Rydex Dynamic Funds NCSRS Certified semi-annual shareholder report (management investment company)

0001092720 rdf:NASDAQ1001742xStrategyFundClassHSampP500IndexMember 2018-06-30 0001092720 rdf:C000010372Member rdf:GoldmanSachsGroupIncMember 2024-09-30 0001092720 rdf:C000033108Member 2020-12-31

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- 09525

Rydex Dynamic Funds
(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 Dynamic Funds
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: March 31

Date of reporting period: April 1, 2024 – September 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:

MUFG Logo

S&P 500^® 2x Strategy Fund

Class A | RYTTX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the S&P 500^® 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$94	1.74%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 16.02%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

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

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500^® 2x Strategy Fund (Class A)^‡	S&P 500 Index
09/30/2014	9526	10000
12/31/2014	10381	10493
03/31/2015	10472	10593
06/30/2015	10438	10622
09/30/2015	8978	9939
12/31/2015	10172	10638
03/31/2016	10295	10782
06/30/2016	10681	11047
09/30/2016	11411	11472
12/31/2016	12184	11911
03/31/2017	13584	12633
06/30/2017	14312	13023
09/30/2017	15468	13607
12/31/2017	17426	14511
03/31/2018	16834	14401
06/30/2018	17750	14896
09/30/2018	20336	16044
12/31/2018	14804	13875
03/31/2019	18811	15769
06/30/2019	20145	16447
09/30/2019	20467	16727
12/31/2019	24026	18244
03/31/2020	14153	14668
06/30/2020	19909	17682
09/30/2020	23315	19260
12/31/2020	28907	21600
03/31/2021	32189	22934
06/30/2021	37582	24895
09/30/2021	37651	25040
12/31/2021	45891	27801
03/31/2022	41070	26522
06/30/2022	28099	22252
09/30/2022	24817	21165
12/31/2022	27850	22766
03/31/2023	31399	24473
06/30/2023	36307	26612
09/30/2023	33202	25741
12/31/2023	40440	28750
03/31/2024	48299	31785
06/30/2024	51352	33147
09/30/2024	56037	35098

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class A (without sales charge)	16.02%	68.78%	22.32%	19.39%
Class A (with sales charge)^‡	10.51%	60.76%	21.13%	18.81%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

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

Fund Statistics as of 9.30.24

Net Assets	$201,518,645
Total Number of Portfolio Holdings	517
Portfolio Turnover Rate	734%

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

Guggenheim Investments

S&P 500^® 2x Strategy Fund | Class A | RYTTX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	94.2%
Technology	25.7%
S&P 500 Index Equity Mini Futures Contracts	22.1%
Consumer, Non-cyclical	14.5%
Communications	12.1%
Financial	11.7%
Consumer, Cyclical	7.0%
Other	12.5%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	6.1%
Microsoft Corp.	5.5%
NVIDIA Corp.	5.1%
Amazon.com, Inc.	3.0%
Meta Platforms, Inc. — Class A	2.1%
Alphabet, Inc. — Class A	1.7%
Berkshire Hathaway, Inc. — Class B	1.4%
Alphabet, Inc. — Class C	1.4%
Broadcom, Inc.	1.4%
Tesla, Inc.	1.2%
Top 10 Total	28.9%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	6.1%
Microsoft Corp.	5.5%
NVIDIA Corp.	5.1%
Amazon.com, Inc.	3.0%
Meta Platforms, Inc. — Class A	2.1%
Alphabet, Inc. — Class A	1.7%
Berkshire Hathaway, Inc. — Class B	1.4%
Alphabet, Inc. — Class C	1.4%
Broadcom, Inc.	1.4%
Tesla, Inc.	1.2%
Top 10 Total	28.9%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

For additional information, including the fund's prospectus, financial information, holdings and proxy voting information, go to https://www.guggenheiminvestments.com/mutual-funds/literature or, call 800 820 0888.

SAR-RYTTX-093024

Guggenheim Investments

MUFG Logo

S&P 500^® 2x Strategy Fund

Class C | RYCTX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$135	2.49%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 15.58%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500^® 2x Strategy Fund (Class C)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	10878	10493
03/31/2015	10953	10593
06/30/2015	10897	10622
09/30/2015	9356	9939
12/31/2015	10578	10638
03/31/2016	10687	10782
06/30/2016	11068	11047
09/30/2016	11801	11472
12/31/2016	12578	11911
03/31/2017	13996	12633
06/30/2017	14718	13023
09/30/2017	15878	13607
12/31/2017	17854	14511
03/31/2018	17215	14401
06/30/2018	18119	14896
09/30/2018	20719	16044
12/31/2018	15053	13875
03/31/2019	19093	15769
06/30/2019	20408	16447
09/30/2019	20696	16727
12/31/2019	24250	18244
03/31/2020	14258	14668
06/30/2020	20019	17682
09/30/2020	23400	19260
12/31/2020	28957	21600
03/31/2021	32188	22934
06/30/2021	37509	24895
09/30/2021	37507	25040
12/31/2021	45623	27801
03/31/2022	40756	26522
06/30/2022	27830	22252
09/30/2022	24532	21165
12/31/2022	27482	22766
03/31/2023	30927	24473
06/30/2023	35694	26612
09/30/2023	32581	25741
12/31/2023	39608	28750
03/31/2024	47219	31785
06/30/2024	50110	33147
09/30/2024	54578	35098

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class C (without CDSC)	15.58%	67.52%	21.40%	18.50%
Class C (with CDSC)^§	14.58%	66.52%	21.40%	18.50%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

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

Fund Statistics as of 9.30.24

Net Assets	$201,518,645
Total Number of Portfolio Holdings	517
Portfolio Turnover Rate	734%

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

Guggenheim Investments

S&P 500^® 2x Strategy Fund | Class C | RYCTX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	94.2%
Technology	25.7%
S&P 500 Index Equity Mini Futures Contracts	22.1%
Consumer, Non-cyclical	14.5%
Communications	12.1%
Financial	11.7%
Consumer, Cyclical	7.0%
Other	12.5%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	6.1%
Microsoft Corp.	5.5%
NVIDIA Corp.	5.1%
Amazon.com, Inc.	3.0%
Meta Platforms, Inc. — Class A	2.1%
Alphabet, Inc. — Class A	1.7%
Berkshire Hathaway, Inc. — Class B	1.4%
Alphabet, Inc. — Class C	1.4%
Broadcom, Inc.	1.4%
Tesla, Inc.	1.2%
Top 10 Total	28.9%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	6.1%
Microsoft Corp.	5.5%
NVIDIA Corp.	5.1%
Amazon.com, Inc.	3.0%
Meta Platforms, Inc. — Class A	2.1%
Alphabet, Inc. — Class A	1.7%
Berkshire Hathaway, Inc. — Class B	1.4%
Alphabet, Inc. — Class C	1.4%
Broadcom, Inc.	1.4%
Tesla, Inc.	1.2%
Top 10 Total	28.9%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYCTX-093024

Guggenheim Investments

MUFG Logo

S&P 500^® 2x Strategy Fund

Class H | RYTNX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$94	1.74%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 16.02%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	S&P 500^® 2x Strategy Fund (Class H)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	10897	10493
03/31/2015	10993	10593
06/30/2015	10957	10622
09/30/2015	9425	9939
12/31/2015	10676	10638
03/31/2016	10805	10782
06/30/2016	11209	11047
09/30/2016	11976	11472
12/31/2016	12787	11911
03/31/2017	14255	12633
06/30/2017	15018	13023
09/30/2017	16231	13607
12/31/2017	18286	14511
03/31/2018	17664	14401
06/30/2018	18627	14896
09/30/2018	21340	16044
12/31/2018	15533	13875
03/31/2019	19736	15769
06/30/2019	21136	16447
09/30/2019	21475	16727
12/31/2019	25208	18244
03/31/2020	14848	14668
06/30/2020	20887	17682
09/30/2020	24462	19260
12/31/2020	30327	21600
03/31/2021	33771	22934
06/30/2021	39428	24895
09/30/2021	39501	25040
12/31/2021	48146	27801
03/31/2022	43088	26522
06/30/2022	29478	22252
09/30/2022	26035	21165
12/31/2022	29217	22766
03/31/2023	32941	24473
06/30/2023	38087	26612
09/30/2023	34830	25741
12/31/2023	42423	28750
03/31/2024	50666	31785
06/30/2024	53870	33147
09/30/2024	58783	35098

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class H	16.02%	68.77%	22.31%	19.38%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

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

Fund Statistics as of 9.30.24

Net Assets	$201,518,645
Total Number of Portfolio Holdings	517
Portfolio Turnover Rate	734%

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

^†

6 month returns are not annualized.

Guggenheim Investments

S&P 500^® 2x Strategy Fund | Class H | RYTNX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Swap Agreements	94.2%
Technology	25.7%
S&P 500 Index Equity Mini Futures Contracts	22.1%
Consumer, Non-cyclical	14.5%
Communications	12.1%
Financial	11.7%
Consumer, Cyclical	7.0%
Other	12.5%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	6.1%
Microsoft Corp.	5.5%
NVIDIA Corp.	5.1%
Amazon.com, Inc.	3.0%
Meta Platforms, Inc. — Class A	2.1%
Alphabet, Inc. — Class A	1.7%
Berkshire Hathaway, Inc. — Class B	1.4%
Alphabet, Inc. — Class C	1.4%
Broadcom, Inc.	1.4%
Tesla, Inc.	1.2%
Top 10 Total	28.9%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	6.1%
Microsoft Corp.	5.5%
NVIDIA Corp.	5.1%
Amazon.com, Inc.	3.0%
Meta Platforms, Inc. — Class A	2.1%
Alphabet, Inc. — Class A	1.7%
Berkshire Hathaway, Inc. — Class B	1.4%
Alphabet, Inc. — Class C	1.4%
Broadcom, Inc.	1.4%
Tesla, Inc.	1.2%
Top 10 Total	28.9%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYTNX-093024

Guggenheim Investments

MUFG Logo

Inverse S&P 500^® 2x Strategy Fund

Class A | RYTMX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse S&P 500^® 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$82	1.76%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -14.02%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

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

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse S&P 500^® 2x Strategy Fund (Class A)^‡	S&P 500 Index
09/30/2014	9526	10000
12/31/2014	8487	10493
03/31/2015	8206	10593
06/30/2015	8089	10622
09/30/2015	8917	9939
12/31/2015	7625	10638
03/31/2016	7236	10782
06/30/2016	6782	11047
09/30/2016	6229	11472
12/31/2016	5744	11911
03/31/2017	5092	12633
06/30/2017	4791	13023
09/30/2017	4394	13607
12/31/2017	3877	14511
03/31/2018	3860	14401
06/30/2018	3599	14896
09/30/2018	3121	16044
12/31/2018	4048	13875
03/31/2019	3134	15769
06/30/2019	2896	16447
09/30/2019	2791	16727
12/31/2019	2354	18244
03/31/2020	2894	14668
06/30/2020	1842	17682
09/30/2020	1515	19260
12/31/2020	1176	21600
03/31/2021	1021	22934
06/30/2021	856	24895
09/30/2021	835	25040
12/31/2021	665	27801
03/31/2022	703	26522
06/30/2022	942	22252
09/30/2022	1019	21165
12/31/2022	860	22766
03/31/2023	750	24473
06/30/2023	648	26612
09/30/2023	712	25741
12/31/2023	585	28750
03/31/2024	492	31785
06/30/2024	465	33147
09/30/2024	423	35098

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class A (without sales charge)	-14.02%	-40.57%	-31.43%	-26.76%
Class A (with sales charge)^‡	-18.10%	-43.40%	-32.10%	-27.11%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

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

Fund Statistics as of 9.30.24

Net Assets	$13,548,195
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.
^†	6 month returns are not annualized.
^‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments

Inverse S&P 500^® 2x Strategy Fund | Class A | RYTMX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Mini Futures Contracts Short Sales	-34.3%
S&P 500 Index Equity Swap Agreements Short Sales	-165.3%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYTMX-093024

Guggenheim Investments

MUFG Logo

Inverse S&P 500^® 2x Strategy Fund

Class C | RYCBX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$117	2.51%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -14.34%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

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

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse S&P 500^® 2x Strategy Fund (Class C)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	8892	10493
03/31/2015	8583	10593
06/30/2015	8443	10622
09/30/2015	9296	9939
12/31/2015	7927	10638
03/31/2016	7511	10782
06/30/2016	7023	11047
09/30/2016	6439	11472
12/31/2016	5925	11911
03/31/2017	5242	12633
06/30/2017	4923	13023
09/30/2017	4506	13607
12/31/2017	3967	14511
03/31/2018	3944	14401
06/30/2018	3669	14896
09/30/2018	3176	16044
12/31/2018	4112	13875
03/31/2019	3178	15769
06/30/2019	2932	16447
09/30/2019	2820	16727
12/31/2019	2375	18244
03/31/2020	2915	14668
06/30/2020	1850	17682
09/30/2020	1520	19260
12/31/2020	1177	21600
03/31/2021	1020	22934
06/30/2021	854	24895
09/30/2021	831	25040
12/31/2021	660	27801
03/31/2022	697	26522
06/30/2022	933	22252
09/30/2022	1006	21165
12/31/2022	848	22766
03/31/2023	738	24473
06/30/2023	637	26612
09/30/2023	698	25741
12/31/2023	573	28750
03/31/2024	481	31785
06/30/2024	454	33147
09/30/2024	412	35098

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class C (without CDSC)	-14.34%	-41.02%	-31.94%	-27.31%
Class C (with CDSC)^§	-15.20%	-41.59%	-31.94%	-27.31%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

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

Fund Statistics as of 9.30.24

Net Assets	$13,548,195
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index is an unmanaged index and, unlike the fund, has no management fees or operating expenses to reduce its reported return.
^†	6 month returns are not annualized.
^§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments

Inverse S&P 500^® 2x Strategy Fund | Class C | RYCBX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Mini Futures Contracts Short Sales	-34.3%
S&P 500 Index Equity Swap Agreements Short Sales	-165.3%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYCBX-093024

Guggenheim Investments

MUFG Logo

Inverse S&P 500^® 2x Strategy Fund

Class H | RYTPX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$82	1.76%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -13.96%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period.

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

The sectors that contributed the most to the return of the S&P 500 Index (the "Index") were Information Technology, Financials, and Communication Services. The only sector that detracted was Energy. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Tesla, Inc. Those that detracted the most were Intel Corp., Walt Disney Co., and Merck & Co., Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the S&P 500 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse S&P 500^® 2x Strategy Fund (Class H)	S&P 500 Index
09/30/2014	10000	10000
12/31/2014	8910	10493
03/31/2015	8615	10593
06/30/2015	8492	10622
09/30/2015	9363	9939
12/31/2015	8006	10638
03/31/2016	7603	10782
06/30/2016	7121	11047
09/30/2016	6542	11472
12/31/2016	6032	11911
03/31/2017	5347	12633
06/30/2017	5030	13023
09/30/2017	4613	13607
12/31/2017	4069	14511
03/31/2018	4052	14401
06/30/2018	3778	14896
09/30/2018	3276	16044
12/31/2018	4249	13875
03/31/2019	3290	15769
06/30/2019	3042	16447
09/30/2019	2930	16727
12/31/2019	2471	18244
03/31/2020	3039	14668
06/30/2020	1933	17682
09/30/2020	1591	19260
12/31/2020	1234	21600
03/31/2021	1072	22934
06/30/2021	899	24895
09/30/2021	878	25040
12/31/2021	699	27801
03/31/2022	740	26522
06/30/2022	991	22252
09/30/2022	1071	21165
12/31/2022	904	22766
03/31/2023	789	24473
06/30/2023	681	26612
09/30/2023	748	25741
12/31/2023	615	28750
03/31/2024	517	31785
06/30/2024	489	33147
09/30/2024	445	35098

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class H	-13.96%	-40.50%	-31.40%	-26.74%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%

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

Fund Statistics as of 9.30.24

Net Assets	$13,548,195
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

^†

6 month returns are not annualized.

Guggenheim Investments

Inverse S&P 500^® 2x Strategy Fund | Class H | RYTPX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
S&P 500 Index Equity Mini Futures Contracts Short Sales	-34.3%
S&P 500 Index Equity Swap Agreements Short Sales	-165.3%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYTPX-093024

Guggenheim Investments

MUFG Logo

NASDAQ-100^® 2x Strategy Fund

Class A | RYVLX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the NASDAQ-100^® 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$95	1.76%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 14.80%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% 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 NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	NASDAQ-100^® 2x Strategy Fund (Class A)^‡	S&P 500 Index	NASDAQ-100 Index
09/30/2014	9525	10000	10000
12/31/2014	10347	10493	10490
03/31/2015	10769	10593	10765
06/30/2015	11038	10622	10953
09/30/2015	9817	9939	10446
12/31/2015	11766	10638	11513
03/31/2016	11074	10782	11276
06/30/2016	10671	11047	11147
09/30/2016	12946	11472	12341
12/31/2016	12829	11911	12350
03/31/2017	15970	12633	13843
06/30/2017	17123	13023	14423
09/30/2017	19064	13607	15312
12/31/2017	21674	14511	16424
03/31/2018	22502	14401	16942
06/30/2018	25448	14896	18174
09/30/2018	29583	16044	19739
12/31/2018	19679	13875	16430
03/31/2019	26364	15769	19205
06/30/2019	28113	16447	20021
09/30/2019	28241	16727	20279
12/31/2019	35560	18244	22913
03/31/2020	26163	14668	20555
06/30/2020	43075	17682	26784
09/30/2020	53360	19260	30165
12/31/2020	66915	21600	34113
03/31/2021	67868	22934	34713
06/30/2021	83115	24895	38664
09/30/2021	84094	25040	39087
12/31/2021	102570	27801	43496
03/31/2022	82614	26522	39621
06/30/2022	47664	22252	30785
09/30/2022	42170	21165	29424
12/31/2022	40437	22766	29410
03/31/2023	57224	24473	35520
06/30/2023	74261	26612	40985
09/30/2023	68300	25741	39813
12/31/2023	87401	28750	45624
03/31/2024	100687	31785	49603
06/30/2024	114675	33147	53596
09/30/2024	115590	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class A (without sales charge)	14.80%	69.24%	32.56%	28.35%
Class A (with sales charge)^‡	9.35%	61.20%	31.27%	27.73%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

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

Fund Statistics as of 9.30.24

Net Assets	$1,122,312,843
Total Number of Portfolio Holdings	113
Portfolio Turnover Rate	139%

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

Guggenheim Investments

NASDAQ-100^® 2x Strategy Fund | Class A | RYVLX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Swap Agreements	91.9%
Technology	39.4%
NASDAQ-100 Index Equity Mini Futures Contracts	27.3%
Communications	20.7%
Consumer, Non-cyclical	9.3%
Consumer, Cyclical	7.3%
Industrial	1.3%
Other	2.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	7.3%
Microsoft Corp.	6.6%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.1%
Amazon.com, Inc.	4.0%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	1.9%
Top 10 Total	41.1%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	7.3%
Microsoft Corp.	6.6%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.1%
Amazon.com, Inc.	4.0%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	1.9%
Top 10 Total	41.1%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYVLX-093024

Guggenheim Investments

MUFG Logo

NASDAQ-100^® 2x Strategy Fund

Class C | RYCCX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$135	2.51%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 14.37%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	NASDAQ-100^® 2x Strategy Fund (Class C)	S&P 500 Index	NASDAQ-100 Index
09/30/2014	10000	10000	10000
12/31/2014	10840	10493	10490
03/31/2015	11262	10593	10765
06/30/2015	11521	10622	10953
09/30/2015	10228	9939	10446
12/31/2015	12234	10638	11513
03/31/2016	11493	10782	11276
06/30/2016	11054	11047	11147
09/30/2016	13385	11472	12341
12/31/2016	13239	11911	12350
03/31/2017	16450	12633	13843
06/30/2017	17600	13023	14423
09/30/2017	19560	13607	15312
12/31/2017	22193	14511	16424
03/31/2018	22998	14401	16942
06/30/2018	25961	14896	18174
09/30/2018	30124	16044	19739
12/31/2018	19998	13875	16430
03/31/2019	26744	15769	19205
06/30/2019	28464	16447	20021
09/30/2019	28542	16727	20279
12/31/2019	35868	18244	22913
03/31/2020	26342	14668	20555
06/30/2020	43287	17682	26784
09/30/2020	53521	19260	30165
12/31/2020	66977	21600	34113
03/31/2021	67811	22934	34713
06/30/2021	82891	24895	38664
09/30/2021	83707	25040	39087
12/31/2021	101802	27801	43496
03/31/2022	81846	26522	39621
06/30/2022	47132	22252	30785
09/30/2022	41618	21165	29424
12/31/2022	39834	22766	29410
03/31/2023	56266	24473	35520
06/30/2023	72882	26612	40985
09/30/2023	66904	25741	39813
12/31/2023	85457	28750	45624
03/31/2024	98268	31785	49603
06/30/2024	111712	33147	53596
09/30/2024	112390	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class C (without CDSC)	14.37%	67.99%	31.54%	27.37%
Class C (with CDSC)^§	13.37%	66.99%	31.54%	27.37%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

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

Fund Statistics as of 9.30.24

Net Assets	$1,122,312,843
Total Number of Portfolio Holdings	113
Portfolio Turnover Rate	139%

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

Guggenheim Investments

NASDAQ-100^® 2x Strategy Fund | Class C | RYCCX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Swap Agreements	91.9%
Technology	39.4%
NASDAQ-100 Index Equity Mini Futures Contracts	27.3%
Communications	20.7%
Consumer, Non-cyclical	9.3%
Consumer, Cyclical	7.3%
Industrial	1.3%
Other	2.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	7.3%
Microsoft Corp.	6.6%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.1%
Amazon.com, Inc.	4.0%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	1.9%
Top 10 Total	41.1%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	7.3%
Microsoft Corp.	6.6%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.1%
Amazon.com, Inc.	4.0%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	1.9%
Top 10 Total	41.1%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYCCX-093024

Guggenheim Investments

MUFG Logo

NASDAQ-100^® 2x Strategy Fund

Class H | RYVYX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$95	1.76%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 14.80%, outperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	NASDAQ-100^® 2x Strategy Fund (Class H)	S&P 500 Index	NASDAQ-100 Index
09/30/2014	10000	10000	10000
12/31/2014	10863	10493	10490
03/31/2015	11306	10593	10765
06/30/2015	11588	10622	10953
09/30/2015	10307	9939	10446
12/31/2015	12353	10638	11513
03/31/2016	11626	10782	11276
06/30/2016	11203	11047	11147
09/30/2016	13591	11472	12341
12/31/2016	13468	11911	12350
03/31/2017	16766	12633	13843
06/30/2017	17972	13023	14423
09/30/2017	20009	13607	15312
12/31/2017	22747	14511	16424
03/31/2018	23617	14401	16942
06/30/2018	26708	14896	18174
09/30/2018	31050	16044	19739
12/31/2018	20655	13875	16430
03/31/2019	27671	15769	19205
06/30/2019	29506	16447	20021
09/30/2019	29643	16727	20279
12/31/2019	37321	18244	22913
03/31/2020	27461	14668	20555
06/30/2020	45210	17682	26784
09/30/2020	56005	19260	30165
12/31/2020	70231	21600	34113
03/31/2021	71234	22934	34713
06/30/2021	87239	24895	38664
09/30/2021	88265	25040	39087
12/31/2021	107659	27801	43496
03/31/2022	86713	26522	39621
06/30/2022	50031	22252	30785
09/30/2022	44264	21165	29424
12/31/2022	42445	22766	29410
03/31/2023	60067	24473	35520
06/30/2023	77949	26612	40985
09/30/2023	71692	25741	39813
12/31/2023	91744	28750	45624
03/31/2024	105693	31785	49603
06/30/2024	120376	33147	53596
09/30/2024	121334	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class H	14.80%	69.24%	32.56%	28.35%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

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

Fund Statistics as of 9.30.24

Net Assets	$1,122,312,843
Total Number of Portfolio Holdings	113
Portfolio Turnover Rate	139%

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

^†

6 month returns are not annualized.

Guggenheim Investments

NASDAQ-100^® 2x Strategy Fund | Class H | RYVYX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Swap Agreements	91.9%
Technology	39.4%
NASDAQ-100 Index Equity Mini Futures Contracts	27.3%
Communications	20.7%
Consumer, Non-cyclical	9.3%
Consumer, Cyclical	7.3%
Industrial	1.3%
Other	2.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	7.3%
Microsoft Corp.	6.6%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.1%
Amazon.com, Inc.	4.0%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	1.9%
Top 10 Total	41.1%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


Apple, Inc.	7.3%
Microsoft Corp.	6.6%
NVIDIA Corp.	6.2%
Broadcom, Inc.	4.3%
Meta Platforms, Inc. — Class A	4.1%
Amazon.com, Inc.	4.0%
Tesla, Inc.	2.6%
Costco Wholesale Corp.	2.1%
Alphabet, Inc. — Class A	2.0%
Alphabet, Inc. — Class C	1.9%
Top 10 Total	41.1%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYVYX-093024

Guggenheim Investments

MUFG Logo

Inverse NASDAQ-100^® 2x Strategy Fund

Class A | RYVTX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse NASDAQ-100^® 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$90	1.95%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -16.48%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

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

The sectors that contributed the most to the return of the NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse NASDAQ-100^® 2x Strategy Fund (Class A)^‡	S&P 500 Index	NASDAQ-100 Index
09/30/2014	9524	10000	10000
12/31/2014	8486	10493	10490
03/31/2015	7944	10593	10765
06/30/2015	7554	10622	10953
09/30/2015	7915	9939	10446
12/31/2015	6340	10638	11513
03/31/2016	6356	10782	11276
06/30/2016	6368	11047	11147
09/30/2016	5133	11472	12341
12/31/2016	5073	11911	12350
03/31/2017	4025	12633	13843
06/30/2017	3681	13023	14423
09/30/2017	3256	13607	15312
12/31/2017	2826	14511	16424
03/31/2018	2569	14401	16942
06/30/2018	2208	14896	18174
09/30/2018	1874	16044	19739
12/31/2018	2556	13875	16430
03/31/2019	1848	15769	19205
06/30/2019	1691	16447	20021
09/30/2019	1629	16727	20279
12/31/2019	1277	18244	22913
03/31/2020	1266	14668	20555
06/30/2020	690	17682	26784
09/30/2020	515	19260	30165
12/31/2020	386	21600	34113
03/31/2021	355	22934	34713
06/30/2021	280	24895	38664
09/30/2021	269	25040	39087
12/31/2021	211	27801	43496
03/31/2022	235	26522	39621
06/30/2022	351	22252	30785
09/30/2022	367	21165	29424
12/31/2022	348	22766	29410
03/31/2023	236	24473	35520
06/30/2023	179	26612	40985
09/30/2023	193	25741	39813
12/31/2023	149	28750	45624
03/31/2024	129	31785	49603
06/30/2024	112	33147	53596
09/30/2024	107	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class A (without sales charge)	-16.48%	-44.40%	-41.96%	-36.15%
Class A (with sales charge)^‡	-20.45%	-47.03%	-42.53%	-36.46%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

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

Fund Statistics as of 9.30.24

Net Assets	$12,520,534
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
^†	6 month returns are not annualized.
^‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments

Inverse NASDAQ-100^® 2x Strategy Fund | Class A | RYVTX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Mini Futures Contracts Short Sales	-61.5%
NASDAQ-100 Index Equity Swap Agreements Short Sales	-138.3%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYVTX-093024

Guggenheim Investments

MUFG Logo

Inverse NASDAQ-100^® 2x Strategy Fund

Class C | RYCDX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$124	2.71%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -16.88%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

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

The sectors that contributed the most to the return of the NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse NASDAQ-100^® 2x Strategy Fund (Class C)	S&P 500 Index	NASDAQ-100 Index
09/30/2014	10000	10000	10000
12/31/2014	8882	10493	10490
03/31/2015	8297	10593	10765
06/30/2015	7885	10622	10953
09/30/2015	8254	9939	10446
12/31/2015	6614	10638	11513
03/31/2016	6614	10782	11276
06/30/2016	6624	11047	11147
09/30/2016	5343	11472	12341
12/31/2016	5273	11911	12350
03/31/2017	4177	12633	13843
06/30/2017	3815	13023	14423
09/30/2017	3370	13607	15312
12/31/2017	2918	14511	16424
03/31/2018	2649	14401	16942
06/30/2018	2273	14896	18174
09/30/2018	1925	16044	19739
12/31/2018	2620	13875	16430
03/31/2019	1891	15769	19205
06/30/2019	1728	16447	20021
09/30/2019	1662	16727	20279
12/31/2019	1301	18244	22913
03/31/2020	1288	14668	20555
06/30/2020	701	17682	26784
09/30/2020	522	19260	30165
12/31/2020	391	21600	34113
03/31/2021	359	22934	34713
06/30/2021	282	24895	38664
09/30/2021	271	25040	39087
12/31/2021	212	27801	43496
03/31/2022	236	26522	39621
06/30/2022	351	22252	30785
09/30/2022	366	21165	29424
12/31/2022	347	22766	29410
03/31/2023	235	24473	35520
06/30/2023	178	26612	40985
09/30/2023	191	25741	39813
12/31/2023	148	28750	45624
03/31/2024	127	31785	49603
06/30/2024	111	33147	53596
09/30/2024	105	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class C (without CDSC)	-16.88%	-44.82%	-42.39%	-36.57%
Class C (with CDSC)^§	-17.71%	-45.34%	-42.39%	-36.57%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

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

Fund Statistics as of 9.30.24

Net Assets	$12,520,534
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
^†	6 month returns are not annualized.
^§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments

Inverse NASDAQ-100^® 2x Strategy Fund | Class C | RYCDX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Mini Futures Contracts Short Sales	-61.5%
NASDAQ-100 Index Equity Swap Agreements Short Sales	-138.3%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYCDX-093024

Guggenheim Investments

MUFG Logo

Inverse NASDAQ-100^® 2x Strategy Fund

Class H | RYVNX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$82	1.79%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -16.77%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the NASDAQ-100 Index, which returned 10.34% for the same period.

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

The sectors that contributed the most to the return of the NASDAQ-100 Index (the "Index") were Information Technology, Communication Services, and Consumer Discretionary. Those that detracted the most were Real Estate, Energy, and Industrials. The holdings that contributed the most to the return of the Index were Apple, Inc., NVIDIA Corp., and Broadcom, Inc. Those that detracted the most were Intel Corp., Advanced Micro Devices, Inc., and DexCom, Inc. The Fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the NASDAQ-100 Index.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse NASDAQ-100^® 2x Strategy Fund (Class H)	S&P 500 Index	NASDAQ-100 Index
09/30/2014	10000	10000	10000
12/31/2014	8893	10493	10490
03/31/2015	8329	10593	10765
06/30/2015	7924	10622	10953
09/30/2015	8307	9939	10446
12/31/2015	6645	10638	11513
03/31/2016	6667	10782	11276
06/30/2016	6684	11047	11147
09/30/2016	5392	11472	12341
12/31/2016	5332	11911	12350
03/31/2017	4231	12633	13843
06/30/2017	3870	13023	14423
09/30/2017	3423	13607	15312
12/31/2017	2971	14511	16424
03/31/2018	2701	14401	16942
06/30/2018	2321	14896	18174
09/30/2018	1969	16044	19739
12/31/2018	2682	13875	16430
03/31/2019	1940	15769	19205
06/30/2019	1776	16447	20021
09/30/2019	1710	16727	20279
12/31/2019	1340	18244	22913
03/31/2020	1329	14668	20555
06/30/2020	725	17682	26784
09/30/2020	540	19260	30165
12/31/2020	406	21600	34113
03/31/2021	373	22934	34713
06/30/2021	293	24895	38664
09/30/2021	283	25040	39087
12/31/2021	222	27801	43496
03/31/2022	247	26522	39621
06/30/2022	369	22252	30785
09/30/2022	386	21165	29424
12/31/2022	366	22766	29410
03/31/2023	248	24473	35520
06/30/2023	188	26612	40985
09/30/2023	203	25741	39813
12/31/2023	157	28750	45624
03/31/2024	135	31785	49603
06/30/2024	118	33147	53596
09/30/2024	113	35098	54734

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class H	-16.77%	-44.56%	-41.97%	-36.15%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
NASDAQ-100 Index	10.34%	37.48%	21.97%	18.53%

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

Fund Statistics as of 9.30.24

Net Assets	$12,520,534
Total Number of Portfolio Holdings	10
Portfolio Turnover Rate	0%

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the NASDAQ-100 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

6 month returns are not annualized.

Guggenheim Investments

Inverse NASDAQ-100^® 2x Strategy Fund | Class H | RYVNX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
NASDAQ-100 Index Equity Mini Futures Contracts Short Sales	-61.5%
NASDAQ-100 Index Equity Swap Agreements Short Sales	-138.3%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYVNX-093024

Guggenheim Investments

MUFG Logo

Dow 2x Strategy Fund

Class A | RYLDX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Dow 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$93	1.77%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 10.00%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.35% 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 Dow Jones Industrial Average (the "Index") were Financials, Health Care, and Information Technology. Those that detracted the most were Communication Services, Energy, and Materials. The holdings that contributed the most to return of the Index were UnitedHealth Group, Inc., Goldman Sachs Group, Inc., and Apple, Inc. Those that detracted the most were Boeing Co., Salesforce, Inc., and Walt Disney Co. The fund maintained a daily correlation of over 99% to its benchmark of 200% of the daily price movement of the Dow Jones Industrial Average.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Dow 2x Strategy Fund (Class A)^‡	S&P 500 Index	Dow Jones Industrial Average
09/30/2014	9524	10000	10000
12/31/2014	10410	10493	10520
03/31/2015	10349	10593	10555
06/30/2015	10192	10622	10524
09/30/2015	8671	9939	9789
12/31/2015	9928	10638	10543
03/31/2016	10224	10782	10775
06/30/2016	10543	11047	10997
09/30/2016	11037	11472	11303
12/31/2016	12915	11911	12282
03/31/2017	14158	12633	12919
06/30/2017	15147	13023	13430
09/30/2017	16719	13607	14180
12/31/2017	20386	14511	15734
03/31/2018	19169	14401	15425
06/30/2018	19353	14896	15620
09/30/2018	22960	16044	17124
12/31/2018	17565	13875	15187
03/31/2019	21591	15769	16980
06/30/2019	22633	16447	17525
09/30/2019	23066	16727	17845
12/31/2019	25902	18244	19035
03/31/2020	13909	14668	14708
06/30/2020	18814	17682	17431
09/30/2020	21743	19260	18863
12/31/2020	26403	21600	20886
03/31/2021	30627	22934	22618
06/30/2021	33493	24895	23766
09/30/2021	32197	25040	23419
12/31/2021	37055	27801	25261
03/31/2022	33690	26522	24225
06/30/2022	26258	22252	21614
09/30/2022	22653	21165	20281
12/31/2022	29699	22766	23528
03/31/2023	29569	24473	23746
06/30/2023	31273	26612	24689
09/30/2023	29336	25741	24171
12/31/2023	36662	28750	27335
03/31/2024	40408	31785	29012
06/30/2024	38519	33147	28644
09/30/2024	44449	35098	31143

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class A (without sales charge)	10.00%	51.52%	14.02%	16.65%
Class A (with sales charge)^‡	4.78%	44.32%	12.92%	16.09%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Dow Jones Industrial Average	7.35%	28.85%	11.78%	12.03%

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

Fund Statistics as of 9.30.24

Net Assets	$40,792,303
Total Number of Portfolio Holdings	40
Portfolio Turnover Rate	377%

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

Guggenheim Investments

Dow 2x Strategy Fund | Class A | RYLDX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Dow Jones Industrial Average Equity Swap Agreements	104.5%
Financial	19.5%
Consumer, Non-cyclical	18.7%
Technology	15.5%
Industrial	11.6%
Consumer, Cyclical	11.5%
Dow Jones Industrial Average Equity Mini Futures Contracts	11.5%
Other	7.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


UnitedHealth Group, Inc.	7.7%
Goldman Sachs Group, Inc.	6.5%
Microsoft Corp.	5.6%
Home Depot, Inc.	5.3%
Caterpillar, Inc.	5.1%
Amgen, Inc.	4.2%
McDonald's Corp.	4.0%
Visa, Inc. — Class A	3.6%
Salesforce, Inc.	3.6%
American Express Co.	3.6%
Top 10 Total	49.2%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


UnitedHealth Group, Inc.	7.7%
Goldman Sachs Group, Inc.	6.5%
Microsoft Corp.	5.6%
Home Depot, Inc.	5.3%
Caterpillar, Inc.	5.1%
Amgen, Inc.	4.2%
McDonald's Corp.	4.0%
Visa, Inc. — Class A	3.6%
Salesforce, Inc.	3.6%
American Express Co.	3.6%
Top 10 Total	49.2%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYLDX-093024

Guggenheim Investments

MUFG Logo

Dow 2x Strategy Fund

Class C | RYCYX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$132	2.52%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 9.59%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.35% for the same period.

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Dow 2x Strategy Fund (Class C)	S&P 500 Index	Dow Jones Industrial Average
09/30/2014	10000	10000	10000
12/31/2014	10908	10493	10520
03/31/2015	10824	10593	10555
06/30/2015	10638	10622	10524
09/30/2015	9036	9939	9789
12/31/2015	10326	10638	10543
03/31/2016	10612	10782	10775
06/30/2016	10926	11047	10997
09/30/2016	11416	11472	11303
12/31/2016	13333	11911	12282
03/31/2017	14591	12633	12919
06/30/2017	15581	13023	13430
09/30/2017	17167	13607	14180
12/31/2017	20894	14511	15734
03/31/2018	19612	14401	15425
06/30/2018	19763	14896	15620
09/30/2018	23403	16044	17124
12/31/2018	17870	13875	15187
03/31/2019	21927	15769	16980
06/30/2019	22941	16447	17525
09/30/2019	23337	16727	17845
12/31/2019	26158	18244	19035
03/31/2020	14021	14668	14708
06/30/2020	18930	17682	17431
09/30/2020	21834	19260	18863
12/31/2020	26464	21600	20886
03/31/2021	30645	22934	22618
06/30/2021	33450	24895	23766
09/30/2021	32096	25040	23419
12/31/2021	36860	27801	25261
03/31/2022	33451	26522	24225
06/30/2022	26024	22252	21614
09/30/2022	22407	21165	20281
12/31/2022	29322	22766	23528
03/31/2023	29150	24473	23746
06/30/2023	30773	26612	24689
09/30/2023	28815	25741	24171
12/31/2023	35945	28750	27335
03/31/2024	39541	31785	29012
06/30/2024	37621	33147	28644
09/30/2024	43331	35098	31143

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class C (without CDSC)	9.59%	50.38%	13.18%	15.79%
Class C (with CDSC)^§	8.59%	49.38%	13.18%	15.79%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Dow Jones Industrial Average	7.35%	28.85%	11.78%	12.03%

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

Fund Statistics as of 9.30.24

Net Assets	$40,792,303
Total Number of Portfolio Holdings	40
Portfolio Turnover Rate	377%

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

Guggenheim Investments

Dow 2x Strategy Fund | Class C | RYCYX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Dow Jones Industrial Average Equity Swap Agreements	104.5%
Financial	19.5%
Consumer, Non-cyclical	18.7%
Technology	15.5%
Industrial	11.6%
Consumer, Cyclical	11.5%
Dow Jones Industrial Average Equity Mini Futures Contracts	11.5%
Other	7.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


UnitedHealth Group, Inc.	7.7%
Goldman Sachs Group, Inc.	6.5%
Microsoft Corp.	5.6%
Home Depot, Inc.	5.3%
Caterpillar, Inc.	5.1%
Amgen, Inc.	4.2%
McDonald's Corp.	4.0%
Visa, Inc. — Class A	3.6%
Salesforce, Inc.	3.6%
American Express Co.	3.6%
Top 10 Total	49.2%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


UnitedHealth Group, Inc.	7.7%
Goldman Sachs Group, Inc.	6.5%
Microsoft Corp.	5.6%
Home Depot, Inc.	5.3%
Caterpillar, Inc.	5.1%
Amgen, Inc.	4.2%
McDonald's Corp.	4.0%
Visa, Inc. — Class A	3.6%
Salesforce, Inc.	3.6%
American Express Co.	3.6%
Top 10 Total	49.2%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYCYX-093024

Guggenheim Investments

MUFG Logo

Dow 2x Strategy Fund

Class H | RYCVX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$93	1.76%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 10.00%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and outperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.35% for the same period.

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Dow 2x Strategy Fund (Class H)	S&P 500 Index	Dow Jones Industrial Average
09/30/2014	10000	10000	10000
12/31/2014	10928	10493	10520
03/31/2015	10862	10593	10555
06/30/2015	10694	10622	10524
09/30/2015	9102	9939	9789
12/31/2015	10423	10638	10543
03/31/2016	10732	10782	10775
06/30/2016	11066	11047	10997
09/30/2016	11584	11472	11303
12/31/2016	13554	11911	12282
03/31/2017	14863	12633	12919
06/30/2017	15902	13023	13430
09/30/2017	17550	13607	14180
12/31/2017	21399	14511	15734
03/31/2018	20120	14401	15425
06/30/2018	20314	14896	15620
09/30/2018	24098	16044	17124
12/31/2018	18436	13875	15187
03/31/2019	22663	15769	16980
06/30/2019	23755	16447	17525
09/30/2019	24207	16727	17845
12/31/2019	27186	18244	19035
03/31/2020	14601	14668	14708
06/30/2020	19744	17682	17431
09/30/2020	22818	19260	18863
12/31/2020	27711	21600	20886
03/31/2021	32144	22934	22618
06/30/2021	35150	24895	23766
09/30/2021	33793	25040	23419
12/31/2021	38891	27801	25261
03/31/2022	35358	26522	24225
06/30/2022	27558	22252	21614
09/30/2022	23771	21165	20281
12/31/2022	31166	22766	23528
03/31/2023	31028	24473	23746
06/30/2023	32812	26612	24689
09/30/2023	30777	25741	24171
12/31/2023	38465	28750	27335
03/31/2024	42392	31785	29012
06/30/2024	40409	33147	28644
09/30/2024	46630	35098	31143

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class H	10.00%	51.51%	14.01%	16.64%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Dow Jones Industrial Average	7.35%	28.85%	11.78%	12.03%

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

Fund Statistics as of 9.30.24

Net Assets	$40,792,303
Total Number of Portfolio Holdings	40
Portfolio Turnover Rate	377%

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

^†

6 month returns are not annualized.

