0.4%				109,619
Total Net Assets - 100.0%			$	27,963,226

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
S&P 500® 2x STRATEGY FUND

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		12		Sep 2024	$	3,314,100	$	12,442

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements††

Goldman Sachs International

S&P 500 Index

Pay

5.83% (Federal Funds Rate + 0.50%)

At Maturity

09/26/24

3,255

$

17,772,559

$

38,677

Barclays Bank plc

S&P 500 Index

Pay

5.94% (SOFR + 0.60%)

At Maturity

09/25/24

1,773

9,683,134

22,362

BNP Paribas

S&P 500 Index

Pay

5.93% (Federal Funds Rate + 0.60%)

At Maturity

09/26/24

851

4,647,741

(7,508

)

$

32,103,434

$

53,531

*	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, 2024.
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, 2024.
4	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	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, 2024 (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	$	20,487,447	$	—	$	—	$	20,487,447
U.S. Treasury Bills		—		1,299,545		—		1,299,545
Repurchase Agreements		—		6,066,615		—		6,066,615
Equity Futures Contracts**		12,442		—		—		12,442
Equity Index Swap Agreements**		—		61,039		—		61,039
Total Assets	$	20,499,889	$	7,427,199	$	—	$	27,927,088

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	7,508	$	—	$	7,508

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

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

S&P 500^® 2x STRATEGY FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $14,189,769)	$	21,786,992
Repurchase agreements, at value (cost $6,066,615)		6,066,615
Cash		136
Unrealized appreciation on OTC swap agreements		61,039
Receivables:
Fund shares sold		278,010
Dividends		10,470
Interest		2,685
Securities sold		727
Securities lending income		3
Total assets		28,206,677
Liabilities:
Segregated cash due to broker		110,000
Unrealized depreciation on OTC swap agreements		7,508
Payable for:
Management fees		19,746
Professional fees		19,156
Swap settlement		15,263
Variation margin on futures contracts		13,500
Transfer agent fees		10,502
Investor service fees		5,485
Fund shares redeemed		2,373
Portfolio accounting and administration fees		1,207
Trustees’ fees*		275
Miscellaneous		38,436
Total liabilities		243,451
Net assets	$	27,963,226
Net assets consist of:
Paid in capital	$	40,908,643
Total distributable earnings (loss)		(12,945,417	)
Net assets	$	27,963,226
Capital shares outstanding		64,276
Net asset value per share	$	435.05

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $41)	$	171,252
Interest		172,369
Income from securities lending, net		93
Total investment income		343,714
Expenses:
Management fees		137,303
Investor service fees		38,139
Transfer agent fees		42,119
Professional fees		28,809
Portfolio accounting and administration fees		23,646
Interest expense		22,402
Trustees’ fees*		2,321
Custodian fees		2,008
Miscellaneous		2,832
Total expenses		299,579
Less:
Expenses reimbursed by Adviser		(15,256	)
Net expenses		284,323
Net investment income		59,391
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,337,714
Swap agreements		4,372,580
Futures contracts		322,433
Net realized gain		6,032,727
Net change in unrealized appreciation (depreciation) on:
Investments		2,015,402
Swap agreements		(347,543	)
Futures contracts		12,463
Net change in unrealized appreciation (depreciation)		1,680,322
Net realized and unrealized gain		7,713,049
Net increase in net assets resulting from operations	$	7,772,440

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

S&P 500^® 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	59,391		$	186,470
Net realized gain on investments		6,032,727			4,582,920
Net change in unrealized appreciation (depreciation) on investments		1,680,322			4,960,298
Net increase in net assets resulting from operations		7,772,440			9,729,688
Distributions to shareholders		—			(22,232	)
Capital share transactions:
Proceeds from sale of shares		52,252,322			267,125,621
Distributions reinvested		—			22,232
Cost of shares redeemed		(68,038,230	)		(257,360,873	)
Net increase (decrease) from capital share transactions		(15,785,908	)		9,786,980
Net increase (decrease) in net assets		(8,013,468	)		19,494,436
Net assets:
Beginning of period		35,976,694			16,482,258
End of period	$	27,963,226		$	35,976,694
Capital share activity:
Shares sold		136,835			1,005,151
Shares issued from reinvestment of distributions		—			71
Shares redeemed		(177,709	)		(969,875	)
Net increase (decrease) in shares		(40,874	)		35,347

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	342.15		$	236.13		$	499.24		$	315.43		$	313.21		$	192.73
Income (loss) from investment operations:
Net investment income (loss)b		.74			2.04			.07			(2.79	)		(1.21	)		1.59
Net gain (loss) on investments (realized and unrealized)		92.16			104.22			(192.13	)		186.60			45.29	f		118.89
Total from investment operations		92.90			106.26			(192.06	)		183.81			44.08			120.48
Less distributions from:
Net investment income		—			(.24	)		—			—			(1.68	)		—
Net realized gains		—			—			(71.05	)		—			(40.18	)		—
Total distributions		—			(.24	)		(71.05	)		—			(41.86	)		—
Net asset value, end of period	$	435.05		$	342.15		$	236.13		$	499.24		$	315.43		$	313.21
Total Returnc		27.15	%		45.04	%		(39.77	%)		58.27	%		18.10	%		62.51	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	27,963		$	35,977		$	16,482		$	90,849		$	36,688		$	54,196
Ratios to average net assets:
Net investment income (loss)		0.39	%		0.71	%		0.02	%		(0.68	%)		(0.44	%)		0.62	%
Total expensesd		1.96	%		1.93	%		1.84	%		1.75	%		1.87	%		1.87	%
Net expensese		1.86	%		1.86	%		1.77	%		1.71	%		1.83	%		1.80	%
Portfolio turnover rate		76	%		436	%		1,703	%		2,834	%		2,610	%		248	%

a	Unaudited figures for the period ended June 30, 2024. 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 repurchases of fund shares in relation to fluctuating market value of the investments of the Fund.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 75.7%
Technology - 38.1%
Microsoft Corp.		21,512	$	9,614,788
Apple, Inc.		44,383		9,347,947
NVIDIA Corp.		71,198		8,795,801
Broadcom, Inc.		3,464		5,561,556
Advanced Micro Devices, Inc.*		12,083		1,959,983
Adobe, Inc.*		3,349		1,860,503
QUALCOMM, Inc.		8,343		1,661,759
Applied Materials, Inc.		6,190		1,460,778
Intuit, Inc.		2,090		1,373,569
Texas Instruments, Inc.		6,807		1,324,166
Micron Technology, Inc.		8,279		1,088,937
Lam Research Corp.		977		1,040,358
Intel Corp.		31,825		985,620
Analog Devices, Inc.		3,710		846,845
KLA Corp.		1,007		830,281
ASML Holding N.V. — Class G		680		695,456
Synopsys, Inc.*		1,145		681,344
Crowdstrike Holdings, Inc. — Class A*		1,724		660,620
Cadence Design Systems, Inc.*		2,034		625,964
NXP Semiconductor N.V.		1,911		514,231
Marvell Technology, Inc.		6,471		452,323
Roper Technologies, Inc.		800		450,928
Autodesk, Inc.*		1,611		398,642
Microchip Technology, Inc.		4,014		367,281
Workday, Inc. — Class A*		1,585		354,343
Fortinet, Inc.*		5,711		344,202
Paychex, Inc.		2,691		319,045
Datadog, Inc. — Class A*		2,306		299,065
Electronic Arts, Inc.		1,991		277,406
Cognizant Technology Solutions Corp. — Class A		3,717		252,756
ON Semiconductor Corp.*		3,216		220,457
Zscaler, Inc.*		1,120		215,253
Atlassian Corp. — Class A*		1,191		210,664
ANSYS, Inc.*		653		209,939
GLOBALFOUNDRIES, Inc.*,1		4,123		208,459
Take-Two Interactive Software, Inc.*		1,281		199,183
ARM Holdings plc ADR*,1		884		144,640
MongoDB, Inc.*		548		136,978
Total Technology				55,992,070
Communications - 19.2%
Amazon.com, Inc.*		30,121		5,820,883
Meta Platforms, Inc. — Class A		10,091		5,088,084
Alphabet, Inc. — Class A		17,002		3,096,914
Alphabet, Inc. — Class C		16,258		2,982,043
Netflix, Inc.*		3,221		2,173,789
T-Mobile US, Inc.		8,761		1,543,513
Cisco Systems, Inc.		30,119		1,430,953
Comcast Corp. — Class A		29,262		1,145,900
Booking Holdings, Inc.		254		1,006,221
Palo Alto Networks, Inc.*		2,421		820,743
PDD Holdings, Inc. ADR*		4,993		663,819
MercadoLibre, Inc.*		379		622,849
Airbnb, Inc. — Class A*		3,301		500,531
Trade Desk, Inc. — Class A*		3,328		325,046
Charter Communications, Inc. — Class A*		1,077		321,980
DoorDash, Inc. — Class A*		2,853		310,349
CDW Corp.		1,005		224,959
Warner Bros Discovery, Inc.*		18,318		136,286
Total Communications				28,214,862
Consumer, Non-cyclical - 8.5%
PepsiCo, Inc.		10,278		1,695,150
Amgen, Inc.		4,010		1,252,924
Intuitive Surgical, Inc.*		2,652		1,179,742
Vertex Pharmaceuticals, Inc.*		1,929		904,161
Regeneron Pharmaceuticals, Inc.*		810		851,334
Automatic Data Processing, Inc.		3,060		730,391
Mondelez International, Inc. — Class A		10,028		656,233
Gilead Sciences, Inc.		9,314		639,034
Cintas Corp.		759		531,497
PayPal Holdings, Inc.*		7,820		453,795
Monster Beverage Corp.*		7,788		389,011
Moderna, Inc.*		2,865		340,219
AstraZeneca plc ADR		4,353		339,490
Keurig Dr Pepper, Inc.		10,134		338,475
Dexcom, Inc.*		2,973		337,079
IDEXX Laboratories, Inc.*		617		300,603
Kraft Heinz Co.		9,078		292,493
Verisk Analytics, Inc. — Class A		1,067		287,610
GE HealthCare Technologies, Inc.		3,412		265,863
Biogen, Inc.*		1,088		252,220
Coca-Cola Europacific Partners plc		3,433		250,163
Illumina, Inc.*		1,191		124,317
GRAIL, Inc.*,1		199		3,051
Total Consumer, Non-cyclical				12,414,855
Consumer, Cyclical - 6.2%
Costco Wholesale Corp.		3,316		2,818,567
Tesla, Inc.*		13,972		2,764,779
Starbucks Corp.		8,468		659,234
Marriott International, Inc. — Class A		2,135		516,179
O’Reilly Automotive, Inc.*		440		464,666
PACCAR, Inc.		3,918		403,319
Copart, Inc.*		7,194		389,627
Ross Stores, Inc.		2,507		364,317
Lululemon Athletica, Inc.*		903		269,726
Fastenal Co.		4,280		268,955
Dollar Tree, Inc.*		1,631		174,142
Walgreens Boots Alliance, Inc.		6,450		78,013
Total Consumer, Cyclical				9,171,524
Industrial - 1.2%
Honeywell International, Inc.		4,868		1,039,513
CSX Corp.		14,615		488,872
Old Dominion Freight Line, Inc.		1,624		286,798
Total Industrial				1,815,183

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
NASDAQ-100® 2x STRATEGY FUND

	Shares		Value
Basic Materials - 1.1%
Linde plc		3,594	$	1,577,083
Utilities - 0.9%
Constellation Energy Corp.		2,357		472,037
American Electric Power Company, Inc.		3,941		345,783
Exelon Corp.		7,476		258,744
Xcel Energy, Inc.		4,154		221,865
Total Utilities				1,298,429
Energy - 0.4%
Diamondback Energy, Inc.		1,333		266,853
Baker Hughes Co.		7,461		262,404
Total Energy				529,257
Financial - 0.1%
CoStar Group, Inc.*		3,054		226,424
Total Common Stocks
(Cost $76,993,642)				111,239,687
	Face Amount
U.S. TREASURY BILLS†† - 2.7%
U.S. Treasury Bills
5.18% due 07/09/242,3	$	2,837,000		2,833,707
5.23% due 09/12/243,4		1,100,000		1,088,317
Total U.S. Treasury Bills
(Cost $3,922,012)				3,922,024

REPURCHASE AGREEMENTS††,5 - 13.8%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/244		11,334,970		11,334,970
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/244		8,936,291		8,936,291
Total Repurchase Agreements
(Cost $20,271,261)				20,271,261
	Shares
SECURITIES LENDING COLLATERAL†,6 - 0.2%
Money Market Fund***
First American Government Obligations Fund - Class X, 5.23%7		275,347		275,347
Total Securities Lending Collateral
(Cost $275,347)				275,347
Total Investments - 92.4%
(Cost $101,462,262)			$	135,708,319
Other Assets & Liabilities, net - 7.6%				11,118,427
Total Net Assets - 100.0%			$	146,826,746

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Purchased†
NASDAQ-100 Index Mini Futures Contracts		35		Sep 2024	$	13,952,750	$	(11,855	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements††

Goldman Sachs International

NASDAQ-100 Index

Pay

5.83% (Federal Funds Rate + 0.50%)

At Maturity

09/26/24

6,452

$

127,002,374

$

1,130,140

Barclays Bank plc

NASDAQ-100 Index

Pay

6.04% (SOFR + 0.70%)

At Maturity

09/25/24

834

16,414,130

122,863

BNP Paribas

NASDAQ-100 Index

Pay

5.98% (Federal Funds Rate + 0.65%)

At Maturity

09/26/24

1,282

25,226,263

(23,414

)

$

168,642,767

$

1,229,589

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
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, 2024 — See Note 7.
2	All or a portion of this security is pledged as futures collateral at June 30, 2024.
3	Rate indicated is the effective yield at the time of purchase.
4	All or a portion of this security is pledged as equity index swap collateral at June 30, 2024.
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, 2024.
	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, 2024 (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	$	111,239,687	$	—	$	—	$	111,239,687
U.S. Treasury Bills		—		3,922,024		—		3,922,024
Repurchase Agreements		—		20,271,261		—		20,271,261
Securities Lending Collateral		275,347		—		—		275,347
Equity Index Swap Agreements**		—		1,253,003		—		1,253,003
Total Assets	$	111,515,034	$	25,446,288	$	—	$	136,961,322

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	11,855	$	—	$	—	$	11,855
Equity Index Swap Agreements**		—		23,414		—		23,414
Total Liabilities	$	11,855	$	23,414	$	—	$	35,269

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

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

NASDAQ-100^® 2x STRATEGY FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $267,086 of securities loaned (cost $81,191,001)	$	115,437,058
Repurchase agreements, at value (cost $20,271,261)		20,271,261
Segregated cash with broker		228,743
Unrealized appreciation on OTC swap agreements		1,253,003
Receivables:
Fund shares sold		12,355,705
Swap settlement		31,834
Dividends		16,604
Interest		8,971
Securities lending income		310
Total assets		149,603,489
Liabilities:
Segregated cash due to broker		1,990,000
Unrealized depreciation on OTC swap agreements		23,414
Payable for:
Return of securities lending collateral		275,347
Management fees		93,669
Variation margin on futures contracts		74,900
Transfer agent fees		44,670
Investor service fees		26,019
Fund shares redeemed		11,122
Portfolio accounting and administration fees		5,724
Trustees’ fees*		1,040
Miscellaneous		230,838
Total liabilities		2,776,743
Net assets	$	146,826,746
Net assets consist of:
Paid in capital	$	106,145,316
Total distributable earnings (loss)		40,681,430
Net assets	$	146,826,746
Capital shares outstanding		854,449
Net asset value per share	$	171.84

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $669)	$	394,674
Interest		612,534
Income from securities lending, net		9,854
Total investment income		1,017,062
Expenses:
Management fees		524,598
Investor service fees		145,722
Transfer agent fees		156,563
Professional fees		114,135
Portfolio accounting and administration fees		90,346
Interest expense		67,601
Trustees’ fees*		8,080
Custodian fees		7,963
Line of credit fees		120
Miscellaneous		30,949
Total expenses		1,146,077
Less:
Expenses reimbursed by Adviser		(58,288	)
Net expenses		1,087,789
Net investment loss		(70,727	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		7,622,214
Swap agreements		12,036,585
Futures contracts		6,293,669
Net realized gain		25,952,468
Net change in unrealized appreciation (depreciation) on:
Investments		6,981,596
Swap agreements		114,400
Futures contracts		(209,148	)
Net change in unrealized appreciation (depreciation)		6,886,848
Net realized and unrealized gain		32,839,316
Net increase in net assets resulting from operations	$	32,768,589

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

42 | 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, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(70,727	)	$	(227,573	)
Net realized gain on investments		25,952,468			28,848,302
Net change in unrealized appreciation (depreciation) on investments		6,886,848			30,132,618
Net increase in net assets resulting from operations		32,768,589			58,753,347
Capital share transactions:
Proceeds from sale of shares		624,556,480			682,258,019
Cost of shares redeemed		(630,165,480	)		(653,572,542	)
Net increase (decrease) from capital share transactions		(5,609,000	)		28,685,477
Net increase in net assets		27,159,589			87,438,824
Net assets:
Beginning of period		119,667,157			32,228,333
End of period	$	146,826,746		$	119,667,157
Capital share activity:
Shares sold		4,284,435			7,093,575
Shares redeemed		(4,343,885	)		(6,711,535	)
Net increase (decrease) in shares		(59,450	)		382,040

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	130.94		$	60.60		$	191.98		$	141.54		$	91.34		$	50.68
Income (loss) from investment operations:
Net investment income (loss)b		(.09	)		(.24	)		(.49	)		(1.74	)		(.88	)		.22
Net gain (loss) on investments (realized and unrealized)		40.99			70.58			(111.42	)		73.37			72.46			40.55
Total from investment operations		40.90			70.34			(111.91	)		71.63			71.58			40.77
Less distributions from:
Net investment income		—			—			—			—			(.30	)		(.11	)
Net realized gains		—			—			(19.47	)		(21.19	)		(21.08	)		—
Total distributions		—			—			(19.47	)		(21.19	)		(21.38	)		(.11	)
Net asset value, end of period	$	171.84		$	130.94		$	60.60		$	191.98		$	141.54		$	91.34
Total Returnc		31.24	%		116.07	%		(61.04	%)		53.45	%		86.87	%		80.50	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	146,827		$	119,667		$	32,228		$	151,069		$	131,049		$	99,811
Ratios to average net assets:
Net investment income (loss)		(0.12	%)		(0.25	%)		(0.47	%)		(1.05	%)		(0.83	%)		0.30	%
Total expensesd		1.97	%		2.08	%		1.86	%		1.78	%		1.91	%		1.91	%
Net expensese		1.87	%		2.01	%		1.79	%		1.74	%		1.87	%		1.84	%
Portfolio turnover rate		269	%		564	%		860	%		392	%		663	%		346	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 83.3%
Industrial - 19.1%
Carlisle Companies, Inc.		60	$	24,312
Lennox International, Inc.		41		21,934
EMCOR Group, Inc.		59		21,540
Owens Corning		110		19,109
Graco, Inc.		214		16,966
Saia, Inc.*		34		16,126
nVent Electric plc		210		16,088
XPO, Inc.*		147		15,604
TopBuild Corp.*		40		15,411
AECOM		172		15,160
Clean Harbors, Inc.*		63		14,247
Tetra Tech, Inc.		68		13,905
Advanced Drainage Systems, Inc.		86		13,793
Comfort Systems USA, Inc.		45		13,685
Lincoln Electric Holdings, Inc.		72		13,582
ITT, Inc.		104		13,435
Woodward, Inc.		77		13,427
Curtiss-Wright Corp.		49		13,278
Toro Co.		132		12,343
Coherent Corp.*		168		12,173
AptarGroup, Inc.		84		11,828
Universal Display Corp.		55		11,564
Regal Rexnord Corp.		85		11,494
TD SYNNEX Corp.		98		11,309
Crown Holdings, Inc.		151		11,233
BWX Technologies, Inc.		116		11,020
Donaldson Company, Inc.		153		10,949
Fortune Brands Innovations, Inc.		158		10,261
Knight-Swift Transportation Holdings, Inc.		204		10,184
Graphic Packaging Holding Co.		388		10,170
Trex Company, Inc.*		137		10,154
Cognex Corp.		217		10,147
RBC Bearings, Inc.*		37		9,982
Eagle Materials, Inc.		44		9,568
Applied Industrial Technologies, Inc.		49		9,506
Acuity Brands, Inc.		39		9,416
Fluor Corp.*		216		9,407
Crane Co.		62		8,989
Oshkosh Corp.		83		8,981
Simpson Manufacturing Company, Inc.		53		8,932
Kirby Corp.*		74		8,860
MSA Safety, Inc.		47		8,821
UFP Industries, Inc.		78		8,736
Berry Global Group, Inc.		145		8,533
Landstar System, Inc.		46		8,486
Middleby Corp.*		68		8,337
MasTec, Inc.*		77		8,238
Arrow Electronics, Inc.*		67		8,091
Flowserve Corp.		166		7,985
Littelfuse, Inc.		31		7,923
Chart Industries, Inc.*		54		7,794
AGCO Corp.		79		7,733
AAON, Inc.		87		7,590
Vontier Corp.		196		7,487
Novanta, Inc.*		45		7,340
NEXTracker, Inc. — Class A*		155		7,267
Valmont Industries, Inc.		26		7,136
Sensata Technologies Holding plc		190		7,104
Ryder System, Inc.		55		6,813
Stericycle, Inc.*		117		6,801
Esab Corp.		72		6,799
Louisiana-Pacific Corp.		81		6,669
Timken Co.		82		6,571
Hexcel Corp.		105		6,557
MDU Resources Group, Inc.		258		6,476
Watts Water Technologies, Inc. — Class A		35		6,418
Sonoco Products Co.		124		6,289
Exponent, Inc.		64		6,088
GATX Corp.		45		5,956
Avnet, Inc.		115		5,921
EnerSys		51		5,280
Knife River Corp.*		72		5,050
Belden, Inc.		51		4,784
Terex Corp.		85		4,661
Silgan Holdings, Inc.		103		4,360
Vishay Intertechnology, Inc.		158		3,524
Greif, Inc. — Class A		33		1,897
Total Industrial				771,587
Financial - 18.5%
Reinsurance Group of America, Inc. — Class A		84		17,243
Interactive Brokers Group, Inc. — Class A		135		16,551
Fidelity National Financial, Inc.		328		16,210
Equitable Holdings, Inc.		387		15,813
Gaming and Leisure Properties, Inc. REIT		343		15,507
Equity LifeStyle Properties, Inc. REIT		236		15,371
WP Carey, Inc. REIT		277		15,249
American Homes 4 Rent — Class A REIT		407		15,124
RenaissanceRe Holdings Ltd.		67		14,975
Ally Financial, Inc.		346		13,726
Lamar Advertising Co. — Class A REIT		111		13,268
East West Bancorp, Inc.		176		12,889
CubeSmart REIT		285		12,873
Jones Lang LaSalle, Inc.*		61		12,522
Rexford Industrial Realty, Inc. REIT		275		12,262
Annaly Capital Management, Inc. REIT		632		12,046
Erie Indemnity Co. — Class A		32		11,597
Unum Group		225		11,500
Carlyle Group, Inc.		273		10,961
First Horizon Corp.		692		10,913
Stifel Financial Corp.		129		10,855
Kinsale Capital Group, Inc.		28		10,788
Jefferies Financial Group, Inc.		215		10,699
Omega Healthcare Investors, Inc. REIT		312		10,686
EastGroup Properties, Inc. REIT		62		10,546
Primerica, Inc.		44		10,410
American Financial Group, Inc.		83		10,211
Old Republic International Corp.		320		9,888
NNN REIT, Inc.		232		9,883
Webster Financial Corp.		217		9,459

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Evercore, Inc. — Class A		45	$	9,379
Voya Financial, Inc.		128		9,107
Houlihan Lokey, Inc.		66		8,901
Brixmor Property Group, Inc. REIT		381		8,797
Cullen/Frost Bankers, Inc.		82		8,334
Commerce Bancshares, Inc.		149		8,311
STAG Industrial, Inc. REIT		230		8,294
SEI Investments Co.		126		8,151
Zions Bancorp North America		187		8,110
First Industrial Realty Trust, Inc. REIT		167		7,934
Healthcare Realty Trust, Inc. REIT		479		7,894
Agree Realty Corp. REIT		127		7,866
Pinnacle Financial Partners, Inc.		97		7,764
Wintrust Financial Corp.		78		7,688
Essent Group Ltd.		135		7,586
Ryan Specialty Holdings, Inc.		130		7,528
Synovus Financial Corp.		186		7,475
Prosperity Bancshares, Inc.		122		7,459
SouthState Corp.		96		7,336
MGIC Investment Corp.		337		7,262
Selective Insurance Group, Inc.		77		7,225
Starwood Property Trust, Inc. REIT		380		7,197
RLI Corp.		51		7,175
First American Financial Corp.		132		7,121
Old National Bancorp		399		6,859
Cadence Bank		231		6,533
Affiliated Managers Group, Inc.		40		6,249
FNB Corp.		455		6,224
Kite Realty Group Trust REIT		277		6,199
SLM Corp.		278		5,780
Hanover Insurance Group, Inc.		46		5,770
Home BancShares, Inc.		235		5,631
United Bankshares, Inc.		171		5,547
Janus Henderson Group plc		162		5,461
Bank OZK		133		5,453
Glacier Bancorp, Inc.		144		5,374
Independence Realty Trust, Inc. REIT		284		5,322
Vornado Realty Trust REIT		202		5,311
Columbia Banking System, Inc.		265		5,271
Hancock Whitney Corp.		110		5,261
Western Union Co.		428		5,230
Rayonier, Inc. REIT		173		5,033
First Financial Bankshares, Inc.		162		4,784
UMB Financial Corp.		55		4,588
Kemper Corp.		77		4,568
Sabra Health Care REIT, Inc.		293		4,512
Cousins Properties, Inc. REIT		192		4,445
Kilroy Realty Corp. REIT		135		4,208
EPR Properties REIT		96		4,030
Park Hotels & Resorts, Inc. REIT		267		4,000
Associated Banc-Corp.		187		3,955
PotlatchDeltic Corp. REIT		100		3,939
International Bancshares Corp.		68		3,890
CNO Financial Group, Inc.		137		3,798
Valley National Bancorp		541		3,776
National Storage Affiliates Trust REIT		89		3,669
Texas Capital Bancshares, Inc.*		59		3,607
COPT Defense Properties REIT		142		3,554
Brighthouse Financial, Inc.*		78		3,380
Federated Hermes, Inc. — Class B		101		3,321
New York Community Bancorp, Inc.		985		3,172
Total Financial				747,623
Consumer, Non-cyclical - 13.7%
Illumina, Inc.*		201		20,980
BioMarin Pharmaceutical, Inc.*		241		19,772
Sarepta Therapeutics, Inc.*		119		18,802
United Therapeutics Corp.*		56		17,839
RB Global, Inc.		232		17,715
Neurocrine Biosciences, Inc.*		127		17,484
Tenet Healthcare Corp.*		124		16,496
US Foods Holding Corp.*		286		15,152
elf Beauty, Inc.*		70		14,750
Service Corporation International		184		13,088
Performance Food Group Co.*		197		13,024
Medpace Holdings, Inc.*		30		12,355
Encompass Health Corp.		127		10,895
Celsius Holdings, Inc.*		189		10,790
Sprouts Farmers Market, Inc.*		128		10,709
Chemed Corp.		19		10,309
Globus Medical, Inc. — Class A*		143		9,794
Morningstar, Inc.		33		9,763
FTI Consulting, Inc.*		45		9,699
H&R Block, Inc.		177		9,599
Ingredion, Inc.		83		9,520
HealthEquity, Inc.*		110		9,482
BellRing Brands, Inc.*		165		9,428
WEX, Inc.*		53		9,388
Penumbra, Inc.*		49		8,819
Jazz Pharmaceuticals plc*		80		8,539
Halozyme Therapeutics, Inc.*		161		8,430
Repligen Corp.*		66		8,320
Exelixis, Inc.*		368		8,269
Acadia Healthcare Company, Inc.*		117		7,902
Cytokinetics, Inc.*		145		7,856
Bruker Corp.		123		7,849
GXO Logistics, Inc.*		151		7,625
Darling Ingredients, Inc.*		202		7,423
Paylocity Holding Corp.*		55		7,252
Lantheus Holdings, Inc.*		88		7,065
Masimo Corp.*		56		7,053
Valvoline, Inc.*		163		7,042
Post Holdings, Inc.*		64		6,666
Dentsply Sirona, Inc.		262		6,526
Coca-Cola Consolidated, Inc.		6		6,510
Option Care Health, Inc.*		220		6,094
Brink’s Co.		56		5,734
Euronet Worldwide, Inc.*		55		5,692
Flowers Foods, Inc.		243		5,395
Haemonetics Corp.*		64		5,295
Grand Canyon Education, Inc.*		37		5,177
Lancaster Colony Corp.		26		4,913
Coty, Inc. — Class A*		461		4,619

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Roivant Sciences Ltd.*		428	$	4,524
Perrigo Company plc		172		4,417
Insperity, Inc.		46		4,196
ManpowerGroup, Inc.		60		4,188
Arrowhead Pharmaceuticals, Inc.*		158		4,107
Neogen Corp.*		250		3,907
Amedisys, Inc.*		41		3,764
LivaNova plc*		68		3,728
Boston Beer Company, Inc. — Class A*		12		3,661
Envista Holdings Corp.*		218		3,625
Azenta, Inc.*		68		3,578
Graham Holdings Co. — Class B		5		3,498
R1 RCM, Inc.*		250		3,140
Progyny, Inc.*		105		3,004
Enovis Corp.*		63		2,848
Helen of Troy Ltd.*		30		2,782
Avis Budget Group, Inc.		23		2,404
QuidelOrtho Corp.*		63		2,093
Pilgrim’s Pride Corp.*		51		1,963
Sotera Health Co.*		157		1,864
Total Consumer, Non-cyclical				556,189
Consumer, Cyclical - 13.2%
Williams-Sonoma, Inc.		82		23,154
Burlington Stores, Inc.*		81		19,440
Watsco, Inc.		41		18,993
Casey’s General Stores, Inc.		47		17,933
Dick’s Sporting Goods, Inc.		74		15,899
Wingstop, Inc.		37		15,638
Toll Brothers, Inc.		132		15,204
BJ’s Wholesale Club Holdings, Inc.*		168		14,757
Texas Roadhouse, Inc. — Class A		84		14,424
Floor & Decor Holdings, Inc. — Class A*		135		13,420
Light & Wonder, Inc. — Class A*		114		11,956
Churchill Downs, Inc.		85		11,866
Skechers USA, Inc. — Class A*		167		11,543
Aramark		332		11,295
Murphy USA, Inc.		24		11,267
Crocs, Inc.*		77		11,237
Core & Main, Inc. — Class A*		216		10,571
Tempur Sealy International, Inc.		220		10,415
Gentex Corp.		292		9,843
Autoliv, Inc.		92		9,843
Lithia Motors, Inc. — Class A		35		8,836
WESCO International, Inc.		55		8,718
Hyatt Hotels Corp. — Class A		57		8,659
Vail Resorts, Inc.		48		8,646
GameStop Corp. — Class A*,1		341		8,419
Lear Corp.		72		8,223
Planet Fitness, Inc. — Class A*		111		8,169
TKO Group Holdings, Inc.		75		8,099
Ollie’s Bargain Outlet Holdings, Inc.*		78		7,657
Five Below, Inc.*		70		7,628
PVH Corp.		72		7,623
Wyndham Hotels & Resorts, Inc.		102		7,548
Taylor Morrison Home Corp. — Class A*		134		7,429
Mattel, Inc.*		435		7,073
Whirlpool Corp.		69		7,052
Macy’s, Inc.		348		6,682
KB Home		94		6,597
Gap, Inc.		274		6,546
Thor Industries, Inc.		67		6,261
Brunswick Corp.		85		6,185
Dolby Laboratories, Inc. — Class A		76		6,021
Warner Music Group Corp. — Class A		179		5,487
Polaris, Inc.		67		5,247
Harley-Davidson, Inc.		155		5,199
FirstCash Holdings, Inc.		48		5,034
AutoNation, Inc.*		31		4,941
Capri Holdings Ltd.*		147		4,863
Boyd Gaming Corp.		85		4,684
RH*		19		4,644
MSC Industrial Direct Company, Inc. — Class A		58		4,600
YETI Holdings, Inc.*		108		4,120
Travel + Leisure Co.		91		4,093
Goodyear Tire & Rubber Co.*		360		4,086
Visteon Corp.*		35		3,735
Penske Automotive Group, Inc.		25		3,726
Marriott Vacations Worldwide Corp.		42		3,668
Choice Hotels International, Inc.1		30		3,570
Wendy’s Co.		210		3,562
Hilton Grand Vacations, Inc.*		87		3,517
Scotts Miracle-Gro Co. — Class A		54		3,513
Columbia Sportswear Co.		43		3,400
Carter’s, Inc.		46		2,851
Adient plc*		114		2,817
Nordstrom, Inc.		124		2,631
Under Armour, Inc. — Class A*		239		1,594
Under Armour, Inc. — Class C*		241		1,574
Total Consumer, Cyclical				533,925
Technology - 7.1%
Pure Storage, Inc. — Class A*		386		24,785
Manhattan Associates, Inc.*		78		19,241
Onto Innovation, Inc.*		62		13,613
Dynatrace, Inc.*		304		13,601
CACI International, Inc. — Class A*		28		12,043
KBR, Inc.		170		10,904
MKS Instruments, Inc.		80		10,446
Lattice Semiconductor Corp.*		174		10,090
Duolingo, Inc.*		47		9,808
Cirrus Logic, Inc.*		68		8,681
Rambus, Inc.*		136		7,991
MACOM Technology Solutions Holdings, Inc.*		69		7,691
Kyndryl Holdings, Inc.*		291		7,656
Science Applications International Corp.		65		7,641
Altair Engineering, Inc. — Class A*		72		7,062
Aspen Technology, Inc.*		35		6,952
Dropbox, Inc. — Class A*		305		6,853
Genpact Ltd.		209		6,728
Qualys, Inc.*		47		6,702
CommVault Systems, Inc.*		55		6,686

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 47

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MID-CAP 1.5x STRATEGY FUND

	Shares		Value
Appfolio, Inc. — Class A*		27	$	6,603
Maximus, Inc.		77		6,599
ExlService Holdings, Inc.*		205		6,429
Amkor Technology, Inc.		131		5,243
ASGN, Inc.*		58		5,114
Power Integrations, Inc.		72		5,054
ZoomInfo Technologies, Inc. — Class A*		359		4,584
Silicon Laboratories, Inc.*		41		4,536
Synaptics, Inc.*		50		4,410
Doximity, Inc. — Class A*		155		4,335
Lumentum Holdings, Inc.*		85		4,328
Teradata Corp.*		123		4,251
Blackbaud, Inc.*		51		3,885
Crane NXT Co.		62		3,808
Concentrix Corp.		59		3,734
Wolfspeed, Inc.*		159		3,619
IPG Photonics Corp.*		36		3,038
Allegro MicroSystems, Inc.*		90		2,542
Total Technology				287,286
Energy - 5.0%
Texas Pacific Land Corp.		24		17,622
Ovintiv, Inc.		315		14,764
Chord Energy Corp.		79		13,247
Antero Resources Corp.*		369		12,040
Chesapeake Energy Corp.		141		11,589
Weatherford International plc*		92		11,265
Permian Resources Corp.		649		10,481
Range Resources Corp.		307		10,294
HF Sinclair Corp.		190		10,135
NOV, Inc.		500		9,505
Southwestern Energy Co.*		1,394		9,382
Matador Resources Co.		147		8,761
DT Midstream, Inc.		123		8,737
Civitas Resources, Inc.		116		8,004
ChampionX Corp.		241		8,004
Murphy Oil Corp.		183		7,547
Equitrans Midstream Corp.		548		7,113
Antero Midstream Corp.		433		6,382
PBF Energy, Inc. — Class A		133		6,121
Valaris Ltd.*		79		5,886
CNX Resources Corp.*		194		4,714
Total Energy				201,593
Basic Materials - 3.5%
Reliance, Inc.		73		20,849
RPM International, Inc.		163		17,552
United States Steel Corp.		283		10,697
Royal Gold, Inc.		84		10,514
Axalta Coating Systems Ltd.*		279		9,533
Cleveland-Cliffs, Inc.*		601		9,249
Alcoa Corp.		227		9,030
Commercial Metals Co.		147		8,084
Olin Corp.		151		7,120
Cabot Corp.		70		6,432
Ashland, Inc.		63		5,953
Westlake Corp.		41		5,938
Avient Corp.		116		5,063
NewMarket Corp.		9		4,640
Arcadium Lithium plc*		1,304		4,381
Chemours Co.		189		4,266
MP Materials Corp.*		169		2,151
Total Basic Materials				141,452
Utilities - 2.1%
Essential Utilities, Inc.		318		11,871
OGE Energy Corp.		254		9,068
National Fuel Gas Co.		117		6,340
UGI Corp.		265		6,069
IDACORP, Inc.		64		5,962
Portland General Electric Co.		130		5,621
Southwest Gas Holdings, Inc.		76		5,349
New Jersey Resources Corp.		125		5,343
Ormat Technologies, Inc.		68		4,876
Black Hills Corp.		87		4,731
ALLETE, Inc.		73		4,551
ONE Gas, Inc.		71		4,533
Spire, Inc.		73		4,433
PNM Resources, Inc.		114		4,213
Northwestern Energy Group, Inc.		78		3,906
Total Utilities				86,866
Communications - 1.1%
New York Times Co. — Class A		207		10,601
Ciena Corp.*		183		8,817
Frontier Communications Parent, Inc.*		283		7,409
Nexstar Media Group, Inc. — Class A		40		6,640
Iridium Communications, Inc.		154		4,099
Ziff Davis, Inc.*		58		3,193
TEGNA, Inc.		215		2,997
Total Communications				43,756
Total Common Stocks
(Cost $2,355,020)				3,370,277
MUTUAL FUNDS† - 5.9%
Guggenheim Ultra Short Duration Fund — Institutional Class2		15,965		158,694
Guggenheim Strategy Fund II2		3,259		80,322
Total Mutual Funds
(Cost $231,938)				239,016
	Face Amount
U.S. TREASURY BILLS†† - 2.0%
U.S. Treasury Bills
5.23% due 09/12/243,4	$	50,000		49,469
5.18% due 07/09/244,5		30,000		29,965
Total U.S. Treasury Bills
(Cost $79,435)				79,434

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
MID-CAP 1.5x STRATEGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,6 - 8.8%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/243	$	198,300	$	198,300
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/243		156,336		156,336
Total Repurchase Agreements
(Cost $354,636)				354,636

	Shares
SECURITIES LENDING COLLATERAL†,7 - 0.2%
Money Market Fund***
First American Government Obligations Fund - Class X, 5.23%8		8,917		8,917
Total Securities Lending Collateral
(Cost $8,917)				8,917
Total Investments - 100.2%
(Cost $3,029,946)			$	4,052,280
Other Assets & Liabilities, net - (0.2)%				(7,011	)
Total Net Assets - 100.0%			$	4,045,269

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
S&P MidCap 400 Index Mini Futures Contracts		2		Sep 2024	$	591,820	$	5,957

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements††

BNP Paribas

S&P MidCap 400 Index

Pay

5.78% (Federal Funds Rate + 0.45%)

At Maturity

09/26/24

71

$

206,785

$

621

Barclays Bank plc

S&P MidCap 400 Index

Pay

5.89% (SOFR + 0.55%)

At Maturity

09/25/24

249

730,782

(5,096

)

Goldman Sachs International

S&P MidCap 400 Index

Pay

5.58% (Federal Funds Rate + 0.25%)

At Maturity

09/26/24

399

1,169,172

(7,005

)

$

2,106,739

$

(11,480

)

*	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, 2024 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as equity index swap collateral at June 30, 2024.
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, 2024.
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, 2024.
	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 | 49

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
MID-CAP 1.5x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	3,370,277	$	—	$	—	$	3,370,277
Mutual Funds		239,016		—		—		239,016
U.S. Treasury Bills		—		79,434		—		79,434
Repurchase Agreements		—		354,636		—		354,636
Securities Lending Collateral		8,917		—		—		8,917
Equity Futures Contracts**		5,957		—		—		5,957
Equity Index Swap Agreements**		—		621		—		621
Total Assets	$	3,624,167	$	434,691	$	—	$	4,058,858

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	12,101	$	—	$	12,101

** 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 issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	79,834	$	—	$	—	$	—	$	488	$	80,322		3,259	$	2,250
Guggenheim Ultra Short Duration Fund — Institutional Class		157,257		—		—		—		1,437		158,694		15,965		4,105
	$	237,091	$	—	$	—	$	—	$	1,925	$	239,016			$	6,355

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

MID-CAP 1.5x STRATEGY FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value - including $8,622 of securities loaned (cost $2,443,372)	$	3,458,628
Investments in affiliated issuers, at value (cost $231,938)		239,016
Repurchase agreements, at value (cost $354,636)		354,636
Cash		55
Segregated cash with broker		19,162
Unrealized appreciation on OTC swap agreements		621
Receivables:
Dividends		4,247
Fund shares sold		3,272
Variation margin on futures contracts		880
Interest		156
Securities lending income		6
Total assets		4,080,679
Liabilities:
Unrealized depreciation on OTC swap agreements		12,101
Payable for:
Return of securities lending collateral		8,917
Professional fees		3,001
Management fees		2,790
Transfer agent fees		1,550
Swap settlement		1,431
Investor service fees		783
Fund shares redeemed		279
Portfolio accounting and administration fees		173
Trustees’ fees*		36
Miscellaneous		4,349
Total liabilities		35,410
Net assets	$	4,045,269
Net assets consist of:
Paid in capital	$	3,592,315
Total distributable earnings (loss)		452,954
Net assets	$	4,045,269
Capital shares outstanding		18,349
Net asset value per share	$	220.46

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers	$	26,765
Dividends from securities of affiliated issuers		6,355
Interest		15,456
Income from securities lending, net		47
Total investment income		48,623
Expenses:
Management fees		19,184
Transfer agent fees		5,652
Investor service fees		5,329
Professional fees		3,489
Portfolio accounting and administration fees		3,304
Interest expense		404
Custodian fees		276
Trustees’ fees*		272
Line of credit fees		20
Miscellaneous		1,176
Total expenses		39,106
Less:
Expenses reimbursed by Adviser		(2,132	)
Expenses waived by Adviser		(196	)
Total waived/reimbursed expenses		(2,328	)
Net expenses		36,778
Net investment income		11,845
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		73,581
Swap agreements		132,800
Futures contracts		22,376
Net realized gain		228,757
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		127,257
Investments in affiliated issuers		1,925
Swap agreements		(53,967	)
Futures contracts		5,957
Net change in unrealized appreciation (depreciation)		81,172
Net realized and unrealized gain		309,929
Net increase in net assets resulting from operations	$	321,774

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

MID-CAP 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	11,845		$	21,911
Net realized gain on investments		228,757			171,912
Net change in unrealized appreciation (depreciation) on investments		81,172			525,761
Net increase in net assets resulting from operations		321,774			719,584
Capital share transactions:
Proceeds from sale of shares		1,725,033			2,708,618
Cost of shares redeemed		(2,349,831	)		(3,595,618	)
Net decrease from capital share transactions		(624,798	)		(887,000	)
Net decrease in net assets		(303,024	)		(167,416	)
Net assets:
Beginning of period		4,348,293			4,515,709
End of period	$	4,045,269		$	4,348,293
Capital share activity:
Shares sold		8,028			13,907
Shares redeemed		(10,719	)		(18,832	)
Net decrease in shares		(2,691	)		(4,925	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019f
Per Share Data
Net asset value, beginning of period	$	206.67		$	173.92		$	242.90		$	205.26		$	193.99		$	144.00
Income (loss) from investment operations:
Net investment income (loss)b		.60			1.04			(.22	)		(1.55	)		(.12	)		1.10
Net gain (loss) on investments (realized and unrealized)		13.19			31.71			(56.21	)		70.95			12.09			50.79
Total from investment operations		13.79			32.75			(56.43	)		69.40			11.97			51.89
Less distributions from:
Net investment income		—			—			—			—			(.15	)		(1.90	)
Net realized gains		—			—			(12.55	)		(31.76	)		(.55	)		—
Total distributions		—			—			(12.55	)		(31.76	)		(.70	)		(1.90	)
Net asset value, end of period	$	220.46		$	206.67		$	173.92		$	242.90		$	205.26		$	193.99
Total Returnc		6.67	%		18.83	%		(23.20	%)		35.25	%		10.69	%		36.11	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,045		$	4,348		$	4,516		$	6,038		$	4,756		$	5,444
Ratios to average net assets:
Net investment income (loss)		0.56	%		0.56	%		(0.11	%)		(0.65	%)		(0.47	%)		0.60	%
Total expensesd		1.83	%		1.89	%		1.83	%		1.75	%		1.87	%		1.87	%
Net expensese		1.73	%		1.81	%		1.77	%		1.69	%		1.81	%		1.80	%
Portfolio turnover rate		25	%		18	%		154	%		56	%		472	%		274	%

a	Unaudited figures for the period ended June 30, 2024. 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 for the years presented through December 31, 2019 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 | 53

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
INVERSE MID-CAP STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 31.9%
Guggenheim Ultra Short Duration Fund — Institutional Class1		2,464	$	24,490
Guggenheim Strategy Fund II1		822		20,256
Total Mutual Funds
(Cost $43,902)				44,746
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 14.2%
Farmer Mac
5.10% due 07/17/242	$	20,000		19,953
Total Federal Agency Discount Notes
(Cost $19,953)				19,953

FEDERAL AGENCY NOTES†† - 12.9%
Fannie Mae
1.75% due 07/02/24	18,000		17,998
Total Federal Agency Notes
(Cost $17,998)			17,998
REPURCHASE AGREEMENTS††,3 - 32.0%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/244	25,141		25,141
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/244	19,820		19,820
Total Repurchase Agreements
(Cost $44,961)			44,961
Total Investments - 91.0%
(Cost $126,814)		$	127,658
Other Assets & Liabilities, net - 9.0%			12,691
Total Net Assets - 100.0%		$	140,349

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements Sold Short††

Barclays Bank plc

S&P MidCap 400 Index

Receive

5.59% (SOFR + 0.25%)

At Maturity

09/25/24

18

$

53,534

$

374

Goldman Sachs International

S&P MidCap 400 Index

Receive

5.28% (Federal Funds Rate - 0.05%)

At Maturity

09/26/24

20

59,493

147

BNP Paribas

S&P MidCap 400 Index

Receive

5.38% (Federal Funds Rate + 0.05%)

At Maturity

09/26/24

10

29,559

(90

)

$

142,586

$

431

†	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, 2024.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
INVERSE MID-CAP STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	44,746	$	—	$	—	$	44,746
Federal Agency Discount Notes		—		19,953		—		19,953
Federal Agency Notes		—		17,998		—		17,998
Repurchase Agreements		—		44,961		—		44,961
Equity Index Swap Agreements**		—		521		—		521
Total Assets	$	44,746	$	83,433	$	—	$	128,179

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	90	$	—	$	90

** 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 issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	20,132	$	—	$	—	$	—	$	124	$	20,256		822	$	567
Guggenheim Ultra Short Duration Fund — Institutional Class		24,268		—		—		—		222		24,490		2,464		634
	$	44,400	$	—	$	—	$	—	$	346	$	44,746			$	1,201

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

INVERSE MID-CAP STRATEGY FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $37,951)	$	37,951
Investments in affiliated issuers, at value (cost $43,902)		44,746
Repurchase agreements, at value (cost $44,961)		44,961
Segregated cash with broker		10,000
Unrealized appreciation on OTC swap agreements		521
Receivables:
Fund shares sold		2,312
Dividends		189
Interest		176
Swap settlement		73
Variation margin on futures contracts		55
Total assets		140,984
Liabilities:
Unrealized depreciation on OTC swap agreements		90
Payable for:
Professional fees		121
Fund shares redeemed		102
Management fees		99
Printing fees		66
Transfer agent fees		55
Investor service fees		29
Portfolio accounting and administration fees		6
Trustees’ fees*		1
Miscellaneous		66
Total liabilities		635
Net assets	$	140,349
Net assets consist of:
Paid in capital	$	2,177,262
Total distributable earnings (loss)		(2,036,913	)
Net assets	$	140,349
Capital shares outstanding		4,238
Net asset value per share	$	33.12

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	1,201
Interest		2,619
Total investment income		3,820
Expenses:
Management fees		657
Investor service fees		183
Transfer agent fees		196
Portfolio accounting and administration fees		113
Professional fees		99
Custodian fees		9
Trustees’ fees*		9
Miscellaneous		60
Total expenses		1,326
Less:
Expenses reimbursed by Adviser		(73	)
Expenses waived by Adviser		(30	)
Total waived/reimbursed expenses		(103	)
Net expenses		1,223
Net investment income		2,597
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(9,903	)
Net realized loss		(9,903	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(4	)
Investments in affiliated issuers		346
Swap agreements		1,421
Net change in unrealized appreciation (depreciation)		1,763
Net realized and unrealized loss		(8,140	)
Net decrease in net assets resulting from operations	$	(5,543	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

INVERSE MID-CAP STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	2,597		$	6,469
Net realized loss on investments		(9,903	)		(30,258	)
Net change in unrealized appreciation (depreciation) on investments		1,763			(5,789	)
Net decrease in net assets resulting from operations		(5,543	)		(29,578	)
Distributions to shareholders		—			(747	)
Capital share transactions:
Proceeds from sale of shares		480,658			1,423,581
Distributions reinvested		—			747
Cost of shares redeemed		(463,551	)		(1,504,824	)
Net increase (decrease) from capital share transactions		17,107			(80,496	)
Net increase (decrease) in net assets		11,564			(110,821	)
Net assets:
Beginning of period		128,785			239,606
End of period	$	140,349		$	128,785
Capital share activity:
Shares sold		14,466			38,721
Shares issued from reinvestment of distributions		—			22
Shares redeemed		(14,033	)		(41,345	)
Net increase (decrease) in shares		433			(2,602	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	33.85		$	37.40		$	34.31		$	44.68		$	60.05		$	75.67
Income (loss) from investment operations:
Net investment income (loss)b		.59			1.16			.08			(.44	)		(.61	)		.51
Net gain (loss) on investments (realized and unrealized)		(1.32	)		(4.53	)		3.01	f		(9.93	)		(14.22	)		(15.87	)
Total from investment operations		(.73	)		(3.37	)		3.09			(10.37	)		(14.83	)		(15.36	)
Less distributions from:
Net investment income		—			(.18	)		—			—			(.54	)		(.26	)
Total distributions		—			(.18	)		—			—			(.54	)		(.26	)
Net asset value, end of period	$	33.12		$	33.85		$	37.40		$	34.31		$	44.68		$	60.05
Total Returnc		(2.16	%)		(9.04	%)		9.01	%		(23.21	%)		(24.89	%)		(20.31	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	140		$	129		$	240		$	89		$	137		$	265
Ratios to average net assets:
Net investment income (loss)		3.56	%		3.20	%		0.21	%		(1.18	%)		(1.01	%)		0.78	%
Total expensesd		1.82	%		1.85	%		1.78	%		1.74	%		1.88	%		1.88	%
Net expensese		1.68	%		1.75	%		1.71	%		1.67	%		1.83	%		1.81	%
Portfolio turnover rate		—			—			9	%		29	%		281	%		185	%

a	Unaudited figures for the period ended June 30, 2024. 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 in the Fund.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
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†,*** - 8.4%
Vanguard Russell 2000 ETF1		2,308		189,187
iShares Russell 2000 Index ETF		932		189,093
Total Exchange-Traded Funds
(Cost $408,358)				378,280
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 19.9%
Federal Home Loan Bank
5.25% due 07/19/242	$	900,000		897,638
Total Federal Agency Discount Notes
(Cost $897,638)				897,638
U.S. TREASURY BILLS†† - 15.3%
U.S. Treasury Bills
5.21% due 09/12/242,3		400,000		395,752
5.23% due 09/12/242,3		200,000		197,876
5.18% due 07/09/242,4		98,000		97,886
Total U.S. Treasury Bills
(Cost $691,536)				691,514

FEDERAL AGENCY NOTES†† - 13.1%
Fannie Mae
1.75% due 07/02/24		590,000		589,942
Total Federal Agency Notes
(Cost $589,941)				589,942
REPURCHASE AGREEMENTS††,5 - 42.2%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/243		1,063,505		1,063,505
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/243		838,449		838,449
Total Repurchase Agreements
(Cost $1,901,954)				1,901,954
	Shares
SECURITIES LENDING COLLATERAL†,6 - 2.8%
Money Market Fund***
First American Government Obligations Fund - Class X, 5.23%7		127,087		127,087
Total Securities Lending Collateral
(Cost $127,087)				127,087
Total Investments - 101.7%
(Cost $4,616,514)			$	4,586,415
Other Assets & Liabilities, net - (1.7)%				(78,321	)
Total Net Assets - 100.0%			$	4,508,094

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		10		Sep 2024	$	1,033,200	$	18,552

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

5.53% (Federal Funds Rate + 0.20%)

At Maturity

09/26/24

1,514

$

3,100,266

$

38,376

Barclays Bank plc

Russell 2000 Index

Pay

5.79% (SOFR + 0.45%)

At Maturity

09/25/24

1,602

3,280,219

26,619

Goldman Sachs International

Russell 2000 Index

Pay

5.43% (Federal Funds Rate + 0.10%)

At Maturity

09/26/24

596

1,221,219

9,788

$

7,601,704

$

74,783

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
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, 2024 — 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, 2024.
4	All or a portion of this security is pledged as futures collateral at June 30, 2024.
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, 2024.
	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, 2024 (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		378,280		—		—			378,280
Federal Agency Discount Notes		—		897,638		—			897,638
U.S. Treasury Bills		—		691,514		—			691,514
Federal Agency Notes		—		589,942		—			589,942
Repurchase Agreements		—		1,901,954		—			1,901,954
Securities Lending Collateral		127,087		—		—			127,087
Equity Futures Contracts**		18,552		—		—			18,552
Equity Index Swap Agreements**		—		74,783		—			74,783
Total Assets	$	523,919	$	4,155,831	$	—		$	4,679,750

*	Security has a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

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

RUSSELL 2000^® 2x STRATEGY FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $124,758 of securities loaned (cost $2,714,560)	$	2,684,461
Repurchase agreements, at value (cost $1,901,954)		1,901,954
Unrealized appreciation on OTC swap agreements		74,783
Receivables:
Interest		5,975
Variation margin on futures contracts		3,150
Dividends		691
Securities lending income		13
Total assets		4,671,027
Liabilities:
Payable for:
Return of securities lending collateral		127,087
Swap settlement		17,199
Management fees		4,007
Transfer agent fees		2,198
Investor service fees		1,113
Portfolio accounting and administration fees		245
Fund shares redeemed		108
Trustees’ fees*		61
Miscellaneous		10,915
Total liabilities		162,933
Net assets	$	4,508,094
Net assets consist of:
Paid in capital	$	5,129,912
Total distributable earnings (loss)		(621,818	)
Net assets	$	4,508,094
Capital shares outstanding		30,983
Net asset value per share	$	145.50

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends	$	2,104
Interest		179,656
Income from securities lending, net		339
Total investment income		182,099
Expenses:
Management fees		29,101
Investor service fees		8,084
Transfer agent fees		8,917
Professional fees		6,882
Portfolio accounting and administration fees		5,012
Trustees’ fees*		513
Custodian fees		426
Interest expense		312
Miscellaneous		48
Total expenses		59,295
Less:
Expenses reimbursed by Adviser		(3,233	)
Net expenses		56,062
Net investment income		126,037
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		104
Swap agreements		(1,169,233	)
Futures contracts		50,161
Net realized loss		(1,118,968	)
Net change in unrealized appreciation (depreciation) on:
Investments		3,808
Swap agreements		(159,379	)
Futures contracts		15,081
Net change in unrealized appreciation (depreciation)		(140,490	)
Net realized and unrealized loss		(1,259,458	)
Net decrease in net assets resulting from operations	$	(1,133,421	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

RUSSELL 2000^® 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	126,037		$	124,561
Net realized gain (loss) on investments		(1,118,968	)		559,677
Net change in unrealized appreciation (depreciation) on investments		(140,490	)		364,735
Net increase (decrease) in net assets resulting from operations		(1,133,421	)		1,048,973
Distributions to shareholders		—			(8,798	)
Capital share transactions:
Proceeds from sale of shares		57,461,743			41,542,129
Distributions reinvested		—			8,798
Cost of shares redeemed		(63,812,988	)		(31,621,866	)
Net increase (decrease) from capital share transactions		(6,351,245	)		9,929,061
Net increase (decrease) in net assets		(7,484,666	)		10,969,236
Net assets:
Beginning of period		11,992,760			1,023,524
End of period	$	4,508,094		$	11,992,760
Capital share activity:
Shares sold		394,884			317,069
Shares issued from reinvestment of distributions		—			61
Shares redeemed		(444,267	)		(245,121	)
Net increase (decrease) in shares		(49,383	)		72,009

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	149.23		$	122.48		$	214.85		$	273.59		$	234.99		$	160.46
Income (loss) from investment operations:
Net investment income (loss)b		2.84			3.71			.58			(3.44	)		(2.35	)		1.27
Net gain (loss) on investments (realized and unrealized)		(6.57	)		23.17			(92.95	)		72.57			42.01			74.31
Total from investment operations		(3.73	)		26.88			(92.37	)		69.13			39.66			75.58
Less distributions from:
Net investment income		—			(.13	)		—			—			(1.06	)		(1.05	)
Net realized gains		—			—			—			(127.87	)		—			—
Total distributions		—			(.13	)		—			(127.87	)		(1.06	)		(1.05	)
Net asset value, end of period	$	145.50		$	149.23		$	122.48		$	214.85		$	273.59		$	234.99
Total Returnc		(2.50	%)		22.00	%		(42.99	%)		25.77	%		17.21	%		47.15	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,508		$	11,993		$	1,024		$	2,521		$	16,514		$	3,875
Ratios to average net assets:
Net investment income (loss)		3.90	%		2.83	%		0.40	%		(1.23	%)		(1.23	%)		0.61	%
Total expensesd		1.84	%		2.11	%		1.88	%		1.80	%		1.92	%		1.92	%
Net expensese		1.74	%		2.04	%		1.83	%		1.74	%		1.86	%		1.86	%
Portfolio turnover rate		—			—			598	%		701	%		463	%		510	%

a	Unaudited figures for the period ended June 30, 2024. 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 | 63

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 33.1%
Consumer, Non-cyclical - 7.9%
Insmed, Inc.*		68	$	4,556
Sprouts Farmers Market, Inc.*		44		3,681
Vaxcyte, Inc.*		47		3,549
HealthEquity, Inc.*		37		3,189
Ensign Group, Inc.		24		2,969
Blueprint Medicines Corp.*		27		2,910
Halozyme Therapeutics, Inc.*		54		2,827
Cytokinetics, Inc.*		49		2,655
REVOLUTION Medicines, Inc.*		66		2,561
Glaukos Corp.*		21		2,485
Lantheus Holdings, Inc.*		30		2,409
Madrigal Pharmaceuticals, Inc.*		8		2,241
Merit Medical Systems, Inc.*		25		2,149
TransMedics Group, Inc.*		14		2,109
Option Care Health, Inc.*		76		2,105
Brink’s Co.		20		2,048
Krystal Biotech, Inc.*		11		2,020
Haemonetics Corp.*		22		1,820
Avidity Biosciences, Inc.*		44		1,797
Alkermes plc*		73		1,759
RadNet, Inc.*		29		1,709
Lancaster Colony Corp.		9		1,701
Integer Holdings Corp.*		14		1,621
Select Medical Holdings Corp.		46		1,613
Herc Holdings, Inc.		12		1,599
CBIZ, Inc.*		21		1,556
Bridgebio Pharma, Inc.*		61		1,545
Korn Ferry		23		1,544
Crinetics Pharmaceuticals, Inc.*		34		1,523
Alight, Inc. — Class A*		206		1,520
Prestige Consumer Healthcare, Inc.*		22		1,515
Primo Water Corp.		69		1,508
iRhythm Technologies, Inc.*		14		1,507
StoneCo Ltd. — Class A*		124		1,487
Neogen Corp.*		95		1,485
Axonics, Inc.*		22		1,479
Guardant Health, Inc.*		51		1,473
Insperity, Inc.		16		1,459
Simply Good Foods Co.*		40		1,445
TriNet Group, Inc.		14		1,400
ABM Industries, Inc.		27		1,365
Arrowhead Pharmaceuticals, Inc.*		52		1,351
Oscar Health, Inc. — Class A*		85		1,345
Stride, Inc.*		19		1,340
Alarm.com Holdings, Inc.*		21		1,334
WD-40 Co.		6		1,318
LivaNova plc*		24		1,316
Axsome Therapeutics, Inc.*		16		1,288
Amicus Therapeutics, Inc.*		128		1,270
Denali Therapeutics, Inc.*		54		1,254
Dyne Therapeutics, Inc.*		35		1,235
Twist Bioscience Corp.*		25		1,232
ICF International, Inc.		8		1,188
Adtalem Global Education, Inc.*		17		1,160
Biohaven Ltd.*		33		1,145
Corcept Therapeutics, Inc.*		35		1,137
J & J Snack Foods Corp.		7		1,137
SpringWorks Therapeutics, Inc.*		30		1,130
Tandem Diabetes Care, Inc.*		28		1,128
Ideaya Biosciences, Inc.*		32		1,124
Marqeta, Inc. — Class A*		203		1,112
Inari Medical, Inc.*		23		1,108
Strategic Education, Inc.		10		1,107
Cal-Maine Foods, Inc.		18		1,100
PROCEPT BioRobotics Corp.*		18		1,100
ADMA Biologics, Inc.*		98		1,095
TG Therapeutics, Inc.*		61		1,085
Agios Pharmaceuticals, Inc.*		25		1,078
ICU Medical, Inc.*		9		1,069
Nuvalent, Inc. — Class A*		14		1,062
Geron Corp.*		250		1,060
Progyny, Inc.*		37		1,059
Arcellx, Inc.*		19		1,049
STAAR Surgical Co.*		22		1,047
Celldex Therapeutics, Inc.*		28		1,036
CorVel Corp.*		4		1,017
PTC Therapeutics, Inc.*		33		1,009
Rhythm Pharmaceuticals, Inc.*		24		986
Vericel Corp.*		21		963
Myriad Genetics, Inc.*		39		954
Intellia Therapeutics, Inc.*		42		940
EVERTEC, Inc.		28		931
Inter Parfums, Inc.		8		928
Helen of Troy Ltd.*		10		927
RxSight, Inc.*		15		903
CONMED Corp.		13		901
Iovance Biotherapeutics, Inc.*		110		882
Integra LifeSciences Holdings Corp.*		30		874
agilon health, Inc.*		133		870
Laureate Education, Inc. — Class A		58		867
LiveRamp Holdings, Inc.*		28		866
Protagonist Therapeutics, Inc.*		25		866
Flywire Corp.*		52		852
ACADIA Pharmaceuticals, Inc.*		52		845
Patterson Companies, Inc.		35		844
Edgewell Personal Care Co.		21		844
AMN Healthcare Services, Inc.*		16		820
Addus HomeCare Corp.*		7		813
UFP Technologies, Inc.*		3		792
Catalyst Pharmaceuticals, Inc.*		51		790
Huron Consulting Group, Inc.*		8		788
Novocure Ltd.*		46		788
Surgery Partners, Inc.*		33		785
GEO Group, Inc.*		54		775
Beam Therapeutics, Inc.*		33		773
Novavax, Inc.*		61		772
Astrana Health, Inc.*		19		771
TreeHouse Foods, Inc.*		21		769
Remitly Global, Inc.*		63		764
NeoGenomics, Inc.*		55		763

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Central Garden & Pet Co. — Class A*		23	$	760
Ardelyx, Inc.*		101		748
Arvinas, Inc.*		28		745
LeMaitre Vascular, Inc.		9		741
Syndax Pharmaceuticals, Inc.*		36		739
Teladoc Health, Inc.*		74		724
Veracyte, Inc.*		33		715
Upbound Group, Inc.		23		706
Cimpress plc*		8		701
Graham Holdings Co. — Class B		1		700
Andersons, Inc.		14		694
Payoneer Global, Inc.*		123		681
Akero Therapeutics, Inc.*		29		680
Amphastar Pharmaceuticals, Inc.*		17		680
Vector Group Ltd.		64		676
Recursion Pharmaceuticals, Inc. — Class A*		90		675
Immunovant, Inc.*		25		660
Kura Oncology, Inc.*		32		659
Vital Farms, Inc.*		14		655
John Wiley & Sons, Inc. — Class A		16		651
US Physical Therapy, Inc.		7		647
Dynavax Technologies Corp.*		57		640
Inmode Ltd.*		35		638
Apogee Therapeutics, Inc.*		16		630
Rocket Pharmaceuticals, Inc.*		29		624
PROG Holdings, Inc.		18		624
CoreCivic, Inc.*		48		623
Vera Therapeutics, Inc.*		17		615
MannKind Corp.*		115		600
Perdoceo Education Corp.		28		600
Keros Therapeutics, Inc.*		13		594
Ligand Pharmaceuticals, Inc. — Class B*		7		590
Supernus Pharmaceuticals, Inc.*		22		589
Chefs’ Warehouse, Inc.*		15		587
Mirum Pharmaceuticals, Inc.*		17		581
Morphic Holding, Inc.*		17		579
Edgewise Therapeutics, Inc.*		32		576
Pacira BioSciences, Inc.*		20		572
Kymera Therapeutics, Inc.*		19		567
Brookdale Senior Living, Inc. — Class A*		83		567
Avadel Pharmaceuticals plc*		40		562
BioCryst Pharmaceuticals, Inc.*		90		556
Nurix Therapeutics, Inc.*		26		543
National Healthcare Corp.		5		542
Omnicell, Inc.*		20		541
Arlo Technologies, Inc.*		41		535
CRA International, Inc.		3		517
National Beverage Corp.		10		512
ANI Pharmaceuticals, Inc.*		8		509
Legalzoom.com, Inc.*		60		503
Janux Therapeutics, Inc.*		12		503
Kforce, Inc.		8		497
Xencor, Inc.*		26		492
Universal Corp.		10		482
Transcat, Inc.*		4		479
AtriCure, Inc.*		21		478
WK Kellogg Co.		29		477
Vita Coco Company, Inc.*		17		474
Alphatec Holdings, Inc.*		45		470
Utz Brands, Inc.		28		466
Ocular Therapeutix, Inc.*		68		465
4D Molecular Therapeutics, Inc.*		22		462
Silk Road Medical, Inc.*		17		460
Atrion Corp.		1		452
Collegium Pharmaceutical, Inc.*		14		451
Herbalife Ltd.*		43		447
MGP Ingredients, Inc.		6		446
Owens & Minor, Inc.*		33		446
AdaptHealth Corp.*		44		440
Weis Markets, Inc.		7		439
Amneal Pharmaceuticals, Inc.*		69		438
Artivion, Inc.*		17		436
Tarsus Pharmaceuticals, Inc.*		16		435
Coursera, Inc.*		60		430
Arcutis Biotherapeutics, Inc.*		46		428
Deluxe Corp.		19		427
Repay Holdings Corp.*		39		412
Ingles Markets, Inc. — Class A		6		412
Soleno Therapeutics, Inc.*		10		408
Dole plc		33		404
Avanos Medical, Inc.*		20		398
Krispy Kreme, Inc.		37		398
Ironwood Pharmaceuticals, Inc. — Class A*		61		398
Innoviva, Inc.*		24		394
Harmony Biosciences Holdings, Inc.*		13		392
ImmunityBio, Inc.*,1		62		392
John B Sanfilippo & Son, Inc.		4		389
Quanex Building Products Corp.		14		387
Longboard Pharmaceuticals, Inc.*		14		378
Prothena Corporation plc*		18		372
Arcus Biosciences, Inc.*		24		366
Neumora Therapeutics, Inc.*		37		364
Udemy, Inc.*		42		362
Barrett Business Services, Inc.		11		360
MiMedx Group, Inc.*		52		360
Aurinia Pharmaceuticals, Inc.*		62		354
First Advantage Corp.		22		354
Spyre Therapeutics, Inc.*		15		353
Viridian Therapeutics, Inc.*		27		351
Enliven Therapeutics, Inc.*		15		351
Vir Biotechnology, Inc.*		39		347
Maravai LifeSciences Holdings, Inc. — Class A*		48		344
CareDx, Inc.*		22		342
United Natural Foods, Inc.*		26		341
Healthcare Services Group, Inc.*		32		339
Cogent Biosciences, Inc.*		40		337
Driven Brands Holdings, Inc.*		26		331
Fresh Del Monte Produce, Inc.		15		328
Matthews International Corp. — Class A		13		326