Guggenheim Investments

Dow 2x Strategy Fund | Class H | RYCVX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Dow Jones Industrial Average Equity Swap Agreements	104.5%
Financial	19.5%
Consumer, Non-cyclical	18.7%
Technology	15.5%
Industrial	11.6%
Consumer, Cyclical	11.5%
Dow Jones Industrial Average Equity Mini Futures Contracts	11.5%
Other	7.7%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


UnitedHealth Group, Inc.	7.7%
Goldman Sachs Group, Inc.	6.5%
Microsoft Corp.	5.6%
Home Depot, Inc.	5.3%
Caterpillar, Inc.	5.1%
Amgen, Inc.	4.2%
McDonald's Corp.	4.0%
Visa, Inc. — Class A	3.6%
Salesforce, Inc.	3.6%
American Express Co.	3.6%
Top 10 Total	49.2%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


UnitedHealth Group, Inc.	7.7%
Goldman Sachs Group, Inc.	6.5%
Microsoft Corp.	5.6%
Home Depot, Inc.	5.3%
Caterpillar, Inc.	5.1%
Amgen, Inc.	4.2%
McDonald's Corp.	4.0%
Visa, Inc. — Class A	3.6%
Salesforce, Inc.	3.6%
American Express Co.	3.6%
Top 10 Total	49.2%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYCVX-093024

Guggenheim Investments

MUFG Logo

Inverse Dow 2x Strategy Fund

Class A | RYIDX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Dow 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$86	1.80%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -8.70%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.35% for the same period.

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

The sectors that contributed the most to the return of the Dow Jones Industrial Average (the "Index") were Financials, Health Care, and Information Technology. Those that detracted the most were Communication Services, Energy, and Materials. The holdings that contributed the most to return of the Index were UnitedHealth Group, Inc., Goldman Sachs Group, Inc., and Apple, Inc. Those that detracted the most were Boeing Co., Salesforce, Inc., and Walt Disney Co. The fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the Dow Jones Industrial Average.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Dow 2x Strategy Fund (Class A)^‡	S&P 500 Index	Dow Jones Industrial Average
09/30/2014	9525	10000	10000
12/31/2014	8454	10493	10520
03/31/2015	8248	10593	10555
06/30/2015	8191	10622	10524
09/30/2015	9144	9939	9789
12/31/2015	7710	10638	10543
03/31/2016	7156	10782	10775
06/30/2016	6773	11047	10997
09/30/2016	6349	11472	11303
12/31/2016	5336	11911	12282
03/31/2017	4811	12633	12919
06/30/2017	4444	13023	13430
09/30/2017	3993	13607	14180
12/31/2017	3246	14511	15734
03/31/2018	3293	14401	15425
06/30/2018	3195	14896	15620
09/30/2018	2670	16044	17124
12/31/2018	3301	13875	15187
03/31/2019	2638	15769	16980
06/30/2019	2486	16447	17525
09/30/2019	2391	16727	17845
12/31/2019	2107	18244	19035
03/31/2020	2698	14668	14708
06/30/2020	1750	17682	17431
09/30/2020	1459	19260	18863
12/31/2020	1159	21600	20886
03/31/2021	969	22934	22618
06/30/2021	867	24895	23766
09/30/2021	880	25040	23419
12/31/2021	744	27801	25261
03/31/2022	790	26522	24225
06/30/2022	957	22252	21614
09/30/2022	1073	21165	20281
12/31/2022	791	22766	23528
03/31/2023	787	24473	23746
06/30/2023	746	26612	24689
09/30/2023	801	25741	24171
12/31/2023	645	28750	27335
03/31/2024	589	31785	29012
06/30/2024	622	33147	28644
09/30/2024	538	35098	31143

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class A (without sales charge)	-8.70%	-32.86%	-25.79%	-24.98%
Class A (with sales charge)^‡	-13.04%	-36.04%	-26.51%	-25.34%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Dow Jones Industrial Average	7.35%	28.85%	11.78%	12.03%

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

Fund Statistics as of 9.30.24

Net Assets	$3,504,810
Total Number of Portfolio Holdings	7
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.
^†	6 month returns are not annualized.
^‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments

Inverse Dow 2x Strategy Fund | Class A | RYIDX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Dow Jones Industrial Average Equity Mini Futures Contracts Short Sales	-42.6%
Dow Jones Industrial Average Equity Swap Agreements Short Sales	-156.3%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYIDX-093024

Guggenheim Investments

MUFG Logo

Inverse Dow 2x Strategy Fund

Class C | RYCZX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$123	2.56%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -9.03%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.35% for the same period.

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

The sectors that contributed the most to the return of the Dow Jones Industrial Average (the "Index") were Financials, Health Care, and Information Technology. Those that detracted the most were Communication Services, Energy, and Materials. The holdings that contributed the most to return of the Index were UnitedHealth Group, Inc., Goldman Sachs Group, Inc., and Apple, Inc. Those that detracted the most were Boeing Co., Salesforce, Inc., and Walt Disney Co. The fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the Dow Jones Industrial Average.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Dow 2x Strategy Fund (Class C)	S&P 500 Index	Dow Jones Industrial Average
09/30/2014	10000	10000	10000
12/31/2014	8862	10493	10520
03/31/2015	8628	10593	10555
06/30/2015	8554	10622	10524
09/30/2015	9530	9939	9789
12/31/2015	8022	10638	10543
03/31/2016	7434	10782	10775
06/30/2016	7020	11047	10997
09/30/2016	6572	11472	11303
12/31/2016	5515	11911	12282
03/31/2017	4964	12633	12919
06/30/2017	4582	13023	13430
09/30/2017	4106	13607	14180
12/31/2017	3331	14511	15734
03/31/2018	3369	14401	15425
06/30/2018	3263	14896	15620
09/30/2018	2722	16044	17124
12/31/2018	3356	13875	15187
03/31/2019	2675	15769	16980
06/30/2019	2516	16447	17525
09/30/2019	2417	16727	17845
12/31/2019	2126	18244	19035
03/31/2020	2719	14668	14708
06/30/2020	1762	17682	17431
09/30/2020	1466	19260	18863
12/31/2020	1162	21600	20886
03/31/2021	970	22934	22618
06/30/2021	866	24895	23766
09/30/2021	877	25040	23419
12/31/2021	740	27801	25261
03/31/2022	784	26522	24225
06/30/2022	948	22252	21614
09/30/2022	1061	21165	20281
12/31/2022	780	22766	23528
03/31/2023	776	24473	23746
06/30/2023	734	26612	24689
09/30/2023	787	25741	24171
12/31/2023	632	28750	27335
03/31/2024	576	31785	29012
06/30/2024	607	33147	28644
09/30/2024	524	35098	31143

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class C (without CDSC)	-9.03%	-33.34%	-26.33%	-25.53%
Class C (with CDSC)^§	-9.94%	-34.01%	-26.33%	-25.53%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Dow Jones Industrial Average	7.35%	28.85%	11.78%	12.03%

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

Fund Statistics as of 9.30.24

Net Assets	$3,504,810
Total Number of Portfolio Holdings	7
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.
^†	6 month returns are not annualized.
^§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments

Inverse Dow 2x Strategy Fund | Class C | RYCZX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Dow Jones Industrial Average Equity Mini Futures Contracts Short Sales	-42.6%
Dow Jones Industrial Average Equity Swap Agreements Short Sales	-156.3%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYCZX-093024

Guggenheim Investments

MUFG Logo

Inverse Dow 2x Strategy Fund

Class H | RYCWX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$90	1.87%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -8.77%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Dow Jones Industrial Average, which returned 7.35% for the same period.

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

The sectors that contributed the most to the return of the Dow Jones Industrial Average (the "Index") were Financials, Health Care, and Information Technology. Those that detracted the most were Communication Services, Energy, and Materials. The holdings that contributed the most to return of the Index were UnitedHealth Group, Inc., Goldman Sachs Group, Inc., and Apple, Inc. Those that detracted the most were Boeing Co., Salesforce, Inc., and Walt Disney Co. The fund maintained a daily correlation of over 99% to its benchmark of -200% of the daily price movement of the Dow Jones Industrial Average.

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Dow 2x Strategy Fund (Class H)	S&P 500 Index	Dow Jones Industrial Average
09/30/2014	10000	10000	10000
12/31/2014	8882	10493	10520
03/31/2015	8662	10593	10555
06/30/2015	8606	10622	10524
09/30/2015	9604	9939	9789
12/31/2015	8105	10638	10543
03/31/2016	7516	10782	10775
06/30/2016	7112	11047	10997
09/30/2016	6670	11472	11303
12/31/2016	5609	11911	12282
03/31/2017	5057	12633	12919
06/30/2017	4673	13023	13430
09/30/2017	4197	13607	14180
12/31/2017	3412	14511	15734
03/31/2018	3460	14401	15425
06/30/2018	3358	14896	15620
09/30/2018	2806	16044	17124
12/31/2018	3466	13875	15187
03/31/2019	2769	15769	16980
06/30/2019	2610	16447	17525
09/30/2019	2513	16727	17845
12/31/2019	2216	18244	19035
03/31/2020	2835	14668	14708
06/30/2020	1839	17682	17431
09/30/2020	1534	19260	18863
12/31/2020	1218	21600	20886
03/31/2021	1019	22934	22618
06/30/2021	911	24895	23766
09/30/2021	925	25040	23419
12/31/2021	781	27801	25261
03/31/2022	829	26522	24225
06/30/2022	1005	22252	21614
09/30/2022	1127	21165	20281
12/31/2022	830	22766	23528
03/31/2023	827	24473	23746
06/30/2023	783	26612	24689
09/30/2023	842	25741	24171
12/31/2023	677	28750	27335
03/31/2024	619	31785	29012
06/30/2024	653	33147	28644
09/30/2024	565	35098	31143

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class H	-8.77%	-32.91%	-25.81%	-24.98%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Dow Jones Industrial Average	7.35%	28.85%	11.78%	12.03%

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

Fund Statistics as of 9.30.24

Net Assets	$3,504,810
Total Number of Portfolio Holdings	7
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.

^†

6 month returns are not annualized.

Guggenheim Investments

Inverse Dow 2x Strategy Fund | Class H | RYCWX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Dow Jones Industrial Average Equity Mini Futures Contracts Short Sales	-42.6%
Dow Jones Industrial Average Equity Swap Agreements Short Sales	-156.3%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYCWX-093024

Guggenheim Investments

MUFG Logo

Russell 2000^® 2x Strategy Fund

Class A | RYRUX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Russell 2000^® 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$95	1.85%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned 5.62%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% 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 Russell 2000 Index (the "Index") were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, 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 (as of 9.30.24), assuming a $10,000 initial investment.

Date	Russell 2000^® 2x Strategy Fund (Class A)^‡	S&P 500 Index	Russell 2000 Index
09/30/2014	9525	10000	10000
12/31/2014	11318	10493	10611
03/31/2015	12178	10593	10803
06/30/2015	12168	10622	10685
09/30/2015	9297	9939	9879
12/31/2015	9844	10638	10377
03/31/2016	9364	10782	10658
06/30/2016	9936	11047	11062
09/30/2016	11668	11472	12063
12/31/2016	13627	11911	13128
03/31/2017	14134	12633	13452
06/30/2017	14672	13023	13783
09/30/2017	16199	13607	14565
12/31/2017	17115	14511	15051
03/31/2018	16772	14401	15039
06/30/2018	19213	14896	16205
09/30/2018	20357	16044	16784
12/31/2018	12558	13875	13393
03/31/2019	16199	15769	15347
06/30/2019	16596	16447	15668
09/30/2019	15515	16727	15292
12/31/2019	18485	18244	16812
03/31/2020	7942	14668	11665
06/30/2020	11750	17682	14630
09/30/2020	12719	19260	15352
12/31/2020	21518	21600	20168
03/31/2021	26693	22934	22729
06/30/2021	28594	24895	23705
09/30/2021	25793	25040	22671
12/31/2021	26428	27801	23157
03/31/2022	22020	26522	21414
06/30/2022	14593	22252	17732
09/30/2022	13591	21165	17344
12/31/2022	14832	22766	18424
03/31/2023	15217	24473	18929
06/30/2023	16429	26612	19914
09/30/2023	14445	25741	18893
12/31/2023	18191	28750	21543
03/31/2024	19565	31785	22659
06/30/2024	17853	33147	21917
09/30/2024	20665	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class A (without sales charge)	5.62%	43.06%	5.90%	8.05%
Class A (with sales charge)^‡	0.60%	36.27%	4.87%	7.53%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

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

Fund Statistics as of 9.30.24

Net Assets	$55,668,032
Total Number of Portfolio Holdings	2,002
Portfolio Turnover Rate	13%

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

Guggenheim Investments

Russell 2000^® 2x Strategy Fund | Class A | RYRUX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Swap Agreements	131.3%
Russell 2000 Index Equity Mini Futures Contracts	23.8%
Financial	10.6%
Consumer, Non-cyclical	10.5%
Government	7.2%
Industrial	6.9%
Consumer, Cyclical	4.9%
Other	11.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


United States Treasury Floating Rate Note, 4.73%	7.2%
Vanguard Russell 2000 ETF	0.5%
iShares Russell 2000 Index ETF	0.4%
Vaxcyte, Inc.	0.2%
FTAI Aviation Ltd.	0.2%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.1%
Applied Industrial Technologies, Inc.	0.1%
Mueller Industries, Inc.	0.1%
Top 10 Total	9.2%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


United States Treasury Floating Rate Note, 4.73%	7.2%
Vanguard Russell 2000 ETF	0.5%
iShares Russell 2000 Index ETF	0.4%
Vaxcyte, Inc.	0.2%
FTAI Aviation Ltd.	0.2%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.1%
Applied Industrial Technologies, Inc.	0.1%
Mueller Industries, Inc.	0.1%
Top 10 Total	9.2%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYRUX-093024

Guggenheim Investments

MUFG Logo

Russell 2000^® 2x Strategy Fund

Class C | RYRLX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$134	2.60%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned 5.22%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% for the same period.

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Russell 2000^® 2x Strategy Fund (Class C)	S&P 500 Index	Russell 2000 Index
09/30/2014	10000	10000	10000
12/31/2014	11860	10493	10611
03/31/2015	12740	10593	10803
06/30/2015	12705	10622	10685
09/30/2015	9689	9939	9879
12/31/2015	10239	10638	10377
03/31/2016	9722	10782	10658
06/30/2016	10297	11047	11062
09/30/2016	12072	11472	12063
12/31/2016	14072	11911	13128
03/31/2017	14567	12633	13452
06/30/2017	15093	13023	13783
09/30/2017	16632	13607	14565
12/31/2017	17541	14511	15051
03/31/2018	17158	14401	15039
06/30/2018	19619	14896	16205
09/30/2018	20751	16044	16784
12/31/2018	12775	13875	13393
03/31/2019	16449	15769	15347
06/30/2019	16821	16447	15668
09/30/2019	15695	16727	15292
12/31/2019	18667	18244	16812
03/31/2020	8005	14668	11665
06/30/2020	11822	17682	14630
09/30/2020	12771	19260	15352
12/31/2020	21565	21600	20168
03/31/2021	26704	22934	22729
06/30/2021	28552	24895	23705
09/30/2021	25707	25040	22671
12/31/2021	26286	27801	23157
03/31/2022	21862	26522	21414
06/30/2022	14462	22252	17732
09/30/2022	13442	21165	17344
12/31/2022	14641	22766	18424
03/31/2023	14994	24473	18929
06/30/2023	16158	26612	19914
09/30/2023	14181	25741	18893
12/31/2023	17825	28750	21543
03/31/2024	19136	31785	22659
06/30/2024	17428	33147	21917
09/30/2024	20135	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class C (without CDSC)	5.22%	41.99%	5.11%	7.25%
Class C (with CDSC)^§	4.22%	40.99%	5.11%	7.25%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

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

Fund Statistics as of 9.30.24

Net Assets	$55,668,032
Total Number of Portfolio Holdings	2,002
Portfolio Turnover Rate	13%

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

Guggenheim Investments

Russell 2000^® 2x Strategy Fund | Class C | RYRLX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Swap Agreements	131.3%
Russell 2000 Index Equity Mini Futures Contracts	23.8%
Financial	10.6%
Consumer, Non-cyclical	10.5%
Government	7.2%
Industrial	6.9%
Consumer, Cyclical	4.9%
Other	11.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


United States Treasury Floating Rate Note, 4.73%	7.2%
Vanguard Russell 2000 ETF	0.5%
iShares Russell 2000 Index ETF	0.4%
Vaxcyte, Inc.	0.2%
FTAI Aviation Ltd.	0.2%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.1%
Applied Industrial Technologies, Inc.	0.1%
Mueller Industries, Inc.	0.1%
Top 10 Total	9.2%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


United States Treasury Floating Rate Note, 4.73%	7.2%
Vanguard Russell 2000 ETF	0.5%
iShares Russell 2000 Index ETF	0.4%
Vaxcyte, Inc.	0.2%
FTAI Aviation Ltd.	0.2%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.1%
Applied Industrial Technologies, Inc.	0.1%
Mueller Industries, Inc.	0.1%
Top 10 Total	9.2%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYRLX-093024

Guggenheim Investments

MUFG Logo

Russell 2000^® 2x Strategy Fund

Class H | RYRSX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class H	$96	1.86%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned 5.57%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% for the same period.

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

How did the fund perform over the last 10 years?

Cumulative performance* for the fund's most recently completed 10 years (as of 9.30.24), assuming a $10,000 initial investment.

Date	Russell 2000^® 2x Strategy Fund (Class H)	S&P 500 Index	Russell 2000 Index
09/30/2014	10000	10000	10000
12/31/2014	11882	10493	10611
03/31/2015	12786	10593	10803
06/30/2015	12774	10622	10685
09/30/2015	9762	9939	9879
12/31/2015	10336	10638	10377
03/31/2016	9833	10782	10658
06/30/2016	10433	11047	11062
09/30/2016	12250	11472	12063
12/31/2016	14304	11911	13128
03/31/2017	14835	12633	13452
06/30/2017	15398	13023	13783
09/30/2017	17002	13607	14565
12/31/2017	17961	14511	15051
03/31/2018	17594	14401	15039
06/30/2018	20141	14896	16205
09/30/2018	21332	16044	16784
12/31/2018	13156	13875	13393
03/31/2019	16961	15769	15347
06/30/2019	17367	16447	15668
09/30/2019	16228	16727	15292
12/31/2019	19325	18244	16812
03/31/2020	8302	14668	11665
06/30/2020	12278	17682	14630
09/30/2020	13287	19260	15352
12/31/2020	22480	21600	20168
03/31/2021	27883	22934	22729
06/30/2021	29868	24895	23705
09/30/2021	26941	25040	22671
12/31/2021	27604	27801	23157
03/31/2022	22998	26522	21414
06/30/2022	15240	22252	17732
09/30/2022	14191	21165	17344
12/31/2022	15482	22766	18424
03/31/2023	15880	24473	18929
06/30/2023	17138	26612	19914
09/30/2023	15066	25741	18893
12/31/2023	18972	28750	21543
03/31/2024	20400	31785	22659
06/30/2024	18610	33147	21917
09/30/2024	21537	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class H	5.57%	42.95%	5.82%	7.97%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

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

Fund Statistics as of 9.30.24

Net Assets	$55,668,032
Total Number of Portfolio Holdings	2,002
Portfolio Turnover Rate	13%

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

^†

6 month returns are not annualized.

Guggenheim Investments

Russell 2000^® 2x Strategy Fund | Class H | RYRSX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Swap Agreements	131.3%
Russell 2000 Index Equity Mini Futures Contracts	23.8%
Financial	10.6%
Consumer, Non-cyclical	10.5%
Government	7.2%
Industrial	6.9%
Consumer, Cyclical	4.9%
Other	11.9%

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


United States Treasury Floating Rate Note, 4.73%	7.2%
Vanguard Russell 2000 ETF	0.5%
iShares Russell 2000 Index ETF	0.4%
Vaxcyte, Inc.	0.2%
FTAI Aviation Ltd.	0.2%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.1%
Applied Industrial Technologies, Inc.	0.1%
Mueller Industries, Inc.	0.1%
Top 10 Total	9.2%


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


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

10 Largest Holdings² (as a % of Net Assets) as of 9.30.24


United States Treasury Floating Rate Note, 4.73%	7.2%
Vanguard Russell 2000 ETF	0.5%
iShares Russell 2000 Index ETF	0.4%
Vaxcyte, Inc.	0.2%
FTAI Aviation Ltd.	0.2%
Insmed, Inc.	0.2%
Sprouts Farmers Market, Inc.	0.2%
Fabrinet	0.1%
Applied Industrial Technologies, Inc.	0.1%
Mueller Industries, Inc.	0.1%
Top 10 Total	9.2%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYRSX-093024

Guggenheim Investments

MUFG Logo

Inverse Russell 2000^® 2x Strategy Fund

Class A | RYIUX

Semi-Annual Shareholder Report | 9.30.24

This semi-annual shareholder report contains important information about the Inverse Russell 2000^® 2x Strategy Fund for the period of April 1, 2024 to September 30, 2024. You can find additional information about the fund at https://www.guggenheiminvestments.com/mutual-funds/literature. You can also request this information by contacting 800 820 0888 or GuggenheimClientServices@mufg-is.com.

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class A	$84	1.77%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class A shares) returned -10.35%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% 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 Russell 2000 Index (the "Index") were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, 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 (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Russell 2000^® 2x Strategy Fund (Class A)^‡	S&P 500 Index	Russell 2000 Index
09/30/2014	9526	10000	10000
12/31/2014	7658	10493	10611
03/31/2015	6869	10593	10803
06/30/2015	6693	10622	10685
09/30/2015	8338	9939	9879
12/31/2015	7538	10638	10377
03/31/2016	7425	10782	10658
06/30/2016	6682	11047	11062
09/30/2016	5522	11472	12063
12/31/2016	4562	11911	13128
03/31/2017	4280	12633	13452
06/30/2017	4033	13023	13783
09/30/2017	3583	13607	14565
12/31/2017	3347	14511	15051
03/31/2018	3290	14401	15039
06/30/2018	2821	14896	16205
09/30/2018	2636	16044	16784
12/31/2018	3983	13875	13393
03/31/2019	3003	15769	15347
06/30/2019	2861	16447	15668
09/30/2019	2957	16727	15292
12/31/2019	2442	18244	16812
03/31/2020	3808	14668	11665
06/30/2020	2031	17682	14630
09/30/2020	1774	19260	15352
12/31/2020	979	21600	20168
03/31/2021	725	22934	22729
06/30/2021	647	24895	23705
09/30/2021	683	25040	22671
12/31/2021	630	27801	23157
03/31/2022	695	26522	21414
06/30/2022	940	22252	17732
09/30/2022	947	21165	17344
12/31/2022	807	22766	18424
03/31/2023	758	24473	18929
06/30/2023	688	26612	19914
09/30/2023	778	25741	18893
12/31/2023	593	28750	21543
03/31/2024	538	31785	22659
06/30/2024	583	33147	21917
09/30/2024	482	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class A (without sales charge)	-10.35%	-38.01%	-30.43%	-25.80%
Class A (with sales charge)^‡	-14.61%	-40.94%	-31.10%	-26.16%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

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

Fund Statistics as of 9.30.24

Net Assets	$4,618,350
Total Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
^†	6 month returns are not annualized.
^‡	Fund returns are calculated using the maximum sales charge of 4.75%.

Guggenheim Investments

Inverse Russell 2000^® 2x Strategy Fund | Class A | RYIUX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Mini Futures Contracts Short Sales	-17.1%
Russell 2000 Index Equity Swap Agreements Short Sales	-182.6%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYIUX-093024

Guggenheim Investments

MUFG Logo

Inverse Russell 2000^® 2x Strategy Fund

Class C | RYIZX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

Class	Costs of a $10,000 Investment	Costs Paid as a % of a $10,000 Investment
Class C	$119	2.51%²

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class C shares) returned -10.73%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% 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 Russell 2000 Index (the "Index") were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, 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 (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Russell 2000^® 2x Strategy Fund (Class C)	S&P 500 Index	Russell 2000 Index
09/30/2014	10000	10000	10000
12/31/2014	8022	10493	10611
03/31/2015	7178	10593	10803
06/30/2015	6985	10622	10685
09/30/2015	8686	9939	9879
12/31/2015	7834	10638	10377
03/31/2016	7705	10782	10658
06/30/2016	6920	11047	11062
09/30/2016	5708	11472	12063
12/31/2016	4708	11911	13128
03/31/2017	4409	12633	13452
06/30/2017	4148	13023	13783
09/30/2017	3678	13607	14565
12/31/2017	3430	14511	15051
03/31/2018	3365	14401	15039
06/30/2018	2879	14896	16205
09/30/2018	2685	16044	16784
12/31/2018	4050	13875	13393
03/31/2019	3048	15769	15347
06/30/2019	2898	16447	15668
09/30/2019	2991	16727	15292
12/31/2019	2464	18244	16812
03/31/2020	3837	14668	11665
06/30/2020	2042	17682	14630
09/30/2020	1780	19260	15352
12/31/2020	981	21600	20168
03/31/2021	725	22934	22729
06/30/2021	646	24895	23705
09/30/2021	680	25040	22671
12/31/2021	626	27801	23157
03/31/2022	689	26522	21414
06/30/2022	930	22252	17732
09/30/2022	936	21165	17344
12/31/2022	796	22766	18424
03/31/2023	746	24473	18929
06/30/2023	676	26612	19914
09/30/2023	763	25741	18893
12/31/2023	580	28750	21543
03/31/2024	526	31785	22659
06/30/2024	569	33147	21917
09/30/2024	469	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class C (without CDSC)	-10.73%	-38.46%	-30.96%	-26.36%
Class C (with CDSC)^§	-11.62%	-39.06%	-30.96%	-26.36%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

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

Fund Statistics as of 9.30.24

Net Assets	$4,618,350
Total Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%

^*	The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.
^†	6 month returns are not annualized.
^§	Fund returns include a CDSC of 1% if redeemed within 12 months of purchase.

Guggenheim Investments

Inverse Russell 2000^® 2x Strategy Fund | Class C | RYIZX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Mini Futures Contracts Short Sales	-17.1%
Russell 2000 Index Equity Swap Agreements Short Sales	-182.6%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYIZX-093024

Guggenheim Investments

MUFG Logo

Inverse Russell 2000^® 2x Strategy Fund

Class H | RYIRX

Semi-Annual Shareholder Report | 9.30.24

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

(Based on a hypothetical $10,000 investment)

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

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

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

For the period of April 1, 2024 to September 30, 2024, the fund (Class H shares) returned -10.28%, underperforming the fund's benchmark, the S&P 500 Index, which returned 10.42% for the same period and underperforming the fund's secondary index, the Russell 2000 Index, which returned 5.69% 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 Russell 2000 Index (the "Index") were Financials, Health Care, and Real Estate. The only sector that detracted was Energy. The holdings that contributed the most to the Index were Insmed, Inc., FTAI Aviation Ltd., and Lumen Technologies, Inc. Those that detracted the most were Super Micro Computer, Inc., MicroStrategy, Inc. - Class A, and Atkore, 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 (as of 9.30.24), assuming a $10,000 initial investment.

Date	Inverse Russell 2000^® 2x Strategy Fund (Class H)	S&P 500 Index	Russell 2000 Index
09/30/2014	10000	10000	10000
12/31/2014	8040	10493	10611
03/31/2015	7206	10593	10803
06/30/2015	7027	10622	10685
09/30/2015	8747	9939	9879
12/31/2015	7910	10638	10377
03/31/2016	7789	10782	10658
06/30/2016	7006	11047	11062
09/30/2016	5788	11472	12063
12/31/2016	4783	11911	13128
03/31/2017	4487	12633	13452
06/30/2017	4229	13023	13783
09/30/2017	3758	13607	14565
12/31/2017	3510	14511	15051
03/31/2018	3450	14401	15039
06/30/2018	2957	14896	16205
09/30/2018	2763	16044	16784
12/31/2018	4176	13875	13393
03/31/2019	3148	15769	15347
06/30/2019	2997	16447	15668
09/30/2019	3097	16727	15292
12/31/2019	2556	18244	16812
03/31/2020	3985	14668	11665
06/30/2020	2123	17682	14630
09/30/2020	1852	19260	15352
12/31/2020	1022	21600	20168
03/31/2021	755	22934	22729
06/30/2021	672	24895	23705
09/30/2021	709	25040	22671
12/31/2021	653	27801	23157
03/31/2022	719	26522	21414
06/30/2022	973	22252	17732
09/30/2022	980	21165	17344
12/31/2022	835	22766	18424
03/31/2023	783	24473	18929
06/30/2023	711	26612	19914
09/30/2023	804	25741	18893
12/31/2023	612	28750	21543
03/31/2024	556	31785	22659
06/30/2024	602	33147	21917
09/30/2024	499	35098	23949

Average Annual Total Returns* as of 9.30.24

	6 Month^†	One Year	Five Years	Ten Years
Class H	-10.28%	-37.92%	-30.59%	-25.90%
S&P 500 Index	10.42%	36.35%	15.98%	13.38%
Russell 2000 Index	5.69%	26.76%	9.39%	9.13%

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

Fund Statistics as of 9.30.24

Net Assets	$4,618,350
Total Number of Portfolio Holdings	8
Portfolio Turnover Rate	0%

The investment return and principal value of an investment in the fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Returns are historical and include changes in principal and reinvested dividends and capital gains and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The S&P 500 Index and the Russell 2000 Index are unmanaged indices and, unlike the fund, have no management fees or operating expenses to reduce their reported returns.

^†

6 month returns are not annualized.

Guggenheim Investments

Inverse Russell 2000^® 2x Strategy Fund | Class H | RYIRX

Semi-Annual Shareholder Report | September 30, 2024

What did the fund invest in?

Holdings Diversification¹ (Market Exposure as a % of Net Assets) as of 9.30.24

Sector	% of Net Assets
Russell 2000 Index Equity Mini Futures Contracts Short Sales	-17.1%
Russell 2000 Index Equity Swap Agreements Short Sales	-182.6%


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

What changes in or disagreements with accountants occurred?

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

Availability of Additional Information.

SAR-RYIRX-093024

Guggenheim Investments

(b)

Not applicable

Item 2. Code of Ethics.

Not required at this time.

Item 3. Audit Committee Financial Expert.

Not required at this time.

Item 4. Principal Accountant Fees and Services.

Not required at this time.

Item 5. Audit Committee of Listed Registrants.

Not required at this time.

Item 6. Investments.

(a) The Schedule of Investments is included under Item 7 of this Form.

(b) Not applicable.

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

Investment Companies

9.30.2024

Rydex Funds Semi-Annual Financial Report

Domestic Equity Funds
S&P 500^{^®} 2x Strategy Fund
Inverse S&P 500^{^®} 2x Strategy Fund
NASDAQ-100^{^®} 2x Strategy Fund
Inverse NASDAQ-100^{^®} 2x Strategy Fund
Dow 2x Strategy Fund
Inverse Dow 2x Strategy Fund
Russell 2000^{^®} 2x Strategy Fund
Inverse Russell 2000^{^®} 2x Strategy Fund

GuggenheimInvestments.com

DYN-SEMI-0924x0325

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

Distributed by Guggenheim Funds Distributors, LLC.

TABLE OF CONTENTS


ITEM 7: FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (SEMI-ANNUAL FINANCIAL REPORT)
S&P 500^{^®} 2x STRATEGY FUND	2
INVERSE S&P 500^{^®} 2x STRATEGY FUND	13
NASDAQ-100^{^®} 2x STRATEGY FUND	19
INVERSE NASDAQ-100^{^®} 2x STRATEGY FUND	26
DOW 2x STRATEGY FUND	32
INVERSE DOW 2x STRATEGY FUND	38
RUSSELL 2000^{^®} 2x STRATEGY FUND	44
INVERSE RUSSELL 2000^{^®} 2x STRATEGY FUND	69
NOTES TO FINANCIAL STATEMENTS	75
OTHER INFORMATION	88
ITEM 8: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES	90
ITEM 9: PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES	91
ITEM 10: RENUMERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES	92
ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT	93

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 1

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
S&P 500^{^®} 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS^† - 83.5%

Technology - 25.7%
Apple, Inc.		52,555	$	12,245,315
Microsoft Corp.		25,693		11,055,698
NVIDIA Corp.		85,033		10,326,407
Broadcom, Inc.		16,090		2,775,525
Oracle Corp.		5,525		941,460
Advanced Micro Devices, Inc.*		5,595		918,028
Salesforce, Inc.		3,349		916,655
Adobe, Inc.*		1,533		793,757
Accenture plc — Class A		2,165		765,284
International Business Machines Corp.		3,184		703,919
QUALCOMM, Inc.		3,851		654,863
Texas Instruments, Inc.		3,156		651,935
ServiceNow, Inc.*		712		636,806
Intuit, Inc.		966		599,886
Applied Materials, Inc.		2,862		578,267
Micron Technology, Inc.		3,833		397,520
Analog Devices, Inc.		1,715		394,742
Lam Research Corp.		451		368,052
KLA Corp.		465		360,101
Fiserv, Inc.*		1,990		357,503
Intel Corp.*		14,749		346,012
Synopsys, Inc.*		530		268,387
Palantir Technologies, Inc. — Class A*		6,961		258,949
Cadence Design Systems, Inc.*		946		256,394
Crowdstrike Holdings, Inc. — Class A*		798		223,815
NXP Semiconductor N.V.		881		211,449
Roper Technologies, Inc.		371		206,439
Autodesk, Inc.*		745		205,233
Fortinet, Inc.*		2,195		170,222
Fair Isaac Corp.*		85		165,199
TE Connectivity plc		1,051		158,690
MSCI, Inc. — Class A		272		158,557
Fidelity National Information Services, Inc.		1,886		157,952
Monolithic Power Systems, Inc.		169		156,240
Microchip Technology, Inc.		1,855		148,938
Paychex, Inc.		1,108		148,682
Gartner, Inc.*		266		134,798
Cognizant Technology Solutions Corp. — Class A		1,713		132,209
HP, Inc.		3,383		121,348
Electronic Arts, Inc.		831		119,199
Dell Technologies, Inc. — Class C		994		117,829
ON Semiconductor Corp.*		1,481		107,535
ANSYS, Inc.*		302		96,226
Hewlett Packard Enterprise Co.		4,493		91,927
NetApp, Inc.		711		87,816
Broadridge Financial Solutions, Inc.		403		86,657
Take-Two Interactive Software, Inc.*		563		86,539
Tyler Technologies, Inc.*		148		86,391
Seagate Technology Holdings plc		726		79,519
Western Digital Corp.*		1,129		77,099
Leidos Holdings, Inc.		466		75,958
Teradyne, Inc.		564		75,537
PTC, Inc.*		415		74,974
Super Micro Computer, Inc.*		174		72,454
Zebra Technologies Corp. — Class A*		178		65,917
Skyworks Solutions, Inc.		552		54,521
Akamai Technologies, Inc.*		524		52,898
Jack Henry & Associates, Inc.		252		44,488
EPAM Systems, Inc.*		197		39,209
Qorvo, Inc.*		328		33,882
Dayforce, Inc.*		546		33,442
Paycom Software, Inc.		168		27,984
Amentum Holdings, Inc.*		433		13,964
Total Technology				51,773,201

Consumer, Non-cyclical - 14.5%
Eli Lilly & Co.		2,727		2,415,958
UnitedHealth Group, Inc.		3,192		1,866,298
Procter & Gamble Co.		8,137		1,409,328
Johnson & Johnson		8,321		1,348,501
AbbVie, Inc.		6,106		1,205,813
Merck & Company, Inc.		8,762		995,013
Coca-Cola Co.		13,408		963,499
Thermo Fisher Scientific, Inc.		1,320		816,512
PepsiCo, Inc.		4,748		807,397
Abbott Laboratories		6,014		685,656
Philip Morris International, Inc.		5,374		652,404
Danaher Corp.		2,222		617,760
Intuitive Surgical, Inc.*		1,226		602,297
Amgen, Inc.		1,857		598,344
S&P Global, Inc.		1,107		571,898
Pfizer, Inc.		19,588		566,877
Stryker Corp.		1,185		428,093
Boston Scientific Corp.*		5,090		426,542
Elevance Health, Inc.		802		417,040
Vertex Pharmaceuticals, Inc.*		892		414,851
Medtronic plc		4,433		399,103
Automatic Data Processing, Inc.		1,410		390,189
Regeneron Pharmaceuticals, Inc.*		367		385,805
Bristol-Myers Squibb Co.		7,008		362,594
Gilead Sciences, Inc.		4,303		360,764
Mondelez International, Inc. — Class A		4,617		340,134
Cigna Group		966		334,661
Zoetis, Inc.		1,566		305,965
Altria Group, Inc.		5,898		301,034
Colgate-Palmolive Co.		2,824		293,159
PayPal Holdings, Inc.*		3,534		275,758
CVS Health Corp.		4,348		273,402
HCA Healthcare, Inc.		642		260,928
Moody’s Corp.		541		256,753
Cintas Corp.		1,184		243,762
Becton Dickinson & Co.		999		240,859
McKesson Corp.		448		221,500
United Rentals, Inc.		230		186,238
Kimberly-Clark Corp.		1,164		165,614
Kenvue, Inc.		6,620		153,121
Quanta Services, Inc.		509		151,759
Agilent Technologies, Inc.		1,009		149,816
GE HealthCare Technologies, Inc.		1,579		148,189
IDEXX Laboratories, Inc.*		285		143,988

2 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P 500^{^®} 2x STRATEGY FUND

	Shares		Value
General Mills, Inc.		1,924	$	142,087
IQVIA Holdings, Inc.*		599		141,945
Corteva, Inc.		2,393		140,685
Constellation Brands, Inc. — Class A		542		139,668
Edwards Lifesciences Corp.*		2,082		137,391
Keurig Dr Pepper, Inc.		3,656		137,027
Centene Corp.*		1,818		136,859
Cencora, Inc. — Class A		603		135,723
Sysco Corp.		1,700		132,702
Verisk Analytics, Inc. — Class A		492		131,836
Humana, Inc.		416		131,764
Kroger Co.		2,295		131,503
Monster Beverage Corp.*		2,438		127,190
Equifax, Inc.		428		125,772
ResMed, Inc.		508		124,013
Kraft Heinz Co.		3,051		107,121
Archer-Daniels-Midland Co.		1,653		98,750
Hershey Co.		510		97,808
Biogen, Inc.*		504		97,695
Cardinal Health, Inc.		843		93,168
Dexcom, Inc.*		1,385		92,851
Global Payments, Inc.		879		90,027
Church & Dwight Company, Inc.		846		88,593
STERIS plc		341		82,706
Estee Lauder Companies, Inc. — Class A		805		80,251
Moderna, Inc.*		1,169		78,124
Zimmer Biomet Holdings, Inc.		704		75,997
Cooper Companies, Inc.*		688		75,914
West Pharmaceutical Services, Inc.		251		75,340
Corpay, Inc.*		240		75,063
Kellanova		927		74,818
Waters Corp.*		205		73,778
McCormick & Company, Inc.		871		71,683
Molina Healthcare, Inc.*		203		69,946
Clorox Co.		428		69,726
Baxter International, Inc.		1,764		66,979
Hologic, Inc.*		803		65,412
Labcorp Holdings, Inc.		290		64,809
Align Technology, Inc.*		243		61,800
Avery Dennison Corp.		278		61,371
Quest Diagnostics, Inc.		385		59,771
Tyson Foods, Inc. — Class A		988		58,845
Insulet Corp.*		242		56,326
Revvity, Inc.		426		54,422
Conagra Brands, Inc.		1,656		53,853
Rollins, Inc.		971		49,113
Viatris, Inc.		4,126		47,903
Bunge Global S.A.		490		47,354
Universal Health Services, Inc. — Class B		206		47,176
J M Smucker Co.		368		44,565
Bio-Techne Corp.		545		43,562
Teleflex, Inc.		163		40,313
Catalent, Inc.*		626		37,917
Incyte Corp.*		553		36,553
Charles River Laboratories International, Inc.*		178		35,061
Molson Coors Beverage Co. — Class B		607		34,915
Solventum Corp.*		478		33,326
Campbell Soup Co.		681		33,315
MarketAxess Holdings, Inc.		130		33,306
Lamb Weston Holdings, Inc.		497		32,176
Henry Schein, Inc.*		438		31,930
Hormel Foods Corp.		1,005		31,859
Brown-Forman Corp. — Class B		634		31,193
DaVita, Inc.*		160		26,229
Total Consumer, Non-cyclical				29,162,054

Communications - 12.1%
Amazon.com, Inc.*		32,289		6,016,409
Meta Platforms, Inc. — Class A		7,552		4,323,067
Alphabet, Inc. — Class A		20,252		3,358,794
Alphabet, Inc. — Class C		16,603		2,775,856
Netflix, Inc.*		1,483		1,051,847
Cisco Systems, Inc.		13,926		741,142
Verizon Communications, Inc.		14,551		653,485
Walt Disney Co.		6,269		603,015
Comcast Corp. — Class A		13,353		557,755
Uber Technologies, Inc.*		7,262		545,812
AT&T, Inc.		24,785		545,270
Booking Holdings, Inc.		116		488,606
Palo Alto Networks, Inc.*		1,119		382,474
T-Mobile US, Inc.		1,694		349,574
Arista Networks, Inc.*		890		341,600
Motorola Solutions, Inc.		577		259,437
Airbnb, Inc. — Class A*		1,521		192,878
Corning, Inc.		2,662		120,189
eBay, Inc.		1,690		110,036
Charter Communications, Inc. — Class A*		336		108,891
CDW Corp.		462		104,551
GoDaddy, Inc. — Class A*		487		76,352
Omnicom Group, Inc.		676		69,891
Expedia Group, Inc.*		431		63,797
Warner Bros Discovery, Inc.*		7,713		63,632
FactSet Research Systems, Inc.		131		60,240
VeriSign, Inc.*		290		55,088
Gen Digital, Inc.		1,872		51,349
Juniper Networks, Inc.		1,138		44,359
F5, Inc.*		201		44,260
Interpublic Group of Companies, Inc.		1,298		41,056
News Corp. — Class A		1,308		34,832
Match Group, Inc.*		891		33,715
Fox Corp. — Class A		777		32,890
Paramount Global — Class B¹		2,056		21,835
Fox Corp. — Class B		456		17,693
News Corp. — Class B		388		10,845
Total Communications				24,352,522