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 65

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
PACS Group, Inc.*		11	$	325
BioLife Solutions, Inc.*		15		322
Day One Biopharmaceuticals, Inc.*		23		317
CG oncology, Inc.*		10		316
Disc Medicine, Inc.*		7		315
Embecta Corp.		25		313
Sana Biotechnology, Inc.*		57		311
Monro, Inc.		13		310
Viad Corp.*		9		306
Pennant Group, Inc.*		13		301
Liquidia Corp.*		25		300
Kiniksa Pharmaceuticals International plc*		16		299
Cullinan Therapeutics, Inc.*		17		296
Summit Therapeutics, Inc.*		38		296
Cytek Biosciences, Inc.*		53		296
Moneylion, Inc.*		4		294
Mister Car Wash, Inc.*		41		292
Praxis Precision Medicines, Inc.*		7		290
Heidrick & Struggles International, Inc.		9		284
ZipRecruiter, Inc. — Class A*		31		282
SpartanNash Co.		15		281
Relay Therapeutics, Inc.*		43		280
89bio, Inc.*		35		280
Pediatrix Medical Group, Inc.*		37		279
Kelly Services, Inc. — Class A		13		278
B&G Foods, Inc.		34		275
Harrow, Inc.*,1		13		272
Hain Celestial Group, Inc.*		39		269
Pliant Therapeutics, Inc.*		25		269
Universal Technical Institute, Inc.*		17		267
Immunome, Inc.*		22		266
PetIQ, Inc.*		12		265
Travere Therapeutics, Inc.*		32		263
BrightSpring Health Services, Inc.*		23		261
Evolus, Inc.*		24		260
Dianthus Therapeutics, Inc.*		10		259
LifeStance Health Group, Inc.*		52		255
BrightView Holdings, Inc.*		19		253
Surmodics, Inc.*		6		252
UroGen Pharma Ltd.*,1		15		252
Varex Imaging Corp.*		17		250
Scholar Rock Holding Corp.*		30		250
Sage Therapeutics, Inc.*		23		250
Paysafe Ltd.*		14		248
Arcturus Therapeutics Holdings, Inc.*		10		243
Ennis, Inc.		11		241
Cass Information Systems, Inc.		6		240
V2X, Inc.*		5		240
Castle Biosciences, Inc.*		11		240
Hackett Group, Inc.		11		239
REGENXBIO, Inc.*		20		234
SI-BONE, Inc.*		18		233
Nuvation Bio, Inc.*		78		228
USANA Health Sciences, Inc.*		5		226
AnaptysBio, Inc.*		9		226
Turning Point Brands, Inc.		7		225
Mind Medicine MindMed, Inc.*		31		224
Cassava Sciences, Inc.*		18		222
I3 Verticals, Inc. — Class A*		10		221
Zimvie, Inc.*		12		219
Green Dot Corp. — Class A*		23		217
SunOpta, Inc.*		40		216
Quanterix Corp.*		16		211
Sterling Check Corp.*		14		207
Altimmune, Inc.*		31		206
Zymeworks, Inc.*		24		204
Stoke Therapeutics, Inc.*		15		203
HilleVax, Inc.*		14		202
OrthoPediatrics Corp.*		7		201
KalVista Pharmaceuticals, Inc.*		17		200
Perspective Therapeutics, Inc.*		20		199
Orthofix Medical, Inc.*		15		199
Replimune Group, Inc.*		22		198
Enhabit, Inc.*		22		196
Applied Therapeutics, Inc.*		42		196
Cross Country Healthcare, Inc.*		14		194
Y-mAbs Therapeutics, Inc.*		16		193
Avid Bioservices, Inc.*		27		193
ACCO Brands Corp.		41		193
EyePoint Pharmaceuticals, Inc.*		22		191
ORIC Pharmaceuticals, Inc.*		27		191
Franklin Covey Co.*		5		190
Arbutus Biopharma Corp.*		61		188
Mission Produce, Inc.*		19		188
Hertz Global Holdings, Inc.*		53		187
Community Health Systems, Inc.*		55		185
Olema Pharmaceuticals, Inc.*		17		184
Humacyte, Inc.*		38		182
Esperion Therapeutics, Inc.*		82		182
Astria Therapeutics, Inc.*		20		182
Annexon, Inc.*		37		181
Adaptive Biotechnologies Corp.*		50		181
Corbus Pharmaceuticals Holdings, Inc.*		4		181
Tango Therapeutics, Inc.*		21		180
ARS Pharmaceuticals, Inc.*		21		179
Heron Therapeutics, Inc.*		51		179
OPKO Health, Inc.*,1		142		177
Fulgent Genetics, Inc.*		9		177
MaxCyte, Inc.*		45		176
Nano-X Imaging Ltd.*,1		24		176
Beyond Meat, Inc.*,1		26		174
Ocugen, Inc.*		111		172
Terns Pharmaceuticals, Inc.*		25		170
WaVe Life Sciences Ltd.*		34		170
Savara, Inc.*		42		169
Editas Medicine, Inc.*		36		168
Fulcrum Therapeutics, Inc.*		27		167
Celcuity, Inc.*		10		164
Duckhorn Portfolio, Inc.*		23		163
iTeos Therapeutics, Inc.*		11		163
Pacific Biosciences of California, Inc.*		119		163
Carriage Services, Inc. — Class A		6		161

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
National Research Corp. — Class A		7	$	161
Calavo Growers, Inc.		7		159
Alector, Inc.*		35		159
Voyager Therapeutics, Inc.*		20		158
Taysha Gene Therapies, Inc.*		70		157
Entrada Therapeutics, Inc.*		11		157
Resources Connection, Inc.		14		155
Phathom Pharmaceuticals, Inc.*		15		155
Central Garden & Pet Co.*		4		154
Tejon Ranch Co.*		9		153
Westrock Coffee Co.*		15		154
Anika Therapeutics, Inc.*		6		152
SIGA Technologies, Inc.		20		152
Verve Therapeutics, Inc.*		31		151
Aura Biosciences, Inc.*		20		151
Phibro Animal Health Corp. — Class A		9		151
Agenus, Inc.*		9		151
Distribution Solutions Group, Inc.*		5		150
OmniAb, Inc.*		40		150
European Wax Center, Inc. — Class A*		15		149
Cargo Therapeutics, Inc.*		9		148
Limoneira Co.		7		146
Neurogene, Inc.*		4		146
Fate Therapeutics, Inc.*		44		144
Willdan Group, Inc.*		5		144
Tyra Biosciences, Inc.*		9		144
Cabaletta Bio, Inc.*		19		142
Vanda Pharmaceuticals, Inc.*		25		141
ACELYRIN, Inc.*		32		141
BRC, Inc. — Class A*		23		141
Mineralys Therapeutics, Inc.*		12		140
Treace Medical Concepts, Inc.*		21		140
Cerus Corp.*		78		137
Xeris Biopharma Holdings, Inc.*		61		137
Paragon 28, Inc.*		20		137
OraSure Technologies, Inc.*		32		136
DocGo, Inc.*		44		136
Nkarta, Inc.*		23		136
Chegg, Inc.*		43		136
Theravance Biopharma, Inc.*		16		136
Anavex Life Sciences Corp.*,1		32		135
Nevro Corp.*		16		135
TrueBlue, Inc.*		13		134
iRadimed Corp.		3		132
ModivCare, Inc.*		5		131
GeneDx Holdings Corp.*		5		131
Larimar Therapeutics, Inc.*		18		131
Lincoln Educational Services Corp.*		11		130
Axogen, Inc.*		18		130
Aaron’s Company, Inc.		13		130
Tourmaline Bio, Inc.		10		129
Prime Medicine, Inc.*		25		129
American Public Education, Inc.*		7		123
Target Hospitality Corp.*		14		122
Tactile Systems Technology, Inc.*		10		119
Third Harmonic Bio, Inc.*		9		117
Enanta Pharmaceuticals, Inc.*		9		117
Revance Therapeutics, Inc.*		45		116
Erasca, Inc.*		49		116
C4 Therapeutics, Inc.*		25		115
Seneca Foods Corp. — Class A*		2		115
MacroGenics, Inc.*		27		115
Accolade, Inc.*		32		115
Jasper Therapeutics, Inc.*		5		113
Atea Pharmaceuticals, Inc.*		34		113
PepGen, Inc.*		7		112
Medifast, Inc.		5		109
Spire Global, Inc.*		10		108
Absci Corp.*		35		108
Allogene Therapeutics, Inc.*		46		107
Village Super Market, Inc. — Class A		4		106
Sutro Biopharma, Inc.*		36		105
CorMedix, Inc.*		24		104
AngioDynamics, Inc.*		17		103
Zentalis Pharmaceuticals, Inc.*		25		102
Honest Company, Inc.*		35		102
Korro Bio, Inc.*		3		102
Lyell Immunopharma, Inc.*		70		102
Pulmonx Corp.*		16		101
TScan Therapeutics, Inc.*		17		99
Mersana Therapeutics, Inc.*		49		98
Viemed Healthcare, Inc.*		15		98
Inozyme Pharma, Inc.*		22		98
Omeros Corp.*		24		97
Nektar Therapeutics*		78		97
Alta Equipment Group, Inc.		12		96
Actinium Pharmaceuticals, Inc.*		13		96
Custom Truck One Source, Inc.*		22		96
ADC Therapeutics S.A.*		30		95
Mama’s Creations, Inc.*		14		94
Olaplex Holdings, Inc.*		60		92
Bioventus, Inc. — Class A*		16		92
Akebia Therapeutics, Inc.*		90		92
Nature’s Sunshine Products, Inc.*		6		90
Performant Financial Corp.*		31		90
Biote Corp. — Class A*,1		12		90
Pulse Biosciences, Inc.*		8		90
Inovio Pharmaceuticals, Inc.*		11		89
Sezzle, Inc.*		1		88
Zevra Therapeutics, Inc.*		18		88
Poseida Therapeutics, Inc.*		30		88
Avita Medical, Inc.*		11		87
Precigen, Inc.*		55		87
Organogenesis Holdings, Inc.*		31		87
LENZ Therapeutics, Inc.1		5		86
Forrester Research, Inc.*		5		85
Natural Grocers by Vitamin Cottage, Inc.		4		85
ALX Oncology Holdings, Inc.*		14		84
Lexicon Pharmaceuticals, Inc.*		50		84
Aquestive Therapeutics, Inc.*		32		83
Coherus Biosciences, Inc.*		48		83
Bluebird Bio, Inc.*		83		82

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 67

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Orchestra BioMed Holdings, Inc.*		10	$	82
Inogen, Inc.*		10		81
Cartesian Therapeutics, Inc.*		3		81
2seventy bio, Inc.*		21		81
Acacia Research Corp.*		16		80
Alico, Inc.		3		78
Trevi Therapeutics, Inc.*		26		78
Accuray, Inc.*		42		76
Black Diamond Therapeutics, Inc.*		16		75
Tenaya Therapeutics, Inc.*		24		74
ArriVent Biopharma, Inc.*		4		74
Aldeyra Therapeutics, Inc.*		22		73
CVRx, Inc.*		6		72
MeiraGTx Holdings plc*		17		72
XOMA Corp.*		3		71
Sera Prognostics, Inc. — Class A*		12		71
Inhibrx Biosciences, Inc.*		5		71
Quad/Graphics, Inc.		13		71
Achieve Life Sciences, Inc.*		15		70
Joint Corp.*		5		70
Pyxis Oncology, Inc.*		21		70
Cibus, Inc.*		7		69
Semler Scientific, Inc.*		2		69
Whole Earth Brands, Inc.*		14		68
Nathan’s Famous, Inc.		1		68
Utah Medical Products, Inc.		1		67
ProKidney Corp.*		27		66
Rigel Pharmaceuticals, Inc.*		8		66
Shattuck Labs, Inc.*		17		66
Atossa Therapeutics, Inc.*		55		65
Zynex, Inc.*		7		65
Lexeo Therapeutics, Inc.*		4		64
Ispire Technology, Inc.*		8		64
Lineage Cell Therapeutics, Inc.*		64		64
Aveanna Healthcare Holdings, Inc.*		23		63
Foghorn Therapeutics, Inc.*		11		63
Scilex Holding Co.*		32		63
Elevation Oncology, Inc.*		23		62
Generation Bio Co.*		22		62
Adverum Biotechnologies, Inc.*		9		62
InfuSystem Holdings, Inc.*		9		62
Beauty Health Co.*		32		61
Fennec Pharmaceuticals, Inc.*		10		61
Ventyx Biosciences, Inc.*		26		60
Caribou Biosciences, Inc.*		36		59
Puma Biotechnology, Inc.*		18		59
Verrica Pharmaceuticals, Inc.*		8		58
Quipt Home Medical Corp.*		18		58
ChromaDex Corp.*		21		57
Solid Biosciences, Inc.*		10		57
Sanara Medtech, Inc.*		2		56
Skye Bioscience, Inc.*		7		56
Candel Therapeutics, Inc.*		9		56
Cadiz, Inc.*		18		56
Fibrobiologics, Inc.*		11		55
CPI Card Group, Inc.*		2		54
CompoSecure, Inc. — Class A		8		54
Biomea Fusion, Inc.*		12		54
Q32 Bio, Inc.*		3		54
Contineum Therapeutics, Inc. — Class A*		3		53
Kyverna Therapeutics, Inc.*		7		53
Capricor Therapeutics, Inc.*		11		52
scPharmaceuticals, Inc.*		12		52
Greenwich Lifesciences, Inc.*		3		52
Harvard Bioscience, Inc.*		18		51
Century Therapeutics, Inc.*		20		51
HF Foods Group, Inc.*		17		51
Alimera Sciences, Inc.*		9		50
Nautilus Biotechnology, Inc.*		21		49
SoundThinking, Inc.*		4		49
Monte Rosa Therapeutics, Inc.*		13		49
Regulus Therapeutics, Inc.*		27		48
IGM Biosciences, Inc.*		7		48
Veru, Inc.*		57		48
G1 Therapeutics, Inc.*		21		48
Design Therapeutics, Inc.*		14		47
MediWound Ltd.*		3		47
Quantum-Si, Inc.*		44		46
Lifecore Biomedical, Inc.*		9		46
NeuroPace, Inc.*		6		45
Information Services Group, Inc.		15		44
Inmune Bio, Inc.*		5		44
Compass Therapeutics, Inc.*		44		44
Stereotaxis, Inc.*		24		44
Acumen Pharmaceuticals, Inc.*		18		44
Alto Neuroscience, Inc.*		4		43
X4 Pharmaceuticals, Inc.*		73		42
Priority Technology Holdings, Inc.*		8		42
DLH Holdings Corp.*		4		42
XBiotech, Inc.*		8		41
Emerald Holding, Inc.*		7		40
Innovage Holding Corp.*		8		40
RAPT Therapeutics, Inc.*		13		40
Waldencast plc — Class A*		11		40
FiscalNote Holdings, Inc.*		26		38
Cardiff Oncology, Inc.*		17		38
Invivyd, Inc.*		34		37
Renovaro, Inc.*		21		37
Gyre Therapeutics, Inc.*		3		36
CervoMed, Inc.*		2		34
Kodiak Sciences, Inc.*		14		33
Verastem, Inc.*		11		33
Werewolf Therapeutics, Inc.*		13		32
Zura Bio Ltd.*		9		32
Acrivon Therapeutics, Inc.*		5		29
Akoya Biosciences, Inc.*		12		28
Sonida Senior Living, Inc.*		1		27
Lifeway Foods, Inc.*		2		25
HireQuest, Inc.		2		25
AirSculpt Technologies, Inc.*		6		24
Prelude Therapeutics, Inc.*		6		23
Outlook Therapeutics, Inc.*		3		22

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Forafric Global plc*		2	$	21
Eliem Therapeutics, Inc.*		3		21
Galectin Therapeutics, Inc.*		9		20
Ovid therapeutics, Inc.*		26		20
MarketWise, Inc.		17		20
Fractyl Health, Inc.*		3		13
Metagenomi, Inc.*		3		12
Boundless Bio, Inc.*		3		12
Conduit Pharmaceuticals, Inc.*		10		11
Aerovate Therapeutics, Inc.*		6		10
Telomir Pharmaceuticals, Inc.*		2		10
Tevogen Bio Holdings, Inc.*		10		7
Lyra Therapeutics, Inc.*		21		6
Ligand Pharmaceuticals, Inc.*,††		3		—
Ligand Pharmaceuticals, Inc.*,††		3		—
Total Consumer, Non-cyclical				254,402
Financial - 7.6%
FTAI Aviation Ltd.		43		4,442
Essent Group Ltd.		45		2,529
SouthState Corp.		33		2,522
Ryman Hospitality Properties, Inc. REIT		25		2,496
Terreno Realty Corp. REIT		42		2,486
Jackson Financial, Inc. — Class A		33		2,451
Selective Insurance Group, Inc.		26		2,440
Marathon Digital Holdings, Inc.*		119		2,362
Old National Bancorp		137		2,355
Mr Cooper Group, Inc.*		28		2,274
Cadence Bank		79		2,234
Essential Properties Realty Trust, Inc. REIT		76		2,106
Kite Realty Group Trust REIT		94		2,104
Hamilton Lane, Inc. — Class A		17		2,101
Radian Group, Inc.		66		2,053
Home BancShares, Inc.		82		1,965
Glacier Bancorp, Inc.		50		1,866
United Bankshares, Inc.		57		1,849
Piper Sandler Cos.		8		1,841
Independence Realty Trust, Inc. REIT		98		1,837
Enstar Group Ltd.*		6		1,834
Hancock Whitney Corp.		38		1,818
Moelis & Co. — Class A		31		1,763
Phillips Edison & Company, Inc. REIT		53		1,734
First Financial Bankshares, Inc.		57		1,683
SL Green Realty Corp. REIT1		29		1,643
UMB Financial Corp.		19		1,585
Sabra Health Care REIT, Inc.		101		1,555
Cleanspark, Inc.*		96		1,531
CareTrust REIT, Inc.		59		1,481
Ameris Bancorp		29		1,460
Macerich Co. REIT		94		1,451
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		49		1,450
Apple Hospitality REIT, Inc.		99		1,439
ServisFirst Bancshares, Inc.		22		1,390
PotlatchDeltic Corp. REIT		35		1,379
Walker & Dunlop, Inc.		14		1,375
Associated Banc-Corp.		65		1,375
Axos Financial, Inc.*		24		1,372
BGC Group, Inc. — Class A		161		1,336
Fulton Financial Corp.		78		1,324
United Community Banks, Inc.		52		1,324
First BanCorp		72		1,317
International Bancshares Corp.		23		1,316
Valley National Bancorp		188		1,312
Innovative Industrial Properties, Inc. REIT		12		1,311
Blackstone Mortgage Trust, Inc. — Class A REIT1		75		1,306
CNO Financial Group, Inc.		47		1,303
Broadstone Net Lease, Inc. REIT		82		1,301
Atlantic Union Bankshares Corp.		39		1,281
Tanger, Inc. REIT		46		1,247
COPT Defense Properties REIT		49		1,226
Texas Capital Bancshares, Inc.*		20		1,223
WSFS Financial Corp.		26		1,222
National Health Investors, Inc. REIT		18		1,219
SITE Centers Corp. REIT		83		1,204
McGrath RentCorp1		11		1,172
NMI Holdings, Inc. — Class A*		34		1,157
LXP Industrial Trust REIT		126		1,149
Arbor Realty Trust, Inc. REIT1		80		1,148
Genworth Financial, Inc. — Class A*		189		1,142
Burford Capital Ltd.		87		1,135
PennyMac Financial Services, Inc.		12		1,135
Cathay General Bancorp		30		1,132
Artisan Partners Asset Management, Inc. — Class A		27		1,114
Community Financial System, Inc.		23		1,086
PJT Partners, Inc. — Class A		10		1,079
Riot Platforms, Inc.*		118		1,079
New York Community Bancorp, Inc.		330		1,063
StepStone Group, Inc. — Class A		23		1,055
Cushman & Wakefield plc*		100		1,040
Baldwin Insurance Group, Inc. — Class A*		29		1,029
CVB Financial Corp.		58		1,000
Four Corners Property Trust, Inc. REIT		40		987
Bread Financial Holdings, Inc.		22		980
Bank of Hawaii Corp.		17		973
Pacific Premier Bancorp, Inc.		42		965
Urban Edge Properties REIT		52		960
Pagseguro Digital Ltd. — Class A*		82		959
Eastern Bankshares, Inc.		68		951
Simmons First National Corp. — Class A		54		949
First Interstate BancSystem, Inc. — Class A		34		944
BankUnited, Inc.		32		937
Douglas Emmett, Inc. REIT		70		932
Sunstone Hotel Investors, Inc. REIT		88		920
Outfront Media, Inc. REIT		64		915
Independent Bank Corp.		18		913
First Financial Bancorp		41		911
StoneX Group, Inc.*		12		904
Palomar Holdings, Inc.*		11		893
Equity Commonwealth REIT*		46		892
St. Joe Co.		16		875

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 69

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Seacoast Banking Corporation of Florida		37	$	875
Cohen & Steers, Inc.		12		871
Victory Capital Holdings, Inc. — Class A		18		859
Park National Corp.		6		854
TowneBank		31		845
First Merchants Corp.		25		832
Bancorp, Inc.*		22		831
WaFd, Inc.		29		829
Triumph Financial, Inc.*		10		818
Heartland Financial USA, Inc.		18		800
BancFirst Corp.		9		789
Provident Financial Services, Inc.		55		789
Acadia Realty Trust REIT		44		788
Trustmark Corp.		26		781
Upstart Holdings, Inc.*		33		778
NBT Bancorp, Inc.		20		772
DiamondRock Hospitality Co. REIT		91		769
Banc of California, Inc.		60		767
OFG Bancorp		20		749
Stewart Information Services Corp.		12		745
Banner Corp.		15		745
InvenTrust Properties Corp. REIT		30		743
Renasant Corp.		24		733
Independent Bank Group, Inc.		16		728
Core Scientific, Inc.*		78		725
Farmer Mac — Class C		4		723
Pebblebrook Hotel Trust REIT		52		715
Bank of NT Butterfield & Son Ltd.		20		702
WesBanco, Inc.		25		698
Enova International, Inc.*		11		685
Virtus Investment Partners, Inc.		3		678
Lakeland Financial Corp.		11		677
Retail Opportunity Investments Corp. REIT		54		671
LTC Properties, Inc. REIT		19		655
Enterprise Financial Services Corp.		16		655
Global Net Lease, Inc. REIT		87		639
Mercury General Corp.		12		638
City Holding Co.		6		637
RLJ Lodging Trust REIT		66		636
Northwest Bancshares, Inc.		55		635
Compass Diversified Holdings		29		635
Xenia Hotels & Resorts, Inc. REIT		44		631
Hilltop Holdings, Inc.		20		626
National Bank Holdings Corp. — Class A		16		625
Customers Bancorp, Inc.*		13		624
Pathward Financial, Inc.		11		622
First Commonwealth Financial Corp.		44		608
Apollo Commercial Real Estate Finance, Inc. REIT		62		607
Elme Communities REIT		38		605
Nelnet, Inc. — Class A		6		605
WisdomTree, Inc.		61		605
Newmark Group, Inc. — Class A		59		604
Two Harbors Investment Corp. REIT		45		594
JBG SMITH Properties REIT		39		594
Horace Mann Educators Corp.		18		587
Getty Realty Corp. REIT		22		587
FB Financial Corp.		15		585
Skyward Specialty Insurance Group, Inc.*		16		579
Goosehead Insurance, Inc. — Class A*		10		574
Ready Capital Corp. REIT		70		573
Compass, Inc. — Class A*		158		569
S&T Bancorp, Inc.		17		568
First Busey Corp.		23		557
TriCo Bancshares		14		554
Ladder Capital Corp. — Class A REIT		49		553
Stock Yards Bancorp, Inc.		11		546
Empire State Realty Trust, Inc. — Class A REIT		58		544
Alexander & Baldwin, Inc. REIT		32		543
First Bancorp		17		543
Hope Bancorp, Inc.		50		537
Westamerica BanCorp		11		534
Live Oak Bancshares, Inc.		15		526
Hut 8 Corp.*		35		525
SiriusPoint Ltd.*		43		525
PennyMac Mortgage Investment Trust REIT		38		522
Easterly Government Properties, Inc. REIT		42		520
NETSTREIT Corp.		32		515
Apartment Investment and Management Co. — Class A REIT*		62		514
Veris Residential, Inc. REIT		34		510
Navient Corp.		35		510
Nicolet Bankshares, Inc.		6		498
National Western Life Group, Inc. — Class A		1		497
Veritex Holdings, Inc.		23		485
Stellar Bancorp, Inc.		21		482
Kennedy-Wilson Holdings, Inc.		49		476
American Assets Trust, Inc. REIT		21		470
Employers Holdings, Inc.		11		469
MFA Financial, Inc. REIT		44		468
Sandy Spring Bancorp, Inc.		19		463
Franklin BSP Realty Trust, Inc. REIT		36		454
Chimera Investment Corp. REIT		35		452
Safety Insurance Group, Inc.		6		450
Peoples Bancorp, Inc.		15		450
UMH Properties, Inc. REIT		28		448
Terawulf, Inc.*		100		445
Safehold, Inc. REIT		23		444
Cannae Holdings, Inc.		24		435
Ellington Financial, Inc. REIT		36		435
Berkshire Hills Bancorp, Inc.		19		433
1st Source Corp.		8		429
German American Bancorp, Inc.		12		424
QCR Holdings, Inc.		7		420
Encore Capital Group, Inc.*		10		417
Origin Bancorp, Inc.		13		412
Trupanion, Inc.*,1		14		412
American Healthcare REIT, Inc.		28		409
ARMOUR Residential REIT, Inc.		21		407
Centerspace REIT		6		406

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Enact Holdings, Inc.		13	$	399
LendingClub Corp.*		47		398
OceanFirst Financial Corp.		25		397
NexPoint Residential Trust, Inc. REIT		10		395
eXp World Holdings, Inc.		35		395
Piedmont Office Realty Trust, Inc. — Class A REIT		54		391
FTAI Infrastructure, Inc.		44		380
Preferred Bank/Los Angeles CA		5		377
Perella Weinberg Partners		23		374
Paramount Group, Inc. REIT		80		370
Service Properties Trust REIT		72		370
Redwood Trust, Inc. REIT		57		370
HCI Group, Inc.		4		369
Plymouth Industrial REIT, Inc.		17		363
Lemonade, Inc.*		22		363
AMERISAFE, Inc.		8		351
AssetMark Financial Holdings, Inc.*		10		345
Fidelis Insurance Holdings Ltd.		21		342
First Bancshares, Inc.		13		338
Dynex Capital, Inc. REIT		28		334
PRA Group, Inc.*		17		334
Byline Bancorp, Inc.		14		332
Brandywine Realty Trust REIT		74		332
Southside Bancshares, Inc.		12		331
Bank First Corp.		4		330
First Mid Bancshares, Inc.		10		329
Armada Hoffler Properties, Inc. REIT		29		322
BrightSpire Capital, Inc. REIT		56		319
Brookline Bancorp, Inc.		38		317
Marcus & Millichap, Inc.		10		315
Cipher Mining, Inc.*		75		311
Premier Financial Corp.		15		307
Redfin Corp.*		51		307
Dime Community Bancshares, Inc.		15		306
Burke & Herbert Financial Services Corp.		6		306
Community Trust Bancorp, Inc.		7		306
Claros Mortgage Trust, Inc.		38		305
F&G Annuities & Life, Inc.		8		304
Uniti Group, Inc. REIT		104		304
ConnectOne Bancorp, Inc.		16		302
Univest Financial Corp.		13		297
Capitol Federal Financial, Inc.		54		297
Amerant Bancorp, Inc.		13		295
Tompkins Financial Corp.		6		293
International Money Express, Inc.*		14		292
Diversified Healthcare Trust REIT		95		290
Patria Investments Ltd. — Class A		24		289
Mercantile Bank Corp.		7		284
Hudson Pacific Properties, Inc. REIT		59		284
Merchants Bancorp		7		284
Old Second Bancorp, Inc.		19		281
ProAssurance Corp.*		23		281
Community Healthcare Trust, Inc. REIT		12		281
CrossFirst Bankshares, Inc.*		20		280
Whitestone REIT — Class B		21		280
Summit Hotel Properties, Inc. REIT		46		276
Heritage Financial Corp.		15		270
Brightsphere Investment Group, Inc.		12		266
First Community Bankshares, Inc.		7		258
NB Bancorp, Inc.*		17		256
Central Pacific Financial Corp.		12		254
NerdWallet, Inc. — Class A*		17		248
World Acceptance Corp.*		2		247
Eagle Bancorp, Inc.		13		246
Ambac Financial Group, Inc.*		19		244
Independent Bank Corp.		9		243
Gladstone Commercial Corp. REIT		17		243
Global Medical REIT, Inc.		26		236
KKR Real Estate Finance Trust, Inc. REIT		26		235
Horizon Bancorp, Inc.		19		235
Universal Health Realty Income Trust REIT		6		235
CBL & Associates Properties, Inc. REIT		10		234
Coastal Financial Corp.*		5		231
TrustCo Bank Corporation NY		8		230
New York Mortgage Trust, Inc. REIT		39		228
Heritage Commerce Corp.		26		226
Alexander’s, Inc. REIT		1		225
Brookfield Business Corp. — Class A		11		225
Great Southern Bancorp, Inc.		4		222
Amalgamated Financial Corp.		8		219
Farmland Partners, Inc. REIT		19		219
Orrstown Financial Services, Inc.		8		219
Business First Bancshares, Inc.		10		218
Hanmi Financial Corp.		13		217
TPG RE Finance Trust, Inc. REIT		25		216
Republic Bancorp, Inc. — Class A		4		214
Equity Bancshares, Inc. — Class A		6		211
Metrocity Bankshares, Inc.		8		211
Metropolitan Bank Holding Corp.*		5		210
Cambridge Bancorp		3		207
Root, Inc. — Class A*		4		206
Gladstone Land Corp. REIT		15		205
Midland States Bancorp, Inc.		9		204
Farmers National Banc Corp.		16		200
Camden National Corp.		6		198
Invesco Mortgage Capital, Inc. REIT		21		197
United Fire Group, Inc.		9		193
Washington Trust Bancorp, Inc.		7		192
Orchid Island Capital, Inc. REIT		23		192
HarborOne Bancorp, Inc.		17		189
Universal Insurance Holdings, Inc.		10		188
First Financial Corp.		5		184
Saul Centers, Inc. REIT		5		184
CNB Financial Corp.		9		184
Northeast Bank		3		183
Arrow Financial Corp.		7		182
Peoples Financial Services Corp.		4		182
Tiptree, Inc. — Class A		11		181
HomeTrust Bancshares, Inc.		6		180
Investors Title Co.		1		180
Southern Missouri Bancorp, Inc.		4		180

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 71

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Columbia Financial, Inc.*		12	$	180
Chatham Lodging Trust REIT		21		179
Hingham Institution For Savings		1		179
GCM Grosvenor, Inc. — Class A		18		176
CTO Realty Growth, Inc. REIT		10		175
FRP Holdings, Inc.*		6		171
Capital City Bank Group, Inc.		6		171
Peakstone Realty Trust REIT		16		170
Real Brokerage, Inc.*		41		167
LendingTree, Inc.*		4		166
SmartFinancial, Inc.		7		166
Five Star Bancorp		7		166
One Liberty Properties, Inc. REIT		7		164
Bit Digital, Inc.*		51		162
Bar Harbor Bankshares		6		161
Northfield Bancorp, Inc.		17		161
Macatawa Bank Corp.		11		161
Selectquote, Inc.*		58		160
B Riley Financial, Inc.1		9		159
Peapack-Gladstone Financial Corp.		7		159
RMR Group, Inc. — Class A		7		158
Flushing Financial Corp.		12		158
Greenlight Capital Re Ltd. — Class A*		12		157
Alerus Financial Corp.		8		157
Hippo Holdings, Inc.*		9		155
Mid Penn Bancorp, Inc.		7		154
Ares Commercial Real Estate Corp. REIT		23		153
P10, Inc. — Class A		18		153
Carter Bankshares, Inc.*		10		151
First Foundation, Inc.		23		151
Shore Bancshares, Inc.		13		149
NET Lease Office Properties REIT		6		148
Kearny Financial Corp.		24		148
ACNB Corp.		4		145
Esquire Financial Holdings, Inc.		3		143
Anywhere Real Estate, Inc.*		43		142
Diamond Hill Investment Group, Inc.		1		141
Farmers & Merchants Bancorp Incorporated/Archbold OH		6		139
Financial Institutions, Inc.		7		135
South Plains Financial, Inc.		5		135
MidWestOne Financial Group, Inc.		6		135
Sierra Bancorp		6		134
RBB Bancorp		7		132
Community West Bancshares		7		129
NewtekOne, Inc.		10		126
West BanCorp, Inc.		7		125
First Bancorp, Inc.		5		124
HBT Financial, Inc.		6		123
Home Bancorp, Inc.		3		120
Postal Realty Trust, Inc. — Class A REIT		9		120
Hamilton Insurance Group Ltd. — Class B*		7		117
American Coastal Insurance Corp.*		11		116
Northrim BanCorp, Inc.		2		115
Regional Management Corp.		4		115
Legacy Housing Corp.*		5		115
First Bank/Hamilton NJ		9		115
Bank of Marin Bancorp		7		113
First Business Financial Services, Inc.		3		111
FS Bancorp, Inc.		3		109
Southern States Bancshares, Inc.		4		109
Civista Bancshares, Inc.		7		108
James River Group Holdings Ltd.		14		108
First Internet Bancorp		4		108
Chicago Atlantic Real Estate Finance, Inc. REIT		7		108
Citizens & Northern Corp.		6		107
Third Coast Bancshares, Inc.*		5		106
Orange County Bancorp, Inc.		2		106
Bridgewater Bancshares, Inc.*		9		104
MBIA, Inc.*		19		104
Industrial Logistics Properties Trust REIT		28		103
BayCom Corp.		5		102
Greene County Bancorp, Inc.		3		101
Enterprise Bancorp, Inc.		4		100
Red River Bancshares, Inc.		2		96
Guaranty Bancshares, Inc.		3		95
Primis Financial Corp.		9		94
MVB Financial Corp.		5		93
HomeStreet, Inc.		8		91
Dave, Inc.*		3		91
Citizens Financial Services, Inc.		2		91
First of Long Island Corp.		9		90
Donegal Group, Inc. — Class A		7		90
Waterstone Financial, Inc.		7		90
Northeast Community Bancorp, Inc.		5		89
Unity Bancorp, Inc.		3		89
Southern First Bancshares, Inc.*		3		88
Fidelity D&D Bancorp, Inc.		2		88
BRT Apartments Corp. REIT		5		87
John Marshall Bancorp, Inc.		5		87
Parke Bancorp, Inc.		5		87
AG Mortgage Investment Trust, Inc. REIT		13		86
Orion Office REIT, Inc.		24		86
ChoiceOne Financial Services, Inc.		3		86
Colony Bankcorp, Inc.		7		86
AFC Gamma, Inc. REIT		7		85
City Office REIT, Inc.		17		85
Capital Bancorp, Inc.		4		82
Ames National Corp.		4		82
Blue Foundry Bancorp*		9		82
PCB Bancorp		5		81
Timberland Bancorp, Inc.		3		81
Maiden Holdings Ltd.*		38		78
AlTi Global, Inc.*		15		78
Alpine Income Property Trust, Inc. REIT		5		78
NexPoint Diversified Real Estate Trust REIT		14		77
FVCBankcorp, Inc.*		7		76
Norwood Financial Corp.		3		76
Bankwell Financial Group, Inc.		3		76
Seven Hills Realty Trust REIT		6		76

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Oak Valley Bancorp		3	$	75
Braemar Hotels & Resorts, Inc. REIT		29		74
Ponce Financial Group, Inc.*		8		73
Forge Global Holdings, Inc.*		50		73
Star Holdings*		6		72
Middlefield Banc Corp.		3		72
Plumas Bancorp		2		72
Onity Group, Inc.*		3		72
Velocity Financial, Inc.*		4		72
Provident Bancorp, Inc.*		7		71
Heritage Insurance Holdings, Inc.*		10		71
ESSA Bancorp, Inc.		4		70
LCNB Corp.		5		70
Southern California Bancorp*		5		67
Princeton Bancorp, Inc.		2		66
Maui Land & Pineapple Company, Inc.*		3		66
Virginia National Bankshares Corp.		2		66
Angel Oak Mortgage REIT, Inc.		5		66
Granite Point Mortgage Trust, Inc. REIT		22		65
RE/MAX Holdings, Inc. — Class A		8		65
California BanCorp*		3		64
Franklin Street Properties Corp. REIT		42		64
USCB Financial Holdings, Inc.		5		64
BCB Bancorp, Inc.		6		64
First Financial Northwest, Inc.		3		63
Bank7 Corp.		2		63
Silvercrest Asset Management Group, Inc. — Class A		4		62
Investar Holding Corp.		4		62
Medallion Financial Corp.		8		61
LINKBANCORP, Inc.		10		61
Crawford & Co. — Class A		7		60
Paysign, Inc.*		14		60
Peoples Bancorp of North Carolina, Inc.		2		58
National Bankshares, Inc.		2		57
Atlanticus Holdings Corp.*		2		56
Nexpoint Real Estate Finance, Inc. REIT		4		55
First Western Financial, Inc.*		3		51
Stratus Properties, Inc.*		2		50
Pioneer Bancorp, Inc.*		5		50
Kingsway Financial Services, Inc.*		6		49
Chemung Financial Corp.		1		48
Sterling Bancorp, Inc.*		9		47
Sky Harbour Group Corp.*		5		46
NI Holdings, Inc.*		3		46
Consumer Portfolio Services, Inc.*		4		39
Strawberry Fields REIT, Inc.		3		34
Transcontinental Realty Investors, Inc.*		1		28
OppFi, Inc.		8		27
Offerpad Solutions, Inc.*		5		22
GoHealth, Inc. — Class A*		2		19
Clipper Realty, Inc. REIT		5		18
SWK Holdings Corp.*		1		17
Roadzen, Inc.*		7		16
American Realty Investors, Inc.*		1		14
Total Financial				245,377
Industrial - 5.2%
Fabrinet*		16		3,917
Applied Industrial Technologies, Inc.		17		3,298
Fluor Corp.*		74		3,223
UFP Industries, Inc.		26		2,912
SPX Technologies, Inc.*		20		2,843
Mueller Industries, Inc.		49		2,790
Novanta, Inc.*		16		2,610
Chart Industries, Inc.*		18		2,598
Casella Waste Systems, Inc. — Class A*		25		2,480
Badger Meter, Inc.		13		2,423
NEXTracker, Inc. — Class A*		51		2,391
Modine Manufacturing Co.*		22		2,204
Watts Water Technologies, Inc. — Class A		12		2,200
Federal Signal Corp.		26		2,175
Atkore, Inc.		16		2,159
GATX Corp.		16		2,118
Exponent, Inc.		22		2,093
Boise Cascade Co.		17		2,027
Dycom Industries, Inc.*		12		2,025
Moog, Inc. — Class A		12		2,008
AeroVironment, Inc.*		11		2,004
Itron, Inc.*		20		1,979
Matson, Inc.		15		1,965
Summit Materials, Inc. — Class A*		53		1,940
Franklin Electric Company, Inc.		20		1,927
CSW Industrials, Inc.		7		1,857
Zurn Elkay Water Solutions Corp.		63		1,852
EnerSys		17		1,760
Knife River Corp.*		25		1,754
Arcosa, Inc.		21		1,752
Advanced Energy Industries, Inc.		16		1,740
Belden, Inc.		18		1,688
Scorpio Tankers, Inc.		20		1,626
Terex Corp.		29		1,590
Sanmina Corp.*		24		1,590
Sterling Infrastructure, Inc.*		13		1,538
Cactus, Inc. — Class A		28		1,477
Kadant, Inc.		5		1,469
Golar LNG Ltd.		43		1,348
RXO, Inc.*		51		1,334
John Bean Technologies Corp.		14		1,330
Enpro, Inc.		9		1,310
Kratos Defense & Security Solutions, Inc.*		64		1,281
Hillenbrand, Inc.		31		1,241
Plexus Corp.*		12		1,238
Vishay Intertechnology, Inc.		55		1,226
Mueller Water Products, Inc. — Class A		68		1,219
Albany International Corp. — Class A		14		1,182
Granite Construction, Inc.		19		1,177
Hub Group, Inc. — Class A		27		1,162
ESCO Technologies, Inc.		11		1,155
Frontdoor, Inc.*		34		1,149
Primoris Services Corp.		23		1,147
AAR Corp.*		15		1,090
Griffon Corp.		17		1,086

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 73

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Trinity Industries, Inc.		36	$	1,077
ArcBest Corp.		10		1,071
International Seaways, Inc.		18		1,064
Bloom Energy Corp. — Class A*,1		86		1,053
Construction Partners, Inc. — Class A*		19		1,049
Atmus Filtration Technologies, Inc.*		36		1,036
Enovix Corp.*,1		65		1,005
AZZ, Inc.		13		1,004
Werner Enterprises, Inc.		28		1,003
Materion Corp.		9		973
OSI Systems, Inc.*		7		963
MYR Group, Inc.*		7		950
Mirion Technologies, Inc.*		87		934
Enerpac Tool Group Corp.		24		916
Energizer Holdings, Inc.		31		916
Joby Aviation, Inc.*		175		893
Gibraltar Industries, Inc.*		13		891
TTM Technologies, Inc.*		44		855
Barnes Group, Inc.		20		828
Leonardo DRS, Inc.*		32		816
Masterbrand, Inc.*		55		808
Standex International Corp.		5		806
Kennametal, Inc.		34		800
Tennant Co.		8		788
Janus International Group, Inc.*		62		783
Napco Security Technologies, Inc.		15		779
Hillman Solutions Corp.*		85		752
O-I Glass, Inc.*		67		746
Golden Ocean Group Ltd.		53		731
Rocket Lab USA, Inc.*		151		725
Alamo Group, Inc.		4		692
Teekay Tankers Ltd. — Class A		10		688
DHT Holdings, Inc.		59		683
SFL Corporation Ltd.		49		680
World Kinect Corp.		26		671
Helios Technologies, Inc.		14		668
Worthington Enterprises, Inc.		14		663
CTS Corp.		13		658
Knowles Corp.*		38		656
Mercury Systems, Inc.*		24		648
Greenbrier Companies, Inc.		13		644
Greif, Inc. — Class A		11		632
Benchmark Electronics, Inc.		16		631
Dorian LPG Ltd.		15		629
Apogee Enterprises, Inc.		10		628
Montrose Environmental Group, Inc.*		14		624
Lindsay Corp.		5		614
Aspen Aerogels, Inc.*		25		596
Powell Industries, Inc.		4		573
NV5 Global, Inc.*		6		558
IES Holdings, Inc.*		4		557
American Woodmark Corp.*		7		550
Ichor Holdings Ltd.*		14		540
Tecnoglass, Inc.		10		502
JELD-WEN Holding, Inc.*		37		498
Marten Transport Ltd.		25		461
TriMas Corp.		18		460
Triumph Group, Inc.*		28		431
Thermon Group Holdings, Inc.*		14		431
Columbus McKinnon Corp.		12		414
Tutor Perini Corp.*		19		414
Ardmore Shipping Corp.		18		406
NuScale Power Corp.*		34		397
Metallus, Inc.*		19		385
Genco Shipping & Trading Ltd.		18		384
CECO Environmental Corp.*		13		375
Cadre Holdings, Inc.		11		369
Argan, Inc.		5		366
Archer Aviation, Inc. — Class A*		101		356
Nordic American Tankers Ltd.		89		354
FLEX LNG Ltd.		13		352
American Superconductor Corp.*		15		351
Hyster-Yale, Inc.		5		349
Ducommun, Inc.*		6		348
Proto Labs, Inc.*		11		340
Clearwater Paper Corp.*		7		339
Energy Recovery, Inc.*		25		332
Vicor Corp.*		10		332
Gorman-Rupp Co.		9		330
PureCycle Technologies, Inc.*,1		54		320
Costamare, Inc.		19		312
Air Transport Services Group, Inc.*		22		305
Astec Industries, Inc.		10		297
Enviri Corp.*		34		293
Sturm Ruger & Company, Inc.		7		292
Smith & Wesson Brands, Inc.		20		287
Bel Fuse, Inc. — Class B		4		261
Great Lakes Dredge & Dock Corp.*		29		255
ChargePoint Holdings, Inc.*		168		254
Ryerson Holding Corp.		13		254
Insteel Industries, Inc.		8		248
Heartland Express, Inc.		20		247
Kimball Electronics, Inc.*		11		242
Astronics Corp.*		12		240
Standard BioTools, Inc.*		130		230
DXP Enterprises, Inc.*		5		229
Limbach Holdings, Inc.*		4		228
Teekay Corp.*		25		224
Olympic Steel, Inc.		5		224
nLight, Inc.*		20		218
Ardagh Metal Packaging S.A.		63		214
Myers Industries, Inc.		16		214
Forward Air Corp.		11		210
Xometry, Inc. — Class A*		18		208
Pactiv Evergreen, Inc.		18		204
SmartRent, Inc.*		84		201
Covenant Logistics Group, Inc. — Class A		4		197
Stoneridge, Inc.*		12		192
Bowman Consulting Group Ltd.*		6		191
LSB Industries, Inc.*		23		188
Overseas Shipholding Group, Inc. — Class A		21		178

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
LSI Industries, Inc.		12	$	174
Mesa Laboratories, Inc.		2		174
Manitowoc Company, Inc.*		15		173
Safe Bulkers, Inc.		27		157
Allient, Inc.		6		152
National Presto Industries, Inc.		2		150
NVE Corp.		2		149
Evolv Technologies Holdings, Inc.*		57		145
Eastman Kodak Co.*		26		140
Luxfer Holdings plc		12		139
Northwest Pipe Co.*		4		136
Applied Optoelectronics, Inc.*		16		133
CryoPort, Inc.*		19		131
FARO Technologies, Inc.*		8		128
Greif, Inc. — Class B		2		125
Orion Group Holdings, Inc.*		13		124
Ranpak Holdings Corp.*		19		122
Universal Logistics Holdings, Inc.		3		122
Himalaya Shipping Ltd.*		13		119
Centuri Holdings, Inc.*		6		117
Graham Corp.*		4		113
Pangaea Logistics Solutions Ltd.		14		110
GrafTech International Ltd.*		113		110
Park Aerospace Corp.		8		109
AerSale Corp.*		15		104
Park-Ohio Holdings Corp.		4		104
Omega Flex, Inc.		2		103
Turtle Beach Corp.*		7		100
Sight Sciences, Inc.*		15		100
Mayville Engineering Company, Inc.*		6		100
MicroVision, Inc.*		90		95
LanzaTech Global, Inc.*		49		91
Karat Packaging, Inc.		3		89
Net Power, Inc.*		9		88
LB Foster Co. — Class A*		4		86
Pure Cycle Corp.*		9		86
Radiant Logistics, Inc.*		15		85
Bel Fuse, Inc. — Class A		1		81
Byrna Technologies, Inc.*		8		80
Iteris, Inc.*		18		78
Gencor Industries, Inc.*		4		77
GoPro, Inc. — Class A*		54		77
Mistras Group, Inc.*		9		75
Redwire Corp.*		10		72
Willis Lease Finance Corp.		1		69
Virgin Galactic Holdings, Inc.*		8		67
Arq, Inc.*		11		67
AMMO, Inc.*		39		66
Quest Resource Holding Corp.*		7		61
Concrete Pumping Holdings, Inc.*		10		60
NN, Inc.*		20		60
Twin Disc, Inc.		5		59
Tredegar Corp.*		12		57
Smith-Midland Corp.*		2		55
Latham Group, Inc.*		18		54
PAM Transportation Services, Inc.*		3		52
908 Devices, Inc.*		10		51
Eastern Co.		2		51
Perma-Fix Environmental Services, Inc.*		5		51
Core Molding Technologies, Inc.*		3		48
Caesarstone Ltd.*		9		45
Taylor Devices, Inc.*		1		45
Ultralife Corp.*		4		42
Intuitive Machines, Inc.*		12		40
VirTra, Inc.*		5		38
374Water, Inc.*		28		34
Eve Holding, Inc.*		8		32
NL Industries, Inc.		4		24
Southland Holdings, Inc.*		4		18
Bridger Aerospace Group Holdings, Inc.*		4		15
Amprius Technologies, Inc.*		6		8
Solidion Technology, Inc.*		4		2
Total Industrial				168,202
Consumer, Cyclical - 3.7%
Abercrombie & Fitch Co. — Class A*		22		3,913
Meritage Homes Corp.		16		2,590
Beacon Roofing Supply, Inc.*		28		2,534
Taylor Morrison Home Corp. — Class A*		45		2,495
Installed Building Products, Inc.		10		2,057
Asbury Automotive Group, Inc.*		9		2,051
KB Home		29		2,035
Group 1 Automotive, Inc.		6		1,784
FirstCash Holdings, Inc.		17		1,783
Signet Jewelers Ltd.		19		1,702
Boot Barn Holdings, Inc.*		13		1,676
Academy Sports & Outdoors, Inc.		31		1,651
Kontoor Brands, Inc.		24		1,588
American Eagle Outfitters, Inc.		79		1,577
Skyline Champion Corp.*		23		1,558
Shake Shack, Inc. — Class A*		17		1,530
Tri Pointe Homes, Inc.*		41		1,527
M/I Homes, Inc.*		12		1,466
Goodyear Tire & Rubber Co.*		124		1,407
SkyWest, Inc.*		17		1,395
Cavco Industries, Inc.*		4		1,385
Brinker International, Inc.*		19		1,375
GMS, Inc.*		17		1,370
Steven Madden Ltd.		32		1,354
Sweetgreen, Inc. — Class A*		43		1,296
Hilton Grand Vacations, Inc.*		32		1,294
Visteon Corp.*		12		1,280
Resideo Technologies, Inc.*		63		1,232
UniFirst Corp.		7		1,201
Red Rock Resorts, Inc. — Class A		21		1,153
Urban Outfitters, Inc.*		28		1,149
LCI Industries		11		1,137
Rush Enterprises, Inc. — Class A		26		1,089
Six Flags Entertainment Corp.		32		1,060
Cinemark Holdings, Inc.*		48		1,038
Aurora Innovation, Inc.*		364		1,008
Dorman Products, Inc.*		11		1,006
International Game Technology plc		49		1,002

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 75

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Adient plc*		40	$	988
Century Communities, Inc.		12		980
Patrick Industries, Inc.		9		977
Topgolf Callaway Brands Corp.*		62		949
Vista Outdoor, Inc.*		25		941
HNI Corp.		20		900
Foot Locker, Inc.		36		897
PriceSmart, Inc.		11		893
Atlanta Braves Holdings, Inc. — Class C*		22		868
Fox Factory Holding Corp.*		18		868
Acushnet Holdings Corp.		13		825
Cheesecake Factory, Inc.		21		825
MillerKnoll, Inc.		31		821
United Parks & Resorts, Inc.*		15		815
JetBlue Airways Corp.*		133		810
LGI Homes, Inc.*		9		805
Green Brick Partners, Inc.*		14		801
Sonos, Inc.*		54		797
Phinia, Inc.		20		787
OPENLANE, Inc.*		47		780
Hanesbrands, Inc.*		154		759
Blue Bird Corp.*		14		754
La-Z-Boy, Inc.		19		708
Dana, Inc.		57		691
Gentherm, Inc.*		14		691
OneSpaWorld Holdings Ltd.*		44		676
Papa John’s International, Inc.		14		658
Bloomin’ Brands, Inc.		34		654
Winnebago Industries, Inc.		12		650
H&E Equipment Services, Inc.		14		618
Warby Parker, Inc. — Class A*		38		610
Oxford Industries, Inc.		6		601
Victoria’s Secret & Co.*		34		601
AMC Entertainment Holdings, Inc. — Class A*		120		598
ODP Corp.*		15		589
Madison Square Garden Entertainment Corp.*		17		582
Dave & Buster’s Entertainment, Inc.*		14		557
REV Group, Inc.		22		548
VSE Corp.		6		530
Steelcase, Inc. — Class A		40		518
Caleres, Inc.		15		504
Peloton Interactive, Inc. — Class A*		146		494
Life Time Group Holdings, Inc.*		26		490
ScanSource, Inc.*		11		487
G-III Apparel Group Ltd.*		18		487
Sally Beauty Holdings, Inc.*		45		483
Buckle, Inc.		13		480
MRC Global, Inc.*		37		478
Wolverine World Wide, Inc.		35		473
Jack in the Box, Inc.		9		459
Lions Gate Entertainment Corp. — Class B*		53		454
National Vision Holdings, Inc.*		34		445
indie Semiconductor, Inc. — Class A*		71		438
Hibbett, Inc.		5		436
Sabre Corp.*		163		435
Cracker Barrel Old Country Store, Inc.		10		422
Vizio Holding Corp. — Class A*,1		39		421
Wabash National Corp.		19		415
Monarch Casino & Resort, Inc.		6		409
XPEL, Inc.*		11		391
Arhaus, Inc.		22		373
BlueLinx Holdings, Inc.*		4		372
Interface, Inc. — Class A		25		367
Global Business Travel Group I*		55		363
Beazer Homes USA, Inc.*		13		357
Winmark Corp.		1		353
Allegiant Travel Co. — Class A		7		352
American Axle & Manufacturing Holdings, Inc.*		50		350
Sonic Automotive, Inc. — Class A		6		327
Leslie’s, Inc.*		78		327
Camping World Holdings, Inc. — Class A		18		322
PC Connection, Inc.		5		321
IMAX Corp.*		19		319
Rush Street Interactive, Inc.*		33		316
Malibu Boats, Inc. — Class A*		9		315
Dream Finders Homes, Inc. — Class A*		12		310
Shoe Carnival, Inc.		8		295
MarineMax, Inc.*		9		291
Everi Holdings, Inc.*		34		286
Hovnanian Enterprises, Inc. — Class A*		2		284
Golden Entertainment, Inc.		9		280
Ethan Allen Interiors, Inc.		10		279
BJ’s Restaurants, Inc.*		8		278
Miller Industries, Inc.		5		275
Hawaiian Holdings, Inc.*		22		273
A-Mark Precious Metals, Inc.		8		259
Forestar Group, Inc.*		8		256
Dine Brands Global, Inc.		7		253
Standard Motor Products, Inc.		9		250
Lions Gate Entertainment Corp. — Class A*		26		245
Accel Entertainment, Inc.*		23		236
Douglas Dynamics, Inc.		10		234
Nu Skin Enterprises, Inc. — Class A		22		232
First Watch Restaurant Group, Inc.*		13		228
Portillo’s, Inc. — Class A*		23		224
Daktronics, Inc.*		16		223
Arko Corp.		35		219
Luminar Technologies, Inc.*,1		146		218
Sun Country Airlines Holdings, Inc.*		17		213
Super Group SGHC Ltd.		65		210
Clean Energy Fuels Corp.*		74		198
Kura Sushi USA, Inc. — Class A*		3		189
Global Industrial Co.		6		188
Chuy’s Holdings, Inc.*		7		181
America’s Car-Mart, Inc.*		3		181
Shyft Group, Inc.		15		178
Spirit Airlines, Inc.1		48		176

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
RCI Hospitality Holdings, Inc.		4	$	174
Movado Group, Inc.		7		174
Hudson Technologies, Inc.*		19		167
Atlanta Braves Holdings, Inc. — Class A*		4		165
Xperi, Inc.*		20		164
Titan International, Inc.*		22		163
Rush Enterprises, Inc. — Class B		4		157
Denny’s Corp.*		22		156
Xponential Fitness, Inc. — Class A*		10		156
Methode Electronics, Inc.		15		155
Haverty Furniture Companies, Inc.		6		152
Build-A-Bear Workshop, Inc. — Class A		6		152
Lindblad Expeditions Holdings, Inc.*		15		145
Titan Machinery, Inc.*		9		143
OneWater Marine, Inc. — Class A*		5		138
Zumiez, Inc.*		7		136
Petco Health & Wellness Company, Inc.*		36		136
El Pollo Loco Holdings, Inc.*		12		136
Lovesac Co.*		6		136
MasterCraft Boat Holdings, Inc.*		7		132
Genesco, Inc.*		5		129
Funko, Inc. — Class A*		13		127
Designer Brands, Inc. — Class A		18		123
Savers Value Village, Inc.*		10		122
Bally’s Corp.*		10		120
Blink Charging Co.*		42		115
Marcus Corp.		10		113
Superior Group of Companies, Inc.		6		113
Solid Power, Inc.*		68		112
Rocky Brands, Inc.		3		111
iRobot Corp.*,1		12		109
EVgo, Inc.*		44		108
Hyliion Holdings Corp.*		61		99
Potbelly Corp.*		12		96
Weyco Group, Inc.		3		91
Frontier Group Holdings, Inc.*,1		18		89
Clarus Corp.		13		88
Cooper-Standard Holdings, Inc.*		7		87
Sleep Number Corp.*		9		86
Destination XL Group, Inc.*		23		84
Tile Shop Holdings, Inc.*		12		83
Vera Bradley, Inc.*		12		75
Wheels Up Experience, Inc.*		39		74
Landsea Homes Corp.*		8		74
Hooker Furnishings Corp.		5		73
Holley, Inc.*		20		72
SES AI Corp.*		57		71
Full House Resorts, Inc.*		14		70
Johnson Outdoors, Inc. — Class A		2		70
J Jill, Inc.		2		70
Virco Manufacturing Corp.		5		70
Hamilton Beach Brands Holding Co. — Class A		4		69
Commercial Vehicle Group, Inc.*		14		69
Citi Trends, Inc.*		3		64
Reservoir Media, Inc.*		8		63
Flexsteel Industries, Inc.		2		62
Livewire Group, Inc.*		8		61
ThredUp, Inc. — Class A*		34		58
Canoo, Inc.*		26		55
Escalade, Inc.		4		55
GrowGeneration Corp.*		25		54
JAKKS Pacific, Inc.*		3		53
Lifetime Brands, Inc.		5		43
Marine Products Corp.		4		40
ONE Group Hospitality, Inc.*		9		38
EVI Industries, Inc.		2		38
Torrid Holdings, Inc.*		5		37
Tilly’s, Inc. — Class A*		6		36
Traeger, Inc.*		15		36
Purple Innovation, Inc.*		25		26
Aeva Technologies, Inc.*		10		25
CompX International, Inc.		1		25
United Homes Group, Inc.*,1		2		11
Total Consumer, Cyclical				118,524
Technology - 3.3%
SPS Commerce, Inc.*		16		3,011
Rambus, Inc.*		47		2,762
Altair Engineering, Inc. — Class A*		25		2,452
Insight Enterprises, Inc.*		12		2,380
Maximus, Inc.		27		2,314
CommVault Systems, Inc.*		19		2,310
Varonis Systems, Inc.*		48		2,303
Qualys, Inc.*		16		2,282
Tenable Holdings, Inc.*		51		2,223
ExlService Holdings, Inc.*		68		2,132
FormFactor, Inc.*		34		2,058
Axcelis Technologies, Inc.*		14		1,991
Verra Mobility Corp.*		72		1,958
ACI Worldwide, Inc.*		46		1,821
ASGN, Inc.*		20		1,763
Power Integrations, Inc.		25		1,755
Box, Inc. — Class A*		61		1,613
Workiva, Inc.*		22		1,606
Impinj, Inc.*		10		1,568
Silicon Laboratories, Inc.*		14		1,549
Synaptics, Inc.*		17		1,499
Diodes, Inc.*		20		1,439
Envestnet, Inc.*		22		1,377
Blackbaud, Inc.*		18		1,371
Zeta Global Holdings Corp. — Class A*		71		1,253
BlackLine, Inc.*		25		1,211
Kulicke & Soffa Industries, Inc.		24		1,180
ACV Auctions, Inc. — Class A*		64		1,168
Rapid7, Inc.*		27		1,167
Clearwater Analytics Holdings, Inc. — Class A*		61		1,130
Freshworks, Inc. — Class A*		89		1,129
Veeco Instruments, Inc.*		24		1,121
WNS Holdings Ltd.*		20		1,050
C3.ai, Inc. — Class A*,1		36		1,043
Agilysys, Inc.*		10		1,041

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 77

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Progress Software Corp.		19	$	1,031
DigitalOcean Holdings, Inc.*		29		1,008
SiTime Corp.*		8		995
Evolent Health, Inc. — Class A*		50		956
Ultra Clean Holdings, Inc.*		19		931
AvidXchange Holdings, Inc.*		76		917
PagerDuty, Inc.*		39		894
Braze, Inc. — Class A*		23		893
Verint Systems, Inc.*		27		869
Vertex, Inc. — Class A*		24		865
Ambarella, Inc.*		16		863
NCR Atleos Corp.*		31		838
Semtech Corp.*		28		837
NCR Voyix Corp.*		63		778
Privia Health Group, Inc.*		44		765
Sprout Social, Inc. — Class A*		21		749
Clear Secure, Inc. — Class A		38		711
PAR Technology Corp.*		15		706
MaxLinear, Inc. — Class A*		34		685
Photronics, Inc.*		27		666
Cohu, Inc.*		20		662
Donnelley Financial Solutions, Inc.*		11		656
Everbridge, Inc.*		18		630
Intapp, Inc.*		17		623
IonQ, Inc.*,1		86		605
Xerox Holdings Corp.		51		593
PowerSchool Holdings, Inc. — Class A*		26		582
AvePoint, Inc.*		55		573
PROS Holdings, Inc.*		20		573
Zuora, Inc. — Class A*		56		556
Appian Corp. — Class A*		18		556
NetScout Systems, Inc.*		30		549
Alkami Technology, Inc.*		19		541
CSG Systems International, Inc.		13		535
Jamf Holding Corp.*		32		528
Adeia, Inc.		47		526
Matterport, Inc.*		114		510
PDF Solutions, Inc.*		14		509
ACM Research, Inc. — Class A*		22		507
SMART Global Holdings, Inc.*		22		503
SoundHound AI, Inc. — Class A*,1		123		486
Asana, Inc. — Class A*		34		476
N-able, Inc.*		31		472
Phreesia, Inc.*		22		466
Schrodinger Incorporated/United States*		24		464
Sapiens International Corporation N.V.		13		441
Diebold Nixdorf, Inc.*		11		423
Fastly, Inc. — Class A*		56		413
Daily Journal Corp.*		1		395
Alpha & Omega Semiconductor Ltd.*		10		374
Digi International, Inc.*		16		367
PubMatic, Inc. — Class A*		18		366
Pitney Bowes, Inc.		70		355
Alignment Healthcare, Inc.*		44		344
Simulations Plus, Inc.		7		340
E2open Parent Holdings, Inc.*		74		332
GigaCloud Technology, Inc. — Class A*		10		304
Integral Ad Science Holding Corp.*		31		301
Amplitude, Inc. — Class A*		33		294
SolarWinds Corp.		24		289
NextNav, Inc.*		33		268
Grid Dynamics Holdings, Inc.*		25		263
MeridianLink, Inc.*		12		256
BigCommerce Holdings, Inc.*		31		250
Yext, Inc.*		46		246
Vimeo, Inc.*		64		239
Blend Labs, Inc. — Class A*		100		236
Instructure Holdings, Inc.*		10		234
Conduent, Inc.*		70		228
Ibotta, Inc. — Class A*		3		225
Mitek Systems, Inc.*		20		224
Digimarc Corp.*		7		217
Navitas Semiconductor Corp.*		55		216
SEMrush Holdings, Inc. — Class A*		16		214
Corsair Gaming, Inc.*		19		210
OneSpan, Inc.*		16		205
Olo, Inc. — Class A*		46		203
PlayAGS, Inc.*		17		195
CEVA, Inc.*		10		193
Ouster, Inc.*		19		187
Bandwidth, Inc. — Class A*		11		186
Enfusion, Inc. — Class A*		21		179
Innodata, Inc.*		12		178
3D Systems Corp.*		55		169
Cantaloupe, Inc.*		25		165
Health Catalyst, Inc.*		25		160
Weave Communications, Inc.*		17		153
Vishay Precision Group, Inc.*		5		152
Consensus Cloud Solutions, Inc.*		8		137
Planet Labs PBC*		73		136
Aehr Test Systems*		12		134
American Software, Inc. — Class A		14		128
Red Violet, Inc.*		5		127
Climb Global Solutions, Inc.		2		126
Definitive Healthcare Corp.*		23		126
Immersion Corp.		13		122
Thoughtworks Holding, Inc.*		43		122
Talkspace, Inc.*		53		122
Cricut, Inc. — Class A1		20		120
Unisys Corp.*		29		120
iLearningEngines Holdings, Inc.*		13		118
Domo, Inc. — Class B*		15		116
8x8, Inc.*		51		113
EverCommerce, Inc.*		9		99
Telos Corp.*		24		96
SkyWater Technology, Inc.*		12		92
Inspired Entertainment, Inc.*		10		92
Arteris, Inc.*		12		90
Rackspace Technology, Inc.*		29		86
Outbrain, Inc.*		17		85
Asure Software, Inc.*		10		84
Playstudios, Inc.*		38		79