Financial - 11.7%
Berkshire Hathaway, Inc. — Class B*		6,332		2,914,366
JPMorgan Chase & Co.		9,835		2,073,808
Visa, Inc. — Class A		5,774		1,587,561
Mastercard, Inc. — Class A		2,852		1,408,318
Bank of America Corp.		23,335		925,933

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 3

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P 500^{^®} 2x STRATEGY FUND

	Shares		Value
Wells Fargo & Co.		11,766	$	664,661
Goldman Sachs Group, Inc.		1,092		540,660
American Express Co.		1,941		526,399
Progressive Corp.		2,024		513,610
BlackRock, Inc. — Class A		481		456,714
Morgan Stanley		4,306		448,857
Citigroup, Inc.		6,595		412,847
Prologis, Inc. REIT		3,201		404,222
Blackstone, Inc. — Class A		2,489		381,141
Marsh & McLennan Companies, Inc.		1,700		379,253
American Tower Corp. — Class A REIT		1,615		375,584
Chubb Ltd.		1,299		374,619
Charles Schwab Corp.		5,164		334,679
Intercontinental Exchange, Inc.		1,985		318,870
KKR & Company, Inc. — Class A		2,331		304,382
Equinix, Inc. REIT		328		291,143
CME Group, Inc. — Class A		1,245		274,709
Aon plc — Class A		751		259,838
Welltower, Inc. REIT		2,000		256,060
PNC Financial Services Group, Inc.		1,374		253,984
U.S. Bancorp		5,394		246,668
Arthur J Gallagher & Co.		757		212,997
Truist Financial Corp.		4,629		197,982
Public Storage REIT		544		197,945
Capital One Financial Corp.		1,320		197,644
Aflac, Inc.		1,742		194,756
Realty Income Corp. REIT		3,010		190,894
Travelers Companies, Inc.		788		184,487
Bank of New York Mellon Corp.		2,551		183,315
Simon Property Group, Inc. REIT		1,059		178,992
Crown Castle, Inc. REIT		1,502		178,182
Allstate Corp.		913		173,150
Digital Realty Trust, Inc. REIT		1,064		172,187
MetLife, Inc.		2,033		167,682
American International Group, Inc.		2,226		163,010
Ameriprise Financial, Inc.		339		159,266
Prudential Financial, Inc.		1,234		149,437
Arch Capital Group Ltd.*		1,295		144,885
Extra Space Storage, Inc. REIT		733		132,079
CBRE Group, Inc. — Class A*		1,041		129,584
Discover Financial Services		868		121,772
VICI Properties, Inc. REIT		3,620		120,582
Iron Mountain, Inc. REIT		1,014		120,494
Hartford Financial Services Group, Inc.		1,013		119,139
AvalonBay Communities, Inc. REIT		491		110,598
CoStar Group, Inc.*		1,417		106,898
Nasdaq, Inc.		1,430		104,404
Willis Towers Watson plc		351		103,380
M&T Bank Corp.		577		102,775
Fifth Third Bancorp		2,339		100,203
Ventas, Inc. REIT		1,428		91,578
State Street Corp.		1,032		91,301
SBA Communications Corp. REIT		371		89,300
Equity Residential REIT		1,179		87,788
Weyerhaeuser Co. REIT		2,514		85,124
Brown & Brown, Inc.		818		84,745
T. Rowe Price Group, Inc.		769		83,767
Raymond James Financial, Inc.		641		78,497
Cboe Global Markets, Inc.		362		74,163
Huntington Bancshares, Inc.		5,021		73,809
Regions Financial Corp.		3,163		73,793
Cincinnati Financial Corp.		540		73,505
Invitation Homes, Inc. REIT		1,969		69,427
Synchrony Financial		1,366		68,136
Essex Property Trust, Inc. REIT		222		65,583
Mid-America Apartment Communities, Inc. REIT		404		64,196
Alexandria Real Estate Equities, Inc. REIT		538		63,887
Citizens Financial Group, Inc.		1,550		63,658
Principal Financial Group, Inc.		736		63,222
Northern Trust Corp.		697		62,751
W R Berkley Corp.		1,039		58,942
Everest Group Ltd.		150		58,775
Healthpeak Properties, Inc. REIT		2,433		55,643
Kimco Realty Corp. REIT		2,330		54,103
KeyCorp		3,208		53,734
Loews Corp.		630		49,801
UDR, Inc. REIT		1,037		47,018
Erie Indemnity Co. — Class A		86		46,425
Camden Property Trust REIT		369		45,583
Host Hotels & Resorts, Inc. REIT		2,428		42,733
Regency Centers Corp. REIT		565		40,810
BXP, Inc. REIT		502		40,391
Assurant, Inc.		179		35,596
Globe Life, Inc.		310		32,832
Federal Realty Investment Trust REIT		260		29,892
Invesco Ltd.		1,555		27,306
Franklin Resources, Inc.		1,067		21,500
Total Financial				23,596,919

Consumer, Cyclical - 7.0%
Tesla, Inc.*		9,591		2,509,293
Home Depot, Inc.		3,428		1,389,026
Costco Wholesale Corp.		1,532		1,358,149
Walmart, Inc.		15,014		1,212,380
McDonald’s Corp.		2,480		755,185
Lowe’s Companies, Inc.		1,970		533,575
TJX Companies, Inc.		3,907		459,229
Starbucks Corp.		3,917		381,868
NIKE, Inc. — Class B		4,153		367,126
Chipotle Mexican Grill, Inc. — Class A*		4,734		272,773
Target Corp.		1,599		249,220
O’Reilly Automotive, Inc.*		201		231,472
Marriott International, Inc. — Class A		808		200,869
Hilton Worldwide Holdings, Inc.		852		196,386
DR Horton, Inc.		1,014		193,440
AutoZone, Inc.*		59		185,852
PACCAR, Inc.		1,812		178,808
General Motors Co.		3,885		174,203
Ross Stores, Inc.		1,153		173,538
WW Grainger, Inc.		154		159,977
Copart, Inc.*		3,027		158,615
Lennar Corp. — Class A		835		156,546

4 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P 500^{^®} 2x STRATEGY FUND

	Shares		Value
Cummins, Inc.		474	$	153,477
Royal Caribbean Cruises Ltd.		819		145,258
Ford Motor Co.		13,496		142,518
Fastenal Co.		1,979		141,340
Yum! Brands, Inc.		972		135,798
Delta Air Lines, Inc.		2,217		112,601
Tractor Supply Co.		373		108,517
Lululemon Athletica, Inc.*		398		107,997
NVR, Inc.*		11		107,930
PulteGroup, Inc.		717		102,911
Deckers Outdoor Corp.*		527		84,030
Best Buy Company, Inc.		679		70,141
Genuine Parts Co.		482		67,326
Darden Restaurants, Inc.		409		67,129
Aptiv plc*		919		66,177
United Airlines Holdings, Inc.*		1,137		64,877
Carnival Corp.*		3,492		64,532
Dollar General Corp.		760		64,273
Ulta Beauty, Inc.*		165		64,205
Las Vegas Sands Corp.		1,222		61,515
Southwest Airlines Co.		2,071		61,364
Live Nation Entertainment, Inc.*		542		59,344
Domino’s Pizza, Inc.		121		52,047
Pool Corp.		132		49,738
Dollar Tree, Inc.*		698		49,083
CarMax, Inc.*		540		41,785
Tapestry, Inc.		796		37,396
LKQ Corp.		910		36,327
Hasbro, Inc.		453		32,761
Caesars Entertainment, Inc.*		748		31,221
MGM Resorts International*		798		31,194
Norwegian Cruise Line Holdings Ltd.*		1,520		31,175
Wynn Resorts Ltd.		323		30,969
BorgWarner, Inc.		787		28,561
Ralph Lauren Corp. — Class A		138		26,754
Walgreens Boots Alliance, Inc.		2,477		22,194
Total Consumer, Cyclical				14,051,995

Industrial - 6.1%
General Electric Co.		3,748		706,798
Caterpillar, Inc.		1,676		655,517
RTX Corp.		4,598		557,094
Union Pacific Corp.		2,106		519,087
Honeywell International, Inc.		2,251		465,304
Eaton Corporation plc		1,376		456,061
Lockheed Martin Corp.		733		428,482
Deere & Co.		886		369,754
United Parcel Service, Inc. — Class B		2,532		345,213
Boeing Co.*		2,023		307,577
Trane Technologies plc		780		303,209
Parker-Hannifin Corp.		444		280,528
TransDigm Group, Inc.		194		276,863
Amphenol Corp. — Class A		4,163		271,261
General Dynamics Corp.		891		269,260
Waste Management, Inc.		1,262		261,991
3M Co.		1,899		259,593
Northrop Grumman Corp.		475		250,833
Illinois Tool Works, Inc.		934		244,773
GE Vernova, Inc.*		950		242,231
Carrier Global Corp.		2,902		233,582
CSX Corp.		6,702		231,420
Emerson Electric Co.		1,980		216,553
FedEx Corp.		779		213,197
Norfolk Southern Corp.		782		194,327
Johnson Controls International plc		2,309		179,201
L3Harris Technologies, Inc.		656		156,043
Otis Worldwide Corp.		1,385		143,957
Republic Services, Inc. — Class A		706		141,793
Howmet Aerospace, Inc.		1,411		141,453
AMETEK, Inc.		800		137,368
Ingersoll Rand, Inc.		1,395		136,933
Old Dominion Freight Line, Inc.		652		129,513
Vulcan Materials Co.		456		114,196
Martin Marietta Materials, Inc.		211		113,571
Xylem, Inc.		840		113,425
Westinghouse Air Brake Technologies Corp.		606		110,153
Mettler-Toledo International, Inc.*		73		109,478
Rockwell Automation, Inc.		392		105,236
Axon Enterprise, Inc.*		248		99,101
Keysight Technologies, Inc.*		603		95,835
Fortive Corp.		1,211		95,584
Veralto Corp.		854		95,529
Garmin Ltd.		532		93,648
Dover Corp.		475		91,077
Smurfit WestRock plc		1,705		84,261
Hubbell, Inc.		186		79,673
Builders FirstSource, Inc.*		403		78,126
Ball Corp.		1,049		71,238
Teledyne Technologies, Inc.*		162		70,901
Packaging Corporation of America		308		66,343
Expeditors International of Washington, Inc.		488		64,123
Masco Corp.		754		63,291
Stanley Black & Decker, Inc.		532		58,589
Textron, Inc.		648		57,400
Jacobs Solutions, Inc.		433		56,680
Amcor plc		4,996		56,605
IDEX Corp.		262		56,199
Pentair plc		572		55,936
Snap-on, Inc.		182		52,727
Trimble, Inc.*		844		52,404
Nordson Corp.		188		49,374
J.B. Hunt Transport Services, Inc.		278		47,908
Jabil, Inc.		392		46,973
CH Robinson Worldwide, Inc.		405		44,700
Allegion plc		301		43,868
A O Smith Corp.		415		37,280
Huntington Ingalls Industries, Inc.		136		35,956
Generac Holdings, Inc.*		208		33,047
Mohawk Industries, Inc.*		181		29,083
Total Industrial				12,356,287

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 5

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P 500^{^®} 2x STRATEGY FUND

	Shares		Value
Energy - 2.8%
Exxon Mobil Corp.		15,357	$	1,800,148
Chevron Corp.		5,879		865,800
ConocoPhillips		4,014		422,594
EOG Resources, Inc.		1,965		241,558
Schlumberger N.V.		4,908		205,891
Williams Companies, Inc.		4,213		192,323
Phillips 66		1,447		190,208
Marathon Petroleum Corp.		1,157		188,487
ONEOK, Inc.		2,019		183,991
Valero Energy Corp.		1,107		149,478
Kinder Morgan, Inc.		6,675		147,451
Hess Corp.		955		129,689
Baker Hughes Co.		3,434		124,139
Occidental Petroleum Corp.		2,327		119,934
Targa Resources Corp.		757		112,044
Diamondback Energy, Inc.		648		111,715
First Solar, Inc.*		370		92,293
Halliburton Co.		3,052		88,661
Devon Energy Corp.		2,165		84,695
Equities Corp.		2,053		75,222
Coterra Energy, Inc. — Class A		2,555		61,192
Enphase Energy, Inc.*		468		52,893
Marathon Oil Corp.		1,934		51,502
APA Corp.		1,279		31,284
Total Energy				5,723,192

Utilities - 2.1%
NextEra Energy, Inc.		7,102		600,332
Southern Co.		3,780		340,880
Duke Energy Corp.		2,669		307,736
Constellation Energy Corp.		1,081		281,082
American Electric Power Company, Inc.		1,839		188,681
Sempra		2,189		183,066
Dominion Energy, Inc.		2,900		167,591
Public Service Enterprise Group, Inc.		1,722		153,620
PG&E Corp.		7,388		146,061
Vistra Corp.		1,188		140,826
Exelon Corp.		3,457		140,181
Xcel Energy, Inc.		1,927		125,833
Consolidated Edison, Inc.		1,195		124,435
Edison International		1,335		116,265
WEC Energy Group, Inc.		1,093		105,125
American Water Works Company, Inc.		674		98,565
Entergy Corp.		739		97,260
DTE Energy Co.		716		91,942
PPL Corp.		2,550		84,354
Eversource Energy		1,235		84,042
Ameren Corp.		922		80,638
FirstEnergy Corp.		1,772		78,588
Atmos Energy Corp.		537		74,487
CMS Energy Corp.		1,033		72,961
CenterPoint Energy, Inc.		2,253		66,283
NRG Energy, Inc.		713		64,954
Alliant Energy Corp.		887		53,832
NiSource, Inc.		1,550		53,708
Evergy, Inc.		795		49,298
AES Corp.		2,457		49,287
Pinnacle West Capital Corp.		393		34,816
Total Utilities				4,256,729

Basic Materials - 1.5%
Linde plc		1,662		792,541
Sherwin-Williams Co.		802		306,099
Freeport-McMoRan, Inc.		4,967		247,952
Air Products and Chemicals, Inc.		768		228,664
Ecolab, Inc.		875		223,414
Newmont Corp.		3,966		211,983
Dow, Inc.		2,423		132,369
DuPont de Nemours, Inc.		1,443		128,586
Nucor Corp.		820		123,279
PPG Industries, Inc.		807		106,895
International Flavors & Fragrances, Inc.		884		92,758
LyondellBasell Industries N.V. — Class A		899		86,214
Steel Dynamics, Inc.		496		62,536
International Paper Co.		1,201		58,669
CF Industries Holdings, Inc.		624		53,539
Celanese Corp. — Class A		378		51,393
Eastman Chemical Co.		404		45,228
Albemarle Corp.		406		38,452
Mosaic Co.		1,101		29,485
FMC Corp.		431		28,420
Total Basic Materials				3,048,476

Total Common Stocks
(Cost $94,683,456)				168,321,375

	Face Amount
U.S. TREASURY BILLS^†† - 10.4%
U.S. Treasury Bills
4.68% due 12/05/24^2,3	$	12,000,000		11,902,026
4.63% due 10/10/24^3,4		3,856,000		3,851,522
4.85% due 12/12/24^2,3		2,400,000		2,378,544
4.72% due 12/12/24³		1,950,000		1,932,567
4.49% due 12/12/24³		900,000		891,954
4.81% due 12/12/24³		50,000		49,553
4.75% due 12/12/24³		50,000		49,553
Total U.S. Treasury Bills
(Cost $21,047,624)				21,055,719

REPURCHASE AGREEMENTS^††,5 - 8.3%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24²		9,115,841		9,115,841
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24²		7,529,261		7,529,261
Total Repurchase Agreements
(Cost $16,645,102)				16,645,102

6 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
S&P 500^{^®} 2x STRATEGY FUND

	Shares		Value
SECURITIES LENDING COLLATERAL^†,6 - 0.0%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%⁷		14,749	$	14,749
Total Securities Lending Collateral
(Cost $14,749)				14,749

Total Investments - 102.2%
(Cost $132,390,931)			$	206,036,945
Other Assets & Liabilities, net - (2.2)%				(4,518,300	)
Total Net Assets - 100.0%			$	201,518,645

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

153

Dec 2024

44,492,400

881,875

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

S&P 500 Index

Pay

5.33% (Federal Funds Rate + 0.50%)

At Maturity

12/18/24

20,320

117,090,785

805,510

Barclays Bank plc

S&P 500 Index

Pay

5.44% (SOFR + 0.60%)

At Maturity

12/19/24

9,249

53,299,418

299,784

BNP Paribas

S&P 500 Index

Pay

5.68% (Federal Funds Rate + 0.85%)

At Maturity

12/19/24

3,376

19,454,062

135,358

189,844,265

1,240,652

*	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 September 30, 2024 — See Note 7.
²	All or a portion of this security is pledged as equity index swap collateral at September 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 futures collateral at September 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 September 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 | 7

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
S&P 500^{^®} 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 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	$	168,321,375	$	—	$	—	$	168,321,375
U.S. Treasury Bills		—		21,055,719		—		21,055,719
Repurchase Agreements		—		16,645,102		—		16,645,102
Securities Lending Collateral		14,749		—		—		14,749
Equity Futures Contracts**		881,875		—		—		881,875
Equity Index Swap Agreements**		—		1,240,652		—		1,240,652
Total Assets	$	169,217,999	$	38,941,473	$	—	$	208,159,472

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

8 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P 500^{^®} 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $13,923 of securities loaned (cost $115,745,829)	$	189,391,843
Repurchase agreements, at value (cost $16,645,102)		16,645,102
Cash		1,825
Segregated cash with broker		32,636
Unrealized appreciation on OTC swap agreements		1,240,652
Receivables:
Securities sold		25,139,436
Fund shares sold		1,014,799
Variation margin on futures contracts		240,961
Dividends		91,514
Swap settlement		37,155
Interest		2,245
Securities lending income		4
Total assets		233,838,172

Liabilities:
Segregated cash due to broker		450,000
Payable for:
Fund shares redeemed		31,392,830
Management fees		156,203
Transfer agent fees		107,267
Distribution and service fees		44,354
Portfolio accounting and administration fees		18,226
Return of securities lending collateral		14,749
Trustees’ fees*		2,036
Miscellaneous		133,862
Total liabilities		32,319,527
Net assets	$	201,518,645

Net assets consist of:
Paid in capital	$	138,780,882
Total distributable earnings (loss)		62,737,763
Net assets	$	201,518,645

Class A:
Net assets	$	26,141,733
Capital shares outstanding		78,629
Net asset value per share	$	332.47
Maximum offering price per share (Net asset value divided by 95.25%)	$	349.05

Class C:
Net assets	$	1,732,846
Capital shares outstanding		6,405
Net asset value per share	$	270.55

Class H:
Net assets	$	173,644,066
Capital shares outstanding		523,191
Net asset value per share	$	331.89

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $263)	$	1,211,573
Interest		1,057,143
Income from securities lending, net		31
Total investment income		2,268,747

Expenses:
Management fees		1,006,859
Distribution and service fees:
Class A		30,380
Class C		8,331
Class H		247,227
Transfer agent fees		237,185
Portfolio accounting and administration fees		229,376
Registration fees		158,013
Interest expense		50,396
Professional fees		26,452
Custodian fees		14,356
Trustees’ fees*		11,488
Line of credit fees		132
Miscellaneous		46,450
Total expenses		2,066,645
Less:
Expenses reimbursed by Adviser		(111,895	)
Net expenses		1,954,750
Net investment income		313,997

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		574,433
Swap agreements		11,814,091
Futures contracts		3,616,002
Net realized gain		16,004,526
Net change in unrealized appreciation (depreciation) on:
Investments		11,699,947
Swap agreements		(84,577	)
Futures contracts		(383,040	)
Net change in unrealized appreciation (depreciation)		11,232,330
Net realized and unrealized gain		27,236,856
Net increase in net assets resulting from operations	$	27,550,853

*	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^{^®} 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	313,997		$	722,620
Net realized gain on investments		16,004,526			45,300,034
Net change in unrealized appreciation (depreciation) on investments		11,232,330			30,294,884
Net increase in net assets resulting from operations		27,550,853			76,317,538

Distributions to shareholders:
Class A		—			(28,390	)
Class C		—			(2,164	)
Class H		—			(207,315	)
Total distributions to shareholders		—			(237,869	)

Capital share transactions:
Proceeds from sale of shares
Class A		3,065,012			6,084,963
Class C		403,933			897,471
Class H		2,071,286,777			3,957,107,761
Distributions reinvested
Class A		—			27,412
Class C		—			1,695
Class H		—			179,251
Cost of shares redeemed
Class A		(4,232,179	)		(7,728,261	)
Class C		(660,599	)		(1,894,512	)
Class H		(2,155,044,150	)		(3,898,800,693	)
Net increase (decrease) from capital share transactions		(85,181,206	)		55,875,087
Net increase (decrease) in net assets		(57,630,353	)		131,954,756

Net assets:
Beginning of period		259,148,998			127,194,242
End of period	$	201,518,645		$	259,148,998

Capital share activity:
Shares sold
Class A		10,360			28,594
Class C		1,667			4,931
Class H		7,019,294			18,101,898
Shares issued from reinvestment of distributions
Class A		—			120
Class C		—			9
Class H		—			787
Shares redeemed
Class A		(14,292	)		(36,493	)
Class C		(2,751	)		(11,330	)
Class H		(7,313,154	)		(17,866,387	)
Net increase (decrease) in shares		(298,876	)		222,129

10 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

S&P 500^{^®} 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS

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

Class A	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	286.56		$	186.61		$	244.03		$	195.48		$	86.56		$	117.21
Income (loss) from investment operations:
Net investment income (loss)^b		.48			.90			.31			(1.47	)		(.75	)		.12
Net gain (loss) on investments (realized and unrealized)		45.43			99.39			(57.73	)		55.90			110.89			(28.08	)
Total from investment operations		45.91			100.29			(57.42	)		54.43			110.14			(27.96	)
Less distributions from:
Net investment income		—			(.34	)		—			—			—			—
Net realized gains		—			—			—			(5.88	)		(1.22	)		(2.69	)
Total distributions		—			(.34	)		—			(5.88	)		(1.22	)		(2.69	)
Net asset value, end of period	$	332.47		$	286.56		$	186.61		$	244.03		$	195.48		$	86.56

Total Return^c		16.02	%		53.82	%		(23.53	%)		27.59	%		127.44	%		(24.76	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	26,142		$	23,659		$	16,858		$	25,694		$	21,176		$	10,134
Ratios to average net assets:
Net investment income (loss)		0.33	%		0.41	%		0.17	%		(0.61	%)		(0.51	%)		0.10	%
Total expenses		1.84	%		1.94	%		1.85	%		1.75	%		1.81	%		1.84	%
Net expenses^d		1.74	%		1.86	%		1.82	%		1.75	%		1.81	%		1.84	%
Portfolio turnover rate		734	%		1,312	%		554	%		610	%		634	%		328	%

Class C	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	234.07		$	153.62		$	202.40		$	164.10		$	73.30		$	100.33
Income (loss) from investment operations:
Net investment income (loss)^b		(.51	)		(.62	)		(.99	)		(2.70	)		(1.51	)		(.60	)
Net gain (loss) on investments (realized and unrealized)		36.99			81.41			(47.79	)		46.88			93.53			(23.74	)
Total from investment operations		36.48			80.79			(48.78	)		44.18			92.02			(24.34	)
Less distributions from:
Net investment income		—			(.34	)		—			—			—			—
Net realized gains		—			—			—			(5.88	)		(1.22	)		(2.69	)
Total distributions		—			(.34	)		—			(5.88	)		(1.22	)		(2.69	)
Net asset value, end of period	$	270.55		$	234.07		$	153.62		$	202.40		$	164.10		$	73.30

Total Return^c		15.58	%		52.68	%		(24.10	%)		26.62	%		125.76	%		(25.33	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,733		$	1,753		$	2,132		$	4,317		$	2,919		$	2,381
Ratios to average net assets:
Net investment income (loss)		(0.42	%)		(0.35	%)		(0.65	%)		(1.36	%)		(1.23	%)		(0.56	%)
Total expenses		2.59	%		2.69	%		2.59	%		2.50	%		2.56	%		2.58	%
Net expenses^d		2.49	%		2.61	%		2.57	%		2.50	%		2.56	%		2.58	%
Portfolio turnover rate		734	%		1,312	%		554	%		610	%		634	%		328	%

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 11

S&P 500^{^®} 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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.

Class H	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	286.07		$	186.32		$	243.65		$	195.18		$	86.43		$	117.04
Income (loss) from investment operations:
Net investment income (loss)^b		.42			.89			.31			(1.46	)		(.78	)		.14
Net gain (loss) on investments (realized and unrealized)		45.40			99.20			(57.64	)		55.81			110.75			(28.06	)
Total from investment operations		45.82			100.09			(57.33	)		54.35			109.97			(27.92	)
Less distributions from:
Net investment income		—			(.34	)		—			—			—			—
Net realized gains		—			—			—			(5.88	)		(1.22	)		(2.69	)
Total distributions		—			(.34	)		—			(5.88	)		(1.22	)		(2.69	)
Net asset value, end of period	$	331.89		$	286.07		$	186.32		$	243.65		$	195.18		$	86.43

Total Return		16.02	%		53.81	%		(23.53	%)		27.59	%		127.44	%		(24.77	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	173,644		$	233,737		$	108,204		$	219,097		$	123,790		$	77,320
Ratios to average net assets:
Net investment income (loss)		0.28	%		0.40	%		0.17	%		(0.61	%)		(0.53	%)		0.11	%
Total expenses		1.84	%		1.94	%		1.85	%		1.75	%		1.81	%		1.84	%
Net expenses^d		1.74	%		1.85	%		1.82	%		1.75	%		1.81	%		1.84	%
Portfolio turnover rate		734	%		1,312	%		554	%		610	%		634	%		328	%

^a	Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.

12 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INVERSE S&P 500^{^®} 2x STRATEGY FUND

	Face Amount		Value
FEDERAL AGENCY DISCOUNT NOTES^†† - 51.5%
Federal Farm Credit Bank
4.73% due 10/18/24¹	$	4,000,000	$	3,991,066
Federal Home Loan Bank
4.69% due 11/13/24¹		3,000,000		2,982,907
Total Federal Agency Discount Notes
(Cost $6,973,973)				6,973,973

U.S. TREASURY BILLS^†† - 5.9%
U.S. Treasury Bills
4.85% due 12/12/24^1,2		720,000		713,563
4.63% due 10/10/24^1,3		97,000		96,888
Total U.S. Treasury Bills
(Cost $809,889)				810,451

REPURCHASE AGREEMENTS^††,4 - 42.1%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24²		3,120,996		3,120,996
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24²		2,577,798		2,577,798
Total Repurchase Agreements
(Cost $5,698,794)				5,698,794

Total Investments - 99.5%
(Cost $13,482,656)			$	13,483,218
Other Assets & Liabilities, net - 0.5%				64,977
Total Net Assets - 100.0%			$	13,548,195

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Sold Short^†
S&P 500 Index Mini Futures Contracts		16		Dec 2024	$	4,652,800	$	(44,092	)

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

S&P 500 Index

Receive

5.14% (SOFR + 0.30%)

At Maturity

12/19/24

861

4,963,811

(25,454

)

Goldman Sachs International

S&P 500 Index

Receive

5.13% (Federal Funds Rate + 0.30%)

At Maturity

12/18/24

1,290

7,432,635

(26,671

)

BNP Paribas

S&P 500 Index

Receive

5.28% (Federal Funds Rate + 0.45%)

At Maturity

12/19/24

1,736

10,002,851

(56,246

)

22,399,297

(108,371

)

**	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 September 30, 2024.
³	All or a portion of this security is pledged as futures collateral at September 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 | 13

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
INVERSE S&P 500^{^®} 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 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	$	—	$	6,973,973	$	—	$	6,973,973
U.S. Treasury Bills		—		810,451		—		810,451
Repurchase Agreements		—		5,698,794		—		5,698,794
Total Assets	$	—	$	13,483,218	$	—	$	13,483,218

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	44,092	$	—	$	—	$	44,092
Equity Index Swap Agreements**		—		108,371		—		108,371
Total Liabilities	$	44,092	$	108,371	$	—	$	152,463

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

14 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE S&P 500^{^®} 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $7,783,862)	$	7,784,424
Repurchase agreements, at value (cost $5,698,794)		5,698,794
Segregated cash with broker		137,209
Receivables:
Fund shares sold		701,773
Interest		769
Total assets		14,322,969

Liabilities:
Unrealized depreciation on OTC swap agreements		108,371
Payable for:
Fund shares redeemed		600,604
Variation margin on futures contracts		19,800
Management fees		13,014
Swap settlement		8,313
Transfer agent fees		8,277
Distribution and service fees		3,834
Portfolio accounting and administration fees		1,519
Trustees’ fees*		156
Miscellaneous		10,886
Total liabilities		774,774
Net assets	$	13,548,195

Net assets consist of:
Paid in capital	$	261,332,307
Total distributable earnings (loss)		(247,784,112	)
Net assets	$	13,548,195

Class A:
Net assets	$	570,927
Capital shares outstanding		23,989
Net asset value per share	$	23.80
Maximum offering price per share (Net asset value divided by 95.25%)	$	24.99

Class C:
Net assets	$	430,101
Capital shares outstanding		21,757
Net asset value per share	$	19.77

Class H:
Net assets	$	12,547,167
Capital shares outstanding		524,460
Net asset value per share	$	23.92

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Interest	$	459,959
Total investment income		459,959

Expenses:
Management fees		74,306
Distribution and service fees:
Class A		759
Class C		2,011
Class H		19,381
Transfer agent fees		17,599
Portfolio accounting and administration fees		16,929
Registration fees		12,727
Interest expense		5,144
Professional fees		1,495
Trustees’ fees*		1,183
Custodian fees		1,065
Miscellaneous		2,482
Total expenses		155,081
Less:
Expenses reimbursed by Adviser		(8,257	)
Net expenses		146,824
Net investment income		313,135

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		13
Swap agreements		(3,852,278	)
Futures contracts		(587,149	)
Net realized loss		(4,439,414	)
Net change in unrealized appreciation (depreciation) on:
Investments		587
Swap agreements		(38,909	)
Futures contracts		(42,478	)
Net change in unrealized appreciation (depreciation)		(80,800	)
Net realized and unrealized loss		(4,520,214	)
Net decrease in net assets resulting from operations	$	(4,207,079	)

*	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^{^®} 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	313,135		$	1,056,298
Net realized loss on investments		(4,439,414	)		(14,599,817	)
Net change in unrealized appreciation (depreciation) on investments		(80,800	)		2,779,772
Net decrease in net assets resulting from operations		(4,207,079	)		(10,763,747	)

Distributions to shareholders:
Class A		—			(17,623	)
Class C		—			(18,867	)
Class H		—			(456,022	)
Total distributions to shareholders		—			(492,512	)

Capital share transactions:
Proceeds from sale of shares
Class A		1,860,463			2,973,456
Class C		505,676			710,100
Class H		335,024,586			1,167,522,343
Distributions reinvested
Class A		—			17,569
Class C		—			18,724
Class H		—			448,819
Cost of shares redeemed
Class A		(1,798,762	)		(2,891,868	)
Class C		(396,354	)		(696,203	)
Class H		(331,018,798	)		(1,200,619,495	)
Net increase (decrease) from capital share transactions		4,176,811			(32,516,555	)
Net decrease in net assets		(30,268	)		(43,772,814	)

Net assets:
Beginning of period		13,578,463			57,351,277
End of period	$	13,548,195		$	13,578,463

Capital share activity:
Shares sold
Class A		67,065			79,947
Class C		23,120			22,124
Class H		12,628,970			31,637,662
Shares issued from reinvestment of distributions
Class A		—			507
Class C		—			647
Class H		—			12,908
Shares redeemed
Class A		(64,616	)		(77,286	)
Class C		(17,596	)		(22,720	)
Class H		(12,558,077	)		(32,476,811	)
Net increase (decrease) in shares		78,866			(823,022	)

16 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE 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.

Class A	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	27.68		$	43.52		$	40.83		$	59.25		$	167.99		$	182.33
Income (loss) from investment operations:
Net investment income (loss)^b		.52			1.41			(.04	)		(.71	)		(.58	)		(.50	)
Net gain (loss) on investments (realized and unrealized)		(4.40	)		(16.14	)		2.73			(17.71	)		(108.16	)		(13.54	)
Total from investment operations		(3.88	)		(14.73	)		2.69			(18.42	)		(108.74	)		(14.04	)
Less distributions from:
Net investment income		—			(1.11	)		—			—			—			(.30	)
Total distributions		—			(1.11	)		—			—			—			(.30	)
Net asset value, end of period	$	23.80		$	27.68		$	43.52		$	40.83		$	59.25		$	167.99

Total Return^c		(14.02	%)		(34.38	%)		6.59	%		(31.09	%)		(64.73	%)		(7.66	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	571		$	596		$	799		$	2,399		$	911		$	10,143
Ratios to average net assets:
Net investment income (loss)		3.84	%		3.83	%		(0.09	%)		(1.56	%)		(1.67	%)		(0.28	%)
Total expenses		1.86	%		1.85	%		2.14	%		1.77	%		1.81	%		1.82	%
Net expenses^d		1.76	%		1.77	%		2.12	%		1.77	%		1.81	%		1.82	%
Portfolio turnover rate		—			—			—			—			—			—

Class C	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	23.08		$	36.78		$	34.77		$	50.84		$	145.28		$	158.86
Income (loss) from investment operations:
Net investment income (loss)^b		.35			.96			(.07	)		(.88	)		(.83	)		(.75	)
Net gain (loss) on investments (realized and unrealized)		(3.66	)		(13.55	)		2.08			(15.19	)		(93.61	)		(12.53	)
Total from investment operations		(3.31	)		(12.59	)		2.01			(16.07	)		(94.44	)		(13.28	)
Less distributions from:
Net investment income		—			(1.11	)		—			—			—			(.30	)
Total distributions		—			(1.11	)		—			—			—			(.30	)
Net asset value, end of period	$	19.77		$	23.08		$	36.78		$	34.77		$	50.84		$	145.28

Total Return^c		(14.34	%)		(34.87	%)		5.78	%		(31.61	%)		(65.01	%)		(8.29	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	430		$	375		$	595		$	193		$	276		$	362
Ratios to average net assets:
Net investment income (loss)		3.10	%		3.07	%		(0.17	%)		(2.24	%)		(2.43	%)		(0.55	%)
Total expenses		2.60	%		2.60	%		2.99	%		2.50	%		2.55	%		2.58	%
Net expenses^d		2.51	%		2.52	%		2.96	%		2.50	%		2.55	%		2.58	%
Portfolio turnover rate		—			—			—			—			—			—

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 17

INVERSE S&P 500^{^®} 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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.

Class H	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	27.80		$	43.72		$	41.01		$	59.45		$	168.56		$	182.85
Income (loss) from investment operations:
Net investment income (loss)^b		.50			1.36			.29			(.71	)		(.55	)		—	^e
Net gain (loss) on investments (realized and unrealized)		(4.38	)		(16.17	)		2.42			(17.73	)		(108.56	)		(13.99	)
Total from investment operations		(3.88	)		(14.81	)		2.71			(18.44	)		(109.11	)		(13.99	)
Less distributions from:
Net investment income		—			(1.11	)		—			—			—			(.30	)
Total distributions		—			(1.11	)		—			—			—			(.30	)
Net asset value, end of period	$	23.92		$	27.80		$	43.72		$	41.01		$	59.45		$	168.56

Total Return		(13.96	%)		(34.41	%)		6.61	%		(31.02	%)		(64.73	%)		(7.62	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	12,547		$	12,607		$	55,957		$	13,017		$	12,747		$	68,498
Ratios to average net assets:
Net investment income (loss)		3.81	%		3.71	%		0.59	%		(1.55	%)		(1.65	%)		0.01	%
Total expenses		1.86	%		1.84	%		2.20	%		1.75	%		1.81	%		1.84	%
Net expenses^d		1.76	%		1.76	%		2.16	%		1.75	%		1.81	%		1.84	%
Portfolio turnover rate		—			—			—			—			—			—

^a	Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	Less than $0.01 per share.
^f	Reverse share split — Per share amounts for the year ended March 31, 2020 have been restated to reflect a 1:5 reverse share split effective August 17, 2020.

18 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
NASDAQ-100^{^®} 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS^† - 80.9%

Technology - 39.4%
Apple, Inc.		352,141	$	82,048,853
Microsoft Corp.		172,155		74,078,296
NVIDIA Corp.		568,136		68,994,436
Broadcom, Inc.		277,225		47,821,312
Advanced Micro Devices, Inc.*		96,819		15,886,062
Adobe, Inc.*		26,524		13,733,597
QUALCOMM, Inc.		66,640		11,332,132
Texas Instruments, Inc.		54,619		11,282,647
Intuit, Inc.		16,723		10,384,983
Applied Materials, Inc.		49,317		9,964,500
Micron Technology, Inc.		66,332		6,879,292
Analog Devices, Inc.		29,700		6,836,049
Lam Research Corp.		7,769		6,340,126
KLA Corp.		8,040		6,226,256
Intel Corp.*		255,795		6,000,951
ASML Holding N.V. — Class G		5,638		4,697,863
Synopsys, Inc.*		9,189		4,653,218
Cadence Design Systems, Inc.*		16,380		4,439,471
Crowdstrike Holdings, Inc. — Class A*		13,920		3,904,143
Marvell Technology, Inc.		51,817		3,737,042
NXP Semiconductor N.V.		15,237		3,657,032
Roper Technologies, Inc.		6,413		3,568,450
Autodesk, Inc.*		12,892		3,551,488
Fortinet, Inc.*		45,757		3,548,455
Workday, Inc. — Class A*		12,741		3,114,028
Paychex, Inc.		21,520		2,887,769
Microchip Technology, Inc.		32,094		2,576,827
Cognizant Technology Solutions Corp. — Class A		29,651		2,288,464
Electronic Arts, Inc.		15,805		2,267,069
Datadog, Inc. — Class A*		18,611		2,141,382
ON Semiconductor Corp.*		25,625		1,860,631
ANSYS, Inc.*		5,228		1,665,797
Take-Two Interactive Software, Inc.*		10,486		1,611,803
Zscaler, Inc.*		9,042		1,545,640
Atlassian Corp. — Class A*		9,573		1,520,288
Super Micro Computer, Inc.*		3,503		1,458,649
GLOBALFOUNDRIES, Inc.*		32,995		1,328,049
MongoDB, Inc.*		4,419		1,194,677
ARM Holdings plc ADR*^,1		7,485		1,070,430
Total Technology				442,098,157

Communications - 20.7%
Meta Platforms, Inc. — Class A		80,499		46,080,847
Amazon.com, Inc.*		243,086		45,294,214
Alphabet, Inc. — Class A		135,699		22,505,679
Alphabet, Inc. — Class C		129,353		21,626,528
Netflix, Inc.*		25,673		18,209,089
T-Mobile US, Inc.		69,798		14,403,515
Cisco Systems, Inc.		241,009		12,826,499
Comcast Corp. — Class A		231,093		9,652,755
Booking Holdings, Inc.		2,005		8,445,301
Palo Alto Networks, Inc.*		19,370		6,620,666
MercadoLibre, Inc.*		3,032		6,221,543
PDD Holdings, Inc. ADR*		39,956		5,386,468
Airbnb, Inc. — Class A*		26,321		3,337,766
DoorDash, Inc. — Class A*		23,009		3,284,075
Trade Desk, Inc. — Class A*		26,779		2,936,318
Charter Communications, Inc. — Class A*		8,539		2,767,319
CDW Corp.		7,990		1,808,137
Warner Bros Discovery, Inc.*		146,676		1,210,077
Total Communications				232,616,796

Consumer, Non-cyclical - 9.3%
PepsiCo, Inc.		82,169		13,972,838
Intuitive Surgical, Inc.*		21,258		10,443,418
Amgen, Inc.		32,143		10,356,796
Vertex Pharmaceuticals, Inc.*		15,440		7,180,835
Regeneron Pharmaceuticals, Inc.*		6,486		6,818,342
Automatic Data Processing, Inc.		24,395		6,750,828
Gilead Sciences, Inc.		74,477		6,244,152
Mondelez International, Inc. — Class A		79,909		5,886,896
Cintas Corp.		24,112		4,964,179
PayPal Holdings, Inc.*		61,157		4,772,081
Monster Beverage Corp.*		58,597		3,057,005
Keurig Dr Pepper, Inc.		81,122		3,040,453
AstraZeneca plc ADR		34,834		2,713,917
GE HealthCare Technologies, Inc.		27,318		2,563,794
Kraft Heinz Co.		72,328		2,539,436
IDEXX Laboratories, Inc.*		4,923		2,487,198
Verisk Analytics, Inc. — Class A		8,520		2,283,019
Coca-Cola Europacific Partners plc		27,470		2,163,263
Biogen, Inc.*		8,714		1,689,122
Dexcom, Inc.*		23,972		1,607,083
Moderna, Inc.*		22,994		1,536,689
Illumina, Inc.*		9,529		1,242,677
Total Consumer, Non-cyclical				104,314,021

Consumer, Cyclical - 7.3%
Tesla, Inc.*		111,997		29,301,775
Costco Wholesale Corp.		26,521		23,511,397
Starbucks Corp.		67,790		6,608,847
Marriott International, Inc. — Class A		16,841		4,186,672
O’Reilly Automotive, Inc.*		3,470		3,996,052
PACCAR, Inc.		31,360		3,094,605
Copart, Inc.*		57,566		3,016,458
Ross Stores, Inc.		19,955		3,003,427
Fastenal Co.		34,256		2,446,564
Lululemon Athletica, Inc.*		7,038		1,909,761
Dollar Tree, Inc.*		12,858		904,175
Total Consumer, Cyclical				81,979,733

Industrial - 1.3%
Honeywell International, Inc.		38,864		8,033,577
CSX Corp.		115,977		4,004,686
Old Dominion Freight Line, Inc.		12,819		2,546,366
Total Industrial				14,584,629

Basic Materials - 1.2%
Linde plc		28,565		13,621,506

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 19

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
NASDAQ-100^{^®} 2x STRATEGY FUND

	Shares		Value
Utilities - 1.1%
Constellation Energy Corp.		18,704	$	4,863,414
American Electric Power Company, Inc.		31,832		3,265,963
Exelon Corp.		59,851		2,426,958
Xcel Energy, Inc.		33,350		2,177,755
Total Utilities				12,734,090

Energy - 0.4%
Baker Hughes Co.		59,427		2,148,286
Diamondback Energy, Inc.		10,672		1,839,853
Total Energy				3,988,139

Financial - 0.2%
CoStar Group, Inc.*		24,516		1,849,487

Total Common Stocks
(Cost $493,136,028)				907,786,558

	Face Amount
U.S. TREASURY BILLS^†† - 14.2%
U.S. Treasury Bills
4.68% due 12/05/24^2,3	$	130,000,000		128,938,615
4.63% due 10/10/24^3,4		23,897,000		23,869,249
4.85% due 12/12/24^2,3		7,500,000		7,432,950
Total U.S. Treasury Bills
(Cost $160,181,011)				160,240,814

FEDERAL AGENCY DISCOUNT NOTES^†† - 0.7%
Federal Farm Credit Bank
4.73% due 10/18/24³		5,000,000		4,988,832
Federal Home Loan Bank
4.68% due 10/23/24³		3,000,000		2,991,420
Total Federal Agency Discount Notes
(Cost $7,980,252)				7,980,252

REPURCHASE AGREEMENTS^††,5 - 4.3%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24²		26,180,819		26,180,819
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24²		21,624,140		21,624,140
Total Repurchase Agreements
(Cost $47,804,959)				47,804,959

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 0.1%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%⁷		801,306		801,306
Total Securities Lending Collateral
(Cost $801,306)				801,306

Total Investments - 100.2%
(Cost $709,903,556)			$	1,124,613,889
Other Assets & Liabilities, net - (0.2)%				(2,301,046	)
Total Net Assets - 100.0%			$	1,122,312,843

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Equity Futures Contracts Purchased^†

NASDAQ-100 Index Mini Futures Contracts

755

Dec 2024

306,088,325

6,597,945

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

NASDAQ-100 Index

Pay

5.33% (Federal Funds Rate + 0.50%)

At Maturity

12/18/24

45,641

915,589,018

3,922,034

Barclays Bank plc

NASDAQ-100 Index

Pay

5.54% (SOFR + 0.70%)

At Maturity

12/19/24

3,013

60,445,439

349,062

BNP Paribas

NASDAQ-100 Index

Pay

5.73% (Federal Funds Rate + 0.90%)

At Maturity

12/19/24

2,765

55,459,486

243,506

1,031,493,943

4,514,602

20 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 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 September 30, 2024 — See Note 7.
²	All or a portion of this security is pledged as equity index swap collateral at September 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 futures collateral at September 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 September 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 September 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	$	907,786,558	$	—	$	—	$	907,786,558
U.S. Treasury Bills		—		160,240,814		—		160,240,814
Federal Agency Discount Notes		—		7,980,252		—		7,980,252
Repurchase Agreements		—		47,804,959		—		47,804,959
Securities Lending Collateral		801,306		—		—		801,306
Equity Futures Contracts**		6,597,945		—		—		6,597,945
Equity Index Swap Agreements**		—		4,514,602		—		4,514,602
Total Assets	$	915,185,809	$	220,540,627	$	—	$	1,135,726,436

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 21

NASDAQ-100^{^®} 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $771,682 of securities loaned (cost $662,098,597)	$	1,076,808,930
Repurchase agreements, at value (cost $47,804,959)		47,804,959
Unrealized appreciation on OTC swap agreements		4,514,602
Receivables:
Fund shares sold		3,236,792
Variation margin on futures contracts		732,798
Dividends		136,026
Investment Adviser		19,196
Interest		6,448
Securities lending income		37
Total assets		1,133,259,788

Liabilities:
Segregated cash due to broker		1,470,000
Payable for:
Fund shares redeemed		5,757,440
Return of securities lending collateral		801,306
Swap settlement		771,610
Management fees		690,999
Transfer agent fees		478,963
Distribution and service fees		196,502
Portfolio accounting and administration fees		80,625
Trustees’ fees*		8,945
Miscellaneous		690,555
Total liabilities		10,946,945
Net assets	$	1,122,312,843

Net assets consist of:
Paid in capital	$	678,650,640
Total distributable earnings (loss)		443,662,203
Net assets	$	1,122,312,843

Class A:
Net assets	$	114,114,301
Capital shares outstanding		210,957
Net asset value per share	$	540.94
Maximum offering price per share (Net asset value divided by 95.25%)	$	567.92

Class C:
Net assets	$	8,317,188
Capital shares outstanding		21,363
Net asset value per share	$	389.33

Class H:
Net assets	$	999,881,354
Capital shares outstanding		1,849,008
Net asset value per share	$	540.77

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $4,588)	$	3,258,369
Interest		5,720,644
Income from securities lending, net		14,665
Total investment income		8,993,678

Expenses:
Management fees		4,563,315
Distribution and service fees:
Class A		136,284
Class C		41,072
Class H		1,121,058
Transfer agent fees		1,075,777
Portfolio accounting and administration fees		1,039,579
Registration fees		753,027
Interest expense		313,309
Professional fees		136,161
Custodian fees		67,191
Trustees’ fees*		54,716
Line of credit fees		1,592
Miscellaneous		332,097
Total expenses		9,635,178
Less:
Expenses reimbursed by Adviser		(507,139	)
Expenses waived by Adviser		(128,074	)
Total waived/reimbursed expenses		(635,213	)
Net expenses		8,999,965
Net investment loss		(6,287	)

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		8,492,612
Swap agreements		31,659,768
Futures contracts		6,042,921
Net realized gain		46,195,301
Net change in unrealized appreciation (depreciation) on:
Investments		42,219,084
Swap agreements		(2,970,697	)
Futures contracts		4,596,058
Net change in unrealized appreciation (depreciation)		43,844,445
Net realized and unrealized gain		90,039,746
Net increase in net assets resulting from operations	$	90,033,459

*	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^{^®} 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(6,287	)	$	(1,956,014	)
Net realized gain on investments		46,195,301			251,408,583
Net change in unrealized appreciation (depreciation) on investments		43,844,445			164,588,838
Net increase in net assets resulting from operations		90,033,459			414,041,407

Capital share transactions:
Proceeds from sale of shares
Class A		10,880,234			22,627,601
Class C		705,164			1,164,335
Class H		3,545,443,401			6,354,054,603
Cost of shares redeemed
Class A		(18,145,191	)		(25,432,583	)
Class C		(1,775,128	)		(4,836,077	)
Class H		(3,514,320,051	)		(6,311,015,699	)
Net increase from capital share transactions		22,788,429			36,562,180
Net increase in net assets		112,821,888			450,603,587

Net assets:
Beginning of period		1,009,490,955			558,887,368
End of period	$	1,122,312,843		$	1,009,490,955

Capital share activity:
Shares sold
Class A		22,226			64,010
Class C		2,021			4,443
Class H		7,066,576			17,782,561
Shares redeemed
Class A		(36,805	)		(70,979	)
Class C		(5,022	)		(18,813	)
Class H		(7,117,379	)		(17,709,059	)
Net increase (decrease) in shares		(68,383	)		52,163

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 23

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.

Class A	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	471.20		$	267.88		$	386.62		$	336.16		$	141.52		$	150.26
Income (loss) from investment operations:
Net investment income (loss)^b		.06			(.94	)		(1.30	)		(4.89	)		(3.18	)		(1.16	)
Net gain (loss) on investments (realized and unrealized)		69.68			204.26			(117.44	)		83.35			227.34			2.39
Total from investment operations		69.74			203.32			(118.74	)		78.46			224.16			1.23
Less distributions from:
Net realized gains		—			—			—			(28.00	)		(29.52	)		(9.97	)
Total distributions		—			—			—			(28.00	)		(29.52	)		(9.97	)
Net asset value, end of period	$	540.94		$	471.20		$	267.88		$	386.62		$	336.16		$	141.52

Total Return^c		14.80	%		75.90	%		(30.71	%)		21.73	%		159.40	%		(0.76	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	114,114		$	106,273		$	62,284		$	90,897		$	79,610		$	31,547
Ratios to average net assets:
Net investment income (loss)		0.02	%		(0.26	%)		(0.53	%)		(1.17	%)		(1.13	%)		(0.67	%)
Total expenses		1.89	%		2.01	%		1.90	%		1.79	%		1.84	%		1.87	%
Net expenses^d		1.77	%		1.90	%		1.87	%		1.79	%		1.84	%		1.87	%
Portfolio turnover rate		139	%		392	%		461	%		252	%		251	%		237	%

Class C	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	340.40		$	194.97		$	283.53		$	253.57		$	110.50		$	119.88
Income (loss) from investment operations:
Net investment income (loss)^b		(1.30	)		(2.61	)		(2.32	)		(5.97	)		(4.02	)		(1.92	)
Net gain (loss) on investments (realized and unrealized)		50.23			148.04			(86.24	)		63.93			176.61			2.51
Total from investment operations		48.93			145.43			(88.56	)		57.96			172.59			.59
Less distributions from:
Net realized gains		—			—			—			(28.00	)		(29.52	)		(9.97	)
Total distributions		—			—			—			(28.00	)		(29.52	)		(9.97	)
Net asset value, end of period	$	389.33		$	340.40		$	194.97		$	283.53		$	253.57		$	110.50

Total Return^c		14.37	%		74.59	%		(31.23	%)		20.70	%		157.42	%		(1.50	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,317		$	8,294		$	7,552		$	13,760		$	15,545		$	9,030
Ratios to average net assets:
Net investment income (loss)		(0.72	%)		(1.03	%)		(1.29	%)		(1.92	%)		(1.88	%)		(1.42	%)
Total expenses		2.64	%		2.75	%		2.64	%		2.54	%		2.59	%		2.63	%
Net expenses^d		2.52	%		2.65	%		2.61	%		2.54	%		2.59	%		2.63	%
Portfolio turnover rate		139	%		392	%		461	%		252	%		251	%		237	%

24 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

NASDAQ-100^{^®} 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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.

Class H	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	471.06		$	267.78		$	386.47		$	336.03		$	141.47		$	150.21
Income (loss) from investment operations:
Net investment income (loss)^b		.01			(.84	)		(1.29	)		(4.89	)		(3.14	)		(1.14	)
Net gain (loss) on investments (realized and unrealized)		69.70			204.12			(117.40	)		83.33			227.22			2.37
Total from investment operations		69.71			203.28			(118.69	)		78.44			224.08			1.23
Less distributions from:
Net realized gains		—			—			—			(28.00	)		(29.52	)		(9.97	)
Total distributions		—			—			—			(28.00	)		(29.52	)		(9.97	)
Net asset value, end of period	$	540.77		$	471.06		$	267.78		$	386.47		$	336.03		$	141.47

Total Return		14.80	%		75.91	%		(30.71	%)		21.73	%		159.40	%		(0.76	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	999,881		$	894,924		$	489,052		$	706,126		$	566,649		$	276,299
Ratios to average net assets:
Net investment income (loss)		0.00	%^e		(0.23	%)		(0.53	%)		(1.17	%)		(1.13	%)		(0.66	%)
Total expenses		1.89	%		2.00	%		1.90	%		1.79	%		1.84	%		1.87	%
Net expenses^d		1.77	%		1.89	%		1.87	%		1.79	%		1.84	%		1.87	%
Portfolio turnover rate		139	%		392	%		461	%		252	%		251	%		237	%

^a	Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	Less than 0.01%.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 25

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INVERSE NASDAQ-100^{^®} 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS^†† - 16.9%
U.S. Treasury Bills
4.85% due 12/12/24^1,2	$	1,400,000	$	1,387,484
4.81% due 12/12/24^1,2		350,000		346,871
4.63% due 10/10/24^2,3		337,000		336,609
4.75% due 12/12/24^1,2		50,000		49,553
Total U.S. Treasury Bills
(Cost $2,119,181)				2,120,517

REPURCHASE AGREEMENTS^††,4 - 76.7%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24¹		5,258,844		5,258,844
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24¹		4,343,560		4,343,560
Total Repurchase Agreements
(Cost $9,602,404)				9,602,404

Total Investments - 93.6%
(Cost $11,721,585)			$	11,722,921
Other Assets & Liabilities, net - 6.4%				797,613
Total Net Assets - 100.0%			$	12,520,534

Futures Contracts
Description	Number of Contracts		Expiration Date		Notional Amount		Value and Unrealized Depreciation**
Equity Futures Contracts Sold Short^†
NASDAQ-100 Index Mini Futures Contracts		19		Dec 2024	$	7,702,885	$	(54,691	)

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^††

Goldman Sachs International

NASDAQ-100 Index

Receive

5.13% (Federal Funds Rate + 0.30%)

At Maturity

12/18/24

172

3,455,873

5,303

Barclays Bank plc

NASDAQ-100 Index

Receive

5.19% (SOFR + 0.35%)

At Maturity

12/19/24

223

4,478,856

(25,871

)

BNP Paribas

NASDAQ-100 Index

Receive

5.33% (Federal Funds Rate + 0.50%)

At Maturity

12/19/24

468

9,384,072

(42,826

)

17,318,801

(63,394

)

**	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 September 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 September 30, 2024.
⁴	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

26 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
INVERSE NASDAQ-100^{^®} 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 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	$	—	$	2,120,517	$	—	$	2,120,517
Repurchase Agreements		—		9,602,404		—		9,602,404
Equity Index Swap Agreements**		—		5,303		—		5,303
Total Assets	$	—	$	11,728,224	$	—	$	11,728,224

Investments in Securities (Liabilities)	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Total
Equity Futures Contracts**	$	54,691	$	—	$	—	$	54,691
Equity Index Swap Agreements**		—		68,697		—		68,697
Total Liabilities	$	54,691	$	68,697	$	—	$	123,388

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 27

INVERSE NASDAQ-100^{^®} 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $2,119,181)	$	2,120,517
Repurchase agreements, at value (cost $9,602,404)		9,602,404
Segregated cash with broker		109,800
Unrealized appreciation on OTC swap agreements		5,303
Receivables:
Fund shares sold		1,316,124
Interest		1,295
Total assets		13,155,443

Liabilities:
Unrealized depreciation on OTC swap agreements		68,697
Payable for:
Fund shares redeemed		463,761
Management fees		26,520
Variation margin on futures contracts		19,704
Transfer agent fees		16,499
Distribution and service fees		7,497
Portfolio accounting and administration fees		3,095
Swap settlement		1,199
Trustees’ fees*		331
Miscellaneous		27,606
Total liabilities		634,909
Net assets	$	12,520,534

Net assets consist of:
Paid in capital	$	152,758,227
Total distributable earnings (loss)		(140,237,693	)
Net assets	$	12,520,534

Class A:
Net assets	$	730,168
Capital shares outstanding		48,694
Net asset value per share	$	15.00
Maximum offering price per share (Net asset value divided by 95.25%)	$	15.75

Class C:
Net assets	$	235,353
Capital shares outstanding		18,810
Net asset value per share	$	12.51

Class H:
Net assets	$	11,555,013
Capital shares outstanding		771,088
Net asset value per share	$	14.99

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Interest	$	1,081,401
Total investment income		1,081,401

Expenses:
Management fees		171,396
Distribution and service fees:
Class A		1,458
Class C		1,138
Class H		45,870
Transfer agent fees		39,797
Portfolio accounting and administration fees		39,048
Registration fees		16,129
Interest expense		13,713
Custodian fees		2,478
Professional fees		1,894
Trustees’ fees*		1,656
Line of credit fees		91
Miscellaneous		28,051
Total expenses		362,719
Less:
Expenses reimbursed by Adviser		(19,047	)
Net expenses		343,672
Net investment income		737,729

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		960
Swap agreements		(14,609,107	)
Futures contracts		(11,277,804	)
Net realized loss		(25,885,951	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,343
Swap agreements		(88,209	)
Futures contracts		(29,947	)
Net change in unrealized appreciation (depreciation)		(116,813	)
Net realized and unrealized loss		(26,002,764	)
Net decrease in net assets resulting from operations	$	(25,265,035	)

*	Relates to Trustees not deemed “interested persons” within the meaning of Section 2(a)(19) of the 1940 Act.

28 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE NASDAQ-100^{^®} 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	737,729		$	1,201,442
Net realized loss on investments		(25,885,951	)		(32,210,068	)
Net change in unrealized appreciation (depreciation) on investments		(116,813	)		1,482,706
Net decrease in net assets resulting from operations		(25,265,035	)		(29,525,920	)

Distributions to shareholders:
Class A		—			(28,945	)
Class C		—			(17,590	)
Class H		—			(634,202	)
Total distributions to shareholders		—			(680,737	)

Capital share transactions:
Proceeds from sale of shares
Class A		5,467,817			7,222,864
Class C		1,877,151			4,224,257
Class H		1,661,604,519			1,138,936,552
Distributions reinvested
Class A		—			28,945
Class C		—			17,590
Class H		—			630,718
Cost of shares redeemed
Class A		(5,528,244	)		(6,867,044	)
Class C		(1,848,480	)		(3,990,671	)
Class H		(1,638,200,494	)		(1,116,455,263	)
Net increase from capital share transactions		23,372,269			23,747,948
Net decrease in net assets		(1,892,766	)		(6,458,709	)

Net assets:
Beginning of period		14,413,300			20,872,009
End of period	$	12,520,534		$	14,413,300

Capital share activity:
Shares sold
Class A		327,332			293,267
Class C		133,596			196,116
Class H		102,016,585			44,027,172
Shares issued from reinvestment of distributions
Class A		—			1,316
Class C		—			952
Class H		—			28,591
Shares redeemed
Class A		(328,299	)		(275,758	)
Class C		(131,774	)		(189,083	)
Class H		(101,981,985	)		(43,886,515	)
Net increase in shares		35,455			196,058

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 29

INVERSE 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.

Class A	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	17.96		$	34.40		$	34.28		$	51.80		$	185.07		$	270.16
Income (loss) from investment operations:
Net investment income (loss)^b		.35			1.05			.09			(.58	)		(.48	)		.40
Net gain (loss) on investments (realized and unrealized)		(3.31	)		(16.54	)		.03			(16.94	)^e		(132.65	)		(85.39	)
Total from investment operations		(2.96	)		(15.49	)		.12			(17.52	)		(133.13	)		(84.99	)
Less distributions from:
Net investment income		—			(.95	)		—			—			(.14	)		(.10	)
Total distributions		—			(.95	)		—			—			(.14	)		(.10	)
Net asset value, end of period	$	15.00		$	17.96		$	34.40		$	34.28		$	51.80		$	185.07

Total Return^c		(16.48	%)		(45.56	%)		0.35	%		(33.82	%)		(71.95	%)		(31.48	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	730		$	892		$	1,061		$	617		$	301		$	320
Ratios to average net assets:
Net investment income (loss)		4.17	%		4.26	%		0.20	%		(1.58	%)		(1.69	%)		0.17	%
Total expenses		2.04	%		1.83	%		3.02	%		1.78	%		1.81	%		1.87	%
Net expenses^d		1.95	%		1.75	%		2.98	%		1.78	%		1.81	%		1.87	%
Portfolio turnover rate		—			—			—			—			—			—

Class C	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	15.05		$	29.27		$	29.37		$	44.74		$	161.13		$	236.63
Income (loss) from investment operations:
Net investment income (loss)^b		.24			.77			(.19	)		(.78	)		(.48	)		(1.00	)
Net gain (loss) on investments (realized and unrealized)		(2.78	)		(14.04	)		.09			(14.59	)^e		(115.77	)		(74.40	)
Total from investment operations		(2.54	)		(13.27	)		(.10	)		(15.37	)		(116.25	)		(75.40	)
Less distributions from:
Net investment income		—			(.95	)		—			—			(.14	)		(.10	)
Total distributions		—			(.95	)		—			—			(.14	)		(.10	)
Net asset value, end of period	$	12.51		$	15.05		$	29.27		$	29.37		$	44.74		$	161.13

Total Return^c		(16.88	%)		(45.95	%)		(0.34	%)		(34.35	%)		(72.15	%)		(31.89	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	235		$	256		$	263		$	158		$	237		$	64
Ratios to average net assets:
Net investment income (loss)		3.32	%		3.56	%		(0.52	%)		(2.32	%)		(2.44	%)		(0.54	%)
Total expenses		2.81	%		2.58	%		3.80	%		2.52	%		2.55	%		2.63	%
Net expenses^d		2.71	%		2.50	%		3.76	%		2.52	%		2.55	%		2.63	%
Portfolio turnover rate		—			—			—			—			—			—

30 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE NASDAQ-100^{^®} 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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.

Class H	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	18.01		$	34.46		$	34.33		$	51.83		$	185.13		$	270.31
Income (loss) from investment operations:
Net investment income (loss)^b		.33			1.04			.04			(.63	)		(.36	)		.20
Net gain (loss) on investments (realized and unrealized)		(3.35	)		(16.54	)		.09			(16.87	)^e		(132.80	)		(85.28	)
Total from investment operations		(3.02	)		(15.50	)		.13			(17.50	)		(133.16	)		(85.08	)
Less distributions from:
Net investment income		—			(.95	)		—			—			(.14	)		(.10	)
Total distributions		—			(.95	)		—			—			(.14	)		(.10	)
Net asset value, end of period	$	14.99		$	18.01		$	34.46		$	34.33		$	51.83		$	185.13

Total Return		(16.77	%)		(45.51	%)		0.38	%		(33.76	%)		(71.93	%)		(31.50	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	11,555		$	13,266		$	19,548		$	12,931		$	6,190		$	12,137
Ratios to average net assets:
Net investment income (loss)		3.87	%		4.09	%		0.09	%		(1.70	%)		(1.70	%)		0.10	%
Total expenses		1.89	%		1.85	%		2.53	%		1.81	%		1.85	%		1.87	%
Net expenses^d		1.79	%		1.77	%		2.49	%		1.81	%		1.85	%		1.87	%
Portfolio turnover rate		—			—			—			—			—			—

^a	Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	The amount shown for a share outstanding throughout the year does not agree with the aggregate net gain on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.
^f	Reverse share split — Per share amounts for the year ended March 31, 2020 have been restated to reflect a 1:10 reverse share split effective August 10, 2020.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 31

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
DOW 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS^† - 84.5%

Financial - 19.5%
Goldman Sachs Group, Inc.		5,351	$	2,649,333
Visa, Inc. — Class A		5,351		1,471,258
American Express Co.		5,351		1,451,191
Travelers Companies, Inc.		5,351		1,252,776
JPMorgan Chase & Co.		5,351		1,128,312
Total Financial				7,952,870

Consumer, Non-cyclical - 18.7%
UnitedHealth Group, Inc.		5,351		3,128,623
Amgen, Inc.		5,351		1,724,146
Procter & Gamble Co.		5,351		926,793
Johnson & Johnson		5,351		867,183
Merck & Company, Inc.		5,351		607,659
Coca-Cola Co.		5,351		384,523
Total Consumer, Non-cyclical				7,638,927

Technology - 15.5%
Microsoft Corp.		5,351		2,302,536
Salesforce, Inc.		5,351		1,464,622
Apple, Inc.		5,351		1,246,783
International Business Machines Corp.		5,351		1,182,999
Intel Corp.*		5,351		125,534
Total Technology				6,322,474

Industrial - 11.6%
Caterpillar, Inc.		5,351		2,092,883
Honeywell International, Inc.		5,351		1,106,105
Boeing Co.*		5,351		813,566
3M Co.		5,351		731,482
Total Industrial				4,744,036

Consumer, Cyclical - 11.5%
Home Depot, Inc.		5,351		2,168,225
McDonald’s Corp.		5,351		1,629,433
NIKE, Inc. — Class B		5,351		473,028
Walmart, Inc.		5,351		432,094
Total Consumer, Cyclical				4,702,780

Communications - 5.0%
Amazon.com, Inc.*		5,351		997,052
Walt Disney Co.		5,351		514,713
Cisco Systems, Inc.		5,351		284,780
Verizon Communications, Inc.		5,351		240,313
Total Communications				2,036,858

Energy - 2.0%
Chevron Corp.		5,351		788,042

Basic Materials - 0.7%
Dow, Inc.		5,351		292,325

Total Common Stocks
(Cost $19,095,503)				34,478,312

	Face Amount
U.S. TREASURY BILLS^†† - 12.3%
U.S. Treasury Bills
4.85% due 12/12/24^1,2	$	2,750,000		2,725,415
4.62% due 10/10/24^2,3		1,132,000		1,130,686
4.74% due 12/12/24²		1,050,000		1,040,613
4.81% due 12/12/24²		50,000		49,553
4.75% due 12/12/24²		50,000		49,553
Total U.S. Treasury Bills
(Cost $4,992,949)				4,995,820

REPURCHASE AGREEMENTS^††,4 - 3.7%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24¹		837,304		837,304
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24¹		691,574		691,574
Total Repurchase Agreements
(Cost $1,528,878)				1,528,878

Total Investments - 100.5%
(Cost $25,617,330)			$	41,003,010
Other Assets & Liabilities, net - (0.5)%				(210,707	)
Total Net Assets - 100.0%			$	40,792,303

32 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
DOW 2x STRATEGY FUND

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

Dec 2024

4,691,720

91,149

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

Barclays Bank plc

Dow Jones Industrial Average

Pay

5.44% (SOFR + 0.60%)

At Maturity

12/19/24

852

36,045,689

108,038

BNP Paribas

Dow Jones Industrial Average

Pay

5.73% (Federal Funds Rate + 0.90%)

At Maturity

12/19/24

155

6,570,308

64,452

42,615,997

172,490

*	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 September 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 September 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 September 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	$	34,478,312	$	—	$	—	$	34,478,312
U.S. Treasury Bills		—		4,995,820		—		4,995,820
Repurchase Agreements		—		1,528,878		—		1,528,878
Equity Futures Contracts**		91,149		—		—		91,149
Equity Index Swap Agreements**		—		172,490		—		172,490
Total Assets	$	34,569,461	$	6,697,188	$	—	$	41,266,649

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 33

DOW 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $24,088,452)	$	39,474,132
Repurchase agreements, at value (cost $1,528,878)		1,528,878
Unrealized appreciation on OTC swap agreements		172,490
Receivables:
Fund shares sold		451,611
Dividends		13,132
Interest		206
Total assets		41,640,449

Liabilities:
Payable for:
Fund shares redeemed		717,214
Management fees		32,979
Swap settlement		26,413
Transfer agent fees		21,053
Distribution and service fees		10,014
Portfolio accounting and administration fees		3,849
Variation margin on futures contracts		440
Trustees’ fees*		406
Miscellaneous		35,778
Total liabilities		848,146
Net assets	$	40,792,303

Net assets consist of:
Paid in capital	$	26,440,141
Total distributable earnings (loss)		14,352,162
Net assets	$	40,792,303

Class A:
Net assets	$	8,966,920
Capital shares outstanding		51,369
Net asset value per share	$	174.56
Maximum offering price per share (Net asset value divided by 95.25%)	$	183.27

Class C:
Net assets	$	1,579,377
Capital shares outstanding		10,868
Net asset value per share	$	145.32

Class H:
Net assets	$	30,246,006
Capital shares outstanding		173,988
Net asset value per share	$	173.84

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends	$	351,717
Interest		172,077
Total investment income		523,794

Expenses:
Management fees		195,436
Distribution and service fees:
Class A		10,329
Class C		6,462
Class H		42,346
Transfer agent fees		45,940
Portfolio accounting and administration fees		44,524
Registration fees		30,364
Professional fees		4,706
Interest expense		5,682
Custodian fees		2,761
Trustees’ fees*		2,240
Miscellaneous		19,074
Total expenses		409,864
Less:
Expenses reimbursed by Adviser		(21,718	)
Net expenses		388,146
Net investment income		135,648

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		(973,590	)
Swap agreements		(298,948	)
Futures contracts		930,544
Net realized loss		(341,994	)
Net change in unrealized appreciation (depreciation) on:
Investments		1,739,051
Swap agreements		(426,332	)
Futures contracts		68,108
Net change in unrealized appreciation (depreciation)		1,380,827
Net realized and unrealized gain		1,038,833
Net increase in net assets resulting from operations	$	1,174,481

*	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 FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

DOW 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	135,648		$	286,718
Net realized gain (loss) on investments		(341,994	)		6,491,380
Net change in unrealized appreciation (depreciation) on investments		1,380,827			4,648,779
Net increase in net assets resulting from operations		1,174,481			11,426,877

Distributions to shareholders:
Class A		—			(31,102	)
Class C		—			(4,450	)
Class H		—			(123,761	)
Total distributions to shareholders		—			(159,313	)

Capital share transactions:
Proceeds from sale of shares
Class A		3,164,457			4,509,574
Class C		799,659			522,506
Class H		274,028,185			470,669,490
Distributions reinvested
Class A		—			29,277
Class C		—			4,178
Class H		—			117,960
Cost of shares redeemed
Class A		(3,622,711	)		(4,488,286	)
Class C		(458,890	)		(720,598	)
Class H		(291,159,990	)		(454,767,856	)
Net increase (decrease) from capital share transactions		(17,249,290	)		15,876,245
Net increase (decrease) in net assets		(16,074,809	)		27,143,809

Net assets:
Beginning of period		56,867,112			29,723,303
End of period	$	40,792,303		$	56,867,112

Capital share activity:
Shares sold
Class A		19,870			35,583
Class C		6,137			4,903
Class H		1,778,748			3,627,368
Shares issued from reinvestment of distributions
Class A		—			215
Class C		—			37
Class H		—			869
Shares redeemed
Class A		(22,557	)		(35,009	)
Class C		(3,450	)		(6,969	)
Class H		(1,903,446	)		(3,523,215	)
Net increase (decrease) in shares		(124,698	)		103,782

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 35

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.

Class A	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	158.69		$	116.66		$	135.77		$	128.55		$	58.38		$	93.69
Income (loss) from investment operations:
Net investment income (loss)^b		.53			1.10			.54			(.27	)		(.08	)		.44
Net gain (loss) on investments (realized and unrealized)		15.34			41.51			(17.13	)		13.56			70.25			(32.14	)
Total from investment operations		15.87			42.61			(16.59	)		13.29			70.17			(31.70	)
Less distributions from:
Net investment income		—			(.58	)		—			—			—			(.39	)
Net realized gains		—			—			(2.52	)		(6.07	)		—			(3.22	)
Total distributions		—			(.58	)		(2.52	)		(6.07	)		—			(3.61	)
Net asset value, end of period	$	174.56		$	158.69		$	116.66		$	135.77		$	128.55		$	58.38

Total Return^c		10.00	%		36.66	%		(12.23	%)		10.00	%		120.20	%		(35.58	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	8,967		$	8,578		$	6,214		$	9,374		$	10,886		$	5,752
Ratios to average net assets:
Net investment income (loss)		0.68	%		0.85	%		0.46	%		(0.19	%)		(0.08	%)		0.45	%
Total expenses		1.87	%		1.93	%		1.90	%		1.79	%		1.84	%		1.87	%
Net expenses^d		1.77	%		1.85	%		1.86	%		1.79	%		1.84	%		1.87	%
Portfolio turnover rate		377	%		552	%		516	%		197	%		172	%		126	%

Class C	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	132.60		$	98.26		$	115.67		$	111.12		$	50.84		$	82.59
Income (loss) from investment operations:
Net investment income (loss)^b		(.03	)		.14			(.28	)		(1.13	)		(.64	)		(.28	)
Net gain (loss) on investments (realized and unrealized)		12.75			34.78			(14.61	)		11.75			60.92			(27.86	)
Total from investment operations		12.72			34.92			(14.89	)		10.62			60.28			(28.14	)
Less distributions from:
Net investment income		—			(.58	)		—			—			—			(.39	)
Net realized gains		—			—			(2.52	)		(6.07	)		—			(3.22	)
Total distributions		—			(.58	)		(2.52	)		(6.07	)		—			(3.61	)
Net asset value, end of period	$	145.32		$	132.60		$	98.26		$	115.67		$	111.12		$	50.84

Total Return^c		9.59	%		35.65	%		(12.86	%)		9.16	%		118.57	%		(36.06	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	1,579		$	1,085		$	1,003		$	1,595		$	1,932		$	1,413
Ratios to average net assets:
Net investment income (loss)		(0.05	%)		0.13	%		(0.28	%)		(0.93	%)		(0.81	%)		(0.32	%)
Total expenses		2.62	%		2.64	%		2.65	%		2.54	%		2.59	%		2.62	%
Net expenses^d		2.52	%		2.55	%		2.61	%		2.54	%		2.59	%		2.62	%
Portfolio turnover rate		377	%		552	%		516	%		197	%		172	%		126	%

36 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

DOW 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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.

Class H	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	158.04		$	116.21		$	135.28		$	128.11		$	58.19		$	93.39
Income (loss) from investment operations:
Net investment income (loss)^b		.49			1.02			.63			(.24	)		(.08	)		.43
Net gain (loss) on investments (realized and unrealized)		15.31			41.39			(17.18	)		13.48			70.00			(32.02	)
Total from investment operations		15.80			42.41			(16.55	)		13.24			69.92			(31.59	)
Less distributions from:
Net investment income		—			(.58	)		—			—			—			(.39	)
Net realized gains		—			—			(2.52	)		(6.07	)		—			(3.22	)
Total distributions		—			(.58	)		(2.52	)		(6.07	)		—			(3.61	)
Net asset value, end of period	$	173.84		$	158.04		$	116.21		$	135.28		$	128.11		$	58.19

Total Return		10.00	%		36.63	%		(12.25	%)		10.00	%		120.16	%		(35.58	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	30,246		$	47,204		$	22,506		$	27,732		$	46,513		$	16,715
Ratios to average net assets:
Net investment income (loss)		0.64	%		0.79	%		0.54	%		(0.17	%)		(0.09	%)		0.43	%
Total expenses		1.86	%		1.93	%		1.91	%		1.79	%		1.84	%		1.88	%
Net expenses^d		1.76	%		1.85	%		1.87	%		1.79	%		1.84	%		1.88	%
Portfolio turnover rate		377	%		552	%		516	%		197	%		172	%		126	%

^a	Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.
^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 | 37

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INVERSE DOW 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS^†† - 7.6%
U.S. Treasury Bills
4.85% due 12/12/24^1,2	$	250,000	$	247,765
4.63% due 10/10/24^2,3		19,000		18,978
Total U.S. Treasury Bills
(Cost $266,552)				266,743

REPURCHASE AGREEMENTS^††,4 - 92.6%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24¹	$	1,777,901	$	1,777,901
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24¹		1,468,463		1,468,463
Total Repurchase Agreements
(Cost $3,246,364)				3,246,364

Total Investments - 100.2%
(Cost $3,512,916)			$	3,513,107
Other Assets & Liabilities, net - (0.2)%				(8,297	)
Total Net Assets - 100.0%			$	3,504,810

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Equity Futures Contracts Sold Short^†

Dow Jones Industrial Average Mini Futures Contracts

Dec 2024

1,492,820

7,156

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

Dow Jones Industrial Average

Receive

5.33% (Federal Funds Rate + 0.50%)

At Maturity

12/19/24

3,338,973

11,790

Barclays Bank plc

Dow Jones Industrial Average

Receive

5.14% (SOFR + 0.30%)

At Maturity

12/19/24

2,137,863

(8,500

)

5,476,836

3,290

**	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 September 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 September 30, 2024.
⁴	Repurchase Agreements — See Note 6.
	plc — Public Limited Company
	SOFR — Secured Overnight Financing Rate

	See Sector Classification in Other Information section.

38 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
INVERSE DOW 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 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	$	—	$	266,743	$	—	$	266,743
Repurchase Agreements		—		3,246,364		—		3,246,364
Equity Futures Contracts**		7,156		—		—		7,156
Equity Index Swap Agreements**		—		11,790		—		11,790
Total Assets	$	7,156	$	3,524,897	$	—	$	3,532,053

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	8,500			$	—			$	8,500

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

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 39

INVERSE DOW 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $266,552)	$	266,743
Repurchase agreements, at value (cost $3,246,364)		3,246,364
Segregated cash with broker		53,919
Unrealized appreciation on OTC swap agreements		11,790
Receivables:
Fund shares sold		56,212
Interest		438
Variation margin on futures contracts		140
Total assets		3,635,606

Liabilities:
Unrealized depreciation on OTC swap agreements		8,500
Payable for:
Fund shares redeemed		80,029
Swap settlement		34,217
Management fees		2,322
Transfer agent fees		1,810
Distribution and service fees		746
Portfolio accounting and administration fees		271
Trustees’ fees*		32
Miscellaneous		2,869
Total liabilities		130,796
Net assets	$	3,504,810

Net assets consist of:
Paid in capital	$	52,636,932
Total distributable earnings (loss)		(49,132,122	)
Net assets	$	3,504,810

Class A:
Net assets	$	430,324
Capital shares outstanding		14,636
Net asset value per share	$	29.40
Maximum offering price per share (Net asset value divided by 95.25%)	$	30.87

Class C:
Net assets	$	245,428
Capital shares outstanding		9,825
Net asset value per share	$	24.98

Class H:
Net assets	$	2,829,058
Capital shares outstanding		96,074
Net asset value per share	$	29.45

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Interest	$	111,401
Total investment income		111,401

Expenses:
Management fees		18,115
Distribution and service fees:
Class A		614
Class C		882
Class H		4,199
Transfer agent fees		4,281
Portfolio accounting and administration fees		4,129
Registration fees		3,348
Interest expense		2,425
Professional fees		768
Custodian fees		261
Trustees’ fees*		246
Miscellaneous		855
Total expenses		40,123
Less:
Expenses reimbursed by Adviser:		(2,012	)
Net expenses		38,111
Net investment income		73,290

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(491,022	)
Futures contracts		(146,274	)
Net realized loss		(637,296	)
Net change in unrealized appreciation (depreciation) on:
Investments		199
Swap agreements		88,575
Futures contracts		23,110
Net change in unrealized appreciation (depreciation)		111,884
Net realized and unrealized loss		(525,412	)
Net decrease in net assets resulting from operations	$	(452,122	)

*	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 FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE DOW 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	73,290		$	173,966
Net realized loss on investments		(637,296	)		(1,471,082	)
Net change in unrealized appreciation (depreciation) on investments		111,884			131,819
Net decrease in net assets resulting from operations		(452,122	)		(1,165,297	)

Distributions to shareholders:
Class A		—			(7,283	)
Class C		—			(2,092	)
Class H		—			(24,284	)
Total distributions to shareholders		—			(33,659	)

Capital share transactions:
Proceeds from sale of shares
Class A		2,704,247			3,912,592
Class C		210,031			472,786
Class H		74,008,182			101,320,363
Distributions reinvested
Class A		—			7,241
Class C		—			1,809
Class H		—			24,231
Cost of shares redeemed
Class A		(2,638,732	)		(4,278,100	)
Class C		(122,031	)		(500,056	)
Class H		(74,314,482	)		(100,554,091	)
Net increase (decrease) from capital share transactions		(152,785	)		406,775
Net decrease in net assets		(604,907	)		(792,181	)

Net assets:
Beginning of period		4,109,717			4,901,898
End of period	$	3,504,810		$	4,109,717

Capital share activity:
Shares sold
Class A		82,563			97,447
Class C		7,964			13,154
Class H		2,260,518			2,588,532
Shares issued from reinvestment of distributions
Class A		—			195
Class C		—			57
Class H		—			651
Shares redeemed
Class A		(81,618	)		(105,832	)
Class C		(4,469	)		(13,811	)
Class H		(2,272,734	)		(2,565,983	)
Net increase (decrease) in shares		(7,776	)		14,410

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 41

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.

Class A	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	32.20		$	43.34		$	43.50		$	53.39		$	148.69		$	145.60
Income (loss) from investment operations:
Net investment income (loss)^b		.63			1.42			.30			(.70	)		(.26	)		.15
Net gain (loss) on investments (realized and unrealized)		(3.43	)		(12.26	)		(.46	)		(9.19	)		(95.01	)		3.24
Total from investment operations		(2.80	)		(10.84	)		(.16	)		(9.89	)		(95.27	)		3.39
Less distributions from:
Net investment income		—			(.30	)		—			—			(.03	)		(.30	)
Total distributions		—			(.30	)		—			—			(.03	)		(.30	)
Net asset value, end of period	$	29.40		$	32.20		$	43.34		$	43.50		$	53.39		$	148.69

Total Return^c		(8.70	%)		(25.16	%)		(0.37	%)		(18.52	%)		(64.07	%)		2.27	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	430		$	441		$	948		$	629		$	387		$	1,952
Ratios to average net assets:
Net investment income (loss)		3.82	%		3.55	%		0.64	%		(1.56	%)		(1.66	%)		0.12	%
Total expenses		1.90	%		1.85	%		2.03	%		1.77	%		1.85	%		1.86	%
Net expenses^d		1.80	%		1.77	%		2.00	%		1.77	%		1.85	%		1.86	%
Portfolio turnover rate		—			—			—			—			—			—

Class C	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	27.46		$	37.28		$	37.70		$	46.65		$	130.74		$	129.05
Income (loss) from investment operations:
Net investment income (loss)^b		.43			.98			(.45	)		(.90	)		(.30	)		(.75	)
Net gain (loss) on investments (realized and unrealized)		(2.91	)		(10.50	)		.03	^g		(8.05	)		(83.76	)		2.74
Total from investment operations		(2.48	)		(9.52	)		(.42	)		(8.95	)		(84.06	)		1.99
Less distributions from:
Net investment income		—			(.30	)		—			—			(.03	)		(.30	)
Total distributions		—			(.30	)		—			—			(.03	)		(.30	)
Net asset value, end of period	$	24.98		$	27.46		$	37.28		$	37.70		$	46.65		$	130.74

Total Return^c		(9.03	%)		(25.71	%)		(1.11	%)		(19.19	%)		(64.32	%)		1.63	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	245		$	174		$	258		$	1,380		$	259		$	389
Ratios to average net assets:
Net investment income (loss)		3.04	%		2.86	%		(1.10	%)		(2.33	%)		(2.41	%)		(0.66	%)
Total expenses		2.66	%		2.59	%		2.72	%		2.52	%		2.59	%		2.62	%
Net expenses^d		2.56	%		2.51	%		2.70	%		2.52	%		2.59	%		2.62	%
Portfolio turnover rate		—			—			—			—			—

42 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE DOW 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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.