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
CS Disco, Inc.*		13	$	78
ReposiTrak, Inc.		5		76
ON24, Inc.*		12		72
Rimini Street, Inc.*		23		71
Digital Turbine, Inc.*		42		70
Viant Technology, Inc. — Class A*		7		69
BigBear.ai Holdings, Inc.*		44		66
Rigetti Computing, Inc.*		61		65
IBEX Holdings Ltd.*		4		65
QuickLogic Corp.*		6		62
Richardson Electronics Ltd.		5		59
eGain Corp.*		9		57
TTEC Holdings, Inc.		9		53
Porch Group, Inc.*		34		51
Cerence, Inc.*		18		51
Kaltura, Inc.*		42		50
Rekor Systems, Inc.*		31		48
Everspin Technologies, Inc.*		8		48
D-Wave Quantum, Inc.*		38		43
WM Technology, Inc.*		36		37
Golden Matrix Group, Inc.*		9		22
GCT Semiconductor Holding, Inc.*		3		16
System1, Inc.*		10		15
Airship AI Holdings, Inc.*		1		4
Total Technology				105,775
Energy - 2.1%
ChampionX Corp.		83		2,757
Murphy Oil Corp.		63		2,598
Equitrans Midstream Corp.		189		2,453
Noble Corporation plc		50		2,232
SM Energy Co.		50		2,161
PBF Energy, Inc. — Class A		45		2,071
Valaris Ltd.*		27		2,011
Tidewater, Inc.*		21		2,000
Magnolia Oil & Gas Corp. — Class A		75		1,900
Patterson-UTI Energy, Inc.		174		1,803
Transocean Ltd.*		316		1,691
Seadrill Ltd.*		32		1,648
Northern Oil and Gas, Inc.		43		1,598
California Resources Corp.		30		1,597
CNX Resources Corp.*		65		1,579
Helmerich & Payne, Inc.		42		1,518
Liberty Energy, Inc. — Class A		70		1,462
Warrior Met Coal, Inc.		23		1,444
Alpha Metallurgical Resources, Inc.		5		1,403
Archrock, Inc.		67		1,355
CONSOL Energy, Inc.*		13		1,326
Peabody Energy Corp.		56		1,239
Arch Resources, Inc.		8		1,218
Sunrun, Inc.*		95		1,127
Kosmos Energy Ltd.*		203		1,125
Oceaneering International, Inc.*		44		1,041
Expro Group Holdings N.V.*		41		940
Gulfport Energy Corp.*		6		906
Sitio Royalties Corp. — Class A		36		850
Talos Energy, Inc.*		64		778
Helix Energy Solutions Group, Inc.*		63		752
Kinetik Holdings, Inc. — Class A		17		704
Delek US Holdings, Inc.		28		693
Diamond Offshore Drilling, Inc.*		44		682
Array Technologies, Inc.*		66		677
Borr Drilling Ltd.*		103		664
DNOW, Inc.*		47		645
Plug Power, Inc.*		273		636
Par Pacific Holdings, Inc.*		25		631
Atlas Energy Solutions, Inc.		30		598
Vital Energy, Inc.*		12		538
US Silica Holdings, Inc.*		33		510
Crescent Energy Co. — Class A		42		498
Shoals Technologies Group, Inc. — Class A*		75		468
Fluence Energy, Inc.*		26		451
Green Plains, Inc.*		28		444
Select Water Solutions, Inc. — Class A		40		428
Comstock Resources, Inc.		40		415
Core Laboratories, Inc.		20		406
CVR Energy, Inc.		15		402
NextDecade Corp.*		50		397
Bristow Group, Inc.*		11		369
SunCoke Energy, Inc.		36		353
SilverBow Resources, Inc.*		9		340
ProPetro Holding Corp.*		39		338
Sable Offshore Corp.*		22		332
REX American Resources Corp.*		7		319
Newpark Resources, Inc.*		36		299
Nabors Industries Ltd.*		4		285
VAALCO Energy, Inc.		45		282
Dril-Quip, Inc.*		15		279
Diversified Energy Company plc		20		270
Sunnova Energy International, Inc.*,1		47		262
Vitesse Energy, Inc.		11		261
Kodiak Gas Services, Inc.		9		245
RPC, Inc.		37		231
Berry Corp.		33		213
TETRA Technologies, Inc.*		55		190
Aris Water Solutions, Inc. — Class A		12		188
SandRidge Energy, Inc.		14		181
Montauk Renewables, Inc.*		29		165
Ramaco Resources, Inc. — Class A		12		149
SEACOR Marine Holdings, Inc.*		11		148
Excelerate Energy, Inc. — Class A		8		148
Granite Ridge Resources, Inc.		23		146
Riley Exploration Permian, Inc.		5		142
DMC Global, Inc.*		9		130
FuelCell Energy, Inc.*,1		197		126
Oil States International, Inc.*		27		120
Amplify Energy Corp.*		17		115
SunPower Corp. — Class A*		38		113
Matrix Service Co.*		11		109
Ring Energy, Inc.*		64		108
Natural Gas Services Group, Inc.*		5		101

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 79

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Solaris Oilfield Infrastructure, Inc. — Class A		11	$	94
W&T Offshore, Inc.		43		92
Hallador Energy Co.*		11		85
HighPeak Energy, Inc.		6		84
Forum Energy Technologies, Inc.*		5		84
Freyr Battery, Inc.*		49		83
TPI Composites, Inc.*		20		80
ProFrac Holding Corp. — Class A*		10		74
Ranger Energy Services, Inc.		7		74
Stem, Inc.*,1		66		73
Evolution Petroleum Corp.		13		68
FutureFuel Corp.		11		56
NACCO Industries, Inc. — Class A		2		55
ASP Isotopes, Inc.*		17		52
Aemetis, Inc.*		16		48
Geospace Technologies Corp.*		5		45
Energy Vault Holdings, Inc.*		45		43
Mammoth Energy Services, Inc.*		11		36
Empire Petroleum Corp.*		6		31
Drilling Tools International Corp.*		4		23
Ramaco Resources, Inc. — Class B		2		22
Prairie Operating Co.*		2		22
SolarMax Technology, Inc.*		2		7
Verde Clean Fuels, Inc.*		1		4
Total Energy				67,862
Communications - 1.3%
Credo Technology Group Holding Ltd.*		55		1,757
Hims & Hers Health, Inc.*		82		1,656
Q2 Holdings, Inc.*		26		1,569
InterDigital, Inc.		11		1,282
Squarespace, Inc. — Class A*		26		1,134
Perficient, Inc.*		15		1,122
Ziff Davis, Inc.*		20		1,101
TEGNA, Inc.		77		1,073
Cogent Communications Holdings, Inc.		19		1,072
Yelp, Inc. — Class A*		29		1,072
Cargurus, Inc.*		38		996
DigitalBridge Group, Inc.		69		945
EchoStar Corp. — Class A*		53		944
Calix, Inc.*		26		921
Telephone & Data Systems, Inc.		43		891
ePlus, Inc.*		11		810
Extreme Networks, Inc.*		55		740
Magnite, Inc.*		55		731
Cable One, Inc.		2		708
Viasat, Inc.*		53		673
Viavi Solutions, Inc.*		96		660
AST SpaceMobile, Inc.*		51		592
Upwork, Inc.*		54		580
Cars.com, Inc.*		29		571
Liberty Latin America Ltd. — Class C*		59		567
Harmonic, Inc.*		48		565
Infinera Corp.*		87		530
Opendoor Technologies, Inc.*		269		495
Lumen Technologies, Inc.*		440		484
Bumble, Inc. — Class A*		42		441
Sprinklr, Inc. — Class A*		45		433
A10 Networks, Inc.		31		429
Shutterstock, Inc.		11		426
Sphere Entertainment Co.*		12		421
QuinStreet, Inc.*		23		382
Despegar.com, Corp.*		27		357
Globalstar, Inc.*		317		355
Scholastic Corp.		10		355
Shenandoah Telecommunications Co.		21		343
TechTarget, Inc.*		11		343
Couchbase, Inc.*		17		310
HealthStream, Inc.		11		307
Figs, Inc. — Class A*		56		298
Gannett Company, Inc.*		62		286
Revolve Group, Inc.*		17		270
Gogo, Inc.*		28		269
Stagwell, Inc.*		39		266
Beyond, Inc.*		20		262
Applied Digital Corp.*,1		43		256
IDT Corp. — Class B		7		251
Thryv Holdings, Inc.*		14		249
Open Lending Corp. — Class A*		44		246
Pagaya Technologies Ltd. — Class A*		18		230
EverQuote, Inc. — Class A*		11		229
Clear Channel Outdoor Holdings, Inc.*		152		214
Nextdoor Holdings, Inc.*		76		211
Anterix, Inc.*		5		198
Vivid Seats, Inc. — Class A*		34		195
Clearfield, Inc.*		5		193
Gray Television, Inc.		37		192
Sinclair, Inc.		14		187
NETGEAR, Inc.*		12		184
Liquidity Services, Inc.*		9		180
ADTRAN Holdings, Inc.		34		179
Powerfleet Incorporated NJ*		39		178
Eventbrite, Inc. — Class A*		36		174
Stitch Fix, Inc. — Class A*		39		162
fuboTV, Inc.*		128		159
Groupon, Inc.*		10		153
Advantage Solutions, Inc.*		47		152
Boston Omaha Corp. — Class A*		11		148
Consolidated Communications Holdings, Inc.*		33		145
MediaAlpha, Inc. — Class A*		11		145
Aviat Networks, Inc.*		5		144
Getty Images Holdings, Inc.*		44		143
Cardlytics, Inc.*		17		140
RealReal, Inc.*		43		137
National CineMedia, Inc.*		31		136
AMC Networks, Inc. — Class A*		14		135
Grindr, Inc.*		11		135
Liberty Latin America Ltd. — Class A*		14		134
Ribbon Communications, Inc.*		39		128
Preformed Line Products Co.		1		125
Spok Holdings, Inc.		8		119
ATN International, Inc.		5		114

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
WideOpenWest, Inc.*		21	$	114
CommScope Holding Company, Inc.*		92		113
Ooma, Inc.*		11		109
BARK, Inc.*		58		105
Backblaze, Inc. — Class A*		17		105
1-800-Flowers.com, Inc. — Class A*		11		105
LifeMD, Inc.*		15		103
Blade Air Mobility, Inc.*		25		87
Innovid Corp.*		46		85
EW Scripps Co. — Class A*		26		82
Lands’ End, Inc.*		6		82
OptimizeRx Corp.*		8		80
Townsquare Media, Inc. — Class A		6		66
Gambling.com Group Ltd.*		8		66
Tucows, Inc. — Class A*		3		58
Terran Orbital Corp.*		67		55
Entravision Communications Corp. — Class A		27		55
Nerdy, Inc.*		32		53
AudioEye, Inc.*		3		53
1stdibs.com, Inc.*		11		49
BlackSky Technology, Inc.*		46		49
iHeartMedia, Inc. — Class A*		45		49
LiveOne, Inc.*		30		47
Mondee Holdings, Inc.*,1		17		41
RumbleON, Inc. — Class B*		7		29
Vacasa, Inc. — Class A*		4		19
Solo Brands, Inc. — Class A*		7		16
Total Communications				41,069
Basic Materials - 1.1%
Commercial Metals Co.		50		2,749
Carpenter Technology Corp.		21		2,301
Cabot Corp.		24		2,205
Balchem Corp.		14		2,155
HB Fuller Co.		24		1,847
Avient Corp.		39		1,702
Arcadium Lithium plc*		471		1,583
Innospec, Inc.		11		1,360
Sensient Technologies Corp.		18		1,335
Hecla Mining Co.		251		1,217
Minerals Technologies, Inc.		14		1,164
Constellium SE*		56		1,056
Sylvamo Corp.		15		1,029
Uranium Energy Corp.*		171		1,028
Quaker Chemical Corp.		6		1,018
Coeur Mining, Inc.*		172		967
Rogers Corp.*		8		965
Tronox Holdings plc — Class A		52		816
Stepan Co.		9		756
Hawkins, Inc.		8		728
Ingevity Corp.*		16		699
Kaiser Aluminum Corp.		7		615
Orion S.A.		25		549
Worthington Steel, Inc.		14		467
Ecovyst, Inc.*		51		457
Perimeter Solutions S.A.*		58		454
Energy Fuels, Inc.*		70		424
SSR Mining, Inc.		88		397
Mativ Holdings, Inc.		23		390
Century Aluminum Co.*		23		385
Novagold Resources, Inc.*		106		367
United States Lime & Minerals, Inc.		1		364
Ivanhoe Electric Incorporated / US*		36		338
Koppers Holdings, Inc.		9		333
Metals Acquisition Ltd. — Class A*		23		315
Encore Energy Corp.*		77		303
Haynes International, Inc.		5		294
Centrus Energy Corp. — Class A*		6		256
AdvanSix, Inc.		11		252
Radius Recycling, Inc. — Class A		11		168
Ur-Energy, Inc.*		119		167
Lightwave Logic, Inc.*		52		156
Compass Minerals International, Inc.		15		155
Rayonier Advanced Materials, Inc.*		28		152
Oil-Dri Corporation of America		2		128
Lifezone Metals Ltd.*		16		123
i-80 Gold Corp.*		113		122
Intrepid Potash, Inc.*		5		117
Kronos Worldwide, Inc.		9		113
Universal Stainless & Alloy Products, Inc.*		4		110
American Vanguard Corp.		11		95
Codexis, Inc.*		30		93
Perpetua Resources Corp.*		17		88
Piedmont Lithium, Inc.*,1		8		80
Dakota Gold Corp.*		29		74
Caledonia Mining Corporation plc		7		68
Contango ORE, Inc.*,1		3		54
Northern Technologies International Corp.		3		50
Critical Metals Corp.*		3		34
Valhi, Inc.		1		18
Total Basic Materials				37,805
Utilities - 0.9%
Portland General Electric Co.		44		1,903
New Jersey Resources Corp.		43		1,838
Southwest Gas Holdings, Inc.		26		1,830
Brookfield Infrastructure Corp. — Class A		52		1,750
Ormat Technologies, Inc.		23		1,649
Black Hills Corp.		30		1,631
Otter Tail Corp.		18		1,577
ALLETE, Inc.		25		1,559
ONE Gas, Inc.		24		1,532
Spire, Inc.		24		1,458
PNM Resources, Inc.		39		1,441
Northwestern Energy Group, Inc.		27		1,352
California Water Service Group		25		1,212
MGE Energy, Inc.		16		1,195
Avista Corp.		34		1,177
American States Water Co.		16		1,161
Chesapeake Utilities Corp.		10		1,062
SJW Group		14		759
Northwest Natural Holding Co.		16		578
Hawaiian Electric Industries, Inc.*		48		433

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 81

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

	Shares		Value
Middlesex Water Co.		8	$	418
Ameresco, Inc. — Class A*		14		403
Unitil Corp.		7		363
York Water Co.		6		223
Consolidated Water Company Ltd.		7		186
Altus Power, Inc.*		33		129
Genie Energy Ltd. — Class B		6		88
RGC Resources, Inc.		4		82
Global Water Resources, Inc.		5		60
Total Utilities				29,049
Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		12		356
Total Common Stocks
(Cost $1,070,396)				1,068,421
WARRANTS† - 0.0%
Danimer Scientific, Inc.
Expiring 07/15/25*		14		—
Total Warrants
(Cost $—)				—
RIGHTS† - 0.0%
Consumer, Non-cyclical - 0.0%
Cartesian Therapeutics Inc.*		69		—
Sanofi SA*		15		—
Tobira Therapeutics, Inc.*,†††		8		—
Novartis AG*,†††		35		—
Total Consumer, Non-cyclical				—
Total Rights
(Cost $14)				—
EXCHANGE-TRADED FUNDS†,*** - 23.8%
Vanguard Russell 2000 ETF1		4,679		383,538
iShares Russell 2000 Index ETF		1,889		383,259
Total Exchange-Traded Funds
(Cost $827,474)				766,797
MUTUAL FUNDS† - 19.2%
Guggenheim Ultra Short Duration Fund — Institutional Class2		38,037		378,091
Guggenheim Strategy Fund II2		9,842		242,616
Total Mutual Funds
(Cost $616,793)				620,707

	Face Amount
U.S. TREASURY BILLS†† - 4.5%
U.S. Treasury Bills
5.23% due 09/12/243,6	$	100,000		98,938
5.18% due 07/09/243,4		45,000		44,948
Total U.S. Treasury Bills
(Cost $143,887)				143,886
REPURCHASE AGREEMENTS††,5 - 16.0%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/246		288,704		288,704
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/246		227,610		227,610
Total Repurchase Agreements
(Cost $516,314)				516,314
	Shares
SECURITIES LENDING COLLATERAL†,7 - 9.4%
Money Market Fund***
First American Government Obligations Fund - Class X, 5.23%8		303,305		303,305
Total Securities Lending Collateral
(Cost $303,305)				303,305
Total Investments - 106.0%
(Cost $3,478,183)			$	3,419,430
Other Assets & Liabilities, net - (6.0)%				(192,880	)
Total Net Assets - 100.0%			$	3,226,550

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Equity Futures Contracts Purchased†
Russell 2000 Index Mini Futures Contracts		6		Sep 2024	$	619,920	$	11,131

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
RUSSELL 2000® 1.5x 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

Russell 2000 Index

Pay

5.79% (SOFR + 0.45%)

At Maturity

09/25/24

638

$

1,306,197

$

9,514

Goldman Sachs International

Russell 2000 Index

Pay

5.43% (Federal Funds Rate + 0.10%)

At Maturity

09/26/24

384

786,472

6,389

BNP Paribas

Russell 2000 Index

Pay

5.53% (Federal Funds Rate + 0.20%)

At Maturity

09/26/24

148

304,071

3,765

$

2,396,740

$

19,668

*	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, 2024 — 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, 2024.
5	Repurchase Agreements — See Note 6.
6	All or a portion of this security is pledged as equity index swap collateral at June 30, 2024.
7	Securities lending collateral — See Note 7.
8	Rate indicated is the 7-day yield as of June 30, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	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, 2024 (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	$	1,068,421		$	—	*	$	—		$	1,068,421
Warrants		—	*		—			—			—
Rights		—	*		—			—	*		—
Exchange-Traded Funds		766,797			—			—			766,797
Mutual Funds		620,707			—			—			620,707
U.S. Treasury Bills		—			143,886			—			143,886
Repurchase Agreements		—			516,314			—			516,314
Securities Lending Collateral		303,305			—			—			303,305
Equity Futures Contracts**		11,131			—			—			11,131
Equity Index Swap Agreements**		—			19,668			—			19,668
Total Assets	$	2,770,361		$	679,868		$	—		$	3,450,229

*	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 | 83

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
RUSSELL 2000® 1.5x STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Ultra Short Duration Fund — Institutional Class	$	374,667	$	—	$	—	$	—	$	3,424	$	378,091		38,037	$	9,781
Guggenheim Strategy Fund II		241,140		—		—		—		1,476		242,616		9,842		6,796
	$	615,807	$	—	$	—	$	—	$	4,900	$	620,707			$	16,577

84 | 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, 2024

Assets:
Investments in unaffiliated issuers, at value - including $297,443 of securities loaned (cost $2,345,076)	$	2,282,409
Investments in affiliated issuers, at value (cost $616,793)		620,707
Repurchase agreements, at value (cost $516,314)		516,314
Cash		651
Segregated cash with broker		11,959
Unrealized appreciation on OTC swap agreements		19,668
Receivables:
Securities sold		124,499
Fund shares sold		86,168
Dividends		5,008
Variation margin on futures contracts		1,890
Interest		229
Securities lending income		53
Total assets		3,669,555
Liabilities:
Payable for:
Return of securities lending collateral		303,305
Securities purchased		128,847
Management fees		2,116
Transfer agent fees		1,209
Swap settlement		777
Investor service fees		608
Fund shares redeemed		327
Portfolio accounting and administration fees		134
Trustees’ fees*		30
Miscellaneous		5,652
Total liabilities		443,005
Net assets	$	3,226,550
Net assets consist of:
Paid in capital	$	4,435,283
Total distributable earnings (loss)		(1,208,733	)
Net assets	$	3,226,550
Capital shares outstanding		46,314
Net asset value per share	$	69.67

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $17)	$	12,746
Dividends from securities of affiliated issuers		16,577
Interest		20,498
Income from securities lending, net		1,054
Total investment income		50,875
Expenses:
Management fees		15,286
Investor service fees		4,246
Transfer agent fees		4,595
Professional fees		2,982
Portfolio accounting and administration fees		2,633
Trustees’ fees*		237
Custodian fees		221
Interest expense		56
Miscellaneous		765
Total expenses		31,021
Less:
Expenses reimbursed by Adviser		(1,698	)
Expenses waived by Adviser		(468	)
Total waived/reimbursed expenses		(2,166	)
Net expenses		28,855
Net investment income		22,020
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		40,906
Swap agreements		(96,604	)
Futures contracts		25,471
Net realized loss		(30,227	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(20,777	)
Investments in affiliated issuers		4,900
Swap agreements		(31,984	)
Futures contracts		(7,374	)
Net change in unrealized appreciation (depreciation)		(55,235	)
Net realized and unrealized loss		(85,462	)
Net decrease in net assets resulting from operations	$	(63,442	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 85

RUSSELL 2000^® 1.5x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	22,020		$	41,841
Net realized gain (loss) on investments		(30,227	)		235,377
Net change in unrealized appreciation (depreciation) on investments		(55,235	)		523,286
Net increase (decrease) in net assets resulting from operations		(63,442	)		800,504
Capital share transactions:
Proceeds from sale of shares		2,655,043			6,886,877
Cost of shares redeemed		(3,661,746	)		(6,755,167	)
Net increase (decrease) from capital share transactions		(1,006,703	)		131,710
Net increase (decrease) in net assets		(1,070,145	)		932,214
Net assets:
Beginning of period		4,296,695			3,364,481
End of period	$	3,226,550		$	4,296,695
Capital share activity:
Shares sold		38,021			116,338
Shares redeemed		(53,296	)		(112,512	)
Net increase (decrease) in shares		(15,275	)		3,826

86 | 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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	69.76		$	58.25		$	87.53		$	89.86		$	77.94		$	57.58
Income (loss) from investment operations:
Net investment income (loss)b		.45			.75			(.11	)		(.96	)		(.67	)		.41
Net gain (loss) on investments (realized and unrealized)		(.54	)		10.76			(29.17	)		18.02			15.02			19.95
Total from investment operations		(.09	)		11.51			(29.28	)		17.06			14.35			20.36
Less distributions from:
Net investment income		—			—			—			(.07	)		—			—
Net realized gains		—			—			—			(19.32	)		(2.43	)		—
Total distributions		—			—			—			(19.39	)		(2.43	)		—
Net asset value, end of period	$	69.67		$	69.76		$	58.25		$	87.53		$	89.86		$	77.94
Total Returnc		(0.13	%)		19.76	%		(33.45	%)		19.00	%		20.04	%		35.36	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,227		$	4,297		$	3,364		$	7,985		$	11,284		$	5,345
Ratios to average net assets:
Net investment income (loss)		1.30	%		1.22	%		(0.17	%)		(0.96	%)		(1.01	%)		0.58	%
Total expensesd		1.83	%		1.91	%		1.87	%		1.79	%		1.92	%		1.92	%
Net expensese		1.70	%		1.81	%		1.79	%		1.71	%		1.85	%		1.85	%
Portfolio turnover rate		6	%		5	%		88	%		99	%		148	%		127	%

a	Unaudited figures for the period ended June 30, 2024. 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 | 87

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
INVERSE RUSSELL 2000® STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 16.0%
Guggenheim Ultra Short Duration Fund — Institutional Class1		6,762	$	67,218
Guggenheim Strategy Fund II1		2,575		63,468
Total Mutual Funds
(Cost $128,417)				130,686
	Face Amount
U.S. TREASURY BILLS†† - 12.3%
U.S. Treasury Bills
5.20% due 07/05/242	$	100,000		99,941
Total U.S. Treasury Bills
(Cost $99,942)				99,941
FEDERAL AGENCY DISCOUNT NOTES†† - 9.7%
Farmer Mac
5.09% due 07/17/242		80,000		79,813
Total Federal Agency Discount Notes
(Cost $79,813)				79,813

FEDERAL AGENCY NOTES†† - 6.1%
Fannie Mae
1.75% due 07/02/24	50,000		49,995
Total Federal Agency Notes
(Cost $49,995)			49,995
REPURCHASE AGREEMENTS††,3 - 62.9%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/244	288,127		288,127
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/244	227,154		227,154
Total Repurchase Agreements
(Cost $515,281)			515,281
Total Investments - 107.0%
(Cost $873,448)		$	875,716
Other Assets & Liabilities, net - (7.0)%			(57,013	)
Total Net Assets - 100.0%		$	818,703

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††

Barclays Bank plc

Russell 2000 Index

Receive

5.39% (SOFR + 0.05%)

At Maturity

09/25/24

90

$

183,501

$

(1,512

)

BNP Paribas

Russell 2000 Index

Receive

5.13% (Federal Funds Rate - 0.20%)

At Maturity

09/26/24

62

127,688

(1,581

)

Goldman Sachs International

Russell 2000 Index

Receive

5.18% (Federal Funds Rate - 0.15%)

At Maturity

09/26/24

249

510,630

(3,563

)

$

821,819

$

(6,656

)

†	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, 2024.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
INVERSE RUSSELL 2000® STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	130,686	$	—	$	—	$	130,686
U.S. Treasury Bills		—		99,941		—		99,941
Federal Agency Discount Notes		—		79,813		—		79,813
Federal Agency Notes		—		49,995		—		49,995
Repurchase Agreements		—		515,281		—		515,281
Total Assets	$	130,686	$	745,030	$	—	$	875,716

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	6,656	$	—	$	6,656

** 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 issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	63,081	$	—	$	—	$	—	$	387	$	63,468		2,575	$	1,778
Guggenheim Ultra Short Duration Fund — Institutional Class		66,609		—		—		—		609		67,218		6,762		1,739
	$	129,690	$	—	$	—	$	—	$	996	$	130,686			$	3,517

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 89

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $229,750)	$	229,749
Investments in affiliated issuers, at value (cost $128,417)		130,686
Repurchase agreements, at value (cost $515,281)		515,281
Segregated cash with broker		31,000
Receivables:
Fund shares sold		2,417
Interest		663
Dividends		555
Total assets		910,351
Liabilities:
Unrealized depreciation on OTC swap agreements		6,656
Payable for:
Fund shares redeemed		82,153
Swap settlement		641
Management fees		421
Transfer agent fees		250
Investor service fees		120
Portfolio accounting and administration fees		26
Trustees’ fees*		6
Miscellaneous		1,375
Total liabilities		91,648
Net assets	$	818,703
Net assets consist of:
Paid in capital	$	9,152,590
Total distributable earnings (loss)		(8,333,887	)
Net assets	$	818,703
Capital shares outstanding		25,758
Net asset value per share	$	31.78

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	3,517
Interest		14,978
Total investment income		18,495
Expenses:
Management fees		3,154
Investor service fees		876
Transfer agent fees		1,008
Portfolio accounting and administration fees		543
Professional fees		523
Trustees’ fees*		60
Custodian fees		47
Miscellaneous		179
Total expenses		6,390
Less:
Expenses reimbursed by Adviser		(350	)
Expenses waived by Adviser		(83	)
Total waived expenses		(433	)
Net expenses		5,957
Net investment income		12,538
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(12,104	)
Futures contracts		(1,572	)
Net realized loss		(13,676	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(16	)
Investments in affiliated issuers		996
Swap agreements		55
Net change in unrealized appreciation (depreciation)		1,035
Net realized and unrealized loss		(12,641	)
Net decrease in net assets resulting from operations	$	(103	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

INVERSE RUSSELL 2000^® STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	12,538		$	37,982
Net realized loss on investments		(13,676	)		(224,005	)
Net change in unrealized appreciation (depreciation) on investments		1,035			(82,699	)
Net decrease in net assets resulting from operations		(103	)		(268,722	)
Capital share transactions:
Proceeds from sale of shares		3,605,789			12,519,304
Cost of shares redeemed		(3,428,652	)		(13,691,212	)
Net increase (decrease) from capital share transactions		177,137			(1,171,908	)
Net increase (decrease) in net assets		177,034			(1,440,630	)
Net assets:
Beginning of period		641,669			2,082,299
End of period	$	818,703		$	641,669
Capital share activity:
Shares sold		113,017			359,183
Shares redeemed		(107,711	)		(397,653	)
Net increase (decrease) in shares		5,306			(38,470	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 91

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	31.37		$	35.34		$	30.12		$	36.96		$	53.82		$	68.28
Income (loss) from investment operations:
Net investment income (loss)b		.57			1.11			(.09	)		(.39	)		(.57	)		.46
Net gain (loss) on investments (realized and unrealized)		(.16	)		(5.08	)		5.31	f		(6.45	)		(15.89	)		(14.50	)
Total from investment operations		.41			(3.97	)		5.22			(6.84	)		(16.46	)		(14.04	)
Less distributions from:
Net investment income		—			—			—			—			(.40	)		(.42	)
Total distributions		—			—			—			—			(.40	)		(.42	)
Net asset value, end of period	$	31.78		$	31.37		$	35.34		$	30.12		$	36.96		$	53.82
Total Returnc		1.31	%		(11.23	%)		17.33	%		(18.51	%)		(30.81	%)		(20.62	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	819		$	642		$	2,082		$	344		$	374		$	612
Ratios to average net assets:
Net investment income (loss)		3.58	%		3.22	%		(0.27	%)		(1.25	%)		(1.05	%)		0.76	%
Total expensesd		1.82	%		1.87	%		1.88	%		1.79	%		1.93	%		1.93	%
Net expensese		1.70	%		1.79	%		1.82	%		1.71	%		1.87	%		1.85	%
Portfolio turnover rate		—			—			—			250	%		275	%		164	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
DOW 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 84.7%
Financial - 19.2%
Goldman Sachs Group, Inc.		1,037	$	469,056
Visa, Inc. — Class A		1,037		272,182
American Express Co.		1,037		240,117
Travelers Companies, Inc.		1,037		210,864
JPMorgan Chase & Co.		1,037		209,743
Total Financial				1,401,962
Consumer, Non-cyclical - 18.8%
UnitedHealth Group, Inc.		1,037		528,103
Amgen, Inc.		1,037		324,011
Procter & Gamble Co.		1,037		171,022
Johnson & Johnson		1,037		151,568
Merck & Company, Inc.		1,037		128,380
Coca-Cola Co.		1,037		66,005
Total Consumer, Non-cyclical				1,369,089
Technology - 15.9%
Microsoft Corp.		1,037		463,487
Salesforce, Inc.		1,037		266,613
Apple, Inc.		1,037		218,413
International Business Machines Corp.		1,037		179,349
Intel Corp.		1,037		32,116
Total Technology				1,159,978
Industrial - 11.8%
Caterpillar, Inc.		1,037		345,425
Honeywell International, Inc.		1,037		221,441
Boeing Co.*		1,037		188,744
3M Co.		1,037		105,971
Total Industrial				861,581
Consumer, Cyclical - 10.6%
Home Depot, Inc.		1,037		356,977
McDonald’s Corp.		1,037		264,269
NIKE, Inc. — Class B		1,037		78,159
Walmart, Inc.		1,037		70,215
Total Consumer, Cyclical				769,620
Communications - 5.4%
Amazon.com, Inc.*		1,037		200,400
Walt Disney Co.		1,037		102,963
Cisco Systems, Inc.		1,037		49,268
Verizon Communications, Inc.		1,037		42,766
Total Communications				395,397
Energy - 2.2%
Chevron Corp.		1,037		162,207
Basic Materials - 0.8%
Dow, Inc.		1,037		55,013
Total Common Stocks
(Cost $4,038,559)				6,174,847
	Face Amount
U.S. TREASURY BILLS†† - 4.6%
U.S. Treasury Bills
5.23% due 09/12/241,2	$	200,000		197,876
5.18% due 07/09/242,3		135,000		134,843
Total U.S. Treasury Bills
(Cost $332,721)				332,719
REPURCHASE AGREEMENTS††,4 - 13.6%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/241		554,043		554,043
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/241		436,798		436,798
Total Repurchase Agreements
(Cost $990,841)				990,841
Total Investments - 102.9%
(Cost $5,362,121)			$	7,498,407
Other Assets & Liabilities, net - (2.9)%				(213,168	)
Total Net Assets - 100.0%			$	7,285,239

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		9		Sep 2024	$	1,776,825	$	21,358

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 93

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
DOW 2x STRATEGY FUND

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements††

BNP Paribas

Dow Jones Industrial Average

Pay

5.88% (Federal Funds Rate + 0.55%)

At Maturity

09/26/24

106

$

4,152,428

$

622

Barclays Bank plc

Dow Jones Industrial Average

Pay

5.94% (SOFR + 0.60%)

At Maturity

09/25/24

63

2,483,300

(17,705

)

$

6,635,728

$

(17,083

)

*	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, 2024.
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, 2024.
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, 2024 (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	$	6,174,847	$	—	$	—	$	6,174,847
U.S. Treasury Bills		—		332,719		—		332,719
Repurchase Agreements		—		990,841		—		990,841
Equity Futures Contracts**		21,358		—		—		21,358
Equity Index Swap Agreements**		—		622		—		622
Total Assets	$	6,196,205	$	1,324,182	$	—	$	7,520,387

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Index Swap Agreements**	$	—	$	17,705	$	—	$	17,705

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

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

DOW 2x STRATEGY FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $4,371,280)	$	6,507,566
Repurchase agreements, at value (cost $990,841)		990,841
Segregated cash with broker		34,499
Unrealized appreciation on OTC swap agreements		622
Receivables:
Fund shares sold		310,937
Dividends		1,685
Interest		439
Total assets		7,846,589
Liabilities:
Unrealized depreciation on OTC swap agreements		17,705
Payable for:
Securities purchased		500,181
Swap settlement		5,740
Management fees		4,793
Transfer agent fees		3,438
Variation margin on futures contracts		2,925
Investor service fees		1,332
Fund shares redeemed		757
Portfolio accounting and administration fees		293
Trustees’ fees*		117
Miscellaneous		24,069
Total liabilities		561,350
Net assets	$	7,285,239
Net assets consist of:
Paid in capital	$	5,643,295
Total distributable earnings (loss)		1,641,944
Net assets	$	7,285,239
Capital shares outstanding		36,015
Net asset value per share	$	202.28

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends	$	82,830
Interest		64,994
Total investment income		147,824
Expenses:
Management fees		51,877
Investor service fees		14,410
Transfer agent fees		17,200
Professional fees		10,296
Portfolio accounting and administration fees		8,934
Interest expense		1,824
Trustees’ fees*		1,174
Custodian fees		782
Line of credit fees		11
Miscellaneous		2,374
Total expenses		108,882
Less:
Expenses reimbursed by Adviser		(5,764	)
Net expenses		103,118
Net investment income		44,706
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,223,837
Swap agreements		442,465
Futures contracts		63,188
Net realized gain		1,729,490
Net change in unrealized appreciation (depreciation) on:
Investments		(891,397	)
Swap agreements		(121,043	)
Futures contracts		21,305
Net change in unrealized appreciation (depreciation)		(991,135	)
Net realized and unrealized gain		738,355
Net increase in net assets resulting from operations	$	783,061

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 95

DOW 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	44,706		$	96,119
Net realized gain on investments		1,729,490			1,004,813
Net change in unrealized appreciation (depreciation) on investments		(991,135	)		1,617,535
Net increase in net assets resulting from operations		783,061			2,718,467
Distributions to shareholders		—			(34,622	)
Capital share transactions:
Proceeds from sale of shares		55,111,801			69,198,670
Distributions reinvested		—			34,622
Cost of shares redeemed		(66,565,227	)		(68,333,948	)
Net increase (decrease) from capital share transactions		(11,453,426	)		899,344
Net increase (decrease) in net assets		(10,670,365	)		3,583,189
Net assets:
Beginning of period		17,955,604			14,372,415
End of period	$	7,285,239		$	17,955,604
Capital share activity:
Shares sold		276,565			421,616
Shares issued from reinvestment of distributions		—			211
Shares redeemed		(333,842	)		(420,513	)
Net increase (decrease) in shares		(57,277	)		1,314

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	192.47		$	156.26		$	207.85		$	147.84		$	163.38		$	111.50
Income (loss) from investment operations:
Net investment income (loss)b		.77			1.21			.42			(.68	)		(.53	)		.91
Net gain (loss) on investments (realized and unrealized)		9.04			35.49			(43.46	)		60.69			(.73	)		51.94
Total from investment operations		9.81			36.70			(43.04	)		60.01			(1.26	)		52.85
Less distributions from:
Net investment income		—			(.49	)		—			—			(.92	)		(.97	)
Net realized gains		—			—			(8.55	)		—			(13.36	)		—
Total distributions		—			(.49	)		(8.55	)		—			(14.28	)		(.97	)
Net asset value, end of period	$	202.28		$	192.47		$	156.26		$	207.85		$	147.84		$	163.38
Total Returnc		5.10	%		23.57	%		(20.49	%)		40.59	%		1.73	%		47.47	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,285		$	17,956		$	14,372		$	19,882		$	14,253		$	15,519
Ratios to average net assets:
Net investment income (loss)		0.78	%		0.75	%		0.25	%		(0.37	%)		(0.42	%)		0.65	%
Total expensesd		1.89	%		1.97	%		1.88	%		1.78	%		1.91	%		1.91	%
Net expensese		1.79	%		1.90	%		1.81	%		1.72	%		1.85	%		1.84	%
Portfolio turnover rate		258	%		316	%		458	%		489	%		607	%		256	%

a	Unaudited figures for the period ended June 30, 2024. 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 | 97

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
INVERSE DOW 2x STRATEGY FUND

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES†† - 21.7%
Farmer Mac
5.09% due 07/17/241	$	100,000	$	99,766
Federal Home Loan Bank
5.24% due 07/26/241		100,000		99,636
Total Federal Agency Discount Notes
(Cost $199,402)				199,402
FEDERAL AGENCY NOTES†† - 10.9%
Fannie Mae
1.75% due 07/02/24		100,000		99,990
Total Federal Agency Notes
(Cost $99,990)				99,990
U.S. TREASURY BILLS†† - 6.2%
U.S. Treasury Bills
5.23% due 09/12/241,2		50,000		49,469
5.18% due 07/09/241,3		8,000		7,991
Total U.S. Treasury Bills
(Cost $57,461)				57,460
REPURCHASE AGREEMENTS††,4 - 61.5%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/242		316,799		316,799
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/242		249,758		249,758
Total Repurchase Agreements
(Cost $566,557)				566,557
Total Investments - 100.3%
(Cost $923,410)			$	923,409
Other Assets & Liabilities, net - (0.3)%				(2,863	)
Total Net Assets - 100.0%			$	920,546

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Sold Short†
Dow Jones Industrial Average Mini Futures Contracts		1		Sep 2024	$	197,425	$	(2,377	)

Total Return Swap Agreements

Counterparty

Index

Type

Financing Rate

Payment Frequency

Maturity Date

Units

Notional Amount

Value and Unrealized Appreciation (Depreciation)

OTC Equity Index Swap Agreements Sold Short††

Barclays Bank plc

Dow Jones Industrial Average

Receive

5.64% (SOFR + 0.30%)

At Maturity

09/25/24

24

$

936,748

$

6,990

BNP Paribas

Dow Jones Industrial Average

Receive

5.48% (Federal Funds Rate + 0.15%)

At Maturity

09/26/24

18

702,336

(149

)

$

1,639,084

$

6,841

**	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 equity index swap collateral at June 30, 2024.
3	All or a portion of this security is pledged as futures collateral at June 30, 2024.
4	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
INVERSE DOW 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	—	$	199,402	$	—	$	199,402
Federal Agency Notes		—		99,990		—		99,990
U.S. Treasury Bills		—		57,460		—		57,460
Repurchase Agreements		—		566,557		—		566,557
Equity Index Swap Agreements**		—		6,990		—		6,990
Total Assets	$	—	$	930,399	$	—	$	930,399

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	2,377	$	—	$	—	$	2,377
Equity Index Swap Agreements**		—		149		—		149
Total Liabilities	$	2,377	$	149	$	—	$	2,526

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 99

INVERSE DOW 2x STRATEGY FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $356,853)	$	356,852
Repurchase agreements, at value (cost $566,557)		566,557
Segregated cash with broker		71,077
Unrealized appreciation on OTC swap agreements		6,990
Receivables:
Swap settlement		2,839
Fund shares sold		1,864
Interest		1,121
Variation margin on futures contracts		325
Total assets		1,007,625
Liabilities:
Unrealized depreciation on OTC swap agreements		149
Payable for:
Fund shares redeemed		83,721
Management fees		661
Transfer agent fees		370
Investor service fees		184
Portfolio accounting and administration fees		40
Trustees’ fees*		9
Miscellaneous		1,945
Total liabilities		87,079
Net assets	$	920,546
Net assets consist of:
Paid in capital	$	25,029,508
Total distributable earnings (loss)		(24,108,962	)
Net assets	$	920,546
Capital shares outstanding		24,430
Net asset value per share	$	37.68

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Interest	$	27,205
Total investment income		27,205
Expenses:
Management fees		4,499
Investor service fees		1,250
Transfer agent fees		1,439
Professional fees		1,156
Portfolio accounting and administration fees		775
Trustees’ fees*		85
Custodian fees		66
Miscellaneous		10
Total expenses		9,280
Less:
Expenses reimbursed by Adviser		(500	)
Net expenses		8,780
Net investment income		18,425
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(239,182	)
Futures contracts		7,761
Net realized loss		(231,421	)
Net change in unrealized appreciation (depreciation) on:
Investments		(33	)
Swap agreements		24,585
Futures contracts		(2,377	)
Net change in unrealized appreciation (depreciation)		22,175
Net realized and unrealized loss		(209,246	)
Net decrease in net assets resulting from operations	$	(190,821	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

INVERSE DOW 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	18,425		$	58,940
Net realized loss on investments		(231,421	)		(345,327	)
Net change in unrealized appreciation (depreciation) on investments		22,175			(88,005	)
Net decrease in net assets resulting from operations		(190,821	)		(374,392	)
Distributions to shareholders		—			(4,186	)
Capital share transactions:
Proceeds from sale of shares		23,148,481			9,838,956
Distributions reinvested		—			4,186
Cost of shares redeemed		(23,111,364	)		(10,610,087	)
Net increase (decrease) from capital share transactions		37,117			(766,945	)
Net decrease in net assets		(153,704	)		(1,145,523	)
Net assets:
Beginning of period		1,074,250			2,219,773
End of period	$	920,546		$	1,074,250
Capital share activity:
Shares sold		611,120			210,538
Shares issued from reinvestment of distributions		—			92
Shares redeemed		(614,179	)		(229,479	)
Net decrease in shares		(3,059	)		(18,849	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 101

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	39.08		$	47.90		$	45.62		$	70.54		$	131.01		$	204.97
Income (loss) from investment operations:
Net investment income (loss)b		.70			1.47			.08			(.63	)		(.34	)		.90
Net gain (loss) on investments (realized and unrealized)		(2.10	)		(10.20	)		2.20			(24.29	)		(59.99	)		(74.86	)
Total from investment operations		(1.40	)		(8.73	)		2.28			(24.92	)		(60.33	)		(73.96	)
Less distributions from:
Net investment income		—			(.09	)		—			—			(.14	)		—
Total distributions		—			(.09	)		—			—			(.14	)		—
Net asset value, end of period	$	37.68		$	39.08		$	47.90		$	45.62		$	70.54		$	131.01
Total Returnc		(3.58	%)		(18.26	%)		5.00	%		(35.33	%)		(45.76	%)		(36.08	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	921		$	1,074		$	2,220		$	3,283		$	3,431		$	3,275
Ratios to average net assets:
Net investment income (loss)		3.69	%		3.17	%		0.16	%		(1.15	%)		(1.04	%)		0.56	%
Total expensesd		1.86	%		1.91	%		1.90	%		1.79	%		1.92	%		1.92	%
Net expensese		1.76	%		1.84	%		1.83	%		1.70	%		1.86	%		1.86	%
Portfolio turnover rate		—			—			—			116	%		616	%		427	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 10.2%
Guggenheim Strategy Fund II1		10,941	$	269,703
Guggenheim Ultra Short Duration Fund — Institutional Class1		24,725		245,765
Total Mutual Funds
(Cost $506,354)				515,468
	Face Amount
U.S. GOVERNMENT SECURITIES†† - 44.1%
U.S. Treasury Bonds
4.63% due 05/15/54	$	2,200,000		2,230,937
Total U.S. Government Securities
(Cost $2,220,245)				2,230,937
FEDERAL AGENCY DISCOUNT NOTES†† - 17.7%
Federal Home Loan Bank
5.24% due 07/26/242		600,000		597,817
Farmer Mac
5.09% due 07/17/242		300,000		299,297
Total Federal Agency Discount Notes
(Cost $897,114)				897,114

U.S. TREASURY BILLS†† - 1.6%
U.S. Treasury Bills
5.18% due 07/09/242,3	83,000		82,904
Total U.S. Treasury Bills
(Cost $82,903)			82,904
REPURCHASE AGREEMENTS††,4 - 29.4%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	832,051		832,051
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24	655,975		655,975
Total Repurchase Agreements
(Cost $1,488,026)			1,488,026
Total Investments - 103.0%
(Cost $5,194,642)		$	5,214,449
Other Assets & Liabilities, net - (3.0)%			(150,836	)
Total Net Assets - 100.0%		$	5,063,613

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Interest Rate Futures Contracts Purchased†
U.S. Treasury Ultra Long Bond Futures Contracts		31		Sep 2024	$	3,861,438	$	(25,196	)

**	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, 2024.
4	Repurchase Agreements — See Note 6.
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 103

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
GOVERNMENT LONG BOND 1.2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	515,468	$	—	$	—	$	515,468
U.S. Government Securities		—		2,230,937		—		2,230,937
Federal Agency Discount Notes		—		897,114		—		897,114
U.S. Treasury Bills		—		82,904		—		82,904
Repurchase Agreements		—		1,488,026		—		1,488,026
Total Assets	$	515,468	$	4,698,981	$	—	$	5,214,449

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Interest Rate Futures Contracts**	$	25,196	$	—	$	—	$	25,196

** 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 issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions			Realized Gain (Loss)			Change in Unrealized Appreciation (Depreciation)			Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	467,967	$	—	$	(200,000	)	$	4,279		$	(2,543	)	$	269,703		10,941	$	10,385
Guggenheim Ultra Short Duration Fund — Institutional Class		442,732		—		(200,000	)		(606	)		3,639			245,765		24,725		9,028
	$	910,699	$	—	$	(400,000	)	$	3,673		$	1,096		$	515,468			$	19,413

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

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $3,200,262)	$	3,210,955
Investments in affiliated issuers, at value (cost $506,354)		515,468
Repurchase agreements, at value (cost $1,488,026)		1,488,026
Cash		3
Segregated cash with broker		99,047
Receivables:
Securities sold		101,406
Interest		14,245
Dividends		2,197
Total assets		5,431,347
Liabilities:
Payable for:
Fund shares redeemed		268,435
Variation margin on futures contracts		80,776
Transfer agent fees		2,174
Management fees		2,073
Investor service fees		1,060
Portfolio accounting and administration fees		445
Trustees’ fees*		65
Miscellaneous		12,706
Total liabilities		367,734
Net assets	$	5,063,613
Net assets consist of:
Paid in capital	$	28,006,303
Total distributable earnings (loss)		(22,942,690	)
Net assets	$	5,063,613
Capital shares outstanding		262,830
Net asset value per share	$	19.27

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	19,413
Interest		130,818
Total investment income		150,231
Expenses:
Management fees		16,060
Investor service fees		8,030
Transfer agent fees		9,528
Professional fees		5,143
Portfolio accounting and administration fees		4,978
Trustees’ fees*		639
Custodian fees		435
Line of credit fees		134
Miscellaneous		569
Total expenses		45,516
Less:
Expenses reimbursed by Adviser		(1,606	)
Expenses waived by Adviser		(431	)
Total waived/reimbursed expenses		(2,037	)
Net expenses		43,479
Net investment income		106,752
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(292,217	)
Investments in affiliated issuers		3,673
Futures contracts		(388,765	)
Net realized loss		(677,309	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(329,458	)
Investments in affiliated issuers		1,096
Futures contracts		(298,971	)
Net change in unrealized appreciation (depreciation)		(627,333	)
Net realized and unrealized loss		(1,304,642	)
Net decrease in net assets resulting from operations	$	(1,197,890	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 105

GOVERNMENT LONG BOND 1.2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	106,752		$	247,078
Net realized loss on investments		(677,309	)		(1,509,321	)
Net change in unrealized appreciation (depreciation) on investments		(627,333	)		837,323
Net decrease in net assets resulting from operations		(1,197,890	)		(424,920	)
Distributions to shareholders		(106,753	)		(247,608	)
Capital share transactions:
Proceeds from sale of shares		44,497,197			54,719,566
Distributions reinvested		106,753			247,608
Cost of shares redeemed		(45,568,527	)		(54,918,737	)
Net increase (decrease) from capital share transactions		(964,577	)		48,437
Net decrease in net assets		(2,269,220	)		(624,091	)
Net assets:
Beginning of period		7,332,833			7,956,924
End of period	$	5,063,613		$	7,332,833
Capital share activity:
Shares sold		2,186,352			2,497,559
Shares issued from reinvestment of distributions		5,369			11,558
Shares redeemed		(2,271,105	)		(2,523,625	)
Net decrease in shares		(79,384	)		(14,508	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	21.43		$	22.31		$	38.33		$	41.59		$	34.15		$	29.60
Income (loss) from investment operations:
Net investment income (loss)b		.33			.63			.38			.17			.02			.39
Net gain (loss) on investments (realized and unrealized)		(2.16	)		(.88	)		(15.96	)		(3.29	)		7.48	f		4.55
Total from investment operations		(1.83	)		(.25	)		(15.58	)		(3.12	)		7.50			4.94
Less distributions from:
Net investment income		(.33	)		(.63	)		(.44	)		(.14	)		(.03	)		(.39	)
Return of capital		—			—			—			—			(.03	)		—
Total distributions		(.33	)		(.63	)		(.44	)		(.14	)		(.06	)		(.39	)
Net asset value, end of period	$	19.27		$	21.43		$	22.31		$	38.33		$	41.59		$	34.15
Total Returnc		(8.58	%)		(1.03	%)		(40.83	%)		(7.49	%)		21.96	%		16.78	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,064		$	7,333		$	7,957		$	12,373		$	15,472		$	10,353
Ratios to average net assets:
Net investment income (loss)		3.32	%		2.90	%		1.33	%		0.47	%		0.06	%		1.19	%
Total expensesd		1.42	%		1.45	%		1.39	%		1.30	%		1.43	%		1.41	%
Net expensese		1.35	%		1.42	%		1.37	%		1.28	%		1.40	%		1.38	%
Portfolio turnover rate		1,029	%		1,170	%		1,890	%		1,382	%		1,887	%		2,060	%

a	Unaudited figures for the period ended June 30, 2024. 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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 107

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

	Shares		Value
MUTUAL FUNDS† - 27.5%
Guggenheim Strategy Fund II1		20,730	$	510,992
Guggenheim Ultra Short Duration Fund — Institutional Class1		46,499		462,200
Total Mutual Funds
(Cost $971,295)				973,192
	Face Amount
FEDERAL AGENCY DISCOUNT NOTES†† - 8.4%
Farmer Mac
5.09% due 07/17/242	$	300,000		299,297
Total Federal Agency Discount Notes
(Cost $299,297)				299,297
FEDERAL AGENCY NOTES†† - 5.6%
Fannie Mae
1.63% due 10/15/24		200,000		197,845
Total Federal Agency Notes
(Cost $197,865)				197,845
U.S. TREASURY BILLS†† - 0.6%
U.S. Treasury Bills
5.18% due 07/09/242,3		23,000		22,973
Total U.S. Treasury Bills
(Cost $22,973)				22,973

REPURCHASE AGREEMENTS†† - 121.7%
Individual Repurchase Agreements4
Mizuho Securities USA LLC issued 06/28/24 at 5.05% due 07/01/24 (secured by a U.S. Treasury Bond, at a rate of 4.63% and maturing 05/15/54 as collateral, with a value of $1,868,625) to be repurchased at $1,832,313	1,831,542		1,831,542
Barclays Capital, Inc. issued 06/28/24 at 5.00% due 07/01/24 (secured by a U.S. Treasury Bond, at a rate of 4.63% and maturing 05/15/54 as collateral with a value of $726,671) to be repurchased at $712,547	712,250		712,250
Joint Repurchase Agreements5
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	989,754		989,754
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24	780,305		780,305
Total Repurchase Agreements
(Cost $4,313,851)			4,313,851
Total Investments - 163.8%
(Cost $5,805,281)		$	5,807,158
U.S. Government Securities Sold Short†† - (80.1)%
U.S. Treasury Bonds
4.63% due 05/15/54††	2,800,000		(2,839,375	)
Total U.S Government Securities Sold Short - (80.1)%
(Proceeds $2,834,789)		$	(2,839,375	)
Other Assets & Liabilities, net - 16.3%			576,618
Total Net Assets - 100.0%		$	3,544,401

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		6		Sep 2024	$	747,375	$	(3,225	)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
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, 2024.
4	Repurchase Agreements — See Note 6.
5	All or a portion of this security is pledged as short security collateral at June 30, 2024.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	973,192	$	—	$	—	$	973,192
Federal Agency Discount Notes		—		299,297		—		299,297
Federal Agency Notes		—		197,845		—		197,845
U.S. Treasury Bills		—		22,973		—		22,973
Repurchase Agreements		—		4,313,851		—		4,313,851
Total Assets	$	973,192	$	4,833,966	$	—	$	5,807,158

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	$	—	$	2,839,375	$	—	$	2,839,375
Interest Rate Futures Contracts**		3,225		—		—		3,225
Total Liabilities	$	3,225	$	2,839,375	$	—	$	2,842,600

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

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 109

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
INVERSE GOVERNMENT LONG BOND STRATEGY FUND

Affiliated Transactions

Investments representing 5% or more of the outstanding voting shares of a company, or control of or by, or common control under Guggenheim Investments (“GI”), result in that company being considered an affiliated issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	508,089	$	—	$	—	$	—	$	2,903	$	510,992		20,730	$	14,311
Guggenheim Ultra Short Duration Fund — Institutional Class		458,015		—		—		—		4,185		462,200		46,499		11,986
	$	966,104	$	—	$	—	$	—	$	7,088	$	973,192			$	26,297

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

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value (cost $520,135)	$	520,115
Investments in affiliated issuers, at value (cost $971,295)		973,192
Repurchase agreements, at value (cost $4,313,851)		4,313,851
Segregated cash with broker		4,652
Receivables:
Securities sold		304,219
Fund shares sold		274,754
Variation margin on futures contracts		12,018
Interest		2,538
Dividends		4,147
Total assets		6,409,486
Liabilities:
Securities sold short, at value (proceeds $2,834,789)		2,839,375
Payable for:
Management fees		2,214
Fund shares redeemed		1,878
Transfer agent fees		1,201
Investor service fees		640
Portfolio accounting and administration fees		141
Trustees’ fees*		25
Miscellaneous		19,611
Total liabilities		2,865,085
Net assets	$	3,544,401
Net assets consist of:
Paid in capital	$	9,481,445
Total distributable earnings (loss)		(5,937,044	)
Net assets	$	3,544,401
Capital shares outstanding		31,119
Net asset value per share	$	113.90

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of affiliated issuers	$	26,297
Interest		110,875
Total investment income		137,172
Expenses:
Management fees		13,483
Investor service fees		3,745
Transfer agent fees		3,885
Interest expense		49,013
Portfolio accounting and administration fees		2,322
Professional fees		1,485
Custodian fees		192
Trustees’ fees*		164
Miscellaneous		1,806
Total expenses		76,095
Less:
Expenses reimbursed by Adviser		(1,498	)
Expenses waived by Adviser		(572	)
Total waived/reimbursed expenses		(2,070	)
Net expenses		74,025
Net investment income		63,147
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers sold short		(36,643	)
Futures contracts		34,193
Net realized loss		(2,450	)
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(26	)
Investments in affiliated issuers		7,088
Investments in unaffiliated issuers sold short		96,955
Futures contracts		24,104
Net change in unrealized appreciation (depreciation)		128,121
Net realized and unrealized gain		125,671
Net increase in net assets resulting from operations	$	188,818

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 111

INVERSE GOVERNMENT LONG BOND STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	63,147		$	143,890
Net realized gain (loss) on investments		(2,450	)		118,973
Net change in unrealized appreciation (depreciation) on investments		128,121			(192,397	)
Net increase in net assets resulting from operations		188,818			70,466
Capital share transactions:
Proceeds from sale of shares		8,961,500			27,584,996
Cost of shares redeemed		(7,804,769	)		(29,380,362	)
Net increase (decrease) from capital share transactions		1,156,731			(1,795,366	)
Net increase (decrease) in net assets		1,345,549			(1,724,900	)
Net assets:
Beginning of period		2,198,852			3,923,752
End of period	$	3,544,401		$	2,198,852
Capital share activity:
Shares sold		80,041			272,149
Shares redeemed		(70,232	)		(290,472	)
Net increase (decrease) in shares		9,809			(18,323	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	103.18		$	99.00		$	67.73		$	67.08		$	85.27		$	98.33
Income (loss) from investment operations:
Net investment income (loss)b		2.35			4.04			(1.24	)		(2.10	)		(1.48	)		.26
Net gain (loss) on investments (realized and unrealized)		8.37			.14			32.51			2.75			(16.51	)		(13.32	)
Total from investment operations		10.72			4.18			31.27			.65			(17.99	)		(13.06	)
Less distributions from:
Net investment income		—			—			—			—			(.20	)		—
Total distributions		—			—			—			—			(.20	)		—
Net asset value, end of period	$	113.90		$	103.18		$	99.00		$	67.73		$	67.08		$	85.27
Total Returnc		10.39	%		4.22	%		46.17	%		0.97	%		(21.09	%)		(13.28	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,544		$	2,199		$	3,924		$	3,348		$	2,648		$	2,382
Ratios to average net assets:
Net investment income (loss)		4.22	%		3.96	%		(1.46	%)		(2.89	%)		(2.23	%)		0.29	%
Total expensesd		5.08	%		5.13	%		4.47	%		3.46	%		3.01	%		3.58	%
Net expensese,f		4.94	%		5.02	%		4.38	%		3.38	%		2.97	%		3.49	%
Portfolio turnover rate		356	%		861	%		1,849	%		1,451	%		2,529	%		966	%

a	Unaudited figures for the period ended June 30, 2024. 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:

06/30/24a	12/31/23	12/31/22	12/31/21	12/31/20	12/31/19
1.67%	1.75%	1.73%	1.65%	1.83%	1.79%

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 113

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
HIGH YIELD STRATEGY FUND

	Shares		Value
EXCHANGE-TRADED FUNDS***,† - 3.1%
iShares iBoxx High Yield Corporate Bond ETF		1,556	$	120,030
SPDR Bloomberg High Yield Bond ETF1		1,245		117,366
Total Exchange-Traded Funds
(Cost $263,173)				237,396
MUTUAL FUNDS† - 14.6%
Guggenheim Ultra Short Duration Fund — Institutional Class2		57,301		569,569
Guggenheim Strategy Fund II2		23,000		566,941
Total Mutual Funds
(Cost $1,124,043)				1,136,510
	Face Amount
U.S. TREASURY BILLS†† - 14.2%
U.S. Treasury Bills
5.25% due 07/16/243	$	1,000,000		997,810
5.18% due 07/09/243,4		107,000		106,876
Total U.S. Treasury Bills
(Cost $1,104,687)				1,104,686
FEDERAL AGENCY DISCOUNT NOTES†† - 7.7%
Farmer Mac
5.09% due 07/17/243		600,000		598,595
Total Federal Agency Discount Notes
(Cost $598,595)				598,595

FEDERAL AGENCY NOTES†† - 5.1%
Fannie Mae
1.75% due 07/02/24		200,000		199,980
1.63% due 10/15/24		200,000		197,844
Total Federal Agency Notes
(Cost $397,844)				397,824
REPURCHASE AGREEMENTS††,5 - 51.2%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24		2,224,488		2,224,488
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		1,753,748		1,753,748
Total Repurchase Agreements
(Cost $3,978,236)				3,978,236
	Shares
SECURITIES LENDING COLLATERAL†,6 - 1.2%
Money Market Fund***
First American Government Obligations Fund - Class X, 5.23%7		90,035		90,035
Total Securities Lending Collateral
(Cost $90,035)				90,035
Total Investments - 97.1%
(Cost $7,556,613)			$	7,543,282
Other Assets & Liabilities, net - 2.9%				222,080
Total Net Assets - 100.0%			$	7,765,362

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		71		Sep 2024	$	7,563,164	$	16,698

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 Depreciation**

Barclays Bank plc

ICE

CDX.NA.HY.42.V1

5.00%

Quarterly

06/20/29

$

7,100,000

$

443,573

$

455,368

$

(11,795

)

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
HIGH YIELD STRATEGY FUND

Total Return Swap Agreements
Counterparty	Index	Type	Financing Rate	Payment Frequency		Maturity Date		Units		Notional Amount		Value and Unrealized Depreciation
OTC Credit Index Swap Agreements††
Goldman Sachs International	iShares iBoxx $ High Yield Corporate Bond ETF	Pay	5.58% (Federal Funds Rate + 0.25%)		At Maturity		07/25/24		86	$	6,634	$	(23	)
BNP Paribas	SPDR Bloomberg High Yield Bond ETF	Pay	5.78% (Federal Funds Rate + 0.45%)		At Maturity		09/26/24		192		18,111		(69	)
BNP Paribas	iShares iBoxx $ High Yield Corporate Bond ETF	Pay	5.73% (Federal Funds Rate + 0.40%)		At Maturity		09/26/24		364	$	28,064	$	(99	)
										$	52,809	$	(191	)

**	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, 2024 — 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, 2024.
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, 2024.
	CDX.NA.HY.42.V1 — Credit Default Swap North American High Yield Series 42 Index Version 1
	ICE — Intercontinental Exchange
	plc — Public Limited Company
	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, 2024
HIGH YIELD STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	237,396	$	—	$	—	$	237,396
Mutual Funds		1,136,510		—		—		1,136,510
U.S. Treasury Bills		—		1,104,686		—		1,104,686
Federal Agency Discount Notes		—		598,595		—		598,595
Federal Agency Notes		—		397,824		—		397,824
Repurchase Agreements		—		3,978,236		—		3,978,236
Securities Lending Collateral		90,035		—		—		90,035
Interest Rate Futures Contracts**		16,698		—		—		16,698
Total Assets	$	1,480,639	$	6,079,341	$	—	$	7,559,980

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Credit Default Swap Agreements**	$	—	$	11,795	$	—	$	11,795
Credit Index Swap Agreements**		—		191		—		191
Total Liabilities	$	—	$	11,986	$	—	$	11,986

** 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 issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	563,721	$	—	$	—	$	—	$	3,220	$	566,941		23,000	$	15,878
Guggenheim Ultra Short Duration Fund — Institutional Class		564,412		—		—		—		5,157		569,569		57,301		14,770
	$	1,128,133	$	—	$	—	$	—	$	8,377	$	1,136,510			$	30,648

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

HIGH YIELD STRATEGY FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value - including $87,954 of securities loaned (cost $2,454,334)	$	2,428,536
Investments in affiliated issuers, at value (cost $1,124,043)		1,136,510
Repurchase agreements, at value (cost $3,978,236)		3,978,236
Segregated cash with broker		122,416
Unamortized upfront premiums paid on credit default swap agreements		455,368
Receivables:
Swap settlement		19,064
Protection fees on credit default swap agreements		10,847
Dividends		4,834
Interest		4,187
Variation margin on credit default swap agreements		251
Securities lending income		26
Total assets		8,160,275
Liabilities:
Unrealized depreciation on OTC swap agreements		191
Payable for:
Fund shares redeemed		275,554
Return of securities lending collateral		90,035
Variation margin on futures contracts		11,983
Management fees		2,960
Transfer agent fees		2,079
Investor service fees		1,023
Portfolio accounting and administration fees		430
Trustees’ fees*		54
Miscellaneous		10,604
Total liabilities		394,913
Net assets	$	7,765,362
Net assets consist of:
Paid in capital	$	8,023,225
Total distributable earnings (loss)		(257,863	)
Net assets	$	7,765,362
Capital shares outstanding		96,766
Net asset value per share	$	80.25

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers	$	6,359
Dividends from securities of affiliated issuers		30,648
Interest		106,349
Income from securities lending, net		216
Total investment income		143,572
Expenses:
Management fees		21,469
Investor service fees		7,157
Transfer agent fees		7,994
Professional fees		5,069
Portfolio accounting and administration fees		4,437
Trustees’ fees*		468
Custodian fees		378
Miscellaneous		531
Total expenses		47,503
Less:
Expenses reimbursed by Adviser		(1,431	)
Expenses waived by Adviser		(705	)
Total waived/reimbursed expenses		(2,136	)
Net expenses		45,367
Net investment income		98,205
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments in unaffiliated issuers		(2	)
Swap agreements		422,768
Futures contracts		(124,441	)
Net realized gain		298,325
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		(1,791	)
Investments in affiliated issuers		8,377
Swap agreements		(308,660	)
Futures contracts		(144,163	)
Net change in unrealized appreciation (depreciation)		(446,237	)
Net realized and unrealized loss		(147,912	)
Net decrease in net assets resulting from operations	$	(49,707	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 117

HIGH YIELD STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	98,205		$	180,099
Net realized gain on investments		298,325			176,251
Net change in unrealized appreciation (depreciation) on investments		(446,237	)		371,149
Net increase (decrease) in net assets resulting from operations		(49,707	)		727,499
Distributions to shareholders		—			(188,051	)
Capital share transactions:
Proceeds from sale of shares		25,760,153			41,145,986
Distributions reinvested		—			188,051
Cost of shares redeemed		(27,334,201	)		(36,906,153	)
Net increase (decrease) from capital share transactions		(1,574,048	)		4,427,884
Net increase (decrease) in net assets		(1,623,755	)		4,967,332
Net assets:
Beginning of period		9,389,117			4,421,785
End of period	$	7,765,362		$	9,389,117
Capital share activity:
Shares sold		324,717			556,228
Shares issued from reinvestment of distributions		—			2,541
Shares redeemed		(347,120	)		(501,754	)
Net increase (decrease) in shares		(22,403	)		57,015

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	78.79		$	71.14		$	81.84		$	80.49		$	86.60		$	77.95
Income (loss) from investment operations:
Net investment income (loss)b		1.35			2.29			.51			(.35	)		(.20	)		.64
Net gain (loss) on investments (realized and unrealized)		.11	f		6.68			(9.94	)		1.70			(.60	)		10.08
Total from investment operations		1.46			8.97			(9.43	)		1.35			(.80	)		10.72
Less distributions from:
Net investment income		—			(1.32	)		(1.27	)		—			(4.92	)		(2.07	)
Net realized gains		—			—			—			—			(.39	)		—
Total distributions		—			(1.32	)		(1.27	)		—			(5.31	)		(2.07	)
Net asset value, end of period	$	80.25		$	78.79		$	71.14		$	81.84		$	80.49		$	86.60
Total Returnc		1.85	%		12.69	%		(11.48	%)		1.68	%		(0.47	%)		13.84	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,765		$	9,389		$	4,422		$	5,286		$	10,775		$	10,508
Ratios to average net assets:
Net investment income (loss)		3.43	%		3.10	%		0.70	%		(0.44	%)		(0.25	%)		0.76	%
Total expensesd		1.66	%		1.70	%		1.66	%		1.60	%		1.72	%		1.72	%
Net expensese		1.58	%		1.66	%		1.61	%		1.54	%		1.67	%		1.65	%
Portfolio turnover rate		—			—			111	%		117	%		460	%		299	%

a	Unaudited figures for the period ended June 30, 2024. 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.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 119

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
U.S. GOVERNMENT MONEY MARKET FUND

	Face Amount		Value
FEDERAL AGENCY NOTES†† - 31.6%
Federal Home Loan Bank
5.36% (SOFR + 0.02%, Rate Floor: 0.00%) due 09/16/24◊	$	2,000,000	$	2,000,001
5.36% (SOFR + 0.02%, Rate Floor: 0.00%) due 10/18/24◊		1,600,000		1,600,055
5.34% due 08/22/24◊		1,000,000		1,000,000
5.35% (SOFR + 0.01%, Rate Floor: 0.00%) due 08/26/24◊		1,000,000		999,976
5.34% due 08/08/24◊		1,000,000		999,964
1.53% due 10/03/24		1,000,000		990,214
Fannie Mae
1.75% due 07/02/24		1,681,000		1,680,831
1.63% due 10/15/24		1,321,000		1,306,896
Federal Farm Credit Bank
5.13% due 05/22/25		1,300,000		1,299,324
5.38% due 09/09/24		905,000		904,832
5.48% (SOFR + 0.14%, Rate Floor: 0.00%) due 09/05/24◊		200,000		200,030
5.43% (SOFR + 0.09%, Rate Floor: 0.00%) due 09/16/24◊		200,000		200,017
Total Federal Agency Notes
(Cost $13,182,140)				13,182,140
U.S. GOVERNMENT SECURITIES†† - 13.2%
United States Treasury Floating Rate Note
5.34% (3 Month U.S. Treasury Bill Rate + 0.04%, Rate Floor: 0.00%) due 07/31/24◊		3,500,000		3,499,930
5.45% (3 Month U.S. Treasury Bill Rate + 0.14%, Rate Floor: 0.00%) due 10/31/24◊		2,000,000		1,999,766
Total U.S. Government Securities
(Cost $5,499,696)				5,499,696
FEDERAL AGENCY DISCOUNT NOTES†† - 12.7%
Federal Home Loan Bank
5.26% due 07/31/241		1,600,000		1,592,987
5.26% due 08/02/241		1,400,000		1,393,454
Farmer Mac
5.09% due 07/17/241		2,300,000		2,294,613
Total Federal Agency Discount Notes
(Cost $5,281,054)				5,281,054
U.S. TREASURY BILLS†† - 10.8%
U.S. Treasury Bills
4.77% due 07/09/241		2,500,000		2,497,069
5.03% due 07/25/241		2,000,000		1,992,972
Total U.S. Treasury Bills
(Cost $4,490,041)				4,490,041
REPURCHASE AGREEMENTS††,2 - 31.6%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24		7,359,851		7,359,851
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		5,802,377		5,802,377
Total Repurchase Agreements
(Cost $13,162,228)				13,162,228
Total Investments - 99.9%
(Cost $41,615,159)			$	41,615,159
Other Assets & Liabilities, net - 0.1%				29,312
Total Net Assets - 100.0%			$	41,644,471

††	Value determined based on Level 2 inputs — See Note 4.
◊	Variable rate security. Rate indicated is the rate effective at June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
U.S. GOVERNMENT MONEY MARKET FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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 Notes	$	—	$	13,182,140	$	—	$	13,182,140
U.S. Government Securities		—		5,499,696		—		5,499,696
Federal Agency Discount Notes		—		5,281,054		—		5,281,054
U.S. Treasury Bills		—		4,490,041		—		4,490,041
Repurchase Agreements		—		13,162,228		—		13,162,228
Total Assets	$	—	$	41,615,159	$	—	$	41,615,159

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 121

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENT OF ASSETS
AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $28,452,931)	$	28,452,931
Repurchase agreements, at value (cost $13,162,228)		13,162,228
Receivables:
Interest		144,643
Fund shares sold		2,623
Total assets		41,762,425
Liabilities:
Payable for:
Professional fees		37,611
Management fees		15,716
Transfer agent fees		14,891
Printing fees		9,761
Investor service fees		7,858
Fund shares redeemed		5,622
Portfolio accounting and administration fees		4,872
Trustees’ fees*		351
Miscellaneous		21,272
Total liabilities		117,954
Net assets	$	41,644,471
Net assets consist of:
Paid in capital	$	41,634,054
Total distributable earnings (loss)		10,417
Net assets	$	41,644,471
Capital shares outstanding		41,621,417
Net asset value per share	$	1.00

STATEMENT OF
OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Interest	$	1,067,815
Total investment income		1,067,815
Expenses:
Management fees		98,649
Investor service fees		49,325
Transfer agent fees		54,291
Professional fees		31,070
Portfolio accounting and administration fees		30,581
Trustees’ fees*		2,855
Custodian fees		2,584
Miscellaneous		8,890
Total expenses		278,245
Net investment income		789,570
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		41
Net realized gain		41
Net increase in net assets resulting from operations	$	789,611

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

U.S. GOVERNMENT MONEY MARKET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	789,570		$	2,054,530
Net realized gain on investments		41			10,376
Net change in unrealized appreciation (depreciation) on investments		—			—
Net increase in net assets resulting from operations		789,611			2,064,906
Distributions to shareholders		(789,570	)		(2,055,214	)
Capital share transactions:
Proceeds from sale of shares		14,644,088			63,584,054
Distributions reinvested		789,570			2,055,214
Cost of shares redeemed		(14,414,729	)		(112,425,885	)
Net increase (decrease) from capital share transactions		1,018,929			(46,786,617	)
Net increase (decrease) in net assets		1,018,970			(46,776,925	)
Net assets:
Beginning of period		40,625,501			87,402,426
End of period	$	41,644,471		$	40,625,501
Capital share activity:
Shares sold		14,648,593			63,593,369
Shares issued from reinvestment of distributions		785,065			2,045,900
Shares redeemed		(14,414,729	)		(112,425,887	)
Net increase (decrease) in shares		1,018,929			(46,786,618	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 123

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
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)b		.02			.04			.01			—	c		—	c		.01
Net gain (loss) on investments (realized and unrealized)		—			—			—			—	c		—	c		—
Total from investment operations		.02			.04			.01			—			—			.01
Less distributions from:
Net investment income		(.02	)		(.04	)		(.01	)		(—	)c		(—	)c		(.01	)
Net realized gains		—			(—	)c		(—	)c		(—	)c		(—	)c		(—	)c
Total distributions		(.02	)		(.04	)		(.01	)		(—	)c		(—	)c		(.01	)
Net asset value, end of period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total Returnd		2.00	%		3.71	%		0.73	%		0.00	%d		0.07	%		0.87	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	41,644		$	40,626		$	87,402		$	53,732		$	54,657		$	49,233
Ratios to average net assets:
Net investment income (loss)		4.00	%		3.59	%		0.70	%		—	f		0.05	%		0.88	%
Total expenses		1.41	%		1.45	%		1.39	%		1.29	%		1.42	%		1.42	%
Net expensese		1.41	%		1.45	%		0.91	%		0.08	%		0.41	%		1.42	%

a	Unaudited figures for the period ended June 30, 2024. 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	Less than $0.01 per share.
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%.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The 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 of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately. At June 30, 2024, the Trust consisted of forty-nine 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 (collectively, the “Funds”):

Fund Name	Investment Company Type
Nova Fund	Non-diversified
Inverse S&P 500® Strategy Fund	Non-diversified
NASDAQ-100® Fund	Non-diversified
Inverse NASDAQ-100® Strategy Fund	Non-diversified
S&P 500® 2x Strategy Fund	Non-diversified
NASDAQ-100® 2x Strategy Fund	Non-diversified
Mid-Cap 1.5x Strategy Fund	Non-diversified
Inverse Mid-Cap Strategy Fund	Non-diversified
Russell 2000® 2x Strategy Fund	Non-diversified
Russell 2000® 1.5x Strategy Fund	Non-diversified
Inverse Russell 2000® Strategy Fund	Non-diversified
Dow 2x Strategy Fund	Non-diversified
Inverse Dow 2x Strategy Fund	Non-diversified
Government Long Bond 1.2x Strategy Fund	Diversified
Inverse Government Long Bond Strategy Fund	Diversified
High Yield Strategy Fund	Non-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.

Security Investors, LLC (“Security Investors” or the “Adviser”), which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) serves as distributor of the Funds’ shares. GI and GFD are affiliated entities.

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The net asset value per share (“NAV”) of each Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, by the number of outstanding shares of the 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”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing service providers 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 pricing service providers.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

If a pricing service provider 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 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 either independent pricing services, the last traded fill price, or at the reported bid price at the close of business on the valuation date.

U.S. Government securities are valued by pricing service providers, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

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

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from pricing service providers, 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 pricing service provider.

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

Swap agreements entered into by a Fund are generally valued using an evaluated price provided by a pricing service provider.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. 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 on inputs such as anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(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 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.

126 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(d) Futures Contracts

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

(e) Swap Agreements

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

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) 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, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(g) 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.

(h) Distributions

Dividends from net investment income are declared daily 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 at least annually. Normally, all distributions of a Fund will automatically be reinvested without charge in additional shares of the same Fund. 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.

(i) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the 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 5.33% at June 30, 2024.

(j) Indemnifications

Under the Trust’s organizational documents, the Trustees and Officers of the Trust are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, throughout the normal course of business, the Trust, on behalf of the Funds, enters into contracts that contain a variety of

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, as applicable. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds’ Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

Short Sales

A short sale is a transaction in which a Fund sells a security it does not own. If the security sold short decreases in price between the time the Fund sells the security and closes its short position, the Fund will realize a gain on the transaction. Conversely, if the security increases in price during the period, the Fund will realize a loss on the transaction. The risk of such price increases is the principal risk of engaging in short sales.

Derivatives

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

The Funds may utilize derivatives for the following purposes:

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

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

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

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

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. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if the Fund had not been leveraged.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. 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.

128 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

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
Nova Fund	Index exposure, Leverage, Liquidity	$	10,117,923	$	—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		123,617
NASDAQ-100® Fund	Index exposure, Liquidity		9,983,122		—
S&P 500® 2x Strategy Fund	Index exposure, Leverage, Liquidity		4,878,315		—
NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		35,018,003		—
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		538,893		—
Russell 2000® 2x Strategy Fund	Index exposure, Leverage, Liquidity		952,641		—
Russell 2000® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		591,855		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		33,421
Dow 2x Strategy Fund	Index exposure, Leverage, Liquidity		2,614,264		—
Inverse Dow 2x Strategy Fund	Index exposure, Liquidity		—		96,892
Government Long Bond 1.2x Strategy Fund	Duration, Index exposure, Leverage, Liquidity		3,048,375		—
Inverse Government Long Bond Strategy Fund	Duration, Index exposure, Liquidity		—		895,984
High Yield Strategy Fund	Duration, Index exposure, Liquidity		5,527,595		—

Swap Agreements

A swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals based upon or calculated by reference to changes in specified prices or rates for a specified amount of an underlying asset. When utilizing over-the-counter (“OTC”) swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying asset declines in value. Certain standardized swaps are subject to mandatory central clearing and are executed on a multi-lateral or other trade facility platform, such as a registered exchange. There is limited counterparty credit risk with respect to centrally-cleared swaps as the transaction is facilitated through a central clearinghouse, much like exchange-traded futures contracts. For a Fund utilizing centrally-cleared swaps, the exchange bears the risk of loss resulting from a counterparty not being able to pay. There is no guarantee that a Fund or an underlying fund could eliminate its exposure under an outstanding swap agreement by entering into an offsetting swap agreement with the same or another party.

Total return swaps involve commitments where single or multiple cash flows are exchanged based on the price of an underlying reference asset (such as an index) for a fixed or variable interest rate. Total return swaps will usually be computed based on the current value of the reference asset as of the close of regular trading on the NYSE or other exchange, with the swap value being adjusted to include dividends accrued, financing charges and/or interest associated with the swap agreement. When utilizing total return swaps, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty or if the underlying reference asset declines in value.

The following table represents the Funds’ use and volume of total return swaps on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Nova Fund	Index exposure, Leverage, Liquidity	$	17,429,324	$	—
Inverse S&P 500® Strategy Fund	Index exposure, Liquidity		—		1,184,170
NASDAQ-100® Fund	Index exposure, Liquidity		15,143,228		—
Inverse NASDAQ-100® Strategy Fund	Index exposure, Liquidity		—		1,089,915
S&P 500® 2x Strategy Fund	Index exposure, Leverage, Liquidity		31,828,477		—
NASDAQ-100® 2x Strategy Fund	Index exposure, Leverage, Liquidity		102,482,549		—
Mid-Cap 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		2,419,844		—
Inverse Mid-Cap Strategy Fund	Index exposure, Liquidity		—		130,393
Russell 2000® 2x Strategy Fund	Index exposure, Leverage, Liquidity		10,080,472		—
Russell 2000® 1.5x Strategy Fund	Index exposure, Leverage, Liquidity		2,441,315		—
Inverse Russell 2000® Strategy Fund	Index exposure, Liquidity		—		713,003
Dow 2x Strategy Fund	Index exposure, Leverage, Liquidity		10,585,283		—
Inverse Dow 2x Strategy Fund	Index exposure, Liquidity		—		1,701,343
High Yield Strategy Fund	Duration, Index exposure, Liquidity		52,872		—

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 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	$	5,152,667	$	—

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, 2024:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity/interest rate futures contracts	Variation margin on futures contracts	Variation margin on futures contracts
Credit/equity swap agreements	Unamortized upfront premiums paid on credit default swap agreements	Unrealized depreciation on OTC swap agreements
	Unrealized appreciation on OTC swap agreements
	Variation margin on credit default swap agreements

130 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at June 30, 2024:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at June 30, 2024
Nova Fund	$	39,401	$	23,118	$	—	$	—	$	62,519
Inverse S&P 500® Strategy Fund		—		318		—		—		318
NASDAQ-100® Fund		—		121,408		—		—		121,408
Inverse NASDAQ-100® Strategy Fund		—		207		—		—		207
S&P 500® 2x Strategy Fund		12,442		61,039		—		—		73,481
NASDAQ-100® 2x Strategy Fund		—		1,253,003		—		—		1,253,003
Mid-Cap 1.5x Strategy Fund		5,957		621		—		—		6,578
Inverse Mid-Cap Strategy Fund		—		521		—		—		521
Russell 2000® 2x Strategy Fund		18,552		74,783		—		—		93,335
Russell 2000® 1.5x Strategy Fund		11,131		19,668		—		—		30,799
Dow 2x Strategy Fund		21,358		622		—		—		21,980
Inverse Dow 2x Strategy Fund		—		6,990		—		—		6,990
High Yield Strategy Fund		—		—		16,698		—		16,698

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Futures Interest Rate Risk*		Swaps Credit Risk*		Total Value at June 30, 2024
Nova Fund	$	—	$	3,778	$	—	$	—	$	3,778
Inverse S&P 500® Strategy Fund		—		2,139		—		—		2,139
NASDAQ-100® Fund		7,452		1,418		—		—		8,870
Inverse NASDAQ-100® Strategy Fund		—		5,740		—		—		5,740
S&P 500® 2x Strategy Fund		—		7,508		—		—		7,508
NASDAQ-100® 2x Strategy Fund		11,855		23,414		—		—		35,269
Mid-Cap 1.5x Strategy Fund		—		12,101		—		—		12,101
Inverse Mid-Cap Strategy Fund		—		90		—		—		90
Inverse Russell 2000® Strategy Fund		—		6,656		—		—		6,656
Dow 2x Strategy Fund		—		17,705		—		—		17,705
Inverse Dow 2x Strategy Fund		2,377		149		—		—		2,526
Government Long Bond 1.2x Strategy Fund		—		—		25,196		—		25,196
Inverse Government Long Bond Strategy Fund		—		—		3,225		—		3,225
High Yield Strategy Fund		—		—		—		11,986		11,986

* 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, 2024:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity/interest rate futures contracts	Net realized gain (loss) on futures contracts Net change in unrealized appreciation (depreciation) on futures contracts
Credit/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, 2024:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Interest Rate Risk			Swaps Credit Risk		Total
Nova Fund	$	1,049,018		$	2,149,309		$	—		$	—	$	3,198,327
Inverse S&P 500® Strategy Fund		(33,023	)		(132,292	)		—			—		(165,315	)
NASDAQ-100® Fund		1,537,361			2,419,669			—			—		3,957,030
Inverse NASDAQ-100® Strategy Fund		(3,902	)		(138,077	)		—			—		(141,979	)
S&P 500® 2x Strategy Fund		322,433			4,372,580			—			—		4,695,013
NASDAQ-100® 2x Strategy Fund		6,293,669			12,036,585			—			—		18,330,254
Mid-Cap 1.5x Strategy Fund		22,376			132,800			—			—		155,176
Inverse Mid-Cap Strategy Fund		—			(9,903	)		—			—		(9,903	)
Russell 2000® 2x Strategy Fund		50,161			(1,169,233	)		—			—		(1,119,072	)
Russell 2000® 1.5x Strategy Fund		25,471			(96,604	)		—			—		(71,133	)
Inverse Russell 2000® Strategy Fund		(1,572	)		(12,104	)		—			—		(13,676	)
Dow 2x Strategy Fund		63,188			442,465			—			—		505,653
Inverse Dow 2x Strategy Fund		7,761			(239,182	)		—			—		(231,421	)
Government Long Bond 1.2x Strategy Fund		—			—			(388,765	)		—		(388,765	)
Inverse Government Long Bond Strategy Fund		—			—			34,193			—		34,193
High Yield Strategy Fund		—			—			(124,441	)		422,768		298,327

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Futures Interest Rate Risk			Swaps Credit Risk			Total
Nova Fund	$	25,294		$	(233,831	)	$	—		$	—		$	(208,537	)
Inverse S&P 500® Strategy Fund		14,108			3,118			—			—			17,226
NASDAQ-100® Fund		(269,686	)		28,140			—			—			(241,546	)
Inverse NASDAQ-100® Strategy Fund		—			(344	)		—			—			(344	)
S&P 500® 2x Strategy Fund		12,463			(347,543	)		—			—			(335,080	)
NASDAQ-100® 2x Strategy Fund		(209,148	)		114,400			—			—			(94,748	)
Mid-Cap 1.5x Strategy Fund		5,957			(53,967	)		—			—			(48,010	)
Inverse Mid-Cap Strategy Fund		—			1,421			—			—			1,421
Russell 2000® 2x Strategy Fund		15,081			(159,379	)		—			—			(144,298	)
Russell 2000® 1.5x Strategy Fund		(7,374	)		(31,984	)		—			—			(39,358	)
Inverse Russell 2000® Strategy Fund		—			55			—			—			55
Dow 2x Strategy Fund		21,305			(121,043	)		—			—			(99,738	)
Inverse Dow 2x Strategy Fund		(2,377	)		24,585			—			—			22,208
Government Long Bond 1.2x Strategy Fund		—			—			(298,971	)		—			(298,971	)
Inverse Government Long Bond Strategy Fund		—			—			24,104			—			24,104
High Yield Strategy Fund		—			—			(144,163	)		(308,660	)		(452,823	)

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.

132 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 3 – Offsetting

In the normal course of business, the Funds enter into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Funds to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Funds’ Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Funds’ Statements of Assets and Liabilities.

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

								Gross Amounts Not Offset 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
Nova Fund	Swap equity agreements	$	23,118	$	—		23,118	$	—	$	(13,461	)	$	9,657
Inverse S&P 500® Strategy Fund	Swap equity agreements		318		—		318		—		—			318
NASDAQ-100® Fund	Swap equity agreements		121,408		—		121,408		—		(91,958	)		29,450
Inverse NASDAQ-100® Strategy Fund	Swap equity agreements		207		—		207		—		—			207
S&P 500® 2x Strategy Fund	Swap equity agreements		61,039		—		61,039		—		(38,677	)		22,362
NASDAQ-100® 2x Strategy Fund	Swap equity agreements		1,253,003		—		1,253,003		—		(1,130,140	)		122,863
Mid-Cap 1.5x Strategy Fund	Swap equity agreements		621		—		621		—		—			621
Inverse Mid-Cap Strategy Fund	Swap equity agreements		521		—		521		—		—			521
Russell 2000® 2x Strategy Fund	Swap equity agreements		74,783		—		74,783		—		—			74,783
Russell 2000® 1.5x Strategy Fund	Swap equity agreements		19,668		—		19,668		—		—			19,668
Dow 2x Strategy Fund	Swap equity agreements		622		—		622		—		—			622
Inverse Dow 2x Strategy Fund	Swap equity agreements		6,990		—		6,990		—		—			6,990

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 133

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

								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
Nova Fund	Swap equity agreements	$	3,778	$	—	$	3,778	$	(3,778	)	$	—		$	—
Inverse S&P 500® Strategy Fund	Swap equity agreements		2,139		—		2,139		(839	)		(1,300	)		—
NASDAQ-100® Fund	Swap equity agreements		1,418		—		1,418		(1,418	)		—			—
Inverse NASDAQ-100® Strategy Fund	Swap equity agreements		5,740		—		5,740		(2,176	)		(3,564	)		—
S&P 500® 2x Strategy Fund	Swap equity agreements		7,508		—		7,508		(7,508	)		—			—
NASDAQ-100® 2x Strategy Fund	Swap equity agreements		23,414		—		23,414		(23,414	)		—			—
Mid-Cap 1.5x Strategy Fund	Swap equity agreements		12,101		—		12,101		(7,005	)		(5,096	)		—
Inverse Mid-Cap Strategy Fund	Swap equity agreements		90		—		90		(90	)		—			—
Inverse Russell 2000® Strategy Fund	Swap equity agreements		6,656		—		6,656		(5,144	)		(1,512	)		—
Dow 2x Strategy Fund	Swap equity agreements		17,705		—		17,705		—			(17,705	)		—
Inverse Dow 2x Strategy Fund	Swap equity agreements		149		—		149		(149	)		—			—
High Yield Strategy Fund	Swap equity agreements		191		—		191		—			(168	)		23

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, 2024.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Nova Fund	Goldman Sachs International	Total return swap agreements	$	—	$	40,000
Inverse S&P 500® Strategy Fund	Barclays Bank plc	Total return swap agreements		28,404		—
NASDAQ-100® Fund	Barclays Bank plc	Futures contracts		—		270,000
	Goldman Sachs International	Futures contracts		35,747		—
	Goldman Sachs International	Total return swap agreements		—		140,000
				35,747		410,000
Inverse NASDAQ-100® Strategy Fund	Barclays Bank plc	Total return swap agreements		37,000		—
S&P 500® 2x Strategy Fund	Barclays Bank plc	Futures contracts		—		40,000
	Goldman Sachs International	Total return swap agreements		—		70,000
				—		110,000
NASDAQ-100® 2x Strategy Fund	Barclays Bank plc	Futures contracts		—		140,000
	Barclays Bank plc	Total return swap agreements		228,743		—
	BNP Paribas	Total return swap agreements		—		60,000
	Goldman Sachs International	Total return swap agreements		—		1,790,000
				228,743		1,990,000
Mid-Cap 1.5x Strategy Fund	Barclays Bank plc	Total return swap agreements		18,764		—
	Goldman Sachs International	Futures contracts		398		—
				19,162		—
Inverse Mid-Cap Strategy Fund	Barclays Bank plc	Total return swap agreements		10,000		—
Russell 2000® 1.5x Strategy Fund	Barclays Bank plc	Total return swap agreements		11,959		—
Inverse Russell 2000® Strategy Fund	Barclays Bank plc	Total return swap agreements		31,000		—
Dow 2x Strategy Fund	Barclays Bank plc	Total return swap agreements		34,499		—

134 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Inverse Dow 2x Strategy Fund	Barclays Bank plc	Total return swap agreements	$	70,624	$	—
	Goldman Sachs International	Futures contracts		453		—
				71,077		—
Government Long Bond 1.2x Strategy Fund	Goldman Sachs International	Futures contracts		99,047		—
Inverse Government Long Bond Strategy Fund	Goldman Sachs International	Futures contracts		4,652		—
High Yield Strategy Fund	Barclays Bank plc	Credit default swap agreements		110,104		—
	BNP Paribas	Total return swap agreements		12,312		—
				122,416		—

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 135

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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)
Nova Fund		0.75	%
Inverse S&P 500® Strategy Fund		0.90	%
NASDAQ-100® Fund		0.75	%
Inverse NASDAQ-100® Strategy Fund		0.90	%
S&P 500® 2x Strategy Fund		0.90	%
NASDAQ-100® 2x Strategy Fund		0.90	%
Mid-Cap 1.5x Strategy Fund		0.90	%
Inverse Mid-Cap Strategy Fund		0.90	%
Russell 2000® 2x Strategy Fund		0.90	%
Russell 2000® 1.5x Strategy Fund		0.90	%
Inverse Russell 2000® Strategy Fund		0.90	%
Dow 2x Strategy Fund		0.90	%
Inverse Dow 2x Strategy Fund		0.90	%
Government Long Bond 1.2x Strategy Fund		0.50	%
Inverse Government Long Bond Strategy Fund		0.90	%
High Yield Strategy Fund		0.75	%
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.

GI and its affiliates have voluntarily agreed to waive their fees, including but not limited to accounting, shareholder investor services and investment advisory fees, in an attempt to maintain a positive net yield for the U.S. Government Money Market Fund. GI or its affiliates may terminate this voluntary waiver at any time upon notice to the Fund. When shareholder investor services fees are waived, dealer compensation will be reduced to the extent of such waiver.

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, 2024, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Nova Fund	$	2,491
Inverse S&P 500® Strategy Fund		265
NASDAQ-100® Fund		11,192
Inverse NASDAQ-100® Strategy Fund		231
Mid-Cap 1.5x Strategy Fund		196
Inverse Mid-Cap Strategy Fund		30
Russell 2000® 1.5x Strategy Fund		468
Inverse Russell 2000® Strategy Fund		83
Government Long Bond 1.2x Strategy Fund		431
Inverse Government Long Bond Strategy Fund		572
High Yield Strategy Fund		705

136 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Effective June 1, 2021, GI has contractually agreed to waive and/or reimburse expenses for the Inverse S&P 500^® Strategy Fund, Inverse NASDAQ-100^® Strategy Fund, S&P 500^® 2x Strategy Fund, NASDAQ-100^® 2x Strategy Fund, Mid Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000^® 2x Strategy Fund, Russell 2000^® 1.5x Strategy Fund, Inverse Russell 2000^® Strategy Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund and Inverse Government Long Bond Strategy Fund, in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the 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 Fund’s Board upon sixty days’ written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

On May 24, 2023, the Board approved a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for Nova Fund, Inverse S&P 500^® Strategy Fund, NASDAQ-100^® Fund, Inverse NASDAQ-100^® Strategy Fund, S&P 500^® 2x Strategy Fund, NASDAQ-100^® 2x Strategy Fund, Mid-Cap 1.5x Strategy Fund, Inverse Mid-Cap Strategy Fund, Russell 2000^® 2x Strategy Fund, Russell 2000^® 1.5x Fund, Inverse Russell 2000^® Strategy Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Government Long Bond 1.2x Strategy Fund, Inverse Government Long Bond Strategy Fund and High Yield Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This arrangement took effect on August 1, 2023 and the end of the initial term was August 1, 2024. This agreement automatically renews for 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 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.

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, 2024, 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		31	%

MUFG Investor Services (US), LLC (“MUIS”) acts 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”) acts as the Funds’ custodian. As custodian, U.S. Bank is responsible for the custody of the Funds’ assets. For providing the aforementioned 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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 137

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At June 30, 2024, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Notes
5.32%					0.25% - 1.25%
Due 07/01/24	$	43,706,715	$	43,726,092	Due 05/31/25 - 12/31/26	$	48,026,100	$	44,579,381
					U.S. Treasury Strip
					0.00%
					Due 11/15/26		1,630		1,468
							48,027,730		44,580,849
BofA Securities, Inc.					U.S. Treasury Inflation Indexed Bond
5.30%					0.13%
Due 07/01/24		34,457,607		34,472,826	Due 02/15/51		33,963,856		20,155,050
					U.S. Treasury Strips
					0.00%
					Due 02/15/44 - 08/15/48		44,528,500		14,991,724
							78,492,356		35,146,774

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 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. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

138 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At June 30, 2024, 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
NASDAQ-100® Fund	$	267,432	$	(267,432	)	$	—	$	275,694	$	—	$	275,694
NASDAQ-100® 2x Strategy Fund		267,086		(267,086	)		—		275,347		—		275,347
Mid-Cap 1.5x Strategy Fund		8,622		(8,622	)		—		8,917		—		8,917
Russell 2000® 2x Strategy Fund		124,758		(124,758	)		—		127,087		—		127,087
Russell 2000® 1.5x Strategy Fund		297,443		(297,443	)		—		303,305		—		303,305
High Yield Strategy Fund		87,954		(87,954	)		—		90,035		—		90,035

^(a) Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

Note 8 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

At June 30, 2024, 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)
Nova Fund	$	35,142,443	$	7,158,118	$	(122,048	)	$	7,036,070
Inverse S&P 500® Strategy Fund		1,583,492		667		(3,415	)		(2,748	)
NASDAQ-100® Fund		81,980,521		54,033,024		(362,586	)		53,670,438
Inverse NASDAQ-100® Strategy Fund		967,936		168		(7,452	)		(7,284	)
S&P 500® 2x Strategy Fund		22,663,657		5,337,332		(81,409	)		5,255,923
NASDAQ-100® 2x Strategy Fund		120,190,417		17,002,242		(266,606	)		16,735,636
Mid-Cap 1.5x Strategy Fund		3,431,180		759,831		(144,254	)		615,577
Inverse Mid-Cap Strategy Fund		127,402		777		(90	)		687
Russell 2000® 2x Strategy Fund		4,616,514		93,337		(30,101	)		63,236
Russell 2000® 1.5x Strategy Fund		3,599,015		187,952		(336,738	)		(148,786	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Fund	Tax Cost		Tax Unrealized Appreciation		Tax Unrealized Depreciation			Net Tax Unrealized Appreciation (Depreciation)
Inverse Russell 2000® Strategy Fund	$	874,726	$	992	$	(6,658	)	$	(5,666	)
Dow 2x Strategy Fund		5,855,386		1,678,310		(31,014	)		1,647,296
Inverse Dow 2x Strategy Fund		923,410		6,990		(2,527	)		4,463
Government Long Bond 1.2x Strategy Fund		5,209,815		4,634		(25,196	)		(20,562	)
Inverse Government Long Bond Strategy Fund		3,011,239		—		(46,681	)		(46,681	)
High Yield Strategy Fund		7,566,099		26,076		(44,181	)		(18,105	)
U.S. Government Money Market Fund		41,615,159		—		—			—

Note 9 – Securities Transactions

For the period ended June 30, 2024, 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
Nova Fund	$	47,771,547	$	47,714,578
Inverse S&P 500® Strategy Fund		—		—
NASDAQ-100® Fund		67,055,162		67,147,751
Inverse NASDAQ-100® Strategy Fund		—		—
S&P 500® 2x Strategy Fund		18,486,666		29,949,270
NASDAQ-100® 2x Strategy Fund		253,420,144		255,752,349
Mid-Cap 1.5x Strategy Fund		919,604		983,807
Inverse Mid-Cap Strategy Fund		—		—
Russell 2000® 2x Strategy Fund		—		—
Russell 2000® 1.5x Strategy Fund		156,659		604,237
Inverse Russell 2000® Strategy Fund		—		—
Dow 2x Strategy Fund		24,588,354		34,163,306
Inverse Dow 2x Strategy Fund		—		—
Government Long Bond 1.2x Strategy Fund		—		400,000
Inverse Government Long Bond Strategy Fund		—		—
High Yield Strategy Fund		—		—
U.S. Government Money Market Fund		—		—

For the period ended June 30, 2024, the cost of purchases and proceeds from sales of government securities were as follows:

Fund	Purchases		Sales
Government Long Bond 1.2x Strategy Fund	$	48,360,031	$	49,112,375
Inverse Government Long Bond Strategy Fund		10,919,609		12,467,328

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

140 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

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, 2024, 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)
Nova Fund	$	15,650,820	$	12,711,442	$	41,855
NASDAQ-100® Fund		55,045,643		50,246,853		390,468
S&P 500® 2x Strategy Fund		18,288,741		18,735,279		405,487
NASDAQ-100® 2x Strategy Fund		135,179,034		99,502,435		4,682,268
Mid-Cap 1.5x Strategy Fund		240,265		746,027		88,644
Russell 2000® 1.5x Strategy Fund		—		443,083		894
Dow 2x Strategy Fund		1,830,431		8,504,015		121,841

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 June 3, 2024, the line of credit agreement was renewed and expires on November 18, 2024. 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 6.50% for the period ended June 30, 2024. The Funds did not have any borrowings outstanding under this agreement at June 30, 2024.

The average daily balances borrowed for the period ended June 30, 2024, were as follows:

Fund	Average Daily Balance
NASDAQ-100® 2x Strategy Fund	$	1,817
Mid-Cap 1.5x Strategy Fund		298
Inverse Mid-Cap Strategy Fund		5
Dow 2x Strategy Fund		167
Government Long Bond 1.2x Strategy Fund		2,025

Note 11 – 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 individual companies, 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, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as 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. 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 12 – 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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 141

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 information on correlation, leverage and other risks, please read the prospectus.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor’s favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

142 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

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. The Funds’ Form N-PORT is available on the SEC’s website at https://www.sec.gov. The Funds’ complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on our website at www.guggenheiminvestments.com, and will be made available, upon request and without charge, by calling 800.820.0888.

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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.

144 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 145

Item 10: Renumeration 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.

146 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Report of the Rydex Variable Trust Board of Trustees

As discussed further below, the Board, including the Independent Trustees, approved the renewal of the investment management agreement between the Trust, on behalf of each Fund listed below, and Security Investors (the “Advisory Agreement”) at a meeting held on May 20-21, 2024.

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**	●	Long Short Equity 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,

¹ Security Investors also serves as investment adviser to each of the 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 Commodities Strategy Fund, Global Managed Futures Strategy Fund, and Multi-Hedge Strategies Fund, respectively, that are organized as exempted companies under the laws of the Cayman Islands and used by the Funds to obtain exposure to commodities. Pursuant to separate investment management agreements between Security Investors and each Subsidiary (each a “Subsidiary Advisory Agreement” and collectively, the “Subsidiary Advisory Agreements”), each Subsidiary pays Security Investors an advisory fee at the same rate that its respective Fund pays Security Investors under the Advisory Agreement between the Trust, on behalf of the Funds, and Security Investors. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Subsidiary Advisory 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 Fund for so long as the Fund invests in its respective Subsidiary, and may be terminated only with the approval of the Board.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 147

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 16, 2024 (the “April Meeting”) and May 20-21, 2024 (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. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list 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.

As a part of its analysis, the Committee considered that Guggenheim had engaged in a strategic review of the Guggenheim fund line-up beginning in 2023, which resulted in a recommendation to the Board in 2024 for the Long Short Equity Fund to be liquidated and terminated (the “Proposed Liquidation”). The Committee noted that the Board was engaged in an extensive due diligence process to evaluate the Proposed Liquidation, which was ongoing at the time of the May Board Meeting (defined below), at which meeting the Advisory Agreement was being considered for renewal. The Committee considered the potential timing of the Proposed Liquidation and that the continuation of the Advisory Agreement for the Fund would allow the Fund to operate until the completion of the Proposed Liquidation, if approved by the Board and by shareholders, and would provide for the operation of the Fund to continue in the event the Board or shareholders do not approve the Proposed Liquidation.

148 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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 approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2025 at a meeting held on May 20-21, 2024 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered Guggenheim’s discussions with the Committee and the Board regarding the Proposed Liquidation, including at the April Meeting and the May Meetings. In this regard, the Committee considered Guggenheim’s representation that it continues to manage the Long Short Equity Fund in the best interest of the Fund and its shareholders and will continue to do so for so long as it serves as investment adviser to the Fund, including until the Proposed Liquidation, if approved by the Board and by shareholders, is completed. In addition, the Committee 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 2023, 2022 and 2021. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2023 and 2022, 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 also considered management’s representations at the April Meeting that there continued to be a high level of trading activity in the Tradable Funds and that the Tradable Funds continued 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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 149

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

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, 2023, 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, 2023, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2023, 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, 2024. 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 slightly underperformed the comparable peer fund over the five-year and three-year periods ended December 31, 2023, and that its performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year time periods.

150 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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. With respect to Multi-Hedge Strategies Fund, the Committee considered that the performance universe is limited in size and is comprised of only one other fund. The Committee observed that the returns of each Alternative Fund ranked in the first quartile of its performance universe for each of the five-year and three-year periods considered.

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 and certain other clients with respect to the Long Short Equity Fund, 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, 2025 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 that each Fund’s net effective management fee was generally competitive. The Committee noted that for Funds with a higher total net expense ratio as compared to the peer fund, the higher total net expense ratio was driven primarily by the higher other operating expenses of each such Fund.

2

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.

3

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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 151

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund’s and the peer fund’s respective fiscal year ends, the Fund’s contractual advisory fee was lower than that of the comparable peer fund and the Fund’s net effective management fee and total net expense ratio were higher than those of the comparable peer fund.

With respect to the Sector Funds, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds’ structure and the portfolio management needed to meet client requirements.

The Committee considered management’s agreement, as part of the 2024 annual contract renewal process, to reduce the total net expense ratio of the Europe 1.25x Strategy Fund by 0.10% of its average daily net assets through an expense reimbursement and/or waiver agreement effective August 1, 2024, with an initial term ending August 1, 2025, with such reduction to apply in addition to any other contractual waiver and/or reimbursement arrangements already in place. The Committee also considered the continuation, through August 1, 2025, 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 also noted the continuation, through August 1, 2025, of management’s separate 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, net effective management fee and total net expense ratio each rank in the fourth quartile (each in the 100th percentile) of its peer group. The Committee noted the Fund’s higher other operating expenses compared to its peer. The Committee considered that the peer group is limited in size and is comprised of only one other fund.

Long Short Equity Fund: The Fund’s contractual advisory fee, net effective management fee and total net expense ratio each rank in the fourth quartile (each in the 100th percentile) of its peer group. The Committee noted the Fund’s higher other operating expenses compared to its peers. The Committee considered that the peer group is limited in size and is comprised of only two other funds. The Committee also considered the small size of the Fund and that it was proposed for liquidation.

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, 2023, 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, 2022 and December 31, 2021. 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 economies of scale and synergies, such as enhanced visibility of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Funds.

152 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Concluded)

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm’s length and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in overall expenses in 2023 was attributable to decreased product and distribution related costs driven by lower average assets under management (which also resulted in decreased revenue from the funds in the Guggenheim fund complex), decreased expense waivers and reimbursements, and decreased expenses associated with 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 profit level margins; (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 and considered that the newly agreed expense reimbursement and/or waiver arrangement would produce additional savings to shareholders. 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. As a part of its considerations, the Board noted its ongoing evaluation of the Proposed Liquidation for the Long Short Equity Fund and determined that the renewal of the Advisory Agreement for the Fund would allow the Fund to operate until the completion of the Proposed Liquidation, if approved by the Board and by shareholders, and would provide for the operation of the Fund to continue in the event the Board or shareholders do not approve the Proposed Liquidation. (Following the May Board Meeting, the Board approved the Proposed Liquidation, subject to shareholder approval, at a reconvening of the May Board Meeting held by videoconference on May 24, 2024.)

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 153

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6.30.2024

Rydex Variable Trust Funds Semi-Annual Financial Report

Domestic Equity Funds

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

International Equity Funds

Europe 1.25x Strategy Fund

Japan 2x Strategy Fund

Specialty Funds

Strengthening Dollar 2x Strategy Fund

Weakening Dollar 2x Strategy Fund

GuggenheimInvestments.com RVATB2-SEMI-2-0624x1224

TABLE OF CONTENTS

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Financial Report)
S&P 500® PURE GROWTH FUND	2
S&P 500® PURE VALUE FUND	7
S&P MIDCAP 400® PURE GROWTH FUND	12
S&P MIDCAP 400® PURE VALUE FUND	17
S&P SMALLCAP 600® PURE GROWTH FUND	22
S&P SMALLCAP 600® PURE VALUE FUND	28
EUROPE 1.25x STRATEGY FUND	34
JAPAN 2x STRATEGY FUND	40
STRENGTHENING DOLLAR 2x STRATEGY FUND	45
WEAKENING DOLLAR 2x STRATEGY FUND	50
NOTES TO FINANCIAL STATEMENTS	55
OTHER INFORMATION	68
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies	70
Item 9: Proxy Disclosures for Open-End Management Investment Companies	71
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies	72
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract	73

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 1

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
S&P 500® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Technology - 35.7%
NVIDIA Corp.		11,437	$	1,412,927
Monolithic Power Systems, Inc.		923		758,411
Crowdstrike Holdings, Inc. — Class A*		1,952		747,987
KLA Corp.		850		700,833
Super Micro Computer, Inc.*		691		566,171
Advanced Micro Devices, Inc.*		3,488		565,788
Applied Materials, Inc.		2,340		552,217
ServiceNow, Inc.*		625		491,669
Broadcom, Inc.		289		463,998
Lam Research Corp.		428		455,756
Intuit, Inc.		627		412,071
Cadence Design Systems, Inc.*		1,180		363,145
Oracle Corp.		2,488		351,305
Microsoft Corp.		770		344,151
Synopsys, Inc.*		515		306,456
Fortinet, Inc.*		4,966		299,301
Fair Isaac Corp.*		201		299,221
Adobe, Inc.*		524		291,103
Tyler Technologies, Inc.*		576		289,601
Salesforce, Inc.		1,079		277,411
Apple, Inc.		1,005		211,673
Gartner, Inc.*		465		208,813
Total Technology				10,370,008
Consumer, Cyclical - 22.9%
Royal Caribbean Cruises Ltd.*		4,987		795,078
PulteGroup, Inc.		4,936		543,454
Deckers Outdoor Corp.*		558		540,116
Marriott International, Inc. — Class A		2,167		523,916
Hilton Worldwide Holdings, Inc.		2,359		514,734
Live Nation Entertainment, Inc.*		5,333		499,915
Chipotle Mexican Grill, Inc. — Class A*		7,600		476,140
DR Horton, Inc.		3,276		461,687
Copart, Inc.*		7,858		425,589
NVR, Inc.*		47		356,662
Tesla, Inc.*		1,798		355,788
Norwegian Cruise Line Holdings Ltd.*		17,914		336,604
Wynn Resorts Ltd.		3,221		288,279
Ross Stores, Inc.		1,946		282,793
Lululemon Athletica, Inc.*		831		248,219
Total Consumer, Cyclical				6,648,974
Communications - 17.6%
Arista Networks, Inc.*		2,447		857,625
Booking Holdings, Inc.		167		661,570
Uber Technologies, Inc.*		9,098		661,243
Meta Platforms, Inc. — Class A		1,198		604,056
Palo Alto Networks, Inc.*		1,518		514,617
Amazon.com, Inc.*		2,034		393,070
Expedia Group, Inc.*		2,716		342,189
Netflix, Inc.*		502		338,790
Alphabet, Inc. — Class A		1,610		293,261
Alphabet, Inc. — Class C		1,357		248,901
GoDaddy, Inc. — Class A*		1,417		197,969
Total Communications				5,113,291
Energy - 6.1%
Targa Resources Corp.		4,849		624,454
Diamondback Energy, Inc.		2,423		485,060
APA Corp.		11,656		343,153
Hess Corp.		2,121		312,890
Total Energy				1,765,557
Industrial - 5.7%
Builders FirstSource, Inc.*		3,221		445,819
Axon Enterprise, Inc.*		1,280		376,627
Fortive Corp.		4,459		330,412
TransDigm Group, Inc.		207		264,465
Old Dominion Freight Line, Inc.		1,389		245,297
Total Industrial				1,662,620
Consumer, Non-cyclical - 4.5%
United Rentals, Inc.		695		449,477
Eli Lilly & Co.		396		358,530
Corpay, Inc.*		1,028		273,870
West Pharmaceutical Services, Inc.		730		240,455
Total Consumer, Non-cyclical				1,322,332
Financial - 3.9%
KKR & Company, Inc. — Class A		5,861		616,812
Arch Capital Group Ltd.*		4,998		504,248
Total Financial				1,121,060
Basic Materials - 1.6%
Celanese Corp. — Class A		3,377		455,524
Utilities - 1.5%
Vistra Corp.		5,266		452,771
Total Common Stocks
(Cost $23,097,468)				28,912,137
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.8%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	122,845		122,845
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		96,848		96,848
Total Repurchase Agreements
(Cost $219,693)				219,693
Total Investments - 100.3%
(Cost $23,317,161)			$	29,131,830
Other Assets & Liabilities, net - (0.3)%				(83,956	)
Total Net Assets - 100.0%			$	29,047,874

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
S&P 500® PURE GROWTH FUND

*	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.
	See Sector Classification in Other Information section.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	28,912,137	$	—	$	—	$	28,912,137
Repurchase Agreements		—		219,693		—		219,693
Total Assets	$	28,912,137	$	219,693	$	—	$	29,131,830

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

S&P 500^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $23,097,468)	$	28,912,137
Repurchase agreements, at value (cost $219,693)		219,693
Receivables:
Dividends		2,857
Interest		97
Total assets		29,134,784
Liabilities:
Payable for:
Professional fees		18,363
Management fees		14,996
Fund shares redeemed		12,261
Printing fees		11,670
Transfer agent fees		9,573
Investor service fees		4,999
Portfolio accounting and administration fees		2,099
Trustees’ fees*		212
Miscellaneous		12,737
Total liabilities		86,910
Net assets	$	29,047,874
Net assets consist of:
Paid in capital	$	23,469,719
Total distributable earnings (loss)		5,578,155
Net assets	$	29,047,874
Capital shares outstanding		570,856
Net asset value per share	$	50.88

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends	$	72,303
Interest		4,957
Total investment income		77,260
Expenses:
Management fees		96,510
Investor service fees		32,170
Transfer agent fees		33,666
Portfolio accounting and administration fees		19,945
Professional fees		17,389
Custodian fees		1,656
Trustees’ fees*		1,518
Miscellaneous		11,239
Total expenses		214,093
Less:
Expenses reimbursed by Adviser		(6,434	)
Net expenses		207,659
Net investment loss		(130,399	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(18,088	)
Net realized loss		(18,088	)
Net change in unrealized appreciation (depreciation) on:
Investments		3,574,915
Net change in unrealized appreciation (depreciation)		3,574,915
Net realized and unrealized gain		3,556,827
Net increase in net assets resulting from operations	$	3,426,428

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

4 | 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, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(130,399	)	$	15,097
Net realized gain (loss) on investments		(18,088	)		719,577
Net change in unrealized appreciation (depreciation) on investments		3,574,915			334,743
Net increase in net assets resulting from operations		3,426,428			1,069,417
Capital share transactions:
Proceeds from sale of shares		36,348,589			32,175,733
Cost of shares redeemed		(33,171,934	)		(34,207,558	)
Net increase (decrease) from capital share transactions		3,176,655			(2,031,825	)
Net increase (decrease) in net assets		6,603,083			(962,408	)
Net assets:
Beginning of period		22,444,791			23,407,199
End of period	$	29,047,874		$	22,444,791
Capital share activity:
Shares sold		750,099			767,091
Shares redeemed		(686,006	)		(822,996	)
Net increase (decrease) in shares		64,093			(55,905	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	44.29		$	41.60		$	70.09		$	55.17		$	54.49		$	43.97
Income (loss) from investment operations:
Net investment income (loss)b		(.24	)		.03			(.27	)		(.84	)		(.48	)		(.22	)
Net gain (loss) on investments (realized and unrealized)		6.83			2.66			(19.18	)		16.03			13.22			11.87
Total from investment operations		6.59			2.69			(19.45	)		15.19			12.74			11.65
Less distributions from:
Net realized gains		—			—			(9.04	)		(.27	)		(12.06	)		(1.13	)
Total distributions		—			—			(9.04	)		(.27	)		(12.06	)		(1.13	)
Net asset value, end of period	$	50.88		$	44.29		$	41.60		$	70.09		$	55.17		$	54.49
Total Returnc		14.88	%		6.47	%		(28.35	%)		27.59	%		27.32	%		26.60	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	29,048		$	22,445		$	23,407		$	52,617		$	35,292		$	42,057
Ratios to average net assets:
Net investment income (loss)		(1.01	%)		0.06	%		(0.53	%)		(1.34	%)		(0.94	%)		(0.42	%)
Total expenses		1.66	%		1.71	%		1.67	%		1.60	%		1.73	%		1.72	%
Net expensesd		1.61	%		1.69	%		1.67	%		1.60	%		1.73	%		1.72	%
Portfolio turnover rate		118	%		182	%		139	%		155	%		159	%		190	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
S&P 500® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.8%
Financial - 31.3%
Berkshire Hathaway, Inc. — Class B*		1,725	$	701,730
Citigroup, Inc.		6,921		439,207
Citizens Financial Group, Inc.		9,896		356,553
Invesco Ltd.		22,348		334,326
Truist Financial Corp.		6,426		249,650
Capital One Financial Corp.		1,782		246,718
Synchrony Financial		4,978		234,912
Prudential Financial, Inc.		1,802		211,176
Bank of America Corp.		5,196		206,645
Wells Fargo & Co.		3,436		204,064
M&T Bank Corp.		1,339		202,671
Loews Corp.		2,689		200,976
American International Group, Inc.		2,631		195,325
Bank of New York Mellon Corp.		2,934		175,717
Huntington Bancshares, Inc.		12,345		162,707
Regions Financial Corp.		7,845		157,214
State Street Corp.		2,063		152,662
KeyCorp		10,629		151,038
Goldman Sachs Group, Inc.		313		141,576
Hartford Financial Services Group, Inc.		1,377		138,444
Franklin Resources, Inc.		6,071		135,687
MetLife, Inc.		1,806		126,763
Fifth Third Bancorp		3,156		115,163
Everest Group Ltd.		290		110,496
PNC Financial Services Group, Inc.		710		110,391
Assurant, Inc.		663		110,224
Cincinnati Financial Corp.		892		105,345
Allstate Corp.		630		100,586
Alexandria Real Estate Equities, Inc. REIT		854		99,892
Principal Financial Group, Inc.		1,247		97,827
U.S. Bancorp		2,403		95,399
Travelers Companies, Inc.		462		93,943
Total Financial				6,165,027
Consumer, Non-cyclical - 24.2%
Tyson Foods, Inc. — Class A		7,556		431,750
Viatris, Inc.		39,541		420,321
Bunge Global S.A.		3,709		396,010
Kroger Co.		6,976		348,312
CVS Health Corp.		5,722		337,941
Centene Corp.*		4,807		318,704
McKesson Corp.		529		308,957
Cigna Group		837		276,687
Cencora, Inc. — Class A		1,210		272,613
Universal Health Services, Inc. — Class B		1,209		223,580
Cardinal Health, Inc.		2,225		218,762
Archer-Daniels-Midland Co.		3,485		210,668
Kraft Heinz Co.		5,436		175,148
Molson Coors Beverage Co. — Class B		2,862		145,476
Elevance Health, Inc.		216		117,042
Conagra Brands, Inc.		3,811		108,309
Corteva, Inc.		1,919		103,511
Sysco Corp.		1,383		98,732
Henry Schein, Inc.*		1,406		90,125
Bio-Rad Laboratories, Inc. — Class A*		312		85,210
Humana, Inc.		200		74,730
Total Consumer, Non-cyclical				4,762,588
Consumer, Cyclical - 17.9%
General Motors Co.		18,470		858,116
Ford Motor Co.		44,340		556,024
United Airlines Holdings, Inc.*		9,560		465,189
CarMax, Inc.*		4,200		308,028
BorgWarner, Inc.		7,623		245,765
Walgreens Boots Alliance, Inc.		19,796		239,433
Best Buy Company, Inc.		2,795		235,591
American Airlines Group, Inc.*		19,030		215,610
Southwest Airlines Co.		7,167		205,048
Target Corp.		737		109,105
LKQ Corp.		2,078		86,424
Total Consumer, Cyclical				3,524,333
Communications - 5.8%
Paramount Global — Class B		35,264		366,393
Warner Bros Discovery, Inc.*		31,978		237,916
AT&T, Inc.		8,655		165,397
Verizon Communications, Inc.		2,915		120,214
Fox Corp. — Class A		2,820		96,924
News Corp. — Class A		3,118		85,963
Fox Corp. — Class B		1,508		48,286
News Corp. — Class B		935		26,545
Total Communications				1,147,638
Energy - 5.4%
Valero Energy Corp.		2,721		426,544
Phillips 66		2,324		328,079
Equities Corp.		3,025		111,864
Kinder Morgan, Inc.		5,164		102,609
Chevron Corp.		605		94,634
Total Energy				1,063,730
Industrial - 5.3%
Mohawk Industries, Inc.*		3,595		408,356
Westrock Co.		6,333		318,297
FedEx Corp.		379		113,639
Stanley Black & Decker, Inc.		1,309		104,576
CH Robinson Worldwide, Inc.		1,075		94,729
Total Industrial				1,039,597
Basic Materials - 5.0%
International Paper Co.		5,629		242,891
Mosaic Co.		6,375		184,238
International Flavors & Fragrances, Inc.		1,562		148,718
Dow, Inc.		2,202		116,816
Eastman Chemical Co.		1,098		107,571
LyondellBasell Industries N.V. — Class A		1,071		102,452
Albemarle Corp.		795		75,938
Total Basic Materials				978,624

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 7

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
S&P 500® PURE VALUE FUND

	Shares		Value
Utilities - 2.8%
NRG Energy, Inc.		3,297	$	256,705
Evergy, Inc.		2,008		106,364
Pinnacle West Capital Corp.		1,324		101,127
Eversource Energy		1,647		93,401
Total Utilities				557,597
Technology - 2.1%
Hewlett Packard Enterprise Co.		14,497		306,902
HP, Inc.		3,000		105,060
Total Technology				411,962
Total Common Stocks
(Cost $15,730,650)				19,651,096

	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.4%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	48,882		48,882
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		38,538		38,538
Total Repurchase Agreements
(Cost $87,420)				87,420
Total Investments - 100.2%
(Cost $15,818,070)			$	19,738,516
Other Assets & Liabilities, net - (0.2)%				(38,127	)
Total Net Assets - 100.0%			$	19,700,389

*	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.
	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, 2024 (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	$	19,651,096	$	—	$	—	$	19,651,096
Repurchase Agreements		—		87,420		—		87,420
Total Assets	$	19,651,096	$	87,420	$	—	$	19,738,516

8 | 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, 2024

Assets:
Investments, at value (cost $15,730,650)	$	19,651,096
Repurchase agreements, at value (cost $87,420)		87,420
Receivables:
Dividends		22,689
Fund shares sold		2,120
Interest		39
Securities lending income		4
Total assets		19,763,368
Liabilities:
Payable for:
Professional fees		15,763
Management fees		10,469
Printing fees		8,148
Fund shares redeemed		7,572
Transfer agent fees		6,876
Investor service fees		3,490
Portfolio accounting and administration fees		1,466
Trustees’ fees*		162
Miscellaneous		9,033
Total liabilities		62,979
Net assets	$	19,700,389
Net assets consist of:
Paid in capital	$	19,278,378
Total distributable earnings (loss)		422,011
Net assets	$	19,700,389
Capital shares outstanding		349,064
Net asset value per share	$	56.44

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends	$	261,905
Interest		3,009
Income from securities lending, net		14
Total investment income		264,928
Expenses:
Management fees		71,483
Investor service fees		23,828
Transfer agent fees		25,606
Portfolio accounting and administration fees		14,773
Professional fees		14,052
Trustees’ fees*		1,249
Custodian fees		1,237
Miscellaneous		6,488
Total expenses		158,716
Less:
Expenses reimbursed by Adviser		(4,766	)
Net expenses		153,950
Net investment income		110,978
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(526,815	)
Net realized loss		(526,815	)
Net change in unrealized appreciation (depreciation) on:
Investments		682,980
Net change in unrealized appreciation (depreciation)		682,980
Net realized and unrealized gain		156,165
Net increase in net assets resulting from operations	$	267,143

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

S&P 500^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	110,978		$	247,691
Net realized gain (loss) on investments		(526,815	)		148,636
Net change in unrealized appreciation (depreciation) on investments		682,980			(126,761	)
Net increase in net assets resulting from operations		267,143			269,566
Distributions to shareholders		—			(296,989	)
Capital share transactions:
Proceeds from sale of shares		21,639,430			17,519,101
Distributions reinvested		—			296,989
Cost of shares redeemed		(21,680,541	)		(31,512,852	)
Net decrease from capital share transactions		(41,111	)		(13,696,762	)
Net increase (decrease) in net assets		226,032			(13,724,185	)
Net assets:
Beginning of period		19,474,357			33,198,542
End of period	$	19,700,389		$	19,474,357
Capital share activity:
Shares sold		379,658			328,298
Shares issued from reinvestment of distributions		—			5,535
Shares redeemed		(382,740	)		(610,428	)
Net decrease in shares		(3,082	)		(276,595	)

10 | 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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	55.30		$	52.80		$	61.26		$	46.76		$	58.01		$	48.02
Income (loss) from investment operations:
Net investment income (loss)b		.33			.56			.50			.50			.46			.59
Net gain (loss) on investments (realized and unrealized)		.81			2.73			(2.25	)		14.56			(7.59	)		10.53
Total from investment operations		1.14			3.29			(1.75	)		15.06			(7.13	)		11.12
Less distributions from:
Net investment income		—			(.79	)		(.57	)		(.36	)		(.85	)		(.45	)
Net realized gains		—			—			(6.14	)		(.20	)		(3.27	)		(.68	)
Total distributions		—			(.79	)		(6.71	)		(.56	)		(4.12	)		(1.13	)
Net asset value, end of period	$	56.44		$	55.30		$	52.80		$	61.26		$	46.76		$	58.01
Total Returnc		2.06	%		6.29	%		(2.55	%)		32.32	%		(10.56	%)		23.27	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	19,700		$	19,474		$	33,199		$	30,303		$	25,999		$	32,731
Ratios to average net assets:
Net investment income (loss)		1.16	%		1.07	%		0.86	%		0.87	%		1.08	%		1.10	%
Total expenses		1.67	%		1.70	%		1.67	%		1.59	%		1.73	%		1.72	%
Net expensesd		1.62	%		1.69	%		1.67	%		1.59	%		1.73	%		1.72	%
Portfolio turnover rate		93	%		88	%		280	%		184	%		157	%		144	%

a	Unaudited figures for the period ended June 30, 2024. 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 | 11

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
S&P MIDCAP 400® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.7%
Industrial - 25.5%
Comfort Systems USA, Inc.		842	$	256,069
TopBuild Corp.*		645		248,499
AAON, Inc.		2,623		228,830
EMCOR Group, Inc.		568		207,366
Owens Corning		1,159		201,341
Clean Harbors, Inc.*		860		194,489
nVent Electric plc		2,117		162,184
Simpson Manufacturing Company, Inc.		941		158,587
Eagle Materials, Inc.		701		152,439
Saia, Inc.*		303		143,710
Lennox International, Inc.		261		139,630
Universal Display Corp.		651		136,873
UFP Industries, Inc.		1,138		127,456
Chart Industries, Inc.*		842		121,534
Esab Corp.		1,195		112,844
Applied Industrial Technologies, Inc.		564		109,416
Advanced Drainage Systems, Inc.		646		103,612
Trex Company, Inc.*		1,371		101,619
Crane Co.		690		100,036
RBC Bearings, Inc.*		356		96,042
Lincoln Electric Holdings, Inc.		499		94,131
Vontier Corp.		2,376		90,763
NEXTracker, Inc. — Class A*		1,748		81,946
Total Industrial				3,369,416
Consumer, Cyclical - 19.6%
Wingstop, Inc.		647		273,461
Murphy USA, Inc.		474		222,524
Toll Brothers, Inc.		1,925		221,721
Hyatt Hotels Corp. — Class A		1,438		218,461
Churchill Downs, Inc.		1,185		165,426
Crocs, Inc.*		1,064		155,280
Texas Roadhouse, Inc. — Class A		904		155,226
Casey’s General Stores, Inc.		378		144,230
Williams-Sonoma, Inc.		502		141,750
Skechers USA, Inc. — Class A*		2,049		141,627
Floor & Decor Holdings, Inc. — Class A*		1,228		122,075
Tempur Sealy International, Inc.		2,476		117,214
Watsco, Inc.		233		107,935
Light & Wonder, Inc. — Class A*		984		103,202
Planet Fitness, Inc. — Class A*		1,335		98,243
FirstCash Holdings, Inc.		758		79,499
Boyd Gaming Corp.		1,100		60,610
Five Below, Inc.*		533		58,081
Total Consumer, Cyclical				2,586,565
Consumer, Non-cyclical - 17.8%
elf Beauty, Inc.*		1,557		328,091
Medpace Holdings, Inc.*		621		255,759
Celsius Holdings, Inc.*		4,180		238,636
Lantheus Holdings, Inc.*		2,326		186,754
Valvoline, Inc.*		3,748		161,914
Coca-Cola Consolidated, Inc.		119		129,115
Grand Canyon Education, Inc.*		833		116,545
RB Global, Inc.		1,503		114,769
Exelixis, Inc.*		4,920		110,552
Arrowhead Pharmaceuticals, Inc.*		3,806		98,918
Brink’s Co.		899		92,058
Halozyme Therapeutics, Inc.*		1,633		85,504
Acadia Healthcare Company, Inc.*		1,260		85,101
Progyny, Inc.*		2,938		84,056
Penumbra, Inc.*		379		68,209
FTI Consulting, Inc.*		308		66,383
Coty, Inc. — Class A*		6,508		65,210
Avis Budget Group, Inc.		606		63,339
Total Consumer, Non-cyclical				2,350,913
Energy - 15.9%
CNX Resources Corp.*		13,050		317,115
Weatherford International plc*		2,331		285,431
Southwestern Energy Co.*		41,940		282,256
Permian Resources Corp.		15,422		249,065
Valaris Ltd.*		2,590		192,955
Range Resources Corp.		5,109		171,305
Chord Energy Corp.		1,003		168,183
Ovintiv, Inc.		3,535		165,686
Civitas Resources, Inc.		2,063		142,347
Matador Resources Co.		1,974		117,650
Total Energy				2,091,993
Technology - 12.3%
Duolingo, Inc.*		1,414		295,059
Appfolio, Inc. — Class A*		990		242,124
Onto Innovation, Inc.*		943		207,045
Rambus, Inc.*		2,955		173,636
Dynatrace, Inc.*		3,370		150,774
Pure Storage, Inc. — Class A*		2,238		143,702
Manhattan Associates, Inc.*		526		129,754
Altair Engineering, Inc. — Class A*		1,170		114,754
Qualys, Inc.*		706		100,675
Dropbox, Inc. — Class A*		2,986		67,095
Total Technology				1,624,618
Financial - 5.5%
Ryan Specialty Holdings, Inc.		4,380		253,646
Kinsale Capital Group, Inc.		469		180,696
Park Hotels & Resorts, Inc. REIT		11,511		172,435
Primerica, Inc.		486		114,978
Total Financial				721,755
Basic Materials - 3.1%
Reliance, Inc.		550		157,080
Westlake Corp.		892		129,179
NewMarket Corp.		233		120,128
Total Basic Materials				406,387
Total Common Stocks
(Cost $10,755,527)				13,151,647

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
S&P MIDCAP 400® PURE GROWTH FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	44,559	$	44,559
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		35,129		35,129
Total Repurchase Agreements
(Cost $79,688)			$	79,688
Total Investments - 100.3%
(Cost $10,835,215)			$	13,231,335
Other Assets & Liabilities, net - (0.3)%				(39,229	)
Total Net Assets - 100.0%			$	13,192,106

*	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, 2024 (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	$	13,151,647	$	—	$	—	$	13,151,647
Repurchase Agreements		—		79,688		—		79,688
Total Assets	$	13,151,647	$	79,688	$	—	$	13,231,335

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

S&P MIDCAP 400^® PURE GROWTH FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $10,755,527)	$	13,151,647
Repurchase agreements, at value (cost $79,688)		79,688
Receivables:
Dividends		4,822
Interest		35
Total assets		13,236,192
Liabilities:
Payable for:
Management fees		9,210
Printing fees		7,177
Professional fees		6,841
Transfer agent fees		5,581
Investor service fees		3,070
Fund shares redeemed		2,715
Portfolio accounting and administration fees		1,289
Trustees’ fees*		110
Miscellaneous		8,093
Total liabilities		44,086
Net assets	$	13,192,106
Net assets consist of:
Paid in capital	$	10,517,430
Total distributable earnings (loss)		2,674,676
Net assets	$	13,192,106
Capital shares outstanding		341,191
Net asset value per share	$	38.66

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends	$	52,045
Interest		2,661
Income from securities lending, net		3
Total investment income		54,709
Expenses:
Management fees		53,381
Investor service fees		17,794
Transfer agent fees		17,680
Portfolio accounting and administration fees		11,032
Professional fees		7,951
Custodian fees		898
Trustees’ fees*		643
Line of credit fees		25
Miscellaneous		8,857
Total expenses		118,261
Less:
Expenses reimbursed by Adviser		(3,559	)
Net expenses		114,702
Net investment loss		(59,993	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		496,591
Net realized gain		496,591
Net change in unrealized appreciation (depreciation) on:
Investments		1,339,179
Net change in unrealized appreciation (depreciation)		1,339,179
Net realized and unrealized gain		1,835,770
Net increase in net assets resulting from operations	$	1,775,777