Class H	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020^f
Per Share Data
Net asset value, beginning of period	$	32.28		$	43.43		$	43.61		$	53.60		$	149.13		$	145.97
Income (loss) from investment operations:
Net investment income (loss)^b		.55			1.40			.37			(.69	)		(.22	)		—	^e
Net gain (loss) on investments (realized and unrealized)		(3.38	)		(12.25	)		(.55	)		(9.30	)		(95.28	)		3.46
Total from investment operations		(2.83	)		(10.85	)		(.18	)		(9.99	)		(95.50	)		3.46
Less distributions from:
Net investment income		—			(.30	)		—			—			(.03	)		(.30	)
Total distributions		—			(.30	)		—			—			(.03	)		(.30	)
Net asset value, end of period	$	29.45		$	32.28		$	43.43		$	43.61		$	53.60		$	149.13

Total Return		(8.77	%)		(25.13	%)		(0.41	%)		(18.64	%)		(64.04	%)		2.37	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	2,829		$	3,495		$	3,695		$	2,653		$	2,531		$	7,246
Ratios to average net assets:
Net investment income (loss)		3.65	%		3.61	%		0.82	%		(1.58	%)		(1.66	%)		0.06	%
Total expenses		1.97	%		1.90	%		2.04	%		1.80	%		1.84	%		1.87	%
Net expenses^d		1.87	%		1.82	%		2.01	%		1.80	%		1.84	%		1.87	%
Portfolio turnover rate		—			—			—			—			—			—

^a	Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	Less than $0.01 per share.
^f	Reverse share split — Per share amounts for the year ended March 31, 2020 have been restated to reflect a 1:15 reverse share split effective August 10, 2020.
^g	The amount shown for a share outstanding throughout the year does not agree with the aggregate net loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 43

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
COMMON STOCKS^† - 43.9%

Financial - 10.6%
FTAI Aviation Ltd.		927	$	123,198
SouthState Corp.		694		67,443
Jackson Financial, Inc. — Class A		697		63,587
Essent Group Ltd.		952		61,204
Hamilton Lane, Inc. — Class A		350		58,937
Terreno Realty Corp. REIT		872		58,276
Ryman Hospitality Properties, Inc. REIT		535		57,373
Essential Properties Realty Trust, Inc. REIT¹		1,601		54,674
Mr Cooper Group, Inc.*		582		53,649
Old National Bancorp		2,871		53,573
Cadence Bank		1,662		52,935
Kite Realty Group Trust REIT		1,981		52,615
Selective Insurance Group, Inc.		555		51,782
Radian Group, Inc.		1,383		47,976
Glacier Bancorp, Inc.		1,039		47,482
Home BancShares, Inc.		1,719		46,568
Piper Sandler Cos.		159		45,126
United Bankshares, Inc.		1,206		44,743
Moelis & Co. — Class A		645		44,189
First Financial Bankshares, Inc.		1,187		43,931
UMB Financial Corp.		409		42,990
Independence Realty Trust, Inc. REIT		2,062		42,271
Phillips Edison & Company, Inc. REIT		1,120		42,235
SL Green Realty Corp. REIT		597		41,557
Hancock Whitney Corp.		792		40,527
MARA Holdings, Inc.*^,1		2,494		40,453
CareTrust REIT, Inc.		1,301		40,149
Sabra Health Care REIT, Inc.		2,111		39,286
Ameris Bancorp		601		37,496
Enstar Group Ltd.*		116		37,304
ServisFirst Bancshares, Inc.		463		37,248
Macerich Co. REIT		1,977		36,060
Valley National Bancorp		3,937		35,669
HA Sustainable Infrastructure Capital, Inc.		1,026		35,366
Innovative Industrial Properties, Inc. REIT		257		34,592
CNO Financial Group, Inc.		961		33,731
Walker & Dunlop, Inc.		295		33,509
PotlatchDeltic Corp. REIT		725		32,661
Broadstone Net Lease, Inc. REIT		1,721		32,613
StepStone Group, Inc. — Class A		567		32,223
Tanger, Inc. REIT		971		32,218
National Health Investors, Inc. REIT		382		32,111
United Community Banks, Inc.		1,091		31,726
Axos Financial, Inc.*		502		31,566
First BanCorp		1,477		31,268
COPT Defense Properties REIT		1,027		31,149
Apple Hospitality REIT, Inc.		2,080		30,888
Atlantic Union Bankshares Corp.		816		30,739
BGC Group, Inc. — Class A		3,324		30,514
Texas Capital Bancshares, Inc.*		426		30,442
Blackstone Mortgage Trust, Inc. — Class A REIT¹		1,584		30,112
Baldwin Insurance Group, Inc. — Class A*		601		29,930
Fulton Financial Corp.		1,641		29,751
International Bancshares Corp.		496		29,656
NMI Holdings, Inc. — Class A*		716		29,492
Associated Banc-Corp.		1,366		29,424
PJT Partners, Inc. — Class A		217		28,935
Eastern Bankshares, Inc.		1,760		28,846
Cushman & Wakefield plc*		2,089		28,473
Upstart Holdings, Inc.*^,1		703		28,127
PennyMac Financial Services, Inc.		246		28,037
Community Financial System, Inc.		480		27,874
WSFS Financial Corp.		539		27,484
Cathay General Bancorp		635		27,273
Genworth Financial, Inc. — Class A*		3,928		26,907
LXP Industrial Trust REIT		2,653		26,663
SITE Centers Corp. REIT		436		26,378
Arbor Realty Trust, Inc. REIT¹		1,680		26,141
New York Community Bancorp, Inc.		2,314		25,986
Douglas Emmett, Inc. REIT		1,473		25,881
Artisan Partners Asset Management, Inc. — Class A		579		25,082
Outfront Media, Inc. REIT		1,350		24,813
BankUnited, Inc.		680		24,779
Bancorp, Inc.*		459		24,556
Four Corners Property Trust, Inc. REIT		837		24,532
Simmons First National Corp. — Class A		1,132		24,383
Burford Capital Ltd.		1,828		24,239
Cohen & Steers, Inc.		252		24,179
McGrath RentCorp		224		23,583
Urban Edge Properties REIT		1,100		23,529
Independent Bank Corp.		390		23,061
Bank of Hawaii Corp.		359		22,534
Park National Corp.		132		22,173
Heartland Financial USA, Inc.		390		22,113
First Interstate BancSystem, Inc. — Class A		720		22,090
Pacific Premier Bancorp, Inc.		874		21,990
Acadia Realty Trust REIT		928		21,789
First Financial Bancorp		861		21,723
Bread Financial Holdings, Inc.		456		21,696
CVB Financial Corp.		1,209		21,544
Provident Financial Services, Inc.		1,149		21,325
Palomar Holdings, Inc.*		225		21,301
WaFd, Inc.		609		21,224
TowneBank		641		21,191
Victory Capital Holdings, Inc. — Class A		378		20,941
StoneX Group, Inc.*		251		20,552
Seacoast Banking Corporation of Florida		771		20,547
Compass, Inc. — Class A*		3,349		20,462
First Merchants Corp.		532		19,790
American Healthcare REIT, Inc.		751		19,601
Enova International, Inc.*		233		19,523
St. Joe Co.		331		19,301
Core Scientific, Inc.*		1,627		19,296
BancFirst Corp.		183		19,261
Equity Commonwealth REIT*		965		19,204
Independent Bank Group, Inc.		333		19,201
Sunstone Hotel Investors, Inc. REIT		1,856		19,154
Cleanspark, Inc.*		2,036		19,016

44 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
Newmark Group, Inc. — Class A		1,222	$	18,978
OFG Bancorp		420		18,866
Banner Corp.		315		18,761
NBT Bancorp, Inc.		423		18,709
Banc of California, Inc.		1,268		18,678
Stewart Information Services Corp.		249		18,610
Riot Platforms, Inc.*^,1		2,493		18,498
Goosehead Insurance, Inc. — Class A*		205		18,306
Renasant Corp.		561		18,233
Retail Opportunity Investments Corp. REIT		1,131		17,791
InvenTrust Properties Corp. REIT		626		17,760
Trustmark Corp.		555		17,660
Enterprise Financial Services Corp.		339		17,377
DiamondRock Hospitality Co. REIT		1,920		16,762
Triumph Financial, Inc.*		203		16,147
First Commonwealth Financial Corp.		923		15,829
City Holding Co.		134		15,730
Bank of NT Butterfield & Son Ltd.		426		15,711
WesBanco, Inc.		525		15,635
Northwest Bancshares, Inc.		1,163		15,561
Farmer Mac — Class C		83		15,555
Mercury General Corp.		246		15,493
Global Net Lease, Inc. REIT		1,832		15,425
First BanCorp Puerto Rico		368		15,305
FB Financial Corp.		326		15,299
Pathward Financial, Inc.		229		15,116
Live Oak Bancshares, Inc.		319		15,111
Lakeland Financial Corp.		228		14,847
Pagseguro Digital Ltd. — Class A*		1,720		14,809
Nelnet, Inc. — Class A		130		14,726
S&T Bancorp, Inc.		350		14,690
Stock Yards Bancorp, Inc.		235		14,568
LTC Properties, Inc. REIT		395		14,493
Getty Realty Corp. REIT		454		14,442
Pebblebrook Hotel Trust REIT		1,089		14,407
National Bank Holdings Corp. — Class A		339		14,272
Elme Communities REIT		803		14,125
Skyward Specialty Insurance Group, Inc.*		341		13,889
Hilltop Holdings, Inc.		428		13,764
Xenia Hotels & Resorts, Inc. REIT		930		13,736
Empire State Realty Trust, Inc. — Class A REIT		1,223		13,551
Compass Diversified Holdings		612		13,544
Redfin Corp.*		1,070		13,407
JBG SMITH Properties REIT		762		13,320
Hope Bancorp, Inc.		1,058		13,288
Horace Mann Educators Corp.		377		13,176
Two Harbors Investment Corp. REIT		947		13,144
Virtus Investment Partners, Inc.		62		12,986
SiriusPoint Ltd.*		900		12,906
Veris Residential, Inc. REIT		716		12,788
RLJ Lodging Trust REIT		1,390		12,760
First Busey Corp.		490		12,750
Alexander & Baldwin, Inc. REIT		664		12,749
Trupanion, Inc.*		303		12,720
WisdomTree, Inc.		1,273		12,717
Veritex Holdings, Inc.		482		12,686
Sandy Spring Bancorp, Inc.		404		12,673
Customers Bancorp, Inc.*		272		12,634
TriCo Bancshares		294		12,539
Safehold, Inc. REIT		476		12,485
Uniti Group, Inc. REIT*		2,182		12,306
Easterly Government Properties, Inc. REIT		886		12,032
Ladder Capital Corp. — Class A REIT		1,036		12,018
Apollo Commercial Real Estate Finance, Inc. REIT		1,301		11,956
MFA Financial, Inc. REIT		934		11,880
American Assets Trust, Inc. REIT		440		11,757
Apartment Investment and Management Co. — Class A REIT*		1,298		11,734
Stellar Bancorp, Inc.		451		11,676
Nicolet Bankshares, Inc.		122		11,667
Westamerica BanCorp		236		11,663
Chimera Investment Corp. REIT		735		11,635
UMH Properties, Inc. REIT		587		11,546
Kennedy-Wilson Holdings, Inc.		1,037		11,459
LendingClub Corp.*		997		11,396
Piedmont Office Realty Trust, Inc. — Class A REIT		1,126		11,373
PennyMac Mortgage Investment Trust REIT		793		11,308
Ready Capital Corp. REIT		1,474		11,247
Navient Corp.		721		11,240
NETSTREIT Corp. REIT		677		11,191
QCR Holdings, Inc.		150		11,105
Safety Insurance Group, Inc.		135		11,040
Employers Holdings, Inc.		225		10,793
Berkshire Hills Bancorp, Inc.		392		10,556
eXp World Holdings, Inc.¹		743		10,469
Encore Capital Group, Inc.*		215		10,163
German American Bancorp, Inc.		262		10,153
1st Source Corp.		169		10,120
Terawulf, Inc.*		2,114		9,894
Cannae Holdings, Inc.		517		9,854
OceanFirst Financial Corp.		528		9,815
Franklin BSP Realty Trust, Inc. REIT		749		9,782
Enact Holdings, Inc.		268		9,736
Ellington Financial, Inc. REIT		753		9,706
Centerspace REIT		137		9,654
Peoples Bancorp, Inc.		318		9,569
Dime Community Bancshares, Inc.		326		9,389
Perella Weinberg Partners		483		9,327
Redwood Trust, Inc. REIT		1,201		9,284
ARMOUR Residential REIT, Inc.		451		9,200
NexPoint Residential Trust, Inc. REIT		209		9,198
Preferred Bank/Los Angeles CA		113		9,068
First Bancshares, Inc.		282		9,061
Hut 8 Corp.*^,1		736		9,023
Southside Bancshares, Inc.		264		8,826
Origin Bancorp, Inc.		270		8,683
FTAI Infrastructure, Inc.		919		8,602
Marcus & Millichap, Inc.		216		8,560
AMERISAFE, Inc.		175		8,458

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 45

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
Brandywine Realty Trust REIT		1,546	$	8,410
Diversified Healthcare Trust REIT		1,993		8,351
ConnectOne Bancorp, Inc.		333		8,342
Plymouth Industrial REIT, Inc.		368		8,317
Paramount Group, Inc. REIT*		1,683		8,280
First Mid Bancshares, Inc.		210		8,171
Brookline Bancorp, Inc.		805		8,122
Bank First Corp.		89		8,072
HCI Group, Inc.		75		8,030
Fidelis Insurance Holdings Ltd.		443		8,001
PRA Group, Inc.*		356		7,960
Lemonade, Inc.*		474		7,816
Byline Bancorp, Inc.		286		7,656
F&G Annuities & Life, Inc.		171		7,647
Premier Financial Corp.		325		7,631
Dynex Capital, Inc. REIT		587		7,490
Univest Financial Corp.		266		7,485
Burke & Herbert Financial Services Corp.		119		7,258
Central Pacific Financial Corp.		245		7,230
Merchants Bancorp		157		7,059
Community Trust Bancorp, Inc.		141		7,002
ProAssurance Corp.*		465		6,994
Hamilton Insurance Group Ltd. — Class B*		361		6,982
CrossFirst Bankshares, Inc.*		416		6,943
Service Properties Trust REIT		1,505		6,863
Heritage Financial Corp.		315		6,858
First Community Bankshares, Inc.		157		6,775
Tompkins Financial Corp.		117		6,761
NB Bancorp, Inc.*		358		6,644
KKR Real Estate Finance Trust, Inc. REIT		536		6,620
Capitol Federal Financial, Inc.		1,132		6,611
BrightSpire Capital, Inc. REIT		1,178		6,597
Armada Hoffler Properties, Inc. REIT		609		6,595
Summit Hotel Properties, Inc. REIT		957		6,565
Brightsphere Investment Group, Inc.		254		6,452
Mercantile Bank Corp.		145		6,339
Old Second Bancorp, Inc.		400		6,236
Horizon Bancorp, Inc.		398		6,189
Cipher Mining, Inc.*		1,586		6,138
Eagle Bancorp, Inc.		271		6,119
Independent Bank Corp.		183		6,103
Whitestone REIT — Class B		448		6,061
Orrstown Financial Services, Inc.		168		6,041
Brookfield Business Corp. — Class A		238		6,029
Gladstone Commercial Corp. REIT		368		5,976
Hudson Pacific Properties, Inc. REIT*		1,248		5,965
Claros Mortgage Trust, Inc.		788		5,902
Amerant Bancorp, Inc.		272		5,813
Business First Bancshares, Inc.		221		5,673
TrustCo Bank Corporation NY		171		5,655
Patria Investments Ltd. — Class A		505		5,641
Coastal Financial Corp.*		103		5,561
Global Medical REIT, Inc.		557		5,520
Camden National Corp.		133		5,496
Equity Bancshares, Inc. — Class A		133		5,437
Heritage Commerce Corp.		547		5,404
Universal Health Realty Income Trust REIT		118		5,399
International Money Express, Inc.*		291		5,381
Orchid Island Capital, Inc. REIT		653		5,368
LendingTree, Inc.*		92		5,339
CBL & Associates Properties, Inc. REIT		209		5,267
New York Mortgage Trust, Inc. REIT		828		5,241
Metrocity Bankshares, Inc.		169		5,175
Amalgamated Financial Corp.		164		5,145
Hanmi Financial Corp.		276		5,134
Metropolitan Bank Holding Corp.*		97		5,100
Farmers National Banc Corp.		334		5,050
Washington Trust Bancorp, Inc.		156		5,025
Southern Missouri Bancorp, Inc.		87		4,915
Republic Bancorp, Inc. — Class A		75		4,898
Universal Insurance Holdings, Inc.		220		4,875
Real Brokerage, Inc.*		874		4,851
Alexander’s, Inc. REIT		20		4,847
Northeast Bank		61		4,705
First Financial Corp.		105		4,604
HomeTrust Bancshares, Inc.		135		4,601
Peakstone Realty Trust REIT		335		4,566
CNB Financial Corp.		189		4,547
Anywhere Real Estate, Inc.*		895		4,547
HarborOne Bancorp, Inc.		350		4,543
Great Southern Bancorp, Inc.		79		4,527
Tiptree, Inc. — Class A		231		4,521
NerdWallet, Inc. — Class A*		355		4,512
TPG RE Finance Trust, Inc. REIT		527		4,495
Community Healthcare Trust, Inc. REIT		246		4,465
Ambac Financial Group, Inc.*		398		4,462
Capital City Bank Group, Inc.		126		4,447
Five Star Bancorp		149		4,430
GCM Grosvenor, Inc. — Class A		381		4,313
Arrow Financial Corp.		150		4,299
Midland States Bancorp, Inc.		192		4,297
Gladstone Land Corp. REIT		309		4,295
Columbia Financial, Inc.*		251		4,285
SmartFinancial, Inc.		146		4,254
Esquire Financial Holdings, Inc.		65		4,239
Invesco Mortgage Capital, Inc. REIT		450		4,226
Bar Harbor Bankshares		137		4,225
Farmland Partners, Inc. REIT		404		4,222
Peapack-Gladstone Financial Corp.		153		4,194
Northfield Bancorp, Inc.		361		4,188
NET Lease Office Properties REIT		136		4,164
Mid Penn Bancorp, Inc.		137		4,087
Saul Centers, Inc. REIT		97		4,070
Diamond Hill Investment Group, Inc.		25		4,040
United Fire Group, Inc.		193		4,039
One Liberty Properties, Inc. REIT		146		4,021
Peoples Financial Services Corp.		85		3,985
P10, Inc. — Class A		372		3,984
Shore Bancshares, Inc.		281		3,931
World Acceptance Corp.*		33		3,893
CTO Realty Growth, Inc. REIT		203		3,861

46 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
MidWestOne Financial Group, Inc.		134	$	3,823
Bit Digital, Inc.*^,1		1,075		3,773
Chatham Lodging Trust REIT		442		3,766
Alerus Financial Corp.		164		3,752
Flushing Financial Corp.		253		3,689
South Plains Financial, Inc.		108		3,663
Carter Bankshares, Inc.*		210		3,652
FRP Holdings, Inc.*		122		3,643
RMR Group, Inc. — Class A		142		3,604
RBB Bancorp		156		3,591
Financial Institutions, Inc.		139		3,540
Sierra Bancorp		121		3,494
Northrim BanCorp, Inc.		49		3,490
Greenlight Capital Re Ltd. — Class A*		254		3,467
Kearny Financial Corp.		503		3,456
Ares Commercial Real Estate Corp. REIT		491		3,437
Hingham Institution For Savings		14		3,406
California BanCorp*		222		3,283
First Business Financial Services, Inc.		72		3,282
ACNB Corp.		75		3,275
Farmers & Merchants Bancorp Incorporated/Archbold OH		117		3,235
Hippo Holdings, Inc.*		181		3,055
First Foundation, Inc.		480		2,995
Northeast Community Bancorp, Inc.		113		2,989
Investors Title Co.		13		2,987
Community West Bancshares		155		2,985
Root, Inc. — Class A*		79		2,985
Bank of Marin Bancorp		147		2,953
First Bank/Hamilton NJ		194		2,949
Postal Realty Trust, Inc. — Class A REIT		198		2,899
Home Bancorp, Inc.		65		2,898
Dave, Inc.*		72		2,877
Industrial Logistics Properties Trust REIT		600		2,856
Enterprise Bancorp, Inc.		89		2,844
Orange County Bancorp, Inc.		47		2,835
Legacy Housing Corp.*		103		2,817
West BanCorp, Inc.		148		2,813
Third Coast Bancshares, Inc.*		104		2,784
FS Bancorp, Inc.		61		2,714
Citizens & Northern Corp.		137		2,698
NewtekOne, Inc.		214		2,666
Selectquote, Inc.*		1,221		2,650
HomeStreet, Inc.*		168		2,648
Bridgewater Bancshares, Inc.*		184		2,607
HBT Financial, Inc.		118		2,582
First Bancorp, Inc.		98		2,579
Heritage Insurance Holdings, Inc.*		210		2,570
First Internet Bancorp		75		2,570
First of Long Island Corp.		196		2,523
Civista Bancshares, Inc.		141		2,513
Guaranty Bancshares, Inc.		73		2,510
American Coastal Insurance Corp.*		222		2,502
Regional Management Corp.		74		2,421
Southern First Bancshares, Inc.*		71		2,420
Citizens Financial Services, Inc.		41		2,409
Chicago Atlantic Real Estate Finance, Inc. REIT		155		2,404
Southern States Bancshares, Inc.		77		2,366
Colony Bankcorp, Inc.		152		2,359
BayCom Corp.		97		2,301
John Marshall Bancorp, Inc.		115		2,275
Primis Financial Corp.		186		2,265
Unity Bancorp, Inc.		66		2,248
Red River Bancshares, Inc.		43		2,236
Capital Bancorp, Inc.		85		2,185
Fidelity D&D Bancorp, Inc.		44		2,171
Waterstone Financial, Inc.		147		2,161
Donegal Group, Inc. — Class A		142		2,093
Alpine Income Property Trust, Inc. REIT		115		2,093
City Office REIT, Inc.		358		2,091
Timberland Bancorp, Inc.		69		2,088
Ponce Financial Group, Inc.*		178		2,081
Orion Office REIT, Inc.		516		2,064
RE/MAX Holdings, Inc. — Class A*		164		2,042
Plumas Bancorp		50		2,039
MVB Financial Corp.		105		2,033
ChoiceOne Financial Services, Inc.		65		2,009
Parke Bancorp, Inc.		96		2,006
AG Mortgage Investment Trust, Inc. REIT		264		1,983
Greene County Bancorp, Inc.		64		1,977
FVCBankcorp, Inc.*		150		1,958
Blue Foundry Bancorp*		190		1,948
Middlefield Banc Corp.		67		1,930
Norwood Financial Corp.		69		1,903
Onity Group, Inc.*		59		1,884
PCB Bancorp		100		1,879
Braemar Hotels & Resorts, Inc. REIT		601		1,857
NexPoint Diversified Real Estate Trust REIT		297		1,856
Bowhead Specialty Holdings, Inc.*		66		1,849
BRT Apartments Corp. REIT		103		1,811
James River Group Holdings Ltd.		288		1,806
Virginia National Bankshares Corp.		43		1,791
Atlanticus Holdings Corp.*		51		1,789
Bankwell Financial Group, Inc.		59		1,767
LCNB Corp.		113		1,703
Princeton Bancorp, Inc.		46		1,701
BCB Bancorp, Inc.		137		1,691
Oak Valley Bancorp		63		1,674
Investar Holding Corp.		85		1,649
Star Holdings*		119		1,647
Velocity Financial, Inc.*		83		1,628
Seven Hills Realty Trust REIT		117		1,611
National Bankshares, Inc.		53		1,585
AFC Gamma, Inc. REIT		155		1,583
Franklin Street Properties Corp. REIT		890		1,575
Maui Land & Pineapple Company, Inc.*		70		1,571
Provident Bancorp, Inc.*		144		1,554
Crawford & Co. — Class A		139		1,525
Silvercrest Asset Management Group, Inc. — Class A		87		1,500
ESSA Bancorp, Inc.		77		1,480

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 47

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
Ames National Corp.		81	$	1,477
Granite Point Mortgage Trust, Inc. REIT		462		1,465
USCB Financial Holdings, Inc.		96		1,464
MBIA, Inc.		410		1,464
First Western Financial, Inc.*		73		1,460
First Financial Northwest, Inc.		64		1,441
Chemung Financial Corp.		30		1,441
Maiden Holdings Ltd.*		803		1,421
Medallion Financial Corp.		172		1,400
Forge Global Holdings, Inc.*		1,047		1,372
Bank7 Corp.		36		1,349
Stratus Properties, Inc.*		51		1,325
LINKBANCORP, Inc.		203		1,301
Pioneer Bancorp, Inc.*		107		1,174
Nexpoint Real Estate Finance, Inc. REIT		75		1,172
AlTi Global, Inc.*		310		1,159
Sky Harbour Group Corp.*		104		1,148
Angel Oak Mortgage REIT, Inc.		109		1,137
NI Holdings, Inc.*		71		1,113
Paysign, Inc.*		302		1,108
Peoples Bancorp of North Carolina, Inc.		41		1,041
B Riley Financial, Inc.*		187		982
Kingsway Financial Services, Inc.*		118		977
Sterling Bancorp, Inc.*		195		887
OppFi, Inc.		166		785
Sunrise Realty Trust, Inc. REIT		52		748
Consumer Portfolio Services, Inc.*		78		732
Strawberry Fields REIT, Inc.		54		685
Clipper Realty, Inc. REIT		109		621
SWK Holdings Corp.*		30		519
Offerpad Solutions, Inc.*		96		390
GoHealth, Inc. — Class A*		41		385
Transcontinental Realty Investors, Inc.*		11		317
American Realty Investors, Inc.*		14		245
Roadzen, Inc.*		139		165
Total Financial				5,917,690

Consumer, Non-cyclical - 10.5%
Vaxcyte, Inc.*		1,089		124,440
Insmed, Inc.*		1,427		104,171
Sprouts Farmers Market, Inc.*		919		101,467
Ensign Group, Inc.		506		72,773
Lantheus Holdings, Inc.*		624		68,484
Halozyme Therapeutics, Inc.*		1,138		65,139
HealthEquity, Inc.*		772		63,188
REVOLUTION Medicines, Inc.*		1,390		63,036
Glaukos Corp.*		446		58,105
Cytokinetics, Inc.*		1,025		54,120
Blueprint Medicines Corp.*		574		53,095
Merit Medical Systems, Inc.*		522		51,589
Option Care Health, Inc.*		1,565		48,985
Brink’s Co.		410		47,412
TransMedics Group, Inc.*		293		46,001
Avidity Biosciences, Inc.*		986		45,287
Verra Mobility Corp.*		1,519		42,243
Alkermes plc*		1,495		41,845
RadNet, Inc.*		603		41,842
Krystal Biotech, Inc.*		226		41,139
Herc Holdings, Inc.		258		41,133
ADMA Biologics, Inc.*		2,055		41,080
Integer Holdings Corp.*		306		39,780
Oscar Health, Inc. — Class A*		1,774		37,627
Haemonetics Corp.*		461		37,055
Primo Water Corp.		1,440		36,360
Crinetics Pharmaceuticals, Inc.*		710		36,281
ICU Medical, Inc.*		196		35,715
Korn Ferry		474		35,664
Select Medical Holdings Corp.		982		34,242
Biohaven Ltd.*		685		34,229
Corcept Therapeutics, Inc.*		738		34,155
Madrigal Pharmaceuticals, Inc.*		160		33,955
Neogen Corp.*		1,990		33,452
Stride, Inc.*		391		33,356
Denali Therapeutics, Inc.*		1,134		33,033
Arcellx, Inc.*		393		32,819
Prestige Consumer Healthcare, Inc.*		455		32,805
Bridgebio Pharma, Inc.*		1,282		32,640
Axonics, Inc.*		468		32,573
Nuvalent, Inc. — Class A*		316		32,327
WD-40 Co.		125		32,235
Lancaster Colony Corp.		179		31,606
PROCEPT BioRobotics Corp.*		389		31,167
ABM Industries, Inc.		581		30,654
Axsome Therapeutics, Inc.*		332		29,837
TG Therapeutics, Inc.*		1,274		29,799
CBIZ, Inc.*		440		29,608
StoneCo Ltd. — Class A*		2,613		29,422
Simply Good Foods Co.*		833		28,963
Insperity, Inc.		329		28,952
Alight, Inc. — Class A*		3,869		28,631
Amicus Therapeutics, Inc.*		2,678		28,601
ICF International, Inc.		171		28,521
TriNet Group, Inc.		292		28,315
Cal-Maine Foods, Inc.		376		28,140
CorVel Corp.*		81		26,478
Dyne Therapeutics, Inc.*		736		26,437
Rhythm Pharmaceuticals, Inc.*		503		26,352
LivaNova plc*		501		26,323
Adtalem Global Education, Inc.*		342		25,814
PTC Therapeutics, Inc.*		695		25,784
Tandem Diabetes Care, Inc.*		591		25,064
Guardant Health, Inc.*		1,077		24,706
Graham Holdings Co. — Class B		30		24,652
Alarm.com Holdings, Inc.*		443		24,219
J & J Snack Foods Corp.		140		24,097
Geron Corp.*		5,290		24,017
Protagonist Therapeutics, Inc.*		533		23,985
Veracyte, Inc.*		701		23,862
Ideaya Biosciences, Inc.*		753		23,855
Twist Bioscience Corp.*		528		23,855
Agios Pharmaceuticals, Inc.*		519		23,059
Astrana Health, Inc.*		396		22,944
Surgery Partners, Inc.*		701		22,600

48 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
Myriad Genetics, Inc.*		816	$	22,350
Iovance Biotherapeutics, Inc.*		2,310		21,691
Inter Parfums, Inc.		167		21,623
iRhythm Technologies, Inc.*		287		21,307
Addus HomeCare Corp.*		159		21,152
Arrowhead Pharmaceuticals, Inc.*		1,089		21,094
Marqeta, Inc. — Class A*		4,254		20,930
UFP Technologies, Inc.*		66		20,902
CONMED Corp.		283		20,353
Laureate Education, Inc. — Class A		1,224		20,331
Catalyst Pharmaceuticals, Inc.*		1,020		20,278
SpringWorks Therapeutics, Inc.*		631		20,217
EVERTEC, Inc.		592		20,063
Inari Medical, Inc.*		486		20,043
Celldex Therapeutics, Inc.*		589		20,020
Vector Group Ltd.		1,340		19,993
Apogee Therapeutics, Inc.*		332		19,502
Payoneer Global, Inc.*		2,585		19,465
Kymera Therapeutics, Inc.*		408		19,311
Strategic Education, Inc.		204		18,880
Vericel Corp.*		445		18,801
PROG Holdings, Inc.		379		18,378
TreeHouse Foods, Inc.*		436		18,303
Omnicell, Inc.*		419		18,268
Intellia Therapeutics, Inc.*		879		18,063
Flywire Corp.*		1,102		18,062
Remitly Global, Inc.*		1,332		17,835
Edgewise Therapeutics, Inc.*		666		17,776
Akero Therapeutics, Inc.*		618		17,730
Summit Therapeutics, Inc.*		799		17,498
Huron Consulting Group, Inc.*		160		17,392
LeMaitre Vascular, Inc.		186		17,278
Beam Therapeutics, Inc.*		702		17,199
NeoGenomics, Inc.*		1,163		17,154
Amphastar Pharmaceuticals, Inc.*		353		17,131
STAAR Surgical Co.*		454		16,866
ACADIA Pharmaceuticals, Inc.*		1,092		16,795
Edgewell Personal Care Co.		452		16,426
CG oncology, Inc.*		433		16,337
Novavax, Inc.*^,1		1,289		16,280
John Wiley & Sons, Inc. — Class A		331		15,971
Vera Therapeutics, Inc.*		358		15,824
Patterson Companies, Inc.		719		15,703
Keros Therapeutics, Inc.*		270		15,679
Upbound Group, Inc.		489		15,643
Ligand Pharmaceuticals, Inc. — Class B*		156		15,614
RxSight, Inc.*		313		15,472
MannKind Corp.*		2,419		15,216
Immunovant, Inc.*		533		15,196
Novocure Ltd.*		972		15,192
Central Garden & Pet Co. — Class A*		479		15,041
Andersons, Inc.		299		14,992
LiveRamp Holdings, Inc.*		599		14,843
AMN Healthcare Services, Inc.*		348		14,752
Ardelyx, Inc.*		2,120		14,607
GEO Group, Inc.*		1,134		14,572
PACS Group, Inc.*		362		14,469
National Healthcare Corp.		115		14,464
Syndax Pharmaceuticals, Inc.*		750		14,438
Arvinas, Inc.*		586		14,433
Supernus Pharmaceuticals, Inc.*		461		14,374
Recursion Pharmaceuticals, Inc. — Class A*^,1		2,175		14,333
BioCryst Pharmaceuticals, Inc.*		1,885		14,326
CareDx, Inc.*		458		14,301
Teladoc Health, Inc.*		1,553		14,257
Mirum Pharmaceuticals, Inc.*		360		14,040
Chefs’ Warehouse, Inc.*		321		13,485
Dynavax Technologies Corp.*		1,202		13,390
Perdoceo Education Corp.		598		13,299
Kura Oncology, Inc.*		666		13,014
Viridian Therapeutics, Inc.*		571		12,990
Cimpress plc*		158		12,943
Progyny, Inc.*		770		12,905
Helen of Troy Ltd.*		208		12,865
CoreCivic, Inc.*		1,006		12,726
Harrow, Inc.*		281		12,634
Nurix Therapeutics, Inc.*		556		12,493
Ocular Therapeutix, Inc.*		1,420		12,354
Inmode Ltd.*		725		12,289
AtriCure, Inc.*		435		12,197
Amneal Pharmaceuticals, Inc.*		1,452		12,081
Brookdale Senior Living, Inc. — Class A*		1,746		11,855
Janux Therapeutics, Inc.*		258		11,721
Universal Corp.		220		11,684
US Physical Therapy, Inc.		137		11,594
Collegium Pharmaceutical, Inc.*		299		11,553
Quanex Building Products Corp.		404		11,211
Integra LifeSciences Holdings Corp.*		617		11,211
Dole plc		685		11,159
Rocket Pharmaceuticals, Inc.*		604		11,156
Tarsus Pharmaceuticals, Inc.*		338		11,117
Harmony Biosciences Holdings, Inc.*		277		11,080
agilon health, Inc.*		2,815		11,063
Avadel Pharmaceuticals plc*		843		11,056
Xencor, Inc.*		546		10,980
Cassava Sciences, Inc.*		373		10,977
MGP Ingredients, Inc.¹		130		10,822
Owens & Minor, Inc.*		688		10,795
CRA International, Inc.		61		10,694
Arlo Technologies, Inc.*		868		10,511
Kforce, Inc.		171		10,508
Utz Brands, Inc.		593		10,496
Vital Farms, Inc.*		299		10,486
AdaptHealth Corp.*		929		10,433
Weis Markets, Inc.		151		10,409
WK Kellogg Co.		603		10,317
Vita Coco Company, Inc.*		361		10,220
Soleno Therapeutics, Inc.*		202		10,199
ANI Pharmaceuticals, Inc.*		170		10,142
National Beverage Corp.		216		10,139
Neumora Therapeutics, Inc.*		767		10,132

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 49

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
Avanos Medical, Inc.*		417	$	10,020
Coursera, Inc.*		1,255		9,965
Ingles Markets, Inc. — Class A		133		9,922
Longboard Pharmaceuticals, Inc.*		297		9,899
Innoviva, Inc.*		508		9,809
Artivion, Inc.*		365		9,716
Transcat, Inc.*		79		9,541
Pennant Group, Inc.*		265		9,460
Travere Therapeutics, Inc.*		672		9,401
Spyre Therapeutics, Inc.*		318		9,352
First Advantage Corp.*		467		9,270
Fresh Del Monte Produce, Inc.		311		9,187
Praxis Precision Medicines, Inc.*		158		9,091
United Natural Foods, Inc.*		539		9,066
Cogent Biosciences, Inc.*		837		9,040
Arcutis Biotherapeutics, Inc.*		969		9,012
Aurinia Pharmaceuticals, Inc.*		1,225		8,979
Pediatrix Medical Group, Inc.*		770		8,924
Disc Medicine, Inc.*		180		8,845
Barrett Business Services, Inc.		235		8,815
Kiniksa Pharmaceuticals International plc*		343		8,572
Krispy Kreme, Inc.		781		8,388
Maravai LifeSciences Holdings, Inc. — Class A*		1,008		8,376
BrightView Holdings, Inc.*		531		8,358
Enliven Therapeutics, Inc.*		323		8,249
Evolus, Inc.*		504		8,165
BioLife Solutions, Inc.*		326		8,163
Legalzoom.com, Inc.*		1,258		7,988
Deluxe Corp.		406		7,913
Monro, Inc.		274		7,908
Cullinan Therapeutics, Inc.*		472		7,901
Driven Brands Holdings, Inc.*		550		7,848
John B Sanfilippo & Son, Inc.		82		7,734
LifeStance Health Group, Inc.*		1,096		7,672
PetIQ, Inc.*		248		7,631
Arcus Biosciences, Inc.*		499		7,630
Healthcare Services Group, Inc.*		671		7,495
Embecta Corp.		529		7,459
Applied Therapeutics, Inc.*		877		7,455
BrightSpring Health Services, Inc.*		494		7,252
Heidrick & Struggles International, Inc.		185		7,189
Hain Celestial Group, Inc.*		818		7,059
Community Health Systems, Inc.*		1,145		6,950
SpartanNash Co.		308		6,902
Immunome, Inc.*		472		6,901
Castle Biosciences, Inc.*		238		6,788
Turning Point Brands, Inc.		157		6,774
Repay Holdings Corp.*		826		6,740
Viad Corp.*		188		6,736
Day One Biopharmaceuticals, Inc.*		477		6,645
Paysafe Ltd.*		296		6,639
Herbalife Ltd.*		912		6,557
ARS Pharmaceuticals, Inc.*		452		6,554
Prothena Corporation plc*		390		6,525
Avid Bioservices, Inc.*		571		6,498
Udemy, Inc.*		872		6,488
Zymeworks, Inc.*		513		6,438
Relay Therapeutics, Inc.*		907		6,422
MiMedx Group, Inc.*		1,082		6,395
Pacira BioSciences, Inc.*		421		6,336
Matthews International Corp. — Class A		273		6,334
B&G Foods, Inc.		709		6,296
ZipRecruiter, Inc. — Class A*		655		6,222
Cytek Biosciences, Inc.*		1,107		6,133
Vir Biotechnology, Inc.*		817		6,119
Kelly Services, Inc. — Class A		285		6,102
Hackett Group, Inc.		232		6,095
ArriVent Biopharma, Inc.*		257		6,039
AnaptysBio, Inc.*		180		6,030
Dianthus Therapeutics, Inc.*		220		6,024
Universal Technical Institute, Inc.*		363		5,902
Pliant Therapeutics, Inc.*		523		5,863
ORIC Pharmaceuticals, Inc.*		566		5,801
WaVe Life Sciences Ltd.*		706		5,789
Cargo Therapeutics, Inc.*		313		5,775
Perspective Therapeutics, Inc.*		432		5,767
Green Dot Corp. — Class A*		488		5,714
Ennis, Inc.		234		5,691
Phathom Pharmaceuticals, Inc.*		313		5,659
Mister Car Wash, Inc.*		854		5,560
89bio, Inc.*		744		5,506
Axogen, Inc.*		390		5,468
Tourmaline Bio, Inc.		212		5,451
Adaptive Biotechnologies Corp.*		1,057		5,412
SunOpta, Inc.*		837		5,340
Ironwood Pharmaceuticals, Inc. — Class A*		1,291		5,319
Liquidia Corp.*		530		5,300
SI-BONE, Inc.*		374		5,229
Alphatec Holdings, Inc.*		937		5,210
Cass Information Systems, Inc.		124		5,143
Mission Produce, Inc.*		399		5,115
Sterling Check Corp.*		304		5,083
Replimune Group, Inc.*		462		5,064
Scholar Rock Holding Corp.*		629		5,038
Sana Biotechnology, Inc.*		1,206		5,017
4D Molecular Therapeutics, Inc.*		458		4,951
Arbutus Biopharma Corp.*		1,281		4,932
Revance Therapeutics, Inc.*		950		4,931
Surmodics, Inc.*		126		4,886
Arcturus Therapeutics Holdings, Inc.*		210		4,874
ImmunityBio, Inc.*^,1		1,302		4,843
Orthofix Medical, Inc.*		310		4,842
Willdan Group, Inc.*		116		4,750
GeneDx Holdings Corp.*		111		4,711
ACCO Brands Corp.		853		4,666
Concentra Group Holdings Parent, Inc.*		207		4,629
Annexon, Inc.*		773		4,576
Astria Therapeutics, Inc.*		414		4,558
REGENXBIO, Inc.*		423		4,437
Y-mAbs Therapeutics, Inc.*		337		4,432