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

14 | 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, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(59,993	)	$	(51,915	)
Net realized gain on investments		496,591			711,051
Net change in unrealized appreciation (depreciation) on investments		1,339,179			343,457
Net increase in net assets resulting from operations		1,775,777			1,002,593
Capital share transactions:
Proceeds from sale of shares		32,207,475			15,193,565
Cost of shares redeemed		(29,769,807	)		(19,179,213	)
Net increase (decrease) from capital share transactions		2,437,668			(3,985,648	)
Net increase (decrease) in net assets		4,213,445			(2,983,055	)
Net assets:
Beginning of period		8,978,661			11,961,716
End of period	$	13,192,106		$	8,978,661
Capital share activity:
Shares sold		841,528			486,679
Shares redeemed		(773,278	)		(630,714	)
Net increase (decrease) in shares		68,250			(144,035	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	32.90		$	28.69		$	46.84		$	45.31		$	36.17		$	31.34
Income (loss) from investment operations:
Net investment income (loss)b		(.16	)		(.16	)		(.19	)		(.59	)		(.41	)		(.27	)
Net gain (loss) on investments (realized and unrealized)		5.92			4.37			(10.46	)		6.04			11.04			5.10
Total from investment operations		5.76			4.21			(10.65	)		5.45			10.63			4.83
Less distributions from:
Net realized gains		—			—			(7.50	)		(3.92	)		(1.49	)		—
Total distributions		—			—			(7.50	)		(3.92	)		(1.49	)		—
Net asset value, end of period	$	38.66		$	32.90		$	28.69		$	46.84		$	45.31		$	36.17
Total Returnc		17.51	%		14.67	%		(22.62	%)		12.21	%		30.47	%		15.41	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	13,192		$	8,979		$	11,962		$	18,633		$	20,870		$	12,738
Ratios to average net assets:
Net investment income (loss)		(0.84	%)		(0.52	%)		(0.55	%)		(1.23	%)		(1.13	%)		(0.77	%)
Total expenses		1.66	%		1.71	%		1.67	%		1.60	%		1.72	%		1.73	%
Net expensesd		1.61	%		1.69	%		1.67	%		1.60	%		1.72	%		1.73	%
Portfolio turnover rate		208	%		197	%		227	%		159	%		204	%		176	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
S&P MIDCAP 400® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Consumer, Cyclical - 25.9%
Macy’s, Inc.		10,665	$	204,768
Nordstrom, Inc.		6,888		146,163
Lithia Motors, Inc. — Class A		568		143,392
Goodyear Tire & Rubber Co.*		12,230		138,810
AutoNation, Inc.*		865		137,864
Taylor Morrison Home Corp. — Class A*		1,978		109,660
Adient plc*		4,340		107,241
WESCO International, Inc.		669		106,050
Aramark		3,061		104,135
Lear Corp.		750		85,658
PVH Corp.		799		84,590
Penske Automotive Group, Inc.		564		84,047
Whirlpool Corp.		814		83,191
Thor Industries, Inc.		748		69,901
Harley-Davidson, Inc.		1,912		64,129
Marriott Vacations Worldwide Corp.		692		60,425
Gap, Inc.		2,418		57,766
BJ’s Wholesale Club Holdings, Inc.*		577		50,684
Under Armour, Inc. — Class C*		3,692		24,109
Under Armour, Inc. — Class A*		3,569		23,805
Total Consumer, Cyclical				1,886,388
Financial - 22.3%
Jones Lang LaSalle, Inc.*		697		143,080
Unum Group		2,238		114,384
Ally Financial, Inc.		2,741		108,735
Jefferies Financial Group, Inc.		1,851		92,106
Reinsurance Group of America, Inc. — Class A		445		91,345
Kemper Corp.		1,520		90,182
Associated Banc-Corp.		4,223		89,316
Cousins Properties, Inc. REIT		3,181		73,640
FNB Corp.		5,367		73,420
Zions Bancorp North America		1,599		69,349
First Horizon Corp.		4,065		64,105
Kilroy Realty Corp. REIT		2,015		62,808
Old National Bancorp		3,246		55,799
Independence Realty Trust, Inc. REIT		2,902		54,384
Janus Henderson Group plc		1,604		54,071
Valley National Bancorp		7,708		53,802
Texas Capital Bancshares, Inc.*		825		50,440
Prosperity Bancshares, Inc.		807		49,340
Healthcare Realty Trust, Inc. REIT		2,853		47,017
CNO Financial Group, Inc.		1,517		42,051
Old Republic International Corp.		1,344		41,530
Webster Financial Corp.		908		39,580
First American Financial Corp.		633		34,150
New York Community Bancorp, Inc.		9,289		29,911
Total Financial				1,624,545
Industrial - 17.9%
Avnet, Inc.		3,909		201,274
TD SYNNEX Corp.		1,652		190,641
MasTec, Inc.*		1,509		161,448
Arrow Electronics, Inc.*		1,334		161,094
Ryder System, Inc.		844		104,555
MDU Resources Group, Inc.		4,020		100,902
Fluor Corp.*		1,792		78,041
Coherent Corp.*		913		66,156
Greif, Inc. — Class A		810		46,551
Oshkosh Corp.		418		45,228
Vishay Intertechnology, Inc.		1,761		39,270
AGCO Corp.		395		38,663
Knight-Swift Transportation Holdings, Inc.		686		34,245
Berry Global Group, Inc.		579		34,074
Total Industrial				1,302,142
Consumer, Non-cyclical - 13.7%
Tenet Healthcare Corp.*		1,112		147,929
US Foods Holding Corp.*		2,510		132,980
ManpowerGroup, Inc.		1,797		125,430
Pilgrim’s Pride Corp.*		3,111		119,743
Graham Holdings Co. — Class B		165		115,426
Performance Food Group Co.*		1,737		114,833
Perrigo Company plc		2,484		63,789
Post Holdings, Inc.*		601		62,600
Enovis Corp.*		1,100		49,720
Envista Holdings Corp.*		2,122		35,289
QuidelOrtho Corp.*		794		26,377
Total Consumer, Non-cyclical				994,116
Energy - 7.1%
PBF Energy, Inc. — Class A		4,606		211,968
HF Sinclair Corp.		2,899		154,633
Antero Resources Corp.*		1,861		60,724
Chesapeake Energy Corp.1		648		53,259
NOV, Inc.		2,082		39,579
Total Energy				520,163
Basic Materials - 6.7%
United States Steel Corp.		4,340		164,052
Alcoa Corp.		3,456		137,480
Cleveland-Cliffs, Inc.*		6,421		98,819
Commercial Metals Co.		1,559		85,729
Total Basic Materials				486,080
Utilities - 2.4%
UGI Corp.		2,437		55,808
Southwest Gas Holdings, Inc.		666		46,873
Black Hills Corp.		759		41,274
Spire, Inc.		566		34,373
Total Utilities				178,328
Technology - 1.9%
Kyndryl Holdings, Inc.*		4,020		105,766
Concentrix Corp.		462		29,235
Total Technology				135,001

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
S&P MIDCAP 400® PURE VALUE FUND

	Shares		Value
Communications - 1.7%
Frontier Communications Parent, Inc.*		2,827	$	74,011
TEGNA, Inc.		3,667		51,118
Total Communications				125,129
Total Common Stocks
(Cost $5,676,715)				7,251,892
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.5%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	21,824		21,824
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		17,205		17,205
Total Repurchase Agreements
(Cost $39,029)				39,029
SECURITIES LENDING COLLATERAL†,3 - 0.6%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		40,824	$	40,824
Total Securities Lending Collateral
(Cost $40,824)				40,824
Total Investments - 100.7%
(Cost $5,756,568)			$	7,331,745
Other Assets & Liabilities, net - (0.7)%				(50,956	)
Total Net Assets - 100.0%			$	7,280,789

*	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, 2024 — 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, 2024.
	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, 2024 (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	$	7,251,892	$	—	$	—	$	7,251,892
Repurchase Agreements		—		39,029		—		39,029
Securities Lending Collateral		40,824		—		—		40,824
Total Assets	$	7,292,716	$	39,029	$	—	$	7,331,745

18 | 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, 2024

Assets:
Investments, at value - including $39,944 of securities loaned (cost $5,717,539)	$	7,292,716
Repurchase agreements, at value (cost $39,029)		39,029
Receivables:
Dividends		8,056
Fund shares sold		7,731
Interest		17
Securities lending income		6
Total assets		7,347,555
Liabilities:
Payable for:
Return of securities lending collateral		40,824
Professional fees		8,562
Management fees		4,229
Transfer agent fees		3,018
Investor service fees		1,409
Portfolio accounting and administration fees		592
Fund shares redeemed		494
Trustees’ fees*		79
Miscellaneous		7,559
Total liabilities		66,766
Net assets	$	7,280,789
Net assets consist of:
Paid in capital	$	6,096,768
Total distributable earnings (loss)		1,184,021
Net assets	$	7,280,789
Capital shares outstanding		148,603
Net asset value per share	$	48.99

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends	$	74,745
Interest		1,575
Income from securities lending, net		89
Total investment income		76,409
Expenses:
Management fees		32,047
Investor service fees		10,683
Transfer agent fees		12,141
Professional fees		7,442
Portfolio accounting and administration fees		6,623
Trustees’ fees*		707
Custodian fees		566
Line of credit fees		21
Miscellaneous		994
Total expenses		71,224
Less:
Expenses reimbursed by Adviser		(2,137	)
Net expenses		69,087
Net investment income		7,322
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(16,904	)
Net realized loss		(16,904	)
Net change in unrealized appreciation (depreciation) on:
Investments		(433,266	)
Net change in unrealized appreciation (depreciation)		(433,266	)
Net realized and unrealized loss		(450,170	)
Net decrease in net assets resulting from operations	$	(442,848	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

S&P MIDCAP 400^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	7,322		$	2,587
Net realized gain (loss) on investments		(16,904	)		919,568
Net change in unrealized appreciation (depreciation) on investments		(433,266	)		883,705
Net increase (decrease) in net assets resulting from operations		(442,848	)		1,805,860
Capital share transactions:
Proceeds from sale of shares		2,960,277			26,885,845
Cost of shares redeemed		(6,726,587	)		(29,228,691	)
Net decrease from capital share transactions		(3,766,310	)		(2,342,846	)
Net decrease in net assets		(4,209,158	)		(536,986	)
Net assets:
Beginning of period		11,489,947			12,026,933
End of period	$	7,280,789		$	11,489,947
Capital share activity:
Shares sold		59,366			605,586
Shares redeemed		(136,488	)		(681,889	)
Net decrease in shares		(77,122	)		(76,303	)

20 | 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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	50.90		$	39.82		$	54.73		$	43.24		$	42.15		$	34.42
Income (loss) from investment operations:
Net investment income (loss)b		.04			.01			.29			.26			.09			.14
Net gain (loss) on investments (realized and unrealized)		(1.95	)		11.07			(3.74	)		13.11			2.49			7.59
Total from investment operations		(1.91	)		11.08			(3.45	)		13.37			2.58			7.73
Less distributions from:
Net investment income		—			—			(.55	)		(.04	)		(.15	)		—
Net realized gains		—			—			(10.91	)		(1.84	)		(1.34	)		—
Total distributions		—			—			(11.46	)		(1.88	)		(1.49	)		—
Net asset value, end of period	$	48.99		$	50.90		$	39.82		$	54.73		$	43.24		$	42.15
Total Returnc		(3.75	%)		27.83	%		(5.22	%)		31.25	%		7.42	%		22.46	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,281		$	11,490		$	12,027		$	13,823		$	16,368		$	9,418
Ratios to average net assets:
Net investment income (loss)		0.17	%		0.02	%		0.63	%		0.49	%		0.27	%		0.35	%
Total expenses		1.67	%		1.71	%		1.67	%		1.59	%		1.72	%		1.73	%
Net expensesd		1.62	%		1.69	%		1.67	%		1.59	%		1.72	%		1.73	%
Portfolio turnover rate		33	%		238	%		257	%		216	%		320	%		188	%

a	Unaudited figures for the period ended June 30, 2024. 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 | 21

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
COMMON STOCKS† - 99.9%
Consumer, Cyclical - 20.7%
Abercrombie & Fitch Co. — Class A*		667	$	118,619
Cinemark Holdings, Inc.*		4,532		97,982
Boot Barn Holdings, Inc.*		711		91,669
Green Brick Partners, Inc.*		1,509		86,375
Group 1 Automotive, Inc.		278		82,644
Six Flags Entertainment Corp.		2,341		77,581
Installed Building Products, Inc.		356		73,222
Cavco Industries, Inc.*		208		72,003
Patrick Industries, Inc.		650		70,558
Shake Shack, Inc. — Class A*		699		62,910
GMS, Inc.*		743		59,893
Urban Outfitters, Inc.*		1,343		55,130
M/I Homes, Inc.*		446		54,475
Meritage Homes Corp.		324		52,439
Signet Jewelers Ltd.		514		46,044
Dave & Buster’s Entertainment, Inc.*		1,126		44,826
Guess?, Inc.1		1,971		40,208
Oxford Industries, Inc.		376		37,656
Monarch Casino & Resort, Inc.		499		33,997
American Eagle Outfitters, Inc.		1,552		30,978
Steven Madden Ltd.		729		30,837
Madison Square Garden Sports Corp. — Class A*		133		25,021
Kontoor Brands, Inc.		364		24,079
XPEL, Inc.*		555		19,736
Jack in the Box, Inc.		256		13,041
Total Consumer, Cyclical				1,401,923
Financial - 18.7%
Two Harbors Investment Corp. REIT		7,979		105,403
SiriusPoint Ltd.*		7,234		88,255
St. Joe Co.		1,399		76,526
Marathon Digital Holdings, Inc.*		3,360		66,696
Ambac Financial Group, Inc.*		5,137		65,856
Redwood Trust, Inc. REIT		9,412		61,084
First BanCorp		3,115		56,973
Customers Bancorp, Inc.*		1,168		56,041
HCI Group, Inc.		599		55,210
Bancorp, Inc.*		1,390		52,486
Pathward Financial, Inc.		919		51,988
Sunstone Hotel Investors, Inc. REIT		4,963		51,913
Palomar Holdings, Inc.*		635		51,530
Goosehead Insurance, Inc. — Class A*		846		48,594
OFG Bancorp		1,228		45,989
WisdomTree, Inc.		4,502		44,615
DiamondRock Hospitality Co. REIT		5,269		44,523
Ellington Financial, Inc. REIT		3,617		43,693
eXp World Holdings, Inc.1		3,548		40,039
Preferred Bank/Los Angeles CA		525		39,632
World Acceptance Corp.*		286		35,344
Triumph Financial, Inc.*		384		31,392
New York Mortgage Trust, Inc. REIT		4,471		26,111
Apple Hospitality REIT, Inc.		1,714		24,921
Total Financial				1,264,814
Industrial - 16.4%
Encore Wire Corp.		373		108,107
Dorian LPG Ltd.		1,853		77,752
Matson, Inc.		577		75,570
Fabrinet*		264		64,625
ArcBest Corp.		553		59,215
AZZ, Inc.		753		58,169
Powell Industries, Inc.		371		53,201
AeroVironment, Inc.*		273		49,730
Mueller Industries, Inc.		851		48,456
Badger Meter, Inc.		244		45,469
Federal Signal Corp.		543		45,433
Gibraltar Industries, Inc.*		644		44,146
Materion Corp.		395		42,711
MYR Group, Inc.*		293		39,763
Boise Cascade Co.		321		38,270
Moog, Inc. — Class A		216		36,137
SPX Technologies, Inc.*		254		36,104
Frontdoor, Inc.*		922		31,154
Standex International Corp.		181		29,168
Tennant Co.		285		28,055
Franklin Electric Company, Inc.		289		27,837
OSI Systems, Inc.*		194		26,679
Armstrong World Industries, Inc.		227		25,705
Alamo Group, Inc.		129		22,317
Total Industrial				1,113,773
Consumer, Non-cyclical - 16.3%
UFP Technologies, Inc.*		385		101,590
PROG Holdings, Inc.		2,803		97,208
Inter Parfums, Inc.		584		67,761
Vericel Corp.*		1,263		57,946
Cal-Maine Foods, Inc.		939		57,382
Viad Corp.*		1,646		55,964
Adtalem Global Education, Inc.*		808		55,114
Stride, Inc.*		776		54,708
ANI Pharmaceuticals, Inc.*		770		49,034
Collegium Pharmaceutical, Inc.*		1,443		46,465
RadNet, Inc.*		787		46,370
CorVel Corp.*		164		41,700
Dynavax Technologies Corp.*		3,699		41,540
LiveRamp Holdings, Inc.*		1,325		40,996
Catalyst Pharmaceuticals, Inc.*		2,615		40,506
Amphastar Pharmaceuticals, Inc.*		983		39,320
Glaukos Corp.*		331		39,174
Arlo Technologies, Inc.*		2,711		35,351
Integer Holdings Corp.*		263		30,453
Astrana Health, Inc.*		698		28,311
Ensign Group, Inc.		218		26,965
WD-40 Co.		95		20,866
NeoGenomics, Inc.*		1,327		18,405
CONMED Corp.		189		13,101
Ligand Pharmaceuticals, Inc.*, ††		169		—
Ligand Pharmaceuticals, Inc.*, ††		169		—
Total Consumer, Non-cyclical				1,106,230

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
S&P SMALLCAP 600® PURE GROWTH FUND

	Shares		Value
Energy - 13.1%
Warrior Met Coal, Inc.		1,398	$	87,752
Northern Oil and Gas, Inc.		2,250		83,632
CONSOL Energy, Inc.*		781		79,685
Alpha Metallurgical Resources, Inc.		282		79,110
Liberty Energy, Inc. — Class A		3,532		73,784
Tidewater, Inc.*		692		65,885
Helix Energy Solutions Group, Inc.*		5,072		60,560
REX American Resources Corp.*		1,304		59,449
Par Pacific Holdings, Inc.*		2,158		54,490
California Resources Corp.		991		52,741
Oceaneering International, Inc.*		1,943		45,971
Magnolia Oil & Gas Corp. — Class A		1,731		43,864
SM Energy Co.		923		39,901
RPC, Inc.		5,560		34,750
Archrock, Inc.		1,441		29,137
Total Energy				890,711
Technology - 6.3%
Axcelis Technologies, Inc.*		619		88,016
Verra Mobility Corp.*		2,885		78,472
Veeco Instruments, Inc.*		1,473		68,804
SPS Commerce, Inc.*		239		44,970
Agilysys, Inc.*		325		33,846
DoubleVerify Holdings, Inc.*		1,550		30,179
PDF Solutions, Inc.*		667		24,265
Donnelley Financial Solutions, Inc.*		370		22,059
Progress Software Corp.		367		19,913
Privia Health Group, Inc.*		912		15,851
Total Technology				426,375
Communications - 4.9%
Cargurus, Inc.*		2,656		69,587
InterDigital, Inc.		537		62,593
Cars.com, Inc.*		2,938		57,879
TripAdvisor, Inc.*		2,247		40,019
Yelp, Inc. — Class A*		1,013		37,430
Liquidity Services, Inc.*		1,841		36,783
Cogent Communications Holdings, Inc.		471		26,583
Total Communications				330,874
Basic Materials - 2.8%
Hawkins, Inc.		927		84,357
Carpenter Technology Corp.		542		59,392
ATI, Inc.*		857		47,521
Total Basic Materials				191,270
Utilities - 0.7%
Otter Tail Corp.		571		50,014
Total Common Stocks
(Cost $5,507,906)				6,775,984
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.4%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	14,122		14,122
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		11,133		11,133
Total Repurchase Agreements
(Cost $25,255)				25,255
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.5%
Money Market Fund***
First American Government Obligations Fund - Class X, 5.23%4		33,705		33,705
Total Securities Lending Collateral
(Cost $33,705)				33,705
Total Investments - 100.8%
(Cost $5,566,866)			$	6,834,944
Other Assets & Liabilities, net - (0.8)%				(53,277	)
Total Net Assets - 100.0%			$	6,781,667

*	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, 2024 — 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, 2024.
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 23

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
S&P SMALLCAP 600® PURE GROWTH FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	6,775,984	$	—	*	$	—	$	6,775,984
Repurchase Agreements		—		25,255			—		25,255
Securities Lending Collateral		33,705		—			—		33,705
Total Assets	$	6,809,689	$	25,255		$	—	$	6,834,944

* Security has a market value of $0.

24 | 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, 2024

Assets:
Investments, at value - including $33,130 of securities loaned (cost $5,541,611)	$	6,809,689
Repurchase agreements, at value (cost $25,255)		25,255
Cash		134
Receivables:
Dividends		3,364
Interest		11
Securities lending income		4
Total assets		6,838,457
Liabilities:
Payable for:
Return of securities lending collateral		33,705
Professional fees		6,003
Management fees		3,937
Fund shares redeemed		2,771
Transfer agent fees		2,529
Investor service fees		1,312
Portfolio accounting and administration fees		551
Trustees’ fees*		59
Miscellaneous		5,923
Total liabilities		56,790
Net assets	$	6,781,667
Net assets consist of:
Paid in capital	$	6,905,991
Total distributable earnings (loss)		(124,324	)
Net assets	$	6,781,667
Capital shares outstanding		133,875
Net asset value per share	$	50.66

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $262)	$	48,712
Interest		1,238
Income from securities lending, net		26
Total investment income		49,976
Expenses:
Management fees		26,246
Investor service fees		8,748
Transfer agent fees		9,262
Portfolio accounting and administration fees		5,424
Professional fees		4,513
Custodian fees		453
Trustees’ fees*		442
Line of credit fees		8
Miscellaneous		3,181
Total expenses		58,277
Less:
Expenses reimbursed by Adviser		(1,749	)
Net expenses		56,528
Net investment loss		(6,552	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(106,822	)
Net realized loss		(106,822	)
Net change in unrealized appreciation (depreciation) on:
Investments		300,722
Net change in unrealized appreciation (depreciation)		300,722
Net realized and unrealized gain		193,900
Net increase in net assets resulting from operations	$	187,348

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

S&P SMALLCAP 600^® PURE GROWTH FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(6,552	)	$	(4,562	)
Net realized gain (loss) on investments		(106,822	)		456,527
Net change in unrealized appreciation (depreciation) on investments		300,722			556,041
Net increase in net assets resulting from operations		187,348			1,008,006
Distributions to shareholders		—			(5,759	)
Capital share transactions:
Proceeds from sale of shares		10,191,869			10,432,231
Distributions reinvested		—			5,759
Cost of shares redeemed		(10,319,170	)		(10,615,408	)
Net decrease from capital share transactions		(127,301	)		(177,418	)
Net increase in net assets		60,047			824,829
Net assets:
Beginning of period		6,721,620			5,896,791
End of period	$	6,781,667		$	6,721,620
Capital share activity:
Shares sold		206,429			237,218
Shares issued from reinvestment of distributions		—			125
Shares redeemed		(210,150	)		(241,400	)
Net decrease in shares		(3,721	)		(4,057	)

26 | 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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	48.85		$	41.63		$	72.13		$	60.80		$	55.24		$	49.07
Income (loss) from investment operations:
Net investment income (loss)b		(.05	)		(.03	)		.03			(.76	)		(.45	)		(.36	)
Net gain (loss) on investments (realized and unrealized)		1.86			7.29			(20.84	)		12.40			8.42			6.53
Total from investment operations		1.81			7.26			(20.81	)		11.64			7.97			6.17
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	$	50.66		$	48.85		$	41.63		$	72.13		$	60.80		$	55.24
Total Returnc		3.71	%		17.47	%		(29.90	%)		19.16	%		15.76	%		12.57	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,782		$	6,722		$	5,897		$	12,957		$	16,014		$	12,323
Ratios to average net assets:
Net investment income (loss)		(0.19	%)		(0.07	%)		0.06	%		(1.08	%)		(0.93	%)		(0.69	%)
Total expenses		1.67	%		1.71	%		1.67	%		1.60	%		1.72	%		1.73	%
Net expensesd		1.62	%		1.69	%		1.67	%		1.60	%		1.72	%		1.73	%
Portfolio turnover rate		139	%		223	%		174	%		219	%		258	%		190	%

a	Unaudited figures for the period ended June 30, 2024. 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 | 27

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Consumer, Cyclical - 27.4%
JetBlue Airways Corp.*		24,780	$	150,910
Phinia, Inc.		3,832		150,828
ScanSource, Inc.*		2,677		118,618
MarineMax, Inc.*		3,381		109,443
Foot Locker, Inc.		4,187		104,340
Kohl’s Corp.		4,435		101,961
Topgolf Callaway Brands Corp.*		6,610		101,133
Advance Auto Parts, Inc.		1,493		94,552
Resideo Technologies, Inc.*		3,752		73,389
Sally Beauty Holdings, Inc.*		6,272		67,298
Dana, Inc.		5,378		65,181
American Axle & Manufacturing Holdings, Inc.*		9,310		65,077
ODP Corp.*		1,545		60,672
Sonic Automotive, Inc. — Class A		1,108		60,353
Designer Brands, Inc. — Class A		8,737		59,674
Penn Entertainment, Inc.*		3,066		59,342
Caleres, Inc.		1,766		59,337
Hibbett, Inc.		633		55,204
Shoe Carnival, Inc.		1,425		52,568
Alaska Air Group, Inc.*		1,238		50,015
G-III Apparel Group Ltd.*		1,784		48,293
Wolverine World Wide, Inc.		3,472		46,941
Newell Brands, Inc.		6,194		39,704
Allegiant Travel Co. — Class A		790		39,682
Interface, Inc. — Class A		2,672		39,225
Vista Outdoor, Inc.*		998		37,575
Wabash National Corp.		1,520		33,197
MillerKnoll, Inc.		1,209		32,026
Hanesbrands, Inc.*		6,390		31,503
Victoria’s Secret & Co.*		1,697		29,986
Nu Skin Enterprises, Inc. — Class A		2,735		28,827
PriceSmart, Inc.		344		27,933
VF Corp.		1,928		26,028
Standard Motor Products, Inc.		874		24,236
Leggett & Platt, Inc.		2,091		23,963
Haverty Furniture Companies, Inc.		716		18,108
Titan International, Inc.*		2,245		16,635
Total Consumer, Cyclical				2,203,757
Financial - 22.7%
Bread Financial Holdings, Inc.		3,056		136,176
EZCORP, Inc. — Class A*		10,539		110,343
Jackson Financial, Inc. — Class A		1,463		108,642
Genworth Financial, Inc. — Class A*		17,368		104,903
StoneX Group, Inc.*		1,191		89,694
Cushman & Wakefield plc*		8,416		87,526
Medical Properties Trust, Inc. REIT1		14,854		64,021
United Fire Group, Inc.		2,846		61,161
ProAssurance Corp.*		4,568		55,821
Stewart Information Services Corp.		867		53,823
Pebblebrook Hotel Trust REIT		3,858		53,048
PRA Group, Inc.*		2,524		49,622
Hope Bancorp, Inc.		4,375		46,987
Brandywine Realty Trust REIT		10,085		45,181
Simmons First National Corp. — Class A		2,317		40,733
Lincoln National Corp.		1,306		40,617
SL Green Realty Corp. REIT1		713		40,384
JBG SMITH Properties REIT		2,632		40,085
Mercury General Corp.		732		38,898
Hudson Pacific Properties, Inc. REIT		7,850		37,759
Comerica, Inc.		670		34,197
Eagle Bancorp, Inc.		1,756		33,188
Navient Corp.		2,236		32,556
Banc of California, Inc.		2,516		32,155
Safehold, Inc. REIT		1,615		31,153
Veritex Holdings, Inc.		1,434		30,243
Independent Bank Group, Inc.		657		29,907
Renasant Corp.		978		29,868
Encore Capital Group, Inc.*		701		29,253
Virtu Financial, Inc. — Class A		1,189		26,693
Dime Community Bancshares, Inc.		1,305		26,622
Provident Financial Services, Inc.		1,796		25,773
Hanmi Financial Corp.		1,523		25,464
Ready Capital Corp. REIT		2,989		24,450
Service Properties Trust REIT		4,652		23,911
BankUnited, Inc.		810		23,709
Heritage Financial Corp.		1,294		23,331
Pacific Premier Bancorp, Inc.		957		21,982
Brookline Bancorp, Inc.		2,618		21,860
Total Financial				1,831,739
Consumer, Non-cyclical - 19.5%
Green Dot Corp. — Class A*		13,591		128,435
Kelly Services, Inc. — Class A		5,903		126,383
Fresh Del Monte Produce, Inc.		5,441		118,886
Hertz Global Holdings, Inc.*,1		32,547		114,891
United Natural Foods, Inc.*		8,226		107,761
AdaptHealth Corp.*		8,253		82,530
GEO Group, Inc.*		5,397		77,501
SpartanNash Co.		3,870		72,601
Chefs’ Warehouse, Inc.*		1,835		71,767
Pediatrix Medical Group, Inc.*		8,839		66,735
ABM Industries, Inc.		1,263		63,870
B&G Foods, Inc.		7,457		60,252
Deluxe Corp.		2,643		59,362
Phibro Animal Health Corp. — Class A		2,549		42,747
Enhabit, Inc.*		4,611		41,130
Universal Corp.		837		40,335
Cross Country Healthcare, Inc.*		2,804		38,807
Heidrick & Struggles International, Inc.		1,224		38,654
Owens & Minor, Inc.*		2,719		36,706
Select Medical Holdings Corp.		1,005		35,235
Healthcare Services Group, Inc.*		2,943		31,137
Patterson Companies, Inc.		1,188		28,655
Avanos Medical, Inc.*		1,220		24,302
TreeHouse Foods, Inc.*		556		20,372
Fulgent Genetics, Inc.*		1,020		20,012
Hain Celestial Group, Inc.*		2,760		19,072
Total Consumer, Non-cyclical				1,568,138

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
S&P SMALLCAP 600® PURE VALUE FUND

	Shares		Value
Industrial - 12.5%
World Kinect Corp.		5,790	$	149,382
Benchmark Electronics, Inc.		3,433		135,466
Clearwater Paper Corp.*		2,546		123,404
Enviri Corp.*		13,218		114,071
Greenbrier Companies, Inc.		2,114		104,749
DXP Enterprises, Inc.*		1,951		89,434
Sanmina Corp.*		1,292		85,595
O-I Glass, Inc.*		4,437		49,384
TTM Technologies, Inc.*		2,133		41,444
Astec Industries, Inc.		1,024		30,372
Hub Group, Inc. — Class A		674		29,016
Werner Enterprises, Inc.		757		27,123
Masterbrand, Inc.*		1,603		23,532
Total Industrial				1,002,972
Technology - 5.1%
NCR Atleos Corp.*		4,428		119,645
Xerox Holdings Corp.		8,052		93,564
Alpha & Omega Semiconductor Ltd.*		1,894		70,779
NCR Voyix Corp.*		5,205		64,282
DXC Technology Co.*		1,790		34,171
NetScout Systems, Inc.*		1,522		27,837
Total Technology				410,278
Energy - 4.7%
US Silica Holdings, Inc.*		4,017		62,062
SunCoke Energy, Inc.		5,803		56,870
Sunrun, Inc.*		4,584		54,366
DNOW, Inc.*		3,863		53,039
Bristow Group, Inc.*		1,453		48,719
Nabors Industries Ltd.*		553		39,351
ProPetro Holding Corp.*		4,398		38,131
Talos Energy, Inc.*		2,064		25,078
Total Energy				377,616
Basic Materials - 4.1%
Kaiser Aluminum Corp.		967		85,000
Mercer International, Inc.		8,208		70,096
Mativ Holdings, Inc.		3,901		66,161
Century Aluminum Co.*		3,895		65,241
AdvanSix, Inc.		2,000		45,840
Total Basic Materials				332,338
Communications - 3.5%
EchoStar Corp. — Class A*		7,891		140,539
AMC Networks, Inc. — Class A*		6,696		64,683
Viasat, Inc.*		2,277		28,918
Lumen Technologies, Inc.*		21,923		24,115
Consolidated Communications Holdings, Inc.*		5,112		22,493
Total Communications				280,748
Total Common Stocks
(Cost $7,121,828)				8,007,586
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	29,317		29,317
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		23,113		23,113
Total Repurchase Agreements
(Cost $52,430)				52,430
	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.1%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		171,862		171,862
Total Securities Lending Collateral
(Cost $171,862)				171,862
Total Investments - 102.3%
(Cost $7,346,120)			$	8,231,878
Other Assets & Liabilities, net - (2.3)%				(183,543	)
Total Net Assets - 100.0%			$	8,048,335

*	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, 2024 — 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, 2024.
	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 | 29

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
S&P SMALLCAP 600® PURE VALUE FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	8,007,586	$	—	$	—	$	8,007,586
Repurchase Agreements		—		52,430		—		52,430
Securities Lending Collateral		171,862		—		—		171,862
Total Assets	$	8,179,448	$	52,430	$	—	$	8,231,878

30 | 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, 2024

Assets:
Investments, at value - including $158,649 of securities loaned (cost $7,293,690)	$	8,179,448
Repurchase agreements, at value (cost $52,430)		52,430
Receivables:
Dividends		9,750
Fund shares sold		1,931
Securities lending income		72
Interest		23
Total assets		8,243,654
Liabilities:
Payable for:
Return of securities lending collateral		171,862
Management fees		4,097
Transfer agent fees		2,703
Investor service fees		1,366
Portfolio accounting and administration fees		574
Fund shares redeemed		367
Trustees’ fees*		71
Miscellaneous		14,279
Total liabilities		195,319
Net assets	$	8,048,335
Net assets consist of:
Paid in capital	$	8,591,074
Total distributable earnings (loss)		(542,739	)
Net assets	$	8,048,335
Capital shares outstanding		106,338
Net asset value per share	$	75.69

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends	$	61,805
Interest		1,371
Income from securities lending, net		545
Total investment income		63,721
Expenses:
Management fees		29,316
Transfer agent fees		10,759
Investor service fees		9,772
Professional fees		7,904
Portfolio accounting and administration fees		6,059
Trustees’ fees*		591
Custodian fees		514
Line of credit fees		14
Miscellaneous		244
Total expenses		65,173
Less:
Expenses reimbursed by Adviser		(1,955	)
Net expenses		63,218
Net investment income		503
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(458,086	)
Net realized loss		(458,086	)
Net change in unrealized appreciation (depreciation) on:
Investments		(244,404	)
Net change in unrealized appreciation (depreciation)		(244,404	)
Net realized and unrealized loss		(702,490	)
Net decrease in net assets resulting from operations	$	(701,987	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

S&P SMALLCAP 600^® PURE VALUE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	503		$	(15,667	)
Net realized gain (loss) on investments		(458,086	)		462,393
Net change in unrealized appreciation (depreciation) on investments		(244,404	)		304,560
Net increase (decrease) in net assets resulting from operations		(701,987	)		751,286
Capital share transactions:
Proceeds from sale of shares		10,732,870			19,687,928
Cost of shares redeemed		(11,838,033	)		(18,262,414	)
Net increase (decrease) from capital share transactions		(1,105,163	)		1,425,514
Net increase (decrease) in net assets		(1,807,150	)		2,176,800
Net assets:
Beginning of period		9,855,485			7,678,685
End of period	$	8,048,335		$	9,855,485
Capital share activity:
Shares sold		137,051			265,423
Shares redeemed		(151,293	)		(258,581	)
Net increase (decrease) in shares		(14,242	)		6,842

32 | 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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	81.73		$	67.51		$	85.63		$	59.72		$	63.51		$	52.81
Income (loss) from investment operations:
Net investment income (loss)b		—			(.14	)		—			(.28	)		(.31	)		(.17	)
Net gain (loss) on investments (realized and unrealized)		(6.04	)		14.36			(7.22	)		26.19			(3.48	)		11.06
Total from investment operations		(6.04	)		14.22			(7.22	)		25.91			(3.79	)		10.89
Less distributions from:
Net investment income		—			—			—			—			—			(.19	)
Net realized gains		—			—			(10.90	)		—			—			—
Total distributions		—			—			(10.90	)		—			—			(.19	)
Net asset value, end of period	$	75.69		$	81.73		$	67.51		$	85.63		$	59.72		$	63.51
Total Returnc		(7.39	%)		21.06	%		(8.24	%)		43.39	%		(5.97	%)		20.68	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,048		$	9,855		$	7,679		$	16,161		$	8,130		$	9,077
Ratios to average net assets:
Net investment income (loss)		0.01	%		(0.19	%)		0.00	%		(0.34	%)		(0.64	%)		(0.28	%)
Total expenses		1.67	%		1.71	%		1.67	%		1.59	%		1.72	%		1.73	%
Net expensesd		1.62	%		1.69	%		1.67	%		1.59	%		1.72	%		1.73	%
Portfolio turnover rate		127	%		287	%		252	%		383	%		305	%		248	%

a	Unaudited figures for the period ended June 30, 2024. 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 | 33

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
EUROPE 1.25x STRATEGY FUND

	Shares		Value
COMMON STOCKS† - 45.9%
Consumer, Non-cyclical - 17.4%
Novo Nordisk A/S ADR		1,383	$	197,409
Nestle S.A. ADR		1,132		115,974
AstraZeneca plc ADR		1,337		104,273
Novartis AG ADR		878		93,472
Roche Holding AG ADR		2,426		84,109
Unilever plc ADR		1,091		59,994
Sanofi S.A. ADR		990		48,035
L’Oreal S.A. ADR1		523		45,935
RELX plc ADR		825		37,851
GSK plc ADR		932		35,882
Diageo plc ADR		240		30,259
EssilorLuxottica S.A. ADR		264		28,612
British American Tobacco plc ADR		855		26,445
Anheuser-Busch InBev S.A. ADR		415		24,133
Reckitt Benckiser Group plc ADR1		1,583		17,318
Total Consumer, Non-cyclical				949,701
Financial - 6.6%
HSBC Holdings plc ADR1		1,612		70,122
Allianz SE ADR		1,693		46,930
UBS Group AG*		1,380		40,765
Zurich Insurance Group AG ADR1		631		33,676
Banco Santander S.A. ADR		6,884		31,873
BNP Paribas S.A. ADR		928		29,826
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen ADR		577		28,890
AXA S.A. ADR		829		27,208
UniCredit SpA ADR		1,457		27,188
ING Groep N.V. ADR		1,429		24,493
Total Financial				360,971
Industrial - 5.0%
Siemens AG ADR		651		60,706
Schneider Electric SE ADR		1,242		59,790
ABB Ltd. ADR		698		38,885
Safran S.A. ADR		655		34,879
Airbus SE ADR		1,015		34,753
Vinci S.A. ADR		1,023		26,936
Deutsche Post AG ADR1		414		16,821
Total Industrial				272,770
Technology - 4.9%
ASML Holding N.V. — Class G		173		176,932
SAP SE ADR		441		88,954
Total Technology				265,886
Energy - 3.9%
Shell plc ADR		1,373		99,103
TotalEnergies SE ADR		1,030		68,680
BP plc ADR		1,260		45,486
Total Energy				213,269
Consumer, Cyclical - 3.3%
LVMH Moet Hennessy Louis Vuitton SE ADR		555		85,109
Cie Financiere Richemont S.A. ADR		2,320		36,192
Hermes International SCA ADR		152		35,100
Mercedes-Benz Group AG ADR		1,390		23,978
Total Consumer, Cyclical				180,379
Basic Materials - 2.2%
Air Liquide S.A. ADR		1,247		43,206
Rio Tinto plc ADR		463		30,526
Glencore plc ADR*		2,167		24,574
BASF SE ADR1		1,548		18,700
Total Basic Materials				117,006
Utilities - 1.5%
Iberdrola S.A. ADR		634		33,171
National Grid plc ADR1		433		24,594
Enel SpA ADR		3,374		23,247
Total Utilities				81,012
Communications - 1.1%
Deutsche Telekom AG ADR		1,498		37,735
Prosus N.V. ADR		3,271		23,355
Total Communications				61,090
Total Common Stocks
(Cost $2,263,214)				2,502,084
MUTUAL FUNDS† - 7.5%
Guggenheim Strategy Fund II2		9,255		228,140
Guggenheim Ultra Short Duration Fund — Institutional Class2		18,098		179,894
Total Mutual Funds
(Cost $407,812)				408,034
	Face Amount
U.S. TREASURY BILLS†† - 2.9%
U.S. Treasury Bills
5.18% due 07/09/243,4	$	159,000		158,815
Total U.S. Treasury Bills
(Cost $158,814)				158,815
REPURCHASE AGREEMENTS††,5 - 6.5%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24		199,088		199,088
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		156,958		156,958
Total Repurchase Agreements
(Cost $356,046)				356,046

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
EUROPE 1.25x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,6 - 0.6%
Money Market Fund***
First American Government Obligations Fund - Class X, 5.23%7		33,517	$	33,517
Total Securities Lending Collateral
(Cost $33,517)				33,517
Total Investments - 63.4%
(Cost $3,219,403)			$	3,458,496
Other Assets & Liabilities, net - 36.6%				1,994,560
Total Net Assets - 100.0%			$	5,453,056

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Purchased†
Euro FX Futures Contracts		32		Sep 2024	$	4,300,200	$	(416	)
Equity Futures Contracts Purchased†
STOXX Europe 50 Index Futures Contracts		90		Sep 2024		4,366,442		(1,393	)

*	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, 2024 — See Note 7.
2	Affiliated issuer.
3	All or a portion of this security is pledged as futures collateral at June 30, 2024.
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, 2024.
	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 | 35

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
EUROPE 1.25x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	2,502,084	$	—	$	—	$	2,502,084
Mutual Funds		408,034		—		—		408,034
U.S. Treasury Bills		—		158,815		—		158,815
Repurchase Agreements		—		356,046		—		356,046
Securities Lending Collateral		33,517		—		—		33,517
Total Assets	$	2,943,635	$	514,861	$	—	$	3,458,496

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	1,393	$	—	$	—	$	1,393
Currency Futures Contracts**		416		—		—		416
Total Liabilities	$	1,809	$	—	$	—	$	1,809

** 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 issuer, as defined in the 1940 Act.

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, 2023 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/1601445/000182126823000217/gug86449-ncsr.htm. The Fund 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, 2024, in which the company is an affiliated issuer, were as follows:

Security Name	Value 12/31/23		Additions		Reductions		Realized Gain (Loss)		Change in Unrealized Appreciation (Depreciation)		Value 06/30/24		Shares 06/30/24		Investment Income
Mutual Funds
Guggenheim Strategy Fund II	$	226,751	$	—	$	—	$	—	$	1,389	$	228,140		9,255	$	6,391
Guggenheim Ultra Short Duration Fund — Institutional Class		178,266		—		—		—		1,628		179,894		18,098		4,654
	$	405,017	$	—	$	—	$	—	$	3,017	$	408,034			$	11,045

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

EUROPE 1.25x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments in unaffiliated issuers, at value - including $32,538 of securities loaned (cost $2,455,545)	$	2,694,416
Investments in affiliated issuers, at value (cost $407,812)		408,034
Repurchase agreements, at value (cost $356,046)		356,046
Cash		195
Receivables:
Fund shares sold		3,521,946
Foreign tax reclaims		8,610
Variation margin on futures contracts		5,178
Dividends		3,535
Securities lending income		255
Interest		158
Total assets		6,998,373
Liabilities:
Payable for:
Securities purchased		1,503,852
Return of securities lending collateral		33,517
Management fees		1,673
Transfer agent fees		861
Investor service fees		474
Fund shares redeemed		119
Portfolio accounting and administration fees		104
Trustees’ fees*		19
Miscellaneous		4,698
Total liabilities		1,545,317
Net assets	$	5,453,056
Net assets consist of:
Paid in capital	$	5,503,455
Total distributable earnings (loss)		(50,399	)
Net assets	$	5,453,056
Capital shares outstanding		38,345
Net asset value per share	$	142.21

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends from securities of unaffiliated issuers (net of foreign withholding tax of $2,829)	$	19,415
Dividends from securities of affiliated issuers		11,045
Interest		22,911
Income from securities lending, net		1,142
Total investment income		54,513
Expenses:
Management fees		10,266
Investor service fees		2,852
Transfer agent fees		3,075
Portfolio accounting and administration fees		1,768
Professional fees		1,551
Custodian fees		295
Trustees’ fees*		146
Miscellaneous		1,100
Total expenses		21,053
Less:
Expenses reimbursed by Adviser		(1,141	)
Expenses waived by Adviser		(223	)
Total waived/reimbursed expenses		(1,364	)
Net expenses		19,689
Net investment income		34,824
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		96,849
Futures contracts		284,730
Foreign currency transactions		(256	)
Net realized gain		381,323
Net change in unrealized appreciation (depreciation) on:
Investments in unaffiliated issuers		7,545
Investments in affiliated issuers		3,017
Futures contracts		(46,510	)
Foreign currency translations		(52	)
Net change in unrealized appreciation (depreciation)		(36,000	)
Net realized and unrealized gain		345,323
Net increase in net assets resulting from operations	$	380,147

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

EUROPE 1.25x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	34,824		$	119,615
Net realized gain on investments		381,323			206,613
Net change in unrealized appreciation (depreciation) on investments		(36,000	)		266,559
Net increase in net assets resulting from operations		380,147			592,787
Distributions to shareholders		—			(11,417	)
Capital share transactions:
Proceeds from sale of shares		29,418,934			45,985,057
Distributions reinvested		—			11,417
Cost of shares redeemed		(26,496,560	)		(47,162,132	)
Net increase (decrease) from capital share transactions		2,922,374			(1,165,658	)
Net increase (decrease) in net assets		3,302,521			(584,288	)
Net assets:
Beginning of period		2,150,535			2,734,823
End of period	$	5,453,056		$	2,150,535
Capital share activity:
Shares sold		217,571			372,415
Shares issued from reinvestment of distributions		—			89
Shares redeemed		(195,719	)		(381,121	)
Net increase (decrease) in shares		21,852			(8,617	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	130.39		$	108.91		$	125.31		$	105.80		$	107.35		$	84.49
Income (loss) from investment operations:
Net investment income (loss)b		2.07			3.29			.57			(.92	)		(.63	)		.76
Net gain (loss) on investments (realized and unrealized)		9.75			18.59			(16.97	)		20.70			.73	f		23.18
Total from investment operations		11.82			21.88			(16.40	)		19.78			.10			23.94
Less distributions from:
Net investment income		—			(.40	)		—			(.27	)		(1.65	)		(1.08	)
Total distributions		—			(.40	)		—			(.27	)		(1.65	)		(1.08	)
Net asset value, end of period	$	142.21		$	130.39		$	108.91		$	125.31		$	105.80		$	107.35
Total Returnc		9.07	%		20.09	%		(13.07	%)		18.71	%		0.24	%		28.43	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,453		$	2,151		$	2,735		$	1,974		$	2,523		$	3,990
Ratios to average net assets:
Net investment income (loss)		3.05	%		2.68	%		0.53	%		(0.78	%)		(0.67	%)		0.77	%
Total expensesd		1.85	%		1.90	%		1.88	%		1.80	%		1.91	%		1.88	%
Net expensese		1.73	%		1.83	%		1.78	%		1.71	%		1.86	%		1.80	%
Portfolio turnover rate		565	%		725	%		70	%		374	%		212	%		391	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
JAPAN 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS†† - 26.7%
U.S. Treasury Bills
5.18% due 07/09/241,2	$	367,000	$	366,574
Total U.S. Treasury Bills
(Cost $366,570)				366,574
FEDERAL AGENCY DISCOUNT NOTES†† - 14.5%
Farmer Mac
5.09% due 07/17/242		100,000		99,766
Federal Home Loan Bank
5.24% due 07/26/242		100,000		99,636
Total Federal Agency Discount Notes
(Cost $199,402)				199,402
FEDERAL AGENCY NOTES†† - 7.2%
Fannie Mae
1.63% due 10/15/24		100,000		98,922
Total Federal Agency Notes
(Cost $98,932)				98,922
REPURCHASE AGREEMENTS††,3 - 46.1%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24		353,778		353,778
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		278,913		278,913
Total Repurchase Agreements
(Cost $632,691)				632,691
Total Investments - 94.5%
(Cost $1,297,595)			$	1,297,589
Other Assets & Liabilities, net - 5.5%				75,536
Total Net Assets - 100.0%			$	1,373,125

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation (Depreciation)**
Equity Futures Contracts Purchased†
Nikkei 225 (CME) Index Futures Contracts		14		Sep 2024	$	2,788,450	$	61,703
Currency Futures Contracts Purchased†
Japanese Yen Futures Contracts		35		Sep 2024		2,752,094		(61,544	)

**	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, 2024.
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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
JAPAN 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	—	$	366,574	$	—	$	366,574
Federal Agency Discount Notes		—		199,402		—		199,402
Federal Agency Notes		—		98,922		—		98,922
Repurchase Agreements		—		632,691		—		632,691
Equity Futures Contracts**		61,703		—		—		61,703
Total Assets	$	61,703	$	1,297,589	$	—	$	1,359,292

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	61,544	$	—	$	—	$	61,544

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

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

JAPAN 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $664,904)	$	664,898
Repurchase agreements, at value (cost $632,691)		632,691
Receivables:
Fund shares sold		67,147
Variation margin on futures contracts		12,244
Interest		623
Total assets		1,377,603
Liabilities:
Payable for:
Professional fees		1,127
Management fees		776
Printing fees		701
Transfer agent fees		574
Investor service fees		259
Portfolio accounting and administration fees		109
Fund shares redeemed		27
Trustees’ fees*		14
Miscellaneous		891
Total liabilities		4,478
Net assets	$	1,373,125
Net assets consist of:
Paid in capital	$	3,244,839
Total distributable earnings (loss)		(1,871,714	)
Net assets	$	1,373,125
Capital shares outstanding		16,858
Net asset value per share	$	81.45

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Interest	$	45,720
Total investment income		45,720
Expenses:
Management fees		6,360
Investor service fees		2,120
Transfer agent fees		2,258
Professional fees		1,403
Portfolio accounting and administration fees		1,315
Custodian fees		110
Trustees’ fees*		108
Miscellaneous		401
Total expenses		14,075
Less:
Expenses reimbursed by Adviser		(424	)
Net expenses		13,651
Net investment income		32,069
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Futures contracts		107,719
Net realized gain		107,719
Net change in unrealized appreciation (depreciation) on:
Investments		(100	)
Futures contracts		(85,972	)
Net change in unrealized appreciation (depreciation)		(86,072	)
Net realized and unrealized gain		21,647
Net increase in net assets resulting from operations	$	53,716

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

JAPAN 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	32,069		$	55,630
Net realized gain on investments		107,719			112,812
Net change in unrealized appreciation (depreciation) on investments		(86,072	)		131,540
Net increase in net assets resulting from operations		53,716			299,982
Distributions to shareholders		—			(1,317	)
Capital share transactions:
Proceeds from sale of shares		4,361,544			9,093,882
Distributions reinvested		—			1,317
Cost of shares redeemed		(4,529,819	)		(8,835,567	)
Net increase (decrease) from capital share transactions		(168,275	)		259,632
Net increase (decrease) in net assets		(114,559	)		558,297
Net assets:
Beginning of period		1,487,684			929,387
End of period	$	1,373,125		$	1,487,684
Capital share activity:
Shares sold		49,977			129,373
Shares issued from reinvestment of distributions		—			16
Shares redeemed		(52,180	)		(126,335	)
Net increase (decrease) in shares		(2,203	)		3,054

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	78.05		$	58.06		$	101.86		$	118.59		$	85.35		$	62.30
Income (loss) from investment operations:
Net investment income (loss)b		1.63			2.39			.07			(1.11	)		(.65	)		.66
Net gain (loss) on investments (realized and unrealized)		1.77			17.63			(43.87	)		(15.62	)		34.73			23.49
Total from investment operations		3.40			20.02			(43.80	)		(16.73	)		34.08			24.15
Less distributions from:
Net investment income		—			(.03	)		—			—			(.84	)		(1.10	)
Total distributions		—			(.03	)		—			—			(.84	)		(1.10	)
Net asset value, end of period	$	81.45		$	78.05		$	58.06		$	101.86		$	118.59		$	85.35
Total Returnc		4.36	%		34.46	%		(42.99	%)		(14.11	%)		40.46	%		39.03	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,373		$	1,488		$	929		$	1,783		$	2,993		$	2,037
Ratios to average net assets:
Net investment income (loss)		3.78	%		3.38	%		0.10	%		(0.97	%)		(0.82	%)		0.89	%
Total expensesd		1.66	%		1.70	%		1.67	%		1.59	%		1.72	%		1.72	%
Net expensese		1.61	%		1.69	%		1.63	%		1.53	%		1.67	%		1.64	%
Portfolio turnover rate		—			—			—			41	%		199	%		153	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
STRENGTHENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES†† - 22.4%
Federal Home Loan Bank
5.25% due 07/19/241	$	600,000	$	598,425
Farmer Mac
5.09% due 07/17/241		200,000		199,532
Total Federal Agency Discount Notes
(Cost $797,957)				797,957
FEDERAL AGENCY NOTES†† - 12.7%
Fannie Mae
1.75% due 07/02/24		450,000		449,955
Total Federal Agency Notes
(Cost $449,955)				449,955
U.S. TREASURY BILLS†† - 11.6%
U.S. Treasury Bills
5.20% due 07/02/241		350,000		349,949
5.18% due 07/09/241,2		61,000		60,929
Total U.S. Treasury Bills
(Cost $410,878)				410,878
REPURCHASE AGREEMENTS††,3 - 52.7%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/244		1,048,725		1,048,725
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/244		826,797		826,797
Total Repurchase Agreements
(Cost $1,875,522)				1,875,522
Total Investments - 99.4%
(Cost $3,534,312)			$	3,534,312
Other Assets & Liabilities, net - 0.6%				22,574
Total Net Assets - 100.0%			$	3,556,886

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Appreciation**
Currency Futures Contracts Purchased†
U.S. Dollar Index Futures Contracts		56		Sep 2024	$	5,910,800	$	33,369

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††

Goldman Sachs International

U.S. Dollar Index

Receive

N/A

At Maturity

09/24/24

11,246

$

1,186,222

$

5,096

**	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, 2024.
3	Repurchase Agreements — See Note 6.
4	All or a portion of this security is pledged as currency index swap collateral at June 30, 2024.
	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, 2024
STRENGTHENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	—	$	797,957	$	—	$	797,957
Federal Agency Notes		—		449,955		—		449,955
U.S. Treasury Bills		—		410,878		—		410,878
Repurchase Agreements		—		1,875,522		—		1,875,522
Currency Futures Contracts**		33,369		—		—		33,369
Currency Index Swap Agreements**		—		5,096		—		5,096
Total Assets	$	33,369	$	3,539,408	$	—	$	3,572,777

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

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

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $1,658,790)	$	1,658,790
Repurchase agreements, at value (cost $1,875,522)		1,875,522
Segregated cash with broker		29,869
Unrealized appreciation on OTC swap agreements		5,096
Receivables:
Interest		4,746
Fund shares sold		3,619
Swap settlement		1,620
Total assets		3,579,262
Liabilities:
Payable for:
Fund shares redeemed		9,756
Licensing fees		5,436
Management fees		1,599
Variation margin on futures contracts		1,176
Transfer agent/maintenance fees		765
Investor service fees		444
Portfolio accounting and administration fees		98
Trustees’ fees*		16
Miscellaneous		3,086
Total liabilities		22,376
Net assets	$	3,556,886
Net assets consist of:
Paid in capital	$	4,315,959
Total distributable earnings (loss)		(759,073	)
Net assets	$	3,556,886
Capital shares outstanding		69,503
Net asset value per share	$	51.18

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Interest	$	51,486
Total investment income		51,486
Expenses:
Management fees		8,617
Investor service fees		2,394
Transfer agent fees		2,537
Licensing fees		3,315
Portfolio accounting and administration fees		1,484
Professional fees		378
Custodian fees		124
Trustees’ fees*		114
Miscellaneous		1,587
Total expenses		20,550
Less:
Expenses reimbursed by Adviser		(957	)
Net expenses		19,593
Net investment income		31,893
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(2	)
Swap agreements		18,050
Futures contracts		42,102
Net realized gain		60,150
Net change in unrealized appreciation (depreciation) on:
Investments		(44	)
Swap agreements		3,857
Futures contracts		30,766
Net change in unrealized appreciation (depreciation)		34,579
Net realized and unrealized gain		94,729
Net increase in net assets resulting from operations	$	126,622

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 47

STRENGTHENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	31,893		$	94,410
Net realized gain (loss) on investments		60,150			(131,077	)
Net change in unrealized appreciation (depreciation) on investments		34,579			21,308
Net increase (decrease) in net assets resulting from operations		126,622			(15,359	)
Distributions to shareholders		—			(6,475	)
Capital share transactions:
Proceeds from sale of shares		14,791,455			19,309,766
Distributions reinvested		—			6,475
Cost of shares redeemed		(12,771,653	)		(21,456,980	)
Net increase (decrease) from capital share transactions		2,019,802			(2,140,739	)
Net increase (decrease) in net assets		2,146,424			(2,162,573	)
Net assets:
Beginning of period		1,410,462			3,573,035
End of period	$	3,556,886		$	1,410,462
Capital share activity:
Shares sold		304,388			419,238
Shares issued from reinvestment of distributions		—			151
Shares redeemed		(265,840	)		(467,545	)
Net increase (decrease) in shares		38,548			(48,156	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	45.56		$	45.16		$	39.05		$	35.15		$	41.21		$	39.73
Income (loss) from investment operations:
Net investment income (loss)b		.81			1.44			.06			(.49	)		(.43	)		.21
Net gain (loss) on investments (realized and unrealized)		4.81			(.92	)		6.05			4.39			(5.32	)		1.63
Total from investment operations		5.62			.52			6.11			3.90			(5.75	)		1.84
Less distributions from:
Net investment income		—			(.12	)		—			—			(.31	)		(.36	)
Total distributions		—			(.12	)		—			—			(.31	)		(.36	)
Net asset value, end of period	$	51.18		$	45.56		$	45.16		$	39.05		$	35.15		$	41.21
Total Returnc		12.34	%		1.18	%		15.65	%		11.10	%		(14.03	%)		4.61	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,557		$	1,410		$	3,573		$	4,004		$	1,556		$	1,412
Ratios to average net assets:
Net investment income (loss)		3.33	%		3.13	%		0.13	%		(1.32	%)		(1.05	%)		0.50	%
Total expensesd		2.15	%		1.99	%		1.96	%		1.99	%		2.02	%		2.09	%
Net expensese		2.05	%		1.92	%		1.89	%		1.90	%		1.96	%		2.02	%
Portfolio turnover rate		—			—			—			131	%		103	%		102	%

a	Unaudited figures for the period ended June 30, 2024. 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 | 49

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
WEAKENING DOLLAR 2x STRATEGY FUND

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES†† - 25.8%
Federal Home Loan Bank
5.24% due 07/26/241	$	100,000	$	99,636
Farmer Mac
5.09% due 07/17/241		50,000		49,883
Total Federal Agency Discount Notes
(Cost $149,519)				149,519
U.S. TREASURY BILLS†† - 19.7%
U.S. Treasury Bills
5.20% due 07/05/241		100,000		99,941
5.18% due 07/09/241,2		14,000		13,984
Total U.S. Treasury Bills
(Cost $113,926)				113,925
FEDERAL AGENCY NOTES†† - 17.3%
Fannie Mae
1.75% due 07/02/24		100,000		99,991
Total Federal Agency Notes
(Cost $99,990)				99,991
REPURCHASE AGREEMENTS††,3 - 38.3%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/244		123,928		123,928
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/244		97,703		97,703
Total Repurchase Agreements
(Cost $221,631)				221,631
Total Investments - 101.1%
(Cost $585,066)			$	585,066
Other Assets & Liabilities, net - (1.1)%				(6,207	)
Total Net Assets - 100.0%			$	578,859

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Currency Futures Contracts Sold Short†
U.S. Dollar Index Futures Contracts		9		Sep 2024	$	949,950	$	(6,754	)

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 Sold Short††

Goldman Sachs International

U.S. Dollar Index

Pay

N/A

At Maturity

09/24/24

2,003

$

211,291

$

(1,043

)

**	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, 2024.
3	Repurchase Agreements — See Note 6.
4	All or a portion of this security is pledged as currency index swap collateral at June 30, 2024.
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
WEAKENING DOLLAR 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	—	$	149,519	$	—	$	149,519
U.S. Treasury Bills		—		113,925		—		113,925
Federal Agency Notes		—		99,991		—		99,991
Repurchase Agreements		—		221,631		—		221,631
Total Assets	$	—	$	585,066	$	—	$	585,066

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Currency Futures Contracts**	$	6,754	$	—	$	—	$	6,754
Currency Index Swap Agreements**		—		1,043		—		1,043
Total Liabilities	$	6,754	$	1,043	$	—	$	7,797

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

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

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $363,435)	$	363,435
Repurchase agreements, at value (cost $221,631)		221,631
Segregated cash with broker		312
Receivables:
Interest		968
Variation margin on futures contracts		189
Total assets		586,535
Liabilities:
Unrealized depreciation on OTC swap agreements		1,043
Payable for:
Fund shares redeemed		2,003
Licensing fees		1,957
Swap settlement		636
Management fees		407
Transfer agent fees		271
Investor service fees		113
Portfolio accounting and administration fees		25
Trustees’ fees*		6
Miscellaneous		1,215
Total liabilities		7,676
Net assets	$	578,859
Net assets consist of:
Paid in capital	$	2,392,849
Total distributable earnings (loss)		(1,813,990	)
Net assets	$	578,859
Capital shares outstanding		14,309
Net asset value per share	$	40.45

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Interest	$	22,686
Total investment income		22,686
Expenses:
Management fees		3,724
Investor service fees		1,035
Transfer agent fees		1,085
Licensing fees		1,412
Portfolio accounting and administration fees		641
Professional fees		310
Custodian fees		53
Trustees’ fees*		47
Miscellaneous		597
Total expenses		8,904
Less:
Expenses reimbursed by Adviser		(414	)
Net expenses		8,490
Net investment income		14,196
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(30,870	)
Futures contracts		(100,366	)
Net realized loss		(131,236	)
Net change in unrealized appreciation (depreciation) on:
Investments		(17	)
Swap agreements		(2,484	)
Futures contracts		(29,548	)
Net change in unrealized appreciation (depreciation)		(32,049	)
Net realized and unrealized loss		(163,285	)
Net decrease in net assets resulting from operations	$	(149,089	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

WEAKENING DOLLAR 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	14,196		$	35,982
Net realized loss on investments		(131,236	)		(85,100	)
Net change in unrealized appreciation (depreciation) on investments		(32,049	)		19,832
Net decrease in net assets resulting from operations		(149,089	)		(29,286	)
Distributions to shareholders		—			(602	)
Capital share transactions:
Proceeds from sale of shares		6,354,020			7,045,169
Distributions reinvested		—			602
Cost of shares redeemed		(6,247,044	)		(7,801,393	)
Net increase (decrease) from capital share transactions		106,976			(755,622	)
Net decrease in net assets		(42,113	)		(785,510	)
Net assets:
Beginning of period		620,972			1,406,482
End of period	$	578,859		$	620,972
Capital share activity:
Shares sold		147,566			161,195
Shares issued from reinvestment of distributions		—			13
Shares redeemed		(147,298	)		(179,853	)
Net increase (decrease) in shares		268			(18,645	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 53

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	44.23		$	43.03		$	52.78		$	61.36		$	56.17		$	59.56
Income (loss) from investment operations:
Net investment income (loss)b		.71			1.27			.05			(.83	)		(.76	)		.28
Net gain (loss) on investments (realized and unrealized)		(4.49	)		(.03	)		(9.80	)		(7.75	)		6.19			(3.17	)
Total from investment operations		(3.78	)		1.24			(9.75	)		(8.58	)		5.43			(2.89	)
Less distributions from:
Net investment income		—			(.04	)		—			—			(.24	)		(.50	)
Total distributions		—			(.04	)		—			—			(.24	)		(.50	)
Net asset value, end of period	$	40.45		$	44.23		$	43.03		$	52.78		$	61.36		$	56.17
Total Returnc		(8.55	%)		2.85	%		(18.47	%)		(13.98	%)		9.69	%		(4.85	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	579		$	621		$	1,406		$	693		$	2,332		$	587
Ratios to average net assets:
Net investment income (loss)		3.43	%		2.96	%		0.12	%		(1.43	%)		(1.35	%)		0.50	%
Total expensesd		2.15	%		1.97	%		1.93	%		2.00	%		2.00	%		2.08	%
Net expensese		2.05	%		1.91	%		1.85	%		1.93	%		1.96	%		2.00	%
Portfolio turnover rate		—			—			—			93	%		129	%		187	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The 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 of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately. At June 30, 2024, the Trust consisted of forty-nine 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	Investment Company Type
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
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

The Funds are designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offer unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Funds to experience high portfolio turnover.

Security Investors, LLC (“Security Investors” or the “Adviser”), which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) serves as distributor of the Funds’ shares. GI and GFD are affiliated entities.

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The net asset value per share (“NAV”) of each Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities, by the number of outstanding shares of the 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”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and other assets.

Valuations of the Funds’ securities and other assets are supplied primarily by pricing service providers 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 pricing service providers.

If a pricing service provider 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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 55

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 closed-end investment companies are generally valued at the last quoted sale price.

U.S. Government securities are valued by pricing service providers, using the last traded fill price, or at the reported bid price at the close of business on the valuation date.

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

Commercial paper and discount notes with a maturity of greater than 60 days at acquisition are valued at prices that reflect broker-dealer supplied valuations or are obtained from pricing service providers, 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 pricing service provider.

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.

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. 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. In connection with futures contracts and other derivative investments, such factors may include obtaining information as to how (a) these contracts and other derivative investments trade in the futures or other derivative markets, respectively, and (b) the securities underlying these contracts and other derivative investments trade in the cash market.

(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 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) Futures Contracts

Upon entering into a futures contract, a Fund deposits and maintains as collateral such initial margin as required by the exchange on which the transaction is affected. Pursuant to the contract, the Fund agrees to receive from or pay to the broker an amount of cash equal to the daily fluctuation in value of the contract. Such receipts or payments are known as variation margin and are recorded by the Fund as unrealized appreciation or depreciation. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

(d) Swap Agreements

Swap agreements are marked-to-market daily and the change, if any, is recorded as unrealized appreciation or depreciation. Payments received or made as a result of an agreement or termination of an agreement are recognized as realized gains or losses.

(e) 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,

56 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

(f) 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, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(g) 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.

(h) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Normally, all distributions of a Fund will automatically be reinvested without charge in additional shares of the same Fund. 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 the custodian. Periodically, a Fund may have cash due to the 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 5.33% at June 30, 2024.

(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 Funds. 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 – Derivatives

As part of their investment strategies, the Funds may utilize a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds’ Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

Derivatives are instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, such as securities, currencies, commodities or indices. Derivative instruments may be used for investment purposes (including to maintain cash reserves while maintaining exposure to certain other assets), for risk management (hedging) purposes, to facilitate trading, to reduce transaction costs and to pursue higher investment returns. Derivative instruments may also be used

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 57

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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:

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

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

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

If a Fund’s investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. The Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause the Fund to be more volatile and riskier than if the Fund had not been leveraged.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds’ Statements of Assets and Liabilities; securities held as collateral are noted on the Funds’ Schedules of Investments.

The following table represents the Funds’ use and volume of futures on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
Europe 1.25x Strategy Fund	Index exposure, Leverage, Liquidity	$	3,152,955	$	—
Japan 2x Strategy Fund	Index exposure, Leverage, Liquidity		7,096,017		—
Strengthening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		2,638,704		—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		1,091,053

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.

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.

58 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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	$	795,598	$	—
Weakening Dollar 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		402,754

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, 2024:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Currency/Equity futures contracts	Variation margin on futures contracts	Variation margin on futures contracts
Currency swap agreements	Unrealized appreciation on OTC swap agreements	Unrealized depreciation on OTC swap agreements

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at June 30, 2024:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Total Value at June 30, 2024
Japan 2x Strategy Fund	$	61,703	$		$	—	$	61,703
Strengthening Dollar 2x Strategy Fund		—		33,369		5,096		38,465

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Futures Foreign Currency Exchange Risk*		Swaps Currency Risk		Total Value at June 30, 2024
Europe 1.25x Strategy Fund	$	1,393	$	416	$	—	$	1,809
Japan 2x Strategy Fund		—		61,544		—		61,544
Weakening Dollar 2x Strategy Fund				6,754		1,043		7,797

* Includes cumulative appreciation (depreciation) of futures 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, 2024:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Currency/equity futures contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
Currency swap agreements	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 59

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, 2024:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk		Futures Foreign Currency Exchange Risk			Swaps Currency Risk			Total
Europe 1.25x Strategy Fund	$	248,476	$	36,254		$	—		$	284,730
Japan 2x Strategy Fund		441,480		(333,761	)		—			107,719
Strengthening Dollar 2x Strategy Fund		—		42,102			18,050			60,152
Weakening Dollar 2x Strategy Fund		—		(100,366	)		(30,870	)		(131,236	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Futures Foreign Currency Exchange Risk			Swaps Currency Risk			Total
Europe 1.25x Strategy Fund	$	(2,174	)	$	(44,336	)	$	—		$	(46,510	)
Japan 2x Strategy Fund		66,075			(152,047	)		—			(85,972	)
Strengthening Dollar 2x Strategy Fund		—			30,766			3,857			34,623
Weakening Dollar 2x Strategy Fund		—			(29,548	)		(2,484	)		(32,032	)

In conjunction with the use of derivative instruments, the Funds are required to maintain collateral in various forms. Depending on the financial instrument utilized and the broker involved, the Funds use margin deposits at the broker, cash and/or securities segregated at the custodian bank, discount notes or repurchase agreements allocated to the Funds as collateral.

The Trust has established counterparty credit guidelines and enters into transactions only with financial institutions rated/identified as investment grade or better. The Trust monitors the counterparty credit risk associated with each such financial institution.

Note 3 – Offsetting

In the normal course of business, the Funds enter into transactions subject to enforceable master netting arrangements or other similar arrangements. Generally, the right to offset in those agreements allows the Funds to counteract the exposure to a specific counterparty with collateral received from or delivered to that counterparty based on the terms of the arrangements. These arrangements provide for the right to liquidate upon the occurrence of an event of default, credit event upon merger or additional termination event.

In order to better define their contractual rights and to secure rights that will help the Funds mitigate their counterparty risk, the Funds may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a fund and a counterparty that governs OTC derivatives, including foreign exchange contracts, and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of a default (close-out netting) or similar event, including the bankruptcy or insolvency of the counterparty.

For derivatives traded under an ISDA Master Agreement, the collateral requirements are typically calculated by netting the mark-to-market amount for each transaction under such agreement and comparing that amount to the value of any collateral currently pledged by the Funds and the counterparty. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Funds and cash collateral received from the counterparty, if any, are reported separately on the Funds’ Statements of Assets and Liabilities as segregated cash with broker/receivable for variation margin, or payable for swap settlement/variation margin. Cash and/or securities pledged or received as collateral by the Funds in connection with an OTC derivative subject to an ISDA Master Agreement generally may not be invested, sold or rehypothecated by the counterparty or the Funds, as applicable, absent an event of default under such agreement, in which case such collateral generally may be applied towards obligations due to and payable by such counterparty or the Funds, as applicable. Generally, the amount of collateral due from

60 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

or to a counterparty must exceed a minimum transfer amount threshold (e.g., $300,000) before a transfer is required to be made. To the extent amounts due to the Funds from their counterparties are not fully collateralized, contractually or otherwise, the Funds bear the risk of loss from counterparty nonperformance. The Funds attempt to mitigate counterparty risk by only entering into agreements with counterparties that they believe to be of good standing and by monitoring the financial stability of those counterparties.

For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Funds’ Statements of Assets and Liabilities.

The following tables present derivative financial instruments and secured financing transactions that are subject to enforceable netting arrangements:

								Gross Amounts Not Offset in the Statement 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
Strengthening Dollar 2x Strategy Fund	Currency swap agreements	$	5,096	$	—	$	5,096	$	—	$	—	$	5,096

								Gross Amounts Not Offset in the Statement of Assets and Liabilities
Fund	Instrument	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amount of Liabilities Presented on the Statements of Assets and Liabilities		Financial Instruments			Cash Collateral Pledged		Net Amount
Weakening Dollar 2x Strategy Fund	Currency swap agreements	$	1,043	$	—	$	1,043	$	(1,043	)	$	—	$	—

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, 2024.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
Strengthening Dollar 2x Strategy Fund	Goldman Sachs International	Futures contracts	$	29,869	$	—
Weakening Dollar 2x Strategy Fund	Goldman Sachs International	Futures contracts		312		—

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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

Note 5 – Investment Advisory Agreement and Other Agreements

Under the terms of an investment advisory contract between the Trust, on behalf of the Funds, and the Adviser, the Funds pay GI investment advisory fees on a monthly basis calculated daily at the annualized rates below, based on the average daily net assets of the Funds:

Fund	Management Fees (as a % of Net Assets)
S&P 500® Pure Growth Fund		0.75	%
S&P 500® Pure Value Fund		0.75	%
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	%
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	%

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 under 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.

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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, 2024, the following Funds waived fees related to investments in affiliated funds:

Fund	Amount Waived
Europe 1.25x Strategy Fund	$	223

Effective June 1, 2021, GI has contractually agreed to waive and/or reimburse expenses for the Europe 1.25x Strategy Fund, Strengthening Dollar 2x Strategy Fund and Weakening Dollar 2x Strategy Fund, in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This agreement automatically renews for 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 Fund’s Board upon sixty days’ written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated with such termination effective upon the effective date of the termination of the Advisory Agreement.

On May 24, 2023, the Board approved a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for each Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This arrangement took effect on August 1, 2023 and the end of the initial term was August 1, 2024. This agreement automatically renews for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the 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.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

MUFG Investor Services (US), LLC (“MUIS”) acts 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”) acts as the Funds’ custodian. As custodian, U.S. Bank is responsible for the custody of the Funds’ assets. For providing the aforementioned 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.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At June 30, 2024, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Notes
5.32%					0.25% - 1.25%
Due 07/01/24	$	43,706,715	$	43,726,092	Due 05/31/25 - 12/31/26	$	48,026,100	$	44,579,381
					U.S. Treasury Strip
					0.00%
					Due 11/15/26		1,630		1,468
							48,027,730		44,580,849
BofA Securities, Inc.					U.S. Treasury Inflation Indexed Bond
5.30%					0.13%
Due 07/01/24		34,457,607		34,472,826	Due 02/15/51		33,963,856		20,155,050
					U.S. Treasury Strips
					0.00%
					Due 02/15/44 - 08/15/48		44,528,500		14,991,724
							78,492,356		35,146,774

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 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. Securities lending transactions are accounted for as secured borrowings. The remaining contractual maturity of the securities lending agreement is overnight and continuous.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At June 30, 2024, 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
S&P MidCap 400® Pure Value Fund	$	39,944	$	(39,944	)	$	—	$	40,824	$	—	$	40,824
S&P SmallCap 600® Pure Growth Fund		33,130		(33,130	)		—		33,705		—		33,705
S&P SmallCap 600® Pure Value Fund		158,649		(158,649	)		—		171,862		—		171,862
Europe 1.25x Strategy Fund		32,538		(32,538	)		—		33,517		—		33,517

^(a) Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

Note 8 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

At June 30, 2024, 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)
S&P 500® Pure Growth Fund	$	24,318,451	$	5,199,088	$	(385,709	)	$	4,813,379
S&P 500® Pure Value Fund		18,354,782		1,967,329		(583,595	)		1,383,734
S&P MidCap 400® Pure Growth Fund		11,574,372		1,808,418		(151,455	)		1,656,963
S&P MidCap 400® Pure Value Fund		6,411,938		1,183,148		(263,341	)		919,807
S&P SmallCap 600® Pure Growth Fund		5,961,729		1,068,171		(194,956	)		873,215
S&P SmallCap 600® Pure Value Fund		8,346,754		383,800		(498,676	)		(114,876	)
Europe 1.25x Strategy Fund		3,279,648		179,355		(2,316	)		177,039
Japan 2x Strategy Fund		1,297,595		61,707		(61,554	)		153
Strengthening Dollar 2x Strategy Fund		3,534,312		38,466		(1	)		38,465
Weakening Dollar 2x Strategy Fund		585,066		—		(7,797	)		(7,797	)

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 9 – Securities Transactions

For the period ended June 30, 2024, 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
S&P 500® Pure Growth Fund	$	35,038,251	$	32,006,668
S&P 500® Pure Value Fund		18,932,761		18,815,182
S&P MidCap 400® Pure Growth Fund		32,046,342		29,657,021
S&P MidCap 400® Pure Value Fund		2,861,285		6,590,319
S&P SmallCap 600® Pure Growth Fund		9,965,944		10,099,769
S&P SmallCap 600® Pure Value Fund		10,396,756		11,474,957
Europe 1.25x Strategy Fund		10,191,054		8,725,817
Japan 2x Strategy Fund		—		—
Strengthening Dollar 2x Strategy Fund		—		—
Weakening Dollar 2x Strategy Fund		—		—

The Funds are permitted to purchase or sell securities from or to certain affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by a Fund from or to another fund or portfolio that is or could be considered an affiliate by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers complies with Rule 17a-7 of the 1940 Act. Further, as defined under these procedures, each transaction is effected at the current market price. For the period ended June 30, 2024, 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)
S&P 500® Pure Growth Fund	$	9,758,027	$	5,797,803	$	126,802
S&P 500® Pure Value Fund		5,972,305		2,304,519		(55,319	)
S&P MidCap 400 Pure Growth Fund		1,806,943		2,923,174		410,180
S&P MidCap 400 Pure Value Fund		341,940		583,386		(144,546	)
S&P SmallCap 600 Pure Growth Fund		964,345		495,548		86,863
S&P SmallCap 600 Pure Value Fund		536,063		130,114		(5,301	)
Europe 1.25x Strategy Fund		398,367		1,222,359		68,409

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 June 3, 2024, the line of credit agreement was renewed and expires on November 18, 2024. 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 6.50% for the period ended June 30, 2024. The Funds did not have any borrowings outstanding under this agreement at June 30, 2024.

The average daily balances borrowed for the period ended June 30, 2024, were as follows:

Fund	Average Daily Balance
S&P 500® Pure Value Fund	$	90
S&P MidCap 400 Pure Growth Fund		377
S&P MidCap 400 Pure Value Fund		320
S&P SmallCap 600 Pure Growth Fund		120
S&P SmallCap 600 Pure Value Fund		216

Note 11 – 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 individual companies, 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, adverse investor

66 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as 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. 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 12 – Subsequent Events

On May 21, 2024, the Board approved a waiver and/or expense reimbursement arrangement whereby 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 arrangement will take effect on August 1, 2024 and the end of the initial term is May 1, 2026. This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board of Trustees 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.

The Funds evaluated subsequent events through the date the financial statements are issued and determined there were no additional material events that would require adjustment to or disclosure in the Funds’ financial statements.

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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 information on correlation, leverage and other risks, please read the prospectus.

In general, any change in direction in an index will produce compounding that seems to work against an investor. Were the index to move in the same direction (either up or down) for two or more periods in a row, the compounding of those returns would work in an investor’s favor, causing the fund to seemingly beat its benchmark.

As a general rule of thumb, more leverage in a fund will magnify the compounding effect, while less leverage will generally produce results that are more in line with expectations. In addition, periods of high volatility in an underlying index will also cause the effects of compounding to be more pronounced, while lower volatility will produce a more muted effect.

Sector Classification

Information in the Schedule of Investments is categorized by sectors using sector-level Classifications defined by the Bloomberg Industry Classification System, a widely recognized industry classification system provider. Each Fund’s registration statement has investment policies relating to concentration in specific sectors/industries. For purposes of these investment policies, the Funds usually classify sectors/industries based on industry-level Classifications used by widely recognized industry classification system providers such as Bloomberg Industry Classification System, Global Industry Classification Standards and Barclays Global Classification Scheme.

68 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

OTHER INFORMATION (Unaudited)(continued)

Quarterly Portfolio Schedules Information

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT is available on the SEC’s website at https://www.sec.gov. The Funds’ complete schedules of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC’s website at www.sec.gov and on our website at www.guggenheiminvestments.com, and will be made available, upon request and without charge, by calling 800.820.0888.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 69

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.

70 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

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Item 10: Renumeration 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.

72 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Report of the Rydex Variable Trust Board of Trustees

As discussed further below, the Board, including the Independent Trustees, approved the renewal of the investment management agreement between the Trust, on behalf of each Fund listed below, and Security Investors (the “Advisory Agreement”) at a meeting held on May 20-21, 2024.

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**	●	Long Short Equity 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,

¹ Security Investors also serves as investment adviser to each of the 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 Commodities Strategy Fund, Global Managed Futures Strategy Fund, and Multi-Hedge Strategies Fund, respectively, that are organized as exempted companies under the laws of the Cayman Islands and used by the Funds to obtain exposure to commodities. Pursuant to separate investment management agreements between Security Investors and each Subsidiary (each a “Subsidiary Advisory Agreement” and collectively, the “Subsidiary Advisory Agreements”), each Subsidiary pays Security Investors an advisory fee at the same rate that its respective Fund pays Security Investors under the Advisory Agreement between the Trust, on behalf of the Funds, and Security Investors. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Subsidiary Advisory 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 Fund for so long as the Fund invests in its respective Subsidiary, and may be terminated only with the approval of the Board.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 73

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 16, 2024 (the “April Meeting”) and May 20-21, 2024 (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. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list 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.

As a part of its analysis, the Committee considered that Guggenheim had engaged in a strategic review of the Guggenheim fund line-up beginning in 2023, which resulted in a recommendation to the Board in 2024 for the Long Short Equity Fund to be liquidated and terminated (the “Proposed Liquidation”). The Committee noted that the Board was engaged in an extensive due diligence process to evaluate the Proposed Liquidation, which was ongoing at the time of the May Board Meeting (defined below), at which meeting the Advisory Agreement was being considered for renewal. The Committee considered the potential timing of the Proposed Liquidation and that the continuation of the Advisory Agreement for the Fund would allow the Fund to operate until the completion of the Proposed Liquidation, if approved by the Board and by shareholders, and would provide for the operation of the Fund to continue in the event the Board or shareholders do not approve the Proposed Liquidation.

74 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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 approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2025 at a meeting held on May 20-21, 2024 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered Guggenheim’s discussions with the Committee and the Board regarding the Proposed Liquidation, including at the April Meeting and the May Meetings. In this regard, the Committee considered Guggenheim’s representation that it continues to manage the Long Short Equity Fund in the best interest of the Fund and its shareholders and will continue to do so for so long as it serves as investment adviser to the Fund, including until the Proposed Liquidation, if approved by the Board and by shareholders, is completed. In addition, the Committee 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 2023, 2022 and 2021. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2023 and 2022, 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 also considered management’s representations at the April Meeting that there continued to be a high level of trading activity in the Tradable Funds and that the Tradable Funds continued 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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 75

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

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, 2023, 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, 2023, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2023, 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, 2024. 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 slightly underperformed the comparable peer fund over the five-year and three-year periods ended December 31, 2023, and that its performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year time periods.

76 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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. With respect to Multi-Hedge Strategies Fund, the Committee considered that the performance universe is limited in size and is comprised of only one other fund. The Committee observed that the returns of each Alternative Fund ranked in the first quartile of its performance universe for each of the five-year and three-year periods considered.

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 and certain other clients with respect to the Long Short Equity Fund, 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, 2025 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 that each Fund’s net effective management fee was generally competitive. The Committee noted that for Funds with a higher total net expense ratio as compared to the peer fund, the higher total net expense ratio was driven primarily by the higher other operating expenses of each such Fund.

2

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.

3

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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 77

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund’s and the peer fund’s respective fiscal year ends, the Fund’s contractual advisory fee was lower than that of the comparable peer fund and the Fund’s net effective management fee and total net expense ratio were higher than those of the comparable peer fund.

With respect to the Sector Funds, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds’ structure and the portfolio management needed to meet client requirements.

The Committee considered management’s agreement, as part of the 2024 annual contract renewal process, to reduce the total net expense ratio of the Europe 1.25x Strategy Fund by 0.10% of its average daily net assets through an expense reimbursement and/or waiver agreement effective August 1, 2024, with an initial term ending August 1, 2025, with such reduction to apply in addition to any other contractual waiver and/or reimbursement arrangements already in place. The Committee also considered the continuation, through August 1, 2025, 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 also noted the continuation, through August 1, 2025, of management’s separate 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, net effective management fee and total net expense ratio each rank in the fourth quartile (each in the 100th percentile) of its peer group. The Committee noted the Fund’s higher other operating expenses compared to its peer. The Committee considered that the peer group is limited in size and is comprised of only one other fund.

Long Short Equity Fund: The Fund’s contractual advisory fee, net effective management fee and total net expense ratio each rank in the fourth quartile (each in the 100th percentile) of its peer group. The Committee noted the Fund’s higher other operating expenses compared to its peers. The Committee considered that the peer group is limited in size and is comprised of only two other funds. The Committee also considered the small size of the Fund and that it was proposed for liquidation.

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, 2023, 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, 2022 and December 31, 2021. 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 economies of scale and synergies, such as enhanced visibility of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Funds.

78 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Concluded)

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm’s length and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in overall expenses in 2023 was attributable to decreased product and distribution related costs driven by lower average assets under management (which also resulted in decreased revenue from the funds in the Guggenheim fund complex), decreased expense waivers and reimbursements, and decreased expenses associated with 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 profit level margins; (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 and considered that the newly agreed expense reimbursement and/or waiver arrangement would produce additional savings to shareholders. 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. As a part of its considerations, the Board noted its ongoing evaluation of the Proposed Liquidation for the Long Short Equity Fund and determined that the renewal of the Advisory Agreement for the Fund would allow the Fund to operate until the completion of the Proposed Liquidation, if approved by the Board and by shareholders, and would provide for the operation of the Fund to continue in the event the Board or shareholders do not approve the Proposed Liquidation. (Following the May Board Meeting, the Board approved the Proposed Liquidation, subject to shareholder approval, at a reconvening of the May Board Meeting held by videoconference on May 24, 2024.)

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6.30.2024

Rydex Variable Trust Funds Financial Statements

Sector Funds

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

GuggenheimInvestments.com RVASECF-SEMI-2-0624X1224

TABLE OF CONTENTS

Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Financial Report)
BANKING FUND	2
BASIC MATERIALS FUND	7
BIOTECHNOLOGY FUND	12
CONSUMER PRODUCTS FUND	17
ELECTRONICS FUND	22
ENERGY FUND	27
ENERGY SERVICES FUND	32
FINANCIAL SERVICES FUND	37
HEALTH CARE FUND	43
INTERNET FUND	48
LEISURE FUND	53
PRECIOUS METALS FUND	58
REAL ESTATE FUND	63
RETAILING FUND	69
TECHNOLOGY FUND	74
TELECOMMUNICATIONS FUND	80
TRANSPORTATION FUND	85
UTILITIES FUND	90
NOTES TO FINANCIAL STATEMENTS	95
OTHER INFORMATION	103
Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies	104
Item 9: Proxy Disclosures for Open-End Management Investment Companies	105
Item 10: Renumeration Paid to Directors, Officers, and others of Open-End Management Investment Companies	106
Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract	107

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 1

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
BANKING FUND

	Shares		Value
COMMON STOCKS† - 98.5%
Banks - 92.9%
Citigroup, Inc.		1,345	$	85,354
JPMorgan Chase & Co.		417		84,342
Wells Fargo & Co.		1,404		83,384
Bank of America Corp.		2,052		81,608
PNC Financial Services Group, Inc.		436		67,789
U.S. Bancorp		1,678		66,617
Truist Financial Corp.		1,628		63,248
Bank of New York Mellon Corp.		964		57,734
NU Holdings Limited/Cayman Islands — Class A*		3,795		48,918
M&T Bank Corp.		290		43,894
Fifth Third Bancorp		1,182		43,131
State Street Corp.		541		40,034
Huntington Bancshares, Inc.		2,910		38,354
Regions Financial Corp.		1,886		37,795
Northern Trust Corp.		418		35,104
Citizens Financial Group, Inc.		959		34,553
Toronto-Dominion Bank		602		33,086
ICICI Bank Ltd. ADR		1,133		32,642
KeyCorp		2,246		31,916
HDFC Bank Ltd. ADR		487		31,329
East West Bancorp, Inc.		380		27,827
First Horizon Corp.		1,638		25,831
Bank of Nova Scotia		554		25,329
Webster Financial Corp.		557		24,280
Royal Bank of Canada		224		23,829
Comerica, Inc.		443		22,611
Commerce Bancshares, Inc.		403		22,479
Western Alliance Bancorporation		354		22,238
Zions Bancorp North America		507		21,989
First Citizens BancShares, Inc. — Class A		13		21,887
Wintrust Financial Corp.		219		21,585
Cullen/Frost Bankers, Inc.		212		21,546
Pinnacle Financial Partners, Inc.		267		21,371
SouthState Corp.		277		21,168
Popular, Inc.		239		21,135
Synovus Financial Corp.		522		20,979
Prosperity Bancshares, Inc.		339		20,726
Old National Bancorp		1,205		20,714
Canadian Imperial Bank of Commerce		430		20,442
HSBC Holdings plc ADR1		463		20,141
Cadence Bank		694		19,626
FNB Corp.		1,425		19,494
Bank OZK		466		19,106
Home BancShares, Inc.		771		18,473
UBS Group AG*		623		18,403
Bank of Montreal		216		18,112
Columbia Banking System, Inc.		907		18,040
United Bankshares, Inc.		556		18,037
Hancock Whitney Corp.		374		17,888
Barclays plc ADR		1,587		16,997
First Financial Bankshares, Inc.		554		16,360
UMB Financial Corp.		191		15,933
Associated Banc-Corp.		731		15,461

Fulton Financial Corp.		902	15,316
Valley National Bancorp		2,189	15,279
United Community Banks, Inc.		594	15,123
Texas Capital Bancshares, Inc.*		243	14,857
International Bancshares Corp.		259	14,817
Cathay General Bancorp		381	14,371
First Hawaiian, Inc.		687	14,262
First Interstate BancSystem, Inc. — Class A		493	13,691
Ameris Bancorp		268	13,494
CVB Financial Corp.		771	13,292
Eastern Bankshares, Inc.		943	13,183
Simmons First National Corp. — Class A		734	12,904
Bank of Hawaii Corp.		225	12,872
Seacoast Banking Corporation of Florida		519	12,269
BOK Financial Corp.		133	12,188
Bancorp, Inc.*		322	12,159
Independent Bank Corp.		209	10,600
Banco Bradesco S.A. ADR		4,368	9,784
Total Banks			1,961,330
Diversified Financial Services - 2.9%
Capital One Financial Corp.		445	61,610
Savings & Loans - 2.7%
New York Community Bancorp, Inc.		4,758	15,321
WSFS Financial Corp.		318	14,946
WaFd, Inc.		472	13,490
Pacific Premier Bancorp, Inc.		575	13,207
Total Savings & Loans			56,964
Total Common Stocks
(Cost $992,149)			2,079,904
PREFERRED STOCKS† - 0.9%
Financial - 0.9%
Itau Unibanco Holding S.A.
ADR		3,475	20,294
Total Preferred Stocks
(Cost $15,899)			20,294
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	9,523	9,523
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		7,507	7,507
Total Repurchase Agreements
(Cost $17,030)			17,030

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
BANKING FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 0.4%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		7,429	$	7,429
Total Securities Lending Collateral
(Cost $7,429)				7,429
Total Investments - 100.6%
(Cost $1,032,507)			$	2,124,657
Other Assets & Liabilities, net - (0.6)%				(13,384	)
Total Net Assets - 100.0%			$	2,111,273

*	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, 2024 — 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, 2024.
	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, 2024 (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	$	2,079,904	$	—	$	—	$	2,079,904
Preferred Stocks		20,294		—		—		20,294
Repurchase Agreements		—		17,030		—		17,030
Securities Lending Collateral		7,429		—		—		7,429
Total Assets	$	2,107,627	$	17,030	$	—	$	2,124,657

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

BANKING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $7,221 of securities loaned (cost $1,015,477)	$	2,107,627
Repurchase agreements, at value (cost $17,030)		17,030
Receivables:
Fund shares sold		39,717
Dividends		6,281
Foreign tax reclaims		504
Interest		8
Securities lending income		4
Total assets		2,171,171
Liabilities:
Payable for:
Securities purchased		45,280
Return of securities lending collateral		7,429
Management fees		1,360
Transfer agent fees		844
Investor service fees		400
Portfolio accounting and administration fees		168
Trustees’ fees*		22
Fund shares redeemed		18
Miscellaneous		4,377
Total liabilities		59,898
Net assets	$	2,111,273
Net assets consist of:
Paid in capital	$	1,633,345
Total distributable earnings (loss)		477,928
Net assets	$	2,111,273
Capital shares outstanding		21,240
Net asset value per share	$	99.40

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $747)	$	43,041
Interest		408
Income from securities lending, net		163
Total investment income		43,612
Expenses:
Management fees		10,499
Transfer agent fees		3,455
Investor service fees		3,088
Professional fees		2,249
Portfolio accounting and administration fees		1,914
Trustees’ fees*		194
Custodian fees		163
Line of credit fees		52
Miscellaneous		211
Total expenses		21,825
Less:
Expenses reimbursed by Adviser		(617	)
Net expenses		21,208
Net investment income		22,404
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		326,354
Net realized gain		326,354
Net change in unrealized appreciation (depreciation) on:
Investments		(338,739	)
Net change in unrealized appreciation (depreciation)		(338,739	)
Net realized and unrealized loss		(12,385	)
Net increase in net assets resulting from operations	$	10,019

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

BANKING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	22,404		$	62,928
Net realized gain on investments		326,354			245,224
Net change in unrealized appreciation (depreciation) on investments		(338,739	)		(30,082	)
Net increase in net assets resulting from operations		10,019			278,070
Distributions to shareholders		—			(51,206	)
Capital share transactions:
Proceeds from sale of shares		939,966			6,793,120
Distributions reinvested		—			51,206
Cost of shares redeemed		(2,613,501	)		(6,946,582	)
Net decrease from capital share transactions		(1,673,535	)		(102,256	)
Net increase (decrease) in net assets		(1,663,516	)		124,608
Net assets:
Beginning of period		3,774,789			3,650,181
End of period	$	2,111,273		$	3,774,789
Capital share activity:
Shares sold		9,727			78,992
Shares issued from reinvestment of distributions		—			616
Shares redeemed		(27,442	)		(79,012	)
Net increase (decrease) in shares		(17,715	)		596

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	96.90		$	95.16		$	116.67		$	88.04		$	97.20		$	76.46
Income (loss) from investment operations:
Net investment income (loss)b		.87			1.71			1.01			.82			1.18			.94
Net gain (loss) on investments (realized and unrealized)		1.63	e		.95			(20.83	)		28.58			(9.63	)		20.67
Total from investment operations		2.50			2.66			(19.82	)		29.40			(8.45	)		21.61
Less distributions from:
Net investment income		—			(.92	)		(1.69	)		(.77	)		(.71	)		(.87	)
Total distributions		—			(.92	)		(1.69	)		(.77	)		(.71	)		(.87	)
Net asset value, end of period	$	99.40		$	96.90		$	95.16		$	116.67		$	88.04		$	97.20
Total Returnc		2.58	%		2.97	%		(17.02	%)		33.49	%		(8.46	%)		28.39	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,111		$	3,775		$	3,650		$	6,907		$	4,234		$	5,838
Ratios to average net assets:
Net investment income (loss)		1.81	%		2.02	%		0.95	%		0.73	%		1.60	%		1.07	%
Total expenses		1.77	%		1.81	%		1.77	%		1.69	%		1.82	%		1.82	%
Net expensesd		1.72	%		1.79	%		1.77	%		1.69	%		1.82	%		1.82	%
Portfolio turnover rate		47	%		228	%		375	%		351	%		529	%		246	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
BASIC MATERIALS FUND

	Shares		Value
COMMON STOCKS† - 99.1%
Chemicals - 35.6%
Linde plc		733	$	321,648
Sherwin-Williams Co.		618		184,430
Ecolab, Inc.		718		170,884
Air Products and Chemicals, Inc.		616		158,959
Dow, Inc.		2,481		131,617
DuPont de Nemours, Inc.		1,509		121,459
PPG Industries, Inc.		945		118,966
LyondellBasell Industries N.V. — Class A		1,156		110,583
International Flavors & Fragrances, Inc.		1,143		108,825
Nutrien Ltd.		1,635		83,238
CF Industries Holdings, Inc.		1,116		82,718
Celanese Corp. — Class A		609		82,148
RPM International, Inc.		743		80,006
Eastman Chemical Co.		752		73,673
Albemarle Corp.		731		69,825
Mosaic Co.		2,388		69,013
Arcadium Lithium plc*		20,419		68,608
FMC Corp.		1,052		60,542
Axalta Coating Systems Ltd.*		1,736		59,319
Element Solutions, Inc.		2,047		55,515
Olin Corp.		1,069		50,403
Westlake Corp.		343		49,673
Ashland, Inc.		479		45,261
Huntsman Corp.		1,819		41,419
Chemours Co.		1,710		38,595
Balchem Corp.		225		34,639
Innospec, Inc.		224		27,684
Total Chemicals				2,499,650
Mining - 24.0%
Freeport-McMoRan, Inc.		3,856		187,402
Newmont Corp.		3,710		155,338
Barrick Gold Corp.		6,708		111,889
Agnico Eagle Mines Ltd.		1,399		91,494
BHP Group Ltd. ADR1		1,544		88,147
Rio Tinto plc ADR		1,336		88,082
Wheaton Precious Metals Corp.		1,592		83,453
Kinross Gold Corp.		10,002		83,217
Anglogold Ashanti plc		3,209		80,642
Gold Fields Ltd. ADR		5,258		78,344
Franco-Nevada Corp.		652		77,275
Pan American Silver Corp.		3,769		74,928
Alamos Gold, Inc. — Class A		4,560		71,501
Southern Copper Corp.		635		68,415
Royal Gold, Inc.		518		64,833
Alcoa Corp.		1,501		59,710
Sigma Lithium Corp.*,1		4,900		58,947
B2Gold Corp.		20,721		55,947
Hecla Mining Co.		7,510		36,423
MP Materials Corp.*,1		2,070		26,351
Century Aluminum Co.*		1,295		21,691
SSR Mining, Inc.		4,539		20,471
Total Mining				1,684,500
Iron & Steel - 12.2%
Nucor Corp.		877		138,636
Vale S.A. ADR		9,410		105,110
Steel Dynamics, Inc.		771		99,845
Reliance, Inc.		316		90,250
ArcelorMittal S.A.		3,024		69,340
Gerdau S.A. ADR		19,698		65,003
United States Steel Corp.		1,647		62,257
Cleveland-Cliffs, Inc.*		3,977		61,206
ATI, Inc.*		1,046		58,001
Commercial Metals Co.		1,054		57,959
Carpenter Technology Corp.		483		52,927
Total Iron & Steel				860,534
Packaging & Containers - 10.6%
Ball Corp.		1,523		91,411
Packaging Corporation of America		483		88,177
Amcor plc		8,091		79,130
Westrock Co.		1,563		78,556
AptarGroup, Inc.		468		65,899
Crown Holdings, Inc.		857		63,752
Graphic Packaging Holding Co.		2,335		61,200
Berry Global Group, Inc.		958		56,378
Sealed Air Corp.		1,368		47,593
Sonoco Products Co.		904		45,851
Silgan Holdings, Inc.		953		40,341
O-I Glass, Inc.*		2,564		28,537
Total Packaging & Containers				746,825
Building Materials - 8.9%
CRH plc*		2,034		152,509
Martin Marietta Materials, Inc.		228		123,530
Vulcan Materials Co.		494		122,848
Cemex SAB de CV ADR		11,067		70,718
Eagle Materials, Inc.		264		57,410
Louisiana-Pacific Corp.		580		47,751
Summit Materials, Inc. — Class A*		1,252		45,836
Total Building Materials				620,602
Coal - 2.6%
Teck Resources Ltd. — Class B		1,909		91,441
Warrior Met Coal, Inc.		631		39,608
Arch Resources, Inc.		178		27,097
Alpha Metallurgical Resources, Inc.		85		23,845
Total Coal				181,991
Biotechnology - 1.9%
Corteva, Inc.		2,554		137,763
Household Products & Housewares - 1.3%
Avery Dennison Corp.		416		90,958
Forest Products & Paper - 1.2%
International Paper Co.		1,910		82,417
Housewares - 0.5%
Scotts Miracle-Gro Co. — Class A		555		36,108

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 7

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
BASIC MATERIALS FUND

	Shares		Value
Environmental Control - 0.3%
PureCycle Technologies, Inc.*,1		3,515	$	20,809
Total Common Stocks
(Cost $3,453,114)				6,962,157
	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.1%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	43,478		43,478
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		34,277		34,277
Total Repurchase Agreements
(Cost $77,755)				77,755
SECURITIES LENDING COLLATERAL†,3 - 1.7%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		117,515	$	117,515
Total Securities Lending Collateral
(Cost $117,515)				117,515
Total Investments - 101.9%
(Cost $3,648,384)			$	7,157,427
Other Assets & Liabilities, net - (1.9)%				(131,298	)
Total Net Assets - 100.0%			$	7,026,129

*	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, 2024 — 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, 2024.
	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, 2024 (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	$	6,962,157	$	—	$	—	$	6,962,157
Repurchase Agreements		—		77,755		—		77,755
Securities Lending Collateral		117,515		—		—		117,515
Total Assets	$	7,079,672	$	77,755	$	—	$	7,157,427

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

BASIC MATERIALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $113,679 of securities loaned (cost $3,570,629)	$	7,079,672
Repurchase agreements, at value (cost $77,755)		77,755
Cash		150
Receivables:
Dividends		4,877
Fund shares sold		3,142
Securities lending income		253
Foreign tax reclaims		111
Interest		34
Total assets		7,165,994
Liabilities:
Payable for:
Return of securities lending collateral		117,515
Management fees		4,671
Transfer agent fees		2,692
Investor service fees		1,374
Fund shares redeemed		885
Portfolio accounting and administration fees		577
Trustees’ fees*		62
Miscellaneous		12,089
Total liabilities		139,865
Net assets	$	7,026,129
Net assets consist of:
Paid in capital	$	4,160,357
Total distributable earnings (loss)		2,865,772
Net assets	$	7,026,129
Capital shares outstanding		69,160
Net asset value per share	$	101.59

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $1,793)	$	72,502
Interest		1,314
Income from securities lending, net		1,817
Total investment income		75,633
Expenses:
Management fees		30,901
Investor service fees		9,088
Transfer agent fees		9,654
Portfolio accounting and administration fees		5,635
Professional fees		4,986
Custodian fees		470
Trustees’ fees*		459
Line of credit fees		14
Miscellaneous		2,764
Total expenses		63,971
Less:
Expenses reimbursed by Adviser		(1,818	)
Net expenses		62,153
Net investment income		13,480
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		52,807
Net realized gain		52,807
Net change in unrealized appreciation (depreciation) on:
Investments		(52,554	)
Net change in unrealized appreciation (depreciation)		(52,554	)
Net realized and unrealized gain		253
Net increase in net assets resulting from operations	$	13,733

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

BASIC MATERIALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	13,480		$	40,790
Net realized gain on investments		52,807			411,482
Net change in unrealized appreciation (depreciation) on investments		(52,554	)		(126,545	)
Net increase in net assets resulting from operations		13,733			325,727
Capital share transactions:
Proceeds from sale of shares		4,742,826			9,555,855
Distributions reinvested		—			—
Cost of shares redeemed		(4,927,022	)		(10,679,600	)
Net decrease from capital share transactions		(184,196	)		(1,123,745	)
Net decrease in net assets		(170,463	)		(798,018	)
Net assets:
Beginning of period		7,196,592			7,994,610
End of period	$	7,026,129		$	7,196,592
Capital share activity:
Shares sold		46,405			95,957
Shares redeemed		(48,106	)		(110,875	)
Net decrease in shares		(1,701	)		(14,918	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	101.56		$	93.20		$	105.96		$	89.05		$	75.99		$	65.42
Income (loss) from investment operations:
Net investment income (loss)b		.19			.49			.67			.34			.22			.35
Net gain (loss) on investments (realized and unrealized)		(.16	)e		7.87			(11.01	)		19.78			14.43			13.55
Total from investment operations		.03			8.36			(10.34	)		20.12			14.65			13.90
Less distributions from:
Net investment income		—			—			(.56	)		(.59	)		(.97	)		—
Net realized gains		—			—			(1.86	)		(2.62	)		(.62	)		(3.33	)
Total distributions		—			—			(2.42	)		(3.21	)		(1.59	)		(3.33	)
Net asset value, end of period	$	101.59		$	101.56		$	93.20		$	105.96		$	89.05		$	75.99
Total Returnc		0.03	%		8.97	%		(9.65	%)		22.94	%		19.75	%		21.43	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	7,026		$	7,197		$	7,995		$	9,249		$	8,273		$	6,550
Ratios to average net assets:
Net investment income (loss)		0.37	%		0.51	%		0.68	%		0.33	%		0.31	%		0.49	%
Total expenses		1.76	%		1.80	%		1.77	%		1.69	%		1.82	%		1.82	%
Net expensesd		1.71	%		1.79	%		1.77	%		1.69	%		1.82	%		1.82	%
Portfolio turnover rate		70	%		141	%		185	%		149	%		194	%		88	%

a	Unaudited figures for the period ended June 30, 2024. 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 period because of the sales and purchases of fund shares in relations to fluctuating market value of investments of the Fund.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
BIOTECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Biotechnology - 75.6%
Amgen, Inc.		2,196	$	686,140
Gilead Sciences, Inc.		7,136		489,601
Regeneron Pharmaceuticals, Inc.*		442		464,555
Vertex Pharmaceuticals, Inc.*		949		444,815
Alnylam Pharmaceuticals, Inc.*		1,439		349,677
Corteva, Inc.		5,966		321,806
Biogen, Inc.*		1,274		295,339
Moderna, Inc.*		2,480		294,500
Sarepta Therapeutics, Inc.*		1,361		215,038
Illumina, Inc.*		1,953		203,854
United Therapeutics Corp.*		631		201,005
BioMarin Pharmaceutical, Inc.*		2,438		200,721
Royalty Pharma plc — Class A		7,064		186,278
Insmed, Inc.*		2,594		173,798
Incyte Corp.*		2,835		171,858
Argenx SE ADR*		352		151,374
Legend Biotech Corp. ADR*		3,352		148,460
Ionis Pharmaceuticals, Inc.*		2,885		137,499
Halozyme Therapeutics, Inc.*		2,614		136,869
Intra-Cellular Therapies, Inc.*		1,959		134,172
Exelixis, Inc.*		5,851		131,472
Cytokinetics, Inc.*		2,364		128,082
REVOLUTION Medicines, Inc.*		3,209		124,541
Viking Therapeutics, Inc.*		2,285		121,128
Roivant Sciences Ltd.*		10,896		115,171
CRISPR Therapeutics AG*		2,116		114,285
Blueprint Medicines Corp.*		942		101,529
BioNTech SE ADR*		1,216		97,718
Axsome Therapeutics, Inc.*		1,208		97,244
Apellis Pharmaceuticals, Inc.*		2,403		92,179
Guardant Health, Inc.*		3,174		91,665
Crinetics Pharmaceuticals, Inc.*		2,039		91,327
Arrowhead Pharmaceuticals, Inc.*		3,508		91,173
Cerevel Therapeutics Holdings, Inc.*		2,205		90,162
Bridgebio Pharma, Inc.*		3,550		89,921
Ultragenyx Pharmaceutical, Inc.*		2,185		89,803
Amicus Therapeutics, Inc.*		8,458		83,903
TG Therapeutics, Inc.*		4,689		83,417
Prothena Corporation plc*		3,927		81,053
ACADIA Pharmaceuticals, Inc.*		4,612		74,945
Krystal Biotech, Inc.*		400		73,456
Iovance Biotherapeutics, Inc.*		9,092		72,918
Ardelyx, Inc.*		9,680		71,729
Intellia Therapeutics, Inc.*		3,004		67,230
Immunovant, Inc.*		2,543		67,135
PTC Therapeutics, Inc.*		2,146		65,625
Beam Therapeutics, Inc.*		2,731		63,987
Novavax, Inc.*		4,913		62,199
Nuvalent, Inc. — Class A*		819		62,129
SpringWorks Therapeutics, Inc.*		1,643		61,892
Dynavax Technologies Corp.*		5,370		60,305
Akero Therapeutics, Inc.*		2,562		60,105
Recursion Pharmaceuticals, Inc. — Class A*		7,522		56,415
Sage Therapeutics, Inc.*		3,264		35,447
GRAIL, Inc.*,1		325		4,995
Total Biotechnology				8,283,644
Pharmaceuticals - 18.9%
AbbVie, Inc.		5,295		908,198
AstraZeneca plc ADR		3,665		285,833
Neurocrine Biosciences, Inc.*		1,371		188,746
Viatris, Inc.		17,377		184,717
Alkermes plc*		5,797		139,708
Jazz Pharmaceuticals plc*		1,183		126,262
Vaxcyte, Inc.*		1,656		125,045
Madrigal Pharmaceuticals, Inc.*		236		66,118
Ironwood Pharmaceuticals, Inc. — Class A*		7,774		50,686
Total Pharmaceuticals				2,075,313
Healthcare-Products - 3.8%
Natera, Inc.*		1,661		179,870
Exact Sciences Corp.*		3,413		144,199
Twist Bioscience Corp.*		1,569		77,320
Pacific Biosciences of California, Inc.*,1		10,480		14,358
Total Healthcare-Products				415,747
Healthcare-Services - 1.3%
Medpace Holdings, Inc.*		340		140,029
Total Common Stocks
(Cost $5,025,306)				10,914,733
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.3%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	18,753		18,753
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		14,784		14,784
Total Repurchase Agreements
(Cost $33,537)				33,537
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.1%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		15,646		15,646
Total Securities Lending Collateral
(Cost $15,646)				15,646
Total Investments - 100.0%
(Cost $5,074,489)			$	10,963,916
Other Assets & Liabilities, net - 0.0%				3,467
Total Net Assets - 100.0%			$	10,967,383

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
BIOTECHNOLOGY 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, 2024 — 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, 2024.
	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, 2024 (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	$	10,914,733	$	—	$	—	$	10,914,733
Repurchase Agreements		—		33,537		—		33,537
Securities Lending Collateral		15,646		—		—		15,646
Total Assets	$	10,930,379	$	33,537	$	—	$	10,963,916

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

BIOTECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $14,587 of securities loaned (cost $5,040,952)	$	10,930,379
Repurchase agreements, at value (cost $33,537)		33,537
Receivables:
Securities sold		54,930
Foreign tax reclaims		476
Securities lending income		43
Interest		15
Total assets		11,019,380
Liabilities:
Payable for:
Return of securities lending collateral		15,646
Professional fees		10,555
Management fees		7,559
Printing fees		5,136
Transfer agent fees		4,297
Investor service fees		2,223
Fund shares redeemed		1,510
Portfolio accounting and administration fees		934
Trustees’ fees*		101
Miscellaneous		4,036
Total liabilities		51,997
Net assets	$	10,967,383
Net assets consist of:
Paid in capital	$	4,862,642
Total distributable earnings (loss)		6,104,741
Net assets	$	10,967,383
Capital shares outstanding		129,035
Net asset value per share	$	85.00

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $33)	$	57,000
Interest		1,951
Income from securities lending, net		924
Total investment income		59,875
Expenses:
Management fees		50,027
Investor service fees		14,714
Transfer agent fees		15,791
Professional fees		8,145
Portfolio accounting and administration fees		9,122
Trustees’ fees*		782
Custodian fees		765
Miscellaneous		4,281
Total expenses		103,627
Less:
Expenses reimbursed by Adviser		(2,943	)
Net expenses		100,684
Net investment loss		(40,809	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		529,001
Net realized gain		529,001
Net change in unrealized appreciation (depreciation) on:
Investments		(266,086	)
Net change in unrealized appreciation (depreciation)		(266,086	)
Net realized and unrealized gain		262,915
Net increase in net assets resulting from operations	$	222,106

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

BIOTECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(40,809	)	$	(96,723	)
Net realized gain on investments		529,001			2,449,943
Net change in unrealized appreciation (depreciation) on investments		(266,086	)		(1,829,176	)
Net increase in net assets resulting from operations		222,106			524,044
Distributions to shareholders		—			(132,244	)
Capital share transactions:
Proceeds from sale of shares		45,776,742			4,806,984
Distributions reinvested		—			132,244
Cost of shares redeemed		(47,241,378	)		(9,651,956	)
Net decrease from capital share transactions		(1,464,636	)		(4,712,728	)
Net decrease in net assets		(1,242,530	)		(4,320,928	)
Net assets:
Beginning of period		12,209,913			16,530,841
End of period	$	10,967,383		$	12,209,913
Capital share activity:
Shares sold		556,274			61,602
Shares issued from reinvestment of distributions		—			1,713
Shares redeemed		(574,574	)		(124,262	)
Net decrease in shares		(18,300	)		(60,947	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	82.87		$	79.37		$	99.09		$	107.01		$	94.84		$	78.16
Income (loss) from investment operations:
Net investment income (loss)b		(.28	)		(.58	)		(.57	)		(1.04	)		(.91	)		(.83	)
Net gain (loss) on investments (realized and unrealized)		2.41			4.90			(12.71	)		3.01			20.68			19.81
Total from investment operations		2.13			4.32			(13.28	)		1.97			19.77			18.98
Less distributions from:
Net realized gains		—			(.82	)		(6.44	)		(9.89	)		(7.60	)		(2.30	)
Total distributions		—			(.82	)		(6.44	)		(9.89	)		(7.60	)		(2.30	)
Net asset value, end of period	$	85.00		$	82.87		$	79.37		$	99.09		$	107.01		$	94.84
Total Returnc		2.57	%		5.53	%		(13.31	%)		1.42	%		21.31	%		24.67	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	10,967		$	12,210		$	16,531		$	22,626		$	24,622		$	21,687
Ratios to average net assets:
Net investment income (loss)		(0.69	%)		(0.75	%)		(0.70	%)		(0.98	%)		(0.94	%)		(0.95	%)
Total expenses		1.76	%		1.80	%		1.77	%		1.69	%		1.82	%		1.82	%
Net expensesd		1.71	%		1.78	%		1.77	%		1.69	%		1.82	%		1.82	%
Portfolio turnover rate		413	%		74	%		116	%		118	%		160	%		105	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
CONSUMER PRODUCTS FUND

	Shares		Value
COMMON STOCKS† - 99.4%
Food - 33.3%
Mondelez International, Inc. — Class A		3,319	$	217,195
Hershey Co.		761		139,895
Sysco Corp.		1,954		139,496
General Mills, Inc.		2,157		136,452
Kroger Co.		2,698		134,711
Kraft Heinz Co.		3,609		116,282
Tyson Foods, Inc. — Class A		1,869		106,795
McCormick & Company, Inc.		1,465		103,927
Kellanova		1,578		91,019
Conagra Brands, Inc.		3,012		85,601
US Foods Holding Corp.*		1,615		85,563
Lamb Weston Holdings, Inc.		953		80,128
J M Smucker Co.		711		77,527
Performance Food Group Co.*		1,116		73,779
Campbell Soup Co.		1,582		71,491
Sprouts Farmers Market, Inc.*		848		70,944
Hormel Foods Corp.		2,284		69,639
Ingredion, Inc.		555		63,658
Albertsons Companies, Inc. — Class A		2,999		59,230
Post Holdings, Inc.*		515		53,642
Flowers Foods, Inc.		2,167		48,107
Simply Good Foods Co.*		1,159		41,875
Cal-Maine Foods, Inc.		632		38,622
Grocery Outlet Holding Corp.*		1,546		34,198
Lancaster Colony Corp.		180		34,015
Pilgrim’s Pride Corp.*		803		30,907
Total Food				2,204,698
Beverages - 26.0%
Coca-Cola Co.		5,784		368,151
PepsiCo, Inc.		2,143		353,445
Constellation Brands, Inc. — Class A		586		150,766
Monster Beverage Corp.*		2,926		146,154
Keurig Dr Pepper, Inc.		4,116		137,474
Coca-Cola Europacific Partners plc		1,541		112,293
Brown-Forman Corp. — Class B		2,436		105,211
Anheuser-Busch InBev S.A. ADR		1,486		86,411
Fomento Economico Mexicano SAB de CV ADR		784		84,398
Molson Coors Beverage Co. — Class B		1,448		73,602
Celsius Holdings, Inc.*		1,227		70,049
Coca-Cola Consolidated, Inc.		30		32,550
Total Beverages				1,720,504
Cosmetics & Personal Care - 16.7%
Procter & Gamble Co.		2,772		457,158
Colgate-Palmolive Co.		2,161		209,703
Kenvue, Inc.		7,533		136,950
Estee Lauder Companies, Inc. — Class A		1,251		133,106
Unilever plc ADR		1,620		89,084
elf Beauty, Inc.*		384		80,917
Total Cosmetics & Personal Care				1,106,918
Agriculture - 13.1%
Philip Morris International, Inc.		2,877		291,526
Altria Group, Inc.		4,504		205,157
Archer-Daniels-Midland Co.		2,103		127,126
Bunge Global S.A.		866		92,463
British American Tobacco plc ADR		2,919		90,285
Darling Ingredients, Inc.*		1,604		58,947
Total Agriculture				865,504
Household Products & Housewares - 6.4%
Kimberly-Clark Corp.		1,129		156,028
Church & Dwight Company, Inc.		1,115		115,603
Clorox Co.		713		97,303
Spectrum Brands Holdings, Inc.		414		35,575
WD-40 Co.		99		21,745
Total Household Products & Housewares				426,254
Retail - 2.2%
Casey’s General Stores, Inc.		227		86,614
Freshpet, Inc.*		457		59,131
Total Retail				145,745
Pharmaceuticals - 1.0%
BellRing Brands, Inc.*		1,135		64,854
Internet - 0.7%
Maplebear, Inc.*		1,411		45,350
Total Common Stocks
(Cost $2,868,572)				6,579,827
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	20,355		20,355
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		16,047		16,047
Total Repurchase Agreements
(Cost $36,402)				36,402
Total Investments - 100.0%
(Cost $2,904,974)			$	6,616,229
Other Assets & Liabilities, net - 0.0%				(1,175	)
Total Net Assets - 100.0%			$	6,615,054

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 17

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
CONSUMER PRODUCTS FUND

*	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.

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	6,579,827	$	—	$	—	$	6,579,827
Repurchase Agreements		—		36,402		—		36,402
Total Assets	$	6,579,827	$	36,402	$	—	$	6,616,229

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

CONSUMER PRODUCTS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $2,868,572)	$	6,579,827
Repurchase agreements, at value (cost $36,402)		36,402
Receivables:
Securities sold		37,153
Dividends		25,298
Securities lending income		21
Interest		16
Total assets		6,678,717
Liabilities:
Payable for:
Fund shares redeemed		38,008
Professional fees		8,592
Management fees		5,341
Transfer agent fees		3,231
Investor service fees		1,571
Portfolio accounting and administration fees		660
Trustees’ fees*		75
Miscellaneous		6,185
Total liabilities		63,663
Net assets	$	6,615,054
Net assets consist of:
Paid in capital	$	2,719,810
Total distributable earnings (loss)		3,895,244
Net assets	$	6,615,054
Capital shares outstanding		94,426
Net asset value per share	$	70.06

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends	$	124,281
Interest		1,401
Income from securities lending, net		115
Total investment income		125,797
Expenses:
Management fees		37,294
Investor service fees		10,969
Transfer agent fees		11,818
Portfolio accounting and administration fees		6,801
Professional fees		5,423
Trustees’ fees*		585
Custodian fees		570
Line of credit fees		25
Miscellaneous		3,764
Total expenses		77,249
Less:
Expenses reimbursed by Adviser		(2,193	)
Net expenses		75,056
Net investment income		50,741
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		857,849
Net realized gain		857,849
Net change in unrealized appreciation (depreciation) on:
Investments		(785,479	)
Net change in unrealized appreciation (depreciation)		(785,479	)
Net realized and unrealized gain		72,370
Net increase in net assets resulting from operations	$	123,111

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

CONSUMER PRODUCTS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	50,741		$	101,574
Net realized gain on investments		857,849			264,759
Net change in unrealized appreciation (depreciation) on investments		(785,479	)		(1,027,320	)
Net increase (decrease) in net assets resulting from operations		123,111			(660,987	)
Distributions to shareholders		—			(200,079	)
Capital share transactions:
Proceeds from sale of shares		38,678,480			13,174,001
Distributions reinvested		—			200,079
Cost of shares redeemed		(40,764,158	)		(16,767,946	)
Net decrease from capital share transactions		(2,085,678	)		(3,393,866	)
Net decrease in net assets		(1,962,567	)		(4,254,932	)
Net assets:
Beginning of period		8,577,621			12,832,553
End of period	$	6,615,054		$	8,577,621
Capital share activity:
Shares sold		540,758			183,263
Shares issued from reinvestment of distributions		—			2,816
Shares redeemed		(571,840	)		(238,899	)
Net decrease in shares		(31,082	)		(52,820	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	68.34		$	71.96		$	77.68		$	70.88		$	67.43		$	55.78
Income (loss) from investment operations:
Net investment income (loss)b		.40			.65			.81			.50			.51			.56
Net gain (loss) on investments (realized and unrealized)		1.32			(2.99	)		(1.66	)		7.00			4.44			11.84
Total from investment operations		1.72			(2.34	)		(.85	)		7.50			4.95			12.40
Less distributions from:
Net investment income		—			(.93	)		(.54	)		(.64	)		(.59	)		(.60	)
Net realized gains		—			(.35	)		(4.33	)		(.06	)		(.91	)		(.15	)
Total distributions		—			(1.28	)		(4.87	)		(.70	)		(1.50	)		(.75	)
Net asset value, end of period	$	70.06		$	68.34		$	71.96		$	77.68		$	70.88		$	67.43
Total Returnc		2.52	%		(3.30	%)		(0.91	%)		10.62	%		7.58	%		22.33	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	6,615		$	8,578		$	12,833		$	15,675		$	15,787		$	18,606
Ratios to average net assets:
Net investment income (loss)		1.16	%		0.92	%		1.10	%		0.68	%		0.79	%		0.88	%
Total expenses		1.76	%		1.80	%		1.77	%		1.69	%		1.82	%		1.82	%
Net expensesd		1.71	%		1.79	%		1.77	%		1.69	%		1.82	%		1.82	%
Portfolio turnover rate		467	%		126	%		149	%		162	%		155	%		177	%

a	Unaudited figures for the period ended June 30, 2024. 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 REPORT | 21

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
ELECTRONICS FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Semiconductors - 93.9%
NVIDIA Corp.		47,446	$	5,861,479
Broadcom, Inc.		1,723		2,766,328
Advanced Micro Devices, Inc.*		11,310		1,834,595
QUALCOMM, Inc.		7,985		1,590,452
Applied Materials, Inc.		6,617		1,561,546
Texas Instruments, Inc.		7,664		1,490,878
Lam Research Corp.		1,259		1,340,646
Intel Corp.		41,912		1,298,015
Micron Technology, Inc.		9,722		1,278,735
Analog Devices, Inc.		5,179		1,182,159
KLA Corp.		1,424		1,174,102
Marvell Technology, Inc.		12,263		857,184
Microchip Technology, Inc.		8,482		776,103
NXP Semiconductor N.V.		2,840		764,216
Monolithic Power Systems, Inc.		859		705,823
ASML Holding N.V. — Class G		661		676,025
Taiwan Semiconductor Manufacturing Company Ltd. ADR		3,800		660,478
ON Semiconductor Corp.*		8,478		581,167
Teradyne, Inc.		3,669		544,076
ARM Holdings plc ADR*,1		3,303		540,437
Entegris, Inc.		3,725		504,365
Skyworks Solutions, Inc.		4,308		459,147
Kulicke & Soffa Industries, Inc.		8,231		404,883
ASE Technology Holding Company Ltd. ADR		33,430		381,771
United Microelectronics Corp. ADR1		43,403		380,210
Qorvo, Inc.*		3,210		372,488
STMicroelectronics N.V. — Class Y		9,300		365,304
MKS Instruments, Inc.		2,500		326,450
Lattice Semiconductor Corp.*		5,287		306,593
MACOM Technology Solutions Holdings, Inc.*		2,645		294,838
Cirrus Logic, Inc.*		2,298		293,363
Rambus, Inc.*		4,850		284,986
Amkor Technology, Inc.		6,472		259,009
GLOBALFOUNDRIES, Inc.*,1		4,764		240,868
Axcelis Technologies, Inc.*		1,644		233,760
Power Integrations, Inc.		3,094		217,168
Impinj, Inc.*		1,304		204,428
Silicon Laboratories, Inc.*		1,685		186,412
Synaptics, Inc.*		2,066		182,221
Diodes, Inc.*		2,444		175,797
Wolfspeed, Inc.*		7,499		170,677
Allegro MicroSystems, Inc.*		5,863		165,571
Ambarella, Inc.*		2,933		158,235
Semtech Corp.*		5,138		153,523
Aehr Test Systems*		5,097		56,933
Total Semiconductors				34,263,444
Energy-Alternate Sources - 3.8%
First Solar, Inc.*		2,115		476,848
Enphase Energy, Inc.*		3,602		359,155
Canadian Solar, Inc.*,1		20,409		301,033
SolarEdge Technologies, Inc.*		9,330		235,676
Total Energy-Alternate Sources				1,372,712
Electrical Components & Equipment - 0.9%
Universal Display Corp.		1,618		340,184
Telecommunications - 0.7%
Credo Technology Group Holding Ltd.*		7,589		242,393
Total Common Stocks
(Cost $16,688,910)				36,218,733
	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.1%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	216,734		216,734
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		170,869		170,869
Total Repurchase Agreements
(Cost $387,603)				387,603
	Shares
SECURITIES LENDING COLLATERAL†,3 - 2.6%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		951,362		951,362
Total Securities Lending Collateral
(Cost $951,362)				951,362
Total Investments - 103.0%
(Cost $18,027,875)			$	37,557,698
Other Assets & Liabilities, net - (3.0)%				(1,080,636	)
Total Net Assets - 100.0%			$	36,477,062

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
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, 2024 — 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, 2024.
	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, 2024 (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	$	36,218,733	$	—	$	—	$	36,218,733
Repurchase Agreements		—		387,603		—		387,603
Securities Lending Collateral		951,362		—		—		951,362
Total Assets	$	37,170,095	$	387,603	$	—	$	37,557,698

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 23

ELECTRONICS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $908,292 of securities loaned (cost $17,640,272)	$	37,170,095
Repurchase agreements, at value (cost $387,603)		387,603
Receivables:
Fund shares sold		22,013
Dividends		10,153
Securities lending income		657
Interest		171
Total assets		37,590,692
Liabilities:
Payable for:
Return of securities lending collateral		951,362
Fund shares redeemed		52,198
Management fees		24,072
Transfer agent fees		13,795
Investor service fees		7,080
Portfolio accounting and administration fees		2,973
Trustees’ fees*		318
Miscellaneous		61,832
Total liabilities		1,113,630
Net assets	$	36,477,062
Net assets consist of:
Paid in capital	$	13,210,395
Total distributable earnings (loss)		23,266,667
Net assets	$	36,477,062
Capital shares outstanding		138,898
Net asset value per share	$	262.62

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $1,674)	$	144,242
Interest		7,789
Income from securities lending, net		6,911
Total investment income		158,942
Expenses:
Management fees		161,539
Investor service fees		47,511
Transfer agent fees		49,634
Professional fees		30,027
Portfolio accounting and administration fees		29,457
Custodian fees		2,450
Trustees’ fees*		2,295
Miscellaneous		11,446
Total expenses		334,359
Less:
Expenses reimbursed by Adviser		(9,502	)
Net expenses		324,857
Net investment loss		(165,915	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		4,581,716
Net realized gain		4,581,716
Net change in unrealized appreciation (depreciation) on:
Investments		4,963,251
Net change in unrealized appreciation (depreciation)		4,963,251
Net realized and unrealized gain		9,544,967
Net increase in net assets resulting from operations	$	9,379,052

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

ELECTRONICS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(165,915	)	$	(160,080	)
Net realized gain on investments		4,581,716			352,270
Net change in unrealized appreciation (depreciation) on investments		4,963,251			9,835,469
Net increase in net assets resulting from operations		9,379,052			10,027,659
Distributions to shareholders		—			(745,906	)
Capital share transactions:
Proceeds from sale of shares		9,369,306			30,802,821
Distributions reinvested		—			745,906
Cost of shares redeemed		(17,622,949	)		(16,285,364	)
Net increase (decrease) from capital share transactions		(8,253,643	)		15,263,363
Net increase in net assets		1,125,409			24,545,116
Net assets:
Beginning of period		35,351,653			10,806,537
End of period	$	36,477,062		$	35,351,653
Capital share activity:
Shares sold		40,207			185,317
Shares issued from reinvestment of distributions		—			3,873
Shares redeemed		(74,271	)		(96,224	)
Net increase (decrease) in shares		(34,064	)		92,966

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	204.39		$	135.09		$	210.77		$	162.39		$	105.84		$	67.30
Income (loss) from investment operations:
Net investment income (loss)b		(1.00	)		(1.04	)		(.99	)		(1.50	)		(.73	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		59.23			74.72			(67.42	)		60.92			59.27			39.89
Total from investment operations		58.23			73.68			(68.41	)		59.42			58.54			39.69
Less distributions from:
Net realized gains		—			(4.38	)		(7.27	)		(11.04	)		(1.99	)		(1.15	)
Total distributions		—			(4.38	)		(7.27	)		(11.04	)		(1.99	)		(1.15	)
Net asset value, end of period	$	262.62		$	204.39		$	135.09		$	210.77		$	162.39		$	105.84
Total Returnc		28.49	%		54.75	%		(32.70	%)		38.25	%		55.96	%		59.28	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	36,477		$	35,352		$	10,807		$	16,564		$	12,151		$	11,293
Ratios to average net assets:
Net investment income (loss)		(0.87	%)		(0.60	%)		(0.62	%)		(0.82	%)		(0.62	%)		(0.23	%)
Total expenses		1.76	%		1.81	%		1.77	%		1.70	%		1.82	%		1.82	%
Net expensesd		1.71	%		1.78	%		1.77	%		1.70	%		1.82	%		1.82	%
Portfolio turnover rate		29	%		70	%		115	%		197	%		158	%		208	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
ENERGY FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Oil & Gas - 65.1%
Exxon Mobil Corp.		9,490	$	1,092,489
Chevron Corp.		5,007		783,195
ConocoPhillips		4,863		556,230
EOG Resources, Inc.		3,300		415,371
Marathon Petroleum Corp.		2,127		368,992
Phillips 66		2,612		368,736
Valero Energy Corp.		2,190		343,304
Hess Corp.		2,129		314,070
Occidental Petroleum Corp.		4,863		306,515
Diamondback Energy, Inc.		1,455		291,276
Devon Energy Corp.		5,557		263,402
Shell plc ADR		3,402		245,556
BP plc ADR		6,660		240,426
Petroleo Brasileiro S.A. ADR		15,781		228,667
Coterra Energy, Inc. — Class A		7,763		207,039
Canadian Natural Resources Ltd.		5,737		204,237
Cenovus Energy, Inc.		10,078		198,134
Marathon Oil Corp.		6,757		193,723
Equities Corp.		4,923		182,053
Suncor Energy, Inc.		4,741		180,632
Ovintiv, Inc.		3,606		169,013
APA Corp.		5,455		160,595
Permian Resources Corp.		9,780		157,947
Chord Energy Corp.		914		153,260
Chesapeake Energy Corp.1		1,807		148,517
Equinor ASA ADR		5,033		143,743
Antero Resources Corp.*		4,364		142,397
HF Sinclair Corp.		2,629		140,231
Range Resources Corp.		3,839		128,722
Civitas Resources, Inc.		1,859		128,271
Matador Resources Co.		2,149		128,080
Southwestern Energy Co.*		18,711		125,925
Murphy Oil Corp.		2,914		120,173
Weatherford International plc*		954		116,817
Magnolia Oil & Gas Corp. — Class A		4,256		107,847
Noble Corporation plc		2,369		105,776
PBF Energy, Inc. — Class A		2,255		103,775
SM Energy Co.		2,338		101,072
Valaris Ltd.*		1,338		99,681
Patterson-UTI Energy, Inc.		9,468		98,089
Transocean Ltd.*		17,371		92,935
California Resources Corp.		1,742		92,709
CNX Resources Corp.*		3,597		87,407
Helmerich & Payne, Inc.		2,410		87,097
Northern Oil and Gas, Inc.		2,341		87,015
Kosmos Energy Ltd.*		13,835		76,646
Delek US Holdings, Inc.		2,384		59,028
Comstock Resources, Inc.*		4,213		43,731
Total Oil & Gas				10,190,546
Pipelines - 15.6%
Williams Companies, Inc.		8,075		343,187
ONEOK, Inc.		4,076		332,398
Cheniere Energy, Inc.		1,744		304,904
Kinder Morgan, Inc.		14,778		293,639
Targa Resources Corp.		2,024		260,651
Enbridge, Inc.		5,980		212,828
TC Energy Corp.		4,088		154,935
DT Midstream, Inc.		1,778		126,291
Golar LNG Ltd.		4,025		126,184
Pembina Pipeline Corp.		3,037		112,612
Equitrans Midstream Corp.		8,050		104,489
New Fortress Energy, Inc.1		3,059		67,237
Total Pipelines				2,439,355
Oil & Gas Services - 9.9%
Schlumberger N.V.		8,552		403,483
Baker Hughes Co.		8,437		296,729
Halliburton Co.		7,418		250,580
TechnipFMC plc		5,989		156,612
NOV, Inc.		7,088		134,743
ChampionX Corp.		3,723		123,641
Tidewater, Inc.*		1,031		98,162
Liberty Energy, Inc. — Class A		3,968		82,892
Total Oil & Gas Services				1,546,842
Energy-Alternate Sources - 3.9%
First Solar, Inc.*		891		200,885
Enphase Energy, Inc.*		1,518		151,360
SolarEdge Technologies, Inc.*		4,051		102,328
Sunrun, Inc.*		5,871		69,630
Green Plains, Inc.*		3,052		48,405
Plug Power, Inc.*,1		14,680		34,204
Total Energy-Alternate Sources				606,812
Mining - 1.6%
Cameco Corp.		3,486		171,511
Uranium Energy Corp.*		12,156		73,058
Total Mining				244,569
Transportation - 1.5%
Scorpio Tankers, Inc.		1,501		122,016
Frontline plc1		4,131		106,415
Total Transportation				228,431
Coal - 0.7%
Peabody Energy Corp.		3,429		75,849
CONSOL Energy, Inc.*		428		43,669
Total Coal				119,518
Metal Fabricate & Hardware - 0.7%
Tenaris S.A. ADR		3,807		116,189
Retail - 0.6%
Murphy USA, Inc.		200		93,892
Total Common Stocks
(Cost $6,965,795)				15,586,154

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
ENERGY FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	65,131	$	65,131
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		51,349		51,349
Total Repurchase Agreements
(Cost $116,480)				116,480

	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.1%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		169,416		169,416
Total Securities Lending Collateral
(Cost $169,416)				169,416
Total Investments - 101.4%
(Cost $7,251,691)			$	15,872,050
Other Assets & Liabilities, net - (1.4)%				(213,741	)
Total Net Assets - 100.0%			$	15,658,309

*	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, 2024 — 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, 2024.
	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, 2024 (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	$	15,586,154	$	—	$	—	$	15,586,154
Repurchase Agreements		—		116,480		—		116,480
Securities Lending Collateral		169,416		—		—		169,416
Total Assets	$	15,755,570	$	116,480	$	—	$	15,872,050

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

ENERGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $162,433 of securities loaned (cost $7,135,211)	$	15,755,570
Repurchase agreements, at value (cost $116,480)		116,480
Cash		8,497
Receivables:
Securities sold		9,177,657
Dividends		15,162
Securities lending income		87
Interest		52
Fund shares sold		20
Total assets		25,073,525
Liabilities:
Payable for:
Fund shares redeemed		8,979,214
Securities purchased		217,356
Return of securities lending collateral		169,416
Management fees		10,902
Transfer agent fees		6,435
Investor service fees		3,206
Portfolio accounting and administration fees		1,346
Trustees’ fees*		139
Miscellaneous		27,202
Total liabilities		9,415,216
Net assets	$	15,658,309
Net assets consist of:
Paid in capital	$	10,339,980
Total distributable earnings (loss)		5,318,329
Net assets	$	15,658,309
Capital shares outstanding		59,871
Net asset value per share	$	261.53

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $4,455)	$	259,352
Interest		2,780
Income from securities lending, net		1,275
Total investment income		263,407
Expenses:
Management fees		72,825
Investor service fees		21,419
Transfer agent fees		22,570
Professional fees		7,686
Portfolio accounting and administration fees		13,280
Custodian fees		1,102
Trustees’ fees*		995
Line of credit fees		27
Miscellaneous		10,834
Total expenses		150,738
Less:
Expenses reimbursed by Adviser		(4,284	)
Net expenses		146,454
Net investment income		116,953
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(3,128	)
Net realized loss		(3,128	)
Net change in unrealized appreciation (depreciation) on:
Investments		834,439
Net change in unrealized appreciation (depreciation)		834,439
Net realized and unrealized gain		831,311
Net increase in net assets resulting from operations	$	948,264