50 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
OPKO Health, Inc.*^,1		2,972	$	4,428
Erasca, Inc.*		1,619		4,420
Terns Pharmaceuticals, Inc.*		529		4,412
Tyra Biosciences, Inc.*		187		4,396
Olema Pharmaceuticals, Inc.*		367		4,382
Calavo Growers, Inc.		153		4,365
Humacyte, Inc.*		802		4,363
Franklin Covey Co.*		105		4,319
Quanterix Corp.*		330		4,277
Varex Imaging Corp.*		356		4,243
Pacific Biosciences of California, Inc.*		2,496		4,243
Phibro Animal Health Corp. — Class A		188		4,234
Bioventus, Inc. — Class A*		345		4,123
Carriage Services, Inc. — Class A		125		4,104
CorMedix, Inc.*		504		4,072
OrthoPediatrics Corp.*		150		4,066
Fulgent Genetics, Inc.*		187		4,063
KalVista Pharmaceuticals, Inc.*		350		4,053
Limoneira Co.		152		4,028
Stoke Therapeutics, Inc.*		327		4,019
UroGen Pharma Ltd.*		315		4,001
USANA Health Sciences, Inc.*		105		3,982
Altimmune, Inc.*		648		3,979
Neurogene, Inc.*		94		3,944
Zimvie, Inc.*		248		3,936
Cross Country Healthcare, Inc.*		292		3,924
Anavex Life Sciences Corp.*		669		3,800
Aura Biosciences, Inc.*		426		3,796
Nuvation Bio, Inc.*		1,649		3,776
Distribution Solutions Group, Inc.*		98		3,774
Savara, Inc.*		890		3,774
Sezzle, Inc.*		22		3,753
Mind Medicine MindMed, Inc.*		657		3,738
MaxCyte, Inc.*		955		3,715
Hertz Global Holdings, Inc.*		1,120		3,696
Beyond Meat, Inc.*		545		3,695
iRadimed Corp.		73		3,671
EyePoint Pharmaceuticals, Inc.*		459		3,667
Xeris Biopharma Holdings, Inc.*		1,279		3,645
Entrada Therapeutics, Inc.*		227		3,627
Enhabit, Inc.*		457		3,610
Sage Therapeutics, Inc.*		494		3,567
OmniAb, Inc.*		842		3,562
Capricor Therapeutics, Inc.*		233		3,544
Alector, Inc.*		736		3,430
Tango Therapeutics, Inc.*		438		3,373
Aquestive Therapeutics, Inc.*		677		3,371
Tejon Ranch Co.*		192		3,370
ACELYRIN, Inc.*		670		3,303
Moneylion, Inc.*		78		3,241
National Research Corp. — Class A		141		3,223
Central Garden & Pet Co.*		88		3,209
Fate Therapeutics, Inc.*		913		3,195
Celcuity, Inc.*		214		3,191
Mineralys Therapeutics, Inc.*		262		3,173
Tactile Systems Technology, Inc.*		217		3,170
Verve Therapeutics, Inc.*		648		3,136
DocGo, Inc.*		928		3,081
C4 Therapeutics, Inc.*		539		3,072
Nano-X Imaging Ltd.*^,1		498		3,028
Olaplex Holdings, Inc.*		1,265		2,973
Anika Therapeutics, Inc.*		120		2,964
Taysha Gene Therapies, Inc.*		1,469		2,953
Pulse Biosciences, Inc.*		168		2,947
Paragon 28, Inc.*		432		2,886
Resources Connection, Inc.		297		2,881
Pulmonx Corp.*		347		2,877
SIGA Technologies, Inc.		425		2,869
Lincoln Educational Services Corp.*		240		2,866
Cerus Corp.*		1,646		2,864
Esperion Therapeutics, Inc.*^,1		1,724		2,845
Aaron’s Company, Inc.		285		2,836
Duckhorn Portfolio, Inc.*		488		2,835
OraSure Technologies, Inc.*		659		2,814
Absci Corp.*		733		2,800
Seneca Foods Corp. — Class A*		44		2,743
LENZ Therapeutics, Inc.		115		2,730
AngioDynamics, Inc.*		350		2,723
Theravance Biopharma, Inc.*		337		2,716
Allogene Therapeutics, Inc.*		966		2,705
Zevra Therapeutics, Inc.*		386		2,679
Honest Company, Inc.*		736		2,628
Sutro Biopharma, Inc.*		751		2,598
Treace Medical Concepts, Inc.*		448		2,598
Rigel Pharmaceuticals, Inc.*		160		2,589
Editas Medicine, Inc.*		756		2,578
Biomea Fusion, Inc.*		254		2,565
Accolade, Inc.*		666		2,564
Natural Grocers by Vitamin Cottage, Inc.		86		2,553
Village Super Market, Inc. — Class A		80		2,543
Larimar Therapeutics, Inc.*		386		2,528
Avita Medical, Inc.*		235		2,519
Akebia Therapeutics, Inc.*		1,898		2,505
Aveanna Healthcare Holdings, Inc.*		480		2,496
Inozyme Pharma, Inc.*		475		2,484
Voyager Therapeutics, Inc.*		422		2,469
Aldeyra Therapeutics, Inc.*		458		2,469
Third Harmonic Bio, Inc.*		182		2,466
Q32 Bio, Inc.*		55		2,454
Vanda Pharmaceuticals, Inc.*		523		2,453
iTeos Therapeutics, Inc.*		238		2,430
Performant Financial Corp.*		645		2,412
Atea Pharmaceuticals, Inc.*		704		2,358
Target Hospitality Corp.*		303		2,357
Ocugen, Inc.*		2,334		2,316
Viemed Healthcare, Inc.*		315		2,309
IGM Biosciences, Inc.*		139		2,299
CompoSecure, Inc. — Class A¹		163		2,285
Alto Neuroscience, Inc.*		195		2,231
Mama’s Creations, Inc.*		301		2,197
Nkarta, Inc.*		486		2,197
Foghorn Therapeutics, Inc.*		232		2,160

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 51

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
TrueBlue, Inc.*		272	$	2,146
Heron Therapeutics, Inc.*^,1		1,071		2,131
American Public Education, Inc.*		144		2,124
Nektar Therapeutics*		1,629		2,118
European Wax Center, Inc. — Class A*		311		2,115
Inogen, Inc.*		218		2,115
2seventy bio, Inc.*		448		2,115
Nathan’s Famous, Inc.		26		2,103
Utah Medical Products, Inc.		31		2,074
Spire Global, Inc.*^,1		205		2,048
Ardent Health Partners, Inc.*		111		2,040
Fulcrum Therapeutics, Inc.*		570		2,035
ADC Therapeutics S.A.*		643		2,025
Omeros Corp.*		510		2,025
Lyell Immunopharma, Inc.*		1,466		2,023
Westrock Coffee Co.*		311		2,022
Prime Medicine, Inc.*		521		2,016
Sera Prognostics, Inc. — Class A*		254		1,981
Forrester Research, Inc.*		110		1,981
Artiva Biotherapeutics, Inc.*		128		1,978
Jasper Therapeutics, Inc.*		104		1,956
Mersana Therapeutics, Inc.*		1,035		1,956
Lexeo Therapeutics, Inc.*		215		1,944
XOMA Royalty Corp.*		73		1,933
Zentalis Pharmaceuticals, Inc.*		525		1,932
Corbus Pharmaceuticals Holdings, Inc.*		93		1,919
Enanta Pharmaceuticals, Inc.*		185		1,917
Organogenesis Holdings, Inc.*		663		1,896
Medifast, Inc.*		99		1,895
Korro Bio, Inc.*		56		1,872
Cabaletta Bio, Inc.*		395		1,864
Nevro Corp.*		332		1,856
MacroGenics, Inc.*		561		1,846
Alico, Inc.		65		1,818
Trevi Therapeutics, Inc.*		539		1,800
Poseida Therapeutics, Inc.*		626		1,790
Atossa Therapeutics, Inc.*		1,154		1,754
TScan Therapeutics, Inc.*		352		1,753
Rapport Therapeutics, Inc.*		85		1,741
Compass Therapeutics, Inc.*		930		1,711
Alta Equipment Group, Inc.		246		1,658
Pyxis Oncology, Inc.*		448		1,644
Lexicon Pharmaceuticals, Inc.*		1,047		1,644
ChromaDex Corp.*		450		1,643
BRC, Inc. — Class A*		478		1,635
Acacia Research Corp.*		347		1,617
Custom Truck One Source, Inc.*		468		1,615
Nature’s Sunshine Products, Inc.*		118		1,607
Chegg, Inc.*		906		1,604
Accuray, Inc.*		875		1,575
Design Therapeutics, Inc.*		288		1,549
Blade Air Mobility, Inc.*		520		1,529
Inhibrx Biosciences, Inc.*		96		1,503
Achieve Life Sciences, Inc.*		316		1,498
MeiraGTx Holdings plc*		356		1,485
Monte Rosa Therapeutics, Inc.*		280		1,484
Black Diamond Therapeutics, Inc.*		341		1,483
Caribou Biosciences, Inc.*		751		1,472
ModivCare, Inc.*		102		1,457
Solid Biosciences, Inc.*		206		1,436
Biote Corp. — Class A*		248		1,384
Eliem Therapeutics, Inc.*		268		1,364
Inovio Pharmaceuticals, Inc.*		233		1,347
Adverum Biotechnologies, Inc.*		191		1,341
MediWound Ltd.*		73		1,318
XBiotech, Inc.*		170		1,314
HF Foods Group, Inc.*		366		1,307
Alumis, Inc.*		121		1,292
CPI Card Group, Inc.*		46		1,280
Nautilus Biotechnology, Inc.*		448		1,277
Candel Therapeutics, Inc.*		182		1,261
Quad/Graphics, Inc.		276		1,253
Shattuck Labs, Inc.*		359		1,253
Lineage Cell Therapeutics, Inc.*		1,348		1,220
InfuSystem Holdings, Inc.*		182		1,219
Ventyx Biosciences, Inc.*		558		1,216
PepGen, Inc.*		142		1,214
scPharmaceuticals, Inc.*		261		1,190
Cadiz, Inc.*		387		1,173
Zynex, Inc.*^,1		140		1,142
Priority Technology Holdings, Inc.*		166		1,134
Joint Corp.*		99		1,133
Generation Bio Co.*		454		1,121
Sanara Medtech, Inc.*		37		1,119
ProKidney Corp.*		579		1,112
Quipt Home Medical Corp.*		375		1,095
Orchestra BioMed Holdings, Inc.*		213		1,095
Precigen, Inc.*		1,155		1,094
Ispire Technology, Inc.*		176		1,092
Fennec Pharmaceuticals, Inc.*		215		1,075
CVRx, Inc.*		122		1,075
Information Services Group, Inc.		323		1,066
Cartesian Therapeutics, Inc.*^,1		66		1,064
Lifeway Foods, Inc.*		41		1,063
SoundThinking, Inc.*		91		1,055
Coherus Biosciences, Inc.*		1,011		1,051
Innovage Holding Corp.*		174		1,044
Semler Scientific, Inc.*		44		1,036
Stereotaxis, Inc.*		504		1,028
X4 Pharmaceuticals, Inc.*		1,533		1,026
Agenus, Inc.*		187		1,025
Harvard Bioscience, Inc.*		374		1,006
Beauty Health Co.*		679		978
Contineum Therapeutics, Inc. — Class A*		51		976
Tenaya Therapeutics, Inc.*		503		971
Puma Biotechnology, Inc.*		380		969
Lifecore Biomedical, Inc.*		196		966
Cardiff Oncology, Inc.*		360		961
Acumen Pharmaceuticals, Inc.*		385		955
Veru, Inc.*		1,205		927
Bluebird Bio, Inc.*		1,748		908
Regulus Therapeutics, Inc.*		576		904

52 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
NeuroPace, Inc.*		125	$	871
Sonida Senior Living, Inc.*		31		829
Waldencast plc — Class A*^,1		224		815
Quantum-Si, Inc.*		914		806
Gyre Therapeutics, Inc.*		64		803
Greenwich Lifesciences, Inc.*		55		790
Kodiak Sciences, Inc.*		299		780
Acrivon Therapeutics, Inc.*		109		763
Kyverna Therapeutics, Inc.*		155		758
Zura Bio Ltd.*		184		747
Invivyd, Inc.*		728		743
DLH Holdings Corp.*		78		730
Fibrobiologics, Inc.*		234		723
HireQuest, Inc.		51		722
Century Therapeutics, Inc.*		421		720
CervoMed, Inc.*		49		715
FiscalNote Holdings, Inc.*		553		708
Emerald Holding, Inc.		140		699
Verastem, Inc.*		233		697
Akoya Biosciences, Inc.*		244		664
Ovid therapeutics, Inc.*		541		638
Skye Bioscience, Inc.*		158		618
AirSculpt Technologies, Inc.*		121		613
Inmune Bio, Inc.*		112		604
Werewolf Therapeutics, Inc.*		280		594
Forafric Global plc*		50		567
RAPT Therapeutics, Inc.*		275		553
ALX Oncology Holdings, Inc.*		303		551
Actinium Pharmaceuticals, Inc.*		276		519
Galectin Therapeutics, Inc.*^,1		187		514
HilleVax, Inc.*		289		509
Cibus, Inc.*		137		447
Outlook Therapeutics, Inc.*		72		384
Elevation Oncology, Inc.*		479		287
Telomir Pharmaceuticals, Inc.*		44		282
Aerovate Therapeutics, Inc.*		123		257
Verrica Pharmaceuticals, Inc.*		174		252
Prelude Therapeutics, Inc.*		121		250
MarketWise, Inc.		354		237
Scilex Holding Co.*		243		225
Renovaro, Inc.*		448		217
Boundless Bio, Inc.*		58		201
Fractyl Health, Inc.*		69		175
Metagenomi, Inc.*		58		126
Lyra Therapeutics, Inc.*		444		114
Tevogen Bio Holdings, Inc.*		200		74
Conduit Pharmaceuticals, Inc.*		212		25
Ligand Pharmaceuticals, Inc.*^,†††		23		—
Ligand Pharmaceuticals, Inc.*^,†††		23		—
Total Consumer, Non-cyclical				5,853,424

Industrial - 6.9%
Fabrinet*		333		78,734
Applied Industrial Technologies, Inc.		351		78,319
Mueller Industries, Inc.		1,020		75,582
Fluor Corp.*		1,558		74,332
UFP Industries, Inc.		552		72,428
SPX Technologies, Inc.*		411		65,538
Modine Manufacturing Co.*		471		62,544
Badger Meter, Inc.		268		58,534
Novanta, Inc.*		327		58,507
Casella Waste Systems, Inc. — Class A*		563		56,013
CSW Industrials, Inc.		151		55,325
Exponent, Inc.		461		53,144
Moog, Inc. — Class A		259		52,323
Watts Water Technologies, Inc. — Class A		251		52,005
Federal Signal Corp.		549		51,310
Boise Cascade Co.		363		51,176
Dycom Industries, Inc.*		259		51,049
NEXTracker, Inc. — Class A*		1,316		49,324
Chart Industries, Inc.*		388		48,166
AeroVironment, Inc.*		240		48,120
Zurn Elkay Water Solutions Corp.		1,314		47,225
Knife River Corp.*		518		46,304
Itron, Inc.*		419		44,753
Matson, Inc.		312		44,497
Belden, Inc.		372		43,572
Franklin Electric Company, Inc.		413		43,291
GATX Corp.		326		43,179
Summit Materials, Inc. — Class A*		1,105		43,128
Arcosa, Inc.		443		41,979
Sterling Infrastructure, Inc.*		276		40,026
EnerSys		367		37,452
Kadant, Inc.		107		36,166
Advanced Energy Industries, Inc.		341		35,887
Cactus, Inc. — Class A		598		35,683
RXO, Inc.*		1,238		34,664
Frontdoor, Inc.*		716		34,361
Plexus Corp.*		248		33,904
Sanmina Corp.*		490		33,541
Golar LNG Ltd.		903		33,194
Terex Corp.		608		32,169
Granite Construction, Inc.		402		31,871
Kratos Defense & Security Solutions, Inc.*		1,350		31,455
Enpro, Inc.		193		31,301
Rocket Lab USA, Inc.*		3,175		30,893
Mueller Water Products, Inc. — Class A		1,418		30,771
ESCO Technologies, Inc.		238		30,697
Scorpio Tankers, Inc.		430		30,659
Atmus Filtration Technologies, Inc.		764		28,673
John Bean Technologies Corp.		291		28,666
Atkore, Inc.		337		28,557
Primoris Services Corp.		491		28,517
Construction Partners, Inc. — Class A*		394		27,501
Trinity Industries, Inc.		746		25,991
Albany International Corp. — Class A		287		25,500
Hub Group, Inc. — Class A		561		25,498
Griffon Corp.		343		24,010
ArcBest Corp.		216		23,425
OSI Systems, Inc.*		149		22,623
AZZ, Inc.		270		22,305
Vishay Intertechnology, Inc.		1,152		21,784
Werner Enterprises, Inc.		563		21,726

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 53

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
Masterbrand, Inc.*		1,156	$	21,432
Materion Corp.		189		21,142
Enerpac Tool Group Corp.		499		20,903
Energizer Holdings, Inc.		656		20,835
AAR Corp.*		317		20,719
Mirion Technologies, Inc.*		1,823		20,181
Gibraltar Industries, Inc.*		281		19,650
Standex International Corp.		107		19,557
Bloom Energy Corp. — Class A*^,1		1,815		19,166
International Seaways, Inc.		371		19,129
Powell Industries, Inc.		86		19,091
Leonardo DRS, Inc.*		672		18,964
Hillman Solutions Corp.*		1,793		18,934
Kennametal, Inc.		723		18,747
Mercury Systems, Inc.*		504		18,648
O-I Glass, Inc.*		1,413		18,539
Joby Aviation, Inc.*^,1		3,667		18,445
Hillenbrand, Inc.		645		17,931
Barnes Group, Inc.		427		17,255
Alamo Group, Inc.		94		16,932
TTM Technologies, Inc.*		921		16,808
Tennant Co.		174		16,711
World Kinect Corp.		530		16,382
MYR Group, Inc.*		150		15,334
IES Holdings, Inc.*		75		14,971
Golden Ocean Group Ltd.		1,110		14,852
Aspen Aerogels, Inc.*		535		14,814
Helios Technologies, Inc.		305		14,548
Benchmark Electronics, Inc.		328		14,537
Greenbrier Companies, Inc.		282		14,351
Greif, Inc. — Class A		229		14,349
Knowles Corp.*		794		14,316
Tecnoglass, Inc.		206		14,144
Apogee Enterprises, Inc.		201		14,073
DHT Holdings, Inc.		1,231		13,578
CTS Corp.		275		13,305
American Woodmark Corp.*		142		13,270
Janus International Group, Inc.*		1,294		13,082
Napco Security Technologies, Inc.		323		13,069
Teekay Tankers Ltd. — Class A		220		12,815
Enovix Corp.*^,1		1,365		12,749
JELD-WEN Holding, Inc.*		784		12,395
Lindsay Corp.		99		12,339
NV5 Global, Inc.*		131		12,246
Worthington Enterprises, Inc.		289		11,979
SFL Corporation Ltd.		1,035		11,975
Argan, Inc.		113		11,462
Dorian LPG Ltd.		317		10,911
Tutor Perini Corp.*		398		10,810
PureCycle Technologies, Inc.*^,1		1,125		10,687
Worthington Steel, Inc.		299		10,169
TriMas Corp.		373		9,523
Ichor Holdings Ltd.*		299		9,511
Marten Transport Ltd.		534		9,452
Columbus McKinnon Corp.		261		9,396
Thermon Group Holdings, Inc.*		306		9,131
Cadre Holdings, Inc.		239		9,070
Energy Recovery, Inc.*		518		9,008
Vicor Corp.*		206		8,673
NuScale Power Corp.*		712		8,245
Ducommun, Inc.*		125		8,229
Forward Air Corp.*		230		8,142
Montrose Environmental Group, Inc.*		292		7,680
Triumph Group, Inc.*		593		7,644
Air Transport Services Group, Inc.*		470		7,609
CECO Environmental Corp.*		268		7,558
Genco Shipping & Trading Ltd.		387		7,547
Gorman-Rupp Co.		193		7,517
Enviri Corp.*		723		7,476
Bel Fuse, Inc. — Class B		95		7,458
American Superconductor Corp.*		313		7,387
FLEX LNG Ltd.		280		7,123
Limbach Holdings, Inc.*		94		7,121
Xometry, Inc. — Class A*		386		7,091
Proto Labs, Inc.*		235		6,902
Ardmore Shipping Corp.		381		6,896
Nordic American Tankers Ltd.		1,860		6,826
Hyster-Yale, Inc.		105		6,696
Astec Industries, Inc.		209		6,676
Archer Aviation, Inc. — Class A*		2,130		6,454
Great Lakes Dredge & Dock Corp.*		605		6,371
Sturm Ruger & Company, Inc.		150		6,252
Costamare, Inc.		394		6,194
DXP Enterprises, Inc.*		115		6,136
Mesa Laboratories, Inc.		47		6,103
Metallus, Inc.*		393		5,828
Smith & Wesson Brands, Inc.		418		5,426
Insteel Industries, Inc.		172		5,347
Heartland Express, Inc.		428		5,256
Standard BioTools, Inc.*		2,693		5,197
Astronics Corp.*		263		5,123
Ryerson Holding Corp.		256		5,097
Ardagh Metal Packaging S.A.¹		1,318		4,969
ChargePoint Holdings, Inc.*^,1		3,542		4,853
Applied Optoelectronics, Inc.*		339		4,851
Evolv Technologies Holdings, Inc.*		1,192		4,828
Teekay Corp.*		522		4,802
Myers Industries, Inc.		337		4,657
nLight, Inc.*		422		4,511
Pactiv Evergreen, Inc.		371		4,270
Clearwater Paper Corp.*		149		4,252
LSI Industries, Inc.		257		4,151
Kimball Electronics, Inc.*		224		4,146
Northwest Pipe Co.*		89		4,017
LSB Industries, Inc.*		490		3,940
Covenant Logistics Group, Inc. — Class A		74		3,910
Willis Lease Finance Corp.		26		3,869
National Presto Industries, Inc.		47		3,532
Olympic Steel, Inc.		90		3,510
NVE Corp.		43		3,434
CryoPort, Inc.*		399		3,236
Luxfer Holdings plc		246		3,186

54 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
GrafTech International Ltd.*		2,362	$	3,118
FARO Technologies, Inc.*		162		3,101
Manitowoc Company, Inc.*		320		3,078
Greif, Inc. — Class B		44		3,073
SmartRent, Inc.*		1,744		3,017
Bowman Consulting Group Ltd.*		123		2,962
Safe Bulkers, Inc.		552		2,859
Stoneridge, Inc.*		251		2,809
Iteris, Inc.*		391		2,792
Graham Corp.*		94		2,781
Universal Logistics Holdings, Inc.		63		2,716
Byrna Technologies, Inc.*		158		2,681
Eastman Kodak Co.*		555		2,620
Ranpak Holdings Corp.*		395		2,579
Allient, Inc.		134		2,545
Latham Group, Inc.*		372		2,530
Mayville Engineering Company, Inc.*		117		2,466
Park-Ohio Holdings Corp.		79		2,425
Turtle Beach Corp.*		157		2,408
Himalaya Shipping Ltd.		273		2,364
Park Aerospace Corp.		171		2,228
Mistras Group, Inc.*		190		2,160
MicroVision, Inc.*		1,882		2,145
Intuitive Machines, Inc.*^,1		262		2,109
Radiant Logistics, Inc.*		326		2,096
Pangaea Logistics Solutions Ltd.		288		2,082
Pure Cycle Corp.*		190		2,046
Centuri Holdings, Inc.*		126		2,035
Sight Sciences, Inc.*		323		2,035
Gencor Industries, Inc.*		94		1,961
Proficient Auto Logistics, Inc.*		138		1,957
LanzaTech Global, Inc.*		1,020		1,948
Tredegar Corp.*		244		1,779
L B Foster Co. — Class A*		83		1,696
NN, Inc.*		423		1,650
Karat Packaging, Inc.		63		1,631
Orion Group Holdings, Inc.*		281		1,621
Omega Flex, Inc.		32		1,597
Bel Fuse, Inc. — Class A		16		1,591
Eastern Co.		48		1,558
AerSale Corp.*		308		1,556
GoPro, Inc. — Class A*		1,142		1,553
Perma-Fix Environmental Services, Inc.*		116		1,423
Redwire Corp.*		206		1,415
Smith-Midland Corp.*		41		1,369
Net Power, Inc.*		194		1,360
Arq, Inc.*		227		1,332
Twin Disc, Inc.		102		1,274
Concrete Pumping Holdings, Inc.*		219		1,268
Quest Resource Holding Corp.*		158		1,261
Core Molding Technologies, Inc.*		69		1,187
AMMO, Inc.*		818		1,170
Taylor Devices, Inc.*		22		1,098
Virgin Galactic Holdings, Inc.*^,1		173		1,055
PAM Transportation Services, Inc.*		55		1,018
Caesarstone Ltd.*		190		867
Ultralife Corp.*		92		832
374Water, Inc.*		596		811
908 Devices, Inc.*		218		756
VirTra, Inc.*		97		603
NL Industries, Inc.		77		572
Eve Holding, Inc.*		163		528
Southland Holdings, Inc.*		93		344
Bridger Aerospace Group Holdings, Inc.*		82		182
Amprius Technologies, Inc.*		129		143
Solidion Technology, Inc.*		81		30
Total Industrial				3,850,253

Consumer, Cyclical - 4.9%
Meritage Homes Corp.		328		67,263
Taylor Morrison Home Corp. — Class A*		934		65,623
Abercrombie & Fitch Co. — Class A*		459		64,214
Installed Building Products, Inc.		219		53,933
KB Home		614		52,614
Beacon Roofing Supply, Inc.*		581		50,216
Aurora Innovation, Inc.*		8,479		50,196
Champion Homes, Inc.*		489		46,382
Group 1 Automotive, Inc.		121		46,348
Boot Barn Holdings, Inc.*		270		45,166
Asbury Automotive Group, Inc.*		185		44,139
M/I Homes, Inc.*		243		41,640
Kontoor Brands, Inc.		508		41,544
Signet Jewelers Ltd.		392		40,431
FirstCash Holdings, Inc.		351		40,295
Tri Pointe Homes, Inc.*		841		38,106
Academy Sports & Outdoors, Inc.		645		37,642
American Eagle Outfitters, Inc.		1,664		37,257
Shake Shack, Inc. — Class A*		349		36,020
Six Flags Entertainment Corp.		847		34,143
GMS, Inc.*		365		33,058
Cavco Industries, Inc.*		76		32,546
Steven Madden Ltd.		661		32,383
Sweetgreen, Inc. — Class A*		901		31,940
Brinker International, Inc.*		405		30,995
SkyWest, Inc.*		364		30,947
Rush Enterprises, Inc. — Class A		559		29,532
Patrick Industries, Inc.		198		28,189
Cinemark Holdings, Inc.*		1,007		28,035
LCI Industries		228		27,483
UniFirst Corp.		138		27,414
Dorman Products, Inc.*		241		27,262
Resideo Technologies, Inc.*		1,332		26,826
Century Communities, Inc.		255		26,260
Red Rock Resorts, Inc. — Class A		452		24,607
Hilton Grand Vacations, Inc.*		673		24,443
Visteon Corp.*		250		23,810
Green Brick Partners, Inc.*		284		23,720
Hanesbrands, Inc.*		3,224		23,697
HNI Corp.		432		23,259
Goodyear Tire & Rubber Co.*		2,601		23,019
LGI Homes, Inc.*		192		22,756
Urban Outfitters, Inc.*		584		22,373
International Game Technology plc		1,038		22,109

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 55

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
PriceSmart, Inc.		230	$	21,109
Vista Outdoor, Inc.*		536		21,000
Foot Locker, Inc.*		761		19,664
JetBlue Airways Corp.*		2,814		18,460
Adient plc*		817		18,440
Victoria’s Secret & Co.*		716		18,401
Atlanta Braves Holdings, Inc. — Class C*		461		18,348
Phinia, Inc.		396		18,228
Cheesecake Factory, Inc.		440		17,842
Acushnet Holdings Corp.		266		16,957
La-Z-Boy, Inc.		386		16,571
OPENLANE, Inc.*		980		16,542
Papa John’s International, Inc.		305		16,430
United Parks & Resorts, Inc.*		321		16,243
Fox Factory Holding Corp.*		388		16,102
MillerKnoll, Inc.		636		15,747
Madison Square Garden Entertainment Corp.*		359		15,268
OneSpaWorld Holdings Ltd.		917		15,140
Winnebago Industries, Inc.		258		14,992
Peloton Interactive, Inc. — Class A*		3,107		14,541
H&E Equipment Services, Inc.		296		14,409
Topgolf Callaway Brands Corp.*		1,294		14,208
Blue Bird Corp.*		295		14,148
AMC Entertainment Holdings, Inc. — Class A*		3,088		14,050
Sonos, Inc.*		1,124		13,814
Gentherm, Inc.*		289		13,453
Life Time Group Holdings, Inc.*		541		13,211
REV Group, Inc.		468		13,132
Warby Parker, Inc. — Class A*		795		12,982
Sally Beauty Holdings, Inc.*		940		12,756
Wolverine World Wide, Inc.		724		12,612
Sabre Corp.*		3,433		12,599
Dana, Inc.		1,191		12,577
Buckle, Inc.		283		12,444
VSE Corp.		145		11,996
Bloomin’ Brands, Inc.		720		11,902
Oxford Industries, Inc.		136		11,799
Steelcase, Inc. — Class A		844		11,385
G-III Apparel Group Ltd.*		371		11,323
ScanSource, Inc.*		224		10,759
Caleres, Inc.		314		10,378
Winmark Corp.		27		10,339
XPEL, Inc.*		232		10,062
Dave & Buster’s Entertainment, Inc.*		295		10,045
Interface, Inc. — Class A		523		9,921
MRC Global, Inc.*		769		9,797
ODP Corp.*		319		9,490
Everi Holdings, Inc.*		721		9,474
Camping World Holdings, Inc. — Class A		389		9,422
Hovnanian Enterprises, Inc. — Class A*		46		9,401
Dream Finders Homes, Inc. — Class A*		257		9,306
Beazer Homes USA, Inc.*		272		9,294
Monarch Casino & Resort, Inc.		117		9,275
Cracker Barrel Old Country Store, Inc.		203		9,206
Vizio Holding Corp. — Class A*		811		9,059
Global Business Travel Group I*		1,145		8,805
Jack in the Box, Inc.		180		8,377
BlueLinx Holdings, Inc.*		78		8,223
IMAX Corp.*		394		8,081
PC Connection, Inc.		106		7,996
Sonic Automotive, Inc. — Class A		134		7,836
Allegiant Travel Co. — Class A*		142		7,819
National Vision Holdings, Inc.*		710		7,746
Lions Gate Entertainment Corp. — Class B*		1,118		7,736
Wabash National Corp.		398		7,638
Rush Street Interactive, Inc.*		698		7,573
Malibu Boats, Inc. — Class A*		186		7,219
Shoe Carnival, Inc.		164		7,191
A-Mark Precious Metals, Inc.		161		7,110
MarineMax, Inc.*		198		6,983
Ethan Allen Interiors, Inc.		210		6,697
Portillo’s, Inc. — Class A*^,1		496		6,681
American Axle & Manufacturing Holdings, Inc.*		1,049		6,483
Standard Motor Products, Inc.		191		6,341
Miller Industries, Inc.		102		6,222
indie Semiconductor, Inc. — Class A*		1,496		5,969
Chuy’s Holdings, Inc.*		158		5,909
Golden Entertainment, Inc.		185		5,881
Arhaus, Inc.		470		5,786
Douglas Dynamics, Inc.		208		5,737
BJ’s Restaurants, Inc.*		174		5,665
Forestar Group, Inc.*		174		5,632
Accel Entertainment, Inc.*		471		5,473
Leslie’s, Inc.*		1,640		5,182
Arko Corp.		734		5,153
Super Group SGHC Ltd.		1,367		4,962
Clean Energy Fuels Corp.*		1,557		4,842
Daktronics, Inc.*		339		4,376
Dine Brands Global, Inc.		140		4,372
First Watch Restaurant Group, Inc.*		279		4,352
Kura Sushi USA, Inc. — Class A*^,1		54		4,350
Lions Gate Entertainment Corp. — Class A*		543		4,252
Global Industrial Co.		125		4,246
Sun Country Airlines Holdings, Inc.*		363		4,069
Build-A-Bear Workshop, Inc. — Class A		118		4,056
Atlanta Braves Holdings, Inc. — Class A*		94		3,962
Shyft Group, Inc.		310		3,890
Rush Enterprises, Inc. — Class B		81		3,884
Xperi, Inc.*		413		3,816
EVgo, Inc.*^,1		919		3,805
Bally’s Corp.*		220		3,795
Methode Electronics, Inc.		312		3,731
Lovesac Co.*		130		3,724
Titan International, Inc.*		458		3,723
Sleep Number Corp.*		198		3,627
Haverty Furniture Companies, Inc.		132		3,626
RCI Hospitality Holdings, Inc.		80		3,564

56 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
Petco Health & Wellness Company, Inc.*		763	$	3,472
Funko, Inc. — Class A*		282		3,446
Hudson Technologies, Inc.*		408		3,403
Nu Skin Enterprises, Inc. — Class A		456		3,361
Marcus Corp.		220		3,316
Zumiez, Inc.*		150		3,195
El Pollo Loco Holdings, Inc.*		233		3,192
Hyliion Holdings Corp.*		1,286		3,189
Lindblad Expeditions Holdings, Inc.*		326		3,016
Denny’s Corp.*		460		2,967
Designer Brands, Inc. — Class A		386		2,849
MasterCraft Boat Holdings, Inc.*		154		2,804
Luminar Technologies, Inc.*^,1		3,060		2,753
Xponential Fitness, Inc. — Class A*		220		2,728
Genesco, Inc.*		99		2,690
Titan Machinery, Inc.*		190		2,647
OneWater Marine, Inc. — Class A*		110		2,630
Movado Group, Inc.		139		2,585
Spirit Airlines, Inc.¹		1,001		2,402
Hamilton Beach Brands Holding Co. — Class A		78		2,374
America’s Car-Mart, Inc.*		55		2,306
iRobot Corp.*		261		2,268
Savers Value Village, Inc.*		214		2,251
Cooper-Standard Holdings, Inc.*		155		2,150
Rocky Brands, Inc.		66		2,103
Potbelly Corp.*		252		2,102
Frontier Group Holdings, Inc.*^,1		387		2,070
Landsea Homes Corp.*		165		2,038
Wheels Up Experience, Inc.*		818		1,980
Solid Power, Inc.*		1,398		1,887
Weyco Group, Inc.		55		1,872
JAKKS Pacific, Inc.*		73		1,863
Flexsteel Industries, Inc.		42		1,860
Superior Group of Companies, Inc.		119		1,843
Hooker Furnishings Corp.		97		1,754
Tile Shop Holdings, Inc.*		263		1,733
Johnson Outdoors, Inc. — Class A		44		1,593
Webtoon Entertainment, Inc.*		138		1,579
Full House Resorts, Inc.*		301		1,511
Blink Charging Co.*^,1		878		1,510
Reservoir Media, Inc.*		179		1,452
Destination XL Group, Inc.*		492		1,447
Virco Mfg. Corp.		96		1,326
Escalade, Inc.		91		1,280
Vera Bradley, Inc.*		234		1,278
Holley, Inc.*		428		1,263
Clarus Corp.		280		1,260
Traeger, Inc.*		314		1,156
GrowGeneration Corp.*		524		1,116
J Jill, Inc.		44		1,086
Citi Trends, Inc.*		58		1,065
Biglari Holdings, Inc. — Class B*		6		1,032
Livewire Group, Inc.*		167		1,019
Commercial Vehicle Group, Inc.*		302		981
EVI Industries, Inc.		47		908
Marine Products Corp.		81		785
SES AI Corp.*		1,188		760
Lifetime Brands, Inc.		114		746
ONE Group Hospitality, Inc.*		191		703
Tilly’s, Inc. — Class A*		136		694
Aeva Technologies, Inc.*		209		688
ThredUp, Inc. — Class A*		718		605
Canoo, Inc.*		546		537
Purple Innovation, Inc.*		522		516
Torrid Holdings, Inc.*		112		440
CompX International, Inc.		14		409
United Homes Group, Inc.*^,1		48		295
Qurate Retail, Inc. — Class B*		9		39
Total Consumer, Cyclical				2,742,234

Technology - 4.1%
SPS Commerce, Inc.*		339		65,824
CommVault Systems, Inc.*		398		61,232
Varonis Systems, Inc.*		1,006		56,839
Insight Enterprises, Inc.*		255		54,924
ExlService Holdings, Inc.*		1,434		54,707
Maximus, Inc.		557		51,890
Altair Engineering, Inc. — Class A*		522		49,856
ACI Worldwide, Inc.*		962		48,966
Zeta Global Holdings Corp. — Class A*		1,622		48,384
Impinj, Inc.*		208		45,036
Tenable Holdings, Inc.*		1,076		43,600
Qualys, Inc.*		339		43,548
Box, Inc. — Class A*		1,285		42,058
Rambus, Inc.*		993		41,924
ASGN, Inc.*		414		38,597
Workiva, Inc.*		461		36,474
Clearwater Analytics Holdings, Inc. — Class A*		1,384		34,946
Silicon Laboratories, Inc.*		291		33,631
Power Integrations, Inc.		516		33,086
FormFactor, Inc.*		706		32,476
Blackbaud, Inc.*		379		32,094
Axcelis Technologies, Inc.*		299		31,350
Evolent Health, Inc. — Class A*		1,053		29,779
BlackLine, Inc.*		530		29,224
Envestnet, Inc.*		466		29,181
SiTime Corp.*		169		28,985
Synaptics, Inc.*		358		27,774
ACV Auctions, Inc. — Class A*		1,350		27,445
Semtech Corp.*		591		26,985
Diodes, Inc.*		419		26,854
Clear Secure, Inc. — Class A		801		26,545
Progress Software Corp.		388		26,140
DigitalOcean Holdings, Inc.*		603		24,355
Rapid7, Inc.*		565		22,538
Kulicke & Soffa Industries, Inc.		493		22,249
Agilysys, Inc.*		203		22,121
WNS Holdings Ltd.*		413		21,769
Freshworks, Inc. — Class A*		1,872		21,491
Ambarella, Inc.*		348		19,629
Braze, Inc. — Class A*		601		19,436

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 57

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
Vertex, Inc. — Class A*		499	$	19,216
NCR Atleos Corp.*		658		18,773
C3.ai, Inc. — Class A*^,1		759		18,391
NCR Voyix Corp.*		1,327		18,007
PAR Technology Corp.*		333		17,343
Intapp, Inc.*		359		17,171
Privia Health Group, Inc.*		931		16,954
Veeco Instruments, Inc.*^,1		510		16,896
Ultra Clean Holdings, Inc.*		406		16,212
IonQ, Inc.*^,1		1,810		15,819
Donnelley Financial Solutions, Inc.*		235		15,470
PagerDuty, Inc.*		820		15,211
Verint Systems, Inc.*		557		14,109
Photronics, Inc.*		565		13,989
NetScout Systems, Inc.*		631		13,724
AvePoint, Inc.*		1,158		13,630
CSG Systems International, Inc.		272		13,233
Sprout Social, Inc. — Class A*		454		13,198
AvidXchange Holdings, Inc.*		1,586		12,862
Alkami Technology, Inc.*		405		12,774
Appian Corp. — Class A*		370		12,632
PowerSchool Holdings, Inc. — Class A*		547		12,477
SoundHound AI, Inc. — Class A*^,1		2,607		12,149
Adeia, Inc.		993		11,827
Jamf Holding Corp.*		681		11,815
Xerox Holdings Corp.		1,061		11,013
Waystar Holding Corp.*		394		10,989
Cohu, Inc.*		425		10,923
Matterport, Inc.*		2,406		10,827
Alignment Healthcare, Inc.*		913		10,792
Phreesia, Inc.*		468		10,666
Sapiens International Corporation N.V.		283		10,547
MaxLinear, Inc. — Class A*		726		10,513
Pitney Bowes, Inc.		1,465		10,446
Diebold Nixdorf, Inc.*^,1		232		10,361
Zuora, Inc. — Class A*		1,190		10,258
SMART Global Holdings, Inc.*		472		9,888
ACM Research, Inc. — Class A*		468		9,500
Schrodinger Incorporated/United States*		511		9,479
PDF Solutions, Inc.*		286		9,060
Digi International, Inc.*		328		9,030
Fastly, Inc. — Class A*		1,175		8,895
N-able, Inc.*		652		8,515
Asana, Inc. — Class A*		729		8,449
E2open Parent Holdings, Inc.*		1,867		8,233
Alpha & Omega Semiconductor Ltd.*		213		7,907
Blend Labs, Inc. — Class A*		2,106		7,897
PROS Holdings, Inc.*		420		7,778
Grid Dynamics Holdings, Inc.*		525		7,350
Integral Ad Science Holding Corp.*		659		7,124
Vimeo, Inc.*		1,351		6,823
Yext, Inc.*		956		6,616
SolarWinds Corp.		496		6,473
V2X, Inc.*		113		6,312
Amplitude, Inc. — Class A*		697		6,252
Daily Journal Corp.*		12		5,881
Conduent, Inc.*		1,444		5,819
OneSpan, Inc.*		347		5,785
PubMatic, Inc. — Class A*		384		5,710
SEMrush Holdings, Inc. — Class A*		333		5,231
CEVA, Inc.*		214		5,168
NextNav, Inc.*		684		5,123
MeridianLink, Inc.*		248		5,101
GigaCloud Technology, Inc. — Class A*		216		4,964
Instructure Holdings, Inc.*		203		4,781
Olo, Inc. — Class A*		956		4,742
Simulations Plus, Inc.		146		4,675
Weave Communications, Inc.*		359		4,595
I3 Verticals, Inc. — Class A*		208		4,432
Health Catalyst, Inc.*		537		4,371
Ibotta, Inc. — Class A*^,1		70		4,313
Enfusion, Inc. — Class A*		445		4,223
Innodata, Inc.*		248		4,159
Thoughtworks Holding, Inc.*		913		4,036
PlayAGS, Inc.*		352		4,009
Bandwidth, Inc. — Class A*		227		3,975
Cantaloupe, Inc.*		533		3,944
Pagaya Technologies Ltd. — Class A*^,1		371		3,921
Consensus Cloud Solutions, Inc.*		165		3,886
Climb Global Solutions, Inc.		38		3,783
BigCommerce Holdings, Inc.*		643		3,762
Digimarc Corp.*		139		3,736
Mitek Systems, Inc.*		425		3,685
Planet Labs PBC*		1,548		3,452
Unisys Corp.*		605		3,436
3D Systems Corp.*		1,162		3,300
Aehr Test Systems*^,1		254		3,264
American Software, Inc. — Class A		289		3,234
Cricut, Inc. — Class A		424		2,938
Vishay Precision Group, Inc.*		111		2,875
Red Violet, Inc.*		101		2,873
Corsair Gaming, Inc.*		411		2,861
Navitas Semiconductor Corp.*		1,151		2,820
Digital Turbine, Inc.*		875		2,686
Ouster, Inc.*		397		2,501
Immersion Corp.		278		2,480
Talkspace, Inc.*		1,122		2,345
Domo, Inc. — Class B*		311		2,336
SkyWater Technology, Inc.*		250		2,270
8x8, Inc.*		1,074		2,191
Definitive Healthcare Corp.*		490		2,190
Life360, Inc.*^,1		53		2,086
EverCommerce, Inc.*		196		2,031
ReposiTrak, Inc.¹		108		1,995
Asure Software, Inc.*		218		1,973
Arteris, Inc.*		253		1,953
Inspired Entertainment, Inc.*		202		1,873
Telos Corp.*		502		1,802
Outbrain, Inc.*		354		1,720
IBEX Holdings Ltd.*		82		1,638
Viant Technology, Inc. — Class A*		142		1,572
CS Disco, Inc.*		265		1,558