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

ENERGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	116,953		$	358,249
Net realized gain (loss) on investments		(3,128	)		3,404,126
Net change in unrealized appreciation (depreciation) on investments		834,439			(4,934,493	)
Net increase (decrease) in net assets resulting from operations		948,264			(1,172,118	)
Distributions to shareholders		—			(882,712	)
Capital share transactions:
Proceeds from sale of shares		96,966,801			50,045,253
Distributions reinvested		—			882,712
Cost of shares redeemed		(98,831,877	)		(55,774,636	)
Net decrease from capital share transactions		(1,865,076	)		(4,846,671	)
Net decrease in net assets		(916,812	)		(6,901,501	)
Net assets:
Beginning of period		16,575,121			23,476,622
End of period	$	15,658,309		$	16,575,121
Capital share activity:
Shares sold		364,193			202,789
Shares issued from reinvestment of distributions		—			3,659
Shares redeemed		(371,823	)		(232,237	)
Net decrease in shares		(7,630	)		(25,789	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020e			Year Ended December 31, 2019e
Per Share Data
Net asset value, beginning of period	$	245.55		$	251.65		$	171.83		$	114.99		$	176.90		$	165.96
Income (loss) from investment operations:
Net investment income (loss)b		1.74			4.00			5.48			2.42			.96			1.71
Net gain (loss) on investments (realized and unrealized)		14.24			(.13	)		77.00			55.43			(62.41	)		9.62
Total from investment operations		15.98			3.87			82.48			57.85			(61.45	)		11.33
Less distributions from:
Net investment income		—			(9.97	)		(2.66	)		(1.01	)		(.46	)		(.39	)
Total distributions		—			(9.97	)		(2.66	)		(1.01	)		(.46	)		(.39	)
Net asset value, end of period	$	261.53		$	245.55		$	251.65		$	171.83		$	114.99		$	176.90
Total Returnc		6.51	%		1.61	%		48.29	%		50.46	%		(34.17	%)		6.81	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	15,658		$	16,575		$	23,477		$	16,714		$	6,189		$	9,766
Ratios to average net assets:
Net investment income (loss)		1.37	%		1.63	%		2.38	%		1.51	%		2.04	%		0.97	%
Total expenses		1.76	%		1.81	%		1.77	%		1.69	%		1.82	%		1.83	%
Net expensesd		1.71	%		1.79	%		1.77	%		1.69	%		1.82	%		1.83	%
Portfolio turnover rate		588	%		229	%		307	%		316	%		317	%		114	%

a	Unaudited figures for the period ended June 30, 2024. 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 1:3 reverse share split effective August 24, 2020.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
ENERGY SERVICES FUND

	Shares		Value
COMMON STOCKS† - 99.3%
Oil & Gas Services - 66.8%
Schlumberger N.V.		15,778	$	744,406
Baker Hughes Co.		15,567		547,491
Halliburton Co.		13,686		462,313
NOV, Inc.		13,080		248,651
ChampionX Corp.		6,869		228,120
TechnipFMC plc		8,519		222,772
Tidewater, Inc.*		1,904		181,280
Archrock, Inc.		7,863		158,990
Liberty Energy, Inc. — Class A		7,323		152,978
Oceaneering International, Inc.*		5,964		141,108
Expro Group Holdings N.V.*		6,023		138,047
Helix Energy Solutions Group, Inc.*		10,093		120,511
Atlas Energy Solutions, Inc.		4,783		95,325
US Silica Holdings, Inc.*		5,981		92,407
Core Laboratories, Inc.		4,001		81,180
ProPetro Holding Corp.*		8,826		76,521
Kodiak Gas Services, Inc.		2,667		72,702
RPC, Inc.		10,601		66,256
ProFrac Holding Corp. — Class A*		3,891		28,832
Total Oil & Gas Services				3,859,890
Oil & Gas - 26.6%
Weatherford International plc*		1,903		233,022
Noble Corporation plc		4,372		195,210
Valaris Ltd.*		2,468		183,866
Patterson-UTI Energy, Inc.		17,470		180,989
Transocean Ltd.*		32,051		171,473
Helmerich & Payne, Inc.		4,449		160,787
Seadrill Ltd.*		2,830		145,745
Borr Drilling Ltd.*		19,459		125,511
Diamond Offshore Drilling, Inc.*		6,974		108,027
Nabors Industries Ltd.*		414		29,460
Total Oil & Gas				1,534,090
Machinery-Diversified - 3.0%
Cactus, Inc. — Class A		3,323		175,255
Metal Fabricate & Hardware - 2.9%
Tenaris S.A. ADR		5,411		165,144
Total Common Stocks
(Cost $2,670,167)				5,734,379
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.7%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	23,549		23,549
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		18,565		18,565
Total Repurchase Agreements
(Cost $42,114)				42,114
Total Investments - 100.0%
(Cost $2,712,281)			$	5,776,493
Other Assets & Liabilities, net - 0.0%				(1,372	)
Total Net Assets - 100.0%			$	5,775,121

*	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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
ENERGY SERVICES FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	5,734,379	$	—	$	—	$	5,734,379
Repurchase Agreements		—		42,114		—		42,114
Total Assets	$	5,734,379	$	42,114	$	—	$	5,776,493

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

ENERGY SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $2,670,167)	$	5,734,379
Repurchase agreements, at value (cost $42,114)		42,114
Receivables:
Fund shares sold		80,068
Dividends		4,020
Interest		19
Total assets		5,860,600
Liabilities:
Payable for:
Securities purchased		52,832
Fund shares redeemed		14,897
Management fees		3,611
Transfer agent fees		2,258
Investor service fees		1,062
Portfolio accounting and administration fees		446
Trustees’ fees*		53
Miscellaneous		10,320
Total liabilities		85,479
Net assets	$	5,775,121
Net assets consist of:
Paid in capital	$	13,584,507
Total distributable earnings (loss)		(7,809,386	)
Net assets	$	5,775,121
Capital shares outstanding		16,793
Net asset value per share	$	343.90

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends	$	49,843
Interest		1,123
Total investment income		50,966
Expenses:
Management fees		26,022
Investor service fees		7,654
Transfer agent fees		8,326
Professional fees		5,594
Portfolio accounting and administration fees		4,745
Trustees’ fees*		414
Custodian fees		398
Line of credit fees		8
Miscellaneous		690
Total expenses		53,851
Less:
Expenses reimbursed by Adviser		(1,531	)
Net expenses		52,320
Net investment loss		(1,354	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		402,275
Net realized gain		402,275
Net change in unrealized appreciation (depreciation) on:
Investments		(128,607	)
Net change in unrealized appreciation (depreciation)		(128,607	)
Net realized and unrealized gain		273,668
Net increase in net assets resulting from operations	$	272,314

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

ENERGY SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(1,354	)	$	(48,780	)
Net realized gain on investments		402,275			1,053,616
Net change in unrealized appreciation (depreciation) on investments		(128,607	)		(821,265	)
Net increase in net assets resulting from operations		272,314			183,571
Capital share transactions:
Proceeds from sale of shares		8,655,348			19,749,434
Cost of shares redeemed		(8,902,083	)		(31,729,898	)
Net decrease from capital share transactions		(246,735	)		(11,980,464	)
Net increase (decrease) in net assets		25,579			(11,796,893	)
Net assets:
Beginning of period		5,749,542			17,546,435
End of period	$	5,775,121		$	5,749,542
Capital share activity:
Shares sold		25,896			60,926
Shares redeemed		(26,590	)		(99,170	)
Net decrease in shares		(694	)		(38,244	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020e			Year Ended December 31, 2019e
Per Share Data
Net asset value, beginning of period	$	328.79		$	314.84		$	220.84		$	188.21		$	302.92		$	303.11
Income (loss) from investment operations:
Net investment income (loss)b		(.07	)		(1.88	)		(2.27	)		.37			.11			1.50
Net gain (loss) on investments (realized and unrealized)		15.18			15.83			96.27			32.56			(114.69	)		(1.69	)
Total from investment operations		15.11			13.95			94.00			32.93			(114.58	)		(.19	)
Less distributions from:
Net investment income		—			—			—			(.30	)		(.13	)		—
Total distributions		—			—			—			(.30	)		(.13	)		—
Net asset value, end of period	$	343.90		$	328.79		$	314.84		$	220.84		$	188.21		$	302.92
Total Returnc		4.60	%		4.43	%		42.56	%		17.50	%		(37.33	%)		(0.07	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	5,775		$	5,750		$	17,546		$	8,693		$	3,825		$	3,245
Ratios to average net assets:
Net investment income (loss)		(0.04	%)		(0.58	%)		(0.80	%)		0.16	%		0.44	%		0.45	%
Total expenses		1.76	%		1.80	%		1.77	%		1.69	%		1.82	%		1.83	%
Net expensesd		1.71	%		1.78	%		1.77	%		1.69	%		1.82	%		1.83	%
Portfolio turnover rate		127	%		290	%		337	%		301	%		817	%		423	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
FINANCIAL SERVICES FUND

	Shares		Value
COMMON STOCKS† - 99.2%
Banks - 24.5%
JPMorgan Chase & Co.		1,286	$	260,106
Bank of America Corp.		4,430		176,181
Wells Fargo & Co.		2,619		155,542
Goldman Sachs Group, Inc.		291		131,625
Citigroup, Inc.		1,871		118,734
Morgan Stanley		1,206		117,211
PNC Financial Services Group, Inc.		545		84,737
U.S. Bancorp		2,097		83,251
NU Holdings Limited/Cayman Islands — Class A*		6,326		81,542
Truist Financial Corp.		2,034		79,021
Bank of New York Mellon Corp.		1,205		72,168
ICICI Bank Ltd. ADR		2,429		69,980
HDFC Bank Ltd. ADR		1,047		67,354
Toronto-Dominion Bank		1,204		66,172
Royal Bank of Canada		565		60,105
Bank of Nova Scotia		1,295		59,207
M&T Bank Corp.		362		54,792
Fifth Third Bancorp		1,476		53,859
State Street Corp.		676		50,024
Huntington Bancshares, Inc.		3,635		47,909
Regions Financial Corp.		2,357		47,234
Northern Trust Corp.		522		43,838
Citizens Financial Group, Inc.		1,198		43,164
KeyCorp		2,806		39,873
East West Bancorp, Inc.		475		34,784
First Horizon Corp.		2,046		32,266
Comerica, Inc.		553		28,225
Western Alliance Bancorporation		442		27,767
Zions Bancorp North America		633		27,453
Old National Bancorp		1,506		25,888
Wintrust Financial Corp.		249		24,542
Bank OZK		582		23,862
Pinnacle Financial Partners, Inc.		285		22,811
Columbia Banking System, Inc.		1,134		22,555
First Citizens BancShares, Inc. — Class A		12		20,203
Valley National Bancorp		2,735		19,090
Total Banks				2,373,075
Diversified Financial Services - 21.3%
Visa, Inc. — Class A		921		241,735
Mastercard, Inc. — Class A		461		203,375
American Express Co.		517		119,711
BlackRock, Inc. — Class A		143		112,587
Charles Schwab Corp.		1,513		111,493
Intercontinental Exchange, Inc.		689		94,317
CME Group, Inc. — Class A		454		89,256
Capital One Financial Corp.		556		76,978
Interactive Brokers Group, Inc. — Class A		620		76,012
Coinbase Global, Inc. — Class A*		336		74,669
Apollo Global Management, Inc.		628		74,148
XP, Inc. — Class A		3,946		69,410
Ameriprise Financial, Inc.		162		69,205
Ares Management Corp. — Class A		518		69,039
Discover Financial Services		485		63,443
Nasdaq, Inc.		906		54,596
T. Rowe Price Group, Inc.		461		53,158
Raymond James Financial, Inc.		427		52,781
Tradeweb Markets, Inc. — Class A		490		51,940
Synchrony Financial		1,040		49,078
LPL Financial Holdings, Inc.		173		48,319
Cboe Global Markets, Inc.		266		45,236
Ally Financial, Inc.		891		35,346
SEI Investments Co.		459		29,693
Franklin Resources, Inc.		1,283		28,675
Invesco Ltd.		1,842		27,556
SoFi Technologies, Inc.*		4,038		26,691
Upstart Holdings, Inc.*		601		14,178
Total Diversified Financial Services				2,062,625
REITs - 20.5%
Prologis, Inc.		965		108,379
American Tower Corp. — Class A		515		100,106
Equinix, Inc.		117		88,522
Welltower, Inc.		806		84,026
Digital Realty Trust, Inc.		497		75,569
Simon Property Group, Inc.		481		73,016
Public Storage		251		72,200
Realty Income Corp.		1,351		71,360
Crown Castle, Inc.		697		68,097
Extra Space Storage, Inc.		385		59,833
AvalonBay Communities, Inc.		282		58,343
VICI Properties, Inc.		2,036		58,311
Equity Residential		791		54,848
Iron Mountain, Inc.		612		54,847
Invitation Homes, Inc.		1,363		48,918
Ventas, Inc.		954		48,902
SBA Communications Corp.		246		48,290
Weyerhaeuser Co.		1,686		47,866
Alexandria Real Estate Equities, Inc.		407		47,607
Essex Property Trust, Inc.		162		44,096
Mid-America Apartment Communities, Inc.		305		43,496
Sun Communities, Inc.		346		41,638
UDR, Inc.		956		39,339
Healthpeak Properties, Inc.		2,005		39,298
Kimco Realty Corp.		1,976		38,453
Lamar Advertising Co. — Class A		315		37,652
Host Hotels & Resorts, Inc.		2,086		37,506
American Homes 4 Rent — Class A		1,006		37,383
Gaming and Leisure Properties, Inc.		816		36,891
Regency Centers Corp.		586		36,449
Camden Property Trust		331		36,115
Equity LifeStyle Properties, Inc.		553		36,017
CubeSmart		750		33,878
Rexford Industrial Realty, Inc.		735		32,774
Annaly Capital Management, Inc.		1,675		31,925
Omega Healthcare Investors, Inc.		931		31,887
BXP, Inc.		511		31,457
AGNC Investment Corp.		2,858		27,265

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
FINANCIAL SERVICES FUND

	Shares		Value
Sabra Health Care REIT, Inc.		1,340	$	20,636
Total REITs				1,983,195
Insurance - 18.6%
Berkshire Hathaway, Inc. — Class B*		773		314,456
Progressive Corp.		568		117,979
Marsh & McLennan Companies, Inc.		516		108,732
Arch Capital Group Ltd.*		903		91,104
Aon plc — Class A		283		83,083
Arthur J Gallagher & Co.		306		79,349
Chubb Ltd.		305		77,799
Willis Towers Watson plc		296		77,594
Aflac, Inc.		854		76,271
American International Group, Inc.		1,010		74,982
Travelers Companies, Inc.		354		71,982
Prudential Financial, Inc.		597		69,963
MetLife, Inc.		992		69,629
Allstate Corp.		429		68,494
Everest Group Ltd.		156		59,439
Hartford Financial Services Group, Inc.		582		58,514
Brown & Brown, Inc.		544		48,639
Cincinnati Financial Corp.		392		46,295
Principal Financial Group, Inc.		586		45,972
W R Berkley Corp.		530		41,647
Equitable Holdings, Inc.		955		39,021
Globe Life, Inc.		376		30,937
Corebridge Financial, Inc.1		989		28,800
Erie Indemnity Co. — Class A		43		15,583
Total Insurance				1,796,264
Commercial Services - 7.3%
S&P Global, Inc.		287		128,002
Moody’s Corp.		208		87,553
PayPal Holdings, Inc.*		1,388		80,546
Block, Inc. — Class A*		1,055		68,037
StoneCo Ltd. — Class A*		5,009		60,058
Global Payments, Inc.		557		53,862
Corpay, Inc.*		176		46,888
Toast, Inc. — Class A*		1,677		43,216
Affirm Holdings, Inc.*		933		28,186
MarketAxess Holdings, Inc.		133		26,671
Shift4 Payments, Inc. — Class A*		363		26,626
Morningstar, Inc.		69		20,414
Euronet Worldwide, Inc.*		194		20,079
Flywire Corp.*		921		15,095
Total Commercial Services				705,233
Private Equity - 3.2%
Blackstone, Inc. — Class A		1,055		130,609
KKR & Company, Inc. — Class A		832		87,560
Brookfield Corp.		1,459		60,607
Carlyle Group, Inc.		833		33,445
Total Private Equity				312,221
Software - 2.8%
Fiserv, Inc.*		669		99,708
Fidelity National Information Services, Inc.		913		68,804
MSCI, Inc. — Class A		134		64,554
Jack Henry & Associates, Inc.		230		38,184
Total Software				271,250
Internet - 0.5%
Robinhood Markets, Inc. — Class A*		1,951		44,307
Media - 0.4%
FactSet Research Systems, Inc.		103		42,052
Savings & Loans - 0.1%
New York Community Bancorp, Inc.		4,374		14,084
Total Common Stocks
(Cost $4,296,871)				9,604,306
PREFERRED STOCKS† - 0.6%
Financial - 0.6%
Itau Unibanco Holding S.A.
ADR		9,691		56,596
Total Preferred Stocks
(Cost $45,382)				56,596
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	38,633		38,633
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		30,458		30,458
Total Repurchase Agreements
(Cost $69,091)				69,091
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.2%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		22,045		22,045
Total Securities Lending Collateral
(Cost $22,045)				22,045
Total Investments - 100.7%
(Cost $4,433,389)			$	9,752,038
Other Assets & Liabilities, net - (0.7)%				(68,892	)
Total Net Assets - 100.0%			$	9,683,146

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
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, 2024 — 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, 2024.
	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, 2024 (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	$	9,604,306	$	—	$	—	$	9,604,306
Preferred Stocks		56,596		—		—		56,596
Repurchase Agreements		—		69,091		—		69,091
Securities Lending Collateral		22,045		—		—		22,045
Total Assets	$	9,682,947	$	69,091	$	—	$	9,752,038

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

FINANCIAL SERVICES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $21,578 of securities loaned (cost $4,364,298)	$	9,682,947
Repurchase agreements, at value (cost $69,091)		69,091
Cash		194
Receivables:
Dividends		15,650
Fund shares sold		1,521
Interest		30
Securities lending income		2
Total assets		9,769,435
Liabilities:
Payable for:
Fund shares redeemed		32,008
Return of securities lending collateral		22,045
Professional fees		7,505
Management fees		6,547
Printing fees		4,493
Transfer agent and maintenance fees		3,924
Investor service fees		1,925
Portfolio accounting and administration fees		809
Trustees’ fees*		97
Miscellaneous		6,936
Total liabilities		86,289
Net assets	$	9,683,146
Net assets consist of:
Paid in capital	$	5,117,411
Total distributable earnings (loss)		4,565,735
Net assets	$	9,683,146
Capital shares outstanding		96,402
Net asset value per share	$	100.45

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $917)	$	136,552
Interest		1,994
Income from securities lending, net		343
Total investment income		138,889
Expenses:
Management fees		49,507
Investor service fees		14,561
Transfer agent fees		15,496
Professional fees		10,311
Portfolio accounting and administration fees		9,028
Custodian fees		756
Trustees’ fees*		751
Line of credit fees		61
Miscellaneous		2,197
Total expenses		102,668
Less:
Expenses reimbursed by Adviser		(2,912	)
Net expenses		99,756
Net investment income		39,133
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		593,879
Net realized gain		593,879
Net change in unrealized appreciation (depreciation) on:
Investments		(68,742	)
Net change in unrealized appreciation (depreciation)		(68,742	)
Net realized and unrealized gain		525,137
Net increase in net assets resulting from operations	$	564,270

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

FINANCIAL SERVICES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	39,133		$	81,865
Net realized gain on investments		593,879			280,895
Net change in unrealized appreciation (depreciation) on investments		(68,742	)		918,318
Net increase in net assets resulting from operations		564,270			1,281,078
Capital share transactions:
Proceeds from sale of shares		7,982,676			10,378,589
Cost of shares redeemed		(12,567,020	)		(8,135,529	)
Net increase (decrease) from capital share transactions		(4,584,344	)		2,243,060
Net increase (decrease) in net assets		(4,020,074	)		3,524,138
Net assets:
Beginning of period		13,703,220			10,179,082
End of period	$	9,683,146		$	13,703,220
Capital share activity:
Shares sold		81,005			116,821
Shares redeemed		(127,939	)		(94,757	)
Net increase (decrease) in shares		(46,934	)		22,064

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	95.60		$	83.94		$	112.74		$	85.52		$	89.79		$	73.46
Income (loss) from investment operations:
Net investment income (loss)b		.33			.70			.65			.40			.70			.70
Net gain (loss) on investments (realized and unrealized)		4.52			10.96			(20.97	)		29.49			(1.47	)		19.67
Total from investment operations		4.85			11.66			(20.32	)		29.89			(.77	)		20.37
Less distributions from:
Net investment income		—			—			(.58	)		(.38	)		(.74	)		(.71	)
Net realized gains		—			—			(7.90	)		(2.29	)		(2.76	)		(3.33	)
Total distributions		—			—			(8.48	)		(2.67	)		(3.50	)		(4.04	)
Net asset value, end of period	$	100.45		$	95.60		$	83.94		$	112.74		$	85.52		$	89.79
Total Returnc		5.07	%		13.89	%		(18.11	%)		35.26	%		(0.11	%)		28.08	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	9,683		$	13,703		$	10,179		$	18,140		$	10,367		$	11,327
Ratios to average net assets:
Net investment income (loss)		0.67	%		0.82	%		0.67	%		0.39	%		0.92	%		0.83	%
Total expenses		1.76	%		1.80	%		1.77	%		1.69	%		1.82	%		1.82	%
Net expensesd		1.71	%		1.78	%		1.77	%		1.69	%		1.82	%		1.82	%
Portfolio turnover rate		62	%		95	%		101	%		170	%		339	%		218	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
HEALTH CARE FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Pharmaceuticals - 33.9%
Eli Lilly & Co.		701	$	634,671
Johnson & Johnson		2,904		424,449
AbbVie, Inc.		2,318		397,583
Merck & Company, Inc.		3,164		391,703
Pfizer, Inc.		10,239		286,487
Cigna Group		661		218,507
Bristol-Myers Squibb Co.		5,056		209,976
Zoetis, Inc.		1,126		195,203
AstraZeneca plc ADR		2,482		193,571
McKesson Corp.		331		193,317
CVS Health Corp.		3,264		192,772
Becton Dickinson & Co.		802		187,435
Dexcom, Inc.*		1,339		151,816
Novo Nordisk A/S ADR		1,057		150,876
Cencora, Inc. — Class A		616		138,785
Novartis AG ADR		1,118		119,022
Alkermes plc*		4,909		118,307
GSK plc ADR		2,865		110,303
Cardinal Health, Inc.		1,118		109,922
Teva Pharmaceutical Industries Ltd. ADR*		6,643		107,949
Neurocrine Biosciences, Inc.*		600		82,602
Viatris, Inc.		7,608		80,873
Henry Schein, Inc.*		991		63,523
Vaxcyte, Inc.*		799		60,333
Jazz Pharmaceuticals plc*		519		55,393
Option Care Health, Inc.*		1,792		49,638
Madrigal Pharmaceuticals, Inc.*		113		31,658
Total Pharmaceuticals				4,956,674
Healthcare-Products - 27.8%
Thermo Fisher Scientific, Inc.		584		322,952
Abbott Laboratories		2,917		303,105
Danaher Corp.		1,180		294,823
Intuitive Surgical, Inc.*		651		289,597
Stryker Corp.		716		243,619
Boston Scientific Corp.*		3,128		240,887
Edwards Lifesciences Corp.*		1,869		172,640
Medtronic plc		2,179		171,509
IDEXX Laboratories, Inc.*		292		142,262
Agilent Technologies, Inc.		1,070		138,704
GE HealthCare Technologies, Inc.		1,683		131,139
ResMed, Inc.		590		112,938
West Pharmaceutical Services, Inc.		330		108,699
Zimmer Biomet Holdings, Inc.		994		107,879
Hologic, Inc.*		1,280		95,040
Baxter International, Inc.		2,805		93,827
Waters Corp.*		323		93,709
Cooper Companies, Inc.*		1,035		90,356
Align Technology, Inc.*		365		88,122
Insulet Corp.*		420		84,756
Avantor, Inc.*		3,969		84,143
Natera, Inc.*		727		78,727
Bio-Techne Corp.		1,025		73,441
Exact Sciences Corp.*		1,494		63,122
Repligen Corp.*		480		60,509
Bruker Corp.		907		57,876
Penumbra, Inc.*		321		57,770
Masimo Corp.*		433		54,532
Lantheus Holdings, Inc.*		658		52,831
Dentsply Sirona, Inc.		1,998		49,770
Azenta, Inc.*		711		37,413
Inari Medical, Inc.*		762		36,690
Inspire Medical Systems, Inc.*		222		29,710
Total Healthcare-Products				4,063,097
Biotechnology - 20.5%
Amgen, Inc.		961		300,264
Vertex Pharmaceuticals, Inc.*		519		243,266
Regeneron Pharmaceuticals, Inc.*		230		241,737
Gilead Sciences, Inc.		3,158		216,670
Alnylam Pharmaceuticals, Inc.*		629		152,847
Argenx SE ADR*		304		130,732
Biogen, Inc.*		558		129,356
Moderna, Inc.*		1,086		128,962
CRISPR Therapeutics AG*		1,798		97,110
Sarepta Therapeutics, Inc.*		596		94,168
Illumina, Inc.*		855		89,245
BioMarin Pharmaceutical, Inc.*		1,068		87,928
United Therapeutics Corp.*		276		87,920
Royalty Pharma plc — Class A		3,093		81,562
Incyte Corp.*		1,241		75,229
Ionis Pharmaceuticals, Inc.*		1,263		60,195
Halozyme Therapeutics, Inc.*		1,144		59,900
Intra-Cellular Therapies, Inc.*		857		58,696
Exelixis, Inc.*		2,562		57,568
Cytokinetics, Inc.*		1,035		56,076
REVOLUTION Medicines, Inc.*		1,405		54,528
Viking Therapeutics, Inc.*		1,000		53,010
Roivant Sciences Ltd.*		4,770		50,419
Blueprint Medicines Corp.*		455		49,040
Apellis Pharmaceuticals, Inc.*		1,116		42,810
Axsome Therapeutics, Inc.*		529		42,584
Guardant Health, Inc.*		1,389		40,114
Arrowhead Pharmaceuticals, Inc.*		1,536		39,921
Bridgebio Pharma, Inc.*		1,554		39,363
Ultragenyx Pharmaceutical, Inc.*		956		39,292
TG Therapeutics, Inc.*		2,054		36,541
ACADIA Pharmaceuticals, Inc.*		2,019		32,809
Iovance Biotherapeutics, Inc.*		3,981		31,928
GRAIL, Inc.*,1		142		2,182
Total Biotechnology				3,003,972
Healthcare-Services - 15.5%
UnitedHealth Group, Inc.		981		499,584
Elevance Health, Inc.		474		256,842
HCA Healthcare, Inc.		535		171,885
Humana, Inc.		413		154,317
ICON plc*		449		140,748
IQVIA Holdings, Inc.*		653		138,070
Centene Corp.*		2,003		132,799
Labcorp Holdings, Inc.		471		95,853

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
HEALTH CARE FUND

	Shares		Value
Molina Healthcare, Inc.*		312	$	92,758
Quest Diagnostics, Inc.		639		87,466
Tenet Healthcare Corp.*		590		78,488
Universal Health Services, Inc. — Class B		417		77,116
Catalent, Inc.*		1,264		71,075
Medpace Holdings, Inc.*		164		67,543
HealthEquity, Inc.*		735		63,357
DaVita, Inc.*		417		57,784
Acadia Healthcare Company, Inc.*		834		56,328
Teladoc Health, Inc.*		2,952		28,871
Total Healthcare-Services				2,270,884
Electronics - 0.8%
Mettler-Toledo International, Inc.*		86		120,193
Software - 0.8%
Veeva Systems, Inc. — Class A*		629		115,113
Commercial Services - 0.2%
R1 RCM, Inc.*		2,572		32,304
Total Common Stocks
(Cost $6,736,608)				14,562,237
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 06/28/24 at 5.32% due 07/01/24	$	68,060		68,060
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		53,657		53,657
Total Repurchase Agreements
(Cost $121,717)				121,717
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.0%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		1,395		1,395
Total Securities Lending Collateral
(Cost $1,395)				1,395
Total Investments - 100.3%
(Cost $6,859,720)			$	14,685,349
Other Assets & Liabilities, net - (0.3)%				(50,110	)
Total Net Assets - 100.0%			$	14,635,239

*	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, 2024 — 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, 2024.
	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, 2024 (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	$	14,562,237	$	—	$	—		$	14,562,237
Rights		—		—		—	*		—
Repurchase Agreements		—		121,717		—			121,717
Securities Lending Collateral		1,395		—		—			1,395
Total Assets	$	14,563,632	$	121,717	$	—		$	14,685,349

* Security has a market value of $0.

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

HEALTH CARE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $1,383 of securities loaned (cost $6,738,003)	$	14,563,632
Repurchase agreements, at value (cost $121,717)		121,717
Receivables:
Securities sold		205,038
Dividends		7,343
Foreign tax reclaims		826
Interest		54
Fund shares sold		14
Total assets		14,898,624
Liabilities:
Payable for:
Fund shares redeemed		222,324
Management fees		8,241
Transfer agent fees		4,906
Investor service fees		2,424
Return of securities lending collateral		1,395
Portfolio accounting and administration fees		1,018
Trustees’ fees*		118
Miscellaneous		22,959
Total liabilities		263,385
Net assets	$	14,635,239
Net assets consist of:
Paid in capital	$	6,151,924
Total distributable earnings (loss)		8,483,315
Net assets	$	14,635,239
Capital shares outstanding		173,269
Net asset value per share	$	84.47

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $864)	$	83,452
Interest		2,338
Income from securities lending, net		14
Total investment income		85,804
Expenses:
Management fees		58,689
Transfer agent fees		18,640
Investor service fees		17,261
Portfolio accounting and administration fees		10,702
Professional fees		10,465
Trustees’ fees*		930
Custodian fees		898
Line of credit fees		37
Miscellaneous		3,941
Total expenses		121,563
Less:
Expenses reimbursed by Adviser		(3,452	)
Net expenses		118,111
Net investment loss		(32,307	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,360,874
Net realized gain		1,360,874
Net change in unrealized appreciation (depreciation) on:
Investments		(765,162	)
Net change in unrealized appreciation (depreciation)		(765,162	)
Net realized and unrealized gain		595,712
Net increase in net assets resulting from operations	$	563,405

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

HEALTH CARE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(32,307	)	$	(96,997	)
Net realized gain on investments		1,360,874			2,685,283
Net change in unrealized appreciation (depreciation) on investments		(765,162	)		(1,457,430	)
Net increase in net assets resulting from operations		563,405			1,130,856
Distributions to shareholders		—			(577,334	)
Capital share transactions:
Proceeds from sale of shares		6,606,945			20,127,706
Distributions reinvested		—			577,334
Cost of shares redeemed		(6,244,861	)		(24,995,781	)
Net increase (decrease) from capital share transactions		362,084			(4,290,741	)
Net increase (decrease) in net assets		925,489			(3,737,219	)
Net assets:
Beginning of period		13,709,750			17,446,969
End of period	$	14,635,239		$	13,709,750
Capital share activity:
Shares sold		78,583			255,210
Shares issued from reinvestment of distributions		—			7,418
Shares redeemed		(74,287	)		(310,729	)
Net increase (decrease) in shares		4,296			(48,101	)

46 | THE RYDEX FUNDS SEMI-ANNUAL 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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	81.14		$	80.37		$	96.58		$	86.44		$	74.88		$	62.38
Income (loss) from investment operations:
Net investment income (loss)b		(.20	)		(.47	)		(.47	)		(.61	)		(.55	)		(.40	)
Net gain (loss) on investments (realized and unrealized)		3.53			4.39			(11.24	)		16.61			14.32			14.35
Total from investment operations		3.33			3.92			(11.71	)		16.00			13.77			13.95
Less distributions from:
Net realized gains		—			(3.15	)		(4.50	)		(5.86	)		(2.21	)		(1.45	)
Total distributions		—			(3.15	)		(4.50	)		(5.86	)		(2.21	)		(1.45	)
Net asset value, end of period	$	84.47		$	81.14		$	80.37		$	96.58		$	86.44		$	74.88
Total Returnc		4.10	%		5.03	%		(12.00	%)		18.84	%		18.68	%		22.57	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	14,635		$	13,710		$	17,447		$	23,841		$	21,049		$	19,042
Ratios to average net assets:
Net investment income (loss)		(0.47	%)		(0.59	%)		(0.57	%)		(0.66	%)		(0.71	%)		(0.58	%)
Total expenses		1.76	%		1.80	%		1.77	%		1.69	%		1.82	%		1.82	%
Net expensesd		1.71	%		1.79	%		1.77	%		1.69	%		1.82	%		1.82	%
Portfolio turnover rate		49	%		136	%		158	%		114	%		171	%		150	%

a	Unaudited figures for the period ended June 30, 2024. 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 REPORT | 47

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
INTERNET FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Internet - 56.7%
Alphabet, Inc. — Class A		2,105	$	383,426
Amazon.com, Inc.*		1,776		343,212
Meta Platforms, Inc. — Class A		562		283,372
Netflix, Inc.*		289		195,040
Uber Technologies, Inc.*		1,944		141,290
Airbnb, Inc. — Class A*		717		108,719
Booking Holdings, Inc.		26		102,999
DoorDash, Inc. — Class A*		631		68,640
Alibaba Group Holding Ltd. ADR		882		63,504
Pinterest, Inc. — Class A*		1,417		62,447
Shopify, Inc. — Class A*		936		61,823
eBay, Inc.		1,092		58,662
Spotify Technology S.A.*		172		53,972
Snap, Inc. — Class A*		3,193		53,036
GoDaddy, Inc. — Class A*		361		50,435
MercadoLibre, Inc.*		29		47,659
Expedia Group, Inc.*		372		46,868
JD.com, Inc. ADR		1,810		46,770
Okta, Inc.*		495		46,337
Baidu, Inc. ADR*		519		44,883
Sea Ltd. ADR*		618		44,138
VeriSign, Inc.*		248		44,094
Trip.com Group Ltd. ADR*		895		42,065
Wix.com Ltd.*		249		39,608
Bilibili, Inc. ADR*,1		2,552		39,403
Chewy, Inc. — Class A*		1,389		37,836
F5, Inc.*		212		36,513
Roku, Inc.*		598		35,838
Zillow Group, Inc. — Class C*		735		34,097
Match Group, Inc.*		1,020		30,988
Etsy, Inc.*		500		29,490
Wayfair, Inc. — Class A*		529		27,894
Lyft, Inc. — Class A*		1,757		24,774
IAC, Inc.*		448		20,989
Cargurus, Inc.*		707		18,523
TripAdvisor, Inc.*		891		15,869
Ziff Davis, Inc.*		256		14,093
Bumble, Inc. — Class A*		1,290		13,558
Trump Media & Technology Group Corp.*,1		386		12,641
Total Internet				2,825,505
Software - 27.1%
Adobe, Inc.*		353		196,106
Salesforce, Inc.		729		187,426
Workday, Inc. — Class A*		402		89,871
Datadog, Inc. — Class A*		571		74,053
Snowflake, Inc. — Class A*		548		74,029
Electronic Arts, Inc.		497		69,247
Cloudflare, Inc. — Class A*		742		61,460
Veeva Systems, Inc. — Class A*		315		57,648
Take-Two Interactive Software, Inc.*		364		56,598
ROBLOX Corp. — Class A*		1,389		51,685
MongoDB, Inc.*		205		51,242
Zoom Video Communications, Inc. — Class A*		791		46,819
NetEase, Inc. ADR		482		46,070
Nutanix, Inc. — Class A*		771		43,831
Akamai Technologies, Inc.*		467		42,067
DocuSign, Inc.*		710		37,985
Twilio, Inc. — Class A*		601		34,143
Dropbox, Inc. — Class A*		1,404		31,548
Smartsheet, Inc. — Class A*		644		28,388
ZoomInfo Technologies, Inc. — Class A*		1,843		23,535
Box, Inc. — Class A*		837		22,130
DigitalOcean Holdings, Inc.*		450		15,637
Fastly, Inc. — Class A*		1,513		11,151
Total Software				1,352,669
Telecommunications - 10.7%
Cisco Systems, Inc.		3,232		153,552
Arista Networks, Inc.*		303		106,195
Motorola Solutions, Inc.		239		92,266
Telefonaktiebolaget LM Ericsson ADR1		6,479		39,975
Juniper Networks, Inc.		1,073		39,122
Ciena Corp.*		618		29,775
Nokia Oyj ADR		7,528		28,456
Extreme Networks, Inc.*		1,178		15,844
Viavi Solutions, Inc.*		1,994		13,699
Viasat, Inc.*		1,011		12,840
Total Telecommunications				531,724
Commercial Services - 2.2%
PayPal Holdings, Inc.*		1,478		85,768
Paylocity Holding Corp.*		188		24,788
Total Commercial Services				110,556
Real Estate - 1.2%
CoStar Group, Inc.*		835		61,907
Entertainment - 0.9%
DraftKings, Inc. — Class A*		1,194		45,575
Computers - 0.4%
Lumentum Holdings, Inc.*		431		21,947
Healthcare-Services - 0.3%
Teladoc Health, Inc.*		1,481		14,484
Total Common Stocks
(Cost $1,958,017)				4,964,367

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
INTERNET FUND

	Face Amount		Value
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	22,951	$	22,951
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		18,094		18,094
Total Repurchase Agreements
(Cost $41,045)				41,045
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.5%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		73,530		73,530
Total Securities Lending Collateral
(Cost $73,530)				73,530
Total Investments - 101.8%
(Cost $2,072,592)			$	5,078,942
Other Assets & Liabilities, net - (1.8)%				(91,565	)
Total Net Assets - 100.0%			$	4,987,377

*	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, 2024 — 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, 2024.
	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, 2024 (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	$	4,964,367	$	—	$	—	$	4,964,367
Repurchase Agreements		—		41,045		—		41,045
Securities Lending Collateral		73,530		—		—		73,530
Total Assets	$	5,037,897	$	41,045	$	—	$	5,078,942

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

INTERNET FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $67,706 of securities loaned (cost $2,031,547)	$	5,037,897
Repurchase agreements, at value (cost $41,045)		41,045
Receivables:
Dividends		1,867
Securities lending income		21
Interest		18
Total assets		5,080,848
Liabilities:
Payable for:
Return of securities lending collateral		73,530
Management fees		3,223
Transfer agent fees		2,239
Investor service fees		948
Fund shares redeemed		835
Portfolio accounting and administration fees		398
Trustees’ fees*		63
Miscellaneous		12,235
Total liabilities		93,471
Net assets	$	4,987,377
Net assets consist of:
Paid in capital	$	1,772,080
Total distributable earnings (loss)		3,215,297
Net assets	$	4,987,377
Capital shares outstanding		55,097
Net asset value per share	$	90.52

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $560)	$	15,421
Interest		1,394
Income from securities lending, net		163
Total investment income		16,978
Expenses:
Management fees		29,747
Investor service fees		8,749
Transfer agent fees		9,712
Professional fees		5,972
Portfolio accounting and administration fees		5,424
Trustees’ fees*		540
Custodian fees		460
Miscellaneous		1,017
Total expenses		61,621
Less:
Expenses reimbursed by Adviser		(1,750	)
Net expenses		59,871
Net investment loss		(42,893	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		1,311,419
Net realized gain		1,311,419
Net change in unrealized appreciation (depreciation) on:
Investments		(863,601	)
Net change in unrealized appreciation (depreciation)		(863,601	)
Net realized and unrealized gain		447,818
Net increase in net assets resulting from operations	$	404,925

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

INTERNET FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(42,893	)	$	(98,890	)
Net realized gain (loss) on investments		1,311,419			(122,550	)
Net change in unrealized appreciation (depreciation) on investments		(863,601	)		2,672,544
Net increase in net assets resulting from operations		404,925			2,451,104
Capital share transactions:
Proceeds from sale of shares		1,620,694			16,456,245
Cost of shares redeemed		(4,931,067	)		(15,439,003	)
Net increase (decrease) from capital share transactions		(3,310,373	)		1,017,242
Net increase (decrease) in net assets		(2,905,448	)		3,468,346
Net assets:
Beginning of period		7,892,825			4,424,479
End of period	$	4,987,377		$	7,892,825
Capital share activity:
Shares sold		18,746			229,708
Shares issued from reinvestment of distributions		—			—
Shares redeemed		(56,551	)		(213,562	)
Net increase (decrease) in shares		(37,805	)		16,146

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	84.96		$	57.64		$	139.50		$	164.44		$	104.02		$	82.90
Income (loss) from investment operations:
Net investment income (loss)b		(.54	)		(1.04	)		(1.28	)		(2.50	)		(1.95	)		(1.41	)
Net gain (loss) on investments (realized and unrealized)		6.10			28.36			(59.04	)		(2.98	)		64.22			22.53
Total from investment operations		5.56			27.32			(60.32	)		(5.48	)		62.27			21.12
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	$	90.52		$	84.96		$	57.64		$	139.50		$	164.44		$	104.02
Total Returnc		6.54	%		47.40	%		(44.84	%)		(4.66	%)		60.21	%		25.48	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,987		$	7,893		$	4,424		$	9,131		$	14,066		$	8,347
Ratios to average net assets:
Net investment income (loss)		(1.23	%)		(1.45	%)		(1.55	%)		(1.53	%)		(1.54	%)		(1.42	%)
Total expenses		1.76	%		1.81	%		1.77	%		1.69	%		1.82	%		1.82	%
Net expensesd		1.71	%		1.79	%		1.77	%		1.69	%		1.82	%		1.82	%
Portfolio turnover rate		29	%		240	%		58	%		139	%		243	%		319	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
LEISURE FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Retail - 19.7%
McDonald’s Corp.		503	$	128,184
Starbucks Corp.		1,096		85,324
Chipotle Mexican Grill, Inc. — Class A*		1,341		84,014
Yum! Brands, Inc.		424		56,163
Darden Restaurants, Inc.		266		40,251
Domino’s Pizza, Inc.		76		39,241
Restaurant Brands International, Inc.		485		34,129
Texas Roadhouse, Inc. — Class A		184		31,595
Yum China Holdings, Inc.		955		29,452
Wingstop, Inc.		59		24,937
Cava Group, Inc.*		260		24,115
Shake Shack, Inc. — Class A*		194		17,460
Brinker International, Inc.*		239		17,301
Wendy’s Co.		956		16,214
Cheesecake Factory, Inc.		323		12,691
Bloomin’ Brands, Inc.		635		12,211
Papa John’s International, Inc.		248		11,651
Dave & Buster’s Entertainment, Inc.*		262		10,430
Jack in the Box, Inc.		167		8,507
Cracker Barrel Old Country Store, Inc.		193		8,137
Total Retail				692,007
Internet - 18.0%
Netflix, Inc.*		239		161,296
Booking Holdings, Inc.		27		106,961
Airbnb, Inc. — Class A*		594		90,068
DoorDash, Inc. — Class A*		522		56,783
Spotify Technology S.A.*		146		45,813
Expedia Group, Inc.*		308		38,805
Sea Ltd. ADR*		508		36,282
Trip.com Group Ltd. ADR*		731		34,357
Bilibili, Inc. ADR*		1,999		30,865
Roku, Inc.*		496		29,725
Total Internet				630,955
Media - 15.4%
Walt Disney Co.		1,265		125,602
Comcast Corp. — Class A		3,011		117,911
Charter Communications, Inc. — Class A*		180		53,813
Warner Bros Discovery, Inc.*		5,254		39,090
News Corp. — Class A		1,370		37,771
Fox Corp. — Class A		1,091		37,497
New York Times Co. — Class A		520		26,629
Liberty Broadband Corp. — Class C*		483		26,478
Paramount Global — Class B		2,288		23,772
Endeavor Group Holdings, Inc. — Class A		833		22,516
Nexstar Media Group, Inc. — Class A		124		20,585
Sirius XM Holdings, Inc.1		2,872		8,128
Total Media				539,792
Entertainment - 10.8%
DraftKings, Inc. — Class A*		989		37,750
TKO Group Holdings, Inc.		346		37,365
Live Nation Entertainment, Inc.*		394		36,934
Warner Music Group Corp. — Class A		1,154		35,370
Light & Wonder, Inc. — Class A*		295		30,940
Churchill Downs, Inc.		202		28,199
Caesars Entertainment, Inc.*		696		27,659
Vail Resorts, Inc.		134		24,137
Red Rock Resorts, Inc. — Class A		387		21,258
Penn Entertainment, Inc.*		843		16,316
Marriott Vacations Worldwide Corp.		181		15,805
Six Flags Entertainment Corp.		473		15,675
Cinemark Holdings, Inc.*		723		15,631
International Game Technology plc		688		14,077
United Parks & Resorts, Inc.*		243		13,197
AMC Entertainment Holdings, Inc. — Class A*,1		2,152		10,717
Total Entertainment				381,030
Lodging - 9.4%
Hilton Worldwide Holdings, Inc.		322		70,261
Marriott International, Inc. — Class A		290		70,113
Las Vegas Sands Corp.		851		37,657
Hyatt Hotels Corp. — Class A		239		36,309
MGM Resorts International*		710		31,552
Wynn Resorts Ltd.		302		27,029
Wyndham Hotels & Resorts, Inc.		308		22,792
Boyd Gaming Corp.		331		18,238
Choice Hotels International, Inc.1		145		17,255
Total Lodging				331,206
Leisure Time - 7.6%
Royal Caribbean Cruises Ltd.*		360		57,395
Carnival Corp.*		2,463		46,107
Planet Fitness, Inc. — Class A*		434		31,938
Norwegian Cruise Line Holdings Ltd.*		1,474		27,697
Brunswick Corp.		282		20,521
Polaris, Inc.		249		19,499
Harley-Davidson, Inc.		573		19,218
YETI Holdings, Inc.*		423		16,138
Topgolf Callaway Brands Corp.*		896		13,709
Peloton Interactive, Inc. — Class A*		2,609		8,818
Sabre Corp.*		2,357		6,293
Total Leisure Time				267,333
Agriculture - 6.6%
Philip Morris International, Inc.		1,157		117,239
Altria Group, Inc.		1,811		82,491
British American Tobacco plc ADR		1,035		32,012
Total Agriculture				231,742
Software - 5.2%
Electronic Arts, Inc.		412		57,404
Take-Two Interactive Software, Inc.*		301		46,803
ROBLOX Corp. — Class A*		1,151		42,829
NetEase, Inc. ADR		392		37,467
Total Software				184,503

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 53

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
LEISURE FUND

	Shares		Value
Beverages - 4.6%
Constellation Brands, Inc. — Class A		235	$	60,461
Brown-Forman Corp. — Class B		979		42,283
Anheuser-Busch InBev S.A. ADR		527		30,645
Molson Coors Beverage Co. — Class B		582		29,583
Total Beverages				162,972
Toys, Games & Hobbies - 1.4%
Hasbro, Inc.		445		26,032
Mattel, Inc.*		1,333		21,675
Total Toys, Games & Hobbies				47,707
Food Service - 0.8%
Aramark		831		28,271
Total Common Stocks
(Cost $1,611,749)				3,497,518

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	13,961		13,961
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		11,006		11,006
Total Repurchase Agreements
(Cost $24,967)				24,967
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.8%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		27,546		27,546
Total Securities Lending Collateral
(Cost $27,546)				27,546
Total Investments - 101.0%
(Cost $1,664,262)			$	3,550,031
Other Assets & Liabilities, net - (1.0)%				(35,266	)
Total Net Assets - 100.0%			$	3,514,765

*	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, 2024 — 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, 2024.
	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, 2024 (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	$	3,497,518	$	—	$	—	$	3,497,518
Repurchase Agreements		—		24,967		—		24,967
Securities Lending Collateral		27,546		—		—		27,546
Total Assets	$	3,525,064	$	24,967	$	—	$	3,550,031

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

LEISURE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $26,986 of securities loaned (cost $1,639,295)	$	3,525,064
Repurchase agreements, at value (cost $24,967)		24,967
Receivables:
Dividends		5,125
Securities lending income		41
Interest		11
Total assets		3,555,208
Liabilities:
Payable for:
Return of securities lending collateral		27,546
Management fees		2,318
Transfer agent fees		1,572
Investor service fees		682
Fund shares redeemed		389
Portfolio accounting and administration fees		286
Trustees’ fees*		39
Miscellaneous		7,611
Total liabilities		40,443
Net assets	$	3,514,765
Net assets consist of:
Paid in capital	$	2,536,566
Total distributable earnings (loss)		978,199
Net assets	$	3,514,765
Capital shares outstanding		31,720
Net asset value per share	$	110.81

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $172)	$	34,303
Interest		794
Income from securities lending, net		1,612
Total investment income		36,709
Expenses:
Management fees		19,222
Investor service fees		5,654
Transfer agent fees		6,173
Professional fees		3,434
Portfolio accounting and administration fees		3,505
Trustees’ fees*		318
Custodian fees		295
Miscellaneous		1,196
Total expenses		39,797
Less:
Expenses reimbursed by Adviser		(1,131	)
Net expenses		38,666
Net investment loss		(1,957	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		330,562
Net realized gain		330,562
Net change in unrealized appreciation (depreciation) on:
Investments		(262,957	)
Net change in unrealized appreciation (depreciation)		(262,957	)
Net realized and unrealized gain		67,605
Net increase in net assets resulting from operations	$	65,648

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

LEISURE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(1,957	)	$	1,488
Net realized gain (loss) on investments		330,562			(391,440	)
Net change in unrealized appreciation (depreciation) on investments		(262,957	)		795,680
Net increase in net assets resulting from operations		65,648			405,728
Capital share transactions:
Proceeds from sale of shares		1,651,716			20,564,088
Cost of shares redeemed		(3,142,552	)		(19,766,173	)
Net increase (decrease) from capital share transactions		(1,490,836	)		797,915
Net increase (decrease) in net assets		(1,425,188	)		1,203,643
Net assets:
Beginning of period		4,939,953			3,736,310
End of period	$	3,514,765		$	4,939,953
Capital share activity:
Shares sold		14,985			200,587
Shares redeemed		(28,950	)		(197,228	)
Net increase (decrease) in shares		(13,965	)		3,359

56 | THE RYDEX FUNDS SEMI-ANNUAL 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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	108.13		$	88.27		$	121.87		$	122.53		$	106.03		$	83.01
Income (loss) from investment operations:
Net investment income (loss)b		(.05	)		.02			(.44	)		(1.02	)		(.56	)		(.09	)
Net gain (loss) on investments (realized and unrealized)		2.73			19.84			(33.16	)		2.25			21.48			24.33
Total from investment operations		2.68			19.86			(33.60	)		1.23			20.92			24.24
Less distributions from:
Net investment income		—			—			—			—			—			(.24	)
Net realized gains		—			—			—			(1.89	)		(4.42	)		(.98	)
Total distributions		—			—			—			(1.89	)		(4.42	)		(1.22	)
Net asset value, end of period	$	110.81		$	108.13		$	88.27		$	121.87		$	122.53		$	106.03
Total Returnc		2.48	%		22.50	%		(27.57	%)		0.92	%		21.01	%		29.28	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,515		$	4,940		$	3,736		$	6,104		$	10,822		$	6,536
Ratios to average net assets:
Net investment income (loss)		(0.09	%)		0.02	%		(0.45	%)		(0.78	%)		(0.56	%)		(0.09	%)
Total expenses		1.76	%		1.81	%		1.77	%		1.69	%		1.82	%		1.83	%
Net expensesd		1.71	%		1.79	%		1.77	%		1.69	%		1.82	%		1.83	%
Portfolio turnover rate		43	%		351	%		103	%		194	%		257	%		224	%

a	Unaudited figures for the period ended June 30, 2024. 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 REPORT | 57

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
PRECIOUS METALS FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Mining - 99.6%
Freeport-McMoRan, Inc.		54,693	$	2,658,080
Newmont Corp.		52,623		2,203,325
Agnico Eagle Mines Ltd.		27,196		1,778,618
Barrick Gold Corp.		103,909		1,733,202
Wheaton Precious Metals Corp.		29,032		1,521,857
Kinross Gold Corp.		127,239		1,058,629
Gold Fields Ltd. ADR		69,904		1,041,570
Anglogold Ashanti plc		40,262		1,011,784
Franco-Nevada Corp.		8,456		1,002,205
Royal Gold, Inc.		7,337		918,299
Pan American Silver Corp.		42,691		848,697
Alamos Gold, Inc. — Class A		50,568		792,906
Eldorado Gold Corp.*		36,241		536,004
Harmony Gold Mining Company Ltd. ADR		57,491		527,193
Osisko Gold Royalties Ltd.		33,360		519,749
Hecla Mining Co.		106,520		516,622
Sibanye Stillwater Ltd. ADR		116,594		507,184
IAMGOLD Corp.*		122,620		459,825
Equinox Gold Corp.*		87,684		458,587
Coeur Mining, Inc.*		81,239		456,563
B2Gold Corp.		164,996		445,489
Sandstorm Gold Ltd.		73,995		402,533
First Majestic Silver Corp.		67,683		400,683
Fortuna Mining Corp.*		78,272		382,750
SilverCrest Metals, Inc.*		42,346		345,120
MAG Silver Corp.*		29,232		341,138
Seabridge Gold, Inc.*		22,643		309,983
SSR Mining, Inc.		64,386		290,381
Novagold Resources, Inc.*		83,889		290,256
Endeavour Silver Corp.*,1		82,339		289,833
Silvercorp Metals, Inc.1		70,217		235,929
Gatos Silver, Inc.*		20,312		212,057
New Gold, Inc.*		108,113		210,820
McEwen Mining, Inc.*		19,967		183,297
Total Mining				24,891,168
Total Common Stocks
(Cost $14,629,360)				24,891,168

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.1%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	7,653		7,653
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		6,034		6,034
Total Repurchase Agreements
(Cost $13,687)				13,687
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.8%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		204,613		204,613
Total Securities Lending Collateral
(Cost $204,613)				204,613
Total Investments - 100.5%
(Cost $14,847,660)			$	25,109,468
Other Assets & Liabilities, net - (0.5)%				(132,348	)
Total Net Assets - 100.0%			$	24,977,120

*	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, 2024 — 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, 2024.
	ADR — American Depositary Receipt
	plc — Public Limited Company
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
PRECIOUS METALS FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	24,891,168	$	—	$	—	$	24,891,168
Repurchase Agreements		—		13,687		—		13,687
Securities Lending Collateral		204,613		—		—		204,613
Total Assets	$	25,095,781	$	13,687	$	—	$	25,109,468

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

PRECIOUS METALS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $192,685 of securities loaned (cost $14,833,973)	$	25,095,781
Repurchase agreements, at value (cost $13,687)		13,687
Foreign currency, at value (cost $786)		786
Receivables:
Fund shares sold		5,842,028
Foreign tax reclaims		1,492
Dividends		1,042
Securities lending income		18
Interest		6
Total assets		30,954,840
Liabilities:
Overdraft due to custodian bank		784
Payable for:
Securities purchased		5,636,890
Return of securities lending collateral		204,613
Fund shares redeemed		70,431
Management fees		14,615
Transfer agent fees		7,774
Investor service fees		4,872
Portfolio accounting and administration fees		2,046
Trustees’ fees*		182
Miscellaneous		35,513
Total liabilities		5,977,720
Net assets	$	24,977,120
Net assets consist of:
Paid in capital	$	37,414,039
Total distributable earnings (loss)		(12,436,919	)
Net assets	$	24,977,120
Capital shares outstanding		605,095
Net asset value per share	$	41.28

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $17,738)	$	122,907
Interest		3,727
Income from securities lending, net		222
Total investment income		126,856
Expenses:
Management fees		74,198
Investor service fees		24,732
Transfer agent fees		26,856
Professional fees		19,261
Portfolio accounting and administration fees		15,334
Trustees’ fees*		1,434
Custodian fees		1,299
Line of credit fees		297
Miscellaneous		1,272
Total expenses		164,683
Less:
Expenses reimbursed by Adviser		(4,946	)
Net expenses		159,737
Net investment loss		(32,881	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(424,524	)
Foreign currency transactions		4
Net realized loss		(424,520	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,240,589
Foreign currency translations		1
Net change in unrealized appreciation (depreciation)		1,240,590
Net realized and unrealized gain		816,070
Net increase in net assets resulting from operations	$	783,189

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

PRECIOUS METALS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(32,881	)	$	(23,413	)
Net realized loss on investments		(424,520	)		(140,443	)
Net change in unrealized appreciation (depreciation) on investments		1,240,590			395,968
Net increase in net assets resulting from operations		783,189			232,112
Distributions to shareholders		—			(57,952	)
Capital share transactions:
Proceeds from sale of shares		192,548,132			99,708,329
Distributions reinvested		—			57,952
Cost of shares redeemed		(201,100,002	)		(92,171,995	)
Net increase (decrease) from capital share transactions		(8,551,870	)		7,594,286
Net increase (decrease) in net assets		(7,768,681	)		7,768,446
Net assets:
Beginning of period		32,745,801			24,977,355
End of period	$	24,977,120		$	32,745,801
Capital share activity:
Shares sold		4,974,929			2,678,706
Shares issued from reinvestment of distributions		—			1,496
Shares redeemed		(5,237,263	)		(2,497,500	)
Net increase (decrease) in shares		(262,334	)		182,702

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	37.75		$	36.48		$	41.25		$	47.27		$	36.75		$	24.14
Income (loss) from investment operations:
Net investment income (loss)b		(.06	)		(.04	)		.05			.06			(.37	)		(.20	)
Net gain (loss) on investments (realized and unrealized)		3.59			1.43			(4.64	)		(4.40	)		13.03			12.81
Total from investment operations		3.53			1.39			(4.59	)		(4.34	)		12.66			12.61
Less distributions from:
Net investment income		—			(.12	)		(.18	)		(1.68	)		(2.14	)		—
Total distributions		—			(.12	)		(.18	)		(1.68	)		(2.14	)		—
Net asset value, end of period	$	41.28		$	37.75		$	36.48		$	41.25		$	47.27		$	36.75
Total Returnc		9.35	%		3.83	%		(11.08	%)		(9.19	%)		34.30	%		52.24	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	24,977		$	32,746		$	24,977		$	21,158		$	23,246		$	24,882
Ratios to average net assets:
Net investment income (loss)		(0.33	%)		(0.12	%)		0.13	%		0.13	%		(0.88	%)		(0.69	%)
Total expenses		1.66	%		1.70	%		1.67	%		1.59	%		1.72	%		1.72	%
Net expensesd		1.61	%		1.68	%		1.67	%		1.59	%		1.72	%		1.72	%
Portfolio turnover rate		1,016	%		427	%		188	%		133	%		163	%		180	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
REAL ESTATE FUND

	Shares		Value
COMMON STOCKS† - 99.3%
REITs - 91.7%
REITs-Diversified - 19.7%
American Tower Corp. — Class A		680	$	132,178
Equinix, Inc.		154		116,516
Digital Realty Trust, Inc.		656		99,745
Crown Castle, Inc.		921		89,982
SBA Communications Corp.		325		63,798
Weyerhaeuser Co.		2,229		63,281
Lamar Advertising Co. — Class A		417		49,844
Gaming and Leisure Properties, Inc.		1,078		48,736
WP Carey, Inc.		869		47,838
EPR Properties		598		25,104
PotlatchDeltic Corp.		619		24,382
Outfront Media, Inc.		1,438		20,563
Uniti Group, Inc.		2,748		8,024
Total REITs-Diversified				789,991
REITs-Apartments - 12.7%
AvalonBay Communities, Inc.		373		77,170
Equity Residential		1,045		72,460
Invitation Homes, Inc.		1,801		64,638
Essex Property Trust, Inc.		214		58,251
Mid-America Apartment Communities, Inc.		403		57,472
UDR, Inc.		1,264		52,014
American Homes 4 Rent — Class A		1,329		49,386
Camden Property Trust		438		47,790
Independence Realty Trust, Inc.		1,573		29,478
Total REITs-Apartments				508,659
REITs-Warehouse/Industries - 9.8%
Prologis, Inc.		1,276		143,308
Rexford Industrial Realty, Inc.		971		43,297
EastGroup Properties, Inc.		239		40,654
Americold Realty Trust, Inc.		1,466		37,442
STAG Industrial, Inc.		1,027		37,034
First Industrial Realty Trust, Inc.		740		35,157
Terreno Realty Corp.		566		33,496
LXP Industrial Trust		2,546		23,220
Total REITs-Warehouse/Industries				393,608
REITs-Health Care - 9.5%
Welltower, Inc.		1,065		111,026
Ventas, Inc.		1,261		64,639
Healthpeak Properties, Inc.		2,651		51,960
Omega Healthcare Investors, Inc.		1,230		42,127
Healthcare Realty Trust, Inc.		2,108		34,740
Sabra Health Care REIT, Inc.		1,771		27,273
CareTrust REIT, Inc.		1,046		26,255
Medical Properties Trust, Inc.1		4,920		21,205
Total REITs-Health Care				379,225
REITs-Storage - 8.0%
Public Storage		332		95,500
Extra Space Storage, Inc.		509		79,104
Iron Mountain, Inc.		809		72,503
CubeSmart		991		44,763
National Storage Affiliates Trust		709		29,225
Total REITs-Storage				321,095
REITs-Office Property - 7.2%
Alexandria Real Estate Equities, Inc.		538		62,930
BXP, Inc.		676		41,615
Vornado Realty Trust		1,166		30,654
SL Green Realty Corp.1		479		27,131
Kilroy Realty Corp.		848		26,432
Cousins Properties, Inc.		1,140		26,391
Highwoods Properties, Inc.		897		23,564
Douglas Emmett, Inc.		1,549		20,617
JBG SMITH Properties		1,106		16,844
Hudson Pacific Properties, Inc.		2,382		11,457
Total REITs-Office Property				287,635
REITs-Shopping Centers - 6.9%
Kimco Realty Corp.		2,612		50,830
Regency Centers Corp.		775		48,205
Federal Realty Investment Trust		396		39,984
Brixmor Property Group, Inc.		1,613		37,244
Kite Realty Group Trust		1,388		31,063
Phillips Edison & Company, Inc.		913		29,864
SITE Centers Corp.		1,599		23,186
Retail Opportunity Investments Corp.		1,385		17,216
Total REITs-Shopping Centers				277,592
REITs-Hotels - 4.7%
Host Hotels & Resorts, Inc.		2,758		49,589
Ryman Hospitality Properties, Inc.		337		33,653
Apple Hospitality REIT, Inc.		1,712		24,892
Park Hotels & Resorts, Inc.		1,599		23,953
Sunstone Hotel Investors, Inc.		1,983		20,742
DiamondRock Hospitality Co.		2,213		18,700
Pebblebrook Hotel Trust		1,282		17,628
Total REITs-Hotels				189,157
REITs-Single Tenant - 4.2%
Realty Income Corp.		1,786		94,337
NNN REIT, Inc.		919		39,149
Agree Realty Corp.		562		34,810
Total REITs-Single Tenant				168,296
REITs-Regional Malls - 3.7%
Simon Property Group, Inc.		637		96,697
Macerich Co.		1,685		26,016
Tanger, Inc.		873		23,667
Total REITs-Regional Malls				146,380
REITs-Manufactured Homes - 2.6%
Sun Communities, Inc.		457		54,995
Equity LifeStyle Properties, Inc.		730		47,545
Total REITs-Manufactured Homes				102,540
REITs-Diversified - 1.9%
VICI Properties, Inc.		2,692		77,099

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 63

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
REAL ESTATE FUND

	Shares		Value
REITs-Single Tenant - 0.8%
Essential Properties Realty Trust, Inc.		1,109	$	30,730
Total REITs				3,672,007
Real Estate - 5.8%
REAL ESTATE MANAGEMENT/SERVICES - 5.8%
CoStar Group, Inc.*		1,036		76,809
CBRE Group, Inc. — Class A*		818		72,892
Jones Lang LaSalle, Inc.*		173		35,513
Cushman & Wakefield plc*		2,017		20,977
eXp World Holdings, Inc.		1,193		13,463
Redfin Corp.*		1,914		11,503
Total Real Estate Management/Services				231,157
Total Real Estate				231,157
Internet - 1.2%
E-Commerce/Services - 1.2%
Zillow Group, Inc. — Class C*		913		42,354
Opendoor Technologies, Inc.*		3,598		6,620
Total E-Commerce/Services				48,974
Total Internet				48,974
Telecommunications - 0.6%
Telecom Services - 0.6%
DigitalBridge Group, Inc.		1,647		22,564
Total Common Stocks
(Cost $1,841,578)				3,974,702

	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.8%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	17,247		17,247
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		13,597		13,597
Total Repurchase Agreements
(Cost $30,844)				30,844
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.8%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		33,434		33,434
Total Securities Lending Collateral
(Cost $33,434)				33,434
Total Investments - 100.9%
(Cost $1,905,856)			$	4,038,980
Other Assets & Liabilities, net - (0.9)%				(37,090	)
Total Net Assets - 100.0%			$	4,001,890

*	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, 2024 — 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, 2024.
	plc — Public Limited Company
	REIT — Real Estate Investment Trust
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
REAL ESTATE FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	3,974,702	$	—	$	—	$	3,974,702
Repurchase Agreements		—		30,844		—		30,844
Securities Lending Collateral		33,434		—		—		33,434
Total Assets	$	4,008,136	$	30,844	$	—	$	4,038,980

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 65

REAL ESTATE FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $31,350 of securities loaned (cost $1,875,012)	$	4,008,136
Repurchase agreements, at value (cost $30,844)		30,844
Receivables:
Fund shares sold		144,933
Securities sold		31,257
Dividends		15,020
Securities lending income		21
Interest		14
Total assets		4,230,225
Liabilities:
Payable for:
Securities purchased		182,309
Return of securities lending collateral		33,434
Management fees		2,535
Transfer agent fees		1,529
Investor service fees		746
Portfolio accounting and administration fees		313
Fund shares redeemed		110
Trustees’ fees*		38
Miscellaneous		7,321
Total liabilities		228,335
Net assets	$	4,001,890
Net assets consist of:
Paid in capital	$	2,705,326
Total distributable earnings (loss)		1,296,564
Net assets	$	4,001,890
Capital shares outstanding		113,661
Net asset value per share	$	35.21

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends	$	66,994
Interest		685
Income from securities lending, net		195
Total investment income		67,874
Expenses:
Management fees		18,204
Investor service fees		5,354
Transfer agent fees		5,793
Professional fees		3,660
Portfolio accounting and administration fees		3,319
Trustees’ fees*		298
Custodian fees		279
Miscellaneous		783
Total expenses		37,690
Less:
Expenses reimbursed by Adviser		(1,071	)
Net expenses		36,619
Net investment income		31,255
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		105,560
Net realized gain		105,560
Net change in unrealized appreciation (depreciation) on:
Investments		(361,262	)
Net change in unrealized appreciation (depreciation)		(361,262	)
Net realized and unrealized loss		(255,702	)
Net decrease in net assets resulting from operations	$	(224,447	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

REAL ESTATE FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	31,255		$	66,687
Net realized gain on investments		105,560			14,694
Net change in unrealized appreciation (depreciation) on investments		(361,262	)		263,752
Net increase (decrease) in net assets resulting from operations		(224,447	)		345,133
Distributions to shareholders		—			(252,805	)
Capital share transactions:
Proceeds from sale of shares		5,489,219			5,951,867
Distributions reinvested		—			252,805
Cost of shares redeemed		(5,998,452	)		(6,333,619	)
Net decrease from capital share transactions		(509,233	)		(128,947	)
Net decrease in net assets		(733,680	)		(36,619	)
Net assets:
Beginning of period		4,735,570			4,772,189
End of period	$	4,001,890		$	4,735,570
Capital share activity:
Shares sold		157,522			169,632
Shares issued from reinvestment of distributions		—			7,200
Shares redeemed		(174,103	)		(184,063	)
Net decrease in shares		(16,581	)		(7,231	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 67