58 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
ON24, Inc.*		253	$	1,548
Rackspace Technology, Inc.*		610		1,494
Richardson Electronics Ltd.		113		1,394
BigBear.ai Holdings, Inc.*		927		1,353
Playstudios, Inc.*		803		1,213
Kaltura, Inc.*		877		1,193
Cerence, Inc.*		378		1,191
Porch Group, Inc.*^,1		709		1,088
TTEC Holdings, Inc.		180		1,057
Everspin Technologies, Inc.*		179		1,056
Rigetti Computing, Inc.*^,1		1,291		1,011
QuickLogic Corp.*		126		966
eGain Corp.*		177		903
Rimini Street, Inc.*		487		901
D-Wave Quantum, Inc.*^,1		799		785
Rekor Systems, Inc.*		653		771
WM Technology, Inc.*		767		667
iLearningEngines Holdings, Inc.*		269		449
Golden Matrix Group, Inc.*		182		424
System1, Inc.*		215		241
GCT Semiconductor Holding, Inc.*		70		235
Airship AI Holdings, Inc.*		28		64
Total Technology				2,294,807

Energy - 2.2%
ChampionX Corp.		1,741		52,491
Noble Corporation plc¹		1,261		45,562
Murphy Oil Corp.		1,323		44,638
CNX Resources Corp.*		1,349		43,937
SM Energy Co.		1,044		41,729
Magnolia Oil & Gas Corp. — Class A		1,580		38,584
Sunrun, Inc.*		1,994		36,012
California Resources Corp.		629		33,004
Tidewater, Inc.*		448		32,162
Northern Oil & Gas, Inc.		905		32,046
Valaris Ltd.*		573		31,945
Archrock, Inc.		1,523		30,825
Peabody Energy Corp.		1,154		30,627
Warrior Met Coal, Inc.		476		30,416
PBF Energy, Inc. — Class A		948		29,341
Transocean Ltd.*		6,655		28,284
CONSOL Energy, Inc.		269		28,151
Liberty Energy, Inc. — Class A		1,473		28,120
Patterson-UTI Energy, Inc.		3,550		27,157
Helmerich & Payne, Inc.		882		26,830
Seadrill Ltd.*		625		24,837
Alpha Metallurgical Resources, Inc.*		101		23,854
Oceaneering International, Inc.*		922		22,930
Arch Resources, Inc.		161		22,244
Gulfport Energy Corp.*		119		18,011
Kosmos Energy Ltd.*		4,269		17,204
Kinetik Holdings, Inc. — Class A		351		15,886
Sitio Royalties Corp. — Class A		737		15,359
Plug Power, Inc.*^,1		6,793		15,352
Expro Group Holdings N.V.*		864		14,835
Helix Energy Solutions Group, Inc.*		1,315		14,596
Talos Energy, Inc.*		1,350		13,972
Crescent Energy Co. — Class A		1,268		13,885
Atlas Energy Solutions, Inc.		620		13,516
Fluence Energy, Inc.*		555		12,604
DNOW, Inc.*		962		12,439
Borr Drilling Ltd.		2,163		11,875
Sable Offshore Corp.*		460		10,870
Delek US Holdings, Inc.		578		10,837
Sunnova Energy International, Inc.*^,1		991		9,652
Comstock Resources, Inc.*		843		9,382
Select Water Solutions, Inc. — Class A		832		9,260
Array Technologies, Inc.*		1,393		9,194
Par Pacific Holdings, Inc.*		510		8,976
Shoals Technologies Group, Inc. — Class A*		1,565		8,780
Core Laboratories, Inc.		431		7,986
Green Plains, Inc.*		581		7,867
Bristow Group, Inc.*		226		7,840
CVR Energy, Inc.		314		7,231
Vital Energy, Inc.*		262		7,048
SunCoke Energy, Inc.		764		6,632
REX American Resources Corp.*		141		6,527
ProPetro Holding Corp.*		805		6,166
Vitesse Energy, Inc.		230		5,525
VAALCO Energy, Inc.		950		5,453
Nabors Industries Ltd.*		83		5,351
Kodiak Gas Services, Inc.		184		5,336
Newpark Resources, Inc.*		756		5,239
NextDecade Corp.*		1,055		4,969
RPC, Inc.		775		4,929
Diversified Energy Company plc		432		4,916
Innovex International, Inc.*		314		4,610
Aris Water Solutions, Inc. — Class A		246		4,150
SandRidge Energy, Inc.		295		3,608
Berry Corp.		699		3,593
TETRA Technologies, Inc.*		1,145		3,549
Excelerate Energy, Inc. — Class A		160		3,522
Montauk Renewables, Inc.*		606		3,157
Solaris Oilfield Infrastructure, Inc. — Class A		230		2,935
Granite Ridge Resources, Inc.		484		2,875
Ramaco Resources, Inc. — Class A		243		2,843
Matrix Service Co.*		243		2,802
Riley Exploration Permian, Inc.		104		2,755
Oil States International, Inc.*		563		2,590
Amplify Energy Corp.*		360		2,351
DMC Global, Inc.*		180		2,336
Ring Energy, Inc.*		1,352		2,163
SEACOR Marine Holdings, Inc.*		224		2,162
Hallador Energy Co.*		229		2,160
W&T Offshore, Inc.		900		1,935
TPI Composites, Inc.*^,1		424		1,929
Natural Gas Services Group, Inc.*		99		1,892
HighPeak Energy, Inc.¹		133		1,846
Ranger Energy Services, Inc.		143		1,703
Forum Energy Technologies, Inc.*		108		1,670
FuelCell Energy, Inc.*^,1		4,167		1,583

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 59

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
Evolution Petroleum Corp.		281	$	1,492
ProFrac Holding Corp. — Class A*^,1		204		1,385
FutureFuel Corp.		240		1,380
Geospace Technologies Corp.*		115		1,189
NACCO Industries, Inc. — Class A		38		1,077
ASP Isotopes, Inc.*		364		1,012
Freyr Battery, Inc.*		1,023		992
Mammoth Energy Services, Inc.*		223		912
Energy Vault Holdings, Inc.*		940		902
PrimeEnergy Resources Corp.*		6		827
Aemetis, Inc.*		333		766
Empire Petroleum Corp.*		129		677
Ramaco Resources, Inc. — Class B		46		495
Stem, Inc.*		1,385		482
Prairie Operating Co.*		38		333
Drilling Tools International Corp.*		86		321
Verde Clean Fuels, Inc.*		30		120
SolarMax Technology, Inc.*		47		30
Total Energy				1,232,337

Communications - 1.8%
Lumen Technologies, Inc.*		9,234		65,561
Q2 Holdings, Inc.*		537		42,836
Credo Technology Group Holding Ltd.*		1,169		36,005
InterDigital, Inc.		232		32,858
AST SpaceMobile, Inc.*^,1		1,222		31,955
Hims & Hers Health, Inc.*		1,731		31,885
Cogent Communications Holdings, Inc.		405		30,748
EchoStar Corp. — Class A*		1,111		27,575
Squarespace, Inc. — Class A*		557		25,861
TEGNA, Inc.		1,548		24,427
Cargurus, Inc.*		806		24,204
Perficient, Inc.*		319		24,078
ePlus, Inc.*		242		23,798
Yelp, Inc. — Class A*		602		21,118
Calix, Inc.*		540		20,947
Telephone & Data Systems, Inc.		900		20,925
DigitalBridge Group, Inc.		1,450		20,489
Ziff Davis, Inc.*		418		20,340
Cable One, Inc.		52		18,189
Viavi Solutions, Inc.*		2,009		18,121
Extreme Networks, Inc.*		1,146		17,224
Magnite, Inc.*		1,148		15,900
Harmonic, Inc.*		1,008		14,687
Viasat, Inc.*		1,115		13,313
Infinera Corp.*^,1		1,830		12,353
Upwork, Inc.*		1,136		11,871
CommScope Holding Company, Inc.*		1,926		11,768
Opendoor Technologies, Inc.*		5,654		11,308
Liberty Latin America Ltd. — Class C*		1,183		11,227
Sphere Entertainment Co.*		244		10,780
Cars.com, Inc.*		605		10,140
A10 Networks, Inc.		651		9,400
QuinStreet, Inc.*		480		9,182
Sprinklr, Inc. — Class A*		1,155		8,928
Revolve Group, Inc.*		352		8,723
Globalstar, Inc.*		6,656		8,253
Figs, Inc. — Class A*		1,185		8,105
Shutterstock, Inc.		229		8,100
Applied Digital Corp.*^,1		905		7,466
Gannett Company, Inc.*		1,295		7,278
Despegar.com Corp.*		561		6,956
Scholastic Corp.		212		6,786
HealthStream, Inc.		224		6,460
Shenandoah Telecommunications Co.		447		6,307
TechTarget, Inc.*		237		5,795
Couchbase, Inc.*		357		5,755
Open Lending Corp. — Class A*		932		5,704
Bumble, Inc. — Class A*		876		5,589
Stagwell, Inc.*		785		5,511
IDT Corp. — Class B		141		5,382
NETGEAR, Inc.*		259		5,196
Clear Channel Outdoor Holdings, Inc.*		3,205		5,128
Thryv Holdings, Inc.*		292		5,031
EverQuote, Inc. — Class A*		230		4,851
National CineMedia, Inc.*		650		4,582
Sinclair, Inc.		294		4,498
Liquidity Services, Inc.*		197		4,492
Clearfield, Inc.*		110		4,286
ADTRAN Holdings, Inc.*		718		4,258
Gogo, Inc.*		591		4,243
Beyond, Inc.*		419		4,223
Gray Television, Inc.		781		4,186
Powerfleet Incorporated NJ*		831		4,155
MediaAlpha, Inc. — Class A*		228		4,129
Nextdoor Holdings, Inc.*		1,591		3,946
fuboTV, Inc.*		2,680		3,806
Anterix, Inc.*		93		3,502
Getty Images Holdings, Inc.*		915		3,486
Boston Omaha Corp. — Class A*		226		3,361
Advantage Solutions, Inc.*		976		3,348
Consolidated Communications Holdings, Inc.*		701		3,253
ATN International, Inc.		97		3,137
Preformed Line Products Co.		22		2,818
Liberty Latin America Ltd. — Class A*		293		2,807
RealReal, Inc.*		893		2,804
Ribbon Communications, Inc.*		832		2,704
Grindr, Inc.*		226		2,696
Vivid Seats, Inc. — Class A*		704		2,605
Ooma, Inc.*		227		2,586
AMC Networks, Inc. — Class A*		293		2,546
Spok Holdings, Inc.		168		2,530
WideOpenWest, Inc.*		452		2,373
Backblaze, Inc. — Class A*		367		2,345
Stitch Fix, Inc. — Class A*		820		2,312
Aviat Networks, Inc.*		105		2,271
Lands’ End, Inc.*		130		2,245
Groupon, Inc.*^,1		210		2,054
Eventbrite, Inc. — Class A*		735		2,007
BARK, Inc.*		1,209		1,971
1-800-Flowers.com, Inc. — Class A*		237		1,879
Innovid Corp.*		972		1,750

60 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
iHeartMedia, Inc. — Class A*		943	$	1,745
LifeMD, Inc.*		319		1,672
Gambling.com Group Ltd.*		159		1,593
Tucows, Inc. — Class A*		73		1,525
AudioEye, Inc.*		64		1,462
EW Scripps Co. — Class A*		557		1,250
OptimizeRx Corp.*		161		1,243
Townsquare Media, Inc. — Class A		120		1,219
Cardlytics, Inc.*		368		1,178
Entravision Communications Corp. — Class A		561		1,161
1stdibs.com, Inc.*		234		1,032
RumbleON, Inc. — Class B*		147		704
Nerdy, Inc.*		664		653
LiveOne, Inc.*		625		593
BlackSky Technology, Inc.*		122		578
Mondee Holdings, Inc.*		350		486
Terran Orbital Corp.*^,1		1,416		356
Value Line, Inc.		7		326
Vacasa, Inc. — Class A*		86		242
Solo Brands, Inc. — Class A*		150		211
aka Brands Holding Corp.*		6		142
Total Communications				993,942

Basic Materials - 1.6%
Carpenter Technology Corp.		434		69,258
Commercial Metals Co.		1,056		58,038
Cabot Corp.		495		55,326
Balchem Corp.		295		51,920
Avient Corp.		824		41,464
HB Fuller Co.		500		39,690
Hecla Mining Co.		5,315		35,451
Sensient Technologies Corp.		387		31,045
Arcadium Lithium plc*		9,888		28,181
Sylvamo Corp.		323		27,729
Innospec, Inc.		229		25,898
Coeur Mining, Inc.*		3,605		24,802
Minerals Technologies, Inc.		295		22,783
Hawkins, Inc.		178		22,690
Uranium Energy Corp.*		3,613		22,437
Quaker Chemical Corp.		128		21,567
Rogers Corp.*		172		19,438
Constellium SE*		1,181		19,203
Perimeter Solutions S.A.*		1,221		16,422
Tronox Holdings plc — Class A		1,084		15,859
Stepan Co.		196		15,141
Ingevity Corp.*		335		13,065
Kaiser Aluminum Corp.		147		10,660
SSR Mining, Inc.*		1,851		10,514
Orion S.A.		525		9,350
United States Lime & Minerals, Inc.		95		9,278
Novagold Resources, Inc.*		2,225		9,123
Mativ Holdings, Inc.		492		8,359
Energy Fuels, Inc.*		1,489		8,175
Century Aluminum Co.*		485		7,872
Ecovyst, Inc.*		1,062		7,275
AdvanSix, Inc.		235		7,139
Centrus Energy Corp. — Class A*		129		7,076
Koppers Holdings, Inc.		188		6,868
Haynes International, Inc.		115		6,847
Metals Acquisition Ltd. — Class A*		491		6,800
Encore Energy Corp.*		1,637		6,613
Ivanhoe Electric Incorporated / US*		763		6,455
Rayonier Advanced Materials, Inc.*		588		5,033
Radius Recycling, Inc. — Class A		242		4,487
Compass Minerals International, Inc.		317		3,810
Perpetua Resources Corp.*		353		3,301
Oil-Dri Corporation of America		45		3,104
Universal Stainless & Alloy Products, Inc.*		80		3,090
Lightwave Logic, Inc.*		1,095		3,022
Ur-Energy, Inc.*		2,526		3,006
i-80 Gold Corp.*		2,382		2,763
Kronos Worldwide, Inc.		200		2,490
Intrepid Potash, Inc.*		100		2,400
Lifezone Metals Ltd.*		335		2,345
Caledonia Mining Corporation plc		151		2,259
Codexis, Inc.*		637		1,962
Piedmont Lithium, Inc.*		166		1,482
Dakota Gold Corp.*		603		1,423
Contango ORE, Inc.*		72		1,387
American Vanguard Corp.		232		1,229
Northern Technologies International Corp.		72		885
Valhi, Inc.		22		734
Critical Metals Corp.*		67		498
Total Basic Materials				856,521

Utilities - 1.3%
Brookfield Infrastructure Corp. — Class A		1,095		47,556
Portland General Electric Co.		927		44,403
New Jersey Resources Corp.		896		42,291
Southwest Gas Holdings, Inc.		556		41,011
ONE Gas, Inc.		517		38,475
Black Hills Corp.		626		38,261
Ormat Technologies, Inc.		492		37,854
TXNM Energy, Inc.		821		35,935
Spire, Inc.		518		34,856
ALLETE, Inc.		530		34,021
Northwestern Energy Group, Inc.		566		32,387
MGE Energy, Inc.		335		30,636
Otter Tail Corp.		380		29,701
California Water Service Group		531		28,791
American States Water Co.		342		28,485
Avista Corp.		714		27,667
Chesapeake Utilities Corp.		203		25,207
SJW Group		297		17,259
Hawaiian Electric Industries, Inc.*		1,511		14,626
Northwest Natural Holding Co.		348		14,205
Ameresco, Inc. — Class A*		296		11,230
Middlesex Water Co.		162		10,569
Unitil Corp.		147		8,905
York Water Co.		132		4,945
Consolidated Water Company Ltd.		138		3,479
Altus Power, Inc.*		692		2,201
Genie Energy Ltd. — Class B		118		1,918

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 61

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

	Shares		Value
RGC Resources, Inc.		76	$	1,715
Global Water Resources, Inc.		106		1,334
Total Utilities				689,923

Government - 0.0%
Banco Latinoamericano de Comercio Exterior S.A. — Class E		251		8,155

Total Common Stocks
(Cost $21,708,858)				24,439,286

WARRANTS^† - 0.0%
Danimer Scientific, Inc.
Expiring 07/15/25*		1		—
Total Warrants
(Cost $—)				—

RIGHTS^† - 0.0%
Consumer, Non-cyclical - 0.0%
Cartesian Therapeutics, Inc.*		525		—
Oncternal Therapeutics, Inc.*^,†††		2		—
Sanofi SA*		160		—
Novartis AG*^,†††		262		—
Tobira Therapeutics, Inc.*^,†††		80		—
Total Consumer, Non-cyclical				—

Energy - 0.0%
Empire Petroleum Corp.*
Expires 10/16/24		129		—
Total Rights
(Cost $107)				—

EXCHANGE-TRADED FUNDS*^,† - 0.9%**
Vanguard Russell 2000 ETF¹		2,883		257,625
iShares Russell 2000 Index ETF		1,164		257,116
Total Exchange-Traded Funds
(Cost $509,845)				514,741

	Face Amount^~
U.S. TREASURY BILLS^†† - 10.5%
U.S. Treasury Bills
4.01% due 10/22/24²		2,500,000		2,493,130
4.63% due 10/10/24^2,3		1,563,000		1,561,185
4.85% due 12/12/24^2,4		1,150,000		1,139,719
4.75% due 12/12/24²		650,000		644,189
Total U.S. Treasury Bills
(Cost $5,836,767)				5,838,223

FEDERAL AGENCY DISCOUNT NOTES^†† - 8.9%
Federal Home Loan Bank
4.69% due 11/13/24²		3,000,000		2,982,907
Federal Farm Credit Bank
4.73% due 10/18/24²		2,000,000		1,995,533
Total Federal Agency Discount Notes
(Cost $4,978,440)				4,978,440

FEDERAL AGENCY NOTES^†† - 7.2%
Federal Home Loan Bank
4.88% (SOFR + 0.04%, Rate Floor: 0.00%) due 06/20/25^◊		2,000,000		1,999,912
4.84% (SOFR, Rate Floor: 0.00%) due 11/15/24^◊		2,000,000		1,999,896
Total Federal Agency Notes
(Cost $4,000,000)				3,999,808

U.S. GOVERNMENT SECURITIES^†† - 7.2%
United States Treasury Floating Rate Note
4.73% (3 Month U.S. Treasury Bill Rate + 0.14%, Rate Floor: 0.00%) due 10/31/24^◊		4,000,000		3,999,023
Total U.S. Government Securities
(Cost $3,999,884)				3,999,023

REPURCHASE AGREEMENTS^††,5 - 22.0%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24⁴		6,696,260		6,696,260
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24⁴		5,530,800		5,530,800
Total Repurchase Agreements
(Cost $12,227,060)				12,227,060

	Shares
SECURITIES LENDING COLLATERAL^†,6 - 1.1%
Money Market Fund***
First American Government Obligations Fund - Class X, 4.82%⁷		631,386		631,386
Total Securities Lending Collateral
(Cost $631,386)				631,386

Total Investments - 101.7%
(Cost $53,892,347)			$	56,627,967
Other Assets & Liabilities, net - (1.7)%				(959,935	)
Total Net Assets - 100.0%			$	55,668,032

62 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)(continued)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Equity Futures Contracts Purchased^†

Russell 2000 Index Mini Futures Contracts

118

Dec 2024

13,273,820

231,269

Total Return Swap Agreements

Counterparty

Index

Type

Financing
Rate

Payment
Frequency

Maturity
Date

Units

Notional
Amount

Value and
Unrealized
Appreciation

OTC Equity Index Swap Agreements^††

Goldman Sachs International

Russell 2000 Index

Pay

4.93% (Federal Funds Rate + 0.10%)

At Maturity

12/18/24

21,562

48,081,737

676,626

BNP Paribas

Russell 2000 Index

Pay

5.38% (Federal Funds Rate + 0.55%)

At Maturity

12/19/24

4,923

10,978,442

160,090

Barclays Bank plc

Russell 2000 Index

Pay

5.29% (SOFR + 0.45%)

At Maturity

12/19/24

6,285

14,015,433

37,568

73,075,612

874,284

^~	The face amount is denominated in U.S. dollars unless otherwise indicated.
*	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.
^◊	Variable rate security. Rate indicated is the rate effective at September 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	All or a portion of this security is on loan at September 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 futures collateral at September 30, 2024.
⁴	All or a portion of this security is pledged as equity index swap collateral at September 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 September 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 | 63

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
RUSSELL 2000^{^®} 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 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	$	24,439,286		$	—	$	—	*	$	24,439,286
Warrants		—	*		—		—			—
Rights		—	*		—		—	*		—
Exchange-Traded Funds		514,741			—		—			514,741
U.S. Treasury Bills		—			5,838,223		—			5,838,223
Federal Agency Discount Notes		—			4,978,440		—			4,978,440
Federal Agency Notes		—			3,999,808		—			3,999,808
U.S. Government Securities		—			3,999,023		—			3,999,023
Repurchase Agreements		—			12,227,060		—			12,227,060
Securities Lending Collateral		631,386			—		—			631,386
Equity Futures Contracts**		231,269			—		—			231,269
Equity Index Swap Agreements**		—			874,284		—			874,284
Total Assets	$	25,816,682		$	31,916,838	$	—		$	57,733,520

*	Includes securities with a market value of $0.
**	This derivative is reported as unrealized appreciation/depreciation at period end.

64 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

RUSSELL 2000^{^®} 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value - including $602,722 of securities loaned (cost $41,665,287)	$	44,400,907
Repurchase agreements, at value (cost $12,227,060)		12,227,060
Cash		4,046
Unrealized appreciation on OTC swap agreements		874,284
Receivables:
Fund shares sold		2,955,672
Interest		53,377
Variation margin on futures contracts		31,604
Dividends		21,081
Securities lending income		738
Total assets		60,568,769

Liabilities:
Segregated cash due to broker		550,000
Payable for:
Fund shares redeemed		3,578,753
Return of securities lending collateral		631,386
Management fees		38,415
Transfer agent fees		25,951
Swap settlement		21,514
Distribution and service fees		10,828
Portfolio accounting and administration fees		4,483
Trustees’ fees*		514
Miscellaneous		38,893
Total liabilities		4,900,737
Net assets	$	55,668,032

Net assets consist of:
Paid in capital	$	71,304,332
Total distributable earnings (loss)		(15,636,300	)
Net assets	$	55,668,032

Class A:
Net assets	$	3,190,807
Capital shares outstanding		18,563
Net asset value per share	$	171.89
Maximum offering price per share (Net asset value divided by 95.25%)	$	180.46

Class C:
Net assets	$	245,348
Capital shares outstanding		1,662
Net asset value per share	$	147.62

Class H:
Net assets	$	52,231,877
Capital shares outstanding		306,718
Net asset value per share	$	170.29

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Dividends (net of foreign withholding tax of $273)	$	123,552
Interest		927,242
Income from securities lending, net		4,578
Total investment income		1,055,372

Expenses:
Management fees		236,616
Distribution and service fees:
Class A		3,588
Class C		1,386
Class H		61,795
Transfer agent fees		55,712
Portfolio accounting and administration fees		53,906
Registration fees		37,281
Interest expense		37,069
Professional fees		6,041
Custodian fees		3,334
Trustees’ fees*		2,663
Miscellaneous		16,565
Total expenses		515,956
Less:
Expenses reimbursed by Adviser		(26,295	)
Net expenses		489,661
Net investment income		565,711

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		501,065
Swap agreements		1,233,108
Futures contracts		289,584
Net realized gain		2,023,757
Net change in unrealized appreciation (depreciation) on:
Investments		1,040,312
Swap agreements		(2,250,980	)
Futures contracts		84,362
Net change in unrealized appreciation (depreciation)		(1,126,306	)
Net realized and unrealized gain		897,451
Net increase in net assets resulting from operations	$	1,463,162

*	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 | 65

RUSSELL 2000^{^®} 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	565,711		$	1,046,201
Net realized gain on investments		2,023,757			2,320,619
Net change in unrealized appreciation (depreciation) on investments		(1,126,306	)		3,651,488
Net increase in net assets resulting from operations		1,463,162			7,018,308

Distributions to shareholders:
Class A		—			(9,839	)
Class C		—			(1,330	)
Class H		—			(145,101	)
Total distributions to shareholders		—			(156,270	)

Capital share transactions:
Proceeds from sale of shares
Class A		1,999,665			3,532,630
Class C		246,384			222,650
Class H		297,070,152			492,038,872
Distributions reinvested
Class A		—			9,769
Class C		—			1,240
Class H		—			143,726
Cost of shares redeemed
Class A		(1,824,064	)		(4,277,624	)
Class C		(323,452	)		(274,243	)
Class H		(293,708,337	)		(477,029,453	)
Net increase from capital share transactions		3,460,348			14,367,567
Net increase in net assets		4,923,510			21,229,605

Net assets:
Beginning of period		50,744,522			29,514,917
End of period	$	55,668,032		$	50,744,522

Capital share activity:
Shares sold
Class A		12,749			26,281
Class C		1,758			1,882
Class H		1,901,773			3,768,377
Shares issued from reinvestment of distributions
Class A		—			75
Class C		—			11
Class H		—			1,107
Shares redeemed
Class A		(11,733	)		(32,263	)
Class C		(2,345	)		(2,349	)
Class H		(1,889,985	)		(3,682,558	)
Net increase in shares		12,217			80,563

66 | 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.

Class A	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	162.74		$	127.13		$	183.91		$	227.30		$	67.63		$	138.32
Income (loss) from investment operations:
Net investment income (loss)^b		1.68			3.27			.63			(3.04	)		(2.33	)		.08
Net gain (loss) on investments (realized and unrealized)		7.47			32.88			(57.41	)		(36.22	)		162.00			(70.34	)
Total from investment operations		9.15			36.15			(56.78	)		(39.26	)		159.67			(70.26	)
Less distributions from:
Net investment income		—			(.54	)		—			—			—			—
Net realized gains		—			—			—			(4.13	)		—			(.43	)
Total distributions		—			(.54	)		—			(4.13	)		—			(.43	)
Net asset value, end of period	$	171.89		$	162.74		$	127.13		$	183.91		$	227.30		$	67.63

Total Return^c		5.62	%		28.57	%		(30.87	%)		(17.50	%)		236.09	%		(50.97	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	3,191		$	2,856		$	2,982		$	4,025		$	8,661		$	1,559
Ratios to average net assets:
Net investment income (loss)		2.16	%		2.46	%		0.45	%		(1.36	%)		(1.57	%)		0.06	%
Total expenses^d		1.95	%		1.94	%		1.89	%		1.78	%		1.81	%		1.87	%
Net expenses^e		1.85	%		1.86	%		1.86	%		1.78	%		1.81	%		1.87	%
Portfolio turnover rate		13	%		11	%		43	%		574	%		—			360	%

Class C	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	140.29		$	110.50		$	161.04		$	201.10		$	60.28		$	124.27
Income (loss) from investment operations:
Net investment income (loss)^b		.95			2.05			(.36	)		(3.95	)		(2.85	)		(.87	)
Net gain (loss) on investments (realized and unrealized)		6.38			28.28			(50.18	)		(31.98	)		143.67			(62.69	)
Total from investment operations		7.33			30.33			(50.54	)		(35.93	)		140.82			(63.56	)
Less distributions from:
Net investment income		—			(.54	)		—			—			—			—
Net realized gains		—			—			—			(4.13	)		—			(.43	)
Total distributions		—			(.54	)		—			(4.13	)		—			(.43	)
Net asset value, end of period	$	147.62		$	140.29		$	110.50		$	161.04		$	201.10		$	60.28

Total Return^c		5.22	%		27.63	%		(31.38	%)		(18.13	%)		233.61	%		(51.33	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	245		$	316		$	299		$	540		$	673		$	171
Ratios to average net assets:
Net investment income (loss)		1.43	%		1.79	%		(0.30	%)		(2.04	%)		(2.31	%)		(0.70	%)
Total expenses^d		2.70	%		2.68	%		2.64	%		2.53	%		2.57	%		2.62	%
Net expenses^e		2.60	%		2.60	%		2.60	%		2.53	%		2.57	%		2.62	%
Portfolio turnover rate		13	%		11	%		43	%		574	%		—			360	%

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 67

RUSSELL 2000^{^®} 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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.

Class H	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	161.30		$	126.12		$	182.59		$	225.73		$	67.21		$	137.69
Income (loss) from investment operations:
Net investment income (loss)^b		1.65			3.39			.81			(2.97	)		(2.22	)		(.06	)
Net gain (loss) on investments (realized and unrealized)		7.34			32.33			(57.28	)		(36.04	)		160.74			(69.99	)
Total from investment operations		8.99			35.72			(56.47	)		(39.01	)		158.52			(70.05	)
Less distributions from:
Net investment income		—			(.54	)		—			—			—			—
Net realized gains		—			—			—			(4.13	)		—			(.43	)
Total distributions		—			(.54	)		—			(4.13	)		—			(.43	)
Net asset value, end of period	$	170.29		$	161.30		$	126.12		$	182.59		$	225.73		$	67.21

Total Return		5.57	%		28.46	%		(30.93	%)		(17.52	%)		235.86	%		(51.05	%)
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	52,232		$	47,573		$	26,234		$	33,076		$	71,754		$	12,732
Ratios to average net assets:
Net investment income (loss)		2.16	%		2.58	%		0.61	%		(1.40	%)		(1.75	%)		(0.04	%)
Total expenses^d		1.96	%		1.93	%		1.91	%		1.80	%		1.85	%		1.89	%
Net expenses^e		1.86	%		1.85	%		1.88	%		1.80	%		1.85	%		1.89	%
Portfolio turnover rate		13	%		11	%		43	%		574	%		—			360	%

^a	Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.
^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.

68 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

SCHEDULE OF INVESTMENTS (Unaudited)	September 30, 2024
INVERSE RUSSELL 2000^{^®} 2x STRATEGY FUND

	Face Amount		Value
U.S. TREASURY BILLS^†† - 9.1%
U.S. Treasury Bills
4.85% due 12/12/24^1,2	$	400,000	$	396,424
4.63% due 10/10/24^2,3		21,000		20,975
Total U.S. Treasury Bills
(Cost $417,093)				417,399

REPURCHASE AGREEMENTS^††,4 - 91.3%
J.P. Morgan Securities LLC issued 09/30/24 at 4.86% due 10/01/24¹		2,309,799		2,309,799
BofA Securities, Inc. issued 09/30/24 at 4.85% due 10/01/24¹		1,907,787		1,907,787
Total Repurchase Agreements
(Cost $4,217,586)				4,217,586

Total Investments - 100.4%
(Cost $4,634,679)			$	4,634,985
Other Assets & Liabilities, net - (0.4)%				(16,635	)
Total Net Assets - 100.0%			$	4,618,350

Futures Contracts

Description

Number of
Contracts

Expiration
Date

Notional
Amount

Value and
Unrealized
Appreciation**

Equity Futures Contracts Sold Short^†

Russell 2000 Index Mini Futures Contracts

Dec 2024

787,430

5,894

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^††

Goldman Sachs International

Russell 2000 Index

Receive

4.68% (Federal Funds Rate - 0.15%)

At Maturity

12/18/24

1,142

2,546,678

11,137

Barclays Bank plc

Russell 2000 Index

Receive

4.89% (SOFR + 0.05%)

At Maturity

12/19/24

799

1,782,328

(4,780

)

BNP Paribas

Russell 2000 Index

Receive

4.98% (Federal Funds Rate + 0.15%)

At Maturity

12/19/24

1,841

4,105,640

(59,868

)

8,434,646

(53,511

)

**	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 September 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 September 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 | 69

SCHEDULE OF INVESTMENTS (Unaudited)(concluded)	September 30, 2024
INVERSE RUSSELL 2000^{^®} 2x STRATEGY FUND

The following table summarizes the inputs used to value the Fund’s investments at September 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	$	—	$	417,399	$	—	$	417,399
Repurchase Agreements		—		4,217,586		—		4,217,586
Equity Futures Contracts**		5,894		—		—		5,894
Equity Index Swap Agreements**		—		11,137		—		11,137
Total Assets	$	5,894	$	4,646,122	$	—	$	4,652,016

Investments in Securities (Liabilities)		Level 1 Quoted Prices				Level 2 Significant Observable Inputs				Level 3 Significant Unobservable Inputs				Total
Equity Index Swap Agreements**		$	—			$	64,648			$	—			$	64,648

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

70 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE RUSSELL 2000^{^®} 2x STRATEGY FUND

STATEMENT OF ASSETS AND LIABILITIES (Unaudited)

September 30, 2024

Assets:
Investments, at value (cost $417,093)	$	417,399
Repurchase agreements, at value (cost $4,217,586)		4,217,586
Segregated cash with broker		47,532
Unrealized appreciation on OTC swap agreements		11,137
Receivables:
Fund shares sold		524,230
Swap settlement		8,840
Interest		569
Total assets		5,227,293

Liabilities:
Unrealized depreciation on OTC swap agreements		64,648
Payable for:
Fund shares redeemed		532,934
Management fees		3,133
Variation margin on futures contracts		2,489
Transfer agent fees		2,342
Distribution and service fees		900
Portfolio accounting and administration fees		366
Trustees’ fees*		44
Miscellaneous		2,087
Total liabilities		608,943
Net assets	$	4,618,350

Net assets consist of:
Paid in capital	$	85,534,504
Total distributable earnings (loss)		(80,916,154	)
Net assets	$	4,618,350

Class A:
Net assets	$	175,654
Capital shares outstanding		25,684
Net asset value per share	$	6.84
Maximum offering price per share (Net asset value divided by 95.25%)	$	7.18

Class C:
Net assets	$	45,727
Capital shares outstanding		7,736
Net asset value per share	$	5.91

Class H:
Net assets	$	4,396,969
Capital shares outstanding		654,670
Net asset value per share	$	6.72

STATEMENT OF OPERATIONS (Unaudited)

Six Months Ended September 30, 2024

Investment Income:
Interest	$	146,641
Total investment income		146,641

Expenses:
Management fees		23,674
Distribution and service fees:
Class A		272
Class C		333
Class H		6,223
Transfer agent fees		5,570
Portfolio accounting and administration fees		5,395
Registration fees		4,218
Interest expense		3,247
Professional fees		538
Trustees’ fees*		355
Custodian fees		337
Miscellaneous		976
Total expenses		51,138
Less:
Expenses reimbursed by Adviser		(2,630	)
Net expenses		48,508
Net investment income		98,133

Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Swap agreements		(571,053	)
Futures contracts		(110,233	)
Net realized loss		(681,286	)
Net change in unrealized appreciation (depreciation) on:
Investments		258
Swap agreements		222,201
Futures contracts		7,526
Net change in unrealized appreciation (depreciation)		229,985
Net realized and unrealized loss		(451,301	)
Net decrease in net assets resulting from operations	$	(353,168	)

*	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 | 71

INVERSE RUSSELL 2000^{^®} 2x STRATEGY FUND

STATEMENTS OF CHANGES IN NET ASSETS

	Six Months Ended September 30, 2024 (Unaudited)			Year Ended March 31, 2024
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	98,133		$	273,848
Net realized loss on investments		(681,286	)		(3,388,789	)
Net change in unrealized appreciation (depreciation) on investments		229,985			24,016
Net decrease in net assets resulting from operations		(353,168	)		(3,090,925	)

Distributions to shareholders:
Class A		—			(18,391	)
Class C		—			(1,874	)
Class H		—			(211,675	)
Total distributions to shareholders		—			(231,940	)

Capital share transactions:
Proceeds from sale of shares
Class A		1,139,754			2,307,662
Class C		329,954			185,073
Class H		199,176,177			296,772,405
Distributions reinvested
Class A		—			18,231
Class C		—			1,778
Class H		—			159,258
Cost of shares redeemed
Class A		(1,240,031	)		(2,527,999	)
Class C		(326,248	)		(183,352	)
Class H		(202,004,752	)		(291,713,723	)
Net increase (decrease) from capital share transactions		(2,925,146	)		5,019,333
Net increase (decrease) in net assets		(3,278,314	)		1,696,468

Net assets:
Beginning of period		7,896,664			6,200,196
End of period	$	4,618,350		$	7,896,664

Capital share activity:
Shares sold
Class A		145,132			225,616
Class C		48,367			20,791
Class H		25,976,118			30,686,918
Shares issued from reinvestment of distributions
Class A		—			1,856
Class C		—			208
Class H		—			16,521
Shares redeemed
Class A		(158,650	)		(253,760	)
Class C		(48,519	)		(20,854	)
Class H		(26,329,285	)		(30,196,017	)
Net increase (decrease) in shares		(366,837	)		481,279

72 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

SEE NOTES TO FINANCIAL STATEMENTS.

INVERSE 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.

Class A	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	7.63		$	11.00		$	10.09		$	10.53		$	55.29		$	43.81
Income (loss) from investment operations:
Net investment income (loss)^b		.16			.41			.05			(.15	)		(.39	)		.08
Net gain (loss) on investments (realized and unrealized)		(.95	)		(3.55	)		.86	^e		(.29	)^e		(44.37	)		11.57
Total from investment operations		(.79	)		(3.14	)		.91			(.44	)		(44.76	)		11.65
Less distributions from:
Net investment income		—			(.23	)		—			—			—			(.17	)
Total distributions		—			(.23	)		—			—			—			(.17	)
Net asset value, end of period	$	6.84		$	7.63		$	11.00		$	10.09		$	10.53		$	55.29

Total Return^c		(10.35	%)		(29.03	%)		9.02	%		(4.18	%)		(80.95	%)		26.82	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	176		$	299		$	720		$	1,662		$	2,286		$	11,581
Ratios to average net assets:
Net investment income (loss)		4.14	%		3.92	%		0.47	%		(1.51	%)		(1.61	%)		0.19	%
Total expenses		1.86	%		1.86	%		2.08	%		1.76	%		1.82	%		1.86	%
Net expenses^d		1.77	%		1.79	%		2.05	%		1.76	%		1.82	%		1.86	%
Portfolio turnover rate		—			—			—			—			—			—

Class C	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	6.62		$	9.65		$	8.91		$	9.37		$	49.61		$	39.63
Income (loss) from investment operations:
Net investment income (loss)^b		.12			.28			—			(.20	)		(.50	)		(.21	)
Net gain (loss) on investments (realized and unrealized)		(.83	)		(3.08	)		.74	^e		(.26	)^e		(39.74	)		10.36
Total from investment operations		(.71	)		(2.80	)		.74			(.46	)		(40.24	)		10.15
Less distributions from:
Net investment income		—			(.23	)		—			—			—			(.17	)
Total distributions		—			(.23	)		—			—			—			(.17	)
Net asset value, end of period	$	5.91		$	6.62		$	9.65		$	8.91		$	9.37		$	49.61

Total Return^c		(10.73	%)		(29.57	%)		8.31	%		(4.91	%)		(81.11	%)		25.86	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	46		$	52		$	75		$	68		$	86		$	348
Ratios to average net assets:
Net investment income (loss)		3.49	%		3.18	%		0.01	%		(2.26	%)		(2.36	%)		(0.55	%)
Total expenses		2.60	%		2.60	%		2.80	%		2.51	%		2.57	%		2.62	%
Net expenses^d		2.51	%		2.53	%		2.77	%		2.51	%		2.57	%		2.62	%
Portfolio turnover rate		—			—			—			—			—			—

SEE NOTES TO FINANCIAL STATEMENTS.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 73

INVERSE RUSSELL 2000^{^®} 2x STRATEGY FUND

FINANCIAL HIGHLIGHTS (concluded)

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.

Class H	Six Months Ended September 30, 2024^a			Year Ended March 31, 2024			Year Ended March 31, 2023			Year Ended March 31, 2022			Year Ended March 31, 2021			Year Ended March 31, 2020
Per Share Data
Net asset value, beginning of period	$	7.49		$	10.80		$	9.92		$	10.41		$	54.95		$	43.62
Income (loss) from investment operations:
Net investment income (loss)^b		.12			.33			.07			(.13	)		(.33	)		(.02	)
Net gain (loss) on investments (realized and unrealized)		(.89	)		(3.41	)		.81	^e		(.36	)^e		(44.21	)		11.52
Total from investment operations		(.77	)		(3.08	)		.88			(.49	)		(44.54	)		11.50
Less distributions from:
Net investment income		—			(.23	)		—			—			—			(.17	)
Total distributions		—			(.23	)		—			—			—			(.17	)
Net asset value, end of period	$	6.72		$	7.49		$	10.80		$	9.92		$	10.41		$	54.95

Total Return		(10.28	%)		(29.01	%)		8.87	%		(4.71	%)		(81.06	%)		26.59	%
Ratios/Supplemental Data
Net assets, end of period (in thousands)	$	4,397		$	7,546		$	5,405		$	4,598		$	3,923		$	10,033
Ratios to average net assets:
Net investment income (loss)		3.72	%		3.71	%		0.69	%		(1.62	%)		(1.70	%)		(0.05	%)
Total expenses		1.94	%		1.90	%		2.10	%		1.82	%		1.89	%		1.91	%
Net expenses^d		1.84	%		1.82	%		2.06	%		1.82	%		1.89	%		1.91	%
Portfolio turnover rate		—			—			—			—			—			—

^a	Unaudited figures for the period ended September 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 reflect the impact of any applicable sales charges.
^d	Net expense information reflects the expense ratios after expense waivers and reimbursements, as applicable.
^e	The amount shown for a share outstanding throughout the year does not agree with the aggregate net gain or loss on investments for the year because of the sales and purchases of fund shares in relation to fluctuating market value of the investments of the Fund.