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	36.36		$	34.71		$	51.05		$	38.31		$	43.46		$	35.99
Income (loss) from investment operations:
Net investment income (loss)b		.25			.50			.38			.31			.28			.68
Net gain (loss) on investments (realized and unrealized)		(1.40	)		3.02			(14.10	)		12.70			(3.19	)		8.03
Total from investment operations		(1.15	)		3.52			(13.72	)		13.01			(2.91	)		8.71
Less distributions from:
Net investment income		—			(.47	)		(.41	)		(.27	)		(1.16	)		(.83	)
Net realized gains		—			(1.40	)		(2.21	)		—			(1.08	)		(.41	)
Total distributions		—			(1.87	)		(2.62	)		(.27	)		(2.24	)		(1.24	)
Net asset value, end of period	$	35.21		$	36.36		$	34.71		$	51.05		$	38.31		$	43.46
Total Returnc		(3.16	%)		10.32	%		(27.40	%)		34.07	%		(5.82	%)		24.43	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,002		$	4,736		$	4,772		$	14,706		$	6,518		$	12,249
Ratios to average net assets:
Net investment income (loss)		1.46	%		1.45	%		0.90	%		0.69	%		0.76	%		1.62	%
Total expenses		1.76	%		1.81	%		1.77	%		1.69	%		1.82	%		1.82	%
Net expensesd		1.71	%		1.79	%		1.77	%		1.69	%		1.82	%		1.82	%
Portfolio turnover rate		131	%		125	%		134	%		136	%		173	%		225	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
RETAILING FUND

	Shares		Value
COMMON STOCKS† - 99.8%
Retail - 69.2%
Costco Wholesale Corp.		131	$	111,349
Walmart, Inc.		1,477		100,008
Home Depot, Inc.		284		97,764
TJX Companies, Inc.		831		91,493
Lowe’s Companies, Inc.		409		90,168
Target Corp.		462		68,394
O’Reilly Automotive, Inc.*		63		66,532
Ross Stores, Inc.		385		55,948
Carvana Co.*		399		51,359
Dollar General Corp.		346		45,752
Tractor Supply Co.		161		43,470
AutoZone, Inc.*		14		41,497
Dollar Tree, Inc.*		358		38,224
Genuine Parts Co.		258		35,687
Ulta Beauty, Inc.*		89		34,342
Dick’s Sporting Goods, Inc.		156		33,517
Best Buy Company, Inc.		388		32,705
Burlington Stores, Inc.*		135		32,400
Williams-Sonoma, Inc.		114		32,190
CarMax, Inc.*		386		28,309
BJ’s Wholesale Club Holdings, Inc.*		318		27,933
Abercrombie & Fitch Co. — Class A*		136		24,186
Floor & Decor Holdings, Inc. — Class A*		235		23,361
Bath & Body Works, Inc.		584		22,805
Murphy USA, Inc.		47		22,065
Ollie’s Bargain Outlet Holdings, Inc.*		219		21,499
Walgreens Boots Alliance, Inc.		1,767		21,372
GameStop Corp. — Class A*,1		842		20,789
Five Below, Inc.*		180		19,615
Gap, Inc.		808		19,303
Lithia Motors, Inc. — Class A		76		19,186
Macy’s, Inc.		969		18,605
AutoNation, Inc.*		115		18,329
Signet Jewelers Ltd.		189		16,931
Academy Sports & Outdoors, Inc.		310		16,508
Boot Barn Holdings, Inc.*		126		16,245
Advance Auto Parts, Inc.		250		15,833
American Eagle Outfitters, Inc.		755		15,070
RH*		60		14,666
Urban Outfitters, Inc.*		326		13,382
Kohl’s Corp.		573		13,173
Nordstrom, Inc.		598		12,690
Foot Locker, Inc.		496		12,360
Victoria’s Secret & Co.*		542		9,577
National Vision Holdings, Inc.*		613		8,024
Leslie’s, Inc.*		1,549		6,490
Petco Health & Wellness Company, Inc.*		1,277		4,827
Total Retail				1,585,932
Internet - 25.8%
Amazon.com, Inc.*		1,283		247,940
PDD Holdings, Inc. ADR*		401		53,313
MercadoLibre, Inc.*		30		49,302
Alibaba Group Holding Ltd. ADR		652		46,944
eBay, Inc.		788		42,331
Coupang, Inc.*		1,922		40,266
JD.com, Inc. ADR		1,384		35,762
Chewy, Inc. — Class A*		1,003		27,322
Etsy, Inc.*		361		21,292
Wayfair, Inc. — Class A*		383		20,195
Beyond, Inc.*		470		6,148
Total Internet				590,815
Distribution & Wholesale - 2.4%
LKQ Corp.		656		27,283
Pool Corp.		87		26,738
Total Distribution & Wholesale				54,021
Software - 1.6%
Global-e Online Ltd*		993		36,016
Commercial Services - 0.8%
Valvoline, Inc.*		449		19,397
Total Common Stocks
(Cost $925,951)				2,286,181
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.6%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	7,191		7,191
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		5,669		5,669
Total Repurchase Agreements
(Cost $12,860)				12,860
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.7%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		16,248		16,248
Total Securities Lending Collateral
(Cost $16,248)				16,248
Total Investments - 101.1%
(Cost $955,059)			$	2,315,289
Other Assets & Liabilities, net - (1.1)%				(24,551	)
Total Net Assets - 100.0%			$	2,290,738

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 69

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
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, 2024 — 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, 2024.
	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, 2024 (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	$	2,286,181	$	—	$	—	$	2,286,181
Repurchase Agreements		—		12,860		—		12,860
Securities Lending Collateral		16,248		—		—		16,248
Total Assets	$	2,302,429	$	12,860	$	—	$	2,315,289

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

RETAILING FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $15,579 of securities loaned (cost $942,199)	$	2,302,429
Repurchase agreements, at value (cost $12,860)		12,860
Receivables:
Dividends		2,105
Securities lending income		29
Interest		6
Total assets		2,317,429
Liabilities:
Payable for:
Return of securities lending collateral		16,248
Professional fees		3,076
Management fees		1,989
Transfer agent fees		1,343
Investor service fees		585
Fund shares redeemed		409
Portfolio accounting and administration fees		246
Trustees’ fees*		30
Miscellaneous		2,765
Total liabilities		26,691
Net assets	$	2,290,738
Net assets consist of:
Paid in capital	$	1,252,581
Total distributable earnings (loss)		1,038,157
Net assets	$	2,290,738
Capital shares outstanding		19,017
Net asset value per share	$	120.46

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $67)	$	21,941
Interest		625
Income from securities lending, net		188
Total investment income		22,754
Expenses:
Management fees		15,148
Investor service fees		4,455
Transfer agent fees		4,628
Portfolio accounting and administration fees		2,762
Professional fees		1,861
Custodian fees		229
Trustees’ fees*		206
Line of credit fees		7
Miscellaneous		2,073
Total expenses		31,369
Less:
Expenses reimbursed by Adviser		(891	)
Net expenses		30,478
Net investment loss		(7,724	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		633,399
Net realized gain		633,399
Net change in unrealized appreciation (depreciation) on:
Investments		(270,634	)
Net change in unrealized appreciation (depreciation)		(270,634	)
Net realized and unrealized gain		362,765
Net increase in net assets resulting from operations	$	355,041

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 71

RETAILING FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(7,724	)	$	(14,240	)
Net realized gain on investments		633,399			224,382
Net change in unrealized appreciation (depreciation) on investments		(270,634	)		289,087
Net increase in net assets resulting from operations		355,041			499,229
Capital share transactions:
Proceeds from sale of shares		7,063,858			6,884,256
Cost of shares redeemed		(8,144,244	)		(7,587,763	)
Net decrease from capital share transactions		(1,080,386	)		(703,507	)
Net decrease in net assets		(725,345	)		(204,278	)
Net assets:
Beginning of period		3,016,083			3,220,361
End of period	$	2,290,738		$	3,016,083
Capital share activity:
Shares sold		60,329			66,725
Shares redeemed		(68,223	)		(73,303	)
Net decrease in shares		(7,894	)		(6,578	)

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	112.08		$	96.16		$	134.27		$	128.69		$	89.57		$	71.95
Income (loss) from investment operations:
Net investment income (loss)b		(.25	)		(.40	)		(.71	)		(1.27	)		(.95	)		(.45	)
Net gain (loss) on investments (realized and unrealized)		8.63			16.32			(34.86	)		16.53			40.07			18.07
Total from investment operations		8.38			15.92			(35.57	)		15.26			39.12			17.62
Less distributions from:
Net realized gains		—			—			(2.54	)		(9.68	)		—			—
Total distributions		—			—			(2.54	)		(9.68	)		—			—
Net asset value, end of period	$	120.46		$	112.08		$	96.16		$	134.27		$	128.69		$	89.57
Total Returnc		7.48	%		16.56	%		(26.52	%)		11.75	%		43.68	%		24.49	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,291		$	3,016		$	3,220		$	6,622		$	7,196		$	3,625
Ratios to average net assets:
Net investment income (loss)		(0.43	%)		(0.39	%)		(0.68	%)		(0.92	%)		(0.91	%)		(0.54	%)
Total expenses		1.76	%		1.81	%		1.77	%		1.69	%		1.82	%		1.83	%
Net expensesd		1.71	%		1.79	%		1.77	%		1.69	%		1.82	%		1.83	%
Portfolio turnover rate		192	%		212	%		193	%		375	%		250	%		173	%

a	Unaudited figures for the period ended June 30, 2024. 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 REPORT | 73

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
TECHNOLOGY FUND

	Shares		Value
COMMON STOCKS† - 99.5%
Software - 30.9%
Microsoft Corp.		3,130	$	1,398,954
Adobe, Inc.*		758		421,099
Salesforce, Inc.		1,562		401,590
Oracle Corp.		2,567		362,460
Intuit, Inc.		518		340,435
ServiceNow, Inc.*		406		319,388
Synopsys, Inc.*		387		230,288
Cadence Design Systems, Inc.*		723		222,503
Workday, Inc. — Class A*		860		192,262
Roper Technologies, Inc.		340		191,644
Autodesk, Inc.*		751		185,835
Palantir Technologies, Inc. — Class A*		7,328		185,618
Atlassian Corp. — Class A*		1,039		183,778
Snowflake, Inc. — Class A*		1,174		158,596
Datadog, Inc. — Class A*		1,222		158,481
Electronic Arts, Inc.		1,067		148,665
NetEase, Inc. ADR		1,445		138,113
Cloudflare, Inc. — Class A*		1,590		131,700
ANSYS, Inc.*		395		126,993
Monday.com Ltd.*		511		123,028
HubSpot, Inc.*		207		122,087
Take-Two Interactive Software, Inc.*		780		121,282
AppLovin Corp. — Class A*		1,355		112,763
PTC, Inc.*		618		112,272
ROBLOX Corp. — Class A*		2,976		110,737
MongoDB, Inc.*		437		109,233
Zoom Video Communications, Inc. — Class A*		1,695		100,327
Manhattan Associates, Inc.*		397		97,932
Nutanix, Inc. — Class A*		1,652		93,916
Akamai Technologies, Inc.*		1,001		90,170
Dynatrace, Inc.*		1,894		84,738
DocuSign, Inc.*		1,521		81,374
Twilio, Inc. — Class A*		1,288		73,171
Confluent, Inc. — Class A*		2,429		71,728
Dropbox, Inc. — Class A*		3,009		67,612
Gitlab, Inc. — Class A*		1,324		65,829
MicroStrategy, Inc. — Class A*,1		45		61,987
BILL Holdings, Inc.*		1,115		58,671
Unity Software, Inc.*		3,164		51,447
ZoomInfo Technologies, Inc. — Class A*		3,950		50,442
Five9, Inc.*		1,024		45,158
C3.ai, Inc. — Class A*,1		1,459		42,253
Total Software				7,446,559
Semiconductors - 28.2%
NVIDIA Corp.		10,291		1,271,350
Broadcom, Inc.		373		598,863
Advanced Micro Devices, Inc.*		2,453		397,901
QUALCOMM, Inc.		1,730		344,582
Applied Materials, Inc.		1,436		338,882
Texas Instruments, Inc.		1,661		323,114
Lam Research Corp.		273		290,704
Intel Corp.		9,090		281,517
Micron Technology, Inc.		2,108		277,265
Analog Devices, Inc.		1,124		256,564
KLA Corp.		309		254,774
NXP Semiconductor N.V.		813		218,770
ASML Holding N.V. — Class G		193		197,387
Taiwan Semiconductor Manufacturing Company Ltd. ADR		1,117		194,146
Marvell Technology, Inc.		2,660		185,934
Microchip Technology, Inc.		1,840		168,360
ARM Holdings plc ADR*,1		1,015		166,074
ON Semiconductor Corp.*		1,837		125,926
STMicroelectronics N.V. — Class Y		3,009		118,194
Teradyne, Inc.		796		118,039
Entegris, Inc.		808		109,403
Monolithic Power Systems, Inc.		124		101,888
Skyworks Solutions, Inc.		934		99,546
Qorvo, Inc.*		696		80,764
Lattice Semiconductor Corp.*		1,146		66,457
Rambus, Inc.*		1,053		61,874
MKS Instruments, Inc.		423		55,235
GLOBALFOUNDRIES, Inc.*,1		1,034		52,279
Axcelis Technologies, Inc.*		269		38,249
Total Semiconductors				6,794,041
Computers - 16.9%
Apple, Inc.		6,287		1,324,168
International Business Machines Corp.		1,780		307,851
Crowdstrike Holdings, Inc. — Class A*		608		232,979
Dell Technologies, Inc. — Class C		1,621		223,552
Accenture plc — Class A		566		171,730
Fortinet, Inc.*		2,472		148,987
Super Micro Computer, Inc.*		178		145,844
Cognizant Technology Solutions Corp. — Class A		2,132		144,976
Gartner, Inc.*		319		143,250
Check Point Software Technologies Ltd.*		860		141,900
Infosys Ltd. ADR1		7,466		139,017
HP, Inc.		3,939		137,944
Hewlett Packard Enterprise Co.		5,992		126,851
NetApp, Inc.		965		124,292
Western Digital Corp.*		1,533		116,155
Seagate Technology Holdings plc		1,074		110,912
Zscaler, Inc.*		556		106,858
Pure Storage, Inc. — Class A*		1,614		103,635
Amdocs Ltd.		956		75,448
Lumentum Holdings, Inc.*		922		46,948
Total Computers				4,073,297
Internet - 14.6%
Alphabet, Inc. — Class A		6,446		1,174,139
Meta Platforms, Inc. — Class A		1,721		867,763
Palo Alto Networks, Inc.*		765		259,343
Shopify, Inc. — Class A*		2,422		159,973
Pinterest, Inc. — Class A*		3,038		133,885
CDW Corp.		594		132,961
Sea Ltd. ADR*		1,811		129,342
Baidu, Inc. ADR*		1,476		127,644

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

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	June 30, 2024
TECHNOLOGY FUND

	Shares		Value
Snap, Inc. — Class A*		6,843	$	113,662
Okta, Inc.*		1,060		99,226
VeriSign, Inc.*		530		94,234
Gen Digital, Inc.		3,615		90,303
F5, Inc.*		454		78,192
Match Group, Inc.*		2,184		66,350
Total Internet				3,527,017
Telecommunications - 3.7%
Cisco Systems, Inc.		6,926		329,054
Arista Networks, Inc.*		649		227,461
Motorola Solutions, Inc.		513		198,044
Corning, Inc.		3,494		135,742
Total Telecommunications				890,301
Electronics - 3.1%
Amphenol Corp. — Class A		3,202		215,719
TE Connectivity Ltd.		1,105		166,225
Keysight Technologies, Inc.*		863		118,018
Trimble, Inc.*		1,612		90,143
Jabil, Inc.		756		82,245
Flex Ltd.*		2,710		79,918
Total Electronics				752,268
Energy-Alternate Sources - 1.1%
First Solar, Inc.*		459		103,486
Enphase Energy, Inc.*		782		77,973
SolarEdge Technologies, Inc.*		2,876		72,648
Total Energy-Alternate Sources				254,107
Investment Companies - 0.6%
Marathon Digital Holdings, Inc.*		2,840		56,374
Cleanspark, Inc.*		2,760		44,022
Riot Platforms, Inc.*		3,843		35,125
Total Investment Companies				135,521
Office & Business Equipment - 0.4%
Zebra Technologies Corp. — Class A*		261		80,631
Total Common Stocks
(Cost $8,732,513)				23,953,742
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.9%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	117,753		117,753
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		92,834		92,834
Total Repurchase Agreements
(Cost $210,587)				210,587
	Shares
SECURITIES LENDING COLLATERAL†,3 - 1.3%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		313,618		313,618
Total Securities Lending Collateral
(Cost $313,618)				313,618
Total Investments - 101.7%
(Cost $9,256,718)			$	24,477,947
Other Assets & Liabilities, net - (1.7)%				(401,368	)
Total Net Assets - 100.0%			$	24,076,579

*	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, 2024 — 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, 2024.
	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 REPORT | 75

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
TECHNOLOGY FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	23,953,742	$	—	$	—	$	23,953,742
Repurchase Agreements		—		210,587		—		210,587
Securities Lending Collateral		313,618		—		—		313,618
Total Assets	$	24,267,360	$	210,587	$	—	$	24,477,947

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

TECHNOLOGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $301,309 of securities loaned (cost $9,046,131)	$	24,267,360
Repurchase agreements, at value (cost $210,587)		210,587
Cash		24
Receivables:
Fund shares sold		1,572,716
Dividends		8,229
Foreign tax reclaims		496
Interest		93
Securities lending income		23
Total assets		26,059,528
Liabilities:
Payable for:
Securities purchased		1,597,423
Return of securities lending collateral		313,618
Management fees		15,174
Transfer agent fees		8,688
Investor service fees		4,463
Portfolio accounting and administration fees		1,875
Fund shares redeemed		672
Trustees’ fees*		210
Miscellaneous		40,826
Total liabilities		1,982,949
Net assets	$	24,076,579
Net assets consist of:
Paid in capital	$	6,739,708
Total distributable earnings (loss)		17,336,871
Net assets	$	24,076,579
Capital shares outstanding		114,781
Net asset value per share	$	209.76

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $274)	$	80,860
Interest		5,049
Income from securities lending, net		518
Total investment income		86,427
Expenses:
Management fees		101,813
Transfer agent fees		32,213
Investor service fees		29,945
Professional fees		20,931
Portfolio accounting and administration fees		18,566
Trustees’ fees*		1,642
Custodian fees		1,560
Line of credit fees		12
Miscellaneous		4,081
Total expenses		210,763
Less:
Expenses reimbursed by Adviser		(5,989	)
Net expenses		204,774
Net investment loss		(118,347	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		3,127,876
Net realized gain		3,127,876
Net change in unrealized appreciation (depreciation) on:
Investments		618,876
Net change in unrealized appreciation (depreciation)		618,876
Net realized and unrealized gain		3,746,752
Net increase in net assets resulting from operations	$	3,628,405

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 77

TECHNOLOGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(118,347	)	$	(199,939	)
Net realized gain on investments		3,127,876			1,768,792
Net change in unrealized appreciation (depreciation) on investments		618,876			6,539,334
Net increase in net assets resulting from operations		3,628,405			8,108,187
Distributions to shareholders		—			(367,393	)
Capital share transactions:
Proceeds from sale of shares		13,905,055			17,766,905
Distributions reinvested		—			367,393
Cost of shares redeemed		(17,526,942	)		(17,265,223	)
Net increase (decrease) from capital share transactions		(3,621,887	)		869,075
Net increase in net assets		6,518			8,609,869
Net assets:
Beginning of period		24,070,061			15,460,192
End of period	$	24,076,579		$	24,070,061
Capital share activity:
Shares sold		71,616			118,358
Shares issued from reinvestment of distributions		—			2,211
Shares redeemed		(91,167	)		(112,819	)
Net increase (decrease) in shares		(19,551	)		7,750

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	179.18		$	122.14		$	207.63		$	184.01		$	125.88		$	93.07
Income (loss) from investment operations:
Net investment income (loss)b		(.95	)		(1.43	)		(1.65	)		(1.82	)		(.99	)		(.90	)
Net gain (loss) on investments (realized and unrealized)		31.53			61.07			(72.52	)		38.58			62.21			37.66
Total from investment operations		30.58			59.64			(74.17	)		36.76			61.22			36.76
Less distributions from:
Net realized gains		—			(2.60	)		(11.32	)		(13.14	)		(3.09	)		(3.95	)
Total distributions		—			(2.60	)		(11.32	)		(13.14	)		(3.09	)		(3.95	)
Net asset value, end of period	$	209.76		$	179.18		$	122.14		$	207.63		$	184.01		$	125.88
Total Returnc		17.07	%		49.01	%		(36.25	%)		20.50	%		49.25	%		39.75	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	24,077		$	24,070		$	15,460		$	30,389		$	25,233		$	22,439
Ratios to average net assets:
Net investment income (loss)		(0.99	%)		(0.94	%)		(1.10	%)		(0.92	%)		(0.69	%)		(0.79	%)
Total expenses		1.76	%		1.81	%		1.77	%		1.69	%		1.82	%		1.82	%
Net expensesd		1.71	%		1.78	%		1.77	%		1.69	%		1.82	%		1.82	%
Portfolio turnover rate		60	%		100	%		78	%		113	%		192	%		188	%

a	Unaudited figures for the period ended June 30, 2024. 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 REPORT | 79

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
TELECOMMUNICATIONS FUND

	Shares		Value
COMMON STOCKS† - 99.6%
Telecommunications - 72.5%
Cisco Systems, Inc.		2,444	$	116,114
Verizon Communications, Inc.		2,653		109,410
AT&T, Inc.		5,442		103,997
T-Mobile US, Inc.		459		80,867
Arista Networks, Inc.*		195		68,344
Motorola Solutions, Inc.		153		59,066
Juniper Networks, Inc.		1,058		38,575
Ciena Corp.*		609		29,342
Frontier Communications Parent, Inc.*		1,095		28,667
Nice Ltd. ADR*		156		26,827
Telefonaktiebolaget LM Ericsson ADR		4,131		25,488
BCE, Inc.		787		25,475
Vodafone Group plc ADR		2,803		24,863
Nokia Oyj ADR		6,151		23,251
TELUS Corp.		1,522		23,043
America Movil SAB de CV ADR		1,332		22,644
EchoStar Corp. — Class A*		1,251		22,282
Rogers Communications, Inc. — Class B		602		22,262
InterDigital, Inc.		161		18,766
Iridium Communications, Inc.		699		18,607
Telephone & Data Systems, Inc.		778		16,128
Calix, Inc.*		447		15,837
Extreme Networks, Inc.*		1,161		15,615
Infinera Corp.*		2,227		13,562
Viavi Solutions, Inc.*		1,966		13,506
Harmonic, Inc.*		1,127		13,265
Viasat, Inc.*		997		12,662
Gogo, Inc.*		884		8,504
ADTRAN Holdings, Inc.		1,309		6,885
Lumen Technologies, Inc.*		3,605		3,966
CommScope Holding Company, Inc.*		1,847		2,272
Total Telecommunications				1,010,092
Media - 17.2%
Comcast Corp. — Class A		2,749		107,651
Charter Communications, Inc. — Class A*		202		60,390
Liberty Broadband Corp. — Class C*		574		31,467
Liberty Global Ltd. — Class C*		1,410		25,168
Liberty Latin America Ltd. — Class C*		1,524		14,661
Total Media				239,337
Internet - 6.5%
F5, Inc.*		210		36,168
Roku, Inc.*		590		35,359
Cogent Communications Holdings, Inc.		330		18,625
Total Internet				90,152
Computers - 2.4%
Lumentum Holdings, Inc.*		425		21,641
NetScout Systems, Inc.*		697		12,748
Total Computers				34,389
Software - 0.6%
Digi International, Inc.*		355		8,140
Electronics - 0.4%
Applied Optoelectronics, Inc.*		673		5,579
Total Common Stocks
(Cost $928,218)				1,387,689
	Face Amount
REPURCHASE AGREEMENTS††,1 - 0.6%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	4,951		4,951
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		3,903		3,903
Total Repurchase Agreements
(Cost $8,854)				8,854
Total Investments - 100.2%
(Cost $937,072)			$	1,396,543
Other Assets & Liabilities, net - (0.2)%				(3,460	)
Total Net Assets - 100.0%			$	1,393,083

*	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.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
TELECOMMUNICATIONS FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	1,387,689	$	—	$	—	$	1,387,689
Repurchase Agreements		—		8,854		—		8,854
Total Assets	$	1,387,689	$	8,854	$	—	$	1,396,543

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 81

TELECOMMUNICATIONS FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value (cost $928,218)	$	1,387,689
Repurchase agreements, at value (cost $8,854)		8,854
Receivables:
Dividends		2,555
Interest		5
Total assets		1,399,103
Liabilities:
Payable for:
Professional fees		1,751
Management fees		949
Fund shares redeemed		764
Transfer agent fees		659
Printing fees		655
Investor service fees		279
Portfolio accounting and administration fees		117
Trustees’ fees*		17
Miscellaneous		829
Total liabilities		6,020
Net assets	$	1,393,083
Net assets consist of:
Paid in capital	$	2,171,527
Total distributable earnings (loss)		(778,444	)
Net assets	$	1,393,083
Capital shares outstanding		25,661
Net asset value per share	$	54.29

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $579)	$	23,356
Interest		353
Income from securities lending, net		173
Total investment income		23,882
Expenses:
Management fees		8,376
Investor service fees		2,464
Transfer agent fees		2,677
Portfolio accounting and administration fees		1,527
Professional fees		1,463
Trustees’ fees*		136
Custodian fees		128
Miscellaneous		591
Total expenses		17,362
Less:
Expenses reimbursed by Adviser		(493	)
Net expenses		16,869
Net investment income		7,013
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		127,408
Net realized gain		127,408
Net change in unrealized appreciation (depreciation) on:
Investments		(217,107	)
Net change in unrealized appreciation (depreciation)		(217,107	)
Net realized and unrealized loss		(89,699	)
Net decrease in net assets resulting from operations	$	(82,686	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

TELECOMMUNICATIONS FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	7,013		$	15,511
Net realized gain (loss) on investments		127,408			(266,644	)
Net change in unrealized appreciation (depreciation) on investments		(217,107	)		189,542
Net decrease in net assets resulting from operations		(82,686	)		(61,591	)
Distributions to shareholders		—			(16,914	)
Capital share transactions:
Proceeds from sale of shares		1,349,807			5,923,994
Distributions reinvested		—			16,914
Cost of shares redeemed		(1,850,294	)		(5,937,175	)
Net increase (decrease) from capital share transactions		(500,487	)		3,733
Net decrease in net assets		(583,173	)		(74,772	)
Net assets:
Beginning of period		1,976,256			2,051,028
End of period	$	1,393,083		$	1,976,256
Capital share activity:
Shares sold		24,189			107,953
Shares issued from reinvestment of distributions		—			314
Shares redeemed		(34,146	)		(111,627	)
Net decrease in shares		(9,957	)		(3,360	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 83

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	55.48		$	52.62		$	71.41		$	66.03		$	60.85		$	53.75
Income (loss) from investment operations:
Net investment income (loss)b		.19			.32			.37			.44			.48			.37
Net gain (loss) on investments (realized and unrealized)		(1.38	)		2.98	e		(18.80	)		5.48			5.27	e		6.73
Total from investment operations		(1.19	)		3.30			(18.43	)		5.92			5.75			7.10
Less distributions from:
Net investment income		—			(.44	)		(.36	)		(.54	)		(.57	)		—
Total distributions		—			(.44	)		(.36	)		(.54	)		(.57	)		—
Net asset value, end of period	$	54.29		$	55.48		$	52.62		$	71.41		$	66.03		$	60.85
Total Returnc		(2.14	%)		6.30	%		(25.85	%)		8.98	%		9.49	%		13.21	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,393		$	1,976		$	2,051		$	6,987		$	3,254		$	3,250
Ratios to average net assets:
Net investment income (loss)		0.71	%		0.59	%		0.62	%		0.62	%		0.81	%		0.63	%
Total expenses		1.76	%		1.81	%		1.77	%		1.70	%		1.82	%		1.82	%
Net expensesd		1.71	%		1.79	%		1.77	%		1.70	%		1.82	%		1.82	%
Portfolio turnover rate		65	%		260	%		113	%		237	%		258	%		263	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
TRANSPORTATION FUND

	Shares		Value
COMMON STOCKS† - 99.2%
Transportation - 38.2%
Union Pacific Corp.		657	$	148,653
United Parcel Service, Inc. — Class B		943		129,049
FedEx Corp.		381		114,239
CSX Corp.		3,081		103,059
Norfolk Southern Corp.		401		86,091
Old Dominion Freight Line, Inc.		428		75,585
Expeditors International of Washington, Inc.		422		52,661
Canadian Pacific Kansas City Ltd.		619		48,734
J.B. Hunt Transport Services, Inc.		286		45,760
Saia, Inc.*		96		45,532
TFI International, Inc.		310		45,000
Canadian National Railway Co.		380		44,889
XPO, Inc.*		420		44,583
ZTO Express Cayman, Inc. ADR		2,005		41,604
CH Robinson Worldwide, Inc.		464		40,888
Knight-Swift Transportation Holdings, Inc.		726		36,242
Landstar System, Inc.		177		32,653
Hub Group, Inc. — Class A		475		20,449
Werner Enterprises, Inc.		518		18,560
ArcBest Corp.		168		17,989
Forward Air Corp.		447		8,511
Total Transportation				1,200,731
Auto Manufacturers - 25.7%
Tesla, Inc.*		1,512		299,194
Ford Motor Co.		7,303		91,580
General Motors Co.		1,968		91,433
Li Auto, Inc. ADR*		2,520		45,058
Rivian Automotive, Inc. — Class A*,1		3,334		44,742
Toyota Motor Corp. ADR		216		44,273
NIO, Inc. ADR*,1		10,536		43,830
Honda Motor Company Ltd. ADR		1,349		43,492
Ferrari N.V.		106		43,287
Stellantis N.V.		2,175		43,174
Lucid Group, Inc.*,1		6,921		18,064
Total Auto Manufacturers				808,127
Auto Parts & Equipment - 11.9%
Aptiv plc*		636		44,787
Magna International, Inc.		1,029		43,115
Mobileye Global, Inc. — Class A*,1		1,534		43,082
Autoliv, Inc.		387		41,405
Gentex Corp.		1,032		34,789
BorgWarner, Inc.		1,046		33,723
Lear Corp.		275		31,408
Goodyear Tire & Rubber Co.*		1,969		22,348
Visteon Corp.*		202		21,553
Adient plc*		722		17,841
Fox Factory Holding Corp.*		369		17,782
QuantumScape Corp.*,1		3,331		16,389
Luminar Technologies, Inc.*,1		3,427		5,106
Total Auto Parts & Equipment				373,328
Airlines - 11.8%
Delta Air Lines, Inc.		1,442		68,409
Southwest Airlines Co.		1,835		52,499
United Airlines Holdings, Inc.*		1,018		49,536
Ryanair Holdings plc ADR		377		43,898
Copa Holdings S.A. — Class A		450		42,831
American Airlines Group, Inc.*		3,021		34,228
Alaska Air Group, Inc.*		706		28,522
SkyWest, Inc.*		284		23,308
JetBlue Airways Corp.*		3,085		18,788
Allegiant Travel Co. — Class A		218		10,950
Total Airlines				372,969
Internet - 7.2%
Uber Technologies, Inc.*		2,158		156,843
Grab Holdings Ltd. — Class A*		12,490		44,340
Lyft, Inc. — Class A*		1,950		27,495
Total Internet				228,678
Commercial Services - 1.8%
GXO Logistics, Inc.*		618		31,209
Avis Budget Group, Inc.		158		16,514
Hertz Global Holdings, Inc.*,1		2,329		8,221
Total Commercial Services				55,944
Building Materials - 0.9%
Modine Manufacturing Co.*		295		29,556
Home Builders - 0.9%
Thor Industries, Inc.		294		27,474
Leisure Time - 0.8%
Harley-Davidson, Inc.		768		25,759
Total Common Stocks
(Cost $1,568,769)				3,122,566
	Face Amount
REPURCHASE AGREEMENTS††,2 - 1.1%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	18,991		18,991
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		14,973		14,973
Total Repurchase Agreements
(Cost $33,964)				33,964

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 85

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
TRANSPORTATION FUND

	Shares		Value
SECURITIES LENDING COLLATERAL†,3 - 4.2%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		132,959	$	132,959
Total Securities Lending Collateral
(Cost $132,959)				132,959
Total Investments - 104.5%
(Cost $1,735,692)			$	3,289,489
Other Assets & Liabilities, net - (4.5)%				(142,080	)
Total Net Assets - 100.0%			$	3,147,409

*	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, 2024 — 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, 2024.
	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, 2024 (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	$	3,122,566	$	—	$	—	$	3,122,566
Repurchase Agreements		—		33,964		—		33,964
Securities Lending Collateral		132,959		—		—		132,959
Total Assets	$	3,255,525	$	33,964	$	—	$	3,289,489

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

TRANSPORTATION FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $123,368 of securities loaned (cost $1,701,728)	$	3,255,525
Repurchase agreements, at value (cost $33,964)		33,964
Cash		181
Receivables:
Dividends		1,179
Securities lending income		215
Interest		15
Total assets		3,291,079
Liabilities:
Payable for:
Return of securities lending collateral		132,959
Management fees		1,803
Transfer agent fees		1,177
Investor service fees		530
Fund shares redeemed		435
Portfolio accounting and administration fees		223
Trustees’ fees*		33
Miscellaneous		6,510
Total liabilities		143,670
Net assets	$	3,147,409
Net assets consist of:
Paid in capital	$	2,334,095
Total distributable earnings (loss)		813,314
Net assets	$	3,147,409
Capital shares outstanding		38,536
Net asset value per share	$	81.67

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $1,145)	$	27,369
Interest		745
Income from securities lending, net		1,372
Total investment income		29,486
Expenses:
Management fees		14,733
Investor service fees		4,333
Transfer agent fees		4,994
Professional fees		2,484
Portfolio accounting and administration fees		2,687
Trustees’ fees*		309
Custodian fees		231
Line of credit fees		10
Miscellaneous		772
Total expenses		30,553
Less:
Expenses reimbursed by Adviser		(867	)
Net expenses		29,686
Net investment loss		(200	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		494,775
Net realized gain		494,775
Net change in unrealized appreciation (depreciation) on:
Investments		(896,646	)
Net change in unrealized appreciation (depreciation)		(896,646	)
Net realized and unrealized loss		(401,871	)
Net decrease in net assets resulting from operations	$	(402,071	)

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 87

TRANSPORTATION FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(200	)	$	8,148
Net realized gain (loss) on investments		494,775			(366,324	)
Net change in unrealized appreciation (depreciation) on investments		(896,646	)		872,134
Net increase (decrease) in net assets resulting from operations		(402,071	)		513,958
Capital share transactions:
Proceeds from sale of shares		1,184,592			15,134,541
Cost of shares redeemed		(3,232,790	)		(13,379,514	)
Net increase (decrease) from capital share transactions		(2,048,198	)		1,755,027
Net increase (decrease) in net assets		(2,450,269	)		2,268,985
Net assets:
Beginning of period		5,597,678			3,328,693
End of period	$	3,147,409		$	5,597,678
Capital share activity:
Shares sold		14,210			180,282
Shares redeemed		(38,693	)		(163,909	)
Net increase (decrease) in shares		(24,483	)		16,373

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

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	88.83		$	71.36		$	124.83		$	109.37		$	80.67		$	66.01
Income (loss) from investment operations:
Net investment income (loss)b		—	e		.15			(.16	)		(.02	)		(.72	)		.09
Net gain (loss) on investments (realized and unrealized)		(7.16	)		17.32			(42.05	)		23.27			32.30			14.60
Total from investment operations		(7.16	)		17.47			(42.21	)		23.25			31.58			14.69
Less distributions from:
Net investment income		—			—			—			—			(.14	)		—
Net realized gains		—			—			(11.26	)		(7.79	)		(2.74	)		(.03	)
Total distributions		—			—			(11.26	)		(7.79	)		(2.88	)		(.03	)
Net asset value, end of period	$	81.67		$	88.83		$	71.36		$	124.83		$	109.37		$	80.67
Total Returnc		(8.06	%)		24.48	%		(35.03	%)		22.17	%		40.62	%		22.24	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,147		$	5,598		$	3,329		$	6,872		$	7,900		$	4,723
Ratios to average net assets:
Net investment income (loss)		(0.01	%)		0.17	%		(0.17	%)		(0.02	%)		(0.86	%)		0.11	%
Total expenses		1.76	%		1.81	%		1.77	%		1.70	%		1.82	%		1.83	%
Net expensesd		1.71	%		1.79	%		1.77	%		1.70	%		1.82	%		1.83	%
Portfolio turnover rate		36	%		318	%		343	%		326	%		373	%		277	%

a	Unaudited figures for the period ended June 30, 2024. 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	Less than $0.01 per share.

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 89

SCHEDULE OF INVESTMENTS (Unaudited)	June 30, 2024
UTILITIES FUND

	Shares		Value
COMMON STOCKS† - 99.7%
Electric - 86.1%
NextEra Energy, Inc.		9,899	$	700,948
Southern Co.		7,042		546,248
Duke Energy Corp.		5,216		522,800
Constellation Energy Corp.		2,294		459,419
Sempra		5,489		417,493
American Electric Power Company, Inc.		4,625		405,798
Dominion Energy, Inc.		7,679		376,271
Public Service Enterprise Group, Inc.		4,938		363,931
Exelon Corp.		10,066		348,384
PG&E Corp.		19,952		348,362
Vistra Corp.		3,877		333,344
Consolidated Edison, Inc.		3,683		329,334
Xcel Energy, Inc.		6,048		323,024
Edison International		4,335		311,296
WEC Energy Group, Inc.		3,793		297,599
Entergy Corp.		2,685		287,295
FirstEnergy Corp.		7,112		272,176
DTE Energy Co.		2,408		267,312
CenterPoint Energy, Inc.		8,627		267,264
PPL Corp.		9,622		266,048
Eversource Energy		4,631		262,624
Ameren Corp.		3,677		261,472
CMS Energy Corp.		4,213		250,800
NRG Energy, Inc.		3,069		238,952
Alliant Energy Corp.		4,301		218,921
Evergy, Inc.		3,912		207,219
AES Corp.		11,276		198,119
Fortis, Inc.		4,845		188,180
Pinnacle West Capital Corp.		2,298		175,521
OGE Energy Corp.		4,524		161,507
Clearway Energy, Inc. — Class C		5,133		126,734
Portland General Electric Co.		2,929		126,650
Ormat Technologies, Inc.		1,669		119,667
Northwestern Energy Group, Inc.		2,076		103,966
Avista Corp.		2,822		97,669
Avangrid, Inc.		2,664		94,652
Black Hills Corp.		1,706		92,772
Otter Tail Corp.		845		74,014
Hawaiian Electric Industries, Inc.*		6,394		57,674
Total Electric				10,501,459
Gas - 8.9%
Atmos Energy Corp.		2,154		251,264
NiSource, Inc.		7,544		217,342
Brookfield Infrastructure Corp. — Class A		5,389		181,394
UGI Corp.		5,706		130,667
New Jersey Resources Corp.		2,862		122,322
ONE Gas, Inc.		1,809		115,505
Southwest Gas Holdings, Inc.		942		66,298
Total Gas				1,084,792
Water - 3.5%
American Water Works Company, Inc.		2,329		300,814
Essential Utilities, Inc.		3,476		129,759
Total Water				430,573
Energy-Alternate Sources - 1.2%
NextEra Energy Partners, LP1		3,516		97,182
Sunnova Energy International, Inc.*,1		8,594		47,955
Total Energy-Alternate Sources				145,137
Total Common Stocks
(Cost $7,009,361)				12,161,961
	Face Amount
REPURCHASE AGREEMENTS††,2 - 0.7%
J.P. Morgan Securities LLC issued 06/28/24 at 5.32% due 07/01/24	$	47,234		47,234
BofA Securities, Inc. issued 06/28/24 at 5.30% due 07/01/24		37,239		37,239
Total Repurchase Agreements
(Cost $84,473)				84,473
	Shares
SECURITIES LENDING COLLATERAL†,3 - 0.8%
Money Market Fund**
First American Government Obligations Fund - Class X, 5.23%4		94,019		94,019
Total Securities Lending Collateral
(Cost $94,019)				94,019
Total Investments - 101.2%
(Cost $7,187,853)			$	12,340,453
Other Assets & Liabilities, net - (1.2)%				(149,754	)
Total Net Assets - 100.0%			$	12,190,699

*	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, 2024 — 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, 2024.
	See Sector Classification in Other Information section.

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

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	June 30, 2024
UTILITIES FUND

The following table summarizes the inputs used to value the Fund’s investments at June 30, 2024 (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	$	12,161,961	$	—	$	—	$	12,161,961
Repurchase Agreements		—		84,473		—		84,473
Securities Lending Collateral		94,019		—		—		94,019
Total Assets	$	12,255,980	$	84,473	$	—	$	12,340,453

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 91

UTILITIES FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

June 30, 2024

Assets:
Investments, at value - including $83,697 of securities loaned (cost $7,103,380)	$	12,255,980
Repurchase agreements, at value (cost $84,473)		84,473
Cash		1,379
Receivables:
Dividends		17,766
Interest		37
Securities lending income		10
Fund shares sold		3
Total assets		12,359,648
Liabilities:
Payable for:
Return of securities lending collateral		94,019
Fund shares redeemed		43,291
Management fees		8,154
Transfer agent fees		3,839
Investor service fees		2,398
Portfolio accounting and administration fees		1,007
Trustees’ fees*		83
Miscellaneous		16,158
Total liabilities		168,949
Net assets	$	12,190,699
Net assets consist of:
Paid in capital	$	14,354,946
Total distributable earnings (loss)		(2,164,247	)
Net assets	$	12,190,699
Capital shares outstanding		359,180
Net asset value per share	$	33.94

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended June 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $898)	$	169,218
Interest		1,534
Income from securities lending, net		79
Total investment income		170,831
Expenses:
Management fees		40,322
Investor service fees		11,859
Transfer agent fees		12,634
Portfolio accounting and administration fees		7,353
Professional fees		6,217
Custodian fees		616
Trustees’ fees*		614
Line of credit fees		34
Miscellaneous		3,870
Total expenses		83,519
Less:
Expenses reimbursed by Adviser		(2,372	)
Net expenses		81,147
Net investment income		89,684
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		147,314
Net realized gain		147,314
Net change in unrealized appreciation (depreciation) on:
Investments		221,449
Net change in unrealized appreciation (depreciation)		221,449
Net realized and unrealized gain		368,763
Net increase in net assets resulting from operations	$	458,447

* Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

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

UTILITIES FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended June 30, 2024 (Unaudited)			Year Ended December 31, 2023
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	89,684		$	154,477
Net realized gain on investments		147,314			925,391
Net change in unrealized appreciation (depreciation) on investments		221,449			(2,169,381	)
Net increase (decrease) in net assets resulting from operations		458,447			(1,089,513	)
Distributions to shareholders		—			(167,571	)
Capital share transactions:
Proceeds from sale of shares		8,406,758			11,180,016
Distributions reinvested		—			167,571
Cost of shares redeemed		(6,183,343	)		(17,718,262	)
Net increase (decrease) from capital share transactions		2,223,415			(6,370,675	)
Net increase (decrease) in net assets		2,681,862			(7,627,759	)
Net assets:
Beginning of period		9,508,837			17,136,596
End of period	$	12,190,699		$	9,508,837
Capital share activity:
Shares sold		246,245			342,293
Shares issued from reinvestment of distributions		—			5,070
Shares redeemed		(187,337	)		(541,690	)
Net increase (decrease) in shares		58,908			(194,327	)

SEE NOTES TO FINANCIAL STATEMENTS. THE RYDEX FUNDS SEMI-ANNUAL REPORT | 93

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 a Fund’s performance for the periods presented.

	Six Months Ended June 30, 2024a			Year Ended December 31, 2023			Year Ended December 31, 2022			Year Ended December 31, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Per Share Data
Net asset value, beginning of period	$	31.67		$	34.65		$	34.86		$	30.93		$	33.76		$	28.43
Income (loss) from investment operations:
Net investment income (loss)b		.31			.46			.29			.43			.41			.39
Net gain (loss) on investments (realized and unrealized)		1.96			(2.92	)		.07			4.02			(2.20	)		5.01
Total from investment operations		2.27			(2.46	)		.36			4.45			(1.79	)		5.40
Less distributions from:
Net investment income		—			(.52	)		(.31	)		(.52	)		(.55	)		(.07	)
Net realized gains		—			—			(.26	)		—			(.49	)		—
Total distributions		—			(.52	)		(.57	)		(.52	)		(1.04	)		(.07	)
Net asset value, end of period	$	33.94		$	31.67		$	34.65		$	34.86		$	30.93		$	33.76
Total Returnc		7.17	%		(7.12	%)		1.04	%		14.52	%		(5.13	%)		19.01	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12,191		$	9,509		$	17,137		$	13,444		$	11,801		$	16,035
Ratios to average net assets:
Net investment income (loss)		1.89	%		1.40	%		0.83	%		1.32	%		1.34	%		1.22	%
Total expenses		1.76	%		1.80	%		1.77	%		1.69	%		1.82	%		1.82	%
Net expensesd		1.71	%		1.79	%		1.77	%		1.69	%		1.82	%		1.82	%
Portfolio turnover rate		58	%		102	%		387	%		110	%		151	%		144	%

a	Unaudited figures for the period ended June 30, 2024. 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.

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

NOTES TO FINANCIAL STATEMENTS (Unaudited)

Note 1 – Organization and Significant Accounting Policies

Organization

The 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 of the series type. Each series, in effect, is representing a separate fund (each, a “Fund”). The Trust may issue an unlimited number of authorized shares. The Trust accounts for the assets of each Fund separately. At June 30, 2024, the Trust consisted of forty-nine 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	Investment Company Type
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

The Funds invest in a specific industry sector. To the extent that investments are concentrated in a single sector, the Funds are subject to legislative or regulatory changes, adverse market conditions and/or increased competition affecting such sector.

The Funds seek capital appreciation and invest substantially all of their assets in equity securities of companies involved in their sector.

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, which may cause the Funds to experience high portfolio turnover.

Security Investors, LLC(“Security Investors” or the “Adviser”), which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) serves as distributor of the Funds’ shares. GI and GFD are affiliated entities.

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The net asset value per share (“NAV”) of each Fund is calculated by dividing the market value of a 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”). The SEC adopted Rule 2a-5 under the 1940 Act (“Rule 2a-5”) which establishes requirements for determining fair value in good faith. Rule 2a-5 also defines “readily available market quotations” for purposes of the 1940 Act and establishes requirements for determining whether a fund must fair value a security in good faith.

Pursuant to Rule 2a-5, the Board has designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and other assets.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 95

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Valuations of the Funds’ securities and other assets are supplied primarily by pricing service providers 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 pricing service providers.

If the pricing service provider 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”) National Market System 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 closed-end investment companies are generally valued at the last quoted sale price.

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

Investments for which market quotations are not readily available are fair valued as determined in good faith by the Adviser. Valuations in accordance with these methods are intended to reflect each security’s (or asset’s or liability’s) “fair value”. 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 anticipated cash flows or collateral, spread over U.S. Treasury securities, and other information analysis.

(b) 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, socias, 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.

(c) 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 the Funds’ 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, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

On January 1, 2024, the statute of limitations for deferred foreign taxes on capital gains from sales of Peruvian securities prior to 2018 in the Basic Materials Fund and Precious Metals Fund expired. On January 2, 2024, the deferred foreign capital gains tax liabilities were relieved, and realized gains on investments were recognized, in the amounts of $19,016 and $86,191 for the Basic Materials Fund and Precious Metals Fund, respectively.

(d) 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

96 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

(e) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Normally, all distributions of a Fund will automatically be reinvested without charge in additional shares of the same Fund. 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.

(f) Cash

The Funds may leave cash overnight in their cash account with the custodian. Periodically, a Fund may have cash due to the 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 5.33% at June 30, 2024.

(g) Indemnifications

Under the Trust’s organizational documents, the Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Funds. 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 – 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	%

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 under 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.

On May 24, 2023, the Board approved a waiver and/or expense reimbursement arrangement whereby GI has agreed to waive and/or reimburse expenses for the Funds in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets. This arrangement took effect on August 1, 2023 and the end of the initial term was August 1, 2024. This agreement automatically renews for 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

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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.

Certain trustees and officers of the Trust are also officers of GI and/or GFD. The Trust does not compensate its officers or trustees who are officers, directors and/or employees of GI or GFD.

MUFG Investor Services (US), LLC (“MUIS”) acts 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”) acts as the Funds’ custodian. As custodian, U.S. Bank is responsible for the custody of the Funds’ assets. For providing the aforementioned 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 3 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service (“IRS”) for a period of three years after they are filed.

At June 30, 2024, 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	$	1,365,499	$	771,663	$	(12,505	)	$	759,158
Basic Materials Fund		4,372,530		2,880,907		(96,010	)		2,784,897
Biotechnology Fund		6,404,380		4,609,948		(50,412	)		4,559,536
Consumer Products Fund		3,344,796		3,273,744		(2,311	)		3,271,433
Electronics Fund		19,956,462		18,252,929		(651,693	)		17,601,236
Energy Fund		10,655,589		5,244,251		(27,790	)		5,216,461
Energy Services Fund		4,012,713		1,775,052		(11,272	)		1,763,780
Financial Services Fund		5,891,933		3,880,737		(20,632	)		3,860,105
Health Care Fund		7,769,885		7,023,934		(108,470	)		6,915,464
Internet Fund		2,873,373		2,258,415		(52,846	)		2,205,569
Leisure Fund		2,250,779		1,338,956		(39,704	)		1,299,252
Precious Metals Fund		20,998,392		4,121,542		(10,466	)		4,111,076
Real Estate Fund		2,787,368		1,263,570		(11,958	)		1,251,612
Retailing Fund		1,153,237		1,174,383		(12,331	)		1,162,052
Technology Fund		11,034,642		13,725,010		(281,705	)		13,443,305
Telecommunications Fund		1,453,063		31,644		(88,164	)		(56,520	)
Transportation Fund		2,027,974		1,332,159		(70,644	)		1,261,515
Utilities Fund		8,338,686		4,053,436		(51,669	)		4,001,767

98 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 4 – Fair Value Measurement

In accordance with U.S. GAAP, fair value is defined as the price that the Funds would receive to sell an investment or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a three-tier fair value hierarchy based on the types of inputs used to value assets and liabilities and requires corresponding disclosure. The hierarchy and the corresponding inputs are summarized below:

Level 1 — unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2 — significant other observable inputs (for example quoted prices for securities that are similar based on characteristics such as interest rates, prepayment speeds, credit risk, etc.).

Level 3 — significant unobservable inputs based on the best information available under the circumstances, to the extent observable inputs are not available, which may include assumptions.

Rule 2a-5 sets forth a definition of “readily available market quotations,” which is consistent with the definition of a Level 1 input under U.S. GAAP. Rule 2a-5 provides that “a market quotation is readily available only when that quotation is a quoted price (unadjusted) in active markets for identical investments that the fund can access at the measurement date, provided that a quotation will not be readily available if it is not reliable.”

Securities for which market quotations are not readily available must be valued at fair value as determined in good faith. Accordingly, any security priced using inputs other than Level 1 inputs will be subject to fair value requirements. The types of inputs available depend on a variety of factors, such as the type of security and the characteristics of the markets in which it trades, if any. Fair valuation determinations that rely on fewer or no observable inputs require greater judgment. Accordingly, fair value determinations for Level 3 securities require the greatest amount of judgment.

The inputs or methodologies selected and applied for valuing securities or other assets are not necessarily an indication of the risk associated with investing in those securities. The suitability, appropriateness and accuracy of the techniques, methodologies and sources employed to determine fair valuation are periodically reviewed and subject to change.

Note 5 – Securities Transactions

For the period ended June 30, 2024, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments, were as follows:

Fund	Purchases		Sales
Banking Fund	$	1,236,261	$	2,880,721
Basic Materials Fund		5,054,957		5,228,618
Biotechnology Fund		47,080,290		48,608,137
Consumer Products Fund		38,624,336		40,646,885
Electronics Fund		10,907,280		19,516,546
Energy Fund		97,031,869		98,745,080
Energy Services Fund		7,718,473		7,976,443
Financial Services Fund		7,431,138		11,916,638
Health Care Fund		7,176,491		6,853,063
Internet Fund		2,056,879		5,369,683
Leisure Fund		1,887,896		3,368,228
Precious Metals Fund		210,430,042		218,823,572
Real Estate Fund		5,511,666		5,970,587
Retailing Fund		7,093,843		8,167,040
Technology Fund		14,542,153		18,285,993
Telecommunications Fund		1,275,798		1,758,547
Transportation Fund		1,315,762		3,357,323
Utilities Fund		7,871,086		5,556,920

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, 2024, 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	$	265,573	$	804,402	$	56,107
Basic Materials Fund		691,059		998,654		6,621
Biotechnology Fund		1,008,323		1,294,993		84,884
Consumer Products Fund		1,547,565		3,766,179		147,559
Electronics Fund		2,277,237		1,434,451		231,662
Energy Fund		8,592,512		5,006,564		45,630
Energy Services Fund		3,208,227		2,184,637		68,773
Financial Services Fund		2,557,183		2,066,785		272,693
Health Care Fund		1,145,413		1,005,162		182,234
Internet Fund		630,933		1,055,551		367,258
Leisure Fund		619,446		515,462		55,152
Precious Metals Fund		1,604,098		7,779,763		164,323
Real Estate Fund		1,153,138		1,263,309		50,981
Retailing Fund		905,720		2,177,766		64,447
Technology Fund		4,917,653		4,642,919		807,303
Telecommunications Fund		280,792		206,603		38,331
Transportation Fund		77,199		598,193		118,676
Utilities Fund		937,448		1,115,642		(3,519	)

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, 2024, the repurchase agreements in the joint account were as follows:

Counterparty and Terms of Agreement	Face Value		Repurchase Price		Collateral	Par Value		Fair Value
J.P. Morgan Securities LLC					U.S. Treasury Notes
5.32%					0.25% - 1.25%
Due 07/01/24	$	43,706,715	$	43,726,092	Due 05/31/25 - 12/31/26	$	48,026,100	$	44,579,381
					U.S. Treasury Strip
					0.00%
					Due 11/15/26		1,630		1,468
							48,027,730		44,580,849
BofA Securities, Inc.					U.S. Treasury Inflation Indexed Bond
5.30%					0.13%
Due 07/01/24		34,457,607		34,472,826	Due 02/15/51		33,963,856		20,155,050
					U.S. Treasury Strips
					0.00%
					Due 02/15/44 - 08/15/48		44,528,500		14,991,724
							78,492,356		35,146,774

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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 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. 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, 2024, 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	$	7,221	$	(7,221	)	$	—	$	7,429	$	—	$	7,429
Basic Materials Fund		113,679		(113,679	)		—		117,515		—		117,515
Biotechnology Fund		14,587		(14,587	)		—		15,646		—		15,646
Electronics Fund		908,292		(908,292	)		—		951,362		—		951,362
Energy Fund		162,433		(162,433	)		—		169,416		—		169,416
Financial Services Fund		21,578		(21,578	)		—		22,045		—		22,045
Health Care Fund		1,383		(1,383	)		—		1,395		—		1,395
Internet Fund		67,706		(67,706	)		—		73,530		—		73,530
Leisure Fund		26,986		(26,986	)		—		27,546		—		27,546
Precious Metals Fund		192,685		(192,685	)		—		204,613		—		204,613
Real Estate Fund		31,350		(31,350	)		—		33,434		—		33,434
Retailing Fund		15,579		(15,579	)		—		16,248		—		16,248
Technology Fund		301,309		(301,309	)		—		313,618		—		313,618
Transportation Fund		123,368		(123,368	)		—		132,959		—		132,959
Utilities Fund		83,697		(83,697	)		—		94,019		—		94,019

^(a) Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

In the event of counterparty default, the Funds have the right to collect the collateral to offset losses incurred. There is potential loss to the Funds in the event the Funds are delayed or prevented from exercising their rights to dispose of the collateral securities, including the risk of a possible decline in the value of the underlying securities during the period while the Funds seek to assert their rights. GI, acting under the supervision of the Board, reviews the value of the collateral and the creditworthiness of those banks and dealers to evaluate potential risks.

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NOTES TO FINANCIAL STATEMENTS (Unaudited)(concluded)

Note 8 – 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 June 3, 2024, the line of credit agreement was renewed and expires on November 18, 2024. 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 6.50% for the period ended June 30, 2024. The Funds did not have any borrowings outstanding under this agreement at June 30, 2024.

The average daily balances borrowed for the period ended June 30, 2024, were as follows:

Fund	Average Daily Balance
Banking Fund	$	792
Basic Materials Fund		210
Biotechnology Fund		—
Consumer Products Fund		383
Electronics Fund		—
Energy Fund		413
Energy Services Fund		123
Financial Services Fund		932
Health Care Fund		557
Internet Fund		—
Leisure Fund		44
Precious Metals Fund		4,500
Real Estate Fund		5
Retailing Fund		104
Technology Fund		180
Telecommunications Fund		46
Transportation Fund		150
Utilities Fund		511

Note 9 – 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 individual companies, 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, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, environmental disasters, governmental actions, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), debt crises, actual or threatened wars or other armed conflicts (such as 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. 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 10 – 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.

102 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

OTHER INFORMATION (Unaudited)

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.

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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 103

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.

104 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

Item 9: Proxy Disclosures for Open-End Management Investment Companies

Note: This is not applicable for any fund included in this document.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 105

Item 10: Renumeration 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.

106 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract

Report of the Rydex Variable Trust Board of Trustees

As discussed further below, the Board, including the Independent Trustees, approved the renewal of the investment management agreement between the Trust, on behalf of each Fund listed below, and Security Investors (the “Advisory Agreement”) at a meeting held on May 20-21, 2024.

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**	●	Long Short Equity 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,

¹ Security Investors also serves as investment adviser to each of the 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 Commodities Strategy Fund, Global Managed Futures Strategy Fund, and Multi-Hedge Strategies Fund, respectively, that are organized as exempted companies under the laws of the Cayman Islands and used by the Funds to obtain exposure to commodities. Pursuant to separate investment management agreements between Security Investors and each Subsidiary (each a “Subsidiary Advisory Agreement” and collectively, the “Subsidiary Advisory Agreements”), each Subsidiary pays Security Investors an advisory fee at the same rate that its respective Fund pays Security Investors under the Advisory Agreement between the Trust, on behalf of the Funds, and Security Investors. The Subsidiary Advisory Agreements do not require annual renewal by the Board and will continue until they are terminated as provided in the Subsidiary Advisory 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 Fund for so long as the Fund invests in its respective Subsidiary, and may be terminated only with the approval of the Board.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 107

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 16, 2024 (the “April Meeting”) and May 20-21, 2024 (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. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a list 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.

As a part of its analysis, the Committee considered that Guggenheim had engaged in a strategic review of the Guggenheim fund line-up beginning in 2023, which resulted in a recommendation to the Board in 2024 for the Long Short Equity Fund to be liquidated and terminated (the “Proposed Liquidation”). The Committee noted that the Board was engaged in an extensive due diligence process to evaluate the Proposed Liquidation, which was ongoing at the time of the May Board Meeting (defined below), at which meeting the Advisory Agreement was being considered for renewal. The Committee considered the potential timing of the Proposed Liquidation and that the continuation of the Advisory Agreement for the Fund would allow the Fund to operate until the completion of the Proposed Liquidation, if approved by the Board and by shareholders, and would provide for the operation of the Fund to continue in the event the Board or shareholders do not approve the Proposed Liquidation.

108 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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 approved the renewal of the Advisory Agreement for each Fund for a one-year period ending August 1, 2025 at a meeting held on May 20-21, 2024 (the “May Board Meeting” and together with the May Meeting, the “May Meetings”) and determined to adopt the Committee’s considerations and conclusions, which follow.

Nature, Extent and Quality of Services Provided by the Adviser: With respect to the nature, extent and quality of services currently provided by the Adviser, the Committee considered the qualifications, experience and skills of key personnel performing services for the Funds, including those personnel providing compliance and risk oversight, as well as the supervisors and reporting lines for such personnel. The Committee also considered other information, including Guggenheim’s resources and related efforts to retain, attract and motivate capable personnel to serve the Funds. In evaluating Guggenheim’s resources and capabilities, the Committee considered Guggenheim’s commitment to focusing on, and investing resources in support of, funds in the Guggenheim fund complex, including the Funds. The Committee also considered Guggenheim’s discussions with the Committee and the Board regarding the Proposed Liquidation, including at the April Meeting and the May Meetings. In this regard, the Committee considered Guggenheim’s representation that it continues to manage the Long Short Equity Fund in the best interest of the Fund and its shareholders and will continue to do so for so long as it serves as investment adviser to the Fund, including until the Proposed Liquidation, if approved by the Board and by shareholders, is completed. In addition, the Committee 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 2023, 2022 and 2021. The Committee also considered additional information regarding trading activity in the Tradable Funds during 2023 and 2022, 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 also considered management’s representations at the April Meeting that there continued to be a high level of trading activity in the Tradable Funds and that the Tradable Funds continued 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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 109

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

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, 2023, 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, 2023, as applicable, were received. In addition, the Committee received a comparison of each Fund’s performance to the performance of a benchmark and a peer group of similar funds based on asset levels as identified by FUSE, and for certain Funds, a broader universe of funds, in each case for the same periods, as applicable. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group and universe, if any, for performance and expense comparisons. For the Tradable Funds (other than the U.S. Government Money Market Fund), the Committee received tracking error data for such Funds relative to the applicable benchmark index or Guggenheim-constructed internal performance benchmark for the five-year, three-year and one-year periods ended December 31, 2023, 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, 2024. 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 slightly underperformed the comparable peer fund over the five-year and three-year periods ended December 31, 2023, and that its performance ranked in the fourth quartile of the broader peer group over the five-year, three-year and one-year time periods.

110 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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. With respect to Multi-Hedge Strategies Fund, the Committee considered that the performance universe is limited in size and is comprised of only one other fund. The Committee observed that the returns of each Alternative Fund ranked in the first quartile of its performance universe for each of the five-year and three-year periods considered.

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 and certain other clients with respect to the Long Short Equity Fund, 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, 2025 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 that each Fund’s net effective management fee was generally competitive. The Committee noted that for Funds with a higher total net expense ratio as compared to the peer fund, the higher total net expense ratio was driven primarily by the higher other operating expenses of each such Fund.

2

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.

3

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.

THE RYDEX FUNDS SEMI-ANNUAL REPORT | 111

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

With respect to the U.S. Government Money Market Fund, the Committee noted the Adviser’s statement that the Fund is designed to support tactical advisors seeking to avoid market exposure or preserve capital and considered that only one other fund in its peer group identified in the FUSE report is directly comparable in terms of product features offered. The Committee considered that, as of the Fund’s and the peer fund’s respective fiscal year ends, the Fund’s contractual advisory fee was lower than that of the comparable peer fund and the Fund’s net effective management fee and total net expense ratio were higher than those of the comparable peer fund.

With respect to the Sector Funds, the Committee considered the Adviser’s summary of notable distinctions between each Fund and the applicable peer group identified in the FUSE reports. The Committee considered that the peer groups are comprised of actively-managed funds seeking similar exposures but that do not offer the same product features, such as unlimited trading privileges. As a result, the fee and expense comparisons are more difficult given the uniqueness of both the Funds’ structure and the portfolio management needed to meet client requirements.

The Committee considered management’s agreement, as part of the 2024 annual contract renewal process, to reduce the total net expense ratio of the Europe 1.25x Strategy Fund by 0.10% of its average daily net assets through an expense reimbursement and/or waiver agreement effective August 1, 2024, with an initial term ending August 1, 2025, with such reduction to apply in addition to any other contractual waiver and/or reimbursement arrangements already in place. The Committee also considered the continuation, through August 1, 2025, 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 also noted the continuation, through August 1, 2025, of management’s separate 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, net effective management fee and total net expense ratio each rank in the fourth quartile (each in the 100th percentile) of its peer group. The Committee noted the Fund’s higher other operating expenses compared to its peer. The Committee considered that the peer group is limited in size and is comprised of only one other fund.

Long Short Equity Fund: The Fund’s contractual advisory fee, net effective management fee and total net expense ratio each rank in the fourth quartile (each in the 100th percentile) of its peer group. The Committee noted the Fund’s higher other operating expenses compared to its peers. The Committee considered that the peer group is limited in size and is comprised of only two other funds. The Committee also considered the small size of the Fund and that it was proposed for liquidation.

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, 2023, 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, 2022 and December 31, 2021. 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 economies of scale and synergies, such as enhanced visibility of the Adviser, enhanced leverage in fee negotiations and other synergies arising from offering a broad spectrum of products, including the Funds.

112 | THE RYDEX FUNDS SEMI-ANNUAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Concluded)

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and the May Meetings, as well as other considerations, the Committee concluded that the comparative fees and the benefits realized by the Adviser from its relationship with the Funds reflected reasonable business arrangements negotiated at arm’s length and that the Adviser’s profitability from its relationship with the Funds was not unreasonable.

Economies of Scale: The Committee received and considered information regarding whether there have been economies of scale with respect to the management of the Funds as Fund assets grow, whether the Funds have appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Committee considered whether economies of scale in the provision of services to the Funds were being passed along to and shared with the shareholders. The Committee considered that Guggenheim believes it is appropriately sharing potential economies of scale and that Guggenheim’s decrease in overall expenses in 2023 was attributable to decreased product and distribution related costs driven by lower average assets under management (which also resulted in decreased revenue from the funds in the Guggenheim fund complex), decreased expense waivers and reimbursements, and decreased expenses associated with 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 profit level margins; (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 and considered that the newly agreed expense reimbursement and/or waiver arrangement would produce additional savings to shareholders. 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. As a part of its considerations, the Board noted its ongoing evaluation of the Proposed Liquidation for the Long Short Equity Fund and determined that the renewal of the Advisory Agreement for the Fund would allow the Fund to operate until the completion of the Proposed Liquidation, if approved by the Board and by shareholders, and would provide for the operation of the Fund to continue in the event the Board or shareholders do not approve the Proposed Liquidation. (Following the May Board Meeting, the Board approved the Proposed Liquidation, subject to shareholder approval, at a reconvening of the May Board Meeting held by videoconference on May 24, 2024.)

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Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

See Item 7.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

See Item 7.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

See Item 7.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

See Item 7

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.

The registrant does not currently have in place procedures by which shareholders may recommend nominees to the registrant’s board.

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s board.

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) 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)(3) Not applicable.

(a)(4) 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 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 Binder
	Brian Binder, President and Chief Executive Officer

Date September 4, 2024

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 Binder
	Brian Binder, President and Chief Executive Officer

Date September 4, 2024

By (Signature and Title)*	/s/ James Howley
	James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer
Date	September 4, 2024

^* Print the name and title of each signing officer under his or her signature.