74 | 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 Dynamic Funds (the “Trust”), a Delaware statutory trust, is registered with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940 (the “1940 Act”), as an open-ended investment company, 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.

The Trust offers a combination of three separate classes of shares: Class A shares, Class C shares, and Class H shares. Sales of shares of each Class are made without a front-end sales charge at the net asset value per share (“NAV”), with the exception of Class A shares. Class A shares are sold at the NAV, plus the applicable front-end sales charge. The sales charge varies depending on the amount purchased, but will not exceed 4.75%. Class A share purchases of $1 million or more are exempt from the front-end sales charge but have a 1% contingent deferred sales charge (“CDSC”) if shares are redeemed within 12 months of purchase. Class C shares have a 1% CDSC if shares are redeemed within 12 months of purchase. Class C shares of each Fund automatically convert to Class A shares of the same Fund on or about the 10th day of the month following the 8-year anniversary of the purchase of the Class C shares. This conversion will be executed without any sales charge, fee or other charge. After the conversion is completed, the shares will be subject to all features and expenses of Class A shares. At September 30, 2024, the Trust consisted of eight funds.

This report covers the following funds (collectively, the “Funds”):

Fund Name	Investment Company Type
S&P 500^{^®} 2x Strategy Fund	Non-diversified
Inverse S&P 500^{^®} 2x Strategy Fund	Non-diversified
NASDAQ-100^{^®} 2x Strategy Fund	Non-diversified
Inverse NASDAQ-100^{^®} 2x Strategy Fund	Non-diversified
Dow 2x Strategy Fund	Non-diversified
Inverse Dow 2x Strategy Fund	Non-diversified
Russell 2000^{^®} 2x Strategy Fund	Non-diversified
Inverse Russell 2000^{^®} 2x Strategy Fund	Non-diversified

The Funds are designed and operated to accommodate frequent trading by shareholders and, unlike most mutual funds, offer unlimited exchange privileges with no minimum holding periods or transactions fees, which may cause the Funds to experience high portfolio turnover.

Security Investors, LLC (the “Adviser”), which operates under the name Guggenheim Investments (“GI”), provides advisory services. Guggenheim Funds Distributors, LLC (“GFD”) serves as distributor of the Funds’ shares. GI and GFD are affiliated entities.

Significant Accounting Policies

The Funds operate as investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

The following significant accounting policies are in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and are consistently followed by the Trust. This requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. All time references are based on Eastern Time.

The NAV of each share class of each Fund is calculated by dividing the market value of the Fund’s securities and other assets, less all liabilities attributable to the share class by the number of outstanding shares of the share class on the specified date.

The Trust calculates a NAV twice each business day; at 10:45 a.m. and at the close of the New York Stock Exchange (“NYSE”), usually 4:00 p.m. The NAV is calculated using the current market value of each Fund’s total assets, as of the respective time of calculation. These financial statements are based on the afternoon NAV.

(a) Valuation of Investments

The Board of Trustees of the Trust (the “Board”) adopted policies and procedures for the valuation of the Funds’ investments (the “Fund Valuation Procedures”).

Pursuant to Rule 2a-5, the Board designated the Adviser as the valuation designee to perform fair valuation determinations for the Funds with respect to all Fund investments and/or other assets. As the Funds’ valuation designee pursuant to Rule 2a-5, the Adviser has adopted separate procedures (the “Valuation Designee Procedures” and collectively with the Fund Valuation Procedures, the “Valuation Procedures”) reasonably designed to prevent violations of the requirements of Rule 2a-5 and Rule 31a-4 under the 1940 Act. The Adviser, in its role as valuation designee, utilizes the assistance of a valuation committee, consisting of representatives from Guggenheim’s investment management, fund administration, legal and compliance departments (the “Valuation Committee”), in determining the fair value of the Funds’ securities and/or other assets. The Valuation Procedures may be amended and potentially adversely affected as the Funds seek to comply with regulations that apply to the valuation practices of registered investment companies.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 75

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Valuations of the Funds’ securities and other assets are supplied primarily by independent third-party pricing services appointed pursuant to the processes set forth in the Valuation Procedures. The Adviser, with the assistance of the Valuation Committee, convenes monthly, or more frequently as needed, to review the valuation of all assets which have been fair valued. The Adviser, consistent with the monitoring and review responsibilities set forth in the Valuation Procedures, regularly reviews the appropriateness of the inputs, methods, models and assumptions employed by the independent third-party pricing services.

If the independent third-party pricing service cannot or does not provide a valuation for a particular investment or such valuation is deemed unreliable, such investment is fair valued by the Adviser.

Equity securities listed or traded on a recognized U.S. securities exchange or the Nasdaq Stock Market (“NASDAQ”) will generally be valued on the basis of the last sale price on the primary U.S. exchange or market on which the security is listed or traded; provided, however, that securities listed on NASDAQ will be valued at the NASDAQ official closing price, which may not necessarily represent the last sale price.

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

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

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

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 an independent third-party pricing service.

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 Funds’ Schedules of Investments reflect the effective rates paid at the time of purchase by the Funds. Other securities bear interest at the rates shown, payable at fixed dates through maturity.

(c) 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.

76 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

(e) Foreign Taxes

The Funds may be subject to foreign taxes (a portion of which may be reclaimable) on income, stock dividends, capital gains on investments or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which the Funds invest. These foreign taxes, if any, are paid by the Funds and reflected in their Statements of Operations as follows: foreign taxes withheld at source are presented as a reduction of income and foreign taxes on capital gains from sales of investments are included with the net realized gain (loss) on investments. Foreign taxes payable or deferred as of September 30, 2024, if any, are disclosed in the Funds’ Statements of Assets and Liabilities.

(f) Security Transactions

Security transactions are recorded on the trade date for financial reporting purposes. Realized gains and losses from securities transactions are recorded using the identified cost basis. Proceeds from lawsuits related to investment holdings are recorded as a reduction to cost if the securities are still held and as realized gains if no longer held in the respective Fund. Dividend income is recorded on the ex-dividend date, net of applicable taxes withheld by foreign countries, if any. Taxable non-cash dividends are recorded as dividend income. Interest income, including amortization of premiums and accretion of discounts, is accrued on a daily basis. Dividend income from Real Estate Investment Trusts (“REITs”) is recorded based on the income included in the distributions received from the REIT investments using published REIT classifications, including some management estimates when actual amounts are not available. Distributions received in excess of this estimated amount are recorded as a reduction of the cost of investments or reclassified to realized gains. The actual amounts of income, return of capital, and realized gains are only determined by each REIT after its fiscal year-end, and may differ from the estimated amounts.

(g) Distributions

Distributions of net investment income and net realized gains, if any, are declared and paid at least annually. Dividends are reinvested in additional shares, unless shareholders request payment in cash. Distributions are recorded on the ex-dividend date and are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

(h) Class Allocations

Interest and dividend income, most expenses, all realized gains and losses, and all unrealized appreciation and depreciation are allocated to the share classes based upon the value of the outstanding shares in each share class. Certain costs, such as distribution and service fees are charged directly to specific share classes. In addition, certain expenses have been allocated to the individual Funds in the Trust based on the respective net assets of each Fund included in the Trust.

(i) Cash

The Funds may leave cash overnight in their cash account with 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 4.83% at September 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 Trust. In addition, throughout the normal course of business, the Trust, on behalf of the Funds, enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds and/or their affiliates that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.

Note 2 – Derivatives

As part of their investment strategies, the Funds may utilize a variety of derivative instruments. These investments involve, to varying degrees, elements of market risk and risks in excess of amounts recognized on the Funds’ Statements of Assets and Liabilities. Valuation and accounting treatment of these instruments can be found under Significant Accounting Policies in Note 1 of these Notes to Financial Statements.

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

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 77

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Funds utilized derivatives for the following purposes:

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

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

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

If a Fund’s investment strategy consistently involves applying leverage, the value of the Fund’s shares will tend to increase or decrease more than the value of any increase or decrease in the underlying index or other asset. In addition, because an investment in derivative instruments generally requires a small investment relative to the amount of investment exposure assumed, an opportunity for increased net income is created; but, at the same time, leverage risk will increase. A Fund’s use of leverage, through borrowings or instruments such as derivatives, may cause an investment in the Fund to be more volatile and riskier than if the Fund had not been leveraged.

Futures Contracts

A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities or other instruments at a set price for delivery at a future date. There are significant risks associated with a Fund’s use of futures contracts, including (i) there may be an imperfect or no correlation between the changes in market value of the underlying asset and the prices of futures contracts; (ii) there may not be a liquid secondary market for a futures contract; (iii) trading restrictions or limitations may be imposed by an exchange; and (iv) government regulations may restrict trading in futures contracts. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. Cash deposits are shown as segregated cash with broker on the Funds’ Statements of Assets and Liabilities; securities held as collateral are noted on the Funds’ Schedules of Investments.

The following table represents the Funds’ use and volume of futures on a monthly basis:

		Average Notional Amount
Fund	Use	Long		Short
S&P 500^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity	$	68,903,829	$	—
Inverse S&P 500^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		3,553,760
NASDAQ-100^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity		292,744,882		—
Inverse NASDAQ-100^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		27,989,804
Dow 2x Strategy Fund	Index exposure, Leverage, Liquidity		14,697,433		—
Inverse Dow 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		908,901
Russell 2000^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity		15,541,036		—
Inverse Russell 2000^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		947,879

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,

78 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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
S&P 500^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity	$	170,904,046	$	—
Inverse S&P 500^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		23,727,232
NASDAQ-100^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity		931,881,050		—
Inverse NASDAQ-100^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		31,655,456
Dow 2x Strategy Fund	Index exposure, Leverage, Liquidity		33,304,720		—
Inverse Dow 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		7,255,122
Russell 2000^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity		76,851,201		—
Inverse Russell 2000^{^®} 2x Strategy Fund	Index exposure, Leverage, Liquidity		—		8,577,772

Derivative Investment Holdings Categorized by Risk Exposure

The following is a summary of the location of derivative investments on the Funds’ Statements of Assets and Liabilities as of September 30, 2024:

Derivative Investment Type	Asset Derivatives	Liability Derivatives
Equity futures contracts	Variation margin on futures contracts	Variation margin on futures contracts
Equity swap agreements	Unrealized appreciation on OTC swap agreements	Unrealized depreciation on OTC swap agreements

The following tables set forth the fair value of the Funds’ derivative investments categorized by primary risk exposure at September 30, 2024:

Asset Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Total Value at September 30, 2024
S&P 500^{^®} 2x Strategy Fund	$	881,875	$	1,240,652	$	2,122,527
NASDAQ-100^{^®} 2x Strategy Fund		6,597,945		4,514,602		11,112,547
Inverse NASDAQ-100^{^®} 2x Strategy Fund		—		5,303		5,303
Dow 2x Strategy Fund		91,149		172,490		263,639
Inverse Dow 2x Strategy Fund		7,156		11,790		18,946
Russell 2000^{^®} 2x Strategy Fund		231,269		874,284		1,105,553
Inverse Russell 2000^{^®} 2x Strategy Fund		5,894		11,137		17,031

Liability Derivative Investments Value
Fund	Futures Equity Risk*		Swaps Equity Risk		Total Value at September 30, 2024
Inverse S&P 500^{^®} 2x Strategy Fund	$	44,092	$	108,371	$	152,463
Inverse NASDAQ-100^{^®} 2x Strategy Fund		54,691		68,697		123,388
Inverse Dow 2x Strategy Fund		—		8,500		8,500
Inverse Russell 2000^{^®} 2x Strategy Fund		—		64,648		64,648

^*	Includes cumulative appreciation (depreciation) of futures contracts as reported on the Funds’ Schedules of Investments. Variation margin is reported within the Funds’ Statements of Assets and Liabilities.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 79

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The following is a summary of the location of derivative investments on the Funds’ Statements of Operations for the period ended September 30, 2024:

Derivative Investment Type	Location of Gain (Loss) on Derivatives
Equity futures contracts	Net realized gain (loss) on futures contracts
	Net change in unrealized appreciation (depreciation) on futures contracts
Equity swap agreements	Net realized gain (loss) on swap agreements
	Net change in unrealized appreciation (depreciation) on swap agreements

The following is a summary of the Funds’ realized gain (loss) and change in unrealized appreciation (depreciation) on derivative investments recognized on the Funds’ Statements of Operations categorized by primary risk exposure for the period ended September 30, 2024:

Realized Gain (Loss) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Total
S&P 500^{^®} 2x Strategy Fund	$	3,616,002		$	11,814,091		$	15,430,093
Inverse S&P 500^{^®} 2x Strategy Fund		(587,149	)		(3,852,278	)		(4,439,427	)
NASDAQ-100^{^®} 2x Strategy Fund		6,042,921			31,659,768			37,702,689
Inverse NASDAQ-100^{^®} 2x Strategy Fund		(11,277,804	)		(14,609,107	)		(25,886,911	)
Dow 2x Strategy Fund		930,544			(298,948	)		631,596
Inverse Dow 2x Strategy Fund		(146,274	)		(491,022	)		(637,296	)
Russell 2000^{^®} 2x Strategy Fund		289,584			1,233,108			1,522,692
Inverse Russell 2000^{^®} 2x Strategy Fund		(110,233	)		(571,053	)		(681,286	)

Change in Unrealized Appreciation (Depreciation) on Derivative Investments Recognized on the Statements of Operations
Fund	Futures Equity Risk			Swaps Equity Risk			Total
S&P 500^{^®} 2x Strategy Fund	$	(383,040	)	$	(84,577	)	$	(467,617	)
Inverse S&P 500^{^®} 2x Strategy Fund		(42,478	)		(38,909	)		(81,387	)
NASDAQ-100^{^®} 2x Strategy Fund		4,596,058			(2,970,697	)		1,625,361
Inverse NASDAQ-100^{^®} 2x Strategy Fund		(29,947	)		(88,209	)		(118,156	)
Dow 2x Strategy Fund		68,108			(426,332	)		(358,224	)
Inverse Dow 2x Strategy Fund		23,110			88,575			111,685
Russell 2000^{^®} 2x Strategy Fund		84,362			(2,250,980	)		(2,166,618	)
Inverse Russell 2000^{^®} 2x Strategy Fund		7,526			222,201			229,727

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.

80 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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
S&P 500^{^®} 2x Strategy Fund	Swap equity agreements	$	1,240,652	$	—	$	1,240,652	$	—	$	(450,000	)	$	790,652
NASDAQ-100^{^®} 2x Strategy Fund	Swap equity agreements		4,514,602		—		4,514,602		—		(1,470,000	)		3,044,602
Inverse NASDAQ-100^{^®} 2x Strategy Fund	Swap equity agreements		5,303		—		5,303		—		—			5,303
Dow 2x Strategy Fund	Swap equity agreements		172,490		—		172,490		—		—			172,490
Inverse Dow 2x Strategy Fund	Swap equity agreements		11,790		—		11,790		—		—			11,790
Russell 2000^{^®} 2x Strategy Fund	Swap equity agreements		874,284		—		874,284		—		(550,000	)		324,284
Inverse Russell 2000^{^®} 2x Strategy Fund	Swap equity agreements		11,137		—		11,137		—		—			11,137

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 81

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
Inverse S&P 500^{^®} 2x Strategy Fund	Swap equity agreements	$	108,371	$	—	$	108,371	$	(108,371	)	$	—	$	—
Inverse NASDAQ-100^{^®} 2x Strategy Fund	Swap equity agreements		68,697		—		68,697		(68,697	)		—		—
Inverse Dow 2x Strategy Fund	Swap equity agreements		8,500		—		8,500		(8,500	)		—		—
Inverse Russell 2000^{^®} 2x Strategy Fund	Swap equity agreements		64,648		—		64,648		(64,648	)		—		—

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 September 30, 2024.

Fund	Counterparty	Asset Type	Cash Pledged		Cash Received
S&P 500^{^®} 2x Strategy Fund	Barclays Bank plc	Total return swap agreements	$	32,636	$	—
	BNP Paribas	Total return swap agreements		—		110,000
	Goldman Sachs International	Total return swap agreements		—		340,000
S&P 500^{^®} 2x Strategy Fund Total				32,636		450,000
Inverse S&P 500^{^®} 2x Strategy Fund	Goldman Sachs International	Futures contracts		137,209		—
NASDAQ-100^{^®} 2x Strategy Fund	Barclays Bank plc	Total return swap agreements		—		150,000
	BNP Paribas	Total return swap agreements		—		80,000
	Goldman Sachs International	Total return swap agreements		—		1,240,000
NASDAQ-100^{^®} 2x Strategy Fund Total				—		1,470,000
Inverse NASDAQ-100^{^®} 2x Strategy Fund	Goldman Sachs International	Futures contracts		109,800		—
Inverse Dow 2x Strategy Fund	Goldman Sachs International	Futures contracts		53,919		—
Russell 2000^{^®} 2x Strategy Fund	Goldman Sachs International	Total return swap agreements		—		550,000
Inverse Russell 2000^{^®} 2x Strategy Fund	Goldman Sachs International	Futures contracts		47,532		—

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.

82 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

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, 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^{^®} 2x Strategy Fund		0.90	%
Inverse S&P 500^{^®} 2x Strategy Fund		0.90	%
NASDAQ-100^{^®} 2x Strategy Fund		0.90	%
Inverse NASDAQ-100^{^®} 2x Strategy Fund		0.90	%
Dow 2x Strategy Fund		0.90	%
Inverse Dow 2x Strategy Fund		0.90	%
Russell 2000^{^®} 2x Strategy Fund		0.90	%
Inverse Russell 2000^{^®} 2x Strategy Fund		0.90	%

When the aggregate assets of each series of the Trust and each series of Rydex Series Funds (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) equal or exceed $10 billion, the advisory fee rate paid by each individual Fund (excluding the Managed Futures Strategy Fund and Multi-Hedge Strategies Fund) will be reduced in accordance with the asset level and breakpoint schedule set forth below.

Fund Assets Under Management	Fund Asset-Based Breakpoint Reductions
$500 million - $1 billion		0.025	%
> $1 billion - $2 billion		0.050	%
> $2 billion		0.075	%

GI pays operating expenses on behalf of the Trust, such as audit and accounting related services, legal services, custody, printing and mailing, among others, on a pass-through basis. Such expenses are allocated to various Funds within the complex based on relative net assets.

The Board has adopted separate Distribution Plans applicable to Class A shares and Class H shares for which GFD and other firms that provide distribution and/or shareholder services (“Service Providers”) may receive compensation. If a Service Provider provides distribution services, the Funds will pay distribution fees to GFD at an annual rate not to exceed 0.25% of average daily net assets, pursuant to Rule 12b-1 of the 1940 Act. GFD, in turn, will pay the Service Providers out of its fees. GFD may, at its discretion, retain a portion of such payments to compensate itself for distribution services it performs.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 83

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

The Board has adopted a separate Distribution and Shareholder Services Plan applicable to Class C shares that allows the Funds to pay annual distribution and service fees of 1.00% of the Funds’ Class C shares average daily net assets. The annual 0.25% service fee compensates a shareholder’s financial adviser for providing ongoing services to the shareholder. The annual distribution fee of 0.75% reimburses GFD for paying the shareholder’s financial adviser an ongoing sales commission. GFD advances the first year’s service and distribution fees to the financial adviser. GFD retains the service and distribution fees on accounts with no authorized dealer of record.

For the period ended September 30, 2024, GFD retained sales charges of $21,386 relating to sales of Class A shares of the Trust.

Effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for the NASDAQ-100 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of the Fund’s average daily net assets in excess of $500,000,000. This agreement will automatically renew for additional one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board upon sixty days’ written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Additionally, effective August 1, 2022, GI has contractually agreed to waive and/or reimburse expenses for S&P 500 2x Strategy Fund, Inverse S&P 500 2x Strategy Fund, NASDAQ-100 2x Strategy Fund, Inverse NASDAQ-100 2x Strategy Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Russell 2000 2x Strategy Fund and Inverse Russell 2000 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets (in addition to any other contractual waiver and/or reimbursement arrangements). This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board upon sixty days’ written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

Further, effective August 1, 2023, GI has contractually agreed to waive and/or reimburse expenses for S&P 500 2x Strategy Fund, Inverse S&P 500 2x Strategy Fund, Nasdaq-100 2x Strategy Fund, Inverse Nasdaq-100 2x Strategy Fund, Dow 2x Strategy Fund, Inverse Dow 2x Strategy Fund, Russell 2000 2x Strategy Fund and Inverse Russell 2000 2x Strategy Fund in an amount equal to an annual percentage rate of 0.05% of each Fund’s average daily net assets (in addition to any other contractual waiver and/or reimbursement arrangements). This agreement shall automatically renew for one-year terms, unless GI provides written notice to the Fund of the termination at least thirty days prior to the end of the then-current term. This agreement may be terminated at any time by the Fund’s Board upon sixty days’ written notice to the Adviser. In addition, the agreement will terminate automatically if the Advisory Agreement, with respect to a Fund, is terminated, with such termination effective upon the effective date of the termination of the Advisory Agreement.

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.

84 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

At September 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 Strip
4.86%					0.00%
Due 10/01/24	$	55,297,764	$	55,305,229	Due 05/15/25	$	57,848,486	$	56,403,720

BofA Securities, Inc.					U.S. Treasury Inflation Indexed Bond
4.85%					0.13%
Due 10/01/24		45,673,382		45,679,535	Due 07/15/30		50,037,292		46,586,935

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 September 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 500^{^®} 2x Strategy Fund	$	13,923	$	(13,923	)	$	—	$	14,749	$	—	$	14,749
NASDAQ-100^{^®} 2x Strategy Fund		771,682		(771,682	)		—		801,306		—		801,306
Russell 2000^{^®} 2x Strategy Fund		602,722		(602,722	)		—		631,386		—		631,386

^(a)	Actual collateral received by the Fund is generally greater than the amount shown due to overcollateralization.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 85

NOTES TO FINANCIAL STATEMENTS (Unaudited)(continued)

Note 8 – Federal Income Tax Information

The Funds intend to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable to regulated investment companies and will distribute substantially all taxable net investment income and capital gains sufficient to relieve the Funds from all, or substantially all, federal income, excise and state income taxes. Therefore, no provision for federal or state income tax or federal excise tax is required.

Tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns are evaluated to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold would be recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken, or to be taken, on U.S. federal income tax returns for all open tax years, and has concluded that no provision for income tax is required in the Funds’ financial statements. The Funds’ U.S. federal income tax returns are subject to examination by the Internal Revenue Service for a period of three years after they are filed.

If a Fund makes a distribution to its shareholders in excess of its current and accumulated “earnings and profits” in any taxable year, the excess distribution will be treated as a return of capital to the extent of each shareholder’s basis (for tax purposes) in its shares, and any distribution in excess of basis will be treated as capital gain. A return of capital is not taxable, but it reduces the shareholder’s basis in its shares, which reduces the loss (or increases the gain) on a subsequent taxable disposition by such shareholder of the shares.

At September 30, 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^{^®} 2x Strategy Fund	$	174,529,481	$	33,638,523	$	(8,532	)	$	33,629,991
Inverse S&P 500^{^®} 2x Strategy Fund		13,482,656		562		(152,463	)		(151,901	)
NASDAQ-100^{^®} 2x Strategy Fund		829,868,495		307,767,065		(1,909,124	)		305,857,941
Inverse NASDAQ-100^{^®} 2x Strategy Fund		11,721,585		6,641		(123,390	)		(116,749	)
Dow 2x Strategy Fund		29,668,509		11,598,140		–			11,598,140
Inverse Dow 2x Strategy Fund		3,512,916		19,137		(8,500	)		10,637
Russell 2000^{^®} 2x Strategy Fund		55,143,926		4,560,988		(1,971,394	)		2,589,594
Inverse Russell 2000^{^®} 2x Strategy Fund		4,634,679		17,337		(64,648	)		(47,311	)

Note 9 – Securities Transactions

For the period ended September 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^{^®} 2x Strategy Fund	$	1,297,417,330	$	1,317,011,222
Inverse S&P 500^{^®} 2x Strategy Fund		—		—
NASDAQ-100^{^®} 2x Strategy Fund		1,175,379,791		1,175,500,176
Inverse NASDAQ-100^{^®} 2x Strategy Fund		—		—
Dow 2x Strategy Fund		150,003,696		162,534,598
Inverse Dow 2x Strategy Fund		—		—
Russell 2000^{^®} 2x Strategy Fund		13,481,589		2,431,813
Inverse Russell 2000^{^®} 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

86 | 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 September 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^{^®} 2x Strategy Fund	$	252,195,809	$	209,031,573	$	1,042,211
Inverse S&P 500^{^®} 2x Strategy Fund		—		—		—
NASDAQ-100^{^®} 2x Strategy Fund		306,741,388		227,717,542		(4,366,060	)
Inverse NASDAQ-100^{^®} 2x Strategy Fund		—		—		—
Dow 2x Strategy Fund		11,598,004		9,204,364		(57,002	)
Inverse Dow 2x Strategy Fund		—		—		—
Russell 2000^{^®} 2x Strategy Fund		11,164,307		—		—
Inverse Russell 2000^{^®} 2x Strategy Fund		—		—		—

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 on November 18, 2024, a new line of credit agreement was entered into which expires on November 17, 2025. This line of credit is reserved for emergency or temporary purposes. Borrowings, if any, under this arrangement bear interest equal to the Prime Rate, minus 2%, which shall be paid monthly, averaging 6.48% for the period ended September 30, 2024. The Funds did not have any borrowings outstanding under this agreement at September 30, 2024.

The average daily balances borrowed for the period ended September 30, 2024, were as follows:

Fund	Average Daily Balance
S&P 500^{^®} 2x Strategy Fund	$	2,008
NASDAQ-100^{^®} 2x Strategy Fund		24,159
Inverse NASDAQ-100^{^®} 2x Strategy Fund		1,493

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 issuers or particular industries, or from broader influences, including real or perceived changes in prevailing interest rates (which may change at any time based on changes in monetary policies and various market and other economic conditions), changes in inflation rates or expectations about inflation rates, adverse investor confidence or sentiment, changing economic, political (including geopolitical), social or financial market conditions, increased instability or general uncertainty, extreme weather, natural/environmental or man made 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

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 | 87

OTHER INFORMATION (Unaudited)

A Brief Note on The Compounding of Returns

The Funds described in this report are benchmarked daily to leveraged and/or inverse leveraged versions of published indices. To properly evaluate the performance of these funds, it is essential to understand the effect of mathematical compounding on their respective returns.

Because of the nonlinear effects of leverage applied over time, it is possible for a fund to perform in-line with its benchmark for several individual periods in a row, yet seem to trail the benchmark over the entire period on a cumulative basis. It is also possible that a fund that performs in-line with its benchmark on a daily basis may seem to outperform its benchmark over longer periods.

An Example of Compounding

For example, consider a hypothetical fund that is designed to produce returns that correspond to 150% of an index. On the first day of a period, the index rises from a level of 100 to a level of 106, producing a 6.0% gain and an expectation that the fund will rise by 9.0%. On the same day, the fund’s net asset value per share (“NAV”) increases from $10.00 to $10.90 for a gain of 9.0% — in line with its benchmark.

On day two, assume the index falls from 106 to 99 for a loss of about 6.6%. The fund, as expected, falls 9.9% to a price of $9.82. On each day, the fund performed exactly in line with its benchmark, but for the two-day period, the fund was down 1.8%, while the index was down only 1.0%. Without taking into account the daily compounding of returns, one would expect the fund to lose 1.5% and would see the fund as trailing by 0.3% when in fact it had performed perfectly. This example is summarized in the table below.

	Index 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.

88 | 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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 89

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.

90 | 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 | 91

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.

92 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

ITEM 11: STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

Report of the Rydex Dynamic Funds Board of Trustees

The Board of Trustees of Rydex Dynamic Funds (the “Trust”), including the Independent Trustees, approved the renewal of the investment management agreement (the “Advisory Agreement”) with Security Investors, LLC (“Security Investors” or the “Adviser”) on behalf of the series of the Trust listed below (each a “Fund” and collectively, the “Funds”):

●	Dow 2x Strategy Fund	●	Inverse Dow 2x Strategy Fund
●	Inverse NASDAQ-100 2x Strategy Fund	●	Inverse Russell 2000 2x Strategy Fund
●	Inverse S&P 500 2x Strategy Fund	●	NASDAQ-100 2x Strategy Fund
●	Russell 2000 2x Strategy Fund	●	S&P 500 2x Strategy Fund

Security Investors is an indirect subsidiary of Guggenheim Partners, LLC, a privately-held, global investment and advisory firm (“Guggenheim Partners”). Guggenheim Partners, Security Investors and their affiliates may be referred to herein collectively as “Guggenheim.” “Guggenheim Investments” refers to the global asset management and investment advisory division of Guggenheim Partners and includes Security Investors, Guggenheim Partners Investment Management, LLC, Guggenheim Funds Investment Advisors, LLC and other affiliated investment management businesses of Guggenheim Partners.

At meetings held in person on April 16, 2024 (the “April Meeting”) and on 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 comparisons. The Committee assessed the data provided in the FUSE reports as well as commentary presented by Guggenheim, including, among other things, a summary of notable distinctions between the Funds and the applicable peer group identified in the FUSE reports.

As part of its evaluation of the Adviser and the proposed renewal of the Advisory Agreement, the Committee took into account that the beneficial owners of the Funds are clients of tactical advisors who are engaged to provide tactical asset allocation investment advisory services. Each Fund is designed to provide such tactical advisors with specific exposures while also providing for unlimited trading privileges, and that the Funds offer a unique set of product features. The Committee noted that each Fund seeks to track the performance (before fees and expenses) of a specific benchmark index on a daily basis. The Committee also noted that, in addition to the performance information included in the FUSE reports, the Adviser provided tracking error data for each Fund relative to the applicable benchmark index. The Committee took into account the limitations of the peer group comparisons provided by FUSE with respect to the Funds in light of their unique features and the limited size of the marketplace for tradable funds designed to support tactical advisors, noting that there are only two direct competitor product suites.

In addition, Guggenheim provided materials and data in response to formal requests for information sent by Independent Legal Counsel on behalf of the Committee. Guggenheim also made a presentation at the April Meeting. Throughout the process, the Committee asked questions of management and requested certain additional information, which Guggenheim provided (collectively with the foregoing reports and materials, the “Contract Review Materials”). The Committee considered the Contract Review Materials in the context of its accumulated experience governing the Trust and other funds in the Guggenheim fund complex and weighed the factors and standards discussed with Independent Legal Counsel.

Following an analysis and discussion of relevant factors, including those identified below, and in the exercise of its business judgment, the Committee concluded that the Advisory Agreement represented a reasonable business arrangement negotiated at arm’s length and that it was in the best interest of each Fund to recommend that the Board approve the renewal of the Advisory Agreement for an additional annual term.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 93

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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. 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 resulting performance, portfolio oversight and risk management, and the related regular quarterly reports and presentations received by the Board. The Committee took into account the risks borne by Guggenheim in sponsoring and providing services to the Funds, including regulatory, operational, legal and entrepreneurial risks. The Committee considered the resources dedicated by Guggenheim to compliance functions and the reporting made to the Board by Guggenheim compliance personnel regarding Guggenheim’s adherence to regulatory requirements. The Committee also considered the regular reports the Board receives from the Trust’s Chief Compliance Officer regarding compliance policies and procedures established pursuant to Rule 38a-1 under the Investment Company Act of 1940, as amended.

The Committee considered the Funds’ unique product features, including their tradability, the real time cash process employed for the Funds, twice-daily pricing for the Funds on select trading platforms, and the leveraged and inverse strategies offered, the Adviser’s assessment of the value to shareholders provided by the Funds’ structure and the services required by the Adviser to provide the Funds’ unique features, as well as the personnel responsible for such services. The Committee noted that the Funds allow frequent trading and unlimited exchange privileges among like share classes and noted the magnitude of changes in each Fund’s assets during 2023, 2022 and 2021. The Committee also considered additional information regarding trading activity in the 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 Funds. In this regard, the Committee noted that the real time cash process is utilized by the Adviser to aggregate shareholder flow data to estimate daily net subscriptions or redemptions in order to mitigate the costs associated with the tradability feature, improve tracking and keep the Funds fully invested. The Committee took into account the infrastructure developed by the Adviser to manage the significant volume and size of trading that typically occurs near the end of each business day, as well as the unique considerations required in the portfolio construction process to determine the optimal way to obtain the applicable exposures, including leveraged and inverse exposures, while allowing for high turnover. In addition, the Committee considered information provided by the Adviser analyzing the potential costs to shareholders of investing in tradable mutual funds, such as the Funds, compared to those of investing in exchange-traded funds, including expense ratios, brokerage commissions and spread costs, as well as the relative advantages and disadvantages of each investment product. The Committee also considered management’s representations at the April Meeting that there continued to be a high level of trading activity in the Funds and that the Funds continued to be utilized by tactical advisors as intended.

In connection with the Committee’s evaluation of the overall package of services provided by Guggenheim, the Committee considered Guggenheim’s administrative services, including its role in supervising, monitoring, coordinating and evaluating the various services provided by the fund administrator, transfer agent, distributor, custodian and other service providers to the Funds. The Committee evaluated the Office of Chief Financial Officer (the “OCFO”), which oversees the fund administration, accounting and transfer agency services provided to the Funds and other funds in the Guggenheim fund complex, including the OCFO’s resources, personnel and services provided.

With respect to Guggenheim’s resources and the ability of the Adviser to carry out its responsibilities under the Advisory Agreement, the Chief Financial Officer of Guggenheim Investments reviewed with the Committee financial information concerning the holding company for Guggenheim Investments, Guggenheim Partners Investment Management Holdings, LLC (“GPIMH”), and the various entities comprising Guggenheim Investments, and provided the audited consolidated financial statements of GPIMH.

94 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

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: The Committee received, for each Fund, investment returns for the five-year, three-year and one-year periods ended December 31, 2023. In addition, the Committee received a comparison of each Fund’s performance to the performance of one or two peer funds identified by FUSE from the two direct competitor product suites, in each case for the same periods. The Committee also received from FUSE a description of the methodology for identifying each Fund’s peer group for performance and expense comparisons. The Committee received tracking error data for the Funds relative to the applicable benchmark index for the five-year, three-year and one-year periods ended December 31, 2023, as well as a comparison of the tracking error of each Fund’s Class H shares to the tracking error of a peer fund, in each case for the same periods. In assessing each Fund’s performance, the Committee considered that the Board receives regular reporting from Guggenheim regarding performance and evaluates performance throughout the year.

The Committee considered the Adviser’s statement that the Funds are designed as a suite of products seeking to provide a number of broad and specific exposures for tactical advisors and also considered that the Funds have a unique set of product features designed to meet the needs of those tactical advisors, which has an impact on performance. The Committee considered the Adviser’s statement that, in circumstances where there are significant deviations from expected returns, management seeks to understand the cause of such deviations and determine if any remedial actions should be considered, noting that no such remedial actions were currently deemed necessary by the Adviser to address performance. The Committee also considered the Adviser’s discussion of factors that contribute to such deviations, including shareholder activity, financing costs associated with leverage and investment instruments used to achieve certain exposures. In this connection, the Committee considered the tracking error of each Fund’s Class H shares relative to its applicable benchmark index and compared to the tracking error of a peer fund.

The Committee considered the Adviser’s summary of notable distinctions between the Funds and the peer funds in the two direct competitor product suites. The Committee observed that the performance of the Funds’ Class H shares over the five-year, three-year and one-year periods ended December 31, 2023 was generally in line with the performance of their respective peer funds.

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 fee¹ and total net expense ratio to the applicable peer group. The Committee also reviewed the median advisory fees and expense ratios, including expense ratio components (e.g., transfer agency fees, administration fees, other operating expenses, distribution fees and fee waivers/reimbursements), of the peer group. In addition, the Committee considered information regarding Guggenheim’s process for evaluating the competitiveness of each Fund’s fees and expenses, noting Guggenheim’s statement that evaluations seek to incorporate a variety of factors with a general focus on ensuring fees and expenses: (i) are competitive; (ii) give consideration to resource support requirements; and (iii) ensure Funds are able to deliver on shareholder return expectations.

As part of its evaluation of each Fund’s advisory fee, the Committee considered how such fees compared to the advisory fee charged by Guggenheim to one or more other clients that it manages pursuant to similar investment strategies, to the extent applicable. The Committee noted Guggenheim’s statement that it does not provide advisory services to other clients that have investment strategies similar to those of the Funds, other than variable insurance fund counterparts to certain Funds, each of which is charged the same advisory fee as the corresponding Fund.

¹	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.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 95

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Continued)

The Committee considered the Adviser’s summary of notable distinctions between the Funds and the peer funds, noting the Adviser’s statement that only one of the two direct competitor product suites is directly comparable for purposes of assessing the Funds’ advisory fees. The Committee noted that the contractual advisory fee for each Fund’s Class H shares was equal to the contractual advisory fee charged to the comparable peer fund. The Committee also considered that the net effective management fee and total net expense ratio for each Fund’s Class H shares were generally competitive with those of the peer fund.

The Committee 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 Fund by 0.05% of its average daily net assets through an expense reimbursement and/or waiver agreement, with such reduction applicable in addition to any other contractual waiver and/or reimbursement arrangements in place. The Committee also noted the continuation through August 1, 2025 of management’s separate agreement, implemented as part of the 2022 annual contract review process, to reduce the total net expense ratio of each Fund by 0.05% of its average daily net assets and, with respect to NASDAQ-100 2x Strategy Fund, to further reduce the total net expense ratio of the Fund by 0.05% of its average daily net assets in excess of $500 million, through expense reimbursement and/or waiver agreements.

With respect to the costs of services provided and benefits realized by Guggenheim Investments from its relationship with the Funds, the Committee reviewed a profitability analysis and data from management for each Fund setting forth the average assets under management for the twelve months ended December 31, 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.

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 noted that, in addition to the expense reimbursement and/or waiver arrangement implemented in August 2022 for the NASDAQ-100 2x Strategy Fund on average daily net assets in excess of $500 million, the Adviser has agreed to a contractual advisory fee breakpoint schedule for the Funds that is applied at the product-suite level, rather than on a Fund level, as the Funds are designed for tactical advisors and provide unlimited trading privileges, with individual Fund assets fluctuating significantly throughout the year. Under the breakpoint schedule adopted in June 2018 to reflect product-suite level economies of scale, each Fund’s advisory fee would be subject to a uniform fee breakpoint reduction schedule that would take effect if the aggregate assets of the Funds and the tradable series of Rydex Series Funds, a separate trust, equal or exceed $10 billion.

96 | THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT

Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract (Concluded)

As part of its assessment of economies of scale, the Committee took into account Guggenheim’s representation that it seeks to share economies of scale through a number of means, including breakpoints, advisory fees set at competitive rates pre-assuming future asset growth, expense waivers and limitations, and investments in personnel, operations and infrastructure to support the fund business. The Committee also received information regarding amounts that had been shared with shareholders through such expense waivers and limitations. Thus, the Committee considered the size of the Funds and the competitiveness of and/or other determinations made regarding the current advisory fee for each Fund, as well as whether a Fund is subject to an expense limitation.

Based on the foregoing, and based on other information received (both oral and written) at the April Meeting and May Meetings, as well as other considerations, the Committee concluded that the advisory fee for each Fund reflected a reasonable business arrangement negotiated at arm’s length.

Overall Conclusions

The Committee concluded that the investment advisory fees reflect reasonable business arrangements negotiated at arm’s length in light of the extent and quality of the services provided and other benefits received and that the renewal of the Advisory Agreement is in the best interest of each Fund. In reaching this conclusion, no single factor was determinative or conclusive and each Committee member, in the exercise of their informed business judgment, may afford different weights to different factors.

Following its review of the Committee’s analysis and determinations, the Board adopted the considerations and conclusions of the Committee and determined to approve the renewal of the Advisory Agreement.

THE RYDEX FUNDS SEMI-ANNUAL FINANCIAL REPORT | 97

This page intentionally left blank.

Item 8. Changes in and Disagreements with Accountants for Open-End Management

Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End

Management Investment Companies.

The information is included as part of the material filed under Item 7 of this Form.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

The information is included as part of the material filed under Item 7 of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment

Company and Affiliated Purchases.

Not applicable to this registrant.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 16. Controls and Procedures.

(a) The registrant’s President (principal executive officer) and Treasurer (principal financial officer) have evaluated the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) as of a date within 90 days of this filing and have concluded that based on such evaluation as required by Rule 30a-3(b) under the Investment Company Act, that the registrant’s disclosure controls and procedures were effective as of that date in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that the officers listed above believe to have materially affected, or to be reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to this registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

(a)

Not applicable

(b)

Not applicable

Item 19. Exhibits.

(a)(1) Not applicable.

(a)(2) 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.

(a)(5) Not applicable.

(b) A certification by the registrant’s President (principal executive officer) and Treasurer (principal financial officer) as required by Rule 30a-2(b) under the Investment Company Act (17 CFR 270.30a-2(b)) is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	Rydex Dynamic Funds

By (Signature and Title)*	/s/ Brian E. Binder
	Brian E. Binder, President and Chief Executive Officer

Date	December 6, 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 E. Binder
	Brian E. Binder, President and Chief Executive Officer

Date	December 6, 2024

By (Signature and Title)*	/s/ James Howley
	James Howley, Chief Financial Officer, Chief Accounting Officer and Treasurer

Date	December 6, 2024

Print the name and title of each signing officer under his or her signature.

Rydex Dynamic Funds N-CSRSCertified semi-annual shareholder report (management investment company